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Long-term Debt - Summary the Key Terms of Each of the Convertible Notes (Details)
$ / shares in Units, $ in Thousands
1 Months Ended 9 Months Ended
Sep. 30, 2024
USD ($)
$ / shares
Jun. 30, 2024
$ / shares
Mar. 31, 2024
$ / shares
Feb. 28, 2021
$ / shares
Dec. 31, 2020
$ / shares
Sep. 30, 2024
USD ($)
$ / shares
Jun. 30, 2024
USD ($)
$ / shares
Mar. 31, 2024
USD ($)
$ / shares
Feb. 28, 2021
USD ($)
$ / shares
Dec. 31, 2020
USD ($)
$ / shares
Sep. 30, 2024
USD ($)
$ / shares
Jul. 15, 2024
USD ($)
Jun. 13, 2024
USD ($)
Convertible Senior Notes due 2025                          
Debt Instrument [Line Items]                          
Issuance Date                     Dec. 31, 2020    
Maturity Date [1]                     Dec. 15, 2025    
Principal at Inception $ 650,000         $ 650,000         $ 650,000 $ 300 $ 650,000
Stated Interest Rate [2] 0.75%         0.75%         0.75%    
Interest Payment Dates One [3]                     --06-15    
Interest Payment Dates Two [3]                     --12-15    
Net Proceeds                   $ 634,749      
Issuance Costs [4] $ 15,251         $ 15,251         $ 15,251    
Effective Interest Rate [4] 1.23%         1.23%         1.23%    
Initial Conversion Rate [5]         0.25126                
Initial Conversion Price | $ / shares [6]         $ 39.8         $ 39.8      
Convertible at any time after the following date [7],[8]                     Jun. 13, 2024    
Not redeemable by the company prior to the following date [9]                     Dec. 20, 2023    
Redemption Date [10]                     Jul. 15, 2024    
Convertible Senior Notes due 2027                          
Debt Instrument [Line Items]                          
Issuance Date                     Feb. 28, 2021    
Maturity Date [1]                     Feb. 15, 2027    
Principal at Inception $ 1,050,000         $ 1,050,000         $ 1,050,000    
Stated Interest Rate [2] 0.00%         0.00%         0.00%    
Interest Payment Dates One [3]                     --02-15    
Interest Payment Dates Two [3]                     --08-15    
Net Proceeds                 $ 1,025,830        
Issuance Costs [4] $ 24,170         $ 24,170         $ 24,170    
Effective Interest Rate [4] 0.39%         0.39%         0.39%    
Initial Conversion Rate [5]       0.06981                  
Initial Conversion Price | $ / shares [6]       $ 143.25         $ 143.25        
Convertible at any time after the following date [7],[8]                     Aug. 15, 2026    
Not redeemable by the company prior to the following date [9]                     Feb. 20, 2024    
Convertible Senior Notes due 2028                          
Debt Instrument [Line Items]                          
Issuance Date                     Sep. 30, 2024    
Maturity Date [1]                     Sep. 15, 2028    
Principal at Inception $ 1,010,000         $ 1,010,000         $ 1,010,000    
Stated Interest Rate [2] 0.625%         0.625%         0.625%    
Interest Payment Dates One [3]                     --03-15    
Interest Payment Dates Two [3]                     --09-15    
Net Proceeds           $ 997,375              
Issuance Costs [4] $ 12,625         $ 12,625         $ 12,625    
Effective Interest Rate [4] 1.05%         1.05%         1.05%    
Date of Holder Put Option [11]                     Sep. 15, 2027    
Initial Conversion Rate [5] 0.054589                        
Initial Conversion Price | $ / shares [6] $ 183.19         $ 183.19         $ 183.19    
Convertible at any time after the following date [7],[8]                     Mar. 15, 2028    
Not redeemable by the company prior to the following date [9]                     Dec. 20, 2027    
Convertible Senior Notes due 2030                          
Debt Instrument [Line Items]                          
Issuance Date                     Mar. 31, 2024    
Maturity Date [1]                     Mar. 15, 2030    
Principal at Inception $ 800,000         $ 800,000         $ 800,000    
Stated Interest Rate [2] 0.625%         0.625%         0.625%    
Interest Payment Dates One [3]                     --03-15    
Interest Payment Dates Two [3]                     --09-15    
Net Proceeds               $ 782,000          
Issuance Costs [4] $ 18,000         $ 18,000         $ 18,000    
Effective Interest Rate [4] 1.14%         1.14%         1.14%    
Date of Holder Put Option [11]                     Sep. 15, 2028    
Initial Conversion Rate [5]     0.06677                    
Initial Conversion Price | $ / shares [6]     $ 149.77         $ 149.77          
Convertible at any time after the following date [7],[8]                     Sep. 15, 2029    
Not redeemable by the company prior to the following date [9]                     Mar. 22, 2027    
Convertible Senior Notes due 2031                          
Debt Instrument [Line Items]                          
Issuance Date                     Mar. 31, 2024    
Maturity Date [1]                     Mar. 15, 2031    
Principal at Inception $ 603,750         $ 603,750         $ 603,750    
Stated Interest Rate [2] 0.875%         0.875%         0.875%    
Interest Payment Dates One [3]                     --03-15    
Interest Payment Dates Two [3]                     --09-15    
Net Proceeds               $ 592,567          
Issuance Costs [4] $ 11,183         $ 11,183         $ 11,183    
Effective Interest Rate [4] 1.30%         1.30%         1.30%    
Date of Holder Put Option [11]                     Sep. 15, 2028    
Initial Conversion Rate [5]     0.04297                    
Initial Conversion Price | $ / shares [6]     $ 232.72         $ 232.72          
Convertible at any time after the following date [7],[8]                     Sep. 15, 2030    
Not redeemable by the company prior to the following date [9]                     Mar. 22, 2028    
Convertible Senior Notes due 2032                          
Debt Instrument [Line Items]                          
Issuance Date                     Jun. 30, 2024    
Maturity Date [1]                     Jun. 15, 2032    
Principal at Inception $ 800,000         $ 800,000         $ 800,000    
Stated Interest Rate [2] 2.25%         2.25%         2.25%    
Interest Payment Dates One [3]                     --06-15    
Interest Payment Dates Two [3]                     --12-15    
Net Proceeds             $ 786,000            
Issuance Costs [4] $ 14,000         $ 14,000         $ 14,000    
Effective Interest Rate [4] 2.63%         2.63%         2.63%    
Date of Holder Put Option [11]                     Jun. 15, 2029    
Initial Conversion Rate [5]   0.04894                      
Initial Conversion Price | $ / shares [6]   $ 204.33         $ 204.33            
Convertible at any time after the following date [7],[8]                     Dec. 15, 2031    
Not redeemable by the company prior to the following date [9]                     Jun. 20, 2029    
[1] “Maturity Date” is the stated maturity date under each applicable indenture governing such notes, unless earlier converted, redeemed, or repurchased in accordance with their terms.
