XML 45 R34.htm IDEA: XBRL DOCUMENT
v3.25.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis within each level of the fair value hierarchy:
| Fair Value Hierarchy
| Level 1 |  | Level 2 |  | Level 3
(in thousands) | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024 |  | June 30, 2025 |  | December 31, 2024
Assets: |  |  |  |  |  |  |  |  |  |  |
Interest rate caps | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |
Total assets measured at fair value | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 18 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Contingent earnout liabilities | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,731 |  |  | $ | 145,559 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 16,731 |  |  | $ | 145,559 |
Schedule of Changes in Fair Value of Liabilities Measured at Fair Value on a Recurring Basis Utilizing Level 3 Assumptions | The following table sets forth a summary of the changes in the fair value of the Company’s contingent earnout liabilities, which are measured at fair value on a recurring basis utilizing Level 3 assumptions in their valuation:
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
(in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Balance at beginning of period |  | $ | 48,234 |  |  | $ | 235,865 |  |  | $ | 145,559 |  |  | $ | 276,467 |
Change in fair value of contingent consideration(1) |  | (1,957) |  |  | 5,552 |  |  | 6,104 |  |  | 18,228 |
Fair value of contingent consideration issuances |  | 8,766 |  |  | — |  |  | 8,766 |  |  |
Settlement of contingent consideration(2) |  | (38,312) |  |  | (31,174) |  |  | (143,698) |  |  | (84,452) |
Balance at end of period |  | $ | 16,731 |  |  | $ | 210,243 |  |  | $ | 16,731 |  |  | $ | 210,243 |
__________ (1) The Company reclassified $1.5 million and $(1.6) million of its contingent earnout liabilities through the issuance/(reduction) of colleague earnout incentives during the three and six months ended June 30, 2025, respectively, and $2.8 million and $6.4 million during the three and six months ended June 30, 2024, respectively, which results in a reclassification between the change in fair value of contingent consideration and colleague compensation and benefits expense in the condensed consolidated statements of comprehensive income (loss). (2) The Company settled $5.6 million of its contingent earnout liabilities through the issuance of related party notes payable during the six months ended June 30, 2024. The condensed consolidated statements of cash flows for the six months ended June 30, 2025 and 2024 include $5.6 million and $1.5 million, respectively, of payments of contingent earnout consideration related to similar non-cash settlements in prior periods.
Schedule of Financial Instruments Not Measured at Fair Value | The carrying amount and estimated fair value of long-term debt were as follows:
| Fair Value Hierarchy |  | June 30, 2025 |  | December 31, 2024
(in thousands) |  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
Long-term debt(1) | Level 2 |  | $ | 1,531,121 |  |  | $ | 1,553,957 |  |  | $ | 1,435,800 |  |  | $ | 1,450,479 |
Revolving line of credit | Level 2 |  | 112,000 |  |  | 113,190 |  |  | — |  |  | — |
__________ (1) The carrying amount of long-term debt reflects outstanding borrowings, which are presented net of unamortized debt issuance costs of $27.1 million and $29.3 million at June 30, 2025 and December 31, 2024, respectively, on the condensed consolidated balance sheets

X
- Definition Tabular disclosure of information about fair value of asset and liability not measured at fair value. + References Reference 1: 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 + Details
Name: | us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTableTextBlock
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

X
- Definition 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/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 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration