Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements

v3.21.2
Fair Value Measurements
9 Months Ended
Sep. 30, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. FAIR VALUE MEASUREMENTS

The following tables provide the assets and liabilities measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 (in thousands):

 

 

 

Fair Value Hierarchy as of September 30, 2021

 

 

Aggregate

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mutual funds (1)

 

$

598

 

 

$

 

 

$

 

 

$

598

 

Certificates of deposit (2)

 

 

 

 

 

35,849

 

 

 

 

 

 

35,849

 

Total Assets

 

$

598

 

 

$

35,849

 

 

$

 

 

$

36,447

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Rate Swap (3)

 

$

 

 

$

49

 

 

$

 

 

$

49

 

Warrant liability (4)

 

 

 

 

 

989

 

 

 

 

 

 

989

 

Total Liabilities

 

$

 

 

$

1,038

 

 

$

 

 

$

1,038

 

 

(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 3 and 12 months held in the United States and 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 18 – 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 September 30, 2021 and as of December 31, 2020 were as follows (in thousands):

 

 

 

As of September 30, 2021

 

 

As of December 31, 2020

 

 

 

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

 

Cost

 

 

Unrealized

Gains

 

 

Unrealized

Losses

 

 

Fair Value

 

Mutual funds

 

$

583

 

 

$

15

 

 

$

 

 

$

598

 

 

$

580

 

 

$

10

 

 

$

 

 

$

590

 

Certificates of deposit

 

 

35,849

 

 

 

 

 

 

 

 

 

35,849

 

 

 

4,253

 

 

 

 

 

 

 

 

 

4,253

 

 

There were no transfers into or out of Level 2 or Level 3 for the three and nine months ended September 30, 2021 and the year ended December 31, 2020.

Net realized and unrealized (gains) and losses included in income related to Level 3 liabilities shown above 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

 

Nine months ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preference shares

 

$

(941

)

 

$

(372

)

 

$

(756

)

 

$

(417

)

 

$

 

 

$

(2,486

)