| Summary of Allowance For Doubtful Accounts |
The following presents the changes in the balance of the Company’s allowance for doubtful accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
(in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Balance at beginning of period |
|
$ |
1,158 |
|
|
$ |
1,165 |
|
|
$ |
1,021 |
|
|
$ |
1,070 |
|
Additions |
|
|
555 |
|
|
|
226 |
|
|
|
947 |
|
|
|
604 |
|
Write – offs |
|
|
— |
|
|
|
(248 |
) |
|
|
(7 |
) |
|
|
(312 |
) |
Recoveries |
|
|
(400 |
) |
|
|
(180 |
) |
|
|
(648 |
) |
|
|
(399 |
) |
Balance at end of period |
|
$ |
1,313 |
|
|
$ |
963 |
|
|
$ |
1,313 |
|
|
$ |
963 |
|
|
| Summary of Fair Value Hierarchy of The Valuation |
The following table presents information about the Company’s assets and liabilities that are measured at fair value as of September 30, 2022 and December 31, 2021 and indicates the fair value hierarchy of the valuation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value Measurements |
|
(in thousands) |
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
September 30, 2022 |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds included in cash and cash equivalents |
|
$ |
180,501 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
180,501 |
|
Contingent earnout liability |
|
|
— |
|
|
|
— |
|
|
|
8,740 |
|
|
|
8,740 |
|
Private placement warrant liability |
|
|
— |
|
|
|
— |
|
|
|
945 |
|
|
|
945 |
|
Teton acquisition contingent earnout liability |
|
|
— |
|
|
|
— |
|
|
|
602 |
|
|
|
602 |
|
December 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds included in cash and cash equivalents |
|
$ |
286,890 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
286,890 |
|
Contingent earnout liability |
|
|
— |
|
|
|
— |
|
|
|
59,722 |
|
|
|
59,722 |
|
Private placement warrant liability |
|
|
— |
|
|
|
— |
|
|
|
2,646 |
|
|
|
2,646 |
|
|
| Summary of Changes in Fair Value of the Derivative Warrant Liabilities |
The Company remeasures its SVB Common Stock Warrants (as defined below) and Private Placement Warrants (as defined below) at fair value at each reporting period using Level 3 inputs via the Black-Scholes option-pricing model and Binomial Lattice Model, respectively. The valuation of the earnout shares is based on a Monte Carlo simulation. The significant assumptions used in preparing the above models are disclosed in Note 14 Stock Warrants and Note 13 Earnout. The Teton Software Simulation ("Teton") contingent earnout is related to development and business milestone metrics estimated using a scenario-based approach discussed in Note 4. The Teton development milestone was met in the quarter ended September 30, 2022 and settled, with the exception of $0.02 thousand settled in the fourth quarter of 2022. All Silicon Valley Bank ("SVB") warrants were exercised in June 2021. There were no transfers between levels during the periods presented.
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
|
Contingent Earnout Liability |
|
|
Private Placement Warrant Liability |
|
|
SVB Warrant Liability |
|
|
Teton Acquisition Contingent Earnout Liability |
|
|
Total Other Liabilities |
|
Fair Value as of December 31, 2020 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
545 |
|
|
$ |
— |
|
|
$ |
545 |
|
Recognition of liability acquired as part of the Merger |
|
|
123,129 |
|
|
|
5,702 |
|
|
|
— |
|
|
|
— |
|
|
|
128,831 |
|
Change in fair value |
|
|
(42,710 |
) |
|
|
(1,418 |
) |
|
|
1,251 |
|
|
|
— |
|
|
|
(42,877 |
) |
Exercise of common stock warrants |
|
|
— |
|
|
|
— |
|
|
|
(1,796 |
) |
|
|
— |
|
|
|
(1,796 |
) |
Fair Value as of September 30, 2021 |
|
$ |
80,419 |
|
|
$ |
4,284 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
84,703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of December 31, 2021 |
|
$ |
59,722 |
|
|
$ |
2,646 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
62,368 |
|
Recognition of liability acquired as part of acquisitions |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,602 |
|
|
$ |
1,602 |
|
Change in fair value |
|
|
(50,982 |
) |
|
|
(1,701 |
) |
|
|
— |
|
|
|
480 |
|
|
|
(52,203 |
) |
Settlement of liability acquired as part of acquisitions |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,480 |
) |
|
|
(1,480 |
) |
Fair Value as of September 30, 2022 |
|
$ |
8,740 |
|
|
$ |
945 |
|
|
$ |
— |
|
|
$ |
602 |
|
|
$ |
10,287 |
|
|
| Summary of Balance of The Company's Warranty Reserve |
Warranty reserves are included within accrued expenses on the condensed consolidated balance sheets. The following table presents changes in the balance of the Company’s warranty reserve:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
(in thousands) |
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Balance at beginning of period |
|
$ |
790 |
|
|
$ |
568 |
|
|
$ |
658 |
|
|
$ |
564 |
|
Additions to warranty reserve |
|
|
245 |
|
|
|
155 |
|
|
|
672 |
|
|
|
395 |
|
Claims fulfilled |
|
|
(313 |
) |
|
|
(130 |
) |
|
|
(608 |
) |
|
|
(366 |
) |
Balance at end of period |
|
$ |
722 |
|
|
$ |
593 |
|
|
$ |
722 |
|
|
$ |
593 |
|
|