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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Schedule of assets and liabilities measured at fair value on a recurring basis

The following table summarizes the carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2023 and 2022 (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​
​	​	As of December 31, 2023
​	​	Carrying	​	Fair	​	Fair Value Measurements
​	​	Amount	​	Value	​	Level 1	​	Level 2	​	Level 3
Liabilities	​	​	​	​	​	​	​	​	​	​
Contingent consideration	$	126,216	$	126,216	$	—	$	—	$	126,216

​

​	​	​	​	​	​	​	​	​	​	​
​	​	As of December 31, 2022
​	​	Carrying	​	Fair	​	Fair Value Measurements
​	​	Amount	​	Value	​	Level 1	​	Level 2	​	Level 3
Assets	​	​	​	​	​	​	​	​	​	​
Cash equivalents	$	212,577	$	212,577	$	212,577	$	—	$	—
Corporate bonds	​	193,633	​	193,633	​	—	​	193,633	​	—
U.S. Treasuries	​	1,139,310	​	1,139,310	​	1,139,310	​	—	​	—
Equity securities	​	134,836	​	134,836	​	134,836	​	—	​	—
​	​	​	​	​	​	​	​	​	​	​
Liabilities	​	​	​	​	​	​	​	​	​	​
Contingent consideration	​	116,165	​	116,165	​	—	​	—	​	116,165

Schedule of assets and liabilities measured at fair value on a recurring basis that have unobservable inputs

In the audited consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item, and is comprised of the following unobservable inputs for the year ended December 31, 2023:

​

​	​	​	​	​	​	​
Financial Instrument		Fair Value		Valuation Technique	Unobservable Input	Range (weighted average)
Contingent Consideration	​	$	126,216	Scenario based method	Credit spread	13.61%
​	​	​	​	​	Discount rate	17.71% - 19.06%
​	​	​	126,216	​	​	​

​

In the audited consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item, and is comprised of the following unobservable inputs for the year ended December 31, 2022:

​

​	​	​	​	​	​	​
Financial Instrument		Fair Value		Valuation Technique	Unobservable Input	Range (weighted average)
Contingent Consideration	​	$	85,269	Scenario based method	Credit spread	15.73% - 15.74%
​	​	​	​	​	Discount rate	19.85% - 20.68%
​	​	​	11,310	Monte carlo simulation	Credit spread	15.74%
​	​	​	​	​	Discount rate	20.00% - 20.30%
​	​	​	​	​	Revenue volatility	45.29%
​	​	​	19,586	Monte carlo simulation	Credit spread	15.73%
​	​	​	​	​	Revenue volatility	35.7% - 23.1% (35.0%)
​	​	​	​	​	Gross profit volatility	106.7% - 23.2% (60.0%)
​	​	​	116,165	​	​	​

Schedule of activity in the level 3 liabilities

The change in the carrying amount of Level 3 liabilities for the year ended December 31, 2023 was as follows (in thousands):

​

​	​	​	​
​		Year Ended
​	​	December 31, 2023
Beginning balance at December 31, 2022	​	$	116,165
Cash payments	​	​	(13,000)
Payment settled in stock	​	​	(8,000)
Fair value adjustments	​	​	30,024
Foreign currency translation adjustment	​		1,027
Ending balance at December 31, 2023	​	$	126,216

​

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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

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-SubTopic 10
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-Paragraph 2
-Subparagraph (b)
-Publisher FASB
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