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DEBT | 9 Months Ended
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Sep. 30, 2025
DEBT |
DEBT | 8.DEBT Credit Agreement The Company has a credit agreement (“Credit Agreement”) with a banking syndicate, which initially provided (i) a term loan in the aggregate amount of $50,000 (the “Term Loan”); and (ii) a $200,000 revolving facility (the “Line of Credit”). On May 10, 2024, the Company repaid the outstanding Term Loan balance in full. On November 4, 2024, the Company entered into a Fifth Amendment to the Credit Agreement (the “Fifth Amendment”), which provided for, among other modifications, an increase in the Line of Credit commitment from $200,000 to $300,000 and an extension of the maturity date to November 4, 2029. The Company had no outstanding borrowings under the Credit Agreement at September 30, 2025 or December 31, 2024. Indenture and Notes ​ On April 26, 2024, the Company issued $345,000 aggregate principal amount of 0.750% Convertible Senior Notes due 2029 (the “Notes”) to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933, as amended. The Notes bear interest at a rate of 0.750% per annum on the principal amount thereof, payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2024. The Notes will mature on May 1, 2029, unless earlier repurchased, redeemed or converted in accordance with their terms. ​ There have been no changes to the initial conversion price of the Notes since issuance. The Notes are convertible into the Company’s Class A common stock at the option of the holders. As of September 30, 2025, none of the Notes were converted. ​ Capped Call Transactions ​ In connection with the pricing of the Notes on April 23, 2024, the Company entered into privately negotiated capped call transactions (the “Base Capped Call Transactions”) with certain financial institutions (together, the “Option Counterparties”). In connection with the exercise of the option to purchase the additional Notes in full, the Company entered into additional capped call transactions with the Option Counterparties (together with the Base Capped Call Transactions, the “Capped Call Transactions”). ​ The Company’s indebtedness at September 30, 2025 and December 31, 2024 was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | As of September 30, 2025 (unaudited) | ​ | As of December 31, 2024
​ | ​ | Principal Amount | ​ | ​ | Discounts and Deferred Financing Costs | ​ | ​ | Net Carrying Amount | ​ |  | Principal Amount | ​ | ​ | Discounts and Deferred Financing Costs | ​ | ​ | Net Carrying Amount
Convertible senior notes, non-current | ​ | 345,000 | ​ | ​ | (8,087) | ​ | ​ | 336,913 | ​ | ​ | 345,000 | ​ | ​ | (9,780) | ​ | ​ | 335,220
Total debt | $ | 345,000 | ​ | $ | (8,087) | ​ | $ | 336,913 | ​ | $ | 345,000 | ​ | $ | (9,780) | ​ | $ | 335,220
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The Company’s interest expense related to the Notes is as follows: ​ ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | For the three months ended September 30, | ​ | ​ | ​ | For the nine months ended September 30,
​ | ​ | ​ | ​ | 2025 | ​ | ​ | 2024 | ​ | ​ | ​ | 2025 | ​ | ​ | 2024
​ | ​ | ​ | ​ | (unaudited) | ​ | ​ | (unaudited)
Contractual interest expense | ​ | ​ | $ | 646 | ​ | $ | 677 | ​ | ​ | $ | 1,940 | ​ | $ | 1,108
Amortization of issuance costs | ​ | ​ | ​ | 565 | ​ | ​ | 564 | ​ | ​ | ​ | 1,693 | ​ | ​ | 940
Total interest expense, convertible senior notes | ​ | ​ | $ | 1,211 | ​ | $ | 1,241 | ​ | ​ | $ | 3,633 | ​ | $ | 2,048
​

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