v3.24.0.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Measurements  
Schedule of assets and liabilities measured at fair value on a recurring basis

The following table summarizes the carrying amount and estimated fair value of the Company’s financial instruments at December 31, 2023 and 2022 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2023

​

​

Carrying

​

Fair

​

Fair Value Measurements

​

​

Amount

​

Value

​

Level 1

​

Level 2

​

Level 3

Liabilities

​

​

​

​

​

​

​

​

​

​

Contingent consideration

$

126,216

$

126,216

$

—

$

—

$

126,216

​

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31, 2022

​

​

Carrying

​

Fair

​

Fair Value Measurements

​

​

Amount

​

Value

​

Level 1

​

Level 2

​

Level 3

Assets

​

​

​

​

​

​

​

​

​

​

Cash equivalents

$

212,577

$

212,577

$

212,577

$

—

$

—

Corporate bonds

​

193,633

​

193,633

​

—

​

193,633

​

—

U.S. Treasuries

​

1,139,310

​

1,139,310

​

1,139,310

​

—

​

—

Equity securities

​

134,836

​

134,836

​

134,836

​

—

​

—

​

​

​

​

​

​

​

​

​

​

​

Liabilities

​

​

​

​

​

​

​

​

​

​

Contingent consideration

​

116,165

​

116,165

​

—

​

—

​

116,165

Schedule of assets and liabilities measured at fair value on a recurring basis that have unobservable inputs

In the audited consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item, and is comprised of the following unobservable inputs for the year ended December 31, 2023:

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​

​

​

​

​

​

​

Financial Instrument

    

Fair Value

Valuation Technique

Unobservable Input

Range (weighted average)

Contingent Consideration

​

$

126,216

Scenario based method

Credit spread

13.61%

​

​

​

​

​

Discount rate

17.71% - 19.06%

​

​

​

126,216

​

​

​

​

In the audited consolidated balance sheets, contingent consideration is recorded in the contingent consideration, loss accrual for service contracts, and other liabilities financial statement line item, and is comprised of the following unobservable inputs for the year ended December 31, 2022:

​

​

​

​

​

​

​

​

Financial Instrument

    

Fair Value

Valuation Technique

Unobservable Input

Range (weighted average)

Contingent Consideration

​

$

85,269

Scenario based method

Credit spread

15.73% - 15.74%

​

​

​

​

​

Discount rate

19.85% - 20.68%

​

​

​

11,310

Monte carlo simulation

Credit spread

15.74%

​

​

​

​

​

Discount rate

20.00% - 20.30%

​

​

​

​

​

Revenue volatility

45.29%

​

​

​

19,586

Monte carlo simulation

Credit spread

15.73%

​

​

​

​

​

Revenue volatility

35.7% - 23.1% (35.0%)

​

​

​

​

​

Gross profit volatility

106.7% - 23.2% (60.0%)

​

​

​

116,165

​

​

​

Schedule of activity in the level 3 liabilities

The change in the carrying amount of Level 3 liabilities for the year ended December 31, 2023 was as follows (in thousands):

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​

​

​

​

​

    

Year Ended

​

​

December 31, 2023

Beginning balance at December 31, 2022

​

$

116,165

Cash payments

​

​

(13,000)

Payment settled in stock

​

​

(8,000)

Fair value adjustments

​

​

30,024

Foreign currency translation adjustment

​

 

1,027

Ending balance at December 31, 2023

​

$

126,216

​