| 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 June 30, 2021
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Gross
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Cash
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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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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
|
|
$
|
57,496
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|
|
$
|
—
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|
|
$
|
57,496
|
|
|
$
|
57,496
|
|
|
$
|
—
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|
Level 1:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Money market accounts
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181,354
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|
|
—
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181,354
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|
|
|
181,354
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|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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Level 2:
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|
|
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|
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Corporate bonds
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3,499
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|
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|
1
|
|
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3,500
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|
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—
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3,500
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U.S. Treasury securities
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|
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4,054
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|
|
|
—
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|
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|
4,054
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|
|
|
—
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|
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|
4,054
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Agency mortgage-backed securities
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3,552
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|
|
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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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249,955
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$
|
1
|
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|
$
|
249,956
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$
|
238,850
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|
$
|
11,106
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|
|
|
|
|
|
|
|
|
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|
|
|
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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
|
|
|
|
|
cost
|
|
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gains (losses)
|
|
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Fair value
|
|
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equivalents
|
|
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securities
|
|
|
Cash
|
|
$
|
52,812
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|
|
$
|
—
|
|
|
$
|
52,812
|
|
|
$
|
52,812
|
|
|
$
|
—
|
|
|
Level 1:
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Money market accounts
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|
|
159,150
|
|
|
|
—
|
|
|
|
159,150
|
|
|
|
159,150
|
|
|
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Level 2:
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|
|
|
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|
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|
|
|
|
|
|
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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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|
11,548
|
|
|
|
—
|
|
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|
11,548
|
|
|
U.S. Treasury securities
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|
|
4,107
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|
|
|
—
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|
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|
4,107
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|
|
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—
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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
|
|
|
|
3,602
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|
|
|
—
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|
|
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3,602
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Total
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$
|
231,219
|
|
|
$
|
—
|
|
|
$
|
231,219
|
|
|
$
|
211,962
|
|
|
$
|
19,257
|
|
|
| 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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|
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other
|
|
|
|
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translation
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on marketable
|
|
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on cash
|
|
|
comprehensive
|
|
|
|
|
adjustments
|
|
|
securities
|
|
|
flow hedges
|
|
|
income
|
|
|
Balance as of December 31, 2020
|
|
$
|
1,128
|
|
|
$
|
—
|
|
|
$
|
(653
|
)
|
|
$
|
475
|
|
|
Other comprehensive income (loss)
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|
|
(334
|
)
|
|
|
1
|
|
|
|
1,161
|
|
|
|
828
|
|
|
Balance as of June 30, 2021
|
|
$
|
794
|
|
|
$
|
1
|
|
|
$
|
508
|
|
|
$
|
1,303
|
|
|
| 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, 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
|
|
June 30, 2021
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|
December 31, 2020
|
|
|
Revenue volatility
|
|
|
25.00
|
%
|
|
|
35.00
|
%
|
|
WACC
|
|
|
12.50
|
%
|
|
|
12.00
|
%
|
|
20-year risk free rate
|
|
|
2.00
|
%
|
|
|
1.45
|
%
|
|
Market price of risk
|
|
|
6.00
|
%
|
|
|
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
|
|
|
Six months ended
|
|
|
|
|
June 30, 2021
|
|
|
June 30, 2021
|
|
|
Balance at beginning of period
|
|
$
|
27,877
|
|
|
$
|
27,612
|
|
|
Change in fair value
|
|
|
(8,082
|
)
|
|
|
(7,817
|
)
|
|
Balance at end of period
|
|
$
|
19,795
|
|
|
$
|
19,795
|
|
|