v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Loans Balances
The outstanding Notes’ balances consisted of the following:
June 30, 2026
2027 Notes2029 Notes2031 Notes2033 Notes
(in thousands)
Principal$550,000 $747,500 $575,000 $632,500 
Unamortized debt discount and
   issuance costs		(2,045)(5,582)(9,472)(12,413)
Net carrying amount$547,955 $741,918 $565,528 $620,087 
December 31, 2025
2027 Notes2029 Notes2031 Notes
(in thousands)
Principal$550,000 $747,500 $575,000 
Unamortized debt discount and issuance costs(2,985)(6,610)(10,435)
Net carrying amount$547,015 $740,890 $564,565 
Schedule of Total Interest Expense Recognized and Effective Interest Related to Notes
The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the periods presented:
Three Months Ended June 30, 2026
2027 Notes2029 Notes2031 Notes2033 NotesTotal
(in thousands)
Contractual interest expense$3,437 $4,204 $2,515 $1,186 $11,342 
Amortization of debt discount and issuance
   costs		472 515 483 456 1,926 
Total interest and amortization expense$3,909 $4,719 $2,998 $1,642 $13,268 
Effective interest rate2.8%2.6%2.1%1.0%
Three Months Ended June 30, 2025
2027 Notes2029 Notes2031 NotesTotal
(in thousands)
Contractual interest expense$3,437 $4,204 $2,515 $10,156 
Amortization of debt discount and issuance costs460 502 474 1,436 
Total interest and amortization expense$3,897 $4,706 $2,989 $11,592 
Effective interest rate2.8%2.6%2.1%
Six Months Ended June 30, 2026
2027 Notes2029 Notes2031 Notes2033 NotesTotal
(in thousands)
Contractual interest expense$6,875 $8,409 $5,031 $2,122 $22,437 
Amortization of debt discount and issuance
   costs		940 1,028 963 814 3,745 
Total interest and amortization expense$7,815 $9,437 $5,994 $2,936 $26,182 
Effective interest rate2.8%2.6%2.1%1.0%
Six Months Ended June 30, 2025
2027 Notes2029 Notes2031 NotesTotal
(in thousands)
Contractual interest expense$6,875 $8,409 $3,354 $18,638 
Amortization of debt discount and issuance costs915 1,002 631 2,548 
Total interest and amortization expense$7,790 $9,411 $3,985 $21,186 
Effective interest rate2.8 %2.6 %2.1 %
Schedule Of Interest Payable Note
Interest payable on the Notes is included in “Other current liabilities” on our condensed consolidated balance sheets and consisted of the following balances:
June 30, 2026December 31, 2025
(in thousands)
2027 Notes$4,048 $4,049 
2029 Notes7,008 7,008 
2031 Notes3,354 3,354 
2033 Notes2,122 — 
Total$16,532 $14,411 
Schedule of Maturities of Long-Term Debt
Future minimum payments under the Notes as of June 30, 2026 are as follows:
2027 Notes2029 Notes2031 Notes2033 NotesTotal
(in thousands)
Remainder of 2026$6,875 $8,409 $5,031 $2,517 $22,832 
Year ending December 31:
2027556,875 16,819 10,063 4,744 588,501 
2028— 16,819 10,063 4,744 31,626 
2029— 755,909 10,063 4,744 770,716 
2030— — 10,063 4,744 14,807 
2031— — 580,031 4,744 584,775 
Thereafter— — — 639,616 639,616 
Total future payments563,750 797,956 625,314 665,853 2,652,873 
Less amounts representing interest(13,750)(50,456)(50,314)(33,353)(147,873)
Total principal amount$550,000 $747,500 $575,000 $632,500 $2,505,000 
Schedule of Share Repurchase Transactions with Respect to the Notes
In connection with each of the above Notes offerings, we used a portion of the net proceeds to repurchase shares of our common stock concurrently with the closing of each respective offering in privately negotiated transactions with certain of the applicable Initial Purchasers, at a purchase price equal to the last reported sale price of our common stock on the Nasdaq Global Select Market on the applicable pricing date as follows:
Date of RepurchaseNote OfferingNet Proceeds Used (in thousands)Shares RepurchasedAgreed-upon Purchase Price per Share
March 4, 20202020 Note Offering$75,000 2,414,681$31.06 
January 25, 20212021 Note Offering$50,000 759,993$65.79 
February 25, 20252025 Note Offering$48,276 1,405,411$34.35 
January 15, 20262026 Note Offering$82,500 1,081,825$76.26