Insulet (PODD) 10-Q 8 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2024	Aug. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-33462
Entity Registrant Name	INSULET CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3523891
Entity Address, Address Line One	100 Nagog Park
Entity Address, City or Town	Acton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01720
City Area Code	978
Local Phone Number	600-7000
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.001 Par Value Per Share
Trading Symbol	PODD
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		70,115,482
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001145197
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 821	$ 704.2
Inventories	430.9	402.6
Prepaid expenses and other current assets	148.3	116.4
Total current assets	1,748.8	1,582.9
Property, plant and equipment, net	677.9	664.9
Other intangible assets, net	98.5	98.7
Goodwill	51.7	51.7
Deferred tax assets	141.1	1.8
Other assets (includes $23.4 and $31.3 at fair value)	163.6	188.2
Total assets	2,881.6	2,588.2
Current Liabilities
Accounts payable	76.8	19.2
Current portion of long-term debt	37.9	49.4
Total current liabilities	486	451.2
Long-term debt, net	1,359.9	1,366.4
Other liabilities	37.3	37.9
Total liabilities	1,883.2	1,855.5
Commitments and contingencies (Note 12)
Stockholders’ Equity
Preferred stock, $.001 par value, 5,000,000 authorized; none issued and outstanding	0	0
Common stock, $.001 par value, 100,000,000 authorized; 70,112,039 and 69,907,289 issued and outstanding	0.1	0.1
Additional paid-in capital	1,140.6	1,102.6
Accumulated deficit	(137.9)	(378)
Accumulated other comprehensive (loss) income	(4.4)	8
Total stockholders’ equity	998.4	732.7
Total liabilities and stockholders’ equity	2,881.6	2,588.2
Nonrelated Party
Current Assets
Accounts receivable, net	249	240.2
Current Liabilities
Accrued expenses and other current liabilities	365	373.7
Related Party
Current Assets
Accounts receivable, net	99.6	119.5
Current Liabilities
Accrued expenses and other current liabilities	$ 6.3	$ 8.9

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Other assets, at fair value	$ 23.4	$ 31.3
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, authorized (in shares)	5,000,000	5,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized (in shares)	100,000,000	100,000,000
Common stock, issued (in shares)	70,112,039	69,907,289
Common stock, outstanding (in shares)	70,112,039	69,907,289
Nonrelated Party
Allowance for doubtful accounts	$ 2.8	$ 2.5

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue	$ 488.5	$ 396.5	$ 930.2	$ 754.6
Cost of revenue	157.6	131.6	292.5	249.2
Gross profit	330.9	264.9	637.7	505.4
Research and development expenses	53.9	55.1	104.1	105.2
Selling, general and administrative expenses	222.4	178.7	422.1	341.4
Operating income	54.6	31.1	111.5	58.8
Interest expense, net	(11)	(9.7)	(21.7)	(19.1)
Interest income	9.3	7.3	18.7	13.8
Other expense, net	(1.8)	(0.2)	(2.5)	(0.4)
Income before income taxes	51.1	28.5	106	53.1
Income tax benefit (expense)	137.5	(1.2)	134.1	(2)
Net income	$ 188.6	$ 27.3	$ 240.1	$ 51.1
Earnings per share:
Basic (in dollars per share)	$ 2.69	$ 0.39	$ 3.43	$ 0.73
Diluted (in dollars per share)	$ 2.59	$ 0.39	$ 3.32	$ 0.73
Weighted-average number of common shares outstanding (in thousands):
Basic (in shares)	70,062	69,741	70,010	69,662
Diluted (in shares)	73,802	70,142	73,771	70,119
Nonrelated Party
Revenue	$ 341.2	$ 287.3	$ 671.1	$ 548.6
Related Party
Revenue	$ 147.3	$ 109.2	$ 259.1	$ 206

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 188.6	$ 27.3	$ 240.1	$ 51.1
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustment	(1.1)	(2.4)	(7.7)	(0.7)
Unrealized (loss) gain on cash flow hedges, net of tax	(2.8)	2.8	(4.7)	(3)
Other comprehensive (loss) income, net of tax	(3.9)	0.4	(12.4)	(3.7)
Comprehensive income	$ 184.7	$ 27.7	$ 227.7	$ 47.4

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2022		69,511,000
Balance at beginning of period at Dec. 31, 2022	$ 476.4	$ 0.1	$ 1,040.6	$ (584.3)	$ 20
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		183,000
Exercise of options to purchase common stock	12.3		12.3
Issuance of shares for employee stock purchase plan (in shares)		23,000
Issuance of shares for employee stock purchase plan	5.5		5.5
Stock-based compensation expense	25.2		25.2
Restricted stock units vested, net of shares withheld for taxes (in shares)		87,000
Restricted stock units vested, net of shares withheld for taxes	(12.9)		(12.9)
Net income	51.1			51.1
Other comprehensive income (loss)	(3.7)				(3.7)
Ending balance (in shares) at Jun. 30, 2023		69,804,000
Balance at the end of period at Jun. 30, 2023	553.9	$ 0.1	1,070.7	(533.2)	16.3
Beginning balance (in shares) at Mar. 31, 2023		69,694,000
Balance at beginning of period at Mar. 31, 2023	502.8	$ 0.1	1,047.3	(560.5)	15.9
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		73,000
Exercise of options to purchase common stock	6.3		6.3
Issuance of shares for employee stock purchase plan (in shares)		23,000
Issuance of shares for employee stock purchase plan	5.5		5.5
Stock-based compensation expense	13.1		13.1
Restricted stock units vested, net of shares withheld for taxes (in shares)		14,000
Restricted stock units vested, net of shares withheld for taxes	(1.5)		(1.5)
Net income	27.3			27.3
Other comprehensive income (loss)	0.4				0.4
Ending balance (in shares) at Jun. 30, 2023		69,804,000
Balance at the end of period at Jun. 30, 2023	$ 553.9	$ 0.1	1,070.7	(533.2)	16.3
Beginning balance (in shares) at Dec. 31, 2023	69,907,289	69,907,000
Balance at beginning of period at Dec. 31, 2023	$ 732.7	$ 0.1	1,102.6	(378)	8
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		96,000
Exercise of options to purchase common stock	6.9		6.9
Issuance of shares for employee stock purchase plan (in shares)		40,000
Issuance of shares for employee stock purchase plan	6		6
Stock-based compensation expense	31.2		31.2
Restricted stock units vested, net of shares withheld for taxes (in shares)		69,000
Restricted stock units vested, net of shares withheld for taxes	(6.1)		(6.1)
Net income	240.1			240.1
Other comprehensive income (loss)	$ (12.4)				(12.4)
Ending balance (in shares) at Jun. 30, 2024	70,112,039	70,112,000
Balance at the end of period at Jun. 30, 2024	$ 998.4	$ 0.1	1,140.6	(137.9)	(4.4)
Beginning balance (in shares) at Mar. 31, 2024		70,020,000
Balance at beginning of period at Mar. 31, 2024	790.7	$ 0.1	1,117.6	(326.5)	(0.5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of options to purchase common stock (in shares)		41,000
Exercise of options to purchase common stock	1.1		1.1
Issuance of shares for employee stock purchase plan (in shares)		40,000
Issuance of shares for employee stock purchase plan	6		6
Stock-based compensation expense	17		17		0
Restricted stock units vested, net of shares withheld for taxes (in shares)		11,000
Restricted stock units vested, net of shares withheld for taxes	(1.1)		(1.1)
Net income	188.6			188.6
Other comprehensive income (loss)	$ (3.9)				(3.9)
Ending balance (in shares) at Jun. 30, 2024	70,112,039	70,112,000
Balance at the end of period at Jun. 30, 2024	$ 998.4	$ 0.1	$ 1,140.6	$ (137.9)	$ (4.4)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities
Net income	$ 240.1	$ 51.1
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	38	35.3
Stock-based compensation expense	31.2	25.2
Deferred income taxes	(139.2)	0.3
Non-cash interest expense	3.8	3
Provision for credit losses	0.6	2
Other	4.5	0.7
Changes in operating assets and liabilities:
Inventories	(30.3)	(62.7)
Prepaid expenses and other assets	(15.7)	(19.8)
Accounts payable	56.4	74.5
Net cash provided by operating activities	184.1	44.5
Cash flows from investing activities
Capital expenditures	(44.6)	(26.2)
Investments in developed software	(4.3)	(3.9)
Acquisition of intangible assets	0	(25.1)
Acquisition of a business	0	(3)
Cash paid for investments	0	(7)
Net cash used in investing activities	(48.9)	(65.2)
Cash flows from financing activities
Repayment of equipment financings	(12.2)	(9.9)
Repayment of financing lease	(5.9)	0
Repayment of term loan	(2.5)	(2.5)
Repayment of mortgage	(1.2)	(1.1)
Proceeds from exercise of stock options	6.9	12.3
Proceeds from issuance of common stock under employee stock purchase plan	6	5.5
Payment of withholding taxes in connection with vesting of restricted stock units	(6.1)	(12.9)
Other	0	(0.3)
Net cash used in financing activities	(15)	(8.9)
Effect of exchange rate changes on cash and cash equivalents	(3.4)	0
Net increase (decrease) in cash, cash equivalents and restricted cash	116.8	(29.6)
Cash, cash equivalents and restricted cash at beginning of period	704.2	689.7
Cash, cash equivalents and restricted cash at end of period	821	660.1
Nonrelated Party
Changes in operating assets and liabilities:
Accounts receivable	(11.2)	(27.1)
Accrued expenses and other liabilities	(11.4)	(19.7)
Related Party
Changes in operating assets and liabilities:
Accounts receivable	19.9	(18.2)
Accrued expenses and other liabilities	$ (2.6)	$ (0.1)

