v3.26.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Assets and Liabilities Measured at Fair Value

The following table sets forth the Company’s assets and liabilities that were recognized at fair value:
Quoted Prices in
Active Markets for
Identical Assets		Significant Other
Observable
Inputs		Significant Other
Unobservable
Inputs
As of September 30, 2026(Level 1)(Level 2)(Level 3)Total
Assets
Cash equivalents - Money market funds(1)
$47,238 $— $— $47,238 
Mutual funds(1)
127,419 — — 127,419 
Derivative financial instruments — 3,500 — 3,500 
Total$174,657 $3,500 $— $178,157 
Liabilities
Derivative financial instruments $— $46,984 $— $46,984 
Contingent consideration(2)
— — 61,100 61,100 
Total$— $46,984 $61,100 $108,084 
Quoted Prices in
Active Markets for
Identical Assets		Significant Other
Observable
Inputs		Significant Other
Unobservable
Inputs
As of December 31, 2025(Level 1)(Level 2)(Level 3)Total
Assets
Cash equivalents - Money market funds(1)
$50,971 $— $— $50,971 
Mutual funds(1)
129,549 — — 129,549 
Derivative financial instruments — 6,064 — 6,064 
Total$180,520 $6,064 $— $186,584 
Liabilities
Derivative financial instruments $— $25,208 $— $25,208 
Contingent consideration(2)
— — 5,000 5,000 
Total$— $25,208 $5,000 $30,208 
(1) Represents money market funds and short-term investments which are carried at the fair value option under ASC Topic 825, Financial Instruments.

(2) Contingent consideration is presented under “Accrued expenses and other current liabilities” and “Other non-current liabilities,” as applicable, in the consolidated balance sheets.
Fair Value of Derivative Financial Instruments:

Fair values for derivative financial instruments are based on independent sources including highly rated financial institutions and are classified as Level 2. Refer to Note 17 - Derivatives and Hedge Accounting to the unaudited consolidated financial statements for further details.

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 business acquisitions. 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.

The following table summarizes the changes in the fair value of contingent consideration:
Three months ended September 30,Nine months ended September 30,
2026202520262025
Opening balance$8,000 $2,700 $5,000 $2,700 
Acquisition53,100 — 53,100 — 
Fair value changes— — 3,000 — 
Payments— — — — 
Closing balance$61,100 $2,700 $61,100 $2,700 

During the three and nine months ended September 30, 2026 and 2025, there were no transfers among Level 1, Level 2 and Level 3.

Financial Instruments Not Carried at Fair Value:

The Company’s other financial instruments not carried at fair value consist primarily of cash and cash equivalents (except investments in money market funds, as disclosed above), short-term investments (except investments in mutual funds, as
disclosed above), restricted cash, accounts receivable, net, long-term investments, accrued capital expenditures, accrued expenses, client liabilities and interest payable on borrowings for which fair values approximate their carrying amounts. The carrying value of the Company’s outstanding revolving credit facility and term loan facility approximates its fair value because the Company’s interest rate yield is near current market rates for comparable debt instruments.