Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on a Recurring Basis

The table below presents the Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used for each measurement:


		Fair Value as of:
		September 30, 2022								December 31, 2021
	Balance Sheet Account	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets:
Interest rate swap	Other assets, net	$	—	$	8,807	$	—	$	8,807	$	—	$	—	$	—	$	—
Foreign currency contracts	Other assets, net	—		—		—		—		—		14		—		14
Total assets		$	—	$	8,807	$	—	$	8,807	$	—	$	14	$	—	$	14
Liabilities:
Foreign currency contracts	Other current liabilities	$	—	$	—	$	—	$	—	$	—	$	63	$	—	$	63
Interest rate swap	Other liabilities	—		—		—		—		—		1,657		—		1,657
Private Warrants	Private Warrant liabilities	—		514		—		514		—		1,385		—		1,385
Total liabilities		$	—	$	514	$	—	$	514	$	—	$	3,105	$	—	$	3,105

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The Private Warrant liabilities are determined using a Black-Scholes option pricing model, a Level 2 valuation. The significant inputs to the Private Warrant valuation are as follows:


	September 30, 2022			December 31, 2021
Exercise price	$	11.50		$	11.50
Stock price	$	1.97		$	3.89
Volatility	82.0		%	54.0		%
Remaining term in years	3.33			4.08
Risk-free rate	4.10		%	1.12		%
Dividend yield	—			—

Schedule of Private Warrant Activity

The following table summarizes the private warrant activity for the three and nine months ended September 30, 2022:




Fair value of Private Warrants on December 31, 2021	$	1,385
Fair value of Private Warrants converted to Public Warrants	(1,104)
Change in fair value of Private Warrants	1,329
Fair value of Private Warrants outstanding as of March 31, 2022	1,610
Fair value of Private Warrants converted to Public Warrants	—
Change in fair value of Private Warrants	(1,069)
Fair value of Private Warrants outstanding as of June 30, 2022	541
Fair value of Private Warrants converted to Public Warrants	—
Change in fair value of Private Warrants	(27)
Fair value of Private Warrants outstanding as of September 30, 2022	$	514