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements reflect the consolidated income of Insulet Corporation and its subsidiaries (“Insulet” or the “Company”). The unaudited consolidated financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. In management’s opinion, the unaudited consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the interim results reported. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024, or for any other subsequent interim period. The year-end balance sheet data was derived from audited consolidated financial statements. These unaudited consolidated financial statements do not include all of the annual disclosures required by GAAP; accordingly, they should be read in conjunction with the Company’s audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. Related Party Transactions The Company has a distribution agreement with a related party that contains terms consistent with those prevailing at arm’s length. The spouse of one of the members of the Company’s Board of Directors is an executive officer of the distributor. Shipping and Handling Costs Shipping and handling costs included in selling, general and administrative expenses were $4.0 million and $3.5 million for the three months ended June 30, 2024 and 2023, respectively, and were $7.4 million and $5.8 million for the six months ended June 30, 2024 and 2023, respectively. Fair Value Measurements Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs: Level 1—observable inputs, such as quoted prices in active markets for identical assets or liabilities; Level 2—significant other observable inputs that are observable either directly or indirectly; and Level 3—significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. Judgement is involved in estimating inputs, such as discount rates, used in Level 3 fair value measurements. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized. Certain of the Company’s financial instruments, including accounts receivable, accounts payable, accrued expenses and other liabilities, are carried at cost, which approximates their fair value because of their short-term maturity.

Revenue and Contract Acquisitio

Revenue and Contract Acquisition Costs	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Revenue and Contract Acquisition Costs	Revenue and Contract Acquisition Costs The following table summarizes the Company’s disaggregated revenue: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 U.S. Omnipod $ 352.3 $ 276.8 $ 670.0 $ 535.8 International Omnipod 128.1 103.7 243.4 202.3 Total Omnipod products 480.4 380.5 913.4 738.1 Drug Delivery 8.1 16.0 16.8 16.5 Total revenue $ 488.5 $ 396.5 $ 930.2 $ 754.6 The percentages of total revenue for customers that represent 10% or more of total revenue were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Distributor A 29 % 28 % 27 % 28 % Distributor B 22 % 22 % 26 % 22 % Distributor C 23 % 17 % 22 % 16 % Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown: (in millions) June 30, 2024 December 31, 2023 Accrued expenses and other current liabilities $ 21.9 $ 15.4 Other liabilities 2.0 1.9 Total deferred revenue $ 23.9 $ 17.3 Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Deferred revenue recognized $ 4.0 $ 2.3 $ 7.2 $ 12.2 Contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet captions in the amounts shown: (in millions) June 30, 2024 December 31, 2023 Prepaid expenses and other current assets $ 17.7 $ 16.6 Other assets 34.7 32.0 Total capitalized contract acquisition costs, net $ 52.4 $ 48.6 The Company recognized $4.4 million and $4.0 million of amortization of capitalized contract acquisition costs during the three months ended June 30, 2024 and 2023, respectively, and recognized $8.6 million and $8.0 million of amortization of capitalized contract acquisition costs during the six months ended June 30, 2024 and 2023, respectively.

Accounts Receivable, Net

Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Accounts Receivable, Net	Accounts Receivable, Net At the end of each period, accounts receivable were comprised of the following: (in millions) June 30, 2024 December 31, 2023 Accounts receivable trade, net $ 242.6 $ 234.5 Unbilled receivable 6.4 5.7 Accounts receivable, net $ 249.0 $ 240.2 The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade were as follows: June 30, 2024 December 31, 2023 Distributor A 32 % 35 % Distributor B 28 % 25 % Distributor C 17 % 18 % The following table presents the activity in the allowance for credit losses, which is comprised primarily of the Company’s direct consumer receivable portfolio. The allowance for credit losses of other portfolios is insignificant. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Credit losses at beginning of year $ 3.5 $ 3.1 $ 2.5 $ 2.5 Provision for expected credit losses (0.6) 0.8 0.6 2.0 Write-offs charged against allowance (0.1) (0.9) (0.3) (1.6) Recoveries of amounts previously reserved — 0.1 — 0.2 Credit losses at the end of period $ 2.8 $ 3.1 $ 2.8 $ 3.1

Inventories

Inventories	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Inventories	Inventories At the end of each period, inventories were comprised of the following: (in millions) June 30, 2024 December 31, 2023 Raw materials $ 141.1 $ 118.2 Work in process 95.7 60.6 Finished goods 194.1 223.8 Total inventories $ 430.9 $ 402.6

Cloud Computing Costs

Cloud Computing Costs	6 Months Ended
	Jun. 30, 2024
Research and Development [Abstract]
Cloud Computing Costs	Cloud Computing Costs Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows: (in millions) June 30, 2024 December 31, 2023 Short-term portion $ 28.2 $ 26.4 Long-term portion 126.1 116.9 Total capitalized implementation costs 154.3 143.3 Less: accumulated amortization (48.2) (36.6) Capitalized implementation costs, net $ 106.1 $ 106.7 Amortization expense was $6.5 million and $5.0 million for the three months ended June 30, 2024 and 2023, respectively, and was $12.6 million and $9.3 million for the six months ended June 30, 2024 and 2023, respectively.

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets, Net	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Other Intangible Assets, Net	Goodwill and Other Intangible Assets, Net The carrying amount of goodwill was $51.7 million at both June 30, 2024 and December 31, 2023. The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows: June 30, 2024 December 31, 2023 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.2 $ (32.2) $ 11.0 $ 43.2 $ (30.9) $ 12.3 Internal-use software 47.5 (14.6) 32.9 43.1 (13.9) 29.2 Developed technology 27.4 (4.0) 23.4 27.4 (3.0) 24.4 Patents 36.2 (5.0) 31.2 36.2 (3.4) 32.8 Total intangible assets $ 154.3 $ (55.8) $ 98.5 $ 149.9 $ (51.2) $ 98.7 Amortization expense for intangible assets was $2.4 million and $2.7 million for the three months ended June 30, 2024 and 2023, respectively, and was $4.8 million and $5.1 million for the six months ended June 30, 2024 and 2023, respectively.

