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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s debt instruments are recorded at their carrying values in its condensed consolidated balance sheets, which may differ from their respective fair values. The estimated fair value of the Company’s 2027 Notes is based on Level 2 inputs as the fair value is based on quoted prices for the Company’s debt (see Note 7 — Debt for additional information). The fair values of the Company’s short-term loans generally approximated their carrying values.

At June 30, 2024 and 2023, the Company held currency forward contracts with an aggregated notional amount of $17,875 and $22,166, respectively to sell United States dollars and to buy various foreign currencies such as Canadian dollars and Euro, among others at a forward rate. Any changes in the fair value of these contracts are recorded in Other income (expense), net in the condensed consolidated statement of operations. During the three and six months ended June 30, 2024, the Company recorded a net loss of $657 and $1,209, respectively. During the three months ended June 30, 2023, the Company recorded a net loss of $262. During the six months ended June 30, 2023, the Company recorded a net gain of $493,
The following table presents the Company’s fair value hierarchy for financial assets and liabilities:

Fair Value Measurements as of June 30, 2024
Level 1Level 2Level 3Total
Liabilities:
Exalos Contingent Consideration - First Tranche$— $— $6,622 $6,622 
Exalos Contingent Consideration - Second Tranche$— $— $4,136 $4,136 
GEO Contingent Consideration - Second Tranche$— $— $3,550 $3,550 
GEO Indemnity Holdback$9,665 $— $— $9,665 
Kinetic Contingent Consideration - First Tranche$— $— $2,269 $2,269 
Kinetic Contingent Consideration - Second Tranche$— $— $1,683 $1,683 
Silicon Radar Contingent Consideration - Second Tranche$— $— $238 $238 
City Semi Contingent Consideration - Second Tranche$— $— $470 $470 
Fair Value Measurements as of December 31, 2023
Level 1Level 2Level 3Total
Liabilities:
Exalos Contingent consideration — First Tranche$— $— $9,593 $9,593 
Exalos Contingent Consideration — Second Tranche$— $— $4,012 $4,012 
GEO Contingent Consideration — First Tranche$— $— $44,709 $44,709 
GEO Contingent Consideration — Second Tranche$— $— $25,921 $25,921 
GEO Indemnity Holdback$12,704 $— $— $12,704 
Silicon Radar Contingent Consideration — First Tranche$— $— $2,740 $2,740 
Silicon Radar Contingent Consideration — Second Tranche$— $— $3,310 $3,310 
City Semi Contingent Consideration — Second Tranche$— $— $940 $940 
Symeo Contingent Consideration — Second Tranche$— $— $7 $7 

As of June 30, 2024 and December 31, 2023, the Company’s cash and cash equivalents were all held in cash or Level 1 instruments where the fair values approximate the carrying values.

Level 3 Disclosures
Contingent Considerations

Contingent considerations were valued based on the consideration expected to be transferred. The Company estimated the fair value based on a Monte Carlo Simulations analysis to simulate the probability of achievement of various milestones identified within each contingent consideration arrangement, using certain assumptions that require significant judgement and discount rates. The discount rates were based on the estimated cost of debt plus a premium, which included consideration of expected term of the earn-out payment, yield on treasury instruments and an estimated credit rating for the Company.
Because the acquisitions related to Exalos and Kinetic occurred relatively recently, and in light of the magnitude of the transactions, the significant information to be obtained and analyzed and the fact that Exalos resides in a foreign jurisdiction, the Company’s fair value estimates for the associated contingent considerations were valued based on a probability method as of June 30, 2024.

The following table presents the significant unobservable inputs assumed for each of the fair value measurements:
June 30, 2024December 31, 2023
InputInput
Liabilities:
Exalos Contingent Consideration - First Tranche
Market yield rate7.91 %7.46 %
Scenario probability50.00 %75.00 %
Exalos Contingent Consideration - Second Tranche
Market yield rate7.91 %7.46 %
Scenario probability70.00 %70.00 %
GEO Contingent Consideration - Second Tranche
Discount rate13.50 %12.60 %
 Volatility55.00 %60.00 %
Kinetic Contingent Consideration - First Tranche
Market yield rate12.92 %N/A
  Scenario probability100.00 %N/A
Kinetic Contingent Consideration - Second Tranche
Market yield rate12.64 %N/A
  Scenario probability70.00 %N/A
Silicon Radar Contingent Consideration - Second Tranche
Discount rate11.33 %10.79 %
Volatility60.00 %60.00 %
City Semi Contingent Consideration - Second Tranche
Discount rate12.65 %12.65 %