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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of liabilities at fair value on recurring basis

The following table summarizes the Company’s assets and liabilities measured at fair value on a recurring basis (in thousands):

			June 30, 2022
			Level 1						Level 2						Level 3						Total
Liabilities
Contingent consideration(1)			$	—					$	—					$	33,400					$	33,400
Total fair value of liabilities measured on a recurring basis			$	—					$	—					$	33,400					$	33,400

			December 31, 2021
			Level 1						Level 2						Level 3						Total
Liabilities
Contingent consideration(1)			$	—					$	—					$	28,700					$	28,700
Total fair value of liabilities measured on a recurring basis			$	—					$	—					$	28,700					$	28,700

(1) Represents the fair value of earn-out consideration related to the Vital Decisions transaction as described in Note 4.

Changes in contingent consideration measured at fair value

The changes in our liabilities measured at fair value for which the Company uses Level 3 inputs to determine fair value are as follows (in thousands):

			For the Six Months Ended June 30,
			2022						2021
Balance as of beginning of period			$	28,700					$	13,730
Settlements			—						(13,730)
Unrealized losses			4,700						—
Balance as of end of period			$	33,400					$	—

Valuation techniques and significant unobservable inputs of Level 3 fair value measurements

The following table summarizes the fair value (in thousands), valuation techniques and significant unobservable inputs of our Level 3 fair value measurements as of the periods presented:

June 30, 2022

Fair

Valuation

Significant

Assumption or

Value

Technique

Unobservable Inputs

Input Ranges

Contingent consideration

$

33,400

Real options approach

Risk-neutral expected earnout consideration

$

36,277

Discount rate

10.83

%

December 31, 2021

Fair

Valuation

Significant

Assumption or

Value

Technique

Unobservable Inputs

Input Ranges

Contingent consideration

$

28,700

Real options approach

Risk-neutral expected earnout consideration

$

30,935

Discount rate

6.04

%

X

- 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

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-Publisher FASB
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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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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

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-Publisher FASB
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