| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
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March 31, 2022 |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets measured at fair value |
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Money market funds |
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$ |
387,535 |
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|
$ |
— |
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|
$ |
— |
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|
$ |
387,535 |
|
Cash equivalents |
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|
387,535 |
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|
|
— |
|
|
|
— |
|
|
|
387,535 |
|
Term deposits |
|
|
— |
|
|
|
40,090 |
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|
|
— |
|
|
|
40,090 |
|
Asset backed securities |
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|
— |
|
|
|
34,421 |
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|
|
— |
|
|
|
34,421 |
|
Government debt securities |
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|
— |
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|
350,131 |
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|
|
— |
|
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|
350,131 |
|
Corporate debt securities |
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— |
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|
379,070 |
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|
|
— |
|
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|
379,070 |
|
Available-for-sale investments |
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— |
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|
|
803,712 |
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|
|
— |
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|
803,712 |
|
Total fair value of assets |
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$ |
387,535 |
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|
$ |
803,712 |
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$ |
— |
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$ |
1,191,247 |
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Liabilities measured at fair value |
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Common stock warrant liabilities (Public) |
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$ |
28,463 |
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|
$ |
- |
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|
$ |
- |
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|
$ |
28,463 |
|
Common stock warrant liabilities (Private Placement) |
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|
— |
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|
19,030 |
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|
|
— |
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|
19,030 |
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Earnout Shares Liability |
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— |
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— |
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|
|
90,440 |
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|
|
90,440 |
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Total fair value of liabilities |
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$ |
28,463 |
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|
$ |
19,030 |
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$ |
90,440 |
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|
$ |
137,933 |
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|
December 31, 2021 |
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|
Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets measured at fair value |
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Money market funds |
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$ |
929,842 |
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$ |
— |
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$ |
— |
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$ |
929,842 |
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Cash equivalents |
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|
929,842 |
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— |
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— |
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|
929,842 |
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Term deposits |
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— |
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|
40,069 |
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— |
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|
40,069 |
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Asset backed securities |
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— |
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|
69,496 |
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— |
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|
69,496 |
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Government debt securities |
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|
— |
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|
47,308 |
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|
— |
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|
47,308 |
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Corporate debt securities |
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|
— |
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|
186,376 |
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|
|
— |
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|
186,376 |
|
Available-for-sale investments |
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|
— |
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|
343,249 |
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|
|
— |
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|
|
343,249 |
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Total fair value of assets |
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$ |
929,842 |
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|
$ |
343,249 |
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$ |
— |
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$ |
1,273,091 |
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Liabilities measured at fair value |
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Common stock warrant liabilities (Public) |
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$ |
26,910 |
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— |
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— |
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$ |
26,910 |
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Common stock warrant liabilities (Private Placement) |
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— |
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|
17,992 |
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— |
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|
17,992 |
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Earnout Shares Liability |
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— |
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— |
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|
|
109,844 |
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|
109,844 |
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Total fair value of liabilities |
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$ |
26,910 |
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$ |
17,992 |
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$ |
109,844 |
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$ |
154,746 |
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| Summary of Debt Securities, Available-for-sale |
The following is a summary of the Company’s available-for-sale securities (in thousands):
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March 31, 2022 |
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Adjusted
Basis |
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Unrealized
Gains |
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Unrealized
Losses |
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Recorded
Basis |
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Assets measured at fair value |
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|
|
|
|
|
|
|
|
|
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Term deposits |
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$ |
40,090 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
40,090 |
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Asset backed securities |
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|
34,720 |
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|
— |
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(299 |
) |
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|
34,421 |
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Government debt securities |
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|
350,909 |
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|
— |
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(778 |
) |
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|
350,131 |
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Corporate debt securities |
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|
380,814 |
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8 |
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(1,752 |
) |
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|
379,070 |
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Total |
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$ |
806,533 |
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|
$ |
8 |
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|
$ |
(2,829 |
) |
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$ |
803,712 |
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|
December 31, 2021 |
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|
|
Adjusted
Basis |
|
|
Unrealized
Gains |
|
|
Unrealized
Losses |
|
|
Recorded
Basis |
|
Assets measured at fair value |
|
|
|
|
|
|
|
|
|
|
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|
Term deposits |
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$ |
40,069 |
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|
— |
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$ |
— |
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|
$ |
40,069 |
|
Asset backed securities |
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|
69,579 |
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|
— |
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(83 |
) |
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|
69,496 |
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Government debt securities |
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|
47,355 |
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|
— |
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(47 |
) |
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|
47,308 |
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Corporate debt securities |
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|
186,471 |
|
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|
— |
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(95 |
) |
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|
186,376 |
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Total |
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$ |
343,474 |
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|
$ |
— |
|
|
$ |
(225 |
) |
|
$ |
343,249 |
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| Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation |
The following table sets forth a summary of the change in the fair value, which is recognized as a component of other income within the condensed consolidated statement of operations, of the Company’s Level 3 financial liabilities (in thousands):
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Earnout Shares Liability |
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Fair value as of January 1, 2022 |
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$ |
109,844 |
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Change in fair value |
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(19,404 |
) |
Fair value as of March 31, 2022 |
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$ |
90,440 |
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