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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2024

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):

			September 30, 2024
			Level 1						Level 2						Level 3						Total
Liabilities
Contingent consideration (1)			$	—					$	—					$	9,200					$	9,200
Total fair value of liabilities measured on a recurring basis			$	—					$	—					$	9,200					$	9,200

			December 31, 2023
			Level 1						Level 2						Level 3						Total
Liabilities
Contingent consideration (2)			$	—					$	—					$	83,600					$	83,600
Total fair value of liabilities measured on a recurring basis			$	—					$	—					$	83,600					$	83,600

————————

(1)Represents the earn-out consideration related to the Machinify transaction as described in Note 4.

(2)Represents the earn-out consideration related to the NIA transaction as described in Note 4 and was paid in cash in April 2024.

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 Nine Months Ended September 30,
			2024						2023
Balance as of beginning of period			$	83,600					$	78,000
Additions			9,000						66,600
Settlements			(92,508)						(32,047)
Change in fair value of contingent consideration			9,108						12,047
Balance as of end of period			$	9,200					$	124,600

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:

September 30, 2024

Fair

Valuation

Significant

Assumption or

Value

Technique

Unobservable Inputs

Input Ranges

Contingent consideration

$

9,200

Real options approach

Risk-neutral expected earnout consideration

$

9,200

Discount rate

5.72

%

December 31, 2023

Fair

Valuation

Significant

Assumption or

Value

Technique

Unobservable Inputs

Input Ranges

Contingent consideration

$

83,600

N/A

Contractual terms

$

83,600

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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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-Topic 820
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