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Fair Value Measurements | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
Fair Value Measurements | Fair Value Measurements The Company’s financial instruments consist of cash equivalents, marketable securities, accounts receivable, unbilled Customers' receivable, settlements receivable, accounts payable, accrued liabilities, and prior to the IPO, redeemable convertible preferred stock warrant liabilities. Cash equivalents are stated at amortized cost, which approximates fair value at the balance sheet dates, due to the short period of time to maturity. Marketable securities are carried at fair value. Accounts receivable, unbilled Customers' receivable, settlements receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The redeemable convertible preferred stock warrant liabilities were carried at fair value. The following tables present the fair value hierarchy for assets and liabilities measured at fair value:
| September 30, 2021
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 1,227,637 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,227,637 |
Marketable securities |  |  |  |  |  |  |
U.S. government securities | 374,593 |  |  | — |  |  | — |  |  | 374,593 |
Commercial paper | — |  |  | 16,880 |  |  | — |  |  | 16,880 |
Asset-backed securities | — |  |  | 2,017 |  |  | — |  |  | 2,017 |
Corporate debt securities | — |  |  | 15,464 |  |  | — |  |  | 15,464 |
Total assets | $ | 1,602,230 |  |  | $ | 34,361 |  |  | $ | — |  |  | $ | 1,636,591 |
| December 31, 2020
| Level 1 |  | Level 2 |  | Level 3 |  | Total Fair Value
Cash equivalents |  |  |  |  |  |  |
Money market funds | $ | 203,592 |  |  | $ | — |  |  | $ | — |  |  | $ | 203,592 |
Marketable securities |  |  |  |  |  |  |
U.S. government securities | 125,864 |  |  | — |  |  | — |  |  | 125,864 |
Commercial paper | — |  |  | 4,991 |  |  | — |  |  | 4,991 |
Asset-backed securities | — |  |  | 4,315 |  |  | — |  |  | 4,315 |
Corporate debt securities | — |  |  | 14,733 |  |  | — |  |  | 14,733 |
Total assets | $ | 329,456 |  |  | $ | 24,039 |  |  | $ | — |  |  | $ | 353,495 |
Other liabilities |  |  |  |  |  |  |
Redeemable convertible preferred stock warrants | $ | — |  |  | $ | — |  |  | $ | 2,517 |  |  | $ | 2,517 |
Total liabilities | $ | — |  |  | $ | — |  |  | $ | 2,517 |  |  | $ | 2,517 |
The Company classifies money market funds, commercial paper, U.S. government securities, asset-backed securities and corporate securities within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs. The Company classifies the redeemable convertible preferred stock warrants within Level 3 because the Company determines their fair value using unobservable inputs, including the fair value of the Company’s redeemable Series B convertible stock, which the Company determines in the same manner as the fair value of its common stock prior to the IPO. The Company records the change in the fair value of redeemable convertible preferred stock warrants in other income (expense), net in the condensed consolidated statements of operations. Immediately prior to the completion of the IPO in June 2021, the outstanding redeemable convertible preferred stock warrants were converted to Class B common stock warrants and the fair value of the liability as of that date was reclassified into the Company’s Class B common stock and additional paid-in capital. The fair value of the redeemable convertible preferred stock warrant liabilities was estimated using the following assumptions:
| June 9, 2021 |  | December 31, 2020
Dividend yield | 0.00% |  | 0.00%
Expected volatility | 49.93% |  | 49.93%
Expected term (in years) | 2.34 |  | 2.78
Risk-free interest rate | 0.31% |  | 0.17%
Fair value of Series B redeemable convertible preferred stock | $27.00 |  | $12.66
The following table sets forth a summary of the changes in the fair value of the redeemable convertible preferred stock warrant liabilities:
| September 30, 2021 |  | December 31, 2020
Balance, beginning of the period | $ | 2,517 |  |  | $ | 569 |
Remeasurement of redeemable convertible preferred stock warrant liabilities | 2,921 |  |  | 1,948 |
Reclassification of redeemable convertible preferred stock warrant liabilities to common stock and additional paid-in capital upon initial public offering | (5,438) |  |  | — |
Balance, end of the period | $ | — |  |  | $ | 2,517 |
There were no transfers of financial instruments between the fair value hierarchy levels during the three and nine months ended September 30, 2021 and the year ended December 31, 2020.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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