Annual report pursuant to Section 13 and 15(d)

Fair Value Measurements (Tables)

v3.22.1
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Net Asset Liability [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy as of December 31, 2021 and 2020 (in thousands):

 

 

 

December 31, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

929,842

 

 

$

 

 

$

 

 

$

929,842

 

Cash equivalents

 

 

929,842

 

 

 

 

 

 

 

 

 

929,842

 

Term deposits

 

 

 

 

 

40,069

 

 

 

 

 

 

40,069

 

Asset backed securities

 

 

 

 

 

69,496

 

 

 

 

 

 

69,496

 

Government debt securities

 

 

 

 

 

47,308

 

 

 

 

 

 

47,308

 

Corporate debt securities

 

 

 

 

 

186,376

 

 

 

 

 

 

186,376

 

Available-for-sale investments

 

 

 

 

 

343,249

 

 

 

 

 

 

343,249

 

Total fair value of assets

 

$

929,842

 

 

$

343,249

 

 

$

 

 

$

1,273,091

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Common stock warrant liabilities (Public)

 

$

26,910

 

 

 

 

 

 

 

 

$

26,910

 

Common stock warrant liabilities (Private Placement)

 

 

 

 

 

17,992

 

 

 

 

 

 

17,992

 

Earnout Shares Liability

 

 

 

 

 

 

 

 

109,844

 

 

 

109,844

 

Total fair value of liabilities

 

$

26,910

 

 

$

17,992

 

 

$

109,844

 

 

$

154,746

 

 

 

 

 

December 31, 2020

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

74,049

 

 

$

 

 

$

 

 

$

74,049

 

Cash equivalents

 

 

74,049

 

 

 

 

 

 

 

 

 

74,049

 

Asset backed securities

 

 

 

 

 

52,022

 

 

 

 

 

 

52,022

 

Government debt securities

 

 

 

 

 

57,829

 

 

 

 

 

 

57,829

 

Corporate debt securities

 

 

 

 

 

258,736

 

 

 

 

 

 

258,736

 

Marketable debt securities

 

 

 

 

 

368,587

 

 

 

 

 

 

368,587

 

Total fair value of assets

 

$

74,049

 

 

$

368,587

 

 

 

 

 

$

442,636

 

Summary of Debt Securities, Available-for-sale

The following is a summary of the Company’s available-for-sale securities (in thousands):

 

 

 

December 31, 2021

 

 

 

Adjusted
Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Recorded
Basis

 

Assets measured at fair value

 

 

 

 

 

 

 

 

 

 

 

 

Term deposits

 

$

40,069

 

 

 

 

 

$

 

 

$

40,069

 

Asset backed securities

 

 

69,579

 

 

 

 

 

 

(83

)

 

 

69,496

 

Government debt securities

 

 

47,355

 

 

 

 

 

 

(47

)

 

 

47,308

 

Corporate debt securities

 

 

186,471

 

 

 

 

 

 

(95

)

 

 

186,376

 

Total

 

$

343,474

 

 

$

 

 

$

(225

)

 

$

343,249

 

 

 

 

December 31, 2020

 

 

 

Adjusted
Basis

 

 

Unrealized
Gains

 

 

Unrealized
Losses

 

 

Recorded
Basis

 

Asset backed securities

 

$

51,938

 

 

$

84

 

 

 

 

 

$

52,022

 

Government debt securities

 

 

57,826

 

 

 

3

 

 

 

 

 

 

57,829

 

Corporate debt securities

 

 

258,502

 

 

 

234

 

 

 

 

 

 

258,736

 

Total

 

$

368,266

 

 

$

321

 

 

 

 

 

$

368,587

 

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 consolidated statement of operations, of the Company’s Level 3 financial liabilities (in thousands):

 

 

 

In-Q-Tel Warrant Liability

 

 

Earnout Shares Liability

 

Fair value as of January 1, 2021

 

$

 

 

$

 

Initial fair value of the In-Q-Tel warrant liability

 

 

602

 

 

 

 

Earnout Shares Liability recognized upon the closing of the reverse recapitalization

 

 

 

 

 

149,911

 

Change in fair value

 

 

89

 

 

 

(40,067

)

Extinguishment of Legacy Joby In-Q-Tel warrant liability to common stock upon the reverse recapitalization

 

 

(691

)

 

 

 

Fair value as of December 31, 2021

 

$

 

 

$

109,844