Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v3.20.2
Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2020
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 September 30, 2020

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

Cash

 

 

 

 

 

 

 

Adjusted

 

 

unrealized

 

 

 

 

 

 

and cash

 

 

Marketable

 

 

 

cost

 

 

gains

 

 

Fair value

 

 

equivalents

 

 

securities

 

Cash

 

$

46,137

 

 

$

 

 

$

46,137

 

 

$

46,137

 

 

$

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market accounts

 

 

167,847

 

 

 

 

 

 

167,847

 

 

 

167,847

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

6,524

 

 

 

1

 

 

 

6,525

 

 

 

 

 

 

6,525

 

Total

 

$

220,508

 

 

$

1

 

 

$

220,509

 

 

$

213,984

 

 

$

6,525

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2019

 

 

 

 

 

 

 

Gross

 

 

 

 

 

 

Cash

 

 

 

 

 

 

 

Adjusted

 

 

unrealized

 

 

 

 

 

 

and cash

 

 

Marketable

 

 

 

cost

 

 

gains

 

 

Fair value

 

 

equivalents

 

 

securities

 

Cash

 

$

51,560

 

 

$

 

 

$

51,560

 

 

$

51,560

 

 

$

 

Level 1:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market accounts

 

 

146,477

 

 

 

 

 

 

146,477

 

 

 

146,477

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Level 2:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Corporate bonds

 

 

2,011

 

 

 

2

 

 

 

2,013

 

 

 

 

 

 

2,013

 

U.S. Treasury securities

 

 

9,038

 

 

 

6

 

 

 

9,044

 

 

 

 

 

 

9,044

 

Total

 

$

209,086

 

 

$

8

 

 

$

209,094

 

 

$

198,037

 

 

$

11,057

 

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, 2019

 

$

271

 

 

$

6

 

 

$

(364

)

 

$

(87

)

Other comprehensive income (loss)

 

 

405

 

 

 

(6

)

 

 

95

 

 

 

494

 

Balance as of September 30, 2020

 

$

676

 

 

$

 

 

$

(269

)

 

$

407

 

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, 2020 and December 31, 2019. Significant increases or decreases in these inputs in isolation could result in a significant impact on our fair value measurement:

 

 

 

As of

 

 

As of

 

Simulation input

 

September 30, 2020

 

 

December 31, 2019

 

Revenue volatility

 

 

35.00

%

 

 

35.00

%

WACC

 

 

12.00

%

 

 

13.00

%

20-year risk free rate

 

 

1.23

%

 

 

2.25

%

Market price of risk

 

 

8.00

%

 

 

10.00

%

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,

 

 

September 30,

 

 

 

2020

 

 

2020

 

Balance at beginning of period

 

$

26,539

 

 

$

26,559

 

Change in fair value

 

 

(146

)

 

 

(166

)

Balance at end of period

 

$

26,393

 

 

$

26,393