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Long‑Term Debt | 9 Months Ended
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Sep. 30, 2025
Debt Disclosure [Abstract] |
Long-Term Debt | Long-Term Debt Long‑term debt consists of the following:
| September 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 | (5,452) |  |  | (10,057) |
Total debt | 1,247,378 |  |  | 1,388,088 |
Less: Current portion of long-term debt | — |  |  | — |
Long-term debt | $ | 1,247,378 |  |  | $ | 1,388,088 |
The Company had $150 of letters of credit outstanding as of September 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 September 30, 2025 and December 31, 2024, the Company had $1,299,850 and $1,164,535, respectively, available under the Credit Facility. As of September 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 September 30, 2025, was $677,830. As of September 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 income (expense), net in the consolidated statements of operations for the nine months ended September 30, 2025. The 2026 Notes were repurchased under the BSY Stock Repurchase Program (the “Repurchase Program”) authorization (see Note 13). 2026 Notes Event Subsequent to September 30, 2025 On January 26, 2021, the Company completed a private offering of $690,000 of 0.125% convertible senior notes, which mature on January 15, 2026 unless earlier converted, redeemed, or repurchased. Prior to October 15, 2025, the 2026 Notes were convertible at the option of the holder pursuant to the terms of the indenture, dated as of January 26, 2021, between the Company and Wilmington Trust, National Association, as trustee (the “2026 Trustee”) (the “2026 Indenture”). On or after October 15, 2025 until 5:00 p.m., New York City time, on the second scheduled trading day immediately before the maturity date, the 2026 Notes are convertible at the option of the holder at any time. On October 14, 2025, in accordance with the 2026 Indenture, the Company gave notice to the 2026 Trustee, the Conversion Agent and the Holders (each as defined in the 2026 Indenture) that the Company elected to change the “Default Settlement Method” (as defined in the 2026 Indenture) for conversions of the 2026 Notes to “Physical Settlement” (as defined in the 2026 Indenture). As a result, all conversions of the 2026 Notes occurring on and after October 15, 2025 will be settled by delivery of shares of the Company’s Class B common stock using Physical Settlement in accordance with the 2026 Indenture. The initial conversion rate, which is subject to adjustment as set forth in the 2026 Indenture, is 15.5925 shares of the Company’s Class B common stock per one thousand dollar principal amount of 2026 Notes, which represents an initial conversion price of approximately $64.13 per share. Interest Expense, Net Interest expense, net consists of the following:
| Three Months Ended |  | Nine Months Ended
| September 30, |  | September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Contractual interest expense | $ | (1,629) |  |  | $ | (3,227) |  |  | $ | (6,004) |  |  | $ | (12,713) |
Amortization of deferred debt issuance costs | (1,894) |  |  | (1,804) |  |  | (5,682) |  |  | (5,554) |
Other interest expense | (49) |  |  | (74) |  |  | (150) |  |  | (142) |
Interest income | 845 |  |  | 436 |  |  | 1,782 |  |  | 2,120 |
Interest expense, net | $ | (2,727) |  |  | $ | (4,669) |  |  | $ | (10,054) |  |  | $ | (16,289) |
The weighted average interest rate on borrowings under the Credit Facility were 6.19% and 7.21% for the three months ended September 30, 2025 and 2024, respectively, and 6.19% and 7.38% for the nine months ended September 30, 2025 and 2024, respectively.

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