Fair Value Measurements and Hierarchy (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Summary of carrying amounts of financial instruments

The following table presents the carrying amounts of the Company’s financial instruments at March 31, 2022 and December 31, 2021:

(in thousands)	March 31, 2022		December 31, 2021
Financial assets:
Cash and restricted cash	$	95,534	$	115,174
Accounts receivable	24,513		20,007
Other receivables	1,279		1,237
Financial liabilities:
Accounts payable	$	12,596	$	15,559
Derivative warrant liabilities	3,654		2,193
Earnout liabilities	20,578		60,018

Summary of changes in fair value of level 3 warrant liabilities

The following table presents information about the Company’s Level 3 liabilities that are measured at fair value on a recurring basis at March 31, 2022:

(in thousands)	Derivative Warrant Liability		Earnout Liability
Balance at December 31, 2021	$	2,193	$	60,018
Change in fair value included in other expense	1,461		(39,440)
Balance at March 31, 2022	$	3,654	$	20,578

Schedule of assumptions used in the valuation of derivative liabilities

A summary of the inputs used in valuing the derivative warrant and earnout liabilities is as follows:

	March 31, 2022									December 31, 2021
	Derivative Warrant Liability			First Tranche Earnout			Second Tranche Earnout			Derivative Warrant Liability			First Tranche Earnout			Second Tranche Earnout
Unit price	$	7.13		$	7.13		$	7.13		$	9.75		$	9.75		$	9.75
Term (in years)	4.62			1.27			1.75			4.87			1.87			2.87
Volatility	36.10		%	35.00		%	35.00		%	12.80		%	35.00		%	35.00		%
Risk-free rate	2.41		%	2.38		%	2.38		%	1.24		%	0.94		%	0.94		%
Dividend yield	0.00		%	0.00		%	0.00		%	0.00		%	0.00		%	0.00		%
Cost of equity	—			13.20		%	13.20		%	—			11.14		%	11.14		%