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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
Summary of Changes in Fair Value of the Company's Level 3 Liabilities , That Are Measured Using Significant Unobservable Inputs (Level 3)
The following table presents the changes in the estimated fair values of the Company’s liabilities for contingent consideration measured using significant unobservable inputs (Level 3) for fiscal year 2022:

(in thousands)
Balance at December 31, 2021$— 
New contingent consideration14,200 
Change in fair value of contingent consideration(4,400)
Balance at December 31, 2022$9,800 
Fair Value, Liabilities Measured on Recurring Basis
The following tables provides quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration:

December 31, 2022
Contingency Type
Maximum Payout (1) (undiscounted) (in thousands)
Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue and EBITDA based payments$33,900 $9,800 Monte CarloRevenue volatility25.0 %
Gross profit volatility40.0 %
Discount rate13.5 %
Projected year of payments2024
(1) Maximum payout as determined by Monte Carlo valuation simulation; the disclosed contingency is not subject to a contractual maximum payout.