Schedule of assets and liabilities measured at fair value on a recurring basis |
| | | | | | | | | | | | | | | Fair Value Measurements Using | As of June 30, 2025 (unaudited) | | Fair Value | | Prices in active markets for identical assets (Level 1) | | Significant other observable inputs (Level 2) | | Significant unobservable inputs (Level 3) | Money Market Funds | | $ | 252,658 | | $ | 252,658 | | $ | — | | $ | — | ecosio Cash Earn-outs | | | 77,900 | | | — | | | — | | | 77,900 | ecosio Stock Earn-outs | | | 32,200 | | | — | | | — | | | 32,200 | Long-Term Investment (See Note 3) | | | 15,000 | | | — | | | — | | | 15,000 | | | | | | | | | | | | | | | | Fair Value Measurements Using | As of December 31, 2024 | | Fair Value | | Prices in active markets for identical assets (Level 1) | | Significant other observable inputs (Level 2) | | Significant unobservable inputs (Level 3) | Money Market Funds | | $ | 276,374 | | $ | 276,374 | | $ | — | | $ | — | Commercial Paper | | | 4,920 | | | — | | | 4,920 | | | — | Corporate Bonds | | | 250 | | | — | | | 250 | | | — | U.S. Treasury Securities | | | 5,983 | | | — | | | 5,983 | | | — | ecosio Cash Earn-outs | | | 74,400 | | | — | | | — | | | 74,400 | ecosio Stock Earn-outs | | | 48,100 | | | — | | | — | | | 48,100 |
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Schedule of additional information on Cash and Stock Earn-outs |
| | | | | | | | | | | | Maximum | | Fair Value | | Fair Value | Cash Earn-outs/ Period (unaudited) | | Payout | | June 30, 2025 | | December 31, 2024 | Year 1 - December 1, 2024 - December 1, 2025 | | $ | 19,600 | | $ | 18,400 | | $ | 17,900 | Year 2 - December 1, 2025 - December 1, 2026 | | | 30,625 | | | 25,900 | | | 24,400 | Year 3 - December 1, 2026 - December 1, 2027 | | | 44,130 | | | 33,600 | | | 32,100 | Total Cash Earn-outs | | $ | 94,355 | | $ | 77,900 | | $ | 74,400 | | | Maximum | | Fair Value | | Fair Value | Stock Earn-outs/ Period (unaudited) | | Payout (1) | | June 30, 2025 | | December 31, 2024 | Year 1 - December 1, 2024 - December 1, 2025 | | $ | 12,000 | | $ | 11,500 | | $ | 17,200 | Year 2 - December 1, 2025 - December 1, 2026 | | | 12,000 | | | 11,000 | | | 16,300 | Year 3 - December 1, 2026 - December 1, 2027 | | | 11,000 | | | 9,700 | | | 14,600 | Total Stock Earn-outs | | $ | 35,000 | | $ | 32,200 | | $ | 48,100 | (1) Maximum payout based on Vertex's August 6, 2024 opening share price of $37.02, as referenced in the purchase agreement. | | | | | | | | | | |
| | | | | | | | | | | | | As of June 30, 2025 | | As of December 31, 2024 | | (unaudited) | | | | | | | | Current (1) | | Non-Current (2) | | Current (1) | | Non-Current (2) | Cash Earn-outs | $ | 18,400 | | $ | 59,500 | | $ | 17,900 | | $ | 56,500 | Stock Earn-outs | | 11,500 | | | 20,700 | | | 17,200 | | | 30,900 | Total | $ | 29,900 | | $ | 80,200 | | $ | 35,100 | | $ | 87,400 | | (1) Included in purchase commitment and contingent consideration liabilities, current. | (2) Included in purchase commitment and contingent consideration liabilities, net of current portion. |
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Summary of changes in the fair value of the Company's level 3 liabilities |
| | | | | | | | | | | | ecosio | | | | | | Contingent Consideration | | | Kintsugi | | | Cash Earn-outs | | Stock Earn-outs | | | Long-term Investment | | | | (unaudited) | | | (unaudited) | Balance, January 1, 2025 | | $ | 74,400 | | $ | 48,100 | | $ | — | Initial measurement | | | — | | | — | | | 15,000 | Fair value adjustments | | | 3,500 | | | (15,900) | | | — | Balance, June 30, 2025 | | $ | 77,900 | | $ | 32,200 | | $ | 15,000 |
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Summary of fair value of contingent consideration and unobservable inputs used for the Monte Carlo Simulation valuation |
| | | | | | | | | | | | | | | | June 30, 2025 (unaudited) | Liabilities | | Fair Value | | | Valuation Technique | | | Unobservable Inputs | ecosio Contingent Consideration - Cash Earn-outs | | $ | 77,900 | | | Monte Carlo Simulation | | | Revenue volatility | | | 24.0 | % | | | | | | | | | | Revenue discount rate | | | 7.4 | % | | | | | | | | | | Term (in years) | | | 2.7 | | | | | | | | | | | | | | | | ecosio Contingent Consideration - Stock Earn-outs | | $ | 32,200 | | | Monte Carlo Simulation | | | Revenue volatility | | | 24.0 | % | | | | | | | | | | Revenue discount rate | | | 7.4 | % | | | | | | | | | | Term (in years) | | | 2.7 | | | | | | | | | | | | | | | | | | December 31, 2024 | Liabilities | | Fair Value | | | Valuation Technique | | | Unobservable Inputs | ecosio Contingent Consideration - Cash Earn-outs | | $ | 74,400 | | | Monte Carlo Simulation | | | Revenue volatility | | | 21.0 | % | | | | | | | | | | Revenue discount rate | | | 7.7 | % | | | | | | | | | | Term (in years) | | | 3.2 | | | | | | | | | | | | | | | | ecosio Contingent Consideration - Stock Earn-outs | | $ | 48,100 | | | Monte Carlo Simulation | | | Revenue volatility | | | 21.0 | % | | | | | | | | | | Revenue discount rate | | | 7.7 | % | | | | | | | | | | Term (in years) | | | 3.2 | |
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