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Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Financing Agreement  
Debt Instrument [Line Items]  
Schedule of Loans Balances

The balances of our borrowing under the Amended Financing Agreement consisted of the following:

 

 

 

December 31, 2024

 

 

 

(in thousands)

 

Principal value of term loan under the Amended Financing Agreement

 

$

450,000

 

Debt discount, issuance costs and exit fee accretion

 

 

(12,663

)

Term loan, net

 

$

437,337

 

 
2031, 2029 and 2027 Notes  
Debt Instrument [Line Items]  
Schedule of Loans Balances

The outstanding Notes’ balances consisted of the following:

 

 

 

June 30, 2025

 

 

December 31, 2024

 

 

 

2031 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

 

 

 

 

(in thousands)

 

 

 

 

 

(in thousands)

 

Principal

 

$

575,000

 

 

$

747,500

 

 

$

550,000

 

 

$

747,500

 

 

$

550,000

 

Unamortized debt discount and issuance costs

 

 

(11,403

)

 

 

(7,626

)

 

 

(3,912

)

 

 

(8,628

)

 

 

(4,827

)

Net carrying amount

 

$

563,597

 

 

$

739,874

 

 

$

546,088

 

 

$

738,872

 

 

$

545,173

 

 
Schedule of Total Interest Expense Recognized and Effective Interest Related to Notes

The following table sets forth the total interest expense recognized and effective interest rates related to the Notes for the periods presented:

 

 

 

Three Months Ended June 30, 2025

 

 

 

2031 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

(in thousands)

 

Contractual interest expense

 

$

2,515

 

 

$

4,204

 

 

$

3,437

 

 

$

10,156

 

Amortization of debt discount and issuance costs

 

 

474

 

 

 

502

 

 

 

460

 

 

 

1,436

 

Total interest and amortization expense

 

$

2,989

 

 

$

4,706

 

 

$

3,897

 

 

$

11,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

 

2.1

%

 

 

2.6

%

 

 

2.8

%

 

 

 

 

 

 

Three Months Ended June 30, 2024

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

(in thousands)

 

Contractual interest expense

 

$

4,204

 

 

$

3,437

 

 

$

7,641

 

Amortization of debt discount and issuance costs

 

 

490

 

 

 

447

 

 

 

937

 

Total interest and amortization expense

 

$

4,694

 

 

$

3,884

 

 

$

8,578

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

 

2.6

%

 

 

2.8

%

 

 

 

 

 

 

Six Months Ended June 30, 2025

 

 

 

2031 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

(in thousands)

 

Contractual interest expense

 

$

3,354

 

 

$

8,409

 

 

$

6,875

 

 

$

18,638

 

Amortization of debt discount and issuance costs

 

 

631

 

 

 

1,002

 

 

 

915

 

 

 

2,548

 

Total interest and amortization expense

 

$

3,985

 

 

$

9,411

 

 

$

7,790

 

 

$

21,186

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

2.1%

 

 

 

2.6

%

 

 

2.8

%

 

 

 

 

 

 

Six Months Ended June 30, 2024

 

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

(in thousands)

 

Contractual interest expense

 

$

8,409

 

 

$

6,875

 

 

$

15,284

 

Amortization of debt discount and issuance costs

 

 

977

 

 

 

891

 

 

 

1,868

 

Total interest and amortization expense

 

$

9,386

 

 

$

7,766

 

 

$

17,152

 

 

 

 

 

 

 

 

 

 

 

Effective interest rate

 

 

2.6

%

 

 

2.8

%

 

 

 

 

 
Schedule of Future Minimum Payments

Future minimum payments under the Notes as of June 30, 2025 are as follows:

 

 

 

2031 Notes

 

 

2029 Notes

 

 

2027 Notes

 

 

Total

 

 

 

(in thousands)

 

Remainder of 2025

 

$

5,031

 

 

$

8,409

 

 

$

6,875

 

 

$

20,315

 

Year ending December 31:

 

 

 

 

 

 

 

 

 

 

 

 

2026

 

 

10,063

 

 

 

16,819

 

 

 

13,750

 

 

 

40,632

 

2027

 

 

10,063

 

 

 

16,819

 

 

 

556,875

 

 

 

583,757

 

2028

 

 

10,063

 

 

 

16,819

 

 

 

—

 

 

 

26,882

 

2029

 

 

10,063

 

 

 

755,909

 

 

 

—

 

 

 

765,972

 

2030

 

 

10,063

 

 

 

—

 

 

 

—

 

 

 

10,063

 

Thereafter

 

 

580,031

 

 

 

—

 

 

 

—

 

 

 

580,031

 

Total future payments

 

 

635,377

 

 

 

814,775

 

 

 

577,500

 

 

 

2,027,652

 

Less amounts representing interest

 

 

(60,377

)

 

 

(67,275

)

 

 

(27,500

)

 

 

(155,152

)

Total principal amount

 

$

575,000

 

 

$

747,500

 

 

$

550,000

 

 

$

1,872,500