v3.26.1
Debt (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Summary of Long-term Debt Instruments
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 June 30, 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— 1,250 1,250 — 692 692 
Balance at June 30, 2026$600,000 $(1,794)$598,206 $300,000 $(3,980)$296,020 
Interest expense related to the Notes was as follows (in thousands):
Three Months Ended June 30,
20262025
2027 Notes2029 NotesTotal2025 Notes2027 Notes2029 NotesTotal
Contractual interest expense$375 $937 $1,312 $86 $375 $938 $1,399 
Amortization of debt issuance costs631 354 985 24 627 348 999 
Total interest expense$1,006 $1,291 $2,297 $110 $1,002 $1,286 $2,398 
Six Months Ended June 30,
20262025
2027 Notes2029 NotesTotal2025 Notes2027 Notes2029 NotesTotal
Contractual interest expense$750 $1,875 $2,625 $345 $750 $1,875 $2,970 
Amortization of debt issuance costs1,250 692 1,942 97 1,241 680 2,018 
Total interest expense$2,000 $2,567 $4,567 $442 $1,991 $2,555 4,988 
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