XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.25.1

Long‑Term Debt | 3 Months Ended
--- | ---
Mar. 31, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long‑term debt consists of the following:
| March 31, 2025 |  | December 31, 2024
Credit facility: |  |  |
Revolving loan facility due October 2029 | $ | — |  |  | $ | 135,315 |
Convertible senior notes due January 2026 (the “2026 Notes”) | 677,830 |  |  | 687,830 |
Convertible senior notes due July 2027 (the “2027 Notes”) | 575,000 |  |  | 575,000 |
Unamortized debt issuance costs | (8,522) |  |  | (10,057) |
Total debt | 1,244,308 |  |  | 1,388,088 |
Less: Current portion of long-term debt | — |  |  | — |
Long-term debt | $ | 1,244,308 |  |  | $ | 1,388,088 |
The Company had $150 of letters of credit outstanding as of March 31, 2025 and December 31, 2024 under its second amended and restated credit agreement, entered into on October 18, 2024 with a syndicate of banks (the “Credit Facility”). As of March 31, 2025 and December 31, 2024, the Company had $1,299,850 and $1,164,535, respectively, available under the Credit Facility. As of March 31, 2025 and December 31, 2024, the Company was in compliance with all debt covenants and none of the conditions of the 2026 Notes or 2027 Notes to early convert had been met. Unless converted, upon maturity in January 2026, the Company will be required to repay the outstanding principal amount on the 2026 Notes, which, as of March 31, 2025, was $677,830. As of March 31, 2025, the 2026 Notes were classified as long-term debt in the consolidated balance sheets as the Company currently has the ability and intent to refinance them on a long-term basis through available capacity under the Credit Facility. During the first quarter of 2025, the Company paid $9,797 in cash to repurchase $10,000 aggregate principal amount of its outstanding 2026 Notes through open market transactions resulting in an insignificant gain, which was recorded in Other income, net in the consolidated statements of operations for the three months ended March 31, 2025. The 2026 Notes were repurchased under the BSY Stock Repurchase Program (the “Repurchase Program”) authorization (see Note 13). Interest Expense, Net Interest expense, net consists of the following:
| Three Months Ended
| March 31,
| 2025 |  | 2024
Contractual interest expense | $ | (2,443) |  |  | $ | (5,414) |
Amortization of deferred debt issuance costs | (1,894) |  |  | (1,823) |
Other interest expense | (71) |  |  | (66) |
Interest income | 600 |  |  | 783 |
Interest expense, net | $ | (3,808) |  |  | $ | (6,520) |
The weighted average interest rate on borrowings under the Credit Facility were 6.20% and 7.46% for the three months ended March 31, 2025 and 2024, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for long-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/470/tableOfContent + Details
Name: | us-gaap_LongTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration