v3.26.1
Long-term Debt (Tables)
6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Summary of Outstanding Principal Amount and Carrying Value

The following table presents the outstanding principal amount and carrying value of the Notes as of the dates indicated (in thousands):

 

June 30, 2026

 

 

December 31, 2025

 

 

Principal Amount

 

 

Unamortized debt issuance costs

 

 

Net Carrying Amount

 

 

Principal Amount

 

 

Unamortized debt issuance costs

 

 

Net Carrying Amount

 

2021 Notes

$

57,302

 

 

$

(283

)

 

$

57,019

 

 

$

97,498

 

 

$

(753

)

 

$

96,745

 

2025 Notes

 

190,000

 

 

 

(5,079

)

 

 

184,921

 

 

 

190,000

 

 

 

(5,859

)

 

 

184,141

 

Total Debt

$

247,302

 

 

$

(5,362

)

 

$

241,940

 

 

$

287,498

 

 

$

(6,612

)

 

$

280,886

 

Short-term Debt

 

57,302

 

 

 

(283

)

 

 

57,019

 

 

 

97,498

 

 

 

(753

)

 

 

96,745

 

Long-term Debt

$

190,000

 

 

$

(5,079

)

 

$

184,921

 

 

$

190,000

 

 

$

(5,859

)

 

$

184,141

 

Schedule of Notes

Further details of the Notes are as follows:

Issuance

 

Maturity Date

 

Interest Rate

 

First Interest Payment Date

 

Effective Interest Rate

 

Semi-Annual Interest Payment Dates

 

Initial Conversion Rate per $1,000 Principal

 

Initial Conversion Price

 

 

Number of Shares (in millions)

2021 Notes

 

May 15, 2027

 

1.125%

 

May 15, 2022

 

1.72%

 

May 15; November 15

 

9.0061

 

$

111.04

 

 

0.5

2025 Notes

 

September 15, 2029

 

0%

 

N/A

 

0.84%

 

N/A

 

3.7398

 

$

267.39

 

 

0.7

Schedule of Interest Expense

Interest expense related to the Notes was as follows (in thousands):

 

Three Months Ended June 30, 2026

 

 

Three Months Ended June 30, 2025

 

 

Six Months Ended June 30, 2026

 

 

Six Months Ended June 30, 2025

 

 

2025 Notes

 

 

2021 Notes

 

 

2021 Notes

 

 

2025 Notes

 

 

2021 Notes

 

 

2021 Notes

 

Amortization of debt issuance costs

$

390

 

 

$

80

 

 

$

416

 

 

$

779

 

 

$

207

 

 

$

830

 

Cash interest expense

 

 

 

 

161

 

 

 

809

 

 

 

 

 

 

418

 

 

 

1,618

 

Total interest expense

$

390

 

 

$

241

 

 

$

1,225

 

 

$

779

 

 

$

625

 

 

$

2,448