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Long-term Debt (Tables)
12 Months Ended
Dec. 31, 2025
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):

 

December 31, 2025

 

 

December 31, 2024

 

 

Principal Amount

 

 

Unamortized debt issuance costs

 

 

Net Carrying Amount

 

 

Principal Amount

 

 

Unamortized debt issuance costs

 

 

Net Carrying Amount

 

2021 Notes

$

97,498

 

 

$

(753

)

 

$

96,745

 

 

$

287,500

 

 

$

(4,007

)

 

$

283,493

 

2025 Notes

 

190,000

 

 

 

(5,859

)

 

 

184,141

 

 

 

 

 

 

 

 

 

 

Total Debt

$

287,498

 

 

$

(6,612

)

 

$

280,886

 

 

$

287,500

 

 

$

(4,007

)

 

$

283,493

 

Short-term Debt

 

97,498

 

 

 

(753

)

 

 

96,745

 

 

 

287,500

 

 

 

(4,007

)

 

 

283,493

 

Long-term Debt

$

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

 

 

0.9

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):

 

Year Ended December 31, 2025

 

 

Year Ended December 31, 2024

 

 

Year Ended December 31, 2023

 

 

2025 Notes

 

 

2021 Notes

 

 

2021 Notes

 

 

2021 Notes

 

Amortization of debt issuance costs

$

483

 

 

$

1,314

 

 

$

1,639

 

 

$

1,612

 

Cash interest expense

 

 

 

 

2,570

 

 

 

3,234

 

 

 

3,236

 

Total interest expense

$

483

 

 

$

3,884

 

 

$

4,873

 

 

$

4,848