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Fair Value of Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2023
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 2023:

(in thousands)
December 31, 2021$— 
New contingent consideration14,200 
Change in fair value of contingent consideration(4,400)
Balance at December 31, 20229,800 
Change in fair value of contingent consideration(9,200)
Balance at December 31, 2023$600 
Fair Value, Liabilities Measured on Recurring Basis
The following tables provide quantitative information associated with the fair value measurement of the Company’s liabilities for contingent consideration:

December 31, 2023
Contingency Type
Maximum Payout (1) (undiscounted) (in thousands)
Fair ValueValuation TechniqueUnobservable InputsWeighted Average or Range
Revenue based payments$5,600 $600 Monte CarloRevenue volatility25.0 %
Discount rate11.5 %
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.
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.