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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company carries certain assets and liabilities at fair value on a recurring basis on its condensed consolidated balance sheets. The following table presents the fair values of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2025:
|  | As of September 30, 2025
|  | Balance |  | Level 1 |  | Level 2 |  | Level 3
Foreign exchange derivative assets |  | $ | 10,623 |  |  | $ | — |  |  | $ | 10,623 |  |  | $ | — |
Total assets measured at fair value on a recurring basis |  | $ | 10,623 |  |  | $ | — |  |  | $ | 10,623 |  |  | $ | — |
Foreign exchange derivative liabilities |  | $ | 3,506 |  |  | $ | — |  |  | $ | 3,506 |  |  | $ | — |
Contingent consideration liabilities |  | 22,942 |  |  | — |  |  | — |  |  | 22,942 |
Total liabilities measured at fair value on a recurring basis |  | $ | 26,448 |  |  | $ | — |  |  | $ | 3,506 |  |  | $ | 22,942 |
The following table presents the fair values of the Company’s financial liabilities measured at fair value on a recurring basis as of December 31, 2024. The Company had no material financial assets measured at fair value on a recurring basis as of December 31, 2024:
|  | As of December 31, 2024
|  | Balance |  | Level 1 |  | Level 2 |  | Level 3
Foreign exchange derivative liabilities |  | $ | 14,650 |  |  | $ | — |  |  | $ | 14,650 |  |  | $ | — |
Contingent consideration liabilities |  | 32,978 |  |  | — |  |  | — |  |  | 32,978 |
Total liabilities measured at fair value on a recurring basis |  | $ | 47,628 |  |  | $ | — |  |  | $ | 14,650 |  |  | $ | 32,978 |
The foreign exchange derivatives are valued using pricing models and discounted cash flow methodologies based on observable foreign exchange data at the measurement date. See Note 6 “Derivative Financial Instruments” for additional information regarding derivative financial instruments. The fair value of the contingent consideration liabilities was determined using a probability-weighted expected return method and is based on the expected future payments to be made to the sellers of the acquired businesses in accordance with the provisions outlined in the respective purchase agreements. Although there is significant judgment involved, the Company believes its estimates and assumptions are reasonable. In determining fair value, the Company considered a variety of factors, including future performance of the acquired businesses using financial projections developed by the Company and market risk assumptions that were derived for revenue growth and earnings before interest and taxes. The Company estimated future payments using the earnout formula and performance targets specified in the purchase agreements and adjusted those estimates to reflect the probability of their achievement. Those weighted average estimated future payments were then discounted to present value using a rate based on the weighted average cost of capital of guideline companies. The discount rate used to determine the fair value of contingent consideration for the 2025 Acquisition was 15%. The discount rate used to determine the fair value of assumed contingent consideration for the NEORIS acquisition was 18%. The discount rates used to determine the fair value of contingent consideration for the Other 2024 Acquisitions ranged from a minimum of 12% to a maximum of 20%. Changes in financial projections, market risk assumptions, discount rates or probability assumptions related to achieving the various earnout criteria would result in a change in the fair value of the recorded contingent liabilities. Such changes, if any, are recorded within Interest and other income, net in the Company’s condensed consolidated statements of income. A reconciliation of the beginning and ending balances of Level 3 contingent consideration liabilities using significant unobservable inputs for the nine months ended September 30, 2025 is as follows:
|  | Amount
Contingent consideration liabilities as of January 1, 2025 |  | $ | 32,978 |
Acquisition date fair value of contingent consideration - 2025 Acquisition |  | 935 |
NEORIS purchase accounting adjustment |  | (1,529) |
Changes in fair value of contingent consideration included in Interest and other income, net |  | (426) |
Payment of contingent consideration for previously acquired businesses |  | (9,266) |
Effect of foreign currency exchange rate changes, net |  | 250 |
Contingent consideration liabilities as of September 30, 2025 |  | $ | 22,942 |
Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis The following tables present the estimated fair values of the Company’s financial assets and liabilities not measured at fair value on a recurring basis as of the dates indicated:
|  |  |  |  |  | Fair Value Hierarchy
|  | Balance |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
September 30, 2025 |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 5,350 |  |  | $ | 5,350 |  |  | $ | 5,350 |  |  | $ | — |  |  | $ | — |
Time deposits |  | 39,526 |  |  | 39,526 |  |  | — |  |  | 39,526 |  |  | — |
Total cash equivalents |  | $ | 44,876 |  |  | $ | 44,876 |  |  | $ | 5,350 |  |  | $ | 39,526 |  |  | $ | — |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Borrowings under the 2021 Credit Agreement |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | — |  |  | $ | 25,000 |  |  | $ | — |
Deferred consideration for asset acquisition |  | $ | 34,401 |  |  | $ | 34,401 |  |  | $ | — |  |  | $ | 34,401 |  |  | $ | — |
|  |  |  |  |  | Fair Value Hierarchy
|  | Balance |  | Estimated Fair Value |  | Level 1 |  | Level 2 |  | Level 3
December 31, 2024 |  |  |  |  |  |  |  |  |  |
Financial Assets: |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 5,200 |  |  | $ | 5,200 |  |  | $ | 5,200 |  |  | $ | — |  |  | $ | — |
Time deposits |  | 16,907 |  |  | 16,907 |  |  | — |  |  | 16,907 |  |  | — |
Total cash equivalents |  | $ | 22,107 |  |  | $ | 22,107 |  |  | $ | 5,200 |  |  | $ | 16,907 |  |  | $ | — |
Financial Liabilities: |  |  |  |  |  |  |  |  |  |
Borrowings under the 2021 Credit Agreement |  | $ | 25,000 |  |  | $ | 25,000 |  |  | $ | — |  |  | $ | 25,000 |  |  | $ | — |
Deferred consideration for asset acquisition |  | $ | 33,187 |  |  | $ | 33,187 |  |  | $ | — |  |  | $ | 33,187 |  |  | $ | — |
Non-Marketable Securities Without Readily Determinable Fair Values The Company holds investments in equity securities that do not have readily determinable fair values. These investments are recorded at cost and are remeasured to fair value based on certain observable price changes or impairment events as they occur. The carrying amount of these investments was $36.5 million and $38.5 million as of September 30, 2025 and December 31, 2024, respectively, and is classified as Other noncurrent assets in the Company’s condensed consolidated balance sheets.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: 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 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 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/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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