[2] Holders may receive additional or special interest under specified circumstances as outlined under each applicable indenture governing the Convertible Notes.
[3] For the Convertible Notes issued in 2024, interest payments begin on (a) September 15, 2024 for each of the 2030 Convertible Notes and the 2031 Convertible Notes, (b) December 15, 2024 for the 2032 Convertible Notes, and (c) March 15, 2025 for the 2028 Convertible Notes.
[4] “Issuance Costs” reflect the customary offering expenses associated with each of the Convertible Notes. The Company accounts for these issuance costs as a reduction to the principal amount of the respective Convertible Notes and amortizes the issuance costs to interest expense from the respective debt issuance dates through the earlier of the “Maturity Date” or the “Date of Holder Put Option,” if applicable, at the “Effective Interest Rates” stated in the table.
[5] The “Initial Conversion Rate” is stated in shares of the Company’s class A common stock per $1,000 principal amount. The conversion rates are subject to customary anti-dilution adjustments. In addition, following certain events that may occur prior to the respective maturity dates or if the Company delivers a notice of redemption, the Company will increase the conversion rate for a holder who elects to convert its respective Convertible Notes in connection with such corporate event or notice of redemption, as the case may be, in certain circumstances as provided in each indenture governing the respective Convertible Notes.
[6] The “Initial Conversion Price” is stated in dollars per share of the Company’s class A common stock.
[7] On or after the stated dates until the close of business on the second scheduled trading day immediately preceding the respective maturity dates, holders may convert the Convertible Notes at any time. Upon conversion of the Convertible Notes, the Company will pay or deliver, as the case may be, cash, shares of the Company’s class A common stock, or a combination of cash and shares of class A common stock, at the Company’s election. For the 2025 Convertible Notes, the date presented is the date on which the Company delivered its notice of full redemption of the 2025 Convertible Notes, which resulted in the 2025 Convertible Notes being convertible at any time thereafter until 5:00 p.m., New York City time, on July 11, 2024. See below under “Conversions and Redemption of 2025 Convertible Notes” for further information.
[8] Prior to the respective dates, the Convertible Notes are convertible only under the following circumstances: (a) during any calendar quarter commencing after the calendar quarter ending on March 31, 2021 for the 2025 Convertible Notes (of which all then outstanding notes were redeemed on July 15, 2024), on June 30, 2021 for the 2027 Convertible Notes, on June 30, 2024 for the 2030 Convertible Notes and 2031 Convertible Notes, on September 30, 2024 for the 2032 Convertible Notes, or on December 31, 2024 for the 2028 Convertible Notes (and only during such calendar quarter), if the last reported sale price of the Company’s class A common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price of the respective Convertible Notes on each applicable trading day; (b) during the five business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” (as defined under each applicable indenture governing the respective Convertible Notes) per $1,000 principal amount of the respective Convertible Notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of the Company’s class A common stock and the applicable conversion rate on each such trading day; (c) if the Company calls any or all of the respective Convertible Notes for redemption, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; and (d) upon occurrence of specified corporate events as described in each applicable indenture governing the respective Convertible Notes.
[9] The Company may redeem for cash all or a portion of the Convertible Notes at its option, on or after the stated dates, if the last reported sale price of the Company’s class A common stock has been at least 130% of the conversion price of the respective Convertible Notes then in effect for at least 20 trading days (whether or not consecutive), including the trading day immediately preceding the date on which the Company provides a notice of redemption, during any 30 consecutive trading day period ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption. The redemption price will be equal to 100% of the principal amount of the Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. See below “Conversions and Redemption of 2025 Convertible Notes” subsection for information regarding the Company’s notice of redemption of the 2025 Convertible Notes.
[10] “Redemption Date” is the date on which the Company redeemed all outstanding 2025 Convertible Notes. See discussion further below under “Conversions and Redemption of 2025 Convertible Notes” pertaining to redemption of the 2025 Convertible Notes.
[11] “Date of Holder Put Option” represents the respective dates upon which holders of the 2028 Convertible Notes, 2030 Convertible Notes, 2031 Convertible Notes, and 2032 Convertible Notes each have a noncontingent right to require the Company to repurchase for cash all or any portion of their respective notes at a repurchase price equal to 100% of the principal amount of such notes to be repurchased, plus any accrued and unpaid interest to, but excluding the repurchase date.