Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Summary of financial assets measured at fair value on a recurring basis

The following table summarizes the Company’s financial assets measured at fair value on a recurring basis at September 30, 2020 and December 31, 2019 by level within the fair value hierarchy. Financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands):

	At September 30, 2020								At December 31, 2019
							Total Fair								Total Fair
	Level 1		Level 2		Level 3		Value		Level 1		Level 2		Level 3		Value
Assets:
Cash equivalents	$	167,658	$	—	$	—	$	167,658	$	174,429	$	—	$	—	$	174,429
Total assets	$	167,658	$	—	$	—	$	167,658	$	174,429	$	—	$	—	$	174,429
Liabilities:
Contingent consideration, current	$	—	$	—	$	2,428	$	2,428	$	—	$	—	$	2,441	$	2,441
Contingent consideration, non-current	—		—		—		—		—		—		2,336		2,336
Total liabilities	$	—	$	—	$	2,428	$	2,428	$	—	$	—	$	4,777	$	4,777

Schedule of changes in fair value of contingent consideration obligation

The following table summarizes the changes in the fair value of the contingent consideration obligation (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Fair value, beginning of period	$	2,398	$	4,627	$	4,777	$	4,477
Cash payments	—		—		(2,500)		—
Additions and changes in fair value	30		75		151		225
Fair value, end of period	$	2,428	$	4,702	$	2,428	$	4,702

Summary of significant unobservable inputs and valuation technique of level 3 financial liabilities

The following table summarizes the significant unobservable inputs and valuation technique in the fair value measurement of Level 3 financial liabilities used to measure the contingent consideration liability at September 30, 2020:

Valuation Technique	Unobservable Input	Value
Discounted cash flow	Probability of achievement	98.9%
	Discount rate	4.9%