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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Fair Value, Liabilities Measured on Recurring Basis

The following tables provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration:


	March 31, 2023
Contingency Type	Maximum Payout (1) (undiscounted) (in thousands)		Fair Value		Valuation Technique	Unobservable Inputs	Weighted Average or Range
Revenue and EBITDA based payments	$	21,100	$	4,600	Monte Carlo	Revenue volatility	25.0	%
						Gross profit volatility	40.0	%
						Discount rate	12.0	%
						Projected year of payments	2024

(1) Maximum payout as determined by Monte Carlo valuation simulation; the disclosed contingency is not subject to a contractual maximum payout.

Summary of Changes in Fair Value of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for the three months ended March 31, 2023:


(in thousands)
Balance at December 31, 2022	$	9,800

Change in fair value of contingent consideration	(5,200)

Balance at March 31, 2023	$	4,600