Investments

Investments	6 Months Ended
	Jun. 30, 2024
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Equity Securities Refer to “ Assets Measured at Fair Value on a Non-Recurring Basis ” in Note 10 for disclosures regarding investments in equity securities without readily determinable fair values. Debt Securities During the three months ended June 30, 2023, the Company made a strategic investment in debt securities of a privately held entity in the amount of $5.0 million, which is included in other assets on the consolidated balance sheets. The debt securities mature in December 2024 unless converted earlier. The amortized cost basis of the debt securities was $5.0 million at both June 30, 2024 and December 31, 2023. The amount of interest earned on the investment for the three and six months ended June 30, 2024 and 2023 was insignificant. Refer to Note 10 for the fair values. Other

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Accrued Expenses and Other Current Liabilities The components of accrued expenses and other current liabilities were as follows: (in millions) June 30, 2024 December 31, 2023 Accrued rebates $ 132.6 $ 144.0 Employee compensation and related costs 91.2 122.0 Professional and consulting services 50.3 34.1 Other 90.9 73.6 Accrued expenses and other current liabilities $ 365.0 $ 373.7 Product Warranty Costs The Company provides a four-year warranty on Personal Diabetes Managers (“PDMs”) and Controllers sold in the United States and Europe and a five-year warranty on PDMs sold in Canada and may replace Pods that do not function in accordance with product specifications. The Company estimates its warranty obligation at the time the product is shipped based on historical experience and the estimated cost to service the claims. Cost to service the claims reflects the current product cost, reclaim costs, shipping and handling costs and direct and incremental distribution and customer service support costs. Since the Company continues to introduce new products and versions, the anticipated performance of the product over the warranty period is also considered in estimating warranty reserves. Warranty expense is recorded in cost of revenue in the consolidated statements of income. Reconciliations of the changes in the Company’s product warranty liability were as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Product warranty liability at beginning of period $ 11.3 $ 39.2 $ 10.3 $ 62.1 Warranty expense 5.7 3.3 11.2 8.8 Change in estimate (0.4) (0.8) (0.4) (8.8) Warranty fulfillment (5.0) (20.4) (9.5) (40.8) Product warranty liability at the end of period $ 11.6 $ 21.3 $ 11.6 $ 21.3 During the fourth quarter of 2022, the Company issued two voluntary medical device correction notices (“MDCs”), one for its Omnipod DASH PDM relating to its battery and the other for its Omnipod 5 Controller relating to its charging port and cable. During the six months ended June 30, 2023, the Company revised the estimated liability for these MDCs by $8.8 million. This change in estimate primarily resulted from lower shipping costs for replacement DASH PDMs and lower expected distribution costs for Omnipod 5 Controllers. The liability related to the MDCs included in product warranty liability at December 31, 2023 was insignificant and no amount was remaining as of June 30, 2024.

Debt

Debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Debt	Debt The components of debt consisted of the following: (in millions) June 30, 2024 December 31, 2023 Equipment Financing due May 2024 $ — $ 2.7 Equipment Financing due November 2025 12.5 15.2 5.15% Mortgage due November 2025 62.1 63.3 0.375% Convertible Senior Notes due September 2026 800.0 800.0 Equipment Financing 10.5 12.7 Term Loan due May 2028 485.0 487.5 Revolving Credit Facility expires June 2028 — — Equipment Financing due July 2028 26.2 29.0 Finance lease obligation 16.2 22.9 Unamortized debt discount (5.6) (6.4) Debt issuance costs (9.1) (11.1) Total debt, net 1,397.8 1,415.8 Less: current portion 37.9 49.4 Total long-term debt, net $ 1,359.9 $ 1,366.4 0.375% Convertible Senior Notes The Company’s 0.375% Convertible Senior Notes due September 2026 (the “Convertible Notes”) have an effective interest rate of 0.76%. The components of interest expense related to the Convertible Notes for the were as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Contractual interest expense $ 0.7 $ 0.7 $ 1.5 $ 1.5 Amortization of debt issuance costs 0.8 0.8 1.5 1.5 Total interest recognized on the Convertible Notes $ 1.5 $ 1.5 $ 3.0 $ 3.0 As of June 30, 2024 and December 31, 2023, unamortized issuance costs associated with the Convertible Notes were $6.6 million and $8.2 million, respectively. The Convertible Notes are convertible into cash, shares of the Company’s common stock, or the combination of cash and shares of common stock, at the Company’s election, at an initial conversion rate of 4.4105 shares of common stock per $1,000 principal amount of the notes, which is equivalent to a conversion price of $226.73 per share, subject to adjustment under certain circumstances. The notes will be convertible at the holder’s election, from June 1, 2026 through August 28, 2026 and prior to then under certain circumstances as set forth in the agreement. Additionally, on or after September 6, 2023, the Company may redeem for cash all or a portion of the Convertible Notes, if its stock price has been equal to or greater than $294.75 for at least 20 of the prior 30 consecutive trading days including the date which the Company provides notice of redemption. Additional interest of 0.5% per annum is payable if the Company fails to timely file required documents or reports with the Securities and Exchange Commission (“SEC”). If the Company merges or consolidates with a foreign entity, the Company may be required to pay additional taxes. The Company determined that the higher interest payments and tax payments required in certain circumstances were embedded derivatives that should be bifurcated and accounted for at fair value. The Company assessed the value of the embedded derivatives at each balance sheet date and determined they had nominal value. In conjunction with the issuance of the Convertible Notes, the Company purchased Capped Calls on the Company’s common stock with certain counterparties to reduce the potential dilution to its common stock (or, in the event the conversion is settled in cash, to provide a source of cash to settle a portion of its cash payment obligation) if, at the time of conversion, its stock price exceeds the conversion price under the Convertible Notes. The Capped Calls have an initial strike price of $335.90 per share, which represents a premium of 100% over the last reported sale price of the Company’s common stock of $167.95 per share on the date of the transaction. The Capped Calls cover 3.5 million shares of common stock and are recorded within stockholders’ equity on the consolidated balance sheets. Equipment Financing In 2023, the Company entered into an arrangement under which the Company may obtain up to $24.0 million of financing for manufacturing equipment. The Company is involved in the construction of the manufacturing equipment; accordingly, it is included in property, plant and equipment on the consolidated balance sheet at both June 30, 2024 and December 31, 2023. The Company’s obligation reflects payments made to date by the third-party bank to the equipment manufacturer, net of discount and less repayment of principal. The financing obligation will mature 36 months following completion of construction. Senior Secured Credit Agreement In January 2024, the Company amended its Term Loan due May 2028 to bear interest at a rate of Secured Overnight Financing Rate (“SOFR”) plus 3.0%, with a 0% SOFR floor. At the same time, the Company amended its Revolving Credit Facility such that outstanding borrowings bear interest at a rate of SOFR plus an applicable margin of 2.375% to 3.0% based on the Company’s net leverage ratio and credit rating. In August 2024, the Company amended its Term Loan to bear interest at a rate of SOFR plus 2.5% and extended the term to August 2031. Carrying Value At the end of each period, the carrying value of the Company’s debt was comprised of the following: (in millions) June 30, 2024 December 31, 2023 Term Loan $ 477.7 $ 479.2 Convertible Notes 793.3 791.8 Equipment financings 49.0 59.3 Mortgage 61.6 62.6 Finance lease obligation 16.2 22.9 Total debt, net $ 1,397.8 $ 1,415.8

Financial Instruments and Fair

Financial Instruments and Fair Value	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value	Financial Instruments and Fair Value Financial Instruments Disclosed at Fair Value The following tables provide a summary of the significant financial instruments that are disclosed at fair value on a recurring basis as of June 30, 2024 and December 31, 2023: Fair Value Measurements at June 30, 2024 (in millions) Level 1 Level 2 Level 3 Total Term Loan (1) $ 487.1 $ — $ — $ 487.1 Convertible Notes (2) — 875.8 — 875.8 Equipment financings (3) — — 49.0 49.0 Mortgage (3) — — 61.6 61.6 Total $ 487.1 $ 875.8 $ 110.6 $ 1,473.5 Fair Value Measurements at December 31, 2023 (in millions) Level 1 Level 2 Level 3 Total Term Loan (1) $ 490.2 $ — $ — $ 490.2 Convertible Notes (2) — 928.7 — 928.7 Equipment financings (3) — — 59.3 59.3 Mortgage (3) — — 62.6 62.6 Total $ 490.2 $ 928.7 $ 121.9 $ 1,540.8 (1) Fair value was determined using quoted market prices. (2) Fair value was determined using market prices obtained from third-party pricing sources. (3) Fair value approximates carrying value and was determined using the cost basis. Assets Measured at Fair Value on a Recurring Basis The following tables provide a summary of assets that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023: Fair Value Measurements at June 30, 2024 (in millions) Level 1 Level 2 Level 3 Total Cash (1) $ 117.0 $ — $ — $ 117.0 Money market mutual funds (1) 598.5 — — 598.5 Term deposits (1) — 105.5 — 105.5 Interest rate swaps (2) — 16.7 — 16.7 Debt securities (3) — — 4.7 4.7 Other investments (3) — — 2.0 2.0 Total assets $ 715.5 $ 122.2 $ 6.7 $ 844.4 Fair Value Measurements at December 31, 2023 (in millions) Level 1 Level 2 Level 3 Total Cash (1) $ 103.7 $ — $ — $ 103.7 Money market mutual funds (1) 547.0 — — 547.0 Term deposits (1) — 53.5 — 53.5 Interest rate swaps (2) — 22.8 — 22.8 Debt securities (3) — — 4.7 4.7 Other investments (3) — — 3.8 3.8 Total assets $ 650.7 $ 76.3 $ 8.5 $ 735.5 (1) Cash and cash equivalents are carried at face amounts, which approximate their fair values. (2) Fair value represents the estimated amounts the Company would receive or pay to terminate the contracts and is determined using industry standard valuation models and market-based observable inputs, including credit risk and interest rate yield curves. The fair value of the swaps is included in other assets (3) Fair value is determined using industry standard valuation models and market-based unobservable inputs, including credit spread and risk free rate ranging from 3.8% to 5.6%. Judgement is involved in estimating inputs, such as discount rates, used in Level 3 fair value measurements. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized. There were no changes in the fair values of the Level 3 debt securities during the three and six months ended June 30, 2024 or the three and six months ended June 30, 2023. Below is a reconciliation of changes in fair value of other investments for both the three and six months ended June 30, 2024. There were no changes in the fair value of other investments during the three and six months ended June 30, 2023. (in millions) Other Investments Balance at beginning of both periods $ 3.8 Purchases — Unrealized loss included in other expense, net (1.8) Balance at the end of both periods $ 2.0 Assets Measured at Fair Value on a Non-Recurring Basis

