v3.20.4
Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2020
Fair Value Disclosures [Abstract]  
Summary Of Assets And Liabilities That Are Measured At Fair Value On A Recurring And Nonrecurring Basis
The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring and nonrecurring basis and indicates the fair value hierarchy of the valuation (in thousands):
 
  
As of December 31, 2020
  
    Total    
 
    Level 1    
  
    Level 2    
  
    Level 3    
 
 
 
 
 
 
 
  
 
 
  
 
 
 
Assets:
    
Cash equivalents:
    
Money market funds
 $1,075,783 $1,075,783 $ $
Restricted cash:
    
Certificates of deposit
  74,097     74,097   
 
 
 
 
 
 
 
  
 
 
  
 
 
 
Total
 $        1,149,880 $        1,075,783 $          74,097 $                 —
 
 
 
 
 
 
 
  
 
 
  
 
 
 
 
  
As of December 31, 2019
  
    Total    
 
    Level 1    
 
    Level 2    
 
    Level 3    
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
    
Cash equivalents:
    
Money market funds
 $650,498 $650,498 $ $
Restricted cash:
    
Certificates of deposit
  102,904     102,904   
Prepaid expenses and other current assets:
    
Assets held for sale
  980        980
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 $           754,382 $           650,498 $        102,904 $980
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
    
Warrants liability
 $42,628 $ $ $          42,628
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 $42,628 $ $ $42,628
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Summary Of Warrants Liability
The assumptions used to calculate the warrants liability as of September 29, 2020, the date immediately before the Direct Listing, and December 31, 2019 were as follows:
 
  
September 29,
 
December 31,
  
        2020        
 
        2019        
Discounts for lack of marketability
  —     
20.0% - 28.0
Fair value of underlying securities
  $9.50   
$6.81 - $8.04
 
Expected volatility
  66.0  66.0
Dividend rate
  —     —   
Risk-free interest rate
  0.1  1.3
Disclosure Summary Of Changes In Fair Value Of Warrants Liability
The following table sets forth a summary of the changes in the estimated fair value of the Company’s warrants liability (in thousands):
 
Balance as of December 31, 2018
 $              76,069 
Net exercises in the period
  (33,444) 
Change in fair value of warrants
  
 
 
 
 
Balance as of December 31, 2019
 $42,628 
Net exercises in the period
  (10,810) 
Change in fair value of warrants
  (811) 
Reclassification to additional
paid-in
capital as a result of conversion of preferred stock warrants to common stock warrants
  (31,007) 
 
 
 
 
Balance as of December 31, 2020
 $— 
 
 
 
 
Summary of Changes in the Estimated Fair Value of the Company's Assets Held for Sale
The following table sets forth a summary of the changes in the estimated fair value of the Company’s assets held for sale (in thousands):
 
Balance as of December 31, 2018
 $              24,008 
Impairment of assets held for sale
  (23,407) 
Foreign currency adjustments
  379 
 
 
 
 
Balance as of December 31, 2019
 $980 
Sale of assets held for sale
  (250) 
Impairment of assets held for sale
  (674) 
Foreign currency adjustments
  (56) 
 
 
 
 
Balance as of December 31, 2020
 $—