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Long‑Term Debt | 6 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long‑term debt consists of the following:
| June 30, 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 | (6,987) |  |  | (10,057) |
Total debt | 1,245,843 |  |  | 1,388,088 |
Less: Current portion of long-term debt | — |  |  | — |
Long-term debt | $ | 1,245,843 |  |  | $ | 1,388,088 |
The Company had $150 of letters of credit outstanding as of June 30, 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 June 30, 2025 and December 31, 2024, the Company had $1,299,850 and $1,164,535, respectively, available under the Credit Facility. As of June 30, 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 June 30, 2025, was $677,830. As of June 30, 2025, the 2026 Notes were classified as long‑term 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 (expense) income, net in the consolidated statements of operations for the six months ended June 30, 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 |  | Six Months Ended
| June 30, |  | June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Contractual interest expense | $ | (1,932) |  |  | $ | (4,072) |  |  | $ | (4,375) |  |  | $ | (9,486) |
Amortization of deferred debt issuance costs | (1,894) |  |  | (1,927) |  |  | (3,788) |  |  | (3,750) |
Other interest expense | (30) |  |  | (2) |  |  | (101) |  |  | (68) |
Interest income | 337 |  |  | 901 |  |  | 937 |  |  | 1,684 |
Interest expense, net | $ | (3,519) |  |  | $ | (5,100) |  |  | $ | (7,327) |  |  | $ | (11,620) |
The weighted average interest rate on borrowings under the Credit Facility were 6.24% and 7.38% for the three months ended June 30, 2025 and 2024, respectively, and 6.22% and 7.43% for the six months ended June 30, 2025 and 2024, respectively.

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- 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
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