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments The Company manages interest rate exposure through the use of interest rate swap transactions with financial institutions acting as principal counterparties. Under the Company’s interest rate swap agreements that expire on April 30, 2025, the Company receives variable rate interest payments and pays fixed interest rates of 0.95% and 0.96% on a total notional value of $480.0 million of its Term Loan. The Company has designated the interest rate swaps as cash flow hedges.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings The Company is, from time to time, involved in the normal course of business in various legal proceedings, including intellectual property, contract, employment, and product liability suits. The Company does not expect the outcome of these proceedings, either individually or in the aggregate, to have a material adverse effect on its results of operations. Letters of Credit As of June 30, 2024, the Company had $16.8 million of letters of credit outstanding, primarily under its $20.0 million uncommitted letter of credit facility to backstop bank guarantees for the same amount. The bank guarantees primarily serve as security for the newly constructed manufacturing building in Malaysia until the Company purchases the property. The Company pays interest on outstanding borrowings and commitment fees on the maximum amount available to be drawn under the letters of credit at a rate of between 1.65% and 2.25%, depending on the Company’s credit rating. The letters of credit include customary covenants, none of which are considered restrictive to the Company’s operations. The Company had letters of credit outstanding totaling $20.9 million as of December 31, 2023.

Stock-Based Compensation Expens

Stock-Based Compensation Expense	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation Expense	Stock-Based Compensation Expense Compensation expense related to stock-based awards was recorded as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Cost of revenue $ 0.3 $ 0.1 $ 0.4 $ 0.2 Research and development expenses 2.1 3.3 4.2 6.1 Selling, general and administrative expenses 14.6 9.7 26.6 18.9 Total $ 17.0 $ 13.1 $ 31.2 $ 25.2

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Changes in the components of accumulated other comprehensive income, net of tax, were as follows: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (in millions) Foreign Currency Translation Adjustment Unrealized Loss on Securities Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Loss Foreign Currency Translation Adjustment Unrealized Loss on Securities Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at beginning of period $ (21.1) $ (0.3) $ 20.9 $ (0.5) $ (14.5) $ (0.3) $ 22.8 $ 8.0 Other comprehensive loss before reclassifications (1) (1.1) — (9.4) (10.5) (7.7) — (17.9) (25.6) Amounts reclassified to net income (1) — — 6.6 6.6 — — 13.2 13.2 Balance at the end of period $ (22.2) $ (0.3) $ 18.1 $ (4.4) $ (22.2) $ (0.3) $ 18.1 $ (4.4) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (in millions) Foreign Currency Translation Adjustment Unrealized Loss on Securities Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income Foreign Currency Translation Adjustment Unrealized Loss on Securities Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income Balance at beginning of period $ (15.3) $ — $ 31.2 $ 15.9 $ (17.0) $ — $ 37.0 $ 20.0 Other comprehensive (loss) income before reclassifications (2.4) — 7.9 5.5 (0.7) — 6.5 5.8 Amounts reclassified to net income — — (5.1) (5.1) — — (9.5) (9.5) Balance at the end of period $ (17.7) $ — $ 34.0 $ 16.3 $ (17.7) $ — $ 34.0 $ 16.3 (1) Presented net of income taxes, the amounts of which are insignificant.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company’s effective tax rate was 269.2% and 126.6% for the three and six months ended June 30, 2024, respectively. During the quarter ended June 30, 2024, the Company evaluated the potential realization of its deferred tax assets and determined that it is more likely than not it will realize substantially all of its net deferred tax assets. The Company weighted positive and negative evidence to assess the recoverability of its deferred tax assets, including cumulative income (loss) position, revenue growth, current profitability and expectations regarding future forecasted income. Accordingly, during the three and six months ended June 30, 2024, the Company recorded a tax benefit of $146.9 million and $153.5 million, respectively, from the release of the valuation allowance, of which $136.4 million relates to a discrete tax benefit arising from the expected realization of deferred tax assets in future years. The remainder relates to the tax effects of income generated during each period.In addition, during the three and six months ended June 30, 2024, the Company recorded a discrete tax benefit of $4.8 million associated with a U.S. federal research and development tax credit recovery project for tax years 2017 through 2021. The Company’s effective tax rate was 4.2% and 3.8% for the three and six months ended June 30, 2023, respectively after consideration of the utilization of deferred tax assets, primarily operating loss carryforwards and the related impact to the valuation allowance.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed using the weighted average number of common shares outstanding and, when dilutive, common share equivalents. The computation of basic and diluted earnings per share was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions, except share and per share data) 2024 2023 2024 2023 Net income $ 188.6 $ 27.3 $ 240.1 $ 51.1 Add back interest expense, net of tax 2.5 — 4.9 — Net income, diluted $ 191.1 $ 27.3 $ 245.0 $ 51.1 Weighted average number of common shares outstanding, basic (in thousands) 70,062 69,741 70,010 69,662 Convertible Notes 3,528 — 3,528 — Stock options 140 318 157 356 Restricted stock units 72 83 76 101 Weighted average number of common shares outstanding, diluted (in thousands) 73,802 70,142 73,771 70,119 Earnings per share Basic $ 2.69 $ 0.39 $ 3.43 $ 0.73 Diluted $ 2.59 $ 0.39 $ 3.32 $ 0.73 The number of common share equivalents excluded from the computation of diluted earnings per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Convertible Notes — 3,528 — 3,528 Restricted stock units 471 231 457 235 Stock options 286 157 249 156 Total 757 3,916 706 3,919

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income	$ 188.6	$ 27.3	$ 240.1	$ 51.1

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying financial statements reflect the consolidated income of Insulet Corporation and its subsidiaries (“Insulet” or the “Company”). The unaudited consolidated financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of the consolidated financial statements in conformity with GAAP requires management to make use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual results may differ from those estimates. In management’s opinion, the unaudited consolidated financial statements contain all normal recurring adjustments necessary for a fair statement of the interim results reported. Operating results for the six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the full year ending December 31, 2024, or for any other subsequent interim period. The year-end balance sheet data was derived from audited consolidated financial statements. These unaudited consolidated financial statements do not include all of the annual disclosures required by GAAP; accordingly, they should be read in conjunction with the Company’s audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Shipping and Handling costs	Shipping and Handling Costs
Fair Value Measurements	Fair Value Measurements Fair value is defined as the price that would be received from the sale of an asset or paid to transfer a liability in the principal or most advantageous market in an orderly transaction between market participants on the measurement date. To measure fair value of assets and liabilities, the Company uses the following fair value hierarchy based on three levels of inputs: Level 1—observable inputs, such as quoted prices in active markets for identical assets or liabilities; Level 2—significant other observable inputs that are observable either directly or indirectly; and Level 3—significant unobservable inputs for which there are little or no market data, which require the Company to develop its own assumptions. Judgement is involved in estimating inputs, such as discount rates, used in Level 3 fair value measurements. Changes to these inputs can have a significant effect on fair value measurements and amounts that could be realized. Certain of the Company’s financial instruments, including accounts receivable, accounts payable, accrued expenses and other liabilities, are carried at cost, which approximates their fair value because of their short-term maturity.
Product Warranty Costs	Product Warranty Costs The Company provides a four-year warranty on Personal Diabetes Managers (“PDMs”) and Controllers sold in the United States and Europe and a five-year warranty

Revenue and Contract Acquisit_2

Revenue and Contract Acquisition Costs (Tables)	6 Months Ended
	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following table summarizes the Company’s disaggregated revenue: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 U.S. Omnipod $ 352.3 $ 276.8 $ 670.0 $ 535.8 International Omnipod 128.1 103.7 243.4 202.3 Total Omnipod products 480.4 380.5 913.4 738.1 Drug Delivery 8.1 16.0 16.8 16.5 Total revenue $ 488.5 $ 396.5 $ 930.2 $ 754.6
Schedules of Concentration of Risk	The percentages of total revenue for customers that represent 10% or more of total revenue were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Distributor A 29 % 28 % 27 % 28 % Distributor B 22 % 22 % 26 % 22 % Distributor C 23 % 17 % 22 % 16 % The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade were as follows: June 30, 2024 December 31, 2023 Distributor A 32 % 35 % Distributor B 28 % 25 % Distributor C 17 % 18 %
Schedule of Deferred Revenue	Deferred revenue related to unsatisfied performance obligations was included in the following consolidated balance sheet accounts in the amounts shown: (in millions) June 30, 2024 December 31, 2023 Accrued expenses and other current liabilities $ 21.9 $ 15.4 Other liabilities 2.0 1.9 Total deferred revenue $ 23.9 $ 17.3 Revenue recognized from amounts included in deferred revenue at the beginning of each respective period was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Deferred revenue recognized $ 4.0 $ 2.3 $ 7.2 $ 12.2
Schedule of Contract Acquisition Costs	Contract acquisition costs, representing capitalized commission costs related to new customers, net of amortization, were included in the following consolidated balance sheet captions in the amounts shown: (in millions) June 30, 2024 December 31, 2023 Prepaid expenses and other current assets $ 17.7 $ 16.6 Other assets 34.7 32.0 Total capitalized contract acquisition costs, net $ 52.4 $ 48.6

Accounts Receivable, Net (Table

Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Receivables [Abstract]
Schedule of Net Accounts Receivable	At the end of each period, accounts receivable were comprised of the following: (in millions) June 30, 2024 December 31, 2023 Accounts receivable trade, net $ 242.6 $ 234.5 Unbilled receivable 6.4 5.7 Accounts receivable, net $ 249.0 $ 240.2
Schedules of Concentration of Risk	The percentages of total revenue for customers that represent 10% or more of total revenue were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Distributor A 29 % 28 % 27 % 28 % Distributor B 22 % 22 % 26 % 22 % Distributor C 23 % 17 % 22 % 16 % The percentages of total net accounts receivable trade for customers that represent 10% or more of total net accounts receivable trade were as follows: June 30, 2024 December 31, 2023 Distributor A 32 % 35 % Distributor B 28 % 25 % Distributor C 17 % 18 %
Schedule of Allowance for Credit Loss	The following table presents the activity in the allowance for credit losses, which is comprised primarily of the Company’s direct consumer receivable portfolio. The allowance for credit losses of other portfolios is insignificant. Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Credit losses at beginning of year $ 3.5 $ 3.1 $ 2.5 $ 2.5 Provision for expected credit losses (0.6) 0.8 0.6 2.0 Write-offs charged against allowance (0.1) (0.9) (0.3) (1.6) Recoveries of amounts previously reserved — 0.1 — 0.2 Credit losses at the end of period $ 2.8 $ 3.1 $ 2.8 $ 3.1

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	At the end of each period, inventories were comprised of the following: (in millions) June 30, 2024 December 31, 2023 Raw materials $ 141.1 $ 118.2 Work in process 95.7 60.6 Finished goods 194.1 223.8 Total inventories $ 430.9 $ 402.6

Cloud Computing Costs (Tables)

Cloud Computing Costs (Tables)	6 Months Ended
	Jun. 30, 2024
Research and Development [Abstract]
Schedule of Capitalized Could Computing Costs	Capitalized costs to implement cloud computing arrangements at cost and accumulated amortization were as follows: (in millions) June 30, 2024 December 31, 2023 Short-term portion $ 28.2 $ 26.4 Long-term portion 126.1 116.9 Total capitalized implementation costs 154.3 143.3 Less: accumulated amortization (48.2) (36.6) Capitalized implementation costs, net $ 106.1 $ 106.7

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Components of Intangible Assets	The gross carrying amount, accumulated amortization and net book value of intangible assets at the end of each period were as follows: June 30, 2024 December 31, 2023 (in millions) Gross Accumulated Amortization Net Gross Accumulated Amortization Net Customer relationships $ 43.2 $ (32.2) $ 11.0 $ 43.2 $ (30.9) $ 12.3 Internal-use software 47.5 (14.6) 32.9 43.1 (13.9) 29.2 Developed technology 27.4 (4.0) 23.4 27.4 (3.0) 24.4 Patents 36.2 (5.0) 31.2 36.2 (3.4) 32.8 Total intangible assets $ 154.3 $ (55.8) $ 98.5 $ 149.9 $ (51.2) $ 98.7

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Payables and Accruals [Abstract]
Schedule of Components of Accrued Expenses and Other Current Liabilities	The components of accrued expenses and other current liabilities were as follows: (in millions) June 30, 2024 December 31, 2023 Accrued rebates $ 132.6 $ 144.0 Employee compensation and related costs 91.2 122.0 Professional and consulting services 50.3 34.1 Other 90.9 73.6 Accrued expenses and other current liabilities $ 365.0 $ 373.7
Schedule of Reconciliation of Changes in Product Warranty Liability	Reconciliations of the changes in the Company’s product warranty liability were as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Product warranty liability at beginning of period $ 11.3 $ 39.2 $ 10.3 $ 62.1 Warranty expense 5.7 3.3 11.2 8.8 Change in estimate (0.4) (0.8) (0.4) (8.8) Warranty fulfillment (5.0) (20.4) (9.5) (40.8) Product warranty liability at the end of period $ 11.6 $ 21.3 $ 11.6 $ 21.3

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Components of Debt	The components of debt consisted of the following: (in millions) June 30, 2024 December 31, 2023 Equipment Financing due May 2024 $ — $ 2.7 Equipment Financing due November 2025 12.5 15.2 5.15% Mortgage due November 2025 62.1 63.3 0.375% Convertible Senior Notes due September 2026 800.0 800.0 Equipment Financing 10.5 12.7 Term Loan due May 2028 485.0 487.5 Revolving Credit Facility expires June 2028 — — Equipment Financing due July 2028 26.2 29.0 Finance lease obligation 16.2 22.9 Unamortized debt discount (5.6) (6.4) Debt issuance costs (9.1) (11.1) Total debt, net 1,397.8 1,415.8 Less: current portion 37.9 49.4 Total long-term debt, net $ 1,359.9 $ 1,366.4
Schedule of Interest Expense	The components of interest expense related to the Convertible Notes for the were as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Contractual interest expense $ 0.7 $ 0.7 $ 1.5 $ 1.5 Amortization of debt issuance costs 0.8 0.8 1.5 1.5 Total interest recognized on the Convertible Notes $ 1.5 $ 1.5 $ 3.0 $ 3.0
Schedule of Carrying Amount and Estimated Fair Value of Convertible Debt	At the end of each period, the carrying value of the Company’s debt was comprised of the following: (in millions) June 30, 2024 December 31, 2023 Term Loan $ 477.7 $ 479.2 Convertible Notes 793.3 791.8 Equipment financings 49.0 59.3 Mortgage 61.6 62.6 Finance lease obligation 16.2 22.9 Total debt, net $ 1,397.8 $ 1,415.8

