| Schedule of Long-Term Debt |
Long-term debt consisted of the following (in thousands):
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December 31, 2024 |
|
Description |
|
Maturity Date |
|
Convertible Debt Coupon Rate |
|
Effective Interest Rate |
|
Principal |
|
|
Unamortized Discount |
|
|
Deferred Issuance Costs |
|
|
Carrying Value |
|
2025 Modified Notes |
|
6/1/2025 |
|
3.00% |
|
4.01% |
|
$ |
60,125 |
|
|
$ |
- |
|
|
$ |
(171 |
) |
|
$ |
59,954 |
|
2025 Modified Notes |
|
7/1/2028 |
|
1.50% |
|
8.51% |
|
|
87,500 |
|
|
|
(2,512 |
) |
|
|
(9,588 |
) |
|
|
75,400 |
|
2028 Notes |
|
7/1/2028 |
|
1.50% |
|
1.91% |
|
|
122,500 |
|
|
|
- |
|
|
|
(1,692 |
) |
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|
120,808 |
|
Total debt |
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|
$ |
270,125 |
|
|
$ |
(2,512 |
) |
|
$ |
(11,451 |
) |
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|
256,162 |
|
Less: current portion of long-term debt |
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(59,954 |
) |
Total long-term debt |
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$ |
196,208 |
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September 30, 2024 |
|
Description |
|
Maturity Date |
|
Convertible Debt Coupon Rate |
|
Effective Interest Rate |
|
Principal |
|
|
Unamortized Discount |
|
|
Deferred Issuance Costs |
|
|
Carrying Value |
|
2025 Modified Notes |
|
6/1/2025 |
|
3.00% |
|
3.70% |
|
$ |
87,500 |
|
|
$ |
- |
|
|
$ |
(406 |
) |
|
$ |
87,094 |
|
2025 Modified Notes |
|
7/1/2028 |
|
1.50% |
|
8.55% |
|
|
87,500 |
|
|
|
(2,777 |
) |
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|
(10,602 |
) |
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|
74,121 |
|
2028 Notes |
|
7/1/2028 |
|
1.50% |
|
1.91% |
|
|
122,500 |
|
|
|
- |
|
|
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(1,809 |
) |
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|
120,691 |
|
Total debt |
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|
$ |
297,500 |
|
|
$ |
(2,777 |
) |
|
$ |
(12,817 |
) |
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|
281,906 |
|
Less: current portion of long-term debt |
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(87,094 |
) |
Total long-term debt |
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$ |
194,812 |
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| Summary of Maturities of Borrowing Obligations |
The following table summarizes the maturities of our borrowing obligations as of December 31, 2024 (in thousands):
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Fiscal Year |
|
2028 Notes |
|
|
2025 Modified Notes |
|
|
Total |
|
2025 |
|
$ |
— |
|
|
$ |
60,125 |
|
|
$ |
60,125 |
|
2026 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
2027 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
2028 |
|
|
122,500 |
|
|
|
87,500 |
|
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|
210,000 |
|
2029 |
|
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Thereafter |
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— |
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|
— |
|
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|
— |
|
Total before unamortized discount and issuance costs and current portion |
|
$ |
122,500 |
|
|
$ |
147,625 |
|
|
$ |
270,125 |
|
Less: unamortized discount and issuance costs |
|
|
(1,692 |
) |
|
|
(12,271 |
) |
|
|
(13,963 |
) |
Less: current portion of long-term debt |
|
|
— |
|
|
|
(59,954 |
) |
|
|
(59,954 |
) |
Total long-term debt |
|
$ |
120,808 |
|
|
$ |
75,400 |
|
|
$ |
196,208 |
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| Schedule of Interest Expense Related to Notes |
The interest expense recognized related to the Notes for the three months ended December 31, 2024 and 2023 was as follows (dollars in thousands):
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Three Months Ended December 31, |
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2024 |
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|
2023 |
|
Contractual interest expense |
|
$ |
1,425 |
|
|
$ |
1,442 |
|
Amortization of debt discount |
|
|
265 |
|
|
|
251 |
|
Amortization of issuance costs |
|
|
1,281 |
|
|
|
1,217 |
|
Total interest expense related to the Notes |
|
$ |
2,971 |
|
|
$ |
2,910 |
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|