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Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Schedule of fair value of financial instruments measured on a recurring basis

The fair value of financial instruments measured on a recurring basis is as follows:

 

 

 

December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents - money market funds

 

$

251,768

 

 

$

 

 

$

 

 

$

251,768

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

 

 

$

 

 

$

79,707

 

 

$

79,707

 

 

 

 

December 31, 2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents - money market funds

 

$

195,475

 

 

$

 

 

$

 

 

$

195,475

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

 

 

$

 

 

$

37,000

 

 

$

37,000

 

 

Schedule of changes in fair value of contingent consideration liabilities

The fair value of the contingent consideration liabilities is marked-to-market each reporting period and was remeasured at December 31, 2023. Changes in fair value of the contingent consideration liabilities as of December 31, 2023 are as follows:

 

 

 

Contingent consideration

 

Balance at December 31, 2022

 

$

37,000

 

Adjustment to fair value

 

 

48,918

 

Payments

 

 

(6,211

)

Balance at December 31, 2023 (Level 3)

 

$

79,707

 

Schedule of fair value measurements of contingent consideration recurring include significant unobservable inputs

The recurring Level 3 fair value measurements of contingent consideration for which a liability is recorded include the following significant unobservable inputs:

 

 

 

 

 

As of December 31, 2023

 

As of December 31, 2022

Valuation methodology

Significant unobservable input

Weighted average (range, if applicable)

Weighted average (range, if applicable)

Contingent consideration

 

Probability weighted income approach

 

Discount rate

 

13.2%

 

12.0%

 

 

 

 

Revenue discount rate

 

16.4% - 19.4%

 

20.9%