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Fair Value Measurements
 3 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements

NOTE 10. FAIR VALUE MEASUREMENTS

The Company measures its financial assets and liabilities at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., exit price) in an orderly transaction between market participants at the measurement date. Additionally, the Company is required to provide disclosure and categorize assets and liabilities measured at fair value into one of three different levels depending on the assumptions (i.e., inputs) used in the valuation. Level 1 provides the most reliable measure of fair value while Level 3 generally requires significant management judgment. Financial assets and liabilities are classified in their entirety based on the lowest level of input significant to the fair value measurement. The fair value hierarchy is defined as follows:

Level 1—Valuations are based on unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2—Valuations are based on quoted prices for similar assets or liabilities in active markets, or quoted prices in markets that are not active for which significant inputs are observable, either directly or indirectly.

Level 3—Valuations are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. Inputs reflect management’s best estimate of what market participants would use in valuing the asset or liability at the measurement date.

The following table summarizes fair value measurements at December 31, 2021 and September 30, 2021 for assets and liabilities measured at fair value on a recurring basis:  

December 31, 2021:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

91,587

 

 

$

-

 

 

$

-

 

 

$

91,587

 

Marketable securities

 

$

126,010

 

 

$

-

 

 

$

-

 

 

$

126,010

 

Short-term investments (held to maturity)

 

$

-

 

 

$

113,224

 

 

$

-

 

 

$

113,224

 

Long-term investments (held to maturity)

 

$

-

 

 

$

216,579

 

 

$

-

 

 

$

216,579

 

Contingent consideration

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-

 

 

 

September 30, 2021:

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

 

(in thousands)

 

Cash and cash equivalents

 

$

184,434

 

 

$

-

 

 

$

-

 

 

$

184,434

 

Marketable securities

 

$

126,728

 

 

$

-

 

 

$

-

 

 

$

126,728

 

Short-term investments (held to maturity)

 

$

-

 

 

$

57,430

 

 

$

-

 

 

$

57,430

 

Long-term investments (held to maturity)

 

$

-

 

 

$

246,643

 

 

$

-

 

 

$

246,643

 

Contingent consideration

 

$

-

 

 

$

-

 

 

$

-

 

 

$

-