v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Summary of Long-term Debt Instruments Further details of the Notes are as follows:
IssuanceMaturity DateInterest RateFirst Interest Payment DateEffective Interest RateSemi-Annual Interest Payment DatesInitial Conversion Rate per $1000 principalInitial Conversion PriceNumber of shares (in millions)
2027 NotesMarch 15, 20270.25%September 15, 20210.67%March 15 and September 159.6734103.385.8
2029 NotesMarch 15, 20291.25%March 15, 20241.69%March 15 and September 1515.421364.854.6
Summary of Liability and Equity Components of Convertible Debt
The net carrying amount of the Notes as of March 31, 2026 and December 31, 2025 was as follows (in thousands):
2027 Notes2029 Notes
PrincipalUnamortized debt issuance costsTotalPrincipalUnamortized debt issuance costsTotal
Balance at December 31, 2025$600,000 $(3,044)$596,956 $300,000 $(4,672)$295,328 
Amortization of debt issuance costs— 619 619 — 338 338 
Balance at March 31, 2026$600,000 $(2,425)$597,575 $300,000 $(4,334)$295,666 
Interest expense related to the Notes was as follows (in thousands):
Three Months Ended March 31,
20262025
2027 Notes2029 NotesTotal2025 Notes2027 Notes2029 NotesTotal
Contractual interest expense$375 $938 $1,313 $259 $375 $937 $1,571 
Amortization of debt issuance costs619 338 957 72 615 332 1,019 
Total interest expense$994 $1,276 $2,270 $331 $990 $1,269 $2,590 
Summary of Other Key Terms and Premiums Paid for the Capped Calls Related to Each Series of Notes
The following table sets forth other key terms and premiums paid for the Capped Calls related to each series of Notes:
Capped Calls Entered into in Connection with the Issuance of the 2027 NotesCapped Calls Entered into in Connection with the Issuance of the 2029 Notes
Initial strike price, subject to certain adjustments$103.38 $64.85 
Cap price, subject to certain adjustments$159.04 $97.88 
Total premium paid (in thousands)$76,020 $36,570 
Expiration datesJanuary 1, 2027 - March 11, 2027February 13, 2029 - March 13, 2029