| Summary of Fair Value Assets Measured on Recurring Basis for Cash, Cash Equivalents and Marketable Securities |
The following table summarizes fair value measurements by level for the assets measured at fair value on a recurring basis for cash, cash equivalents and marketable securities:
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As of September 30, 2021
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Gross
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Cash
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|
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|
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|
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Adjusted
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|
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unrealized
|
|
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and cash
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Marketable
|
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|
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cost
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gains
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Fair value
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equivalents
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securities
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Cash
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|
$
|
38,653
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|
$
|
—
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$
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38,653
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|
$
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38,653
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|
$
|
—
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Level 1:
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Money market accounts
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202,923
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—
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202,923
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|
|
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202,923
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|
|
|
—
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|
|
|
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|
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Level 2:
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Agency mortgage-backed securities
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3,552
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—
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3,552
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—
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3,552
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Total
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$
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245,128
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|
$
|
—
|
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|
$
|
245,128
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|
$
|
241,576
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$
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3,552
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As of December 31, 2020
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Gross
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|
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Cash
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|
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|
|
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Adjusted
|
|
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unrealized
|
|
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|
|
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and cash
|
|
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Marketable
|
|
|
|
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cost
|
|
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gains (losses)
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Fair value
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|
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equivalents
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|
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securities
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Cash
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|
$
|
52,812
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$
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—
|
|
|
$
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52,812
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|
$
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52,812
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|
|
$
|
—
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Level 1:
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|
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Money market accounts
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159,150
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—
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159,150
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159,150
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—
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Level 2:
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Corporate bonds
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11,549
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|
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|
(1
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)
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11,548
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—
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11,548
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U.S. Treasury securities
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4,107
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—
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4,107
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—
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4,107
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Agency mortgage-backed securities
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3,601
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1
|
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3,602
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—
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3,602
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Total
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$
|
231,219
|
|
|
$
|
—
|
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|
$
|
231,219
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|
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$
|
211,962
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$
|
19,257
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| Summary of Components of Accumulated Other Comprehensive Income (Loss) |
The components of accumulated other comprehensive income were as follows:
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Foreign
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Unrealized
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Unrealized
|
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Accumulated
|
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currency
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gains
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gains (losses)
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other
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translation
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on marketable
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on cash
|
|
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comprehensive
|
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|
|
adjustments
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securities
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|
|
flow hedges
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|
|
income
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Balance as of December 31, 2020
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|
$
|
1,128
|
|
|
$
|
—
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|
$
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(653
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)
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$
|
475
|
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|
Other comprehensive income (loss)
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|
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(585
|
)
|
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—
|
|
|
|
1,761
|
|
|
|
1,176
|
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|
Balance as of September 30, 2021
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|
$
|
543
|
|
|
$
|
—
|
|
|
$
|
1,108
|
|
|
$
|
1,651
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|
| Summary of Quantitative Information about Level 3 Inputs for Fair Value Measurement of Earnout Liability |
The following table provides quantitative information about Level 3 inputs for fair value measurement of the earnout liability as of September 30, 2021 and December 31, 2020. Significant increases or decreases in these inputs in isolation could result in a significant impact on the fair value measurement:
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As of
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As of
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Simulation input
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September 30, 2021
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December 31, 2020
|
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Revenue volatility
|
|
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30.00
|
%
|
|
|
35.00
|
%
|
|
WACC
|
|
|
12.50
|
%
|
|
|
12.00
|
%
|
|
20-year risk free rate
|
|
|
2.02
|
%
|
|
|
1.45
|
%
|
|
Market price of risk
|
|
|
5.00
|
%
|
|
|
8.00
|
%
|
|
| Summary of Reconciliation of Earnout Liability Measured and Carried Fair Value on a Recurring Basis |
The reconciliation of the earnout liability measured and carried at fair value on a recurring basis is as follows:
|
|
|
Three months ended
|
|
|
Nine months ended
|
|
|
|
|
September 30, 2021
|
|
|
September 30, 2021
|
|
|
Balance at beginning of period
|
|
$
|
19,795
|
|
|
$
|
27,612
|
|
|
Change in fair value
|
|
|
(2,052
|
)
|
|
|
(9,869
|
)
|
|
Balance at end of period
|
|
$
|
17,743
|
|
|
$
|
17,743
|
|
|