Convertible Senior Notes (Tables)

12 Months Ended

Dec. 31, 2024

Convertible Notes Payable [Abstract]

Schedule of Conversions of Stock

	December 31, 2024
	Maturity Date	Initial Conversion Price per Share	Initial Conversion Rate per $1,000 Par Value	Initial Number of Shares
2027 Notes	December 15, 2027	$228.73	4.3720 shares	3,016,680

Schedule of Net Carrying Amount of Convertible Senior Notes

The following table summarizes the carrying value of the Notes (in thousands), as restated:

	December 31, 2024		December 31, 2023
Principal	$	690,000	$	690,000
Unamortized debt issuance costs	(9,711)		(12,887)
Convertible notes carrying amount, net	680,289		677,113
Less: current portion (1)	(680,289)		—
Long-term convertible notes carrying amount, net	$	—	$	677,113

(1)Pursuant to the terms of the Notes and the 130% Conversion Price Feature discussed in further detail above, the carrying amount of the Notes are included in current liabilities in the consolidated balance sheet as of December 31, 2024. The 130% Conversion Price Feature was not met as of December 31, 2023.

We consider the fair value of the Notes to be a Level 2 measurement. The estimated fair value of the Notes at December 31, 2024 and December 31, 2023 is based on the closing trading price per $1,000 of the Notes as of the last day of trading for each period as follows (in millions):

	December 31, 2024		December 31, 2023
2027 Notes	$	1,798.5	$	873.3

Schedule of Interest Expense of Convertible Senior Notes

Interest expense related to the Notes was as follows (in thousands):

	December 31, 2024		December 31, 2023
Contractual interest expense	$	3,451	$	3,450
Amortization of debt issuance costs	3,176		3,126
Total interest expense	$	6,627	$	6,576

Schedule of Convertible Note Hedge Transaction

To reduce the impact of potential economic dilution upon conversion of the Notes, 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		Shares Purchased
2027 Note Hedge	$	194,994	3,016,680

Schedule of Warrants Details of Convertible Senior Notes

Note Warrants

	Proceeds		Shares	Strike Price		First Expiration
2027 Warrants	$	124,269	3,016,680	$	338.86	March 15, 2028