Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Fair Value Measurements of Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the fair value measurements of assets and liabilities that are measured at fair value on a recurring basis.


	Fair Value Measurement as of March 31, 2024
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Money market mutual funds	$	158,354	$	—	$	—	$	158,354
Debt securities:
U.S. Treasuries	35,819		—		—		35,819
Obligations of states, municipalities and political subdivisions	—		18,545		—		18,545
Corporate bonds	—		52,413		—		52,413
Residential and commercial mortgage-backed securities	—		24,173		—		24,173
Other loan-backed and structured securities	—		3,166		—		3,166
	$	194,173	$	98,297	$	—	$	292,470
Liabilities
Contingent consideration - business combinations (1)	$	—	$	—	$	4,576	$	4,576
Private warrant liability	—		—		1,576		1,576
Embedded derivatives	—		—		26,648		26,648
	$	—	$	—	$	32,800	$	32,800


	Fair Value Measurement as of December 31, 2023
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Money market mutual funds	$	165,744	$	—	$	—	$	165,744
Debt securities:
U.S. Treasuries	43,696		—		—		43,696
Obligations of states, municipalities and political subdivisions	—		17,420		—		17,420
Corporate bonds	—		50,041		—		50,041
Residential and commercial mortgage-backed securities	—		24,601		—		24,601
Other loan-backed and structured securities	—		3,418		—		3,418
	$	209,440	$	95,480	$	—	$	304,920
Liabilities
Contingent consideration - business combinations (2)	$	—	$	—	$	18,455	$	18,455
Private warrant liability	—		—		1,151		1,151
Embedded derivatives	—		—		28,131		28,131
	$	—	$	—	$	47,737	$	47,737

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(1)The Condensed Consolidated Balance Sheets include $1.3 million in accrued expenses and other current liabilities and $3.3 million in other liabilities as of March 31, 2024, for contingent consideration related to business combinations.

(2)The Condensed Consolidated Balance Sheets include $14.8 million in accrued expenses and other current liabilities and $3.7 million in other liabilities as of December 31, 2023, for contingent consideration related to business combinations.

Schedule of Level 3 Items Measured at Fair Value on a Recurring Basis

The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows:


	Contingent Consideration - Business Combinations		Embedded Derivatives		Private Warrant Liability
Fair value as of December 31, 2023	$	18,455	$	28,131	$	1,151

Settlements	(14,930)		—		—
Change in fair value, loss (gain) included in net loss(1)	1,051		(1,483)		425
Fair value as of March 31, 2024	$	4,576	$	26,648	$	1,576


	Contingent Consideration - Business Combinations		Contingent Consideration - Earnout		Private Warrant Liability
Fair value as of December 31, 2022	$	24,546	$	44	$	707

Settlements	(194)		—		—
Change in fair value, loss (gain) included in net loss(1)	(154)		—		(345)
Fair value as of March 31, 2023	$	24,198	$	44	$	362

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(1)Changes in fair value of contingent consideration related to business combinations are included in general and administrative expenses in the unaudited condensed consolidated statements of operations. Changes in fair value of the earnout contingent consideration and private warrant liability are disclosed separately in the unaudited condensed consolidated statements of operations. Changes in the fair value of the embedded derivatives are included in change in fair value of derivatives in the unaudited condensed consolidated statements of operations.