Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2024

The following table summarizes the terms of our Convertible Senior Notes as of June 30, 2024 (in thousands, except per share conversion rates and prices):


	2025 Notes			2029 Notes
Aggregate principal amount at issuance	$	172,500		$	402,500
Interest rate per annum	1.5		%	3.5		%
Debt issuance costs	$	5,929		$	11,598
Net proceeds	$	166,571		$	390,902
Issuance date	October 22, 2018			December 8, 2023
Maturity date	October 15, 2025			December 1, 2029
Interest payment dates (1)	April 15 and October 15			June 1 and December 1

Conversion rate per $1,000 of principal	$	29.9135		$	26.3125
Conversion price	$	33.43		$	38.00
Shares issuable upon conversion(2)	5,160			10,592

Carrying value	$	170,818		$	391,981
Unamortized debt discount and issuance costs	1,682			10,519
Outstanding principal	$	172,500		$	402,500
Remaining amortization period (years)	1.3			5.4
Fair value (3)	$	169,913		$	369,893

————————

(1)Holders of the Convertible Senior Notes are entitled to cash payments, which are payable semiannually in arrears on the dates indicated above.

(2)Measured in shares of the Company’s Class A common stock and represents the number of shares of the Company’s Class A common stock that the Convertible Senior Notes are convertible into as of June 30, 2024. Upon conversion, the Company will pay or deliver, as the case may be, cash or shares of the Company’s Class A common stock, or a combination of cash and shares of the Company’s Class A common stock, at the Company’s election.

(3)Fair values for notes are derived from available trading prices closest to the respective balance sheet date.

Schedule of Debt

Interest expense and amortization of debt issuance costs activity were as follows (in thousands):


	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2024		2023		2024		2023
2029 Notes
Interest expense	$	3,522	$	—	$	7,044	$	—
Amortization of debt issuance costs	480		—		960		—
Interest expense for 2029 Notes	$	4,002	$	—	$	8,004	$	—
2022 Credit Agreement
Interest expense	$	943	$	12,595	$	1,889	$	23,720
Amortization of debt issuance costs	80		636		159		1,180
Interest expense for 2022 Credit Agreement	$	1,023	$	13,231	$	2,048	$	24,900
2024 Notes
Interest expense	$	—	$	212	$	—	$	425
Amortization of debt issuance costs	—		46		—		92
Interest expense for 2024 Notes	$	—	$	258	$	—	$	517
2025 Notes
Interest expense	$	647	$	647	$	1,294	$	1,294
Amortization of debt issuance costs	323		322		646		642
Interest expense for 2025 Notes	$	970	$	969	$	1,940	$	1,936