Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Liabilities measured at fair value on a recurring basis

A summary of the Company’s liabilities measured at fair value on a recurring basis is as follows (in thousands):

	As of December 31, 2023								As of December 31, 2022
	Fair Value		Level 1		Level 2		Level 3		Fair Value		Level 1		Level 2		Level 3
Liabilities
Motto contingent consideration	$	2,170	$	—	$	—	$	2,170	$	3,710	$	—	$	—	$	3,710
Gadberry Group contingent consideration		590		—		—		590		817		—		—		817
Contingent consideration (a)	$	2,760	$	—	$	—	$	2,760	$	4,527	$	—	$	—	$	4,527

(a) Recorded as a component of “Accrued liabilities” and “Other liabilities, net of current portion” in the accompanying Consolidated Balance Sheets.

Reconciliation of the contingent consideration

The table below presents a reconciliation of the contingent consideration (in thousands):

	Total
Balance at January 1, 2022	$	5,780
Fair value adjustments		(133)
Cash payments		(1,120)
Balance at January 1, 2023	$	4,527
Fair value adjustments		(533)
Cash payments		(1,234)
Balance at December 31, 2023	$	2,760

Summary of carrying value and fair value of senior secured credit facility

The following table summarizes the carrying value and estimated fair value of the Senior Secured Credit Facility (in thousands):

	December 31, 2023				December 31, 2022
	Carrying Amount		Fair Value Level 2		Carrying Amount		Fair Value Level 2
Senior Secured Credit Facility	$	444,580	$	421,590	$	448,320	$	414,587