Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.23.1
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2023
Accounting Policies [Abstract]  
Summary of Cash Equivalents and Short-term Investments

The Company’s cash equivalents and short-term investments are invested in the following:

 

 

March 31, 2023

 

(in thousands)

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Money market funds

 

$

82,704

 

 

$

 

 

$

 

 

$

82,704

 

Total cash equivalents

 

 

82,704

 

 

 

 

 

 

 

 

 

82,704

 

Commercial paper

 

 

27,447

 

 

 

 

 

 

 

 

 

27,447

 

Government bonds

 

 

20,440

 

 

 

17

 

 

 

 

 

 

20,457

 

Corporate bonds

 

 

4,966

 

 

 

 

 

 

(11

)

 

 

4,955

 

U.S. Treasury bills

 

 

4,944

 

 

 

1

 

 

 

 

 

 

4,945

 

Asset-backed securities

 

 

2,955

 

 

 

 

 

 

(3

)

 

 

2,952

 

Total short-term investments

 

$

60,752

 

 

$

18

 

 

$

(14

)

 

$

60,756

 

Total cash equivalents and short-term investments

 

$

143,456

 

 

$

18

 

 

$

(14

)

 

$

143,460

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

(in thousands)

 

Amortized Cost

 

 

Unrealized Gains

 

 

Unrealized Losses

 

 

Fair Value

 

Money market funds

 

$

119,721

 

 

$

 

 

$

 

 

$

119,721

 

Commercial paper

 

 

3,077

 

 

 

 

 

 

 

 

 

3,077

 

Total cash equivalents

 

 

122,798

 

 

 

 

 

 

 

 

 

122,798

 

Government bonds

 

 

21,719

 

 

 

51

 

 

 

 

 

 

21,770

 

Commercial paper

 

 

12,568

 

 

 

1

 

 

 

 

 

 

12,569

 

Corporate bonds

 

 

3,927

 

 

 

 

 

 

 

 

 

3,927

 

Asset-backed securities

 

 

2,921

 

 

 

 

 

 

(1

)

 

 

2,920

 

U.S. Treasury bills

 

 

2,447

 

 

 

3

 

 

 

 

 

 

2,450

 

Total short-term investments

 

$

43,582

 

 

$

55

 

 

$

(1

)

 

$

43,636

 

Total cash equivalents and short-term investments

 

$

166,380

 

 

$

55

 

 

$

(1

)

 

$

166,434

 

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 March 31,

 

(in thousands)

 

2023

 

 

2022

 

Balance at beginning of period

 

$

1,559

 

 

$

1,021

 

Provision adjustment

 

 

(523

)

 

 

(43

)

Write – offs

 

 

(250

)

 

 

(7

)

Balance at end of period

 

$

786

 

 

$

971

 

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 March 31, 2023 and December 31, 2022 and indicates the fair value hierarchy of the valuation:

 

 

Fair Value Measurements

 

 

 

March 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds included in cash and cash equivalents

 

$

82,704

 

 

 

 

 

 

 

 

$

82,704

 

Total cash and cash equivalents

 

$

82,704

 

 

$

 

 

$

 

 

$

82,704

 

Commercial paper

 

 

 

 

 

27,447

 

 

 

 

 

 

27,447

 

Government bonds

 

 

 

 

 

20,457

 

 

 

 

 

 

20,457

 

Corporate bonds

 

 

 

 

 

4,955

 

 

 

 

 

 

4,955

 

Asset-backed securities

 

 

 

 

 

2,952

 

 

 

 

 

 

2,952

 

U.S. Treasury bills

 

 

4,945

 

 

 

 

 

 

 

 

 

4,945

 

Total assets

 

$

87,649

 

 

$

55,811

 

 

$

 

 

$

143,460

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability

 

$

 

 

$

 

 

$

1,607

 

 

$

1,607

 

Private placement warrant liability

 

 

 

 

 

 

 

 

472

 

 

 

472

 

Teton acquisition contingent earnout liability

 

 

 

 

 

 

 

 

602

 

 

 

602

 

Total liabilities

 

$

 

 

$

 

 

$

2,681

 

 

$

2,681

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds included in cash and cash equivalents

 

$

119,721

 

 

 

 

 

 

 

 

$

119,721

 

Short-term investments included in cash and cash equivalents

 

 

 

 

 

3,077

 

 

 

 

 

 

3,077

 

Total cash and cash equivalents

 

$

119,721

 

 

$

3,077

 

 

$

 

 

$

122,798

 

Government bonds

 

 

 

 

 

21,770

 

 

 

 

 

 

21,770

 

Commercial paper

 

 

 

 

 

12,569

 

 

 

 

 

 

12,569

 

Corporate bonds

 

 

 

 

 

3,927

 

 

 

 

 

 

3,927

 

Asset-backed securities

 

 

 

 

 

2,920

 

 

 

 

 

 

2,920

 

U.S. Treasury bills

 

 

2,450

 

 

 

 

 

 

 

 

 

2,450

 

Total assets

 

$

122,171

 

 

$

44,263

 

 

$

 

 

$

166,434

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Contingent earnout liability

 

$

 

 

$

 

 

$

2,415

 

 

$

2,415

 

Private placement warrant liability

 

 

 

 

 

 

 

 

661

 

 

 

661

 

Teton acquisition contingent earnout liability

 

 

 

 

 

 

 

 

602

 

 

 

602

 

Total liabilities

 

$

 

 

$

 

 

$

3,678

 

 

$

3,678

 

Summary of Changes in Fair Value of the Derivative Warrant Liabilities The significant assumptions used in preparing the above models are disclosed in Note 12 Stock Warrants and Note 11 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 2, Contingent Earnout Liability. The Teton development milestone was met and settled in 2022. There were no transfers between levels during the periods presented.

(in thousands)

 

Contingent Earnout Liability

 

 

Private Placement Warrant Liability

 

 

Teton Acquisition Contingent Earnout Liability

 

 

Total Other Liabilities

 

Fair Value as of December 31, 2021

 

$

59,722

 

 

$

2,646

 

 

$

 

 

$

62,368

 

Change in fair value

 

 

(24,896

)

 

 

(693

)

 

 

 

 

 

(25,589

)

Fair Value as of March 31, 2022

 

$

34,826

 

 

$

1,953

 

 

$

 

 

$

36,779

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value as of December 31, 2022

 

$

2,415

 

 

$

661

 

 

$

602

 

 

$

3,678

 

Change in fair value

 

 

(808

)

 

 

(189

)

 

 

 

 

 

(997

)

Fair Value as of March 31, 2023

 

$

1,607

 

 

$

472

 

 

$

602

 

 

$

2,681

 

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 March 31,

 

(in thousands)

 

2023

 

 

2022

 

Balance at beginning of period

 

$

620

 

 

$

658

 

Additions to warranty reserve

 

 

173

 

 

 

286

 

Claims fulfilled

 

 

(309

)

 

 

(139

)

Balance at end of period

 

$

484

 

 

$

805