Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2020

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 at June 30, 2020 and December 31, 2019 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 June 30, 2020
	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	$	456,455	$	—	$	—	$	456,455
Total financial assets	$	456,455	$	—	$	—	$	456,455
Liabilities:
Contingent consideration	$	—	$	—	$	4,292	$	4,292
Derivative instruments - acquisition-related deferred common stock consideration		—		938		—		938
Total financial liabilities	$	—	$	938	$	4,292	$	5,230

	As of December 31, 2019
	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	$	511,436	$	—	$	—	$	511,436
Total financial assets	$	511,436	$	—	$	—	$	511,436

Summary of Changes in Level 3 Financial Instruments

The following tables summarize the changes in Level 3 financial instruments (in thousands):

Fair value at December 31, 2018	$	—
Addition from MissionMode acquisition		550
Fair value at June 30, 2019	$	550


Fair value at December 31, 2019	$	—
Addition from Connexient acquisition		340
Addition from one2many acquisition		2,190
Fair value at March 31, 2020		2,530
Adjustment for Connexient acquisition		(340	)
Addition from Techwan acquisition		2,030
Foreign currency translation		72
Fair value at June 30, 2020	$	4,292