Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Financial Liabilities Measured at Fair Value on Recurring Basis

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

	2020		2019
Business acquisitions contingent consideration, current	$	49,902	$	8,614
Business acquisitions contingent consideration, long-term		4,565		379
Conversion option		20,886		—
Contingent put option		—		7,100
Warrant option		—		16,878
Total	$	75,353	$	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:

	Level 3
	Business Acquisitions Contingent Consideration, Current			Business Acquisitions Contingent Consideration, Long-term			Conversion Option			Contingent Put Option			Warrant Options			Subordinated Debt Embedded Derivative			Total
Balance—at January 1, 2018	$	1,345		$	—		$	—		$	—		$	—		$	2,647		$	3,992
Acquisitions		2,951			—			—			—			—			—			2,951
Changes in fair value included in earnings		(158	)		—			—			—			—			(352	)		(510	)
Payment of contingent consideration payable		(1,384	)		—			—			—			—			—			(1,384	)
Issuance of financial instruments		—			—			—			—			12,818			—			12,818
Write off of financial instruments		—			—			—			—			—			(2,295	)		(2,295	)
Balance—at December 31, 2018	$	2,754		$	—		$	—		$	—		$	12,818		$	—		$	15,572
Acquisitions		5,022			379			—			—			—			—			5,401
Changes in fair value included in earnings		1,392			—			—			7,100			4,060			—			12,552
Payment of contingent consideration payable		(554	)		—			—			—			—			—			(554	)
Balance—at December 31, 2019	$	8,614		$	379		$	—		$	7,100		$	16,878		$	—		$	32,971
Acquisitions		34,661			10,543			—			—			—			—			45,204
Series A-2 compound embedded option		—			—			(9,361	)		—			—			—			(9,361	)
Issuance of warrant option		—			—			—			—			30,097			—			30,097
Changes in fair value included in earnings		19,119			(6,177	)		30,247			(19,240	)		9,312			—			33,261
Payment of contingent consideration payable		(12,464	)		—			—			—			—			—			(12,464	)
Reclass of long term to short term contingent liabilities		180			(180	)		—			—			—			—			—
Write off of the contingent put option		—			—			—			12,140			—			—			12,140
Exercise of warrant options		—			—			—			—			(56,287	)		—			(56,287	)
Foreign currency translation of contingent consideration payment		(208	)		—			—			—			—			—			(208	)
Balance—at December 31, 2020	$	49,902		$	4,565		$	20,886		$	—		$	—		$	—		$	75,353

Summary of Fair Value of Warrant Options Associated with Issuance of Redeemable Preferred Stock

As of December 31, 2019, the fair value of the warrant options associated with the issuance of the Redeemable Series A-1 Preferred Stock and the Convertible and Redeemable Series A-2 Preferred Stock was calculated based on the Black-Sholes pricing model using the following assumptions:

Series A-1 Preferred Stock Warrant Option	July 30, 2020			December 31, 2019
Common stock value (per share)	$	22.22		$	31.60
Expected volatility		44.35	%		47.51	%
Risk-free interest rate		0.55	%		1.92	%
Expected life (years)		10			10

Series A-2 Preferred Stock Warrant Option	July 30, 2020			December 31, 2019
Common stock value (per share)	$	22.22		n/a
Expected volatility		44.35	%	n/a
Risk-free interest rate		0.55	%	n/a
Expected life (years)		10		n/a