Financial Instruments and Fai_2

Financial Instruments and Fair Value (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Financial Instruments Disclosed at Fair value on Recurring Basis	The following tables provide a summary of the significant financial instruments that are disclosed at fair value on a recurring basis as of June 30, 2024 and December 31, 2023: Fair Value Measurements at June 30, 2024 (in millions) Level 1 Level 2 Level 3 Total Term Loan (1) $ 487.1 $ — $ — $ 487.1 Convertible Notes (2) — 875.8 — 875.8 Equipment financings (3) — — 49.0 49.0 Mortgage (3) — — 61.6 61.6 Total $ 487.1 $ 875.8 $ 110.6 $ 1,473.5 Fair Value Measurements at December 31, 2023 (in millions) Level 1 Level 2 Level 3 Total Term Loan (1) $ 490.2 $ — $ — $ 490.2 Convertible Notes (2) — 928.7 — 928.7 Equipment financings (3) — — 59.3 59.3 Mortgage (3) — — 62.6 62.6 Total $ 490.2 $ 928.7 $ 121.9 $ 1,540.8 (1) Fair value was determined using quoted market prices. (2) Fair value was determined using market prices obtained from third-party pricing sources. (3) Fair value approximates carrying value and was determined using the cost basis. Assets Measured at Fair Value on a Recurring Basis The following tables provide a summary of assets that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023: Fair Value Measurements at June 30, 2024 (in millions) Level 1 Level 2 Level 3 Total Cash (1) $ 117.0 $ — $ — $ 117.0 Money market mutual funds (1) 598.5 — — 598.5 Term deposits (1) — 105.5 — 105.5 Interest rate swaps (2) — 16.7 — 16.7 Debt securities (3) — — 4.7 4.7 Other investments (3) — — 2.0 2.0 Total assets $ 715.5 $ 122.2 $ 6.7 $ 844.4 Fair Value Measurements at December 31, 2023 (in millions) Level 1 Level 2 Level 3 Total Cash (1) $ 103.7 $ — $ — $ 103.7 Money market mutual funds (1) 547.0 — — 547.0 Term deposits (1) — 53.5 — 53.5 Interest rate swaps (2) — 22.8 — 22.8 Debt securities (3) — — 4.7 4.7 Other investments (3) — — 3.8 3.8 Total assets $ 650.7 $ 76.3 $ 8.5 $ 735.5 (1) Cash and cash equivalents are carried at face amounts, which approximate their fair values. (2) Fair value represents the estimated amounts the Company would receive or pay to terminate the contracts and is determined using industry standard valuation models and market-based observable inputs, including credit risk and interest rate yield curves. The fair value of the swaps is included in other assets (3) Fair value is determined using industry standard valuation models and market-based unobservable inputs, including credit spread and risk free rate ranging from 3.8% to 5.6%.
Schedule of Reconciliation of Changes in Fair Value of investments	Below is a reconciliation of changes in fair value of other investments for both the three and six months ended June 30, 2024. There were no changes in the fair value of other investments during the three and six months ended June 30, 2023. (in millions) Other Investments Balance at beginning of both periods $ 3.8 Purchases — Unrealized loss included in other expense, net (1.8) Balance at the end of both periods $ 2.0

Stock-Based Compensation Expe_2

Stock-Based Compensation Expense (Tables)	6 Months Ended
	Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Share-Based Compensation Expense	Compensation expense related to stock-based awards was recorded as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions) 2024 2023 2024 2023 Cost of revenue $ 0.3 $ 0.1 $ 0.4 $ 0.2 Research and development expenses 2.1 3.3 4.2 6.1 Selling, general and administrative expenses 14.6 9.7 26.6 18.9 Total $ 17.0 $ 13.1 $ 31.2 $ 25.2

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income, Net of Tax	Changes in the components of accumulated other comprehensive income, net of tax, were as follows: Three Months Ended June 30, 2024 Six Months Ended June 30, 2024 (in millions) Foreign Currency Translation Adjustment Unrealized Loss on Securities Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Loss Foreign Currency Translation Adjustment Unrealized Loss on Securities Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income (Loss) Balance at beginning of period $ (21.1) $ (0.3) $ 20.9 $ (0.5) $ (14.5) $ (0.3) $ 22.8 $ 8.0 Other comprehensive loss before reclassifications (1) (1.1) — (9.4) (10.5) (7.7) — (17.9) (25.6) Amounts reclassified to net income (1) — — 6.6 6.6 — — 13.2 13.2 Balance at the end of period $ (22.2) $ (0.3) $ 18.1 $ (4.4) $ (22.2) $ (0.3) $ 18.1 $ (4.4) Three Months Ended June 30, 2023 Six Months Ended June 30, 2023 (in millions) Foreign Currency Translation Adjustment Unrealized Loss on Securities Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income Foreign Currency Translation Adjustment Unrealized Loss on Securities Unrealized Gain on Cash Flow Hedges Accumulated Other Comprehensive Income Balance at beginning of period $ (15.3) $ — $ 31.2 $ 15.9 $ (17.0) $ — $ 37.0 $ 20.0 Other comprehensive (loss) income before reclassifications (2.4) — 7.9 5.5 (0.7) — 6.5 5.8 Amounts reclassified to net income — — (5.1) (5.1) — — (9.5) (9.5) Balance at the end of period $ (17.7) $ — $ 34.0 $ 16.3 $ (17.7) $ — $ 34.0 $ 16.3 (1) Presented net of income taxes, the amounts of which are insignificant.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2024
Earnings Per Share [Abstract]
Schedule of Weighted-average Number of Common Shares Used in the Computation of Basic and Diluted Earnings Per Share	The computation of basic and diluted earnings per share was as follows: Three Months Ended June 30, Six Months Ended June 30, (in millions, except share and per share data) 2024 2023 2024 2023 Net income $ 188.6 $ 27.3 $ 240.1 $ 51.1 Add back interest expense, net of tax 2.5 — 4.9 — Net income, diluted $ 191.1 $ 27.3 $ 245.0 $ 51.1 Weighted average number of common shares outstanding, basic (in thousands) 70,062 69,741 70,010 69,662 Convertible Notes 3,528 — 3,528 — Stock options 140 318 157 356 Restricted stock units 72 83 76 101 Weighted average number of common shares outstanding, diluted (in thousands) 73,802 70,142 73,771 70,119 Earnings per share Basic $ 2.69 $ 0.39 $ 3.43 $ 0.73 Diluted $ 2.59 $ 0.39 $ 3.32 $ 0.73
Schedule of Antidilutive Securities	The number of common share equivalents excluded from the computation of diluted earnings per share because either the effect would have been anti-dilutive, or the performance criteria related to the units had not yet been met, were as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2024 2023 2024 2023 Convertible Notes — 3,528 — 3,528 Restricted stock units 471 231 457 235 Stock options 286 157 249 156 Total 757 3,916 706 3,919

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Reclassification [Line Items]
Selling, general and administrative expenses	$ 222.4	$ 178.7	$ 422.1	$ 341.4
Shipping and Handling
Reclassification [Line Items]
Selling, general and administrative expenses	$ 4	$ 3.5	$ 7.4	$ 5.8

Revenue and Contract Acquisit_3

Revenue and Contract Acquisition Costs - Schedule of Revenue from Contracts with Customers (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 488.5	$ 396.5	$ 930.2	$ 754.6
Total Omnipod products
Disaggregation of Revenue [Line Items]
Total revenue	480.4	380.5	913.4	738.1
U.S. Omnipod
Disaggregation of Revenue [Line Items]
Total revenue	352.3	276.8	670	535.8
International Omnipod
Disaggregation of Revenue [Line Items]
Total revenue	128.1	103.7	243.4	202.3
Drug Delivery
Disaggregation of Revenue [Line Items]
Total revenue	$ 8.1	$ 16	$ 16.8	$ 16.5

Revenue and Contract Acquisit_4

Revenue and Contract Acquisition Costs - Schedule of Revenue from Major Customers - Concentration Risk (Details) - Customer Concentration Risk - Sales Revenue	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Distributor A
Concentration Risk [Line Items]
Percentage of concentration risk	29%	28%	27%	28%
Distributor B
Concentration Risk [Line Items]
Percentage of concentration risk	22%	22%	26%	22%
Distributor C
Concentration Risk [Line Items]
Percentage of concentration risk	23%	17%	22%	16%

Revenue and Contract Acquisit_5

Revenue and Contract Acquisition Costs - Schedule of Deferred Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Accrued expenses and other current liabilities	$ 21.9		$ 21.9		$ 15.4
Other liabilities	2		2		1.9
Total deferred revenue	23.9		23.9		$ 17.3
Deferred revenue recognized	$ 4	$ 2.3	$ 7.2	$ 12.2

Revenue and Contract Acquisit_6

Revenue and Contract Acquisition Costs - Schedule of Contract Acquisition Costs (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Revenue from Contract with Customer [Abstract]
Prepaid expenses and other current assets	$ 17.7	$ 16.6
Other assets	34.7	32
Total capitalized contract acquisition costs, net	$ 52.4	$ 48.6

Revenue and Contract Acquisit_7

Revenue and Contract Acquisition Costs - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Amortization of capitalized commission costs	$ 4.4	$ 4	$ 8.6	$ 8

