Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2024

Long-Term Debt.

Schedule of long-term debt

Long-term debt consists of the following (in thousands):

	December 31,
	2024		2023
2026 Notes (fully redeemed March 2024)	$	—	$	40,199
MARAD Debt (matures February 2027)		23,831		32,580
2029 Notes (mature March 2029)		300,000		300,000
Gross debt		323,831		372,779
Unamortized debt discount		(1,186)		(1,404)
Unamortized debt issuance costs		(7,488)		(9,653)
Total debt		315,157		361,722
Less current maturities (1)		(9,186)		(48,292)
Long-term debt	$	305,971	$	313,430

(1) Current maturities as of December 31, 2023 included the carrying amount of the 2026 Notes that were subject to conversion and/or redemption in 2024 (see Note 19 for their fair value). Current maturities as of December 31, 2024 and 2023 both included the current portion of the MARAD Debt.

Schedule of redemption prices expressed as percentages of the principal amount

Prior to March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at a price equal to 100% of the aggregate principal amount of the notes to be redeemed, plus a make-whole premium and accrued and unpaid interest, if any, to, but excluding, the redemption date. On or after March 1, 2026, we may, at our option, redeem the 2029 Notes, in whole or in part, at the redemption prices (expressed as percentages of the principal amount of the notes to be redeemed) set forth below, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. Prior to March 1, 2026, following certain equity offerings we may, at our option, on any one or more occasions, redeem up to 40% of the 2029 Notes at a price equal to 109.750% of the aggregate principal amount of the notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date, in an amount not exceeding the proceeds of such equity offerings.

	Redemption
Year	Price
2026	104.875%
2027	102.438%
2028 and thereafter	100.000%

Schedule of maturities of long-term debt outstanding

Scheduled maturities of our long-term debt outstanding as of December 31, 2024 are as follows (in thousands):

	MARAD		2029
	Debt		Notes		Total
Less than one year	$	9,186	$	—	$	9,186
One to two years		9,644		—		9,644
Two to three years		5,001		—		5,001
Three to four years		—		—		—
Four to five years		—		300,000		300,000
Gross debt		23,831		300,000		323,831
Unamortized debt discount (1)		—		(1,186)		(1,186)
Unamortized debt issuance costs (1)		(1,098)		(6,390)		(7,488)
Total debt		22,733		292,424		315,157
Less current maturities		(9,186)		—		(9,186)
Long-term debt	$	13,547	$	292,424	$	305,971

(1) Debt discount and debt issuance costs are amortized to interest expense over the term of the applicable debt agreement.

Schedule of components of net interest expense

The following table details the components of our net interest expense (in thousands):

	Year Ended December 31,
	2024		2023		2022
Interest expense	$	33,901	$	21,359	$	20,176
Interest income		(11,272)		(4,021)		(1,226)
Net interest expense	$	22,629	$	17,338	$	18,950