Fair Value (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value

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

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

	Fair Value Measurement as of June 30, 2023
							Total
	Level 1		Level 2		Level 3		Fair Value
Assets
Money market mutual funds	$	74,073	$	—	$	—	$	74,073
Debt securities:
U.S. Treasuries		28,047		—		—		28,047
Obligations of states and municipalities		—		10,672		—		10,672
Corporate bonds		—		32,395		—		32,395
Residential and commercial mortgage-backed securities		—		16,295		—		16,295
Other loan-backed and structured securities		—		5,321		—		5,321
	$	102,120	$	64,683	$	—	$	166,803
Liabilities, Noncurrent
Contingent consideration - business combinations	$	—	$	—	$	21,328	$	21,328
Contingent consideration - earnout		—		—		44		44
Private warrant liability		—		—		347		347
Embedded derivatives		—		—		26,820		26,820
	$	—	$	—	$	48,539	$	48,539

	Fair Value Measurement as of December 31, 2022
							Total
	Level 1		Level 2		Level 3		Fair Value
Assets
Money market mutual funds	$	6,619	$	—	$	—	$	6,619
Debt securities:
U.S. Treasuries		35,322		—		—		35,322
Obligations of states and municipalities		—		10,225		—		10,225
Corporate bonds		—		28,227		—		28,227
Residential and commercial mortgage-backed securities		—		11,533		—		11,533
Other loan-backed and structured securities		—		6,334		—		6,334
	$	41,941	$	56,319	$	—	$	98,260
Liabilities
Contingent consideration - business combinations	$	—	$	—	$	24,546	$	24,546
Contingent consideration - earnout		—		—		44		44
Private warrant liability		—		—		707		707
	$	—	$	—	$	25,297	$	25,297

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

			Contingent
	Contingent		Consideration -				Private
	Consideration -		Business		Embedded		Warrant
	Earnout		Combinations		Derivatives		Liability
Fair value as of December 31, 2022	$	44	$	24,546	$	—	$	707
Additions		—		—		23,870		—
Settlements		—		(408)		—		—
Change in fair value, loss (gain) included in net loss(1)		—		(2,810)		2,950		(360)
Fair value as of June 30, 2023	$	44	$	21,328	$	26,820	$	347

			Contingent
	Contingent		Consideration -		Private
	Consideration -		Business		Warrant
	Earnout		Combinations		Liability
Fair value as of December 31, 2021	$	13,866	$	9,617	$	15,193
Additions		—		15,555		—
Settlements		—		—		—
Change in fair value, loss (gain) included in net loss(1)		(13,766)		4,686		(14,267)
Fair value as of June 30, 2022	$	100	$	29,858	$	926

(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. Changes in the fair value of the embedded derivatives are included in change in fair value of derivatives in the unaudited condensed consolidated statements of operations.