Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

As of June 30, 2020 and December 31, 2019, the following financial assets and liabilities are measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

	June 30,		December 31,
Level 3 Assets	2020		2019
Compound embedded option	$	8,605	$	—

Level 3 Liabilities
Contingent consideration payable, current	$	36,395	$	8,614
Contingent consideration payable, long term		9,117		379
Contingent put option		14,125		7,100
Warrant options		46,978		16,878
Total	$	98,010	$	32,971

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis for the six months ended June 30, 2020 and June 30, 2019:

	Level 3
	Assets			Liabilities
	Compound Embedded Option			Contingent Consideration Current⁽¹⁾			Contingent Consideration Long Term⁽²⁾			Contingent Put Option		Warrant Options		Total
Balance—at December 31, 2018	$	—		$	2,754		$	—		$	—	$	12,818	$	15,572
Acquisitions		—			31			—			—		—		31
Changes in fair value included in earnings		—			(926	)		—			—		1,549		623
Balance—at June 30, 2019	$	—		$	1,859		$	—		$	—	$	14,367	$	16,226

Balance—at December 31, 2019	$	—		$	8,614		$	379		$	7,100	$	16,878	$	32,971
Payment of contingent consideration payable		—			(12,250	)		—			—		—		(12,250	)
Foreign currency translation of contingent consideration payment		—			(208	)		—			—		—		(208	)
Acquisitions					34,451			10,543							44,994
Series A-2 compound embedded option		9,361			—			—			—		—		(9,361	)
Issuance of warrant option		—			—			—			—		30,099		30,099
Reclass of long term to short term contingent liabilities		—			180			(180	)		—		—		—
Changes in fair value included in earnings		(756	)		5,608			(1,625	)		7,025		1		11,765
Balance—at June 30, 2020	$	8,605		$	36,395		$	9,117		$	14,125	$	46,978	$	98,010

(1)	Current portion of the contingent consideration is recorded in accounts payable and other accrued liabilities.

(2)	Long term portion of the contingent consideration is recorded in other non-current liabilities.

Summary of Fair Value of Warrant Options Associated with Issuance of Redeemable Series A-1 Preferred Stock

The fair value of the warrant option associated with the issuance of the Redeemable Series A-1 Preferred Stock was calculated based on the Black-Sholes pricing model using the following assumptions:

	June 30,
	2020			2019
Common stock value (per share)	$	31.60		$	26.90
Expected volatility		43.64	%		49.17	%
Risk-free interest rate		0.66	%		2.00	%
Expected life (years)		10			10