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Debt (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Convertible Debt | The following table summarizes the terms of our Convertible Senior Notes as of March 31, 2025 (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 |  |  | $ | 171,793 |  |  | $ | 393,398 |
Unamortized debt discount and issuance costs |  |  | 707 |  |  | 9,102 |
Outstanding principal |  |  | $ | 172,500 |  |  | $ | 402,500 |
Remaining amortization period (years) |  |  | 0.5 |  | 4.7
Fair value (3) |  |  | $ | 169,024 |  |  | $ | 327,812 |
———————— (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 March 31, 2025. 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 March 31,
|  |  |  |  | 2025 |  | 2024 |  |
2029 Notes |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  | $ | 3,522 |  |  | $ | 3,522 |  |  |
Amortization of debt issuance costs |  |  |  |  | 482 |  |  | 480 |  |  |
Interest expense for 2029 Notes |  |  |  |  | $ | 4,004 |  |  | $ | 4,002 |  |  |
2022 Credit Agreement |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  | $ | 5,063 |  |  | $ | 946 |  |  |
Amortization of debt issuance costs |  |  |  |  | 346 |  |  | 79 |  |  |
Interest expense for 2022 Credit Agreement |  |  |  |  | $ | 5,409 |  |  | $ | 1,025 |  |  |
2025 Notes |  |  |  |  |  |  |  |  |
Interest expense |  |  |  |  | $ | 646 |  |  | $ | 647 |  |  |
Amortization of debt issuance costs |  |  |  |  | 326 |  |  | 323 |  |  |
Interest expense for 2025 Notes |  |  |  |  | $ | 972 |  |  | $ | 970 |  |  |

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- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
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