Quarterly report pursuant to Section 13 or 15(d)

Investments and Fair Value Measurements (Tables)

v3.23.3
Investments and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Changes in Fair Value of Estimated Contingent Consideration

The following table represents changes in the fair value of estimated contingent consideration for the year ended December 31, 2022, and the three and nine months ended September 30, 2023:

 

Balance at January 1, 2022

 

$

17,963

 

Additions to estimated contingent consideration

 

 

—

 

Payments of contingent consideration

 

 

(5,717

)

Non-cash changes in fair value of estimated contingent consideration

 

 

(12,080

)

Balance at December 31, 2022

 

$

166

 

Additions to estimated contingent consideration

 

 

—

 

Payments of contingent consideration

 

 

—

 

Non-cash changes in fair value of estimated contingent consideration

 

 

—

 

Balance at March 31, 2023

 

 

166

 

Additions to estimated contingent consideration

 

 

—

 

Payments of contingent consideration

 

 

(100

)

Non-cash changes in fair value of estimated contingent consideration

 

 

(2

)

Balance at June 30, 2023

 

 

64

 

Additions to estimated contingent consideration

 

 

—

 

Payments of contingent consideration

 

 

—

 

Non-cash changes in fair value of estimated contingent consideration

 

 

—

 

Balance at September 30, 2023

 

$

64

 
Schedule of Inputs Used in Fair Value Measurement of Estimated Contingent Consideration

Inputs used in the fair value measurement of estimated contingent consideration at December 31, 2022 is summarized below:

 

Monte Carlo Simulation Model

 

December 31,
2022

 

 

Fair Value
Hierarchy

Fair Value

 

$

166

 

 

Level 3

Forecasted growth rate

 

 

1.20

%

 

 

Discount rate

 

 

14.80

%

 

 
Category of Financial Instruments Not Held at Fair Value

At September 30, 2023 and December 31, 2022, financial instruments that are not held at fair value are categorized in the table below:

 

 

September 30, 2023

 

 

December 31, 2022

 

 

 

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Carrying
Amount

 

 

Fair
Value

 

 

Fair Value
Hierarchy

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

58,867

 

 

$

58,867

 

 

$

77,432

 

 

$

77,432

 

 

Level 1

(1)

Investments

 

$

146

 

 

$

146

 

 

$

146

 

 

$

146

 

 

N/A

(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowings under credit facility

 

$

3,600

 

 

$

3,600

 

 

$

6,300

 

 

$

6,300

 

 

Level 2

(3)

 

(1)
Includes $1,467 and $1,416 of cash equivalents at September 30, 2023 and December 31, 2022, respectively, that fall under Level 1 in the fair value hierarchy.
(2)
Investments consist of the Company’s equity method investments in affiliated investment funds which have been established and managed by the Company and its affiliates. Fair value of investments is based on the net asset value of the affiliated investment funds which is a practical expedient for fair value, which is not included in the fair value hierarchy under GAAP.
(3)
The carrying value of borrowings under the revolving credit agreement approximates fair value, which is determined based on interest rates currently available to the Company for similar debt and the weighted average cost of capital of the Company.