Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 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):

	September 30,		December 31,
	2021		2020
Business acquisitions contingent consideration, current	$	31,152	$	49,902
Business acquisitions contingent consideration, long-term		4,200		4,565
Conversion option		22,537		20,886
Total	$	57,889	$	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		—			—			—			—		—			30,097		$	30,097
Acquisitions		—			34,661			10,543			—		—			—		$	45,204
Changes in fair value included in earnings		27,420			18,387			(1,000	)		—		(19,240	)		9,312		$	34,879
Payment of contingent consideration payable		—			(12,464	)		—			—		—			—		$	(12,464	)
Foreign currency translation of contingent consideration payment		—			(208	)		—			—		—			—		$	(208	)
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	)
Balance—at September 30, 2020	$	18,059		$	49,170		$	9,742		$	—	$	—		$	—		$	76,971
	.
Balance—at January 1, 2021	$	—		$	49,902		$	4,565		$	20,886	$	—		$	—		$	75,353
Acquisitions		—			1,000			6,004			—		—			—			7,004
Changes in fair value included in earnings		—			13,774			10,261			1,651		—			—			25,686
Payment of contingent consideration payable		—			(50,154	)		—			—		—			—			(50,154	)
Reclass of long term to short term contingent liabilities					16,630			(16,630	)										—
Balance—at September 30, 2021	$	—		$	31,152		$	4,200		$	22,537	$	—		$	—		$	57,889

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:

	July 30,
	2020
Common stock value (per share)	$	22.22
Expected volatility		44.35	%
Risk-free interest rate		0.55	%
Expected life (years)	10