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Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Measurement [Abstract]

Schedule of Company’s Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table provides information related to the Company’s assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023:

		June 30, 2024
		Level 1				Level 2				Level 3				Total
Liabilities:
Warrant liabilities		$	6,290			$				$				$	6,290
Earnout liabilities											290,765				290,765
		$	6,290			$	-			$	290,765			$	297,055

		December 31, 2023
		Level 1				Level 2				Level 3				Total
Liabilities:
Warrant liabilities		$	3,904			$				$				$	3,904
Earnout liabilities											488,641				488,641
		$	3,904			$				$	488,641			$	492,545

Schedule of Unobservable Inputs of the Earnout Liability for Earnout Shares Based on Revenue and EBITDA Targets:

The following table presents the unobservable inputs of the earnout liability for earnout shares based on revenue and EBITDA targets:

		June 30, 2024				December 31, 2023
Current stock price			10.46				12.30
Earnout period – beginning			7/1/2023				7/1/2023
Earnout period – end			12/31/2024				12/31/2024
Equity volatility, EBITDA volatility			25.0	%			25.0	%
Operational leverage ratio			65.00	%			65.00	%
Revenue volatility			10.00	%			10.00	%
Revenue/stock price correlation			45.00	%			45.00	%
EBITDA/stock price correlation			35.00	%			25.00	%
Revenue discount rate			9.47	%			9.21	%
Dividend yield			0.00	%			0.00	%

Schedule of Unobservable Inputs of the Earnout Liability for Earnout Shares Based on the Company’s Stock Price

The following table presents the unobservable inputs of the earnout liability for earnout shares based on the Company’s stock price:

		June 30, 2024				December 31, 2023
Term (years)			5.3				5.8
Volatility			40.00	%			40.00	%
Risk-free rate			4.28	%			3.80	%
Dividend yield			0.00	%			0.00	%
Current stock price			10.46				12.3

Schedule of Summarizes the Activity for the Company’s Level 3 Instruments Measured at Fair Value on a Recurring Basis

The following table summarizes the activity for the Company’s Level 3 instruments measured at fair value on a recurring basis (in thousands):

		Earnout Liabilities
Balance as of December 31, 2023		$	488,641
Issuances			-
Change in fair value			(118,615	)
Balance as of March 31, 2024		$	370,026
Release of earnout shares			(66,255	)
Change in fair value			(13,006	)
Balance as of June 30, 2024		$	290,765

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique used to measure similar asset in prior period by class of asset or liability on non-recurring basis.

+ References

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-Name Accounting Standards Codification
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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

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-Topic 820
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Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
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