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Fair Value Disclosures (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured At Fair Value On a Recurring Basis

The following table represents the fair value of the financial instruments measured at fair value on a recurring basis:

 

 

 

As of December 31, 2025

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents*

 

$

275,401

 

 

$

 

 

$

 

 

$

275,401

 

Total assets measured at fair value

 

$

275,401

 

 

$

 

 

$

 

 

$

275,401

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related liabilities

 

$

 

 

$

 

 

$

188,483

 

 

$

188,483

 

Total liabilities measured at fair value

 

$

 

 

$

 

 

$

188,483

 

 

$

188,483

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents*

 

$

352,230

 

 

$

 

 

$

 

 

$

352,230

 

Total assets measured at fair value

 

$

352,230

 

 

$

 

 

$

 

 

$

352,230

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related liabilities

 

$

 

 

$

 

 

$

41,864

 

 

$

41,864

 

Total liabilities measured at fair value

 

$

 

 

$

 

 

$

41,864

 

 

$

41,864

 

* Includes cash invested by the Company in money market accounts with certain financial institutions.

The fair value of the acquisition-related liabilities was estimated using the Monte-Carlo simulation model and was classified as a Level 3 financial instrument. The significant assumptions used in the model are the forecasted financial performance of the acquired businesses in future periods.

There were no transfers of financial instruments into or out of Level 3 during the years ended December 31, 2025 and 2024.

Summary of Reconciliations of Changes In The Fair Value of The Liabilities

The following table reconciles the changes in the fair value of the liabilities categorized within Level 3 of the fair value hierarchy for the years ended December 31, 2025 and 2024:

 

 

 

Acquisition-
related
liabilities

 

Balance as of January 1, 2024

 

$

20,294

 

Additions

 

 

31,248

 

Payments made during the year

 

 

(8,699

)

Change in fair value

 

 

(979

)

Balance as of December 31, 2024

 

$

41,864

 

Additions

 

 

121,767

 

Payments made during the year

 

 

(11,871

)

Change in fair value

 

 

36,723

 

Balance as of December 31, 2025

 

$

188,483