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Debt (Tables)
 12 Months Ended
Dec. 31, 2021
Debt Disclosure [Abstract]  
Schedule of Liability Components of the Convertible Notes
The Company's debt consists of the following:
(in thousands)December 31, 2021December 31, 2020
Senior Secured Term Loan due 2026:
Principal$400,000 $400,000 
Less: debt discount (1)
(6,074)(7,434)
Less: deferred financing (1)
(4,569)(5,592)
Net carrying value of the Senior Secured Term Loan$389,357 $386,974 
Convertible Notes:
Principal$— $2,825 
Less: debt discount (1)
— (518)
Less: deferred financing (1)
— (27)
Net carrying value of the Convertible Notes$— $2,280 
Net carrying value of Long-term debt$389,357 $389,254 
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(1) Included in the Consolidated Balance Sheets within long-term debt and amortized to interest expense over the remaining life of the Convertible Notes and Senior Secured Term Loan using the effective interest rate method.
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, 2021 and 2020 respectively:
(in thousands, except interest rate amounts)December 31, 2021December 31, 2020
Contractual interest expense$30,473 $20,933 
Amortization of debt discount$1,462 $1,267 
Amortization of deferred financing$1,028 $527 
Effective interest rate of the liability component, Convertible Notes— %10.6 %
Effective interest rate of the liability component, Senior Secured Term Loan due 20268.4 %8.4 %