Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets and liabilities that were recognized at fair value:


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of December 31, 2024	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds (1)	$	54,925	$	—	$	—	$	54,925
Mutual funds (2)	108,251		—		—		108,251
Derivative financial instruments	—		2,825		—		2,825
Total	$	163,176	$	2,825	$	—	$	166,001
Liabilities
Derivative financial instruments	$	—	$	11,817	$	—	$	11,817
Contingent consideration (3)	—		—		2,700		2,700
Total	$	—	$	11,817	$	2,700	$	14,517


	Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
As of December 31, 2023	(Level 1)		(Level 2)		(Level 3)		Total
Assets
Cash equivalents - Money market funds (1)	$	49,806	$	—	$	—	$	49,806
Mutual funds (2)	52,650		—		—		52,650
Derivative financial instruments	—		7,607		—		7,607
Total	$	102,456	$	7,607	$	—	$	110,063
Liabilities
Derivative financial instruments	$	—	$	2,225	$	—	$	2,225
Contingent consideration (3)	—		—		15,589		15,589
Total	$	—	$	2,225	$	15,589	$	17,814

(1) Represents money market funds which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.

(2) Represents those short-term investments which are carried at the fair value option under ASC Topic 825 “Financial Instruments”.

(3) Contingent consideration is presented under “Accrued Expenses and Other Current Liabilities” and “Other Non-Current Liabilities,” as applicable, in the consolidated balance sheets.

Fair Value of Derivative Financial Instruments:

The Company’s derivative financial instruments consist of foreign currency forward contracts and interest rate swaps. Fair values for derivative financial instruments are based on independent sources including highly rated financial institutions and are classified as Level 2. Refer to Note 17 - Derivatives and Hedge Accounting to the consolidated financial statements for further details.

Fair Value of Contingent Consideration:

The fair value measurement of contingent consideration is determined using Level 3 inputs. The Company’s contingent consideration represents a component of the total purchase consideration for business acquisitions. The measurement is calculated using unobservable inputs based on the Company’s own assessment of achievement of certain performance goals. The Company estimated the fair value of the contingent consideration based on the Monte Carlo simulation model.

The following table summarizes the changes in the fair value of contingent consideration:


	Year ended December 31,
	2024		2023
Opening balance	$	15,589	$	18,689
Acquisitions	2,700		—
Fair value changes	(589)		1,900
Payments	(15,000)		(5,000)
Closing balance	$	2,700	$	15,589

During the years ended December 31, 2024 and 2023, there were no transfers among Level 1, Level 2 and Level 3.

Financial Instruments Not Carried at Fair Value:

The Company’s other financial instruments not carried at fair value consist primarily of cash and cash equivalents (except investments in money market funds, as disclosed above), short-term investments (except investments in mutual funds, as disclosed above), restricted cash, accounts receivable, net, long-term investments, accrued capital expenditures, accrued expenses, client liabilities and interest payable on borrowings for which fair values approximate their carrying amounts. The carrying value of the Company’s outstanding revolving credit facility approximates its fair value because the Company’s interest rate yield is near current market rates for comparable debt instruments.