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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 (in thousands):

 

Measured at NAV as of
March 31, 2023:

 

 

Measured at Fair Value as of March 31, 2023:

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

770

 

 

$

 

 

$

 

 

$

 

 

$

770

 

Foreign exchange contracts

 

 

 

 

 

 

 

 

 

 

 

91

 

 

 

91

 

 

 

$

770

 

 

$

 

 

$

 

 

$

91

 

 

$

861

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

 

 

$

 

 

$

 

 

$

41

 

 

$

41

 

 

 

$

 

 

$

 

 

$

 

 

$

41

 

 

$

41

 

 

 

 

Measured at NAV as of December 31, 2022:

 

 

Measured at Fair Value as of December 31, 2022:

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,145

 

 

$

 

 

$

 

 

$

 

 

$

9,145

 

 

 

$

9,145

 

 

$

 

 

$

 

 

$

 

 

$

9,145

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

 

 

$

 

 

$

 

 

$

133

 

 

$

133

 

Contingent consideration

 

 

 

 

 

 

 

 

 

 

 

1,332

 

 

 

1,332

 

 

 

$

 

 

$

 

 

$

 

 

$

1,465

 

 

$

1,465

 

Summary of Changes in the Carrying Value of the Contingent Consideration The following table summarizes the changes in the carrying value of the contingent consideration for the three months ended March 31, 2023 and 2022 (in thousands):

 

 

Three Months Ended March 31,

 

 

2023

 

 

2022

 

Beginning balance

 

$

1,332

 

 

$

11,309

 

Additions

 

 

2

 

 

 

 

Change in fair value

 

 

410

 

 

 

(70

)

Contingent consideration paid *

 

 

(1,674

)

 

 

(7,844

)

Foreign currency translation adjustment

 

 

(29

)

 

 

(95

)

Ending balance

 

$

41

 

 

$

3,300

 

* For the three months ended March 31, 2023 and 2022, contingent consideration paid related to the acquisition of Cohort Go and Simplificare Inc. (Simplee) have been bifurcated between the financing and operating sections of the condensed consolidated statement of cash flows. Amounts paid up to the fair value initially recorded in purchase accounting is reported in the financing section of the condensed consolidated statement of cash flows, while any excess is reported in the operating section of the condensed consolidated statement of cash flows.

WPM [Member]  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration The following table presents the unobservable inputs incorporated into the valuation of contingent consideration related to the WPM acquisition as of December 31, 2022. As of March 31, 2023, the Company expects a potential contingent consideration payment of less than $0.1 million will be payable with respect to the WPM acquisition.

 

 

December 31,
2022

 

Market price of risk adjustment for revenue

 

 

6.7

%

Revenue volatility

 

 

22.7

%

Probability of successful achievement*

 

0% - 100%

 

Performance period

 

1.25 years

 

 

* Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.

Cohort Go [Member]  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration The following table presents the unobservable inputs incorporated into the valuation of contingent consideration related to the Cohort Go acquisition as of December 31, 2022.

 

 

December 31,
2022

 

Discount rate

 

 

11.2

%

Probability of successful achievement *

 

75% - 100%

 

 

* Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.