v3.26.1
Fair Value Measurements
 6 Months Ended
Jun. 30, 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

 

 

 

 

June 30, 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) As of June 30, 2026, the current portion of contingent consideration, $0.7 million, is recorded within other current liabilities and the long-term portion, $1.2 million, is recorded within other long-term liabilities on the Company’s condensed consolidated balance sheets. As of December 31, 2025, contingent consideration was recorded within other long-term liabilities on the Company’s 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 Company did not have fair value changes for both the three and six months ended June 30, 2026. There was no contingent consideration for the period ended June 30, 2025.

Changes in the fair value of contingent consideration are as follows (in thousands):

 

 

Six Months Ended June 30, 2026

 

Beginning Balance

 

$

1,890

 

Fair value changes

 

 

—

 

Ending Balance

 

$

1,890

 

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.