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Long-term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Convertible Debt

The following table summarizes the terms of our Convertible Senior Notes as of December 31, 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									$	171,467					$	392,916
Unamortized debt discount and issuance costs									1,033						9,584
Outstanding principal									$	172,500					$	402,500
Remaining amortization period (years)									0.8						4.9
Fair value (3)									$	167,180					$	344,403

————————

(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 December 31, 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 Year Ended December 31,
															2024						2023						2022
2029 Notes
Interest expense															$	14,087					$	900					$	—
Amortization of debt issuance costs															1,921						122						—
Interest expense for 2029 Notes															$	16,008					$	1,022					$	—
2022 Credit Agreement
Interest expense															$	4,500					$	46,538					$	7,939
Amortization of debt issuance costs															330						2,256						433
Interest expense for 2022 Credit Agreement															$	4,830					$	48,794					$	8,372
2024 Notes
Interest expense															$	—					$	367					$	2,743
Amortization of debt issuance costs															—						148						592
Interest expense for 2024 Notes															$	—					$	515					$	3,335
2025 Notes
Interest expense															$	2,588					$	2,588					$	2,588
Amortization of debt issuance costs															1,296						1,286						1,277
Interest expense for 2025 Notes															$	3,884					$	3,874					$	3,865

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