Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurement Inputs and Valuation Techniques

The weighted averages below are a product of the unobservable input and fair value of the contingent consideration arrangement as of December 31, 2021.

	Valuation Technique	Unobservable Input	Range	Weighted Average
Contingent Consideration	Option-Based Model	Risk free rate	1.9% - 2.2%	2.0	%
		Debt spread	0.0% - 74.7%	13.6	%
		Probabilities	10.0% - 100.0%	80.5	%
		Present value factor	2.2% - 26.9%	19.0	%
		Discount rate	27.3% - 38.0%	30.7	%

Fair Values of Financial Instruments Measured On Recurring Basis

The following tables present the fair values of the Company’s financial assets or liabilities that are measured at fair value on a recurring basis (in thousands):

December 31, 2022	Level 1		Level 2		Level 3		Fair Value		Carrying Value
Assets:
Cash equivalents:
Money market and other funds	$	312,010	$	—	$	—	$	312,010	$	312,010
Investment in corporate debt securities	—		—		15,586		15,586		15,586
Investment in Consensus	58,421		—		—		58,421		58,421
Total assets measured at fair value	$	370,431	$	—	$	15,586	$	386,017	$	386,017
Liabilities:
Contingent consideration	$	—	$	—	$	555	$	555	$	555
Debt	939,319		—		—		939,319		999,053
Total liabilities measured at fair value	$	939,319	$	—	$	555	$	939,874	$	999,608

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

Reconciliation of Level 3 Financial Assets Measured on Recurring Basis

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	15,586		Not applicable
Balance as of December 31, 2022	$	15,586

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, 2021	$	5,022
Contingent consideration	4,713
Total fair value adjustments reported in earnings	(1,910)		General and administrative
Contingent consideration payments	(2,050)		Not applicable
Balance as of December 31, 2021	$	5,775
Contingent consideration	555
Total fair value adjustments reported in earnings	(2,575)		General and administrative
Contingent consideration payments	(3,200)		Not applicable
Balance as of December 31, 2022	$	555