Fair Value (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025
		Level 1		Level 2		Level 3		Total Fair Value
Assets
Money market mutual funds		$	9,324	$	—	$	—	$	9,324
Debt securities:
U.S. Treasuries		16,589		—		—		16,589
Obligations of states, municipalities and political subdivisions		—		2,097		—		2,097
Corporate bonds		—		8,639		—		8,639
Residential and commercial mortgage-backed securities		—		3,400		—		3,400
Other loan-backed and structured securities		—		—		—		—
Asset of Reciprocal (a consolidated variable interest entity):
Money market mutual funds		1,760		—		—		1,760
Debt securities:
U.S. Treasuries		9,669		—		—		9,669
Obligations of states, municipalities and political subdivisions		—		9,525		—		9,525
Corporate bonds		—		78,034		—		78,034
Residential and commercial mortgage-backed securities		—		61,301		—		61,301
Other loan-backed and structured securities		—		12,395		—		12,395
		$	37,342	$	175,391	$	—	$	212,733
Liabilities
Contingent consideration - business combinations	(1)	$	—	$	—	$	55	$	55
Private warrant liability	(2)	—		—		1,192		1,192
Embedded derivatives	(3)	—		—		15,589		15,589
		$	—	$	—	$	16,836	$	16,836

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(1)The liability for contingent considerations related to business combinations is included in other liabilities in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025.

(2)The private warranty liability is included in accrued expenses and other current liabilities in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025.

(3)The embedded derivatives liability is included in other liabilities in the unaudited Condensed Consolidated Balance Sheets as of March 31, 2025.


		Fair Value Measurement as of December 31, 2024
		Level 1		Level 2		Level 3		Total Fair Value
Assets
Money market mutual funds		$	111,950	$	—	$	—	$	111,950
Debt securities:
U.S. Treasuries		27,102		—		—		27,102
Obligations of states, municipalities and political subdivisions		—		11,872		—		11,872
Corporate bonds		—		70,896		—		70,896
Residential and commercial mortgage-backed securities		—		60,774		—		60,774
Other loan-backed and structured securities		—		12,107		—		12,107
		$	139,052	$	155,649	$	—	$	294,701
Liabilities
Contingent consideration - business combinations	(1)	$	—	$	—	$	83	$	83
Private warrant liability	(2)	—		—		460		460
Embedded derivatives	(3)	—		—		22,262		22,262
		$	—	$	—	$	22,805	$	22,805

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(1)The unaudited Condensed Consolidated Balance Sheets included less than $0.1 million in accrued expenses and other current liabilities and less than $0.1 million in other liabilities as of December 31, 2024, for contingent consideration related to business combinations.

(2)The private warranty liability is included in accrued expenses and other current liabilities in the unaudited Condensed Consolidated Balance Sheets as of December 31, 2024.

(3)The embedded derivatives liability is included in other liabilities in the unaudited Condensed Consolidated Balance Sheets as of December 31, 2024.

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, 2024		$	83	$	22,262	$	460


Change in fair value, loss (gain) included in net loss	(1)	(28)		(6,673)		732
Fair value as of March 31, 2025		$	55	$	15,589	$	1,192


		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

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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 disclosed separately in the unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).