v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Conversions
Additional terms related to the Convertible Notes are as follows:
Maturity Date
Redemption Date (1)
Optional
Conversion Date (2)
Initial Conversion Rate (3)
Stated
Interest Rate (4)
Effective Interest Rate
2025 Notes (5)
May 1, 2025May 6, 2023February 1, 202546.12330.25 %0.48 %
2026 NotesAugust 1, 2026August 6, 2023May 1, 202643.84810.75 %0.91 %
2027 NotesMay 1, 2027May 5, 2024February 1, 202711.2042— %0.19 %
2028 NotesMarch 1, 2028March 5, 2025December 1, 202717.74940.125 %0.32 %
2030 NotesMay 1, 2030May 5, 2027February 1, 203045.08460.50 %1.21 %
(1)We may redeem for cash all or any portion of the Convertibles Notes, at our option, on or after the redemption dates based on certain circumstances as described in the respective indentures governing the Convertible Notes.
(2)Holders of the Convertible Notes may convert all or a portion of their notes at their option prior to the optional conversion date, in multiples of $1,000 principal amounts, under certain circumstances as described in the respective indentures governing the Convertible Notes. On or after the optional conversion date, the Convertible Notes are convertible at any time until the close of business on the business day immediately preceding the respective maturity date.
(3)The Convertible Notes are convertible into cash, shares of our Class A common stock, or a combination of cash and shares of our Class A common stock, at our election, at the initial conversion rates of Class A common stock per $1,000 principal amount of the respective Convertible Note. The initial conversion rates specified above represent an initial conversion price of $21.68, $22.81, $89.25, $56.34, and $22.18 per share of our Class A common stock for the 2025 Notes, 2026 Notes, 2027 Notes, 2028 Notes, and 2030 Notes, respectively. The initial conversion rates are subject to customary adjustments for certain events as described in the respective indentures governing the Convertible Notes. Additionally, holders of the Convertible Notes who convert their notes in
connection with a make-whole fundamental change or a redemption are entitled to an increase in the conversion rates, as described in the indentures governing the Convertible Notes. In the event of a fundamental change, holders of the Convertible Notes may require us to repurchase all or a portion of the Convertible Notes at a price equal to 100% of the principal amount, plus any accrued and unpaid interest, if any.
(4)Interest is payable in cash semi-annually in arrears, except for the 2027 Notes, which do not bear regular interest.
(5)The outstanding balance of the 2025 Notes was repaid on the maturity date of May 1, 2025.
Summary of Convertible Notes
The Senior Notes and the Convertible Notes (collectively, the “Notes”) rank equally with each other and consist of the following:
As of December 31,
20252024
PrincipalUnamortized Debt Issuance CostsUnamortized (Discount) PremiumNet Carrying AmountPrincipalUnamortized Debt Issuance CostsUnamortized (Discount) PremiumNet Carrying Amount
(in thousands)
Convertible Notes:
2025 Notes$— $— $— $— $36,240 $(28)$— $36,212 
2026 Notes47,013 (44)— 46,969 249,754 (624)— 249,130 
2027 Notes106,318 (264)— 106,054 1,150,000 (4,984)— 1,145,016 
2028 Notes514,191 (2,111)— 512,080 1,500,000 (8,982)— 1,491,018 
2030 Notes750,000 (6,197)(16,238)727,565 750,000 (7,582)(19,865)722,553 
Senior Notes:
2033 Notes1,500,000 (23,288)117,043 1,593,755 — — — — 
2034 Notes550,000 (7,597)8,003 550,406 — — — — 
Total Notes$3,467,522 $(39,501)$108,808 $3,536,829 $3,685,994 $(22,200)$(19,865)$3,643,929 
Schedule of Debt
The following table summarizes interest expense related to our Notes:
Year Ended December 31,
202520242023
(in thousands)
Contractual interest expense$111,218 $7,334 $8,874 
Amortization of debt issuance costs14,1216,6376,880
Amortization of debt discount (premium)(7,891)2,269 — 
Total interest expense$117,448 $16,240 $15,754