Quarterly report pursuant to Section 13 or 15(d)

Business Combinations - Summary of Fair Value of Purchase Consideration (Details)

v3.22.1
Business Combinations - Summary of Fair Value of Purchase Consideration (Details) - USD ($)
$ in Thousands
Apr. 30, 2022
Mar. 31, 2022
Jan. 07, 2021
Business Acquisition [Line Items]      
Deferred payments $ 600    
NimbeLink      
Business Acquisition [Line Items]      
Cash   $ 15,991  
Deferred payments   728 [1] $ 700
Contingent consideration [2]   5,986  
Replacement options [3]   40  
Total purchase consideration   $ 22,745  
[1] The fair value of the holdback payment was determined by discounting to present value, payments totaling $0.7 million expected to be made to NimbeLink fifteen months after the close of the transaction.
[2] The fair value of contingent consideration is based on applying the Monte Carlo simulation method to forecast achievement under various contingent consideration events which may result in up to $8 million in payments subject to the acquired business’s satisfying certain revenue targets in 2021. Key inputs in the valuation include forecasted revenue, revenue volatility and discount rate. Underlying forecast mathematics were based on Geometric Brownian Motion in a risk-neutral framework and discounted back to the applicable period in which the accumulative thresholds were achieved at discount rates commensurate with the risk and expected payout term of the contingent consideration.
[3] Represents the pre-combination stock compensation expense for replacement options issued to NimbeLink employees.