XML 42 R32.htm IDEA: XBRL DOCUMENT v3.21.1

Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair value, assets measured on recurring basis

Assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 were as follows (in thousands):

			March 31, 2021
			Level 1						Level 2						Level 3						Total
			(unaudited)
Money market funds			$	125,378					$	—					$	—					$	125,378
U.S. Treasury notes			49,130						—						—						49,130
Commercial paper			—						57,067						—						57,067
Corporate bonds			—						27,610						—						27,610
Contingent consideration liabilities			—						—						(32,444)						(32,444)
Total			$	174,508					$	84,677					$	(32,444)					$	226,741

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2020 were as follows (in thousands):

			December 31, 2020
			Level 1						Level 2						Level 3						Total
Money market funds			$	79,387					$	—					$	—					$	79,387
U.S. Treasury notes			59,389						—						—						59,389
Commercial paper			—						68,018						—						68,018
Corporate bonds			—						48,501						—						48,501
Asset-backed securities			—						3,009						—						3,009
Contingent consideration liabilities			—						—						(31,264)						(31,264)
Total			$	138,776					$	119,528					$	(31,264)					$	227,040

Fair value, liabilities measured on recurring basis

The recurring Level 3 fair value measurements of the contingent consideration liabilities include the other following significant inputs as of March 31, 2021:

Valuation Method

Fair Value

Market Price of Revenue Risk

Revenue Volatility

Stock Price Volatility

(unaudited)

Revenue-based earn-out liabilities

Monte Carlo

$

32.4

million

3%

10%

41%

The Able Health acquisition consideration included an initial estimate for contingent consideration for shares of our common stock if certain incremental billing targets for Able Health were met during an earn-out period that ended on December 31, 2020. This Able Health earn-out contingent consideration liability was settled during the three months ended March 31, 2021.

Liabilities measured on recurring basis, unobservable input reconciliation

The following table sets forth a summary of the changes in the estimated fair value of the contingent consideration liabilities, which are measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):

			Fair Value Measurements Using Significant Unobservable Inputs (Level 3)
			(unaudited)
Balance as of December 31, 2020			$	31,264
Settlement of contingent consideration			(1,009)
Change in fair value of contingent consideration liabilities			2,156
Balance as of March 31, 2021			$	32,411

X

- Definition

Tabular disclosure of assets, 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).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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 (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_FairValueDisclosuresAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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 (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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

Reference 1: 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 http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258

+ Details

Name:	us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration