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Debt (Tables)
 12 Months Ended
Dec. 31, 2022
Debt Disclosure [Abstract]  
Schedule of Liability Components of the Convertible Notes
The Company's debt consists of the following:
(in thousands)December 31, 2022December 31, 2021
Senior Secured Term Loan due 2026:
Principal$400,000 $400,000 
Less: debt discount (1)
(4,571)(6,074)
Less: deferred financing (1)
(3,439)(4,569)
Net carrying value of Long-term debt$391,990 $389,357 
_____________________________
(1) Included in the Consolidated Balance Sheets within long-term debt and amortized to interest expense over the remaining life of the 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, 2022 and 2021, respectively:
(in thousands, except interest rate amounts)December 31, 2022December 31, 2021
Contractual interest expense$34,446 $30,473 
Amortization of debt discount$1,503 $1,462 
Amortization of deferred financing$1,131 $1,028 
Effective interest rate of the liability component, Senior Secured Term Loan due 202612.1 %8.4 %