Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Financial Liabilities Measured at Fair Value on Recurring Basis

The following financial liabilities are measured at fair value on a recurring basis using significant unobservable inputs (Level 3):

	March 31,		December 31,
	2021		2020
Business acquisitions contingent consideration, current	$	50,364	$	49,902
Business acquisitions contingent consideration, long-term		16,971		4,565
Conversion option		21,488		20,886
Total	$	88,823	$	75,353

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:

	Business Acquisitions Contingent Consideration, Current			Business Acquisitions Contingent Consideration, Long-term		Conversion Option		Contingent Put Option		Warrant Option			Total
Balance—at January 1, 2020	$	8,614		$	379	$	—	$	7,100	$	16,878		$	32,971
Changes in fair value included in earnings		—			—		—		29,627		(1	)		29,626
Payment of contingent consideration payable		(4,703	)		—		—		—		—			(4,703	)
Foreign currency translation of contingent consideration payment		(208	)		—		—		—		—			(208	)
Balance—at March 31, 2020	$	3,703		$	379	$	—	$	36,727	$	16,877		$	57,686

Balance—at January 1, 2021	$	49,902		$	4,565	$	20,886	$	—	$	—		$	75,353
Acquisitions		—			1,804		—		—		—			1,804
Changes in fair value included in earnings		462			10,602		602		—		—			11,666
Balance—at March 31, 2021	$	50,364		$	16,971	$	21,488	$	—	$	—		$	88,823

Summary of Fair Value of Warrant Options Associated with Issuance of Redeemable 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:

	March 31,
	2020
Common stock value (per share)	$	31.60
Expected volatility		35.93	%
Risk-free interest rate		0.70	%
Expected life (years)	10