v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Convertible Senior Notes The Company estimated the fair value of its convertible senior notes based on Level 2 quoted market prices as follows (in thousands):
Fair Value Measurements at
June 30, 2025December 31, 2024
Convertible Senior Notes due 2025
$— $39,130 
Convertible Senior Notes due 2029
304,514 407,752 
Total fair value of outstanding convertible senior notes
$304,514 $446,882 
The net carrying amount of the Company’s convertible senior notes on the condensed consolidated balance sheets consisted of the following (in thousands):
 June 30, 2025December 31, 2024
Principal amount:
Convertible Senior Notes Due 2025
$— $40,760 
Convertible Senior Notes Due 2029
316,250 316,250 
Total principal amount
316,250 357,010 
Unamortized debt issuance costs(7,104)(8,074)
Total debt, net
$309,146 $348,936 
Less: current portion
— (40,670)
Long-term senior convertible notes
$309,146 $308,266 
The following table summarizes the effective interest rates for each of our convertible senior notes for the periods shown:
Three Months Ended June 30,Six Months Ended June 30,
 2025202420252024
Effective interest rate:
Convertible Senior Notes Due 2025(1)
2.2 %2.2 %2.2 %2.2 %
Convertible Senior Notes Due 2029
2.1 %2.1 %2.1 %2.1 %
(1) The effective interest rate presented represents the rate applicable for the period outstanding. The 2025 Notes matured in May 2025, and the outstanding principal balance was settled using cash balances.
Schedule of Interest Expense Recognized
The following table details interest expense related to the Notes recognized for the three and six months ended June 30, 2025 and 2024 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Contractual interest expense
$1,237 $1,339 $2,576 $2,484 
Amortization of debt issuance costs465 435 970 902 
Total interest expense$1,702 $1,774 $3,546 $3,386