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Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Long term debt as of September 30, 2024 and December 31, 2023 consisted of the following:
September 30, 2024December 31, 2023
(in thousands)
Convertible Senior Notes$205,067 $205,067 
Less: Unamortized debt issuance cost(1,718)(2,598)
Net carrying value of Convertible Senior Notes
203,349 202,469 
Term Loan B Facility*
364,088 351,000 
Less: Unamortized discount and debt issuance cost(13,628)(16,883)
Net carrying value of Term Loan B Facility*
350,460 334,117 
Balance Sheet Presentation:
Debt, current
3,641 3,600 
Debt, non-current, net of debt discount and debt issuance costs
550,168 $532,986 
Total debt
$553,809 $536,586 
* Term Loan B Facility as of September 30, 2024 and December 31, 2023 reflect the balances under the 2024 Term Loan B Facility and the 2021 Term Loan B Facility, respectively.
Schedule of Maturities of Long-term Debt
Maturities of the principal amount of the Company's long-term debt as of September 30, 2024 are as follows (in thousands):
Fiscal Year
Remaining 2024
$910 
20253,641 
2026208,708 
20273,641 
20283,641 
Thereafter348,614 
Total$569,155 
Amortization expense for the Company's debt issuance costs related to the Convertible Senior Notes for the fiscal years 2024 through 2026 is as follows (in thousands):
Fiscal YearDebt Issuance Costs
Remaining 2024
$293 
20251,173 
2026252 
Total$1,718 
Amortization expense for the 2024 Term Loan B Facility debt discount and debt issuance costs for fiscal years 2024 through 2028 and thereafter is as follows (in thousands):
Fiscal YearDebt DiscountDebt Issuance Costs
Remaining 2024
$263 $291 
20251,043 1,157 
20261,032 1,146 
20271,022 1,134 
20281,011 1,122 
Thereafter2,089 2,318 
Total$6,460 $7,168 
Interest Income and Interest Expense Disclosure
The following table sets forth interest expense related to the Convertible Senior Notes for the three and nine months ended September 30, 2024 and 2023 (in thousands, except interest rates):
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Contractual interest expense$129 $189 $385 $642 
Amortization of debt issuance costs293 434 880 1,470 
Total interest expense$422 $623 $1,265 $2,112 
Effective interest rate0.82 %0.82 %0.82 %0.82 %
The following table sets forth interest expense related to the 2024 Term Loan B Facility and the 2021 Term Loan B Facility (in thousands, except interest rates):
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
Contractual interest expense$9,084 $9,372 $27,282 $26,799 
Amortization of debt discount264 391 848 1,175 
Amortization of debt issuance costs292 610 1,008 1,833 
Total interest expense$9,640 $10,373 $29,138 $29,807 
Effective interest rate10.59 %11.76 %10.71 %11.24 %
Schedule of Debt
The following table summarizes the amount outstanding under the Company's 2024 Term Loan B Facility and 2021 Term Loan B Facility at September 30, 2024 and December 31, 2023, respectively:
September 30, 2024December 31, 2023
(in thousands)
Term Loan B Facility*
$364,088 $351,000 
Unamortized debt discounts(6,460)(6,594)
Unamortized debt issuance costs(7,168)(10,289)
Debt, net of debt discount and debt issuance costs
$350,460 $334,117 
* Term Loan B Facility as of September 30, 2024 and December 31, 2023 reflect the balances under the 2024 Term Loan B Facility and the 2021 Term Loan B Facility, respectively.