Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.21.1
Fair Value Measurements
3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Fair Value Measurements

3. FAIR VALUE MEASUREMENTS

The following tables provide the assets and liabilities measured at fair value on a recurring basis as of March 31, 2021 and December 31, 2020 (in thousands):

 

 

 

Fair Value Hierarchy as of March 31, 2021

 

 

Aggregate

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

$

593

 

 

$

 

 

$

 

 

$

593

 

Certificates of deposit (2)

 

 

 

 

 

3,694

 

 

 

 

 

 

3,694

 

Total Assets

 

$

593

 

 

$

3,694

 

 

$

 

 

$

4,287

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Swap (3)

 

$

 

 

$

92

 

 

$

 

 

$

92

 

Warrant liability (4)

 

 

 

 

 

1,589

 

 

 

 

 

 

1,589

 

Total Liabilities

 

$

 

 

$

1,681

 

 

$

 

 

$

1,681

 

 

 

(1)

Included in the condensed consolidated balance sheet line item “Short-term investments”.

 

 

(2)

Included in the condensed consolidated balance sheet line item “Short-term investments”, with maturity terms between 4 and 12 months held in India.

 

(3)

Included in the condensed consolidated balance sheet line item “Other long-term liabilities”.

 

(4)

Included in the condensed consolidated balance sheet line item “Other long-term liabilities”. See Note 17 – Warrants – for further details.

 

 

 

Fair Value Hierarchy as of December 31, 2020

 

 

Aggregate

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

$

590

 

 

$

 

 

$

 

 

$

590

 

Certificates of deposit (2)

 

 

 

 

 

4,253

 

 

 

 

 

 

4,253

 

Total Assets

 

$

590

 

 

$

4,253

 

 

$

 

 

$

4,843

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Swap (3)

 

$

 

 

$

109

 

 

$

 

 

$

109

 

Debt for forward share purchase agreements (4)

 

 

 

 

 

483

 

 

 

 

 

 

483

 

Total Liabilities

 

$

 

 

$

592

 

 

$

 

 

$

592

 

 

 

(1)

Included in the condensed consolidated balance sheet line item “Short-term investments”.

 

(2)

Included in the condensed consolidated balance sheet line item “Short-term investments”, with maturity terms between 4 and 12 months held in India.

 

(3)

Included in the condensed consolidated balance sheet line item “Other long-term liabilities”.

 

(4)

Based on the information available at the reporting date, debt for forward share purchase agreements have been determined as the present value to be paid at settlement in case the counterparty exercises the put option.

The values of short-term investments as of March 31, 2021 and as of December 31, 2020 were as follows (in thousands):

 

 

 

As of March 31,

 

 

As of December 31,

 

 

 

2021

 

 

2020

 

 

 

Cost

 

 

Unrealized

gains

 

 

Unrealized

losses

 

 

Fair value

 

 

Cost

 

 

Unrealized

gains

 

 

Unrealized

losses

 

 

Fair value

 

Mutual funds

 

$

587

 

 

$

6

 

 

$

 

 

$

593

 

 

$

580

 

 

$

10

 

 

$

 

 

$

590

 

Certificates of deposit

 

 

3,694

 

 

 

 

 

 

 

 

 

3,694

 

 

 

4,253

 

 

 

 

 

 

 

 

 

4,253

 

 

There were no transfers of liabilities into or out of Level 2 or Level 3 for the three months ended March 31, 2021 and the year ended December 31, 2020.

Net realized and unrealized (gains) and losses related to the Company’s preference shares, which were classified as Level 3 liabilities during the quarter ended March 31, 2020, are reported in the condensed consolidated statements of operations as follows (in thousands):

 

 

 

Research

and

development

 

 

Sales

and

marketing

 

 

General

and

administrative

 

 

Financial income

(expense), net

 

 

Foreign

currency

Income (loss)

 

 

Total

 

Three months ended March 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference shares

 

$

(941

)

 

$

(372

)

 

$

(756

)

 

$

(417

)

 

$

 

 

$

(2,486

)