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v3.25.3

Debt | 9 Months Ended
--- | ---
Sep. 30, 2025
Debt Disclosure [Abstract] |
Debt | Debt The following table summarizes the balances and availability of our 2026 Notes, 2025 Term Loan, and 2024 Revolving Credit Facility:
| Outstanding (1) |  | Unutilized Amount |  | Interest Rate |  | Maturity Date
| September 30, 2025 |  | December 31, 2024 |  | September 30, 2025 |  | December 31, 2024 | September 30, 2025 |  | December 31, 2024 |
| (in thousands) |  |  |  |  |  |  |  |
2026 Notes | $ | 371,413 |  |  | $ | 369,514 |  |  | N/A |  | N/A |  | 0.125% |  |  | 0.125% |  |  | Sept. 1, 2026
2025 Term Loan | 397,841 |  |  | N/A |  | N/A |  | N/A |  | 6.295% |  |  | N/A |  |  | May 3, 2029
2024 Revolving Credit Facility | 1,152 |  |  | 1,143 |  |  | $ | 173,848 |  |  | $ | 173,857 |  |  | 1.50% | (2) |  | 1.50% | (2) |  | May 3, 2029
(1) Represents the net carrying amount of our 2026 Notes and 2025 Term Loan and outstanding letters of credit under the 2024 Revolving Credit Facility. (2) Represents the rate on the outstanding letters of credit under the 2024 Revolving Credit Facility. Convertible Senior Notes On September 17, 2021, the Company issued $373.8 million aggregate principal amount of 0.125% 2026 Notes in a private offering. The initial conversion rate for the 2026 Notes is 20.0024 shares of the Company’s common stock per $1,000 principal amount of 2026 Notes, which is equivalent to an initial conversion price of approximately $49.99 per share of common stock. As of September 30, 2025, the conditions allowing holders of the 2026 Notes to convert were not met. The following table sets forth the interest expense related to the 2026 Notes for the periods presented:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
| (in thousands)
Contractual interest expense | $ | 116 |  |  | $ | 116 |  |  | $ | 350 |  |  | $ | 350 |
Amortization of issuance costs | 634 |  |  | 629 |  |  | 1,899 |  |  | 1,884 |
The effective interest rate on the 2026 Notes was 0.81% for both the three and nine months ended September 30, 2025 and 2024. See Note 3 for additional information on the Company’s 2026 Notes. Credit Agreement On May 3, 2024, the Company entered into the 2024 Credit Agreement. The 2024 Credit Agreement provides for the 2024 Revolving Credit Facility of $175.0 million, which may be increased or decreased under specific circumstances, with a $40.0 million letter of credit sublimit and a $50.0 million alternative currency sublimit. In addition, the 2024 Credit Agreement provides for the ability of the Company to request incremental term loan facilities, in a minimum amount of $5.0 million for each facility. On May 21, 2025, the Company entered into Amendment No. 1 to the 2024 Credit Agreement, which provided for the 2025 Term Loan in an aggregate principal amount of $400.0 million. The table below summarizes the carrying value of the 2025 Term Loan:
| September 30, 2025 |  |
| (in thousands)
Principal amount | $ | 400,000 |  |  |
Less: unamortized debt issuance costs | (2,159) |  |  |
2025 Term Loan, net | $ | 397,841 |  |  |
The 2025 Term Loan requires quarterly amortization payments of 1.250% of the initial aggregate principal amount for the quarters ending December 31, 2025 through September 30, 2027, 1.875% of the initial aggregate principal amount for the quarters ending December 31, 2027 through September 30, 2028, and 2.500% of the initial aggregate principal amount for the quarters ending December 31, 2028 through March 31, 2029, with any remaining outstanding amount payable in full on the maturity date. The 2024 Revolving Credit Facility and 2025 Term Loan are due on May 3, 2029 and are subject to a springing maturity date on or after June 2, 2026 in the event of certain conditions as described in the 2024 Credit Agreement, as amended. The 2024 Credit Agreement, as amended, contains customary representations and warranties, affirmative covenants, reporting obligations, negative covenants, and events of default. We were in compliance with such covenants as of both September 30, 2025 and December 31, 2024. As of September 30, 2025 and December 31, 2024, debt issuance costs related to the 2024 Credit Agreement of $1.3 million and $1.6 million, respectively, were included in other assets in the condensed consolidated balance sheets. Maturities of the 2025 Term Loan as of September 30, 2025 were as follows:
Years ending December 31: |
2025 | $ | 5,000 |
2026 | 20,000 |
2027 | 22,500 |
2028 | 32,500 |
2029 | 320,000 |
| $ | 400,000 |
Borrowings under the 2025 Term Loan may be repaid, in whole or in part, at any time and from time to time without premium or penalty other than customary breakage costs. Borrowings under the 2025 Term Loan are subject to repayment with the Excess Net Cash Proceeds received from certain non-ordinary course Disposition or Recovery Events (each term as defined in Amendment No. 1 to the 2024 Credit Agreement). The interest rate applicable to the 2025 Term Loan is equal to the Term SOFR Rate, subject to a 0% floor, plus the Applicable Rate. The Applicable Rate for the 2025 Term Loan ranges from 2.00% to 2.75% per annum, in each case, based on the Senior Secured Net Leverage Ratio (each term as defined in Amendment No. 1 to the 2024 Credit Agreement). Interest expense related to the 2025 Term Loan was $6.4 million and $9.3 million for the three and nine months ended September 30, 2025, respectively.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef 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