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Long-term debt, net (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Disclosure [Abstract]  
Schedule of long-term debt, net
The following table sets forth the Company’s long-term debt, net:
December 31,
 20242023
0% Convertible Senior Notes (a)
$— $568,822 
Senior secured credit facility, net (b)
97,300 — 
 $97,300 $568,822 
Schedule of the convertible notes
The net carrying amount of the liability of the Convertible Notes (see note 2(y) for additional information) as of December 31, 2024 and 2023 are as follows:
December 31,
20242023
Principal amount$560,945 $575,000 
Unamortized issuance costs(2,785)(6,178)
Net carrying amount of liability component (1)$558,160 $568,822 
Presented as:
Short-term liability (2)
$558,160 $— 
Long-term liability
$— $568,822 
(1)    An effective interest rate determines the fair value of the Notes, therefore they are categorized as Level 3 in accordance with ASC 820, "Fair Value Measurements and Disclosures." The estimated fair value of the Net carrying amount of liability component of the Notes as of December 31, 2024 and 2023 were $526,434 and $515,962, respectively.
The net carrying amount of the liability is represented by the principal amount of the Notes, less total issuance costs plus any amortization of issuance costs. The total issuance costs upon issuance of the Notes were $16,561 and are amortized to interest expense using the effective interest rate method over the contractual term of the Notes. Interest expense is recognized at an annual effective interest rate of 0.59% over the contractual term of the Notes. Amortization of debt issuance costs, included in finance expenses.
(2) In January 2021, the Company elected to settle all conversions of Notes by a combination of cash and its ordinary shares and the cash portion per $1,000 principal amount of Notes for all conversion settlements shall be $1,000. Holders have the right to convert Notes beginning in August 2025. Since any conversion will result in the payment of cash as described above, the liability has been reclassified as current.
Finance expense related to the Notes was as follows:
Year ended December 31,
202420232022
Gain from redemption of Notes
$(1,142)$— $— 
Amortization of debt issuance costs
3,393 3,313 3,293 
Total finance expenses (income) recognized
$2,251$2,251$3,313$3,293
Schedule of senior secured credit facility
The net carrying amount of the liability of the Facility as of December 31, 2024 and 2023 is as follows:
December 31,
20242023
Principal amount$100,000 $— 
Unamortized issuance costs(2,700)— 
Net carrying amount of liability component (1)$97,300 $— 
(1)     An effective interest rate determines the fair value of the Facility, therefore they are categorized as Level 3 in accordance with ASC 820. The estimated fair value of the net carrying amount of liability component of the Facility as of December 31, 2024 and December 31, 2023 were $112,836 and $0, respectively.
Finance expense related to the Facility was as follows:
Year ended December 31,
202420232022
Interest
$7,693 $— $— 
Amortization of debt issuance costs
378 — — 
Total finance expenses (income) recognized
$8,071 $— $—