Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis are as follows (in thousands):

	March 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	104,790		—		—	$	104,790
U.S. Treasury Bills		15,185		—		—		15,185
Total	$	119,975	$	—	$	—	$	119,975
Liabilities:
Contingent consideration related to acquisitions		—		—		9,680		9,680
Total	$	—	$	—	$	9,680	$	9,680

	December 31, 2019
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	124,303		—		—	$	124,303
U.S. Treasury Bills		15,120		—		—		15,120
Total	$	139,423	$	—	$	—	$	139,423
Liabilities:
Contingent consideration related to acquisitions		—		—		36,220		36,220
Total	$	—	$	—	$	36,220	$	36,220

Summary of Changes in Contingent Consideration

The following table represents the change in the contingent consideration (in thousands):

	Three Months Ended March 31, 2020
	Ubimo		Elevaate		Ahalogy
	Level 3		Level 3		Level 3
Balance at the beginning of period	$	5,686	$	3,534	$	27,000
Change in fair value during the period		293		167		—
Payments made during the period		—		—		(27,000	)
Total	$	5,979	$	3,701	$	—

	Three Months Ended March 31, 2019
	Elevaate		Ahalogy
	Level 3		Level 3
Balance at the beginning of period	$	6,121	$	22,842
Change in fair value during the period		1,012		2,051
Total	$	7,133	$	24,893