v3.26.1
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2026
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Summary of Fair Value Measured at Fair Value on Recurring Basis

 

 

As of June 30, 2026

 

(in thousands)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

29,889

 

 

$

29,889

 

 

$

-

 

 

$

-

 

Investments in proprietary funds

 

 

722

 

 

 

722

 

 

 

-

 

 

 

-

 

Deferred compensation plan investments

 

 

90,950

 

 

 

90,950

 

 

 

-

 

 

 

-

 

Total Financial Assets

 

$

121,561

 

 

$

121,561

 

 

$

-

 

 

$

-

 

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration arrangements

 

$

(53,199

)

 

$

-

 

 

$

-

 

 

$

(53,199

)

Total Financial Liabilities

 

$

(53,199

)

 

$

-

 

 

$

-

 

 

$

(53,199

)

 

 

As of December 31, 2025

 

(in thousands)

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Financial Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

132,713

 

 

$

132,713

 

 

$

-

 

 

$

-

 

Investments in proprietary funds

 

 

636

 

 

 

636

 

 

 

-

 

 

 

-

 

Deferred compensation plan investments

 

 

98,758

 

 

 

98,758

 

 

 

-

 

 

 

-

 

Total Financial Assets

 

$

232,107

 

 

$

232,107

 

 

$

-

 

 

$

-

 

Financial Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration arrangements

 

$

(87,564

)

 

$

-

 

 

$

-

 

 

$

(87,564

)

Total Financial Liabilities

 

$

(87,564

)

 

$

-

 

 

$

-

 

 

$

(87,564

)

WestEnd  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Summary of Significant Inputs to Valuation of Contingent Consideration Payable

Significant inputs to the valuation of contingent consideration payable to sellers as of June 30 2026 and December 31, 2025 are as follows and are approximate values:

 

 

 

 

 

 

 

 

 

 

 

 

 

June 30, 2026

 

 

 

December 31, 2025

 

 

Net revenue 5 year average annual growth rate

 

 

 

12

 

%

 

 

11

 

%

Market price of risk adjustment for revenue (continuous)

 

 

 

4

 

%

 

 

4

 

%

Revenue volatility

 

 

 

20

 

%

 

 

20

 

%

Discount rate

 

 

 

7

 

%

 

 

6

 

%

Years remaining in earn out period

 

 

1.3 years

 

 

 

1.8 years

 

 

Undiscounted estimated remaining earn out payments $ millions

 

 

$50 - $80

 

 

 

$89 - $160

 

 

Summary of Contingent Consideration Arrangement Liabilities

The following table presents the balance of the contingent consideration arrangement liabilities for the six months ended June 30, 2026:

(in thousands)

 

Contingent Consideration Liabilities

 

Balance, December 31, 2025

 

$

87,564

 

WestEnd earn-out payment

 

 

(39,943

)

WestEnd change in fair value measurement

 

 

5,578

 

Balance, June 30, 2026

 

$

53,199