Accounts Receivable, Net - Sche

Accounts Receivable, Net - Schedule of Account Receivable (Details) - Nonrelated Party - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 249	$ 240.2
Unbilled receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	6.4	5.7
Accounts receivable trade, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable, net	$ 242.6	$ 234.5

Accounts Receivable, Net - Sc_2

Accounts Receivable, Net - Schedule of Net Accounts Receivable Trade from Major Customers (Details) - Accounts and Unbilled Receivables - Customer Concentration Risk	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Distributor A
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of concentration risk	32%	35%
Distributor B
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of concentration risk	28%	25%
Distributor C
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of concentration risk	17%	18%

Accounts Receivable, Net - Summ

Accounts Receivable, Net - Summary of Allowance For Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Credit losses at beginning of year	$ 3.5	$ 3.1	$ 2.5	$ 2.5
Provision for expected credit losses	(0.6)	0.8	0.6	2
Write-offs charged against allowance	(0.1)	(0.9)	(0.3)	(1.6)
Recoveries of amounts previously reserved	0	0.1	0	0.2
Credit losses at the end of period	$ 2.8	$ 3.1	$ 2.8	$ 3.1

Inventories (Details)

Inventories (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 141.1		$ 141.1		$ 118.2
Work in process	95.7		95.7		60.6
Finished goods	194.1		194.1		223.8
Total inventories	430.9		430.9		$ 402.6
Amounts charged for excess and obsolete inventory	$ 11.9	$ 0.2	$ 14.5	$ 2.4

Cloud Computing Costs (Details)

Cloud Computing Costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Research and Development [Abstract]
Short-term portion	$ 28.2		$ 28.2		$ 26.4
Long-term portion	126.1		126.1		116.9
Total capitalized implementation costs	154.3		154.3		143.3
Less: accumulated amortization	(48.2)		(48.2)		(36.6)
Capitalized implementation costs, net	106.1		106.1		$ 106.7
Capitalized implementation costs, amortization	$ 6.5	$ 5	$ 12.6	$ 9.3

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets, Net - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 51.7		$ 51.7		$ 51.7
Amortization of intangible assets	$ 2.4	$ 2.7	$ 4.8	$ 5.1

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets, Net - Components of Other Intangible Assets (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 154.3	$ 149.9
Accumulated Amortization	(55.8)	(51.2)
Net Book Value	98.5	98.7
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	43.2	43.2
Accumulated Amortization	(32.2)	(30.9)
Net Book Value	11	12.3
Internal-use software
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	47.5	43.1
Accumulated Amortization	(14.6)	(13.9)
Net Book Value	32.9	29.2
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	27.4	27.4
Accumulated Amortization	(4)	(3)
Net Book Value	23.4	24.4
Patents
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	36.2	36.2
Accumulated Amortization	(5)	(3.4)
Net Book Value	$ 31.2	$ 32.8

Investments (Details)

Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Dec. 31, 2023
Gain (Loss) on Securities [Line Items]
Payments to acquire debt securities		$ 5
Debt securities, available-for-sale, amortized cost	$ 5		$ 5	$ 5
Other investments		$ 2
Other Debt Obligations
Gain (Loss) on Securities [Line Items]
Unrealized gain (loss) on the investment	$ (1.8)		$ (1.8)

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Details) - Nonrelated Party - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Related Party Transaction [Line Items]
Accrued rebates	$ 132.6	$ 144
Employee compensation and related costs	91.2	122
Professional and consulting services	50.3	34.1
Other	90.9	73.6
Accrued expenses and other current liabilities	$ 365	$ 373.7

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities - Narrative (Details)	3 Months Ended			6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Dec. 31, 2022 USD ($) notice	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Mar. 31, 2023 USD ($)
Product Warranty Liability [Line Items]
Number of voluntary medical device correction notices issued | notice			2
Change in estimate	$ (400,000)	$ (800,000)		$ (400,000)	$ (8,800,000)
Product warranty liability outstanding	$ 11,600,000	21,300,000	$ 62,100,000	$ 11,600,000	21,300,000	$ 11,300,000	$ 10,300,000	$ 39,200,000
Medical Device Correction Notices (“MDCs”)
Product Warranty Liability [Line Items]
Change in estimate					(8,800,000)
Product warranty liability outstanding		$ 0			$ 0
United States
Product Warranty Liability [Line Items]
Product warranty term for PDMs (in years)				4 years
CANADA
Product Warranty Liability [Line Items]
Product warranty term for PDMs (in years)				5 years

Accrued Expenses and Other Cu_5

Accrued Expenses and Other Current Liabilities - Product Warranty Liability (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Product warranty liability at beginning of period	$ 11.3	$ 39.2	$ 10.3	$ 62.1
Warranty expense	5.7	3.3	11.2	8.8
Change in estimate	(0.4)	(0.8)	(0.4)	(8.8)
Warranty fulfillment	(5)	(20.4)	(9.5)	(40.8)
Product warranty liability at the end of period	$ 11.6	$ 21.3	$ 11.6	$ 21.3

Debt - Components of Debt (Deta

Debt - Components of Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Finance lease obligation	$ 16.2	$ 22.9
Unamortized debt discount	(5.6)	(6.4)
Debt issuance costs	(9.1)	(11.1)
Total debt, net	1,397.8	1,415.8
Less: current portion	37.9	49.4
Total long-term debt, net	1,359.9	1,366.4
Revolving Credit Facility expires June 2028
Debt Instrument [Line Items]
Long-term debt	0	0
Equipment Financing due May 2024 | Secured Debt
Debt Instrument [Line Items]
Long-term debt	0	2.7
Equipment Financing due November 2025 | Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 12.5	15.2
5.15% Mortgage due November 2025 | Secured Debt
Debt Instrument [Line Items]
Debt, interest rate	5.15%
Long-term debt	$ 62.1	63.3
0.375% Convertible Senior Notes due September 2026 | Convertible Debt
Debt Instrument [Line Items]
Debt, interest rate	0.375%
Long-term debt	$ 800	800
Equipment Financing | Secured Debt
Debt Instrument [Line Items]
Long-term debt	10.5	12.7
Term Loan due May 2028 | Secured Debt
Debt Instrument [Line Items]
Long-term debt	485	487.5
Equipment Financing due July 2028 | Secured Debt
Debt Instrument [Line Items]
Long-term debt	$ 26.2	$ 29

Debt - Narrative (Details)

Debt - Narrative (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended		6 Months Ended	12 Months Ended
	Aug. 31, 2024	Jan. 31, 2024	Jun. 30, 2024 USD ($) day $ / shares $ / option shares	Dec. 31, 2023 USD ($)
Secured Debt | Revolving Credit Facility | Forecast | Subsequent Event
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)	2.50%
Secured Debt | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)		2.375%
Secured Debt | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)		3%
0.375% Convertible Senior Notes due September 2026 | Convertible Debt
Debt Instrument [Line Items]
Debt, interest rate			0.375%
Debt effective interest rate			0.76%
Debt unamortized issuance costs | $			$ 6.6	$ 8.2
Debt conversion rate			0.0044105
Debt instrument, additional interest in event of reporting violation			0.50%
Share price (in dollars per share)			$ 167.95
Number of capped shares (in shares) | shares			3.5
0.375% Convertible Senior Notes due September 2026 | Convertible Debt | Price Risk Derivative
Debt Instrument [Line Items]
Initial strike price (in dollars per share) | $ / option			335.90
Premium percentage over last reported sale price			100%
0.375% Convertible Senior Notes due September 2026 | Convertible Debt | Before September 6, 2023
Debt Instrument [Line Items]
Conversion price (in dollars per share)			$ 226.73
0.375% Convertible Senior Notes due September 2026 | Convertible Debt | On or after September 6, 2023
Debt Instrument [Line Items]
Conversion price (in dollars per share)			$ 294.75
Threshold trading days | day			20
Threshold consecutive trading days | day			30
Equipment Financing | Secured Debt
Debt Instrument [Line Items]
Debt, face amount | $				$ 24
Debt instrument, term				36 months
Senior Secured Term Loan B | Secured Debt
Debt Instrument [Line Items]
Debt, basis spread on variable rate (in percent)		3%
Floor rate		0%

Debt - Components of Interest E

Debt - Components of Interest Expense (Details) - 0.375% Convertible Senior Notes due September 2026 - Convertible Debt - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Debt Instrument [Line Items]
Contractual interest expense	$ 0.7	$ 0.7	$ 1.5	$ 1.5
Amortization of debt issuance costs	0.8	0.8	1.5	1.5
Total interest recognized on the Convertible Notes	$ 1.5	$ 1.5	$ 3	$ 3

