XML 36 R24.htm IDEA: XBRL DOCUMENT v3.25.2
LONG-TERM DEBT NET (Tables)
 6 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Summary of the convertible notes
The net carrying amount of the liability of the Notes as of June 30, 2025 and December 31, 2024 are as follows:
June 30,
2025		December 31,
2024
UnauditedAudited
Liability component, net:
Principal amount$560,945 $560,945 
Unamortized issuance costs (1,155)(2,785)
Net carrying amount of liability component (1)$559,790 $558,160 
Presented as:
Short-term liability (2)
$559,790 $558,160 
(1) An effective interest rate determines the fair value of the Notes, 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 Notes as of June 30, 2025 and December 31, 2024 were $545,922 and $526,434, 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.
(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:
Three months ended June 30,Six months ended June 30,Year ended December 31,
2024
2025202420252024
UnauditedUnauditedAudited
Gain from redemption of Notes
— (1,142)— (1,142)(1,142)
Amortization of debt issuance costs
820 911 1,630 1,741 3,393 
Total finance expenses (income) recognized
$820 $(231)$1,630 $599 $2,251 
Schedule of senior secured credit facility
June 30,
2025		December 31,
2024
UnauditedAudited
Liability component, net:
Principal amount$100,000 $100,000 
Unamortized issuance costs (2,391)(2,700)
Net carrying amount of liability component (1)$97,609 $97,300 
(1) An effective interest rate determines the fair value of the Notes, 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 Notes as of June 30, 2025 and December 31, 2024 were $108,346 and $112,836, respectively.
Finance expense related to the Facility was as follows:
Three months ended June 30,Six months ended June 30,Year ended December 31,
2024
2025202420252024
UnauditedUnauditedAudited
Interest
2,666 1,962 5,306 1,962 7,693 
Amortization of debt issuance costs
159 40 309 40 378 
Total finance expense recognized
$2,825 $2,002 $5,615 $2,002 $8,071