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Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Net Carrying Amount of the Outstanding Long-Term Debt
The following table sets forth the net carrying amount of the Company’s long-term debt (in thousands):
Debt InstrumentMaturity DateSeptember 30, 2024December 31, 2023
2030 Senior Notes
August 15, 2030$400,000 $400,000 
Term Loan under Credit Agreement (1)
February 14, 2028375,000 390,000 
Revolving Credit Facility under Credit Agreement (2)
February 14, 2028— — 
2025 Convertible NotesMarch 1, 2025161,326 161,326 
2026 Convertible NotesMarch 15, 2026609,065 609,065 
Total principal amount1,545,391 1,560,391 
Less: unamortized debt discount and issuance costs on long-term debt(12,191)(14,909)
Less: current portion of long-term debt, net (3)
(181,143)(20,000)
Net carrying amount of long-term debt$1,352,057 $1,525,482 
(1)The Company has $350.0 million available for drawdown under the Term Loan as of September 30, 2024.
(2)The Company has $225.0 million available for borrowing under the Revolving Credit Facility as of September 30, 2024.
(3)The current portion of long-term debt, net as of September 30, 2024 relates to $161.1 million net carrying amount from the 2025 Convertible Notes, and $20.0 million of expected principal payments due on the Term Loan. The Term Loan requires quarterly principal payments of 1.25% of the $400.0 million principal amount drawn, with balance due at maturity.
Schedule of Future Minimum Principal Payments of the Term Facility
The following table sets forth the future minimum principal payments for long-term debt as of September 30, 2024 (in thousands):
2025 Convertible Notes2026 Convertible NotesTerm Loan2030 Senior NotesTotal
2024 remaining$— $— $5,000 $— $5,000 
2025161,326 — 20,000 — 181,326 
2026— 609,065 20,000 — 629,065 
2027— — 20,000 — 20,000 
2028 onwards— — 310,000 400,000 710,000 
Total principal amount$161,326 $609,065 $375,000 $400,000 $1,545,391 
Schedule of Debt Terms
2025 Convertible Notes2026 Convertible Notes
$1,000 principal amount initially convertible into number of the Company’s Class A Common Stock, par value $0.0001
2.7745 shares
2.3583 shares
Equivalent initial approximate conversion price per share
$360.43 $424.03 
Schedule of Key Terms and Costs Incurred
The following table below sets forth key terms and costs incurred for the outstanding Capped Calls:
2026 Convertible Notes
Initial approximate strike price per share, subject to certain adjustments$424.03 
Initial cap price per share, subject to certain adjustments$556.10 
Net cost incurred (in millions)$41.8 
Class A Common Stock covered, subject to anti-dilution adjustments (in millions)1.5
Settlement commencement date2/13/2025
Settlement expiration date3/13/2025
Schedule of Interest Expense on Long-Term Debt
The following table sets forth the interest expense recognized related to long-term debt (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Contractual interest expense$14,839 $10,869 $44,515 $14,155 
Amortization of debt discount and issuance costs1,098 1,067 3,112 3,465 
Total interest expense related to long-term debt$15,937 $11,936 $47,627 $17,620