v3.26.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Loans Balances
The outstanding Notes’ balances consisted of the following:
September 30, 2026
2027 Notes2029 Notes2031 Notes2033 Notes
(in thousands)
Principal$550,000 $747,500 $575,000 $632,500 
Unamortized debt discount and
   issuance costs		(1,570)(5,063)(8,987)(11,967)
Net carrying amount$548,430 $742,437 $566,013 $620,533 
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 September 30, 2026
2027 Notes2029 Notes2031 Notes2033 NotesTotal
(in thousands)
Contractual interest expense$3,437 $4,204 $2,515 $1,172 $11,328 
Amortization of debt discount and issuance
   costs		475 519 485 446 1,925 
Total interest and amortization expense$3,912 $4,723 $3,000 $1,618 $13,253 
Effective interest rate2.8%2.6%2.1%1.0%
Three Months Ended September 30, 2025
2027 Notes2029 Notes2031 NotesTotal
(in thousands)
Contractual interest expense$3,438 $4,205 $2,600 $10,243 
Amortization of debt discount and issuance costs462 506 490 1,458 
Total interest and amortization expense$3,900 $4,711 $3,090 $11,701 
Effective interest rate2.8%2.6%2.1%
Nine Months Ended September 30, 2026
2027 Notes2029 Notes2031 Notes2033 NotesTotal
(in thousands)
Contractual interest expense$10,312 $12,613 $7,546 $3,294 $33,765 
Amortization of debt discount and issuance
   costs		1,415 1,547 1,448 1,260 5,670 
Total interest and amortization expense$11,727 $14,160 $8,994 $4,554 $39,435 
Effective interest rate2.8%2.6%2.1%1.0%
Nine Months Ended September 30, 2025
2027 Notes2029 Notes2031 NotesTotal
(in thousands)
Contractual interest expense$10,313 $12,614 $5,954 $28,881 
Amortization of debt discount and issuance costs1,377 1,508 1,121 4,006 
Total interest and amortization expense$11,690 $14,122 $7,075 $32,887 
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:
September 30, 2026December 31, 2025
(in thousands)
2027 Notes$610 $4,049 
2029 Notes2,803 7,008 
2031 Notes839 3,354 
2033 Notes791 — 
Total$5,043 $14,411 
Schedule of Maturities of Long-Term Debt
Future minimum payments under the Notes as of September 30, 2026 are as follows:
2027 Notes2029 Notes2031 Notes2033 NotesTotal
(in thousands)
Year ending December 31:
2027$556,875 $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— — — 639,629 639,629 
Total future payments556,875 789,547 620,283 663,349 2,630,054 
Less amounts representing interest(6,875)(42,047)(45,283)(30,849)(125,054)
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