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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Values of Financial Instruments Measured On Recurring Basis

The following tables present the fair values of the Company’s financial assets or liabilities that are measured at fair value on a recurring basis (in thousands):

March 31, 2023			Level 1						Level 2						Level 3						Fair Value						Carrying Value
Assets:
Cash equivalents:
Money market and other funds			$	292,847					$	—					$	—					$	292,847					$	292,847
Short-term investments:
Certificates of deposit			—						3,753						—						3,753						3,753
Investment in Consensus			35,259						—						—						35,259						35,259
Long-term investments:
Investment in corporate debt securities			—						—						16,019						16,019						16,019
Total assets measured at fair value			$	328,106					$	3,753					$	16,019					$	347,878					$	347,878
Liabilities:
Contingent consideration			$	—					$	—					$	555					$	555					$	555
Debt:
4.625% Senior Notes			399,203																		399,203						456,498
1.75% Convertible Notes			540,237																		540,237						543,119
Total liabilities measured at fair value			$	939,440					$	—					$	555					$	939,995					$	1,000,172

December 31, 2022			Level 1						Level 2						Level 3						Fair Value						Carrying Value
Assets:
Cash equivalents:
Money market and other funds			$	312,010					$	—					$	—					$	312,010					$	312,010
Short-term investments:
Investment in Consensus			58,421						—						—						58,421						58,421
Long-term investments:
Investment in corporate debt securities			—						—						15,586						15,586						15,586
Total assets measured at fair value			$	370,431					$	—					$	15,586					$	386,017					$	386,017
Liabilities:
Contingent consideration			$	—					$	—					$	555					$	555					$	555
Debt:
4.625% Senior Notes			390,908																		390,908						456,400
1.75% Convertible Notes			548,411																		548,411						542,653
Total liabilities measured at fair value			$	939,319					$	—					$	555					$	939,874					$	999,608

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a reconciliation of the Company’s Level 3 financial assets related to our investment in corporate debt securities that are measured at fair value on a recurring basis (in thousands):

			Three months ended
			2023												2022
			Contingent Consideration Arrangements						Corporate Debt Securities						Contingent Consideration Arrangements						Corporate Debt Securities
Balance as of January 1			$	555					$	15,586					$	5,775					$	—
Fair value at date of acquisition			—						—						4,200						—
Fair value adjustments (1)			—						433						112						—
Balance as of March 31			$	555					$	16,019					$	10,087					$	—

(1)The fair value adjustments to the contingent consideration arrangements in the table above were recorded within ‘General and administrative’ on the Condensed Consolidated Statements of Operations during the three months ended March 31, 2023 and 2022. The fair value adjustments to the corporate debt securities in the table above were recorded within ‘Change in fair value on available-for-sale investments, net’ on the Condensed Consolidated Statements of Comprehensive (Loss) Income during the three months ended March 31, 2023 and 2022.

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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- 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/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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