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Debt (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Debt Disclosure [Abstract] |
Schedule of Long-term Debt | Current and long term debt as of June 30, 2025 and December 31, 2024 consisted of the following:
| June 30, 2025 |  | December 31, 2024
| (in thousands)
Convertible Senior Notes | $ | 205,067 |  |  | $ | 205,067 |
Less: Unamortized debt issuance costs | (837) |  |  | (1,424) |
Net carrying value of Convertible Senior Notes | 204,230 |  |  | 203,643 |
2024 Term Loan B Facility | 362,269 |  |  | 363,177 |
Less: Unamortized debt discount and issuance costs | (10,081) |  |  | (13,075) |
Net carrying value of 2024 Term Loan B Facility | 352,188 |  |  | 350,102 |
Balance Sheet Presentation: |  |  |
Debt, current, net of debt issuance costs | 207,862 |  |  | 3,641 |
Debt, non-current, net of debt discount and issuance costs | 348,556 |  |  | 550,104 |
Total debt | $ | 556,418 |  |  | $ | 553,745 |
Schedule of Maturities of Long-term Debt | Maturities of the principal amount of the Company's debt as of June 30, 2025 were as follows (in thousands):
Fiscal Year |
Remaining 2025 | $ | 1,816 |
2026 | 208,699 |
2027 | 3,632 |
2028 | 3,632 |
2029 | 3,632 |
Thereafter | 345,925 |
Total | $ | 567,336 |
Amortization expense for the Company's debt issuance costs related to the Convertible Senior Notes for the fiscal years 2025 through 2026 was as follows (in thousands):
Fiscal Year | Debt Issuance Costs
Remaining 2025 | $ | 585 |
2026 | 252 |
Total | $ | 837 |
Amortization expense for the 2024 Term Loan B Facility debt discount and debt issuance costs for fiscal years 2025 through 2029 and thereafter was as follows (in thousands):
Fiscal Year | Debt Discount |  | Debt Issuance Costs
Remaining 2025 | $ | 431 |  |  | $ | 493 |
2026 | 856 |  |  | 978 |
2027 | 847 |  |  | 968 |
2028 | 839 |  |  | 958 |
2029 | 830 |  |  | 948 |
Thereafter | 903 |  |  | 1,030 |
Total | $ | 4,706 |  |  | $ | 5,375 |
Summary of Interest Expense and Interest Income | The following table sets forth interest expense related to the Convertible Senior Notes for the three and six months ended June 30, 2025 and 2024 (in thousands, except interest rates):
| Three Months Ended |  | Six Months Ended
| June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Contractual interest expense | $ | 128 |  |  | $ | 128 |  |  | $ | 256 |  |  | $ | 256 |
Amortization of debt issuance costs | 294 |  |  | 294 |  |  | 587 |  |  | 587 |
Total interest expense | $ | 422 |  |  | $ | 422 |  |  | $ | 843 |  |  | $ | 843 |
Effective interest rate | 0.82 | % |  | 0.82 | % |  | 0.82 | % |  | 0.82 | %
The following table sets forth interest expense related to the 2024 Term Loan B Facility and the 2021 Term Loan B Facility (in thousands, except interest rates):
| Three Months Ended |  | Six Months Ended
| June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Contractual interest expense | $ | 6,722 |  |  | $ | 9,032 |  |  | $ | 13,952 |  |  | $ | 18,198 |
Amortization of debt discount | 216 |  |  | 270 |  |  | 472 |  |  | 584 |
Amortization of debt issuance costs | 247 |  |  | 298 |  |  | 529 |  |  | 716 |
Total interest expense | $ | 7,185 |  |  | $ | 9,600 |  |  | $ | 14,953 |  |  | $ | 19,498 |
Effective interest rate | 7.91 | % |  | 10.52 | % |  | 8.23 | % |  | 10.77 | %
The following includes interest expense and interest income, as presented within interest expense, net in the condensed consolidated statement of operations (in thousands):
| Three Months Ended |  | Six Months Ended
| June 30, 2025 |  | June 30, 2024 |  | June 30, 2025 |  | June 30, 2024
Interest expense | $ | 7,801 |  |  | $ | 10,164 |  |  | $ | 16,221 |  |  | $ | 20,618 |
Interest income | (2,730) |  |  | (3,371) |  |  | (5,973) |  |  | (5,867) |
Interest expense, net | $ | 5,071 |  |  | $ | 6,793 |  |  | $ | 10,248 |  |  | $ | 14,751 |
Schedule of Debt | The following table summarizes the amount outstanding under the Company's 2024 Term Loan B Facility at June 30, 2025 and December 31, 2024:
| June 30, 2025 |  | December 31, 2024 |
| (in thousands)
2024 Term Loan B Facility | $ | 362,269 |  |  | $ | 363,177 |  |
Unamortized debt discount | (4,706) |  |  | (6,198) |  |
Unamortized debt issuance costs | (5,375) |  |  | (6,877) |  |
2024 Term Loan B Facility, net of debt discount and issuance costs | $ | 352,188 |  |  | $ | 350,102 |  |

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