XML 76 R61.htm IDEA: XBRL DOCUMENT

Fair Value Measurements and Hierarchy (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2022

Dec. 31, 2021

Summary of carrying amounts of financial instruments

The following table presents the carrying amounts of the Company’s financial instruments at June 30, 2022 and December 31, 2021:


(in thousands)	June 30, 2022		December 31, 2021
Financial assets:
Cash and restricted cash	$	64,208	$	115,174
Accounts receivable	28,947		20,007
Other receivables	422		1,237
Financial liabilities:
Accounts payable	$	13,900	$	15,559
Derivative warrant liabilities	1,589		2,193
Earnout liabilities	9,778		60,018

The following table presents the carrying amounts of the Company’s financial instruments at December 31, 2021 and 2020:


(in thousands)	December 31, 2021		December 31, 2020
Financial assets:
Cash and restricted cash	$	115,174	$	5,998
Accounts receivable	20,007		17,146
Other receivables	1,237		113
Financial liabilities:
Accounts payable	$	15,559	$	12,643
Derivative warrant liabilities	2,193		—
Earnout liabilities	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 June 30, 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	(604)		(50,240)
Balance at June 30, 2022	$	1,589	$	9,778

The following table presents information about the Company’s Level 3 liabilities that are measured at fair value on a recurring basis at December 31, 2021:


(in thousands)	Derivative Warrant Liability		Earnout Liability
Balance at December 31, 2020	$	—	$	—
Private placement warrant liability acquired as part of the Business Combination	5,879		—
Earnout liability acquired as part of the Business Combination	—		84,909
Decrease in fair value included in other expense	(3,686)		(24,891)
Balance at December 31, 2021	$	2,193	$	60,018

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:


	June 30, 2022									December 31, 2021
	Derivative Warrant Liability			First Tranche Earnout			Second Tranche Earnout			Derivative Warrant Liability			First Tranche Earnout			Second Tranche Earnout
Unit price	$	5.06		$	5.06		$	5.06		$	9.75		$	9.75		$	9.75
Term (in years)	4.37			1.36			1.75			4.87			1.87			2.87
Volatility	37.40		%	45.00		%	45.00		%	12.80		%	35.00		%	35.00		%
Risk-free rate	2.98		%	2.95		%	2.95		%	1.24		%	0.94		%	0.94		%
Dividend yield	—			—			—			—			—			—
Cost of equity	—			14.00		%	14.00		%	—			11.14		%	11.14		%

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


	December 31, 2021									November 12, 2021 (Initial Measurement)
	Derivative Warrant Liability			First Tranche Earnout			Second Tranche Earnout			Derivative Warrant Liability			First Tranche Earnout			Second Tranche Earnout
Unit price	$	9.75		$	9.75		$	9.75		$	10.98		$	10.98		$	10.98
Term (in years)	4.87			1.87			2.87			5.00			2.00			3.00
Volatility	12.80		%	35.00		%	35.00		%	19.00		%	35.00		%	35.00		%
Risk-free rate	1.24		%	0.94		%	0.94		%	1.24		%	0.85		%	0.85		%
Dividend yield	0.00		%	0.00		%	0.00		%	0.00		%	0.00		%	0.00		%
Cost of equity	—			11.14		%	11.14		%	—			10.80		%	10.80		%

The assumptions used in the OPM and CSE models are provided in the following tables:


Option-pricing method
Valuation date						11/6/2020
Liquidity event date						12/31/2024
Time to liquidity						4.15 years
Total equity value (in thousands)						$82,000
Annual dividend rate for common stock						0.0%
Annualized volatility						40.0%
Risk-free rate (continuously compounding)						0.3%


Common-stock equivalent method
Valuation date						11/6/2020
Liquidity event date						12/31/2024
Time to liquidity						4.15 years
Total equity value (in thousands)						$82,000
Value per common stock equivalent						$562.06