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Fair Value Measurements and Fair Value of Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Summary of Carrying Values and Fair Values of Financial Instruments

The following tables display the carrying values and fair values of financial instruments.


		As of December 31, 2022						As of December 31, 2021
Assets on the Consolidated Balance Sheets		Carrying Value		Unrealized Losses		Fair Value		Carrying Value		Unrealized Losses		Fair Value
Cash and cash equivalents	Level 1	$	210,409	$	-	$	210,409	$	430,841	$	-	$	430,841
Restricted cash	Level 1		7,304		-		7,304		1,763		-		1,763
Total		$	217,713	$	-	$	217,713	$	432,604	$	-	$	432,604

The Company reports the current portion of restricted cash as a separate item in the Consolidated Balance Sheets and the non-current portion is a component of other long-term assets in the Consolidated Balance Sheets.


		As of December 31, 2022				As of December 31, 2021
Liabilities on the Consolidated Balance Sheets		Carrying Value		Fair Value		Carrying Value		Fair Value
Acquisition earnout payment	Level 3	$	5,540	$	5,540	$	5,230	$	5,230
Total liabilities		$	5,540	$	5,540	$	5,230	$	5,230

Schedule of Changes In Fair Value of Liabilities

The changes in the fair value of the Company's Level 3 liabilities for the years ended December 31, 2022 and 2021 are as follows.


	As of December 31,
	2022		2021
Balance at beginning of period	$	5,230	$	-
Fair value of earnout payment recorded in connection with the iQuue acquisition		-		5,230
Change in fair value of earnout		310		-
Balance at end of period	$	5,540	$	5,230

Schedule of Earnout of Measurement

The fair value of the earnout payment is measured on a recurring basis at each reporting date. The following inputs and assumptions were used in the Monte Carlo simulation model to estimate the fair value of the earnout payment as of December 31, 2022 and 2021. The Company determined there was an increase of $310 in the fair value of the earnout due to changes to discount and volatility rates during the year ended December 31, 2022 and therefore, recorded this adjustment in general and administrative expense on the Consolidated Statement of Operations and Comprehensive Loss. See Note 13 for more information regarding the earnout payment.


	As of December 31,
	2022			2021
Discount Rate		9.80	%		3.50	%
Volatility		42.00	%		24.80	%

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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