Fair Value (Tables)

12 Months Ended

Dec. 31, 2023

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 as of December 31, 2023
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Money market mutual funds	$	165,744	$	—	$	—	$	165,744
Debt securities:
U.S. Treasuries	43,696		—		—		43,696
Obligations of states, municipalities and political subdivisions	—		17,420		—		17,420
Corporate bonds	—		50,041		—		50,041
Residential and commercial mortgage-backed securities	—		24,601		—		24,601
Other loan-backed and structured securities	—		3,418		—		3,418
	$	209,440	$	95,480	$	—	$	304,920
Liabilities
Contingent consideration - business combinations (1)	$	—	$	—	$	18,455	$	18,455

Private warrant liability	—		—		1,151		1,151
Embedded derivatives	—		—		28,131		28,131
	$	—	$	—	$	47,737	$	47,737


	Fair Value Measurement as of December 31, 2022
	Level 1		Level 2		Level 3		Total Fair Value
Assets
Money market mutual funds	$	6,619	$	—	$	—	$	6,619
Debt securities:
U.S. Treasuries	35,322		—		—		35,322
Obligations of states, municipalities and political subdivisions	—		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 (2)	$	—	$	—	$	24,546	$	24,546
Contingent consideration - earnout	—		—		44		44
Private warrant liability	—		—		707		707
	$	—	$	—	$	25,297	$	25,297

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(1)The Consolidated Balance Sheets include $14.8 million in accrued expenses and other current liabilities and $3.7 million in other liabilities as of December 31, 2023, for contingent consideration related to business combinations.

(2)The Consolidated Balance Sheets include $1.4 million in accrued expenses and other current liabilities and $23.2 million in other liabilities as of December 31, 2022, for contingent consideration related to business combinations.

Schedule of Level 3 Items Measured at Fair Value on a Recurring Basis

The changes for Level 3 items measured at fair value on a recurring basis using significant unobservable inputs are as follows:


	Contingent Consideration - Earnout		Contingent Consideration - Business Combinations		Embedded Derivatives		Private Warrant Liability
Fair value as of December 31, 2022	$	44	$	24,546	$	—	$	707
Additions	—		—		23,870		—
Settlements	—		(427)		—		—
Change in fair value, loss (gain) included in net loss(1)	(44)		(5,664)		4,261		444
Fair value as of December 31, 2023	$	—	$	18,455	$	28,131	$	1,151


	Contingent Consideration - Earnout		Contingent Consideration - Business Combinations		Private Warrant Liability
Fair value as of December 31, 2021	$	13,866	$	9,617	$	15,193
Additions	—		8,700		—
Settlements	—		(715)		—
Change in fair value, loss (gain) included in net loss(1)	(13,822)		6,944		(14,486)
Fair value as of December 31, 2022	$	44	$	24,546	$	707

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(1)Changes in fair value of contingent consideration related to business combinations are included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. Changes in fair value of the earnout contingent consideration and private warrant liability are disclosed separately in the Consolidated Statements of Operations and Comprehensive Loss. Changes in the fair value of the embedded derivatives are included in change in fair value of derivatives in the Consolidated Statements of Operations and Comprehensive Loss.