Debt (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
|---|
| Debt |
|
| Schedule of Debt |
Our debt consists of the following:
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
(In thousands) |
|
2025 |
|
|
2024 |
|
2025 Notes |
|
$ |
192,500 |
|
|
$ |
192,500 |
|
2028 Notes |
|
|
261,000 |
|
|
|
261,000 |
|
Total debt |
|
|
453,500 |
|
|
|
453,500 |
|
Less: Unamortized debt discount and issuance costs |
|
|
(4,615 |
) |
|
|
(5,156 |
) |
Total debt, net |
|
|
448,885 |
|
|
|
448,344 |
|
Less: Current portion of long-term debt, net |
|
|
(192,215 |
) |
|
|
(192,028 |
) |
Total long-term debt, net |
|
$ |
256,670 |
|
|
$ |
256,316 |
|
|
| Aggregate Scheduled Maturities of Convertible Debt |
The aggregate scheduled maturities of our convertible debt as of March 31, 2025 were as follows:
|
|
|
|
|
(In thousands) |
|
Amount |
|
Years ending December 31: |
|
|
|
Remainder of 2025 |
|
$ |
192,500 |
|
2026 |
|
|
— |
|
2027 |
|
|
— |
|
2028 |
|
|
261,000 |
|
Total |
|
$ |
453,500 |
|
|
| 2025 Notes |
|
| Debt |
|
| Summary of Liability and Equity Components of Convertible Notes |
Our outstanding 2025 Notes balances consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
(In thousands) |
|
2025 |
|
|
2024 |
|
Principal |
|
$ |
192,500 |
|
|
$ |
192,500 |
|
Debt discount and issuance costs, net |
|
|
(285 |
) |
|
|
(472 |
) |
Net carrying amount |
|
$ |
192,215 |
|
|
$ |
192,028 |
|
|
|
|
|
|
|
|
|
| Schedule of Components of Interest Expense |
The following table sets forth total interest expense recognized related to the 2025 Notes for the three months ended March 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
(In thousands) |
|
2025 |
|
|
2024 |
|
Contractual interest expense |
|
$ |
1,203 |
|
|
$ |
1,203 |
|
Amortization of debt issuance costs |
|
|
187 |
|
|
|
181 |
|
Total interest and amortization expense |
|
$ |
1,390 |
|
|
$ |
1,384 |
|
|
| 2028 Notes |
|
| Debt |
|
| Summary of Liability and Equity Components of Convertible Notes |
Our outstanding 2028 Notes balance consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
|
December 31, |
|
(In thousands) |
|
2025 |
|
|
2024 |
|
Principal |
|
$ |
261,000 |
|
|
$ |
261,000 |
|
Debt issuance costs, net |
|
|
(4,330 |
) |
|
|
(4,684 |
) |
Net carrying amount |
|
$ |
256,670 |
|
|
$ |
256,316 |
|
|
| Schedule of Components of Interest Expense |
The following table sets forth total interest expense recognized related to the 2028 Notes for the three months ended March 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
Three months ended March 31, |
|
(In thousands) |
|
2025 |
|
|
2024 |
|
Contractual interest expense |
|
$ |
1,387 |
|
|
$ |
1,387 |
|
Amortization of debt issuance costs |
|
|
354 |
|
|
|
344 |
|
Total interest and amortization expense |
|
$ |
1,741 |
|
|
$ |
1,731 |
|
|