Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Measurement Inputs and Valuation Techniques

The following table presents the fair values, valuation techniques, unobservable inputs, and ranges of the Company’s financial liabilities categorized within Level 3. The weighted averages below are a product of the unobservable input and fair value of the contingent consideration arrangement as of June 30, 2022.


	Valuation Technique	Unobservable Input	Range	Weighted Average
Contingent Consideration	Option-Based Model	Risk free rate	N/A	1.9	%
		Debt spread	1.3% - 16.4%	9.4	%

		Present value factor	N/A	26.9	%
		Discount rate	N/A	27.3	%

Fair Values of Financial Instruments Measured On Recurring Basis

The following tables present the fair values of the Company’s financial assets or liabilities (in thousands):


June 30, 2022	Level 1		Level 2		Level 3		Fair Value		Carrying Value
Assets:
Cash equivalents:
Money market and other funds	$	98,920	$	—	$	—	$	98,920	$	98,920









Investment in corporate debt securities	—		—		15,000		15,000		15,000
Investment in Consensus	72,535		—		—		72,535		72,535
Total assets measured at fair value	$	171,455	$	—	$	15,000	$	186,455	$	186,455

Liabilities:
Contingent consideration	$	—	$	—	$	3,047	$	3,047	$	3,047
Debt	1,015,010		—		—		1,015,010		1,102,201
Total liabilities measured at fair value	$	1,015,010	$	—	$	3,047	$	1,018,057	$	1,105,248

December 31, 2021	Level 1		Level 2		Level 3		Fair Value		Carrying Value
Assets:
Cash equivalents:
Money market and other funds	$	144,255	$	—	$	—	$	144,255	$	144,255








Investment in Consensus	229,200		—		—		229,200		229,200
Total assets measured at fair value	$	373,455	$	—	$	—	$	373,455	$	373,455

Liabilities:
Contingent consideration	$	—	$	—	$	5,775	$	5,775	$	5,775
Debt	1,345,311		—		—		1,345,311		1,090,627
Total liabilities measured at fair value	$	1,345,311	$	—	$	5,775	$	1,351,086	$	1,096,402

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents a reconciliation of the Company’s Level 3 financial assets related to our investment in corporate debt securities that are measured at fair value on a recurring basis (in thousands):


	Level 3		Affected line item in the Statement of Operations
Balance as of January 1, 2022	$	—
Investment in corporate debt securities	15,000		Not applicable
Balance as of June 30, 2022	$	15,000

Reconciliation of Level 3 Financial Liabilities Measured on Recurring Basis

The following table presents a reconciliation of the Company’s Level 3 financial liabilities related to contingent consideration that are measured at fair value on a recurring basis (in thousands):


	Level 3		Affected line item in the Statement of Operations
Balance as of January 1, 2022	$	5,775
Contingent consideration	200
Total fair value adjustments reported in earnings	(9)		General and administrative
Contingent consideration payments	(2,919)		Not applicable
Balance as of June 30, 2022	$	3,047