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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value Disclosures [Abstract]  
Fair Value Measurements

The following tables presents the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:

 

 

 

September 30, 2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Money market funds

 

$

243,538

 

 

$

—

 

 

$

—

 

 

$

243,538

 

U.S government securities

 

 

—

 

 

 

249,008

 

 

 

—

 

 

$

249,008

 

Total financial assets:

 

$

243,538

 

 

$

249,008

 

 

$

—

 

 

$

492,546

 

 

 

 

December 31, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Money market funds

 

$

671,107

 

 

$

—

 

 

$

—

 

 

$

671,107

 

Total financial assets:

 

$

671,107

 

 

$

—

 

 

$

—

 

 

$

671,107

 

Contingent consideration

 

$

—

 

 

$

—

 

 

$

16,450

 

 

$

16,450

 

Total financial liabilities:

 

$

—

 

 

$

—

 

 

$

16,450

 

 

$

16,450

 
Summary of Contingent Earnout Payments for Each Acquisition

 

 

Nine Months Ended September 30, 2022

 

Beginning Balance as of January 1

 

$

16,450

 

Accretion of contingent consideration

 

 

793

 

Fair value adjustment

 

 

—

 

Earned amount issued to shareholders in Class A Common Stock

 

 

(17,243

)

Ending Balance

 

$

—