Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize our financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of the dates indicated:


	December 31, 2021
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	25,001	$	—	$	—	$	25,001
Total assets	25,001		—		—		25,001
Liabilities:

Derivative liabilities, noncurrent	—		—		2,015		2,015

Warrant liabilities - Public Warrants	19,599		—		—		19,599
Warrant liabilities - Private Placement Warrants	—		—		9,733		9,733
Total liabilities	$	19,599	$	—	$	11,748	$	31,347


	December 31, 2020
	Level 1		Level 2		Level 3		Aggregate Fair Value
Assets:
Money market funds	$	25,016	$	—	$	—	$	25,016
Total assets	25,016		—		—		25,016
Liabilities:
Derivative liabilities, noncurrent	—		—		4,343		4,343
Class B Units - related party	—		—		593,235		593,235
Total liabilities	$	—	$	—	$	597,578	$	597,578

Schedule of Fair Value Measurements Inputs

The following table provides quantitative information regarding Level 3 fair value measurements inputs at their measurement dates:


	As of
	December 31, 2021
Stock price	$	7.54
Exercise Price	$	11.50
Expected life of the warrants to convert (years)	4.56
Volatility	29.70		%
Risk-free rate	1.19		%

Schedule of Changes in Fair Value of Liabilities

The following table summarizes the change in fair value of the derivative liabilities during the years ended December 31, 2019, 2020, and 2021:


Balance – January 1, 2019	$	113,221
Change in fair value of derivative instruments	478
Incremental Class B Units	8,611
Change in fair value of Class B Units	(3,003)
Balance – December 31, 2019	119,307
Change in fair value of derivative instruments	3,069
Incremental Class B Units	18,745
Change in fair value of Class B Units	456,457
Balance – December 31, 2020	597,578
Incremental Class B Units	206,914
Establishment of warrant liabilities on July 21, 2021 (date of the Transactions)	45,021
Change in fair value of derivative instruments	(18,017)
Change in fair value of Class B Units	728,079
Reclassification of Class B Units from liability to equity on July 21, 2021 (date of the Transactions)	(1,528,228)
Balance – December 31, 2021	$	31,347

Schedule of Changes in Fair Value by Income Statement Location

The following table summarizes the change in fair value of the Class B Units by income statement line item during the years ended December 31, 2021, 2020 and 2019:


	Year Ended December 31,
		2021		2020		2019
Cost of revenue		$	136,417	$	86,907	$	(548)
Sales and marketing		10,870		6,545		—
General and administrative		580,792		363,005		(2,455)
Total change in fair value of Class B Units		$	728,079	$	456,457	$	(3,003)