XML 38 R27.htm IDEA: XBRL DOCUMENT
v3.25.1

Fair Value Measurement (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Schedule of Valuation of Financial Assets and Liabilities | The following tables summarize the valuation of the Company’s financial assets and liabilities that fall within the fair value hierarchy (in thousands):
| March 31, 2025
| Level I |  | Level II |  | Level III |  | Total
Assets |  |  |  |  |  |  |
Investments held for sale and other(a) | $ | — |  |  | $ | — |  |  | $ | 179,263 |  |  | $ | 179,263 |
Equity investments | 139 |  |  | — |  |  | — |  |  | 139 |
Total assets | $ | 139 |  |  | $ | — |  |  | $ | 179,263 |  |  | $ | 179,402 |
Liabilities |  |  |  |  |  |  |
Aggregate Annual Cash Holdback Amount | $ | — |  |  | $ | — |  |  | $ | 109,616 |  |  | $ | 109,616 |
Earnout Payment | — |  |  | — |  |  | 36,124 |  |  | 36,124 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 145,740 |  |  | $ | 145,740 |
_______________ (a)Investments held for sale and other are held primarily for the purpose of selling in the near term as described in Note 2 to the Condensed Consolidated Financial Statements.
| December 31, 2024
| Level I |  | Level II |  | Level III |  | Total
Assets |  |  |  |  |  |  |
Investments held for sale and other(a) | $ | — |  |  | $ | — |  |  | $ | 121,995 |  |  | $ | 121,995 |
Equity investments | 128 |  |  | — |  |  | — |  |  | 128 |
Total assets | $ | 128 |  |  | $ | — |  |  | $ | 121,995 |  |  | $ | 122,123 |
Liabilities |  |  |  |  |  |  |
Aggregate Annual Cash Holdback Amount | $ | — |  |  | $ | — |  |  | $ | 107,991 |  |  | $ | 107,991 |
Earnout Payment | — |  |  | — |  |  | 32,769 |  |  | 32,769 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 140,760 |  |  | $ | 140,760 |
_______________ (a)Investments held for sale and other are held primarily for the purpose of selling in the near term as described in Note 2 to the Condensed Consolidated Financial Statements.
Schedule of Changes in Fair Value of Financial Instruments | The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Investments held for sale and other |  |  |  |  |  |  |
Balance, beginning of period |  |  |  |  | $ | 121,995 |  |  | $ | — |
Purchases |  |  |  |  | 55,137 |  |  | — |
Unrealized gains, net |  |  |  |  | 2,131 |  |  | — |
Balance, end of period |  |  |  |  | $ | 179,263 |  |  | $ | — |
Financial liabilities |  |  |  |  |  |  |
Balance, beginning of period |  |  |  |  | $ | 140,760 |  |  | $ | 156,299 |
Unrealized losses (gains), net |  |  |  |  | 4,980 |  |  | (757) |
Balance, end of period |  |  |  |  | $ | 145,740 |  |  | $ | 155,542 |
Schedule of Changes in Fair Value of Financial Instruments | The following tables summarize the changes in the fair value of financial instruments for which the Company has used Level III inputs to determine fair value (in thousands):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Investments held for sale and other |  |  |  |  |  |  |
Balance, beginning of period |  |  |  |  | $ | 121,995 |  |  | $ | — |
Purchases |  |  |  |  | 55,137 |  |  | — |
Unrealized gains, net |  |  |  |  | 2,131 |  |  | — |
Balance, end of period |  |  |  |  | $ | 179,263 |  |  | $ | — |
Financial liabilities |  |  |  |  |  |  |
Balance, beginning of period |  |  |  |  | $ | 140,760 |  |  | $ | 156,299 |
Unrealized losses (gains), net |  |  |  |  | 4,980 |  |  | (757) |
Balance, end of period |  |  |  |  | $ | 145,740 |  |  | $ | 155,542 |
Schedule of Significant Level 3 Inputs | The below table is not intended to be all-inclusive, but rather provides information on the significant Level III inputs as they relate to the Company’s fair value measurements (fair value measurements in thousands):
| Fair Value as of March 31, 2025 |  | Valuation Technique(s) |  | Unobservable Input(s)(a) |  | Range (Weighted Average)(b)
Assets |  |  |  |  |  |  |
Investments held for sale and other | $ | 179,263 |  |  | Discounted cash flow |  | Yield |  | 18.6% - 24.7% (21.1%)
|  |  | Market comparable |  | Adjusted EBITDA multiple |  | 9.25x - 10.50x (9.33x)
|  |  | Market comparable |  | LTM EBITDA multiple |  | 34.00x
| $ | 179,263 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Aggregate Annual Cash Holdback Amount | $ | 109,616 |  |  | Present value |  | Discount rate |  | 8.0%
Earnout Payment | 36,124 |  |  | Multiple probability simulation |  | Estimated revenue volatility |  | 21.8%
| $ | 145,740 |  |  |  |  |  |  |
_______________ (a)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the instruments. (b)Inputs weighted based on fair value of instruments in range.
| Fair Value as of December 31, 2024 |  | Valuation Technique(s) |  | Unobservable Input(s)(a) |  | Range (Weighted Average)(b)
Assets |  |  |  |  |  |  |
Investments held for sale and other | $ | 121,995 |  |  | Discounted cash flow |  | Yield |  | 18.6% - 24.7% (20.8%)
|  |  | Market comparable |  | Adjusted EBITDA multiple |  | 9.25x - 10.00x (9.30x)
| $ | 121,995 |  |  |  |  |  |  |
Liabilities |  |  |  |  |  |  |
Aggregate Annual Cash Holdback Amount | $ | 107,991 |  |  | Present value |  | Discount rate |  | 8.0%
Earnout Payment | 32,769 |  |  | Multiple probability simulation |  | Estimated revenue volatility |  | 20.8%
| $ | 140,760 |  |  |  |  |  |  |
______________ (a)In determining certain of these inputs, management evaluates a variety of factors including economic conditions, industry and market developments, market valuations of comparable companies and company-specific developments including exit strategies and realization opportunities. Management has determined that market participants would take these inputs into account when valuing the instruments. (b)Inputs weighted based on fair value of instruments in range.

X
- Definition Tabular disclosure of financial instrument measured at fair value on recurring or nonrecurring basis. Includes, but is not limited to, instrument classified in shareholders' equity. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration