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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy. Financial assets and financial liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement (in thousands):

 

 

As of December 31, 2022

 

 

 

Quoted

 

 

Significant

 

 

 

 

 

 

 

 

 

Prices in

 

 

Other

 

 

Significant

 

 

 

 

 

 

Active

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

Inputs

 

 

Total Fair

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

140,336

 

 

$

 

 

$

 

 

$

140,336

 

Total financial assets

 

$

140,336

 

 

$

 

 

$

 

 

$

140,336

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

 

 

$

 

 

$

 

 

$

 

Total financial liabilities

 

$

 

 

$

 

 

$

 

 

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2021

 

 

 

Quoted

 

 

Significant

 

 

 

 

 

 

 

 

 

Prices in

 

 

Other

 

 

Significant

 

 

 

 

 

 

Active

 

 

Observable

 

 

Unobservable

 

 

 

 

 

 

Markets

 

 

Inputs

 

 

Inputs

 

 

Total Fair

 

 

 

(Level 1)

 

 

(Level 2)

 

 

(Level 3)

 

 

Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

409,692

 

 

$

 

 

$

 

 

$

409,692

 

Total financial assets

 

$

409,692

 

 

$

 

 

$

 

 

$

409,692

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

 

 

$

 

 

$

59

 

 

$

59

 

Total financial liabilities

 

$

 

 

$

 

 

$

59

 

 

$

59

 

Summary of Changes in Level 3 Financial Instruments

The following table summarizes the changes in Level 3 financial instruments (in thousands):

Fair value at December 31, 2020

 

$

10,619

 

Contingent consideration from RedSky acquisition

 

 

9,135

 

Contingent consideration from Anvil acquisition

 

 

60

 

Change in fair value of contingent consideration
   obligation from SnapComms acquisition

 

 

709

 

Change in fair value of contingent consideration
   obligation from one2many acquisition

 

 

408

 

Change in fair value of contingent consideration
   obligation from RedSky acquisition

 

 

(8,163

)

Payment for SnapComms acquisition

 

 

(720

)

Payment for one2many acquisition

 

 

(10,679

)

Payment for RedSky acquisition

 

 

(972

)

Foreign currency translation

 

 

(338

)

Fair value at December 31, 2021

 

 

59

 

Change in fair value of contingent consideration
   obligation from Anvil acquisition

 

 

(57

)

Foreign currency translation

 

 

(2

)

Fair value at December 31, 2022

 

$