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Debt (Tables) | 12 Months Ended
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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) |  | 2023 |  | 2022
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, 2023 |  | December 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 2029 |  | 12.8 | % |  | — | %
Effective interest rate of the liability component, Senior Secured Term Loan due 2026 |  | — | % |  | 12.1 | %

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- Definition Tabular disclosure of convertible debt instrument. Includes, but is not limited to, principal amount and amortized premium or discount. + References No definition available. + Details
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- Definition Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities. + References No definition available. + Details
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