v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt Instruments
Notes payable, net, consisted of the following at June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
2030 Notes$1,000,000 $1,000,000 
2033 Notes750,000 750,000 
2027 Notes— 81,110 
Total principal1,750,000 1,831,110 
Unamortized debt issuance costs(18,183)(20,388)
Total carrying amount of notes payable, net1,731,817 1,810,722 
Less: current portion (1)
— (80,552)
Long-term notes payable, net$1,731,817 $1,730,170 
(1)During the six months ended June 30, 2026, we redeemed and settled conversions in respect of all of our remaining outstanding 2027 Notes.
Interest expense related to the Senior Notes was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Contractual interest expense$27,031 $27,031 $54,062 $33,038 
Amortization of debt issuance costs830 779 1,647 950 
Total interest expense$27,861 $27,810 $55,709 $33,988 
The estimated fair value of our outstanding Senior Notes at June 30, 2026 and December 31, 2025 is as follows (in thousands):
June 30, 2026December 31, 2025
2030 Notes$1,018,680 $1,036,830 
2033 Notes769,688 779,768 
Schedule of Interest Expense of Convertible Senior Notes Interest expense related to the 2027 Notes was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Contractual interest expense$— $353 $44 $1,133 
Amortization of debt issuance costs— 332 558 1,079 
Total interest expense$— $685 $602 $2,212 
Schedule of Convertible Note Hedge Transaction
To reduce the impact of potential economic dilution upon conversion of the 2027 Notes, in December 2022, we entered into a convertible note hedge transaction (the “Note Hedge” or “2027 Note Hedge”) with certain investment banks, with respect to our common stock, concurrently with the issuance of the 2027 Notes.
Purchase Price
(in thousands)		Shares Purchased
2027 Note Hedge$194,994 3,016,680
Schedule of Warrants Details of Convertible Senior Notes
Convertible Note Warrants
Proceeds
(in thousands)		Initial SharesStrike PriceFirst Expiration
2027 Warrants$124,269 3,016,680$338.86 March 15, 2028