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DEBT
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
DEBT
NOTE 10. DEBT
Convertible senior notes and capped calls
Convertible senior notes
In February 2020, the Company issued Convertible Senior Notes (the "Notes") with an aggregate principal of $600 million, due March 1, 2025, in a private placement. No principal payments were due before maturity. The Notes accrued interest at an annual rate of 0.75%, paid semi-annually in arrears on March 1 and September 1, beginning September 1, 2020. The remaining outstanding principal balance on the Notes and accrued interest totaling $469.6 million was repaid in its entirety at maturity during the three months ended March 31, 2025.
Conversion rights
The conversion rate was 14.809 shares of Common stock per $1,000 principal amount of the Notes, representing an initial conversion price of $67.53 per share of Common stock.
Carrying value of the Notes:
(in thousands)June 30, 2025December 31, 2024
Principal$— $467,864 
Unamortized issuance costs— (394)
Convertible senior notes, net$— $467,470 

Interest expense related to the Notes:
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Contractual interest expense (0.75% coupon)
$— $942 $595 $1,884 
Amortization of issuance costs
— 619 394 1,236 
$— $1,561 $989 $3,120 
The average interest rate on the Notes during the three months ended March 31, 2025 and six months ended June 30, 2024 was 1.2%.
Capped call transactions
In February 2020, the Company entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain financial institutions. The Capped Call Transactions initially covered approximately 8.8 million shares (representing the number of shares for which the Notes were initially convertible) of the Company’s Common Stock. As of December 31, 2024, Capped Call Transactions covering approximately 7.0 million shares were outstanding, and expired upon maturity of the Notes during the three months ended March 31, 2025.
Change in capped call transactions:
Six Months Ended
June 30,
(in thousands)20252024
January 1,$223 $893 
Fair value adjustment(223)22 
June 30,$— $915 
Credit facility
In November 2019, and as since amended, the Company entered into a five-year $100 million senior secured revolving credit agreement (the “Credit Facility”) with PNC Bank, National Association. The Company may use borrowings for general corporate purposes and to finance working capital needs. Subject to specific conditions and the agreement of the financial institutions lending the additional amount, the aggregate commitment may be increased to $200 million. The Credit Facility, as amended, contains customary covenants, including, but not limited to, those relating to additional indebtedness, liens, asset divestitures, and affiliate transactions. Beginning with the fiscal quarter ended March 31, 2024, the Company must maintain a maximum net consolidated leverage ratio of 3.5 to 1.0 (with a step-up for certain acquisitions) and a minimum consolidated interest coverage ratio of 3.5 to 1.0. Effective as of February 4, 2025, the Credit Facility was amended to extend the expiration date to February 4, 2027.
As of June 30, 2025 and December 31, 2024, the Company had letters of credit of $26.7 million and $27.3 million, respectively, under the Credit Facility, however had no cash borrowings.