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Fair Value Disclosures (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Measured At Fair Value On a Recurring Basis

The following table represents the fair value of the financial instruments measured at fair value on a recurring basis:

 

 

As of June 30, 2025

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents*

 

$

349,492

 

 

$

 

 

$

 

 

$

349,492

 

Total assets measured at fair value

 

$

349,492

 

 

$

 

 

$

 

 

$

349,492

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related liabilities

 

$

 

 

$

 

 

$

39,161

 

 

$

39,161

 

Total liabilities measured at fair value

 

$

 

 

$

 

 

$

39,161

 

 

$

39,161

 

 

 

As of December 31, 2024

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents*

 

$

352,230

 

 

$

 

 

$

 

 

$

352,230

 

Total assets measured at fair value

 

$

352,230

 

 

$

 

 

$

 

 

$

352,230

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Acquisition-related liabilities

 

$

 

 

$

 

 

$

41,864

 

 

$

41,864

 

Total liabilities measured at fair value

 

$

 

 

$

 

 

$

41,864

 

 

$

41,864

 

 

* Includes cash invested by the Company in money market accounts with certain financial institutions.

Summary of Reconciliations of Changes In The Fair Value of The Liabilities

The following table reconciles the changes in the fair value of the liabilities categorized within Level 3 of the fair value hierarchy for the three and six months ended June 30, 2025 and 2024:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Balance, beginning of period

 

$

37,461

 

 

$

18,625

 

 

$

41,864

 

 

$

20,294

 

Payments made during the period

 

 

(4,005

)

 

 

(5,446

)

 

 

(11,868

)

 

 

(7,619

)

Change in fair value of earn-out

 

 

5,705

 

 

 

(1,765

)

 

 

9,165

 

 

 

(1,261

)

Balance, end of period

 

$

39,161

 

 

$

11,414

 

 

$

39,161

 

 

$

11,414