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Debt (Tables) | 12 Months Ended
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Dec. 31, 2023
Debt Disclosure [Abstract] |
Schedule of Long-Term Debt | Debt, long-term consists of the following commitments as of December 31, 2023 and 2022 (in thousands):
|  | As of December 31,
|  | 2023 |  | 2022
Convertible notes |  | $ | 788,909 |  |  | $ | 785,621 |
Term Loan |  | 366,404 |  |  | 339,629 |
Debt, long-term |  | $ | 1,155,313 |  |  | $ | 1,125,250 |
Schedule of Carrying Value of Term Loan Balance | The following table presents the carrying value of the Company’s Term Loan balance as of December 31, 2023 and 2022 (in thousands):
|  | As of December 31,
|  | 2023 |  | 2022 |  |
Original Term Loan balance |  | $ | 350,000 |  |  | $ | 350,000 |  |  |
Paid-in-kind interest capitalized |  | 27,537 |  |  | 4,165 |  |  |
Term Loan issuance costs, unamortized |  | (11,133) |  |  | (14,536) |  |  |
Term Loan |  | $ | 366,404 |  |  | $ | 339,629 |  |  |
Schedule of Components of Debt Balance | The following table presents the carrying value of the Company’s debt balance as of December 31, 2023 and 2022 (in thousands):
| As of December 31,
| 2023 |  | 2022
Face value of outstanding convertible notes | $ | 800,000 |  |  | $ | 800,000 |
Debt issuance costs, unamortized | (11,091) |  |  | (14,379) |
Convertible notes | $ | 788,909 |  |  | $ | 785,621 |
The following table presents the carrying value of the Company’s Royalty Financing Agreement balance as of December 31, 2023 and 2022 (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Royalty financing agreement liability - beginning balance |  | $ | 151,538 |  |  | $ | 150,000 |
Revenue Interest Payments paid and payable |  | (12,222) |  |  | (2,149) |
Interest expense recognized |  | 18,846 |  |  | 3,687 |
Royalty financing agreement liability - ending balance |  | $ | 158,162 |  |  | $ | 151,538 |
Royalty financing issuance costs, unamortized - beginning balance |  | $ | (3,523) |  |  | $ | (3,624) |
Amortization of issuance costs |  | 521 |  |  | 101 |
Other |  | (126) |  |  | — |
Deferred issuance costs, unamortized - ending balance |  | $ | (3,128) |  |  | $ | (3,523) |
Royalty Financing Agreement |  | $ | 155,034 |  |  | $ | 148,015 |
Schedule of Future Principal Repayments of Debt | As of December 31, 2023, future principal repayments of debt for each of the fiscal years through maturity were as follows (in thousands):
Year Ending December 31: |  |
2024 |  | $ | — |
2025 |  | 225,000 |
2026 |  | 188,769 |
2027 |  | 188,768 |
2028 |  | 575,000 |
2029 and thereafter |  | — |
|  | $ | 1,177,537 |
Summary of Interest Expense | Interest expense for the years ended December 31, 2023, 2022, and 2021, is as follows (in thousands):
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Convertible debt contractual interest expense |  | $ | 8,250 |  |  | $ | 8,250 |  |  | $ | 8,134 |
Term Loan contractual interest expense |  | 46,743 |  |  | 8,330 |  |  | — |
Royalty Financing Agreement non-cash interest expense |  | 18,846 |  |  | 3,687 |  |  | — |
Amortization of debt issuance costs |  | 7,320 |  |  | 3,991 |  |  | 1,890 |
Amortization of debt discount |  | — |  |  | — |  |  | 29,149 |
Swap interest (income) expense |  | (1,882) |  |  | 380 |  |  | — |
Total debt interest expense |  | $ | 79,277 |  |  | $ | 24,638 |  |  | $ | 39,173 |
Finance lease interest expense |  | 2,417 |  |  | 1,808 |  |  | 1,300 |
Total interest expense |  | $ | 81,694 |  |  | $ | 26,446 |  |  | $ | 40,473 |

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