Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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):

	June 30,		December 31,
	2021		2020
Business acquisitions contingent consideration, current	$	30,152	$	49,902
Business acquisitions contingent consideration, long-term		1,000		4,565
Conversion option		22,006		20,886
Total	$	53,158	$	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:

	Compound Embedded Option			Business Acquisitions Contingent Consideration, Current			Business Acquisitions Contingent Consideration, Long-term			Conversion Option		Contingent Put Option		Warrant Options		Total Liabilities
Balance—at January 1, 2020	$	—		$	8,614		$	379		$	—	$	7,100	$	16,878	$	32,971
Series A-2 compound embedded option		9,361			—			—			—		—		—		(9,361	)
Issuance of warrant option		—			—			—			—		—		30,099		30,099
Acquisitions		—			34,451			10,543			—		—		—		44,994
Changes in fair value included in earnings		(756	)		5,608			(1,625	)		—		7,025		1		11,765
Payment of contingent consideration payable		—			(12,250	)		—			—		—		—		(12,250	)
Foreign currency translation of contingent consideration payment		—			(208	)		—			—		—		—		(208	)
Reclass of long term to short term contingent liabilities					180			(180	)								—
Balance—at June 30, 2020	$	8,605		$	36,395		$	9,117		$	—	$	14,125	$	46,978	$	98,010
	.
Balance—at January 1, 2021	$	—		$	49,902		$	4,565		$	20,886	$	—	$	—	$	75,353
Acquisitions		—			—			2,804			—		—		—		2,804
Changes in fair value included in earnings		—			13,774			10,261			1,120		—		—		25,155
Payment of contingent consideration payable		—			(50,154	)		—			—		—		—		(50,154	)
Reclass of long term to short term contingent liabilities					16,630			(16,630	)								—
Balance—at June 30, 2021	$	—		$	30,152		$	1,000		$	22,006	$	—	$	—	$	53,158

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:

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