Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities that are Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and their assigned levels within the valuation hierarchy as of the periods presented:

	March 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents from money market funds	$	13,600	$	—	$	—	$	13,600
Interest rate swaps	$	—	$	1,952	$	—	$	1,952
Liabilities
Interest rate swaps	—		2,061		—		2,061
Contingent consideration	—		—		9,739		9,739

	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents from money market funds	11,593		—		—		11,593
Interest rate swaps	—		1,187		—		1,187
Liabilities
Interest rate swaps	—		5,357		—		5,357
Contingent consideration	$	—	$	—	$	2,989	$	2,989

Schedule of Fair Value of the Level 3 Liabilities with Significant Unobservable Inputs

The following table summarizes the change in fair value of the Level 3 liabilities with significant unobservable inputs for the periods presented:

	Three Months Ended March 31,
(in thousands)	2024		2023
Fair value of contingent consideration, beginning of period	$	2,989	$	1,219
Acquired liabilities	2,750		4,706
Cash payments	—		—
Change in fair value of contingent consideration, net(1)	4,000		(305)
Fair value of contingent consideration, end of period(2)	$	9,739	$	5,620

_________________________

(1)During the three months ended March 31, 2024, the Company recorded a $4.0 million increase in the fair value of the contingent consideration, in accordance with the purchase agreement with EBI. Refer to Note 2. Summary of Significant Accounting Policies” for further information regarding this out-of-period adjustment.

(2)Recorded in Other current liabilities on the condensed consolidated balance sheets.