Fair value

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair value

Fair value

Estimates of fair value of financial instruments not carried at fair value on a recurring basis are generally subjective in nature, and are determined as of a specific point in time based on the characteristics of the financial instruments and relevant market information. The Company’s financial assets and liabilities are generally short-term in nature; therefore, the carrying value of these items approximates their fair value. The following table summarizes certain fair value information as of December 31, 2024 and 2023 for financial assets and liabilities measured at fair value on a recurring basis, as well as estimated fair values of certain other financial assets and liabilities not measured on a recurring basis:

					Fair Value Hierarchy
	Balance		Estimated Fair Value		Level 1		Level 2		Level 3
	(in thousands)
December 31, 2024
Financial Assets:
Cash equivalents:
Money market funds	$	267,206	$	267,206	$	267,206	$	—	$	—
Long-term investments:
Non-marketable equity securities(1)	$	1,250
Financial Liabilities:
Contingent consideration payable	$	9,729	$	9,729	$	—	$	—	$	9,729
December 31, 2023
Financial Assets:
Cash equivalents:
Money market funds	$	204,388	$	204,388	$	204,388	$	—	$	—
Long-term investments:
Marketable equity securities	$	421	$	421	$	421	$	—	$	—
Non-marketable equity securities(1)	$	1,250

__________________________

(1)Equity securities that do not have readily determinable fair value and are measured at cost.

Investments in equity securities

During the year ended December 31, 2024, the Company sold its marketable equity securities with proceeds of $3.6 million.

Investment in non-marketable equity securities held by the Company as of December 31, 2024 and 2023 represents investment in its related party, a company affiliated with the member of the Company’s board of drectors, that does not have readily determinable fair values.

Contingent consideration payable

The fair value of contingent consideration payable is determined using the Monte-Carlo model which is primarily based on projected financial results of acquired business adjusted to market risk assumptions, probability of achievement of performance targets set in purchase agreements and respective discount rates. Even though there is significant judgment involved, the Company believes its estimates and assumptions are reasonable. Changes in financial projections, discount rates, timing and amount of specific milestone estimates, as well as probability assumptions related to achieving the various performance milestones would result in a change in the fair value of the recorded contingent consideration payable. Such changes, if any, are recorded in Other income/(expense), net in the consolidated statements of income/(loss) and comprehensive income/(loss).

The following table present the weighted average discount rates for risk-free performance targets and time value used to determine fair values of contingent considerations payables for acquisitions completed during the years ended December 31, 2024, 2023 and 2022:

	Mobile Computing		JUXT		NextSphere		Mutual Mobile
Weighted average discount rate for risk-free performance targets	20.1	%	10.5	%	15.5	%	10.3	%
Discount rate for credit risk and time value	3.6	%	3.8	%	7.7	%	3.0	%

The Company records short-term contingent consideration payable in Accrued expense and other current liabilities in its consolidated balance sheets. A reconciliation of the beginning and ending balances of Level 3 acquisition-related contingent consideration payable using significant unobservable inputs for the years ended December 31, 2024, 2023 and 2022 are as follows:

	Amount
	(in thousands)
Contingent consideration payable as of January 1, 2022	$	6,933
Acquisition date fair value of contingent consideration payable — Mutual Mobile	3,288
Payment of contingent consideration — Daxx	(1,933)
Payment of contingent consideration — Tacit	(5,000)
Contingent consideration payable as of December 31, 2022	$	3,288
Acquisition date fair value of contingent consideration payable — NextSphere	932
Change in fair value of contingent consideration payable included in Other income/(expense), net — Mutual Mobile	(3,288)
Change in fair value of contingent consideration payable included in Other income/(expense), net — NextSphere	(932)
Contingent consideration payable as of December 31, 2023	$	—
Acquisition date fair value of contingent consideration payable — JUXT	7,480
Acquisition date fair value of contingent consideration payable — Mobile Computing	2,700
Effect of net foreign currency exchange rate changes	$	(451)
Contingent consideration payable as of December 31, 2024	$	9,729

There were no transfers of liabilities among the levels within the fair value hierarchy during the years ended December 31, 2024, 2023 and 2022.