Post-effective amendment to a registration statement that is not immediately effective upon filing

FAIR VALUE MEASUREMENTS (Tables)

v3.22.1
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Summary of Liabilities Measured on a Recurring Basis
The following tables set forth the Company’s liabilities that were measured at fair value on a recurring basis during the period, by level, within the fair value hierarchy for the periods ended December 31, 2021 and 2020 (in thousands):
 
    
Fair Value Measurements Using:
        
    
Level 1
    
Level 2
    
Level 3
    
Total
 
December 31, 2021 (Successor)
           
Liabilities:
           
Founders advisory fees payable—related party
   $ 114,276    $ —      $ 251,513    $ 365,789
LaderaTech contingent
earn-out
included in other liabilities,
non-current
     —          —          19,979      19,979
  
 
 
    
 
 
    
 
 
    
 
 
 
Total liabilities
   $ 114,276    $ —      $ 271,492    $ 385,768
  
 
 
    
 
 
    
 
 
    
 
 
 
                                     
           
December 31, 2020 (Predecessor)
           
Liabilities:
           
LaderaTech contingent
earn-out
included in other liabilities,
non-current
   $ —      $ —      $ 19,816    $ 19,816
  
 
 
    
 
 
    
 
 
    
 
 
 
Reconciliation of Level 3 Liabilities Measured on a Recurring Basis
A roll forward of Level 3 liabilities measured at fair value on a recurring basis is as follows (in thousands):
 
    
Founders Advisory Fees
Payable—Related Party
    
LaderaTech
Contingent Earn-out
 
Predecessor
     
Balance, December 31, 2019
   $ —      $ —  
Acquired
     —          19,816
  
 
 
    
 
 
 
Balance, December 31, 2020
     —          19,816
Settlements
     —          (3,000
Loss on contingent
earn-out
     —          2,965
  
 
 
    
 
 
 
Balance, November 8, 2021
   $ —      $ 19,781
  
 
 
    
 
 
 
                   
     
Successor
     
Balance, November 9, 2021
   $ 188,204    $ 19,781
Change in fair value
     63,309      —    
Loss on contingent
earn-out
     —          198
  
 
 
    
 
 
 
Balance, December 31, 2021
   $ 251,513    $ 19,979
  
 
 
    
 
 
 
Summary of Estimated Fair Value of Intangible Assets Acquired
The following table presents the estimated fair value assigned to identifiable intangible assets acquired in the Business Combination (in thousands):
 
    
Estimated
Fair Value
    
Estimated

Useful Life

(in years)
(1)
 
Identifiable Intangible Assets:
     
Tradenames
   $ 101,000      20  
Customer lists
     761,000      20  
Existing technology and patents
     250,000      20  
  
 
 
    
Total estimated fair value of intangible assets acquired
   $ 1,112,000   
  
 
 
    
 
(1)
Amortization of identifiable intangible assets is performed on a straight-line basis over the applicable useful life.