Fair Value (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

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 September 30, 2024
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Money market mutual funds	$	116,890	$	—	$	—	$	116,890
Debt securities:
U.S. Treasuries	27,916		—		—		27,916
Obligations of states, municipalities and political subdivisions	—		15,562		—		15,562
Corporate bonds	—		75,489		—		75,489
Residential and commercial mortgage-backed securities	—		66,418		—		66,418
Other loan-backed and structured securities	—		12,393		—		12,393
	$	144,806	$	169,862	$	—	$	314,668
Liabilities
Contingent consideration - business combinations (1)	$	—	$	—	$	3,367	$	3,367
Private warrant liability (2)	—		—		75		75
Embedded derivatives (2)	—		—		35,903		35,903
	$	—	$	—	$	39,345	$	39,345

	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 (3)	$	—	$	—	$	18,455	$	18,455
Private warrant liability (4)	—		—		1,151		1,151
Embedded derivatives (4)	—		—		28,131		28,131
	$	—	$	—	$	47,737	$	47,737

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(1)The Condensed Consolidated Balance Sheets include $1.4 million in accrued expenses and other current liabilities and $2.0 million in other liabilities as of September 30, 2024, for contingent consideration related to business combinations.

(2)Private warranty liability and embedded derivatives balances are included in other liabilities in the Condensed Consolidated Balance Sheets.

(3)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.

(4)Private warranty liability and embedded derivatives balances are included in other liabilities in the Condensed Consolidated Balance Sheets.

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)	(158)		7,772		(1,076)
Fair value as of September 30, 2024	$	3,367	$	35,903	$	75

	Contingent Consideration - Earnout		Contingent Consideration - Business Combinations		Embedded Derivatives		Private Warrant Liability
Fair value as of December 31, 2022	$	44	$	24,546	$	—	$	707
Additions	—		—		23,870		—
Settlements	—		(420)		—		—
Change in fair value, loss (gain) included in net loss(1)	—		(3,597)		2,440		(620)
Fair value as of September 30, 2023	$	44	$	20,529	$	26,310	$	87

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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 private warrant liability and embedded derivatives are included in other income, net, in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).