Debt (Tables)

12 Months Ended

Dec. 31, 2025

Further details of the Notes are as follows:


Issuance	Maturity Date	Interest Rate	First Interest Payment Date	Effective Interest Rate	Semi-Annual Interest Payment Dates	Initial Conversion Rate per $1000 principal	Initial Conversion Price	Number of shares (in millions)
2025 Notes	May 1, 2025	2.25%	November 1, 2020	2.88%	May 1 and November 1	16.3875	61.02	0.8
2027 Notes	March 15, 2027	0.25%	September 15, 2021	0.67%	March 15 and September 15	9.6734	103.38	5.8
2029 Notes	March 15, 2029	1.25%	March 15, 2024	1.69%	March 15 and September 15	15.4213	64.85	4.6

Summary of Liability and Equity Components of Convertible Debt

The net carrying amount of the Notes as of December 31, 2025 and 2024 was as follows (in thousands):


	2025 Notes						2027 Notes						2029 Notes
	Principal		Unamortized debt issuance costs		Total		Principal		Unamortized debt issuance costs		Total		Principal		Unamortized debt issuance costs		Total
Balance at December 31, 2024	$	45,992	$	(97)	$	45,895	$	600,000	$	(5,564)	$	594,436	$	300,000	$	(6,080)	$	293,920
Amortization of debt issuance costs	—		97		97		—		2,520		2,520		—		1,408		1,408
Principal payment upon maturity	(45,992)		—		(45,992)		—		—		—		—		—		—
Balance at December 31, 2025	$	—	$	—	$	—	$	600,000	$	(3,044)	$	596,956	$	300,000	$	(4,672)	$	295,328

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


	Year Ended December 31,
	2025								2024								2023
	2025 Notes		2027 Notes		2029 Notes		Total		2025 Notes		2027 Notes		2029 Notes		Total		2025 Notes		2027 Notes		2029 Notes		Total
Contractual interest expense	$	345	$	1,500	$	3,750	$	5,595	$	1,035	$	1,500	$	3,749	$	6,284	$	3,795	$	1,500	$	1,167	$	6,462
Amortization of debt issuance costs	97		2,520		1,408		4,025		307		2,513		1,435		4,255		1,066		2,487		394		3,947
Induced conversion expense	—		—		—		—		—		—		—		—		53,889		—		—		53,889
Total interest expense	$	442	$	4,020	$	5,158	$	9,620	$	1,342	$	4,013	$	5,184	$	10,539	$	58,750	$	3,987	$	1,561	$	64,298

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 2025 Notes		Capped Calls Entered into in Connection with the Issuance of the 2027 Notes		Capped Calls Entered into in Connection with the Issuance of the 2029 Notes
Initial strike price, subject to certain adjustments	$	61.02	$	103.38	$	64.85
Cap price, subject to certain adjustments	$	93.88	$	159.04	$	97.88
Total premium paid (in thousands)	$	27,255	$	76,020	$	36,570
Expiration dates	March 4, 2025 - April 29, 2025		January 1, 2027 - March 11, 2027		February 13, 2029 - March 13, 2029

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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