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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of the Significant Assumptions Used for the Fair Value Measurement of the Contingent Consideration Liability The following is the summary of the significant assumptions used for the fair value measurement of the contingent consideration liability as of March 31, 2024 and December 31, 2023.

Valuation Technique

 

Range of Significant Assumptions

 

 

 

 

March 31, 2024

 

December 31, 2023

Probability-weighted analysis

 

Probability

 

0% - 100%

 

0% - 100%

 based earn-outs

 

Discount rate

 

9.7%

 

9.7%

 

Schedule of Location of the Interest Rate Swap

The following table summarizes the location of the interest rate swap in the unaudited consolidated balance sheets:

 

 

Consolidated balance sheets location

 

March 31, 2024

 

 

December 31, 2023

 

Interest rate swap

 

Other noncurrent assets

 

$

3,913

 

 

$

2,931

 

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis:

 

 

March 31, 2024

 

 

December 31, 2023

 

Assets Measured at Fair Value

 

 

 

 

 

 

Money market funds

 

$

28,487

 

 

$

64,766

 

Level 1

 

$

28,487

 

 

$

64,766

 

Interest rate swap asset

 

$

3,913

 

 

$

2,931

 

Level 2

 

$

3,913

 

 

$

2,931

 

Total assets measured at fair value

 

$

32,400

 

 

$

67,697

 

 

 

 

 

 

 

 

Liabilities Measured at Fair Value

 

 

 

 

 

 

Contingent consideration liability:

 

 

 

 

 

 

Beginning balance

 

$

8,169

 

 

$

17,824

 

Additions related to acquisitions

 

 

 

 

 

1,985

 

Payments of contingent consideration

 

 

(1,700

)

 

 

(7,668

)

Gain on remeasurement

 

 

(2,015

)

 

 

(3,972

)

Ending balance

 

 

4,454

 

 

 

8,169

 

Level 3

 

$

4,454

 

 

$

8,169

 

Total liabilities measured at fair value

 

$

4,454

 

 

$

8,169