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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities 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, 2023
			Level 1						Level 2						Level 3						Total
Liabilities
Contingent consideration(1)			$	—					$	—					$	113,300					$	113,300
Total fair value of liabilities measured on a recurring basis			$	—					$	—					$	113,300					$	113,300

			December 31, 2022
			Level 1						Level 2						Level 3						Total
Liabilities
Contingent consideration			$	—					$	—					$	78,000					$	78,000
Total fair value of liabilities measured on a recurring basis			$	—					$	—					$	78,000					$	78,000

————————

(1) Represents the fair value of earn-out consideration related to the IPG and NIA transactions as described in Note 4.

Schedule of 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,
			2023						2022
Balance as of beginning of period			$	78,000					$	28,700
Additions			66,600						—
Settlements			(32,047)						—
Total (gain) loss, net			747						4,700
Balance as of end of period			$	113,300					$	33,400

Schedule of Valuation Techniques and Significant Unobservable Inputs

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, 2023

Fair

Valuation

Significant

Assumption or

Value

Technique

Unobservable Inputs

Input Ranges

Contingent consideration

$

113,300

Real options approach

Risk-neutral expected earnout consideration

$

113,300

Weighted average discount rate

8.50% - 13.98%

December 31, 2022

Fair

Valuation

Significant

Assumption or

Value

Technique

Unobservable Inputs

Input Ranges

Contingent consideration

$

78,000

Real options approach

Risk-neutral expected earnout consideration

$

77,946

Weighted average discount rate

9.85% - 10.01%

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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-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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- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
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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.

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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
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