Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurements

Liabilities measured at fair value on a recurring basis

A summary of the Company’s liabilities measured at fair value on a recurring basis is as follows (in thousands):

	As of June 30, 2024								As of December 31, 2023
	Fair Value		Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3
Liabilities
Motto contingent consideration	$	2,300	$	—	$	—	$	2,300	$	2,170	$	—	$	—	$	2,170
Gadberry Group contingent consideration		357		—		—		357		590		—		—		590
Contingent consideration (a)	$	2,657	$	—	$	—	$	2,657	$	2,760	$	—	$	—	$	2,760

(a) Recorded as a component of “Accrued liabilities” and “Other liabilities, net of current portion” in the accompanying Condensed Consolidated Balance Sheets.

Reconciliation of the contingent consideration

The table below presents a reconciliation of the contingent consideration (in thousands):

	Total
Balance at January 1, 2024	$	2,760
Fair value adjustments		137
Cash payments		(240)
Balance at June 30, 2024	$	2,657

Summary of carrying value and fair value of senior secured credit facility

The following table summarizes the carrying value and estimated fair value of the Senior Secured Credit Facility (in thousands):

	June 30, 2024				December 31, 2023
	Carrying Amount		Fair Value Level 2		Carrying Amount		Fair Value Level 2
Senior Secured Credit Facility	$	442,709	$	421,659	$	444,580	$	421,590