Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value

Schedule of fair value measurements of liabilities measured at fair value on recurring basis

The following table details the fair value measurements of assets and liabilities that are measured at fair value on a recurring basis:

	Fair Value Measurement at March 31, 2022
							Total
	Level 1		Level 2		Level 3		Fair Value
Assets
Money market mutual funds	$	5,041	$	—	$	—	$	5,041
Debt securities:
U.S. Treasuries		3,519		—		—		3,519
Obligations of states and municipalities		—		9,413		—		9,413
Corporate bonds		—		29,052		—		29,052
Residential and commercial mortgage-backed securities		—		14,647		—		14,647
Other loan-backed and structured securities		—		8,696		—		8,696
	$	8,560	$	61,808	$	—	$	70,368
Liabilities
Contingent consideration - business combinations	$	—	$	—	$	12,822	$	12,822
Contingent consideration - earnout		—		—		2,687		2,687
Private warrant liability		—		—		5,004		5,004
	$	—	$	—	$	20,513	$	20,513

	Fair Value Measurement at December 31, 2021
							Total
	Level 1		Level 2		Level 3		Fair Value
Assets
Money market mutual funds		17,318	$	—	$	—	$	17,318
Debt securities:
U.S. Treasuries		5,417		—		—		5,417
Obligations of states and municipalities		—		8,850		—		8,850
Corporate bonds		—		31,425		—		31,425
Residential and commercial mortgage-backed securities		—		14,282		—		14,282
Other loan-backed and structured securities		—		7,601		—		7,601
	$	22,735	$	62,158	$	—	$	84,893
Liabilities
Contingent consideration - business combinations	$	—	$	—	$	9,617	$	9,617
Contingent consideration - earnout		—		—		13,866		13,866
Private warrant liability		—		—		15,193		15,193
	$	—	$	—	$	38,676	$	38,676

Schedule of Level 3 items measured at fair value on a recurring basis

			Contingent
	Contingent		Consideration -		Private
	Consideration -		Business		Warrant
	Earnout		Combinations		Liability
Fair value as of January 1, 2022	$	13,866	$	9,617	$	15,193
Additions		—		—		—
Settlements		—		—		—
Change in fair value, loss (gain) included in net loss(1)		(11,179)		3,205		(10,189)
Fair value as of March 31, 2022	$	2,687	$	12,822	$	5,004

			Contingent
	Contingent		Consideration -		Private
	Consideration -		Business		Warrant
	Earnout		Combinations		Liability
Fair value as of January 1, 2021	$	50,238	$	3,549	$	31,534
Additions		—		1,737		—
Settlements		(25,815)		(2,062)		—
Change in fair value, loss (gain) included in net loss(1)		18,770		(355)		15,910
Fair value as of March 31, 2021	$	43,193	$	2,869	$	47,444

(1) Changes in fair value of contingent consideration related to business combinations are included in general and administrative expenses in the unaudited condensed consolidated statements of operations. Changes in fair value of the earnout contingent consideration and private warrant liability are disclosed separately in the unaudited condensed consolidated statements of operations.