Business Combinations (Tables)

9 Months Ended

Sep. 30, 2022

Business Combination and Asset Acquisition [Abstract]

Fair value assumptions

The estimated fair value of the September 2021 Convertible Notes is determined using a

combination of the present value of the cash flows and the Black-Scholes option pricing model using assumptions as follows:

	As of September 1,			As of December 31,			As of September 30,
	2021			2021			2022
Principal	$	11,206		$	11,206		$	6,730
Interest rate	4.5		%	4.5		%	7.4		%
Common stock fair value per share	20.49			21.16			9.51
Conversion price per share	22.50			22.50			22.50
Risk-free interest rate	0.45		%	0.88		%	4.26		%
Time to exercise (in years)	3.00			2.70			1.90
Volatility	37		%	43		%	57		%
Annual dividend yield	0		%	0		%	0		%

The fair value of the warrants was determined using the Black-Scholes option-pricing method, with the following assumptions:

	Warrants Tranche 1			Warrants Tranche 2			Warrants Tranche 3
Fair market value of common stock	$	15.36		$	15.36		$	15.36
Expected dividend yield	0		%	0		%	0		%
Risk-free interest rate	0.09		%	0.89		%	0.89		%
Expected volatility	52.00		%	47.40		%	47.40		%
Expected term (in years)	1			5			5

Assets acquired and liabilities assumed

The assets acquired and liabilities assumed in connection with the acquisition were recorded at their fair value on the date of acquisition as follows (in thousands):

	Fair Value
Net tangible assets	$	5,986
Intangible assets	8,400
Goodwill	30,363
Liabilities assumed	(1,551)
Total acquisition consideration	$	43,198

The assets acquired and liabilities assumed in connection with the acquisition were recorded at their fair value on the date of acquisition as follows (in thousands):

	Fair Value
Cash	$	32,997
Restricted cash	1,050
Accounts receivable	27,826
Prepaid expenses and other current assets	5,004
Inventory	8,320
Property and equipment	570
Prepaid expenses and other assets, noncurrent	482
Intangible assets	52,700
Goodwill	102,493
Accounts payable	(23,197)
Accrued expenses and other current liabilities	(24,613)
Deferred revenue	(10,081)
Total acquisition consideration	$	173,551

Identifiable intangible assets acquired

The following table sets forth the components of identifiable intangible assets acquired (in thousands) and their estimated useful lives as of the date of acquisition:

	Fair Value		Estimated Useful Life (in years)
Developed technology	$	4,030	5
Trade name	3,380		10
Customer relationships	990		10
Total identified intangible assets	$	8,400

The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition:

	Fair Value (in thousands)		Estimated Useful Life (in years)
Developed technology	$	18,400	5
Trade name	20,000		10
Customer relationships	14,300		8
Total identified intangible assets	$	52,700