Debt (Tables)
|
9 Months Ended |
Sep. 30, 2026 |
|---|
| Debt Instrument [Line Items] |
|
| Summary of Interest Expense and the Effective Interest Rate |
Interest expense and the effective interest rate for the three and nine months ended September 30, 2026 and 2025 are as follows (in thousands):
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|
|
|
|
|
|
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|
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Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
Interest expense |
|
|
|
|
|
|
|
|
|
|
|
|
Term Loans |
|
|
— |
|
|
|
6,789 |
|
|
$ |
9,037 |
|
|
$ |
34,460 |
|
Revolving Credit Facility |
|
|
— |
|
|
|
2,055 |
|
|
|
2,725 |
|
|
|
5,340 |
|
|
|
|
|
|
|
|
|
|
|
|
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|
Effective interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
Term Loans |
|
|
0.0 |
% |
|
|
12.8 |
% |
|
|
12.9 |
% |
|
|
12.7 |
% |
Revolving Credit Facility |
|
|
0.0 |
% |
|
|
8.2 |
% |
|
|
8.0 |
% |
|
|
8.0 |
% |
|
| Convertible Senior Notes due 2032 [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary of Net Carrying Amount of Notes |
As of September 30, 2026, the net carrying amount of the 2032 Notes are as follows:
|
|
|
|
|
|
|
September 30, 2026 |
|
Principal |
|
|
460,000 |
|
Unamortized deferred financing fees |
|
|
(1,044 |
) |
Unamortized initial purchasers' discount |
|
|
(15,784 |
) |
Net carrying amount |
|
|
443,172 |
|
|
| Summary of Interest Expense |
The Company recognized interest expense during the three and nine months ended September 30, 2026 as follows:
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2026 |
|
2032 Notes |
|
|
|
|
|
|
Amortization of initial purchasers' discount |
|
|
707 |
|
|
|
1,084 |
|
Amortization of deferred financing fees |
|
|
44 |
|
|
|
72 |
|
Total interest expense |
|
|
751 |
|
|
|
1,156 |
|
Effective interest rate |
|
|
0.7 |
% |
|
|
0.3 |
% |
|
| Convertible Senior Notes due 2030 [Member] |
|
| Debt Instrument [Line Items] |
|
| Summary of Net Carrying Amount of Notes |
As of September 30, 2026 and December 31, 2025, the net carrying amount of the 2030 Notes are as follows:
|
|
|
|
|
|
|
|
|
|
|
September 30, 2026 |
|
|
December 31, 2025 |
|
Principal |
|
|
750,000 |
|
|
|
750,000 |
|
Unamortized deferred financing fees |
|
|
(598 |
) |
|
|
(734 |
) |
Unamortized initial purchasers' discount |
|
|
(17,697 |
) |
|
|
(21,188 |
) |
Net carrying amount |
|
|
731,705 |
|
|
|
728,078 |
|
|
| Summary of Interest Expense |
The Company recognized interest expense during the three and nine months ended September 30, 2026 as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2026 |
|
|
2025 |
|
|
2026 |
|
|
2025 |
|
2030 Notes |
|
|
|
|
|
|
|
|
|
|
|
|
Contractual interest expense |
|
|
1,407 |
|
|
|
1,391 |
|
|
|
4,188 |
|
|
|
1,391 |
|
Amortization of initial purchasers' discount |
|
|
1,177 |
|
|
|
1,138 |
|
|
|
3,491 |
|
|
|
1,138 |
|
Amortization of deferred financing fees |
|
|
40 |
|
|
|
38 |
|
|
|
136 |
|
|
|
38 |
|
Total interest expense |
|
|
2,624 |
|
|
|
2,567 |
|
|
|
7,815 |
|
|
|
2,567 |
|
Effective interest rate |
|
|
1.4 |
% |
|
|
1.4 |
% |
|
|
1.4 |
% |
|
|
1.4 |
% |
|