Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.22.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2022
Fair Value Disclosures [Abstract]  
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:

 

 

 

As of June 30, 2022

 

 

 

 

 

 

Gross

 

 

 

 

 

Cash

 

 

 

 

 

 

Adjusted

 

 

unrealized

 

 

 

 

 

and cash

 

 

Marketable

 

 

 

cost

 

 

gains

 

 

Fair value

 

 

equivalents

 

 

securities

 

Cash

 

$

34,756

 

 

$

—

 

 

$

34,756

 

 

$

34,756

 

 

$

—

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market accounts

 

 

188,865

 

 

 

—

 

 

 

188,865

 

 

 

188,865

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total

 

$

223,621

 

 

$

—

 

 

$

223,621

 

 

$

223,621

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2021

 

 

 

 

 

 

Gross

 

 

 

 

 

Cash

 

 

 

 

 

 

Adjusted

 

 

unrealized

 

 

 

 

 

and cash

 

 

Marketable

 

 

 

cost

 

 

gains

 

 

Fair value

 

 

equivalents

 

 

securities

 

Cash

 

$

48,817

 

 

$

—

 

 

$

48,817

 

 

$

48,817

 

 

$

—

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market accounts

 

 

186,707

 

 

 

—

 

 

 

186,707

 

 

 

186,707

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

9,988

 

 

 

1

 

 

 

9,989

 

 

 

—

 

 

 

9,989

 

Total

 

$

245,512

 

 

$

1

 

 

$

245,513

 

 

$

235,524

 

 

$

9,989

 
Summary of Components of Accumulated Other Comprehensive Income (Loss)

The components of accumulated other comprehensive income (loss) were as follows:

 

 

 

Foreign

 

 

Unrealized

 

 

Unrealized

 

 

Accumulated

 

 

 

currency

 

 

gains (losses)

 

 

gains (losses)

 

 

other

 

 

 

translation

 

 

on marketable

 

 

on cash

 

 

comprehensive

 

 

 

adjustments

 

 

securities

 

 

flow hedges

 

 

income (loss)

 

Balance as of December 31, 2021

 

$

328

 

 

$

1

 

 

$

1,140

 

 

$

1,469

 

Other comprehensive loss

 

 

(837

)

 

 

(1

)

 

 

(672

)

 

 

(1,510

)

Balance as of June 30, 2022

 

$

(509

)

 

$

—

 

 

$

468

 

 

$

(41

)
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 June 30, 2022 and December 31, 2021. Significant increases or decreases in these inputs in isolation could result in a significant impact on the fair value measurement:

 

Simulation input

 

June 30, 2022

 

 

December 31, 2021

 

Revenue volatility

 

 

15.00

%

 

 

15.00

%

WACC

 

 

13.50

%

 

 

10.50

%

20-year risk free rate

 

 

3.38

%

 

 

2.02

%

Market price of risk

 

 

2.70

%

 

 

2.68

%
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

 

 

Six months ended

 

 

 

June 30, 2022

 

 

June 30, 2022

 

Balance at beginning of period

 

$

16,646

 

 

$

16,016

 

Change in fair value

 

 

(2,041

)

 

 

(1,411

)

Balance at end of period

 

$

14,605

 

 

$

14,605