v3.26.1
Fair value
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Fair value Fair value
Estimates of fair value of financial instruments not carried at fair value on a recurring basis are generally subjective in nature, and are determined as of a specific point in time based on the characteristics of the financial instruments and relevant market information. The Company’s financial assets and liabilities are generally short-term in nature; therefore, the carrying value of these items approximates their fair value. The following table summarizes certain fair value information as of June 30, 2026 and
December 31, 2025 for financial assets and liabilities measured at fair value on a recurring basis, as well as estimated fair values of certain other financial assets and liabilities not measured on a recurring basis:
Fair Value Hierarchy
BalanceEstimated Fair ValueLevel 1Level 2Level 3
(in thousands)
June 30, 2026
Financial Assets:
Cash equivalents:
Money market funds
$234,309 $234,309 $234,309 $— $— 
Long-term investments:
Non-marketable equity securities(1)
$1,250 
Financial Liabilities:
Contingent consideration payable
$1,654 $1,654 $— $— $1,654 
 Foreign exchange derivative liabilities$390 $390 $— $390 $— 
December 31, 2025
Financial Assets:
Cash equivalents:
Money market funds
$271,513 $271,513 $271,513 $— $— 
Foreign exchange derivative assets$196 $196 $— $196 $— 
Long-term investments:
Non-marketable equity securities(1)
$1,250 
Financial Liabilities:
Contingent consideration payable
$3,370 $3,370 $— $— $3,370 
__________________________
(1)Equity securities that do not have readily determinable fair value and are measured at cost.
Contingent consideration payable
The fair value of contingent consideration payable is determined using the Monte-Carlo model, which is primarily based on projected financial results of acquired business adjusted to market risk assumptions, probability of achievement of performance targets set in purchase agreements and respective discount rates. Even though there is significant judgment involved, the Company believes its estimates and assumptions are reasonable. Changes in financial projections, discount rates, timing and amount of specific milestone estimates, as well as probability assumptions related to achieving the various performance milestones, would result in a change in the fair value of the recorded contingent consideration payable. Such changes, if any, are recorded in Other income, net in the unaudited condensed consolidated statement of income.
In February 2026, the Company amended the earnout arrangement associated with the acquisition of Mobile Computing completed in October 2024. Pursuant to the amendment, the earnout consideration attributable to the initial performance period was settled at $1.8 million, which was paid in February 2026. The remaining maximum aggregate earnout consideration of $1.0
million is subject to additional performance period ending December 31, 2026, based on the revenue performance of the acquired business.
During the three months ended June 30, 2026, the Company completed the acquisition of Ekumen pursuant to which the Company committed to make a cash earnout payment subject to attainment of specific performance targets within a period ending May 19, 2027.
The following table presents the weighted average discount rates for risk-free performance targets and time value used to determine fair values of contingent consideration payable for Ekumen and Mobile Computing as of June 30, 2026:
Ekumen
Mobile Computing
Weighted average discount rate for risk-free performance targets
12.4 %8.5 %
Discount rate for credit risk and time value
1.6 %1.8 %
The Company records short-term contingent consideration payable in Accrued expenses and other current liabilities in its unaudited condensed consolidated balance sheet. A reconciliation of the beginning and ending balances of Level 3 acquisition-related contingent consideration payable using significant unobservable inputs for the six months ended June 30, 2026 is as follows:
Amount
(in thousands)
Contingent consideration payable as of January 1, 2026$3,370 
Acquisition date fair value of contingent consideration payable — Ekumen1,589 
Payment of contingent consideration - JUXT(370)
Payment of contingent consideration - Mobile Computing(1,750)
Change in fair value of contingent consideration payable included in Other income, net - Mobile Computing(1,183)
Effect of net foreign currency exchange rate changes(2)
Contingent consideration payable as of June 30, 2026
$1,654