Debt - Schedule of Carrying Amo

Debt - Schedule of Carrying Amount and Estimated Fair Value of Convertible Debt (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Long-term debt, net	Long-term debt, net
Finance lease obligation	$ 16.2	$ 22.9
Level 2 | Reported Value Measurement
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	1,397.8	1,415.8
Level 2 | Reported Value Measurement | Term Loan | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	477.7	479.2
Level 2 | Reported Value Measurement | Convertible Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	793.3	791.8
Level 2 | Reported Value Measurement | Equipment financings | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	49	59.3
Level 2 | Reported Value Measurement | Mortgage | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt instrument fair value	$ 61.6	$ 62.6

Financial Instruments and Fai_3

Financial Instruments and Fair Value - Schedule of Financial Instruments Disclosed at Fair Value (Details) - Recurring fair value measurements: - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	$ 1,473.5	$ 1,540.8
Term Loan | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	487.1	490.2
Convertible Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	875.8	928.7
Equipment financings | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	49	59.3
Mortgage | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	61.6	62.6
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	487.1	490.2
Level 1 | Term Loan | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	487.1	490.2
Level 1 | Convertible Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0	0
Level 1 | Equipment financings | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0	0
Level 1 | Mortgage | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	875.8	928.7
Level 2 | Term Loan | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0	0
Level 2 | Convertible Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	875.8	928.7
Level 2 | Equipment financings | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0	0
Level 2 | Mortgage | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0	0
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total	110.6	121.9
Level 3 | Term Loan | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0	0
Level 3 | Convertible Notes | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	0	0
Level 3 | Equipment financings | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	49	59.3
Level 3 | Mortgage | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt, fair value	$ 61.6	$ 62.6

Financial Instruments and Fai_4

Financial Instruments and Fair Value - Schedule of Assets and Liabilities Measured at Fair Value Recurring Basis (Details) $ in Millions	Jun. 30, 2024 USD ($)	Dec. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Other investments			$ 2
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other assets (includes $23.4 and $31.3 at fair value)	Other assets (includes $23.4 and $31.3 at fair value)
Measurement Input, Risk Free Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		$ 735.5
Minimum | Measurement Input, Risk Free Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.038
Maximum | Measurement Input, Risk Free Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input	0.056
Level 1 | Measurement Input, Risk Free Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		650.7
Level 2 | Measurement Input, Risk Free Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		76.3
Level 3 | Measurement Input, Risk Free Interest Rate
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		8.5
Recurring fair value measurements:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	$ 16.7	22.8
Debt securities	4.7	4.7
Other investments	2	3.8
Total assets	844.4
Recurring fair value measurements: | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Debt securities	0	0
Other investments	0	0
Total assets	715.5
Recurring fair value measurements: | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	16.7	22.8
Debt securities	0	0
Other investments	0	0
Total assets	122.2
Recurring fair value measurements: | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Interest rate swaps	0	0
Debt securities	4.7	4.7
Other investments	2	3.8
Total assets	6.7
Cash | Recurring fair value measurements:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	117	103.7
Cash | Recurring fair value measurements: | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	117	103.7
Cash | Recurring fair value measurements: | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Cash | Recurring fair value measurements: | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Money market mutual funds | Recurring fair value measurements:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	598.5	547
Money market mutual funds | Recurring fair value measurements: | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	598.5	547
Money market mutual funds | Recurring fair value measurements: | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Money market mutual funds | Recurring fair value measurements: | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Term deposits | Recurring fair value measurements:
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	105.5	53.5
Term deposits | Recurring fair value measurements: | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	0	0
Term deposits | Recurring fair value measurements: | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	105.5	53.5
Term deposits | Recurring fair value measurements: | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value	$ 0	$ 0

Financial Instruments and Fai_5

Financial Instruments and Fair Value - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Gain (Loss) on Securities [Line Items]
Other investments			$ 2
Equity securities without readily determinable fair value	$ 9.7	$ 9.7
Level 2 | Fair Value, Nonrecurring
Gain (Loss) on Securities [Line Items]
Cumulative gains on investments in equity securities without readily determinable fair values	$ 0.8	$ 0.8

Financial Instruments and Fai_6

Financial Instruments and Fair Value - Schedule of Reconciliation of Changes in Fair Value of investments (Details) - Other Investments - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at beginning	$ 3.8	$ 3.8
Purchases	0	0
Unrealized loss included in other expense, net	(1.8)	(1.8)
Balance at the end	$ 2	$ 2

Derivative Instruments (Details

Derivative Instruments (Details) - Interest Rate Swap $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($)
Derivative [Line Items]
Variable interest rate (in percent)	0.95%
Fixed interest rate (in percent)	0.96%
Notional amount	$ 480
Cash flow hedge gains to be reclassified within 12 months	$ 16.7

Commitments and Contingencies (

Commitments and Contingencies (Details) - Letter of Credit - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Loss Contingencies [Line Items]
Letters of credit outstanding amount	$ 16,800,000	$ 20,900,000
Credit facility, borrowing capacity	$ 20,000,000
Minimum
Loss Contingencies [Line Items]
Credit facility, commitment fee percentage, on maximum amount available to be drawn		1.65%
Maximum
Loss Contingencies [Line Items]
Credit facility, commitment fee percentage, on maximum amount available to be drawn		2.25%

Stock-Based Compensation Expe_3

Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 17	$ 13.1	$ 31.2	$ 25.2
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	0.3	0.1	0.4	0.2
Research and development expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	2.1	3.3	4.2	6.1
Selling, general and administrative expenses
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 14.6	$ 9.7	$ 26.6	$ 18.9

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	$ 790.7	$ 502.8	$ 732.7	$ 476.4
Other comprehensive (loss) income before reclassifications	(10.5)	5.5	(25.6)	5.8
Amounts reclassified to net income	6.6	(5.1)	13.2	(9.5)
Balance at the end of period	998.4	553.9	998.4	553.9
Accumulated Other Comprehensive Income (Loss)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(0.5)	15.9	8	20
Balance at the end of period	(4.4)	16.3	(4.4)	16.3
Foreign Currency Translation Adjustment
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(21.1)	(15.3)	(14.5)	(17)
Other comprehensive (loss) income before reclassifications	(1.1)	(2.4)	(7.7)	(0.7)
Amounts reclassified to net income	0	0	0	0
Balance at the end of period	(22.2)	(17.7)	(22.2)	(17.7)
Unrealized Loss on Securities
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	(0.3)	0	(0.3)	0
Other comprehensive (loss) income before reclassifications	0	0	0	0
Amounts reclassified to net income	0	0	0	0
Balance at the end of period	(0.3)	0	(0.3)	0
Unrealized Gain on Cash Flow Hedges
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at beginning of period	20.9	31.2	22.8	37
Other comprehensive (loss) income before reclassifications	(9.4)	7.9	(17.9)	6.5
Amounts reclassified to net income	6.6	(5.1)	13.2	(9.5)
Balance at the end of period	$ 18.1	$ 34	$ 18.1	$ 34

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Effective tax rate (in percent)	(269.20%)	4.20%	(126.60%)	3.80%
Income tax benefit from release of valuation allowance	$ 146.9		$ 153.5
Release from valuation allowance related to discrete tax benefit			136.4
Discrete tax benefit related to research and development tax credit	4.8		4.8
Valuation allowance of deferred tax asset	$ 20.5		$ 20.5

Earnings Per Share - Schedule o

Earnings Per Share - Schedule of Weighted Average Number of Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 188.6	$ 27.3	$ 240.1	$ 51.1
Add back interest expense, net of tax	2.5	0	4.9	0
Net income, diluted	$ 191.1	$ 27.3	$ 245	$ 51.1
Weighted average number of common shares outstanding, basic (in shares)	70,062	69,741	70,010	69,662
Convertible Notes (in shares)	3,528	0	3,528	0
Weighted average number of common shares outstanding, diluted (in shares)	73,802	70,142	73,771	70,119
Basic (in dollars per share)	$ 2.69	$ 0.39	$ 3.43	$ 0.73
Diluted (in dollars per share)	$ 2.59	$ 0.39	$ 3.32	$ 0.73
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	140	318	157	356
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Effect of dilutive securities (in shares)	72	83	76	101

Earnings Per Share - Schedule_2

Earnings Per Share - Schedule of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	757	3,916	706	3,919
Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	0	3,528	0	3,528
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	471	231	457	235
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	286	157	249	156