v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 16 – Fair Value Measurements

The following table sets forth the Company’s assets and liabilities that were recognized at fair value (in thousands):

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Other Unobservable Inputs

 

 

 

 

March 31, 2026

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (1)

 

$

—

 

 

$

—

 

 

$

1,890

 

 

$

1,890

 

Total

 

$

—

 

 

$

—

 

 

$

1,890

 

 

$

1,890

 

 

 

 

Quoted Prices in Active Markets for Identical Assets

 

 

Significant Other Observable Inputs

 

 

Significant Other Unobservable Inputs

 

 

 

 

December 31, 2025

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration (1)

 

$

—

 

 

$

—

 

 

$

1,890

 

 

$

1,890

 

Total

 

$

—

 

 

$

—

 

 

$

1,890

 

 

$

1,890

 

(1) Contingent consideration is presented under other long-term liabilities in the condensed consolidated balance sheets.

Fair Value of Contingent Consideration:

The fair value measurement of contingent consideration is determined using Level 3 inputs. The Company’s contingent consideration represents a component of the total purchase consideration for the PropFlow Acquisition. The measurement is calculated using unobservable inputs based on the Company’s own assessment of achievement of certain performance goals. The Company estimated the fair value of the contingent consideration based on the Monte Carlo simulation model. Refer to Note 3 - Acquisitions for further discussion.

The following table summarizes the changes in the fair value of contingent consideration (in thousands):

 

 

Three Months Ended March 31, 2026

 

Beginning Balance

 

$

1,890

 

Fair value changes (1)

 

 

—

 

Ending Balance

 

$

1,890

 

(1) Fair value changes are presented under change in fair value of contingent consideration on the condensed consolidated statement of operations.

We did not have contingent consideration for the three months ended March 31, 2025.

Financial Instruments Not Carried at Fair Value:

The Company’s other financial instruments not carried at fair value consist primarily of debt instruments which are measured at carrying value. Refer to Note 2 - Summary of Significant Accounting Policies for further discussion.