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Financial instruments fair value | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Financial instruments fair value | Financial instruments fair value Assets and liabilities measured at fair value on a recurring basis The Company invests in money market funds with original maturities at the time of purchase of three months or less, which are measured and recorded at fair value on a recurring basis. Money market funds are valued based on quoted market prices in active markets and classified within Level 1 of the fair value hierarchy. In addition, the contingent consideration associated with the Digita acquisition was measured and recorded at fair value on a recurring basis. The estimated fair value of the contingent payments associated with the Digita acquisition was determined using a Monte Carlo simulation model, which used Level 3 inputs, including assumptions about the probability of growth of subscription services and the related pricing of the services offered. Significant increases (decreases) in the probability of growth of subscription services as well as the related pricing of the services offered would have resulted in a higher (lower) fair value measurement. The Company made the final payment related to the contingent consideration in the first quarter of 2023. See Note 4 for more information. The fair value of these financial instruments were as follows:
| September 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 140,201 |  |  | $ | — |  |  | $ | — |  |  | $ | 140,201 |
Total cash equivalents | $ | 140,201 |  |  | $ | — |  |  | $ | — |  |  | $ | 140,201 |
| December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (in thousands)
Assets |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 132,306 |  |  | $ | — |  |  | $ | — |  |  | $ | 132,306 |
Total cash equivalents | $ | 132,306 |  |  | $ | — |  |  | $ | — |  |  | $ | 132,306 |
Liabilities |  |  |  |  |  |  |
Contingent consideration: |  |  |  |  |  |  |
Accrued liabilities | $ | — |  |  | $ | — |  |  | $ | 6,206 |  |  | $ | 6,206 |
Total contingent consideration | $ | — |  |  | $ | — |  |  | $ | 6,206 |  |  | $ | 6,206 |
The carrying value of accounts receivable and accounts payable approximate their fair value due to their short maturities and are excluded from the tables above. The following table provides a summary of the changes in contingent consideration, which is classified as Level 3:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
| (in thousands)
Balance, beginning of period | $ | — |  |  | $ | 5,700 |  |  | $ | 6,206 |  |  | $ | 10,100 |
Total (gains) losses included in: |  |  |  |  |  |  |
Net loss | — |  |  | 200 |  |  | — |  |  | 388 |
Payments | — |  |  | — |  |  | (6,206) |  |  | (4,588) |
Balance, end of period | $ | — |  |  | $ | 5,900 |  |  | $ | — |  |  | $ | 5,900 |
The change in the fair value of the contingent consideration is included in general and administrative expenses in the condensed consolidated statements of operations. The adjustment for the three and nine months ended September 30, 2022 primarily reflected updated assumptions about the probability of growth of subscription services. Fair value measurements of other financial instruments The following table presents the net carrying value and estimated fair value of the 2026 Notes, which are not recorded at fair value in the condensed consolidated balance sheets:
| September 30, 2023 |  | December 31, 2022
| Net Carrying Value |  | Estimated Fair Value |  | Net Carrying Value |  | Estimated Fair Value
| (in thousands)
2026 Notes | $ | 366,374 |  |  | $ | 312,268 |  |  | $ | 364,505 |  |  | $ | 308,504 |
As of September 30, 2023 and December 31, 2022, the difference between the net carrying value of the 2026 Notes and the principal amount of $373.8 million represents the unamortized debt issuance costs of $7.4 million and $9.2 million, respectively. See Note 8 for more information. The estimated fair value of the 2026 Notes, which is classified as Level 2, was determined based on quoted bid prices of the 2026 Notes in an over-the-counter market on the last trading day of the reporting period.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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