v3.26.1
Debt (Tables)
6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Outstanding
The following table presents certain terms of the 2027 Notes that were outstanding as of June 30, 2026:

2027 Notes
Principal Amount Outstanding as of June 30, 2026 (in thousands)$1,000,000
Interest Rate Per Year1.25 %
Fair Value as of June 30, 2026 (in thousands) (1)$970,000
Fair Value as of December 31, 2025 (in thousands) (1)$950,000
Maturity DateJune 1, 2027
Optional Redemption DateJune 5, 2024
Conversion DateDecember 1, 2026
Conversion Rate Per $1,000 Principal Amount as of June 30, 2026
4.1258
Remaining Contractual Life as of June 30, 20260.9 years
(1)The Company estimates the fair value of its 2027 Notes utilizing market quotations for debt that have quoted prices in active markets. Since the 2027 Notes do not trade on a daily basis in an active market, the fair value estimates are based on market observable inputs based on borrowing rates currently available for debt with similar terms and average maturities. The 2027 Notes would be classified as Level 2 within the fair value hierarchy, as defined in Note 2. “Basis of Presentation and Principles of Consolidation.”
Schedule of Net Carrying Values of Debt
The net carrying values of the 2027 Notes, which are reflected as a current liability as of June 30, 2026 and as a non-current liability as of December 31, 2025, consisted of the following (in thousands):

As of
June 30,December 31,
20262025
Principal$1,000,000 $1,000,000 
Less: Debt discount (1)(3,300)(5,075)
Net carrying amount$996,700 $994,925 
(1)Included in the accompanying Condensed Consolidated Balance Sheets within Convertible senior notes, net and amortized to interest expense over the expected life of the notes using the effective interest rate method.
Schedule of Total Interest Expense Recognized Related to Debt
The following table sets forth the total interest expense recognized for the 2027 Notes (in thousands):

Three Months Ended
June 30,
Six Months Ended
June 30,
2026202520262025
Contractual interest expense$3,125$3,125$6,250$6,250
Amortization of debt discount8898741,7751,746
Total$4,014$3,999$8,025$7,996
Effective interest rate 1.6 %1.6 %1.6 %1.6 %