Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2022
Accounting Policies [Abstract]  
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)

 

2022

 

 

2021

 

Balance at beginning of period

 

$

1,021

 

 

$

1,070

 

Additions

 

 

128

 

 

 

77

 

Write – offs

 

 

(7

)

 

 

(1

)

Recoveries

 

 

(171

)

 

 

(134

)

Balance at end of period

 

$

971

 

 

$

1,012

 
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, 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

 

March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds included in cash and cash equivalents

 

$

267,526

 

 

$

—

 

 

$

—

 

 

$

267,526

 

Contingent earnout liability

 

 

—

 

 

 

—

 

 

 

34,826

 

 

 

34,826

 

Private placement warrant liability

 

 

—

 

 

 

—

 

 

 

1,953

 

 

 

1,953

 

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 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 12 Stock Warrants and Note 11 Earnout. All Silicon Valley Bank ("SVB") warrants were exercised in June 2021. There were no transfers between levels during the periods presented.

 

(in thousands)

 

Contingent Earnout Liability

 

 

Private Placement Warrant Liability

 

 

SVB Warrant Liability

 

Fair Value as of December 31, 2020

 

$

—

 

 

$

—

 

 

$

545

 

Change in fair value

 

 

—

 

 

 

—

 

 

 

1,010

 

Fair Value as of March 31, 2021

 

$

—

 

 

$

—

 

 

$

1,555

 

 

 

 

 

 

 

 

 

 

 

Fair Value as of December 31, 2021

 

$

59,722

 

 

$

2,646

 

 

$

—

 

Change in fair value

 

 

(24,896

)

 

 

(693

)

 

 

—

 

Exercise of common stock warrants

 

 

—

 

 

 

—

 

 

 

—

 

Fair Value as of March 31, 2022

 

$

34,826

 

 

$

1,953

 

 

$

—

 
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)

 

2022

 

 

2021

 

Balance at beginning of period

 

$

658

 

 

$

564

 

Additions to warranty reserve

 

 

286

 

 

 

267

 

Claims fulfilled

 

 

(139

)

 

 

(293

)

Balance at end of period

 

$

805

 

 

$

538