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Debt (Tables) | 12 Months Ended
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Dec. 31, 2024
Debt Disclosure [Abstract] |
Summary of Long-term Debt | Long-term debt consists of the following (in thousands):
| December 31,
| 2024 |  | 2023
4.625% Senior Notes | $ | 460,038 |  |  | $ | 460,038 |
1.75% Convertible Notes | 149,109 |  |  | 550,000 |
3.625% Convertible Notes | 263,147 |  |  | — |
Total Notes | 872,294 |  |  | 1,010,038 |
Credit Agreement | — |  |  | — |
Less: Unamortized discount | (5,676) |  |  | (2,463) |
Deferred issuance costs (1) | (2,336) |  |  | (6,263) |
Total long-term debt | $ | 864,282 |  |  | $ | 1,001,312 |
(1)Includes $0.7 million and $0.8 million of carrying amount of deferred issuance costs on the 4.625% Senior Notes as of December 31, 2024 and December 31, 2023, respectively, $0.9 million and $5.5 million of carrying amount of deferred issuance costs on the 1.75% Convertible Notes as of December 31, 2024 and December 31, 2023, respectively, and $0.7 million of carrying amount of deferred issuance costs on the 3.625% Convertible Notes as of December 31, 2024.
Future Principal Payments for Debt | At December 31, 2024, future principal and interest payments for debt are as follows (in thousands):
| Principal |  | Interest
2025 | $ | — |  |  | $ | 33,425 |
2026 | 149,109 |  |  | 33,426 |
2027 | — |  |  | 30,816 |
2028 | 263,147 |  |  | 26,047 |
2029 | — |  |  | 21,277 |
Thereafter | 460,038 |  |  | 21,276 |
Total | $ | 872,294 |  |  | $ | 166,267 |
Schedule of Repurchase Agreements | Repurchases of 4.625% Senior Notes on the open market (excluding those from a tender offer) during the periods presented were as follows (in thousands):
| Year ended |  |
| December 31, 2022 |  |
Principal repurchased | $ | 181,238 |  |  |
Aggregate purchase price | $ | 167,661 |  |  |
(Gain) loss on repurchase (1) | $ | (12,060) |  |  |
(1)Presented within ‘Gain (loss) on debt extinguishment, net’ on the Consolidated Statements of Operations.
Schedule of Debt | The following table provides additional information on the 4.625% Senior Notes (in thousands):
| December 31,
| 2024 |  | 2023
Principal amount of 4.625% Senior Notes | $ | 460,038 |  |  | $ | 460,038 |
Less: Unamortized discount | (2,148) |  |  | (2,463) |
Less: Deferred issuance costs | (679) |  |  | (779) |
Net carrying amount of 4.625% Senior Notes | $ | 457,211 |  |  | $ | 456,796 |
The following table provides the components of interest expense related to 4.625% Senior Notes (in thousands):
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Coupon interest expense | $ | 21,269 |  |  | $ | 21,159 |  |  | $ | 24,500 |
Amortization of discount and debt issuance costs | 415 |  |  | 396 |  |  | 442 |
Total interest expense related to 4.625% Senior Notes | $ | 21,684 |  |  | $ | 21,555 |  |  | $ | 24,942 |
The following table provides the components of interest expense related to the 3.625% Convertible Notes (in thousands):
| Year ended
| December 31, 2024
Coupon interest expense | $ | 4,372 |
Amortization of discount and debt issuance costs | 571 |
Total interest expense related to 3.625% Convertible Notes | $ | 4,943 |
Components of Interest Expense Related to Convertible Notes | The following table provides the components of interest expense related to the 1.75% Convertible Notes (in thousands):
| Years ended December 31,
| 2024 |  | 2023 |  | 2022
Coupon interest expense | $ | 6,429 |  |  | $ | 17,369 |  |  | $ | 9,776 |
Amortization of debt issuance costs | 1,251 |  |  | 1,863 |  |  | 1,858 |
Total interest expense related to 1.75% Convertible Notes | $ | 7,680 |  |  | $ | 19,232 |  |  | $ | 11,634 |
Additional Information Related to Convertible Notes | The following table provides additional information related to the 1.75% Convertible Notes (in thousands):
| December 31,
| 2024 |  | 2023
Principal amount of 1.75% Convertible Notes | $ | 149,109 |  |  | $ | 550,000 |
Less: Deferred issuance costs | (923) |  |  | (5,484) |
Net carrying amount of 1.75% Convertible Notes | $ | 148,186 |  |  | $ | 544,516 |
The following table provides additional information related to the 3.625% Convertible Notes (in thousands):
| December 31, 2024
Principal amount of 3.625% Convertible Notes | $ | 263,147 |
Less: Unamortized discount | (3,528) |
Less: Deferred issuance costs | (734) |
Net carrying amount of 3.625% Convertible Notes | $ | 258,885 |

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