Debt

3 Months Ended

Mar. 31, 2025

Debt Disclosure [Abstract]

Debt

Note 9. Debt

The following tables summarize outstanding debt as of March 31, 2025, and December 31, 2024.

	Principal		Unamortized Debt Issuance Costs & Discount		Carrying Value
Convertible senior notes, due 2026	$	173,771	$	(1,382)	$	172,389
Convertible senior notes, due 2028	333,334		(96,563)		236,771
Balance as of March 31, 2025	$	507,105	$	(97,945)	$	409,160

	Principal		Unamortized Debt Issuance Costs & Discount		Carrying Value
Convertible senior notes, due 2026	$	173,771	$	(1,616)	$	172,155
Convertible senior notes, due 2028	333,334		(101,701)		231,633
Other notes	150		—		150
Balance as of December 31, 2024	$	507,255	$	(103,317)	$	403,938

Convertible Senior Notes

Interest expense for our convertible senior notes includes both contractual interest expense and amortization of debt issuance costs and discount. The following table details interest expense recognized for the 0.75% convertible senior notes due in September 2026 (the “2026 Notes”) and the 6.75% convertible senior notes due in October 2028 (the “2028 Notes”).

	Three Months Ended March 31,
	2025		2024
Contractual interest expense for 2026 Notes	$	326	$	415
Contractual interest expense for 2028 Notes	5,625		5,625
Amortization of debt issuance costs and discount for 2026 Notes	235		296
Amortization of debt issuance costs and discount for 2028 Notes	5,137		4,322
	$	11,323	$	10,658

The effective interest rates for the 2026 Notes and 2028 Notes are 1.3% and 17.9%, respectively.

For the three months ended March 31, 2025 and 2024, we capitalized $0.1 million and $0.1 million, respectively, of interest expense on the 2028 Notes related to internally developed software projects.

During 2024, we repurchased a total of $51.2 million aggregate principal amount of our 2026 Notes, including $8.0 million in the first quarter for $3.0 million, and $43.2 million through the rest of the year for $20.2 million, representing 45.3% of par value, in total. We recognized a total gain on extinguishment of debt in 2024 of $27.4 million, of which $4.9 million was recognized in the first quarter of 2024.