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Debt (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule of Liability Components of the Convertible Notes
The Company's debt consists of the following:
As of December 31,
(in thousands)20232022
Senior Secured Term Loan due 2029:
Principal$400,000 $— 
Less: debt discount (1)
(9,652)— 
Less: deferred financing (1)
(2,490)— 
Net carrying value of Long-term debt$387,858 $— 
Senior Secured Term Loan due 2026(2):
Principal$— $400,000 
Less: debt discount (1)
— (4,571)
Less: deferred financing (1)
— (3,439)
Net carrying value of Long-term debt$— $391,990 
Net carrying value of Long-term debt$387,858 $391,990 
_____________________________
(1) Included in the Consolidated Balance Sheets within long-term debt and amortized to interest expense over the remaining life of the corresponding Senior Secured Term Loan using the effective interest rate method.
(2) The principal, accrued interest and prepayment premiums associated with the Senior Secured Term Loan due 2026 were fully paid in October 2023.
Components of Total Interest Expense Recognized Related to the Convertible Notes
The following table sets forth interest expense recognized related to the Company's debt for the years ended December 31, 2023 and 2022, respectively:
(in thousands, except interest rate amounts)December 31, 2023December 31, 2022
Contractual interest expense$47,626 $34,446 
Amortization of debt discount$1,605 $1,503 
Amortization of deferred financing$1,011 $1,131 
Effective interest rate of the liability component, Senior Secured Term Loan due 202912.8 %— %
Effective interest rate of the liability component, Senior Secured Term Loan due 2026— %12.1 %