Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of long-term debt

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

	December 31,
	2023		2022
2023 Notes (matured September 2023)	$	—	$	30,000
2026 Notes (mature February 2026)		40,199		200,000
MARAD Debt (matures February 2027)		32,580		40,913
2029 Notes (mature March 2029)		300,000		—
Gross debt		372,779		270,913
Unamortized debt discount		(1,404)		—
Unamortized debt issuance costs		(9,653)		(6,838)
Total debt		361,722		264,075
Less current maturities (1)		(48,292)		(38,200)
Long-term debt	$	313,430	$	225,875

(1) Current maturities as of December 31, 2023 included the carrying amount of the 2026 Notes that are subject to conversion and/or redemption in 2024 (see Note 19 for their fair value). Current maturities as of December 31, 2022 included the carrying amount of the 2023 Notes that matured in September 2023. Current maturities as of December 31, 2023 and 2022 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, 2023 are as follows (in thousands):

	2026		MARAD		2029
	Notes		Debt		Notes		Total
Less than one year	$	40,199	$	8,749	$	—	$	48,948
One to two years		—		9,186		—		9,186
Two to three years		—		9,644		—		9,644
Three to four years		—		5,001		—		5,001
Four to five years		—		—		—		—
Over five years		—		—		300,000		300,000
Gross debt		40,199		32,580		300,000		372,779
Unamortized debt discount (1)		—		—		(1,404)		(1,404)
Unamortized debt issuance costs (1)		(656)		(1,586)		(7,411)		(9,653)
Total debt		39,543		30,994		291,185		361,722
Less current maturities (2)		(39,543)		(8,749)		—		(48,292)
Long-term debt	$	—	$	22,245	$	291,185	$	313,430

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

(2) Current maturities of the 2026 Notes reflect the carrying amount of the remaining 2026 Notes that are subject to conversion and/or redemption in 2024 (see Note 19 for their fair value).

Schedule of components of net interest expense

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

	Year Ended December 31,
	2023		2022		2021
Interest expense	$	21,359	$	20,176	$	23,489
Interest income		(4,021)		(1,226)		(288)
Net interest expense	$	17,338	$	18,950	$	23,201