v3.25.2
Debt (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Convertible Debt
The following table summarizes the terms of our Convertible Senior Notes as of June 30, 2025 (in thousands, except per share conversion rates and prices):

2025 Notes2029 Notes
Aggregate principal amount at issuance$172,500 $402,500 
Interest rate per annum1.5 %3.5 %
Debt issuance costs$5,929 $11,598 
Net proceeds$166,571 $390,902 
Issuance dateOctober 22, 2018December 8, 2023
Maturity dateOctober 15, 2025December 1, 2029
Interest payment dates (1)
April 15 and October 15June 1 and December 1
Conversion rate per $1,000 of principal29.9135 26.3125 
Conversion price$33.43 $38.00 
Shares issuable upon conversion(2)
5,160 10,592 
Carrying value$172,119 $393,880 
Unamortized debt discount and issuance costs381 8,620 
Outstanding principal$172,500 $402,500 
Remaining amortization period (years)0.34.4
Fair value (3)
$170,275 $342,137 
————————
(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, 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 June 30,For the Six Months Ended June 30,
2025202420252024
2029 Notes
Interest expense$3,522 $3,522 $7,044 $7,044 
Amortization of debt issuance costs482 480 964 960 
Interest expense for 2029 Notes$4,004 $4,002 $8,008 $8,004 
2022 Credit Agreement
Interest expense$6,182 $943 $11,245 $1,889 
Amortization of debt issuance costs441 80 787 159 
Interest expense for 2022 Credit Agreement$6,623 $1,023 $12,032 $2,048 
2025 Notes
Interest expense$648 $647 $1,294 $1,294 
Amortization of debt issuance costs326 323 652 646 
Interest expense for 2025 Notes$974 $970 $1,946 $1,940