v3.24.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for its financial assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023 and 2022 (in thousands):

 

Measured at NAV as of December 31, 2023:

 

 

Measured at Fair Value as of December 31, 2023:

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

372,912

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

372,912

 

Foreign exchange contracts

 

 

—

 

 

 

—

 

 

 

—

 

 

 

16

 

 

 

16

 

 

 

$

372,912

 

 

$

—

 

 

$

—

 

 

$

16

 

 

$

372,928

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,882

 

 

$

2,882

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

2,882

 

 

$

2,882

 

 

 

Measured at NAV as of December 31, 2022:

 

 

Measured at Fair Value as of December 31, 2022:

 

 

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

9,145

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

9,145

 

 

 

$

9,145

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

9,145

 

Financial Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign exchange contracts

 

$

—

 

 

$

—

 

 

$

—

 

 

$

133

 

 

$

133

 

Contingent consideration

 

 

—

 

 

 

—

 

 

 

—

 

 

 

1,332

 

 

 

1,332

 

 

$

—

 

 

$

—

 

 

$

—

 

 

$

1,465

 

 

$

1,465

 
Summary of Changes in the Carrying Value of the Contingent Consideration

The following table summarizes the changes in the carrying value of the contingent consideration for the years ended December 31, 2023, 2022 and 2021 (in thousands):

 

Year Ended December 31,

 

 

2023

 

 

2022

 

 

2021

 

Beginning balance

 

$

1,332

 

 

$

11,309

 

 

$

12,500

 

Additions

 

 

2,703

 

 

 

1,695

 

 

 

3,519

 

Change in fair value

 

 

380

 

 

 

(2,805

)

 

 

2,263

 

Contingent consideration paid*

 

 

(1,674

)

 

 

(8,664

)

 

 

(7,012

)

Foreign currency translation adjustment

 

 

141

 

 

 

(203

)

 

 

39

 

Ending balance

 

$

2,882

 

 

$

1,332

 

 

$

11,309

 

 

* For the years ended December 31, 2023 and 2021, contingent consideration paid has been bifurcated between the financing and operating sections of the consolidated statement of cash flows. Amounts paid up to the fair value initially recorded in purchase accounting is reported in the financing section of the consolidated statement of cash flows, while any excess is reported in the operating section of the consolidated statement of cash flows. For the year ended December 31, 2022, contingent consideration paid has been bifurcated among the investing, financing and operating sections of the consolidated statement of cash flows. Contingent consideration paid within three months after the acquisition date of Cohort Go is reported in the investing section of the consolidated statement of cash flows given the proximity to the acquisition date. Amounts paid up to the fair value initially recorded in purchase accounting is reported in the financing section of the consolidated statement of cash flows, while any excess is reported in the operating section of the consolidated statement of cash flows.
WPM [Member]  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration The following table presents the unobservable inputs incorporated into the valuation of contingent consideration related to the WPM acquisition as of December 31, 2022.

 

Year Ended December 31, 2022

 

Market price of risk adjustment for revenue

 

 

6.7

%

Revenue volatility

 

 

22.7

%

Probability of successful achievement*

 

0% - 100%

 

Performance period

 

1.25 years

 

 

 

* Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.

Cohort Go [Member]  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration The following table presents the unobservable inputs incorporated into the valuation of contingent consideration as of December 31, 2022.

 

Year Ended December 31, 2022

 

Discount rate

 

 

11.2

%

Probability of successful achievement*

 

75% - 100%

 

 

* Probability of successful achievement was set at different targets based on the Company’s best estimates on achieving them.
StudyLink [Member]  
Fair Value Measurement Inputs and Valuation Techniques [Line Items]  
Schedule of Unobservable Inputs Incorporated into the Valuation of Contingent Consideration The following table presents the unobservable inputs incorporated into the valuation of contingent consideration as of December 31, 2023.

 

Year Ended December 31, 2023

Discount rate

 

7.4% - 7.5%

Probability of successful achievement*

 

29% - 95%