Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | May 13, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K/A | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Amendment Flag | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | GS Acquisition Holdings Corp II | ||
Entity Central Index Key | 0001809987 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | true | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
Entity Address, State or Province | NY | ||
Entity Interactive Data Current | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Public Float | $ 810,578,500 | ||
ICFR Auditor Attestation Flag | false | ||
Amendment Description | GS Acquisition Holdings Corp II (the “Company”) is filing this Amendment No. 1 on Form 10-K/A (the “Amendment” or “Form 10-K/A”) to amend and restate certain items in its Annual Report on Form 10-K as of December 31, 2020 and for the period from May 31, 2018 (inception) through December 31, 2020, originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 31, 2021 (the “Original Filing”). Except as described below, no other information included in the Original Filing is being amended or updated by this Amendment and this Amendment does not purport to reflect any information or events subsequent to the Original Filing. | ||
Units, each consisting of one share of Class A common stock and one-quarter of one redeemable warrant [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Units, each consisting of one share of Class A common stock and one-quarter of one redeemable warrant | ||
Trading Symbol | GSAH.U | ||
Security Exchange Name | NYSE | ||
Common Class A [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Class A common stock, par value $0.0001 per share | ||
Trading Symbol | GSAH | ||
Security Exchange Name | NYSE | ||
Entity Common Stock, Shares Outstanding | 75,000,000 | ||
Common Class B [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 18,750,000 | ||
Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 | ||
Trading Symbol | GSAH WS | ||
Security Exchange Name | NYSE |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash | $ 383,246 | $ 5,000 |
Prepaid expenses | 599,170 | |
Total current assets | 982,416 | 5,000 |
Deferred tax asset | 265,954 | |
Cash and cash equivalents held in Trust Account | 750,063,158 | |
Accrued dividends receivable held in Trust Account | 3,883 | |
Total assets | 751,315,411 | 5,000 |
Current liabilities: | ||
Accounts payable | 965,370 | 636 |
Accrued offering costs | 375,000 | |
Income tax payable | 57 | |
Warrant liability | 71,676,615 | |
Total current liabilities | 73,017,042 | 636 |
Deferred underwriting discount | 26,250,000 | |
Total liabilities | 99,267,042 | 636 |
Commitments and contingencies | ||
Class A common stock subject to possible redemption; 75,000,000 and -0- shares at redemption value at December 31, 2020 and December 31, 2019, respectively | 750,000,000 | 0 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized, none issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 0 | 0 |
Additional paid-in capital | 0 | 2,988 |
Accumulated deficit | (97,953,505) | (636) |
Total stockholders' equity/(deficit) | (97,951,631) | 4,364 |
Total liabilities and stockholders' equity | 751,315,411 | 5,000 |
Common Class A [Member] | ||
Current liabilities: | ||
Class A common stock subject to possible redemption; 75,000,000 and -0- shares at redemption value at December 31, 2020 and December 31, 2019, respectively | 750,000,000 | |
Stockholders' equity: | ||
Common stock | 0 | 0 |
Common Class B [Member] | ||
Stockholders' equity: | ||
Common stock | $ 1,874 | $ 2,012 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Class A common stock subject to possible redemption | 75,000,000 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 75,000,000 | |
Common Class B [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 18,750,000 | 20,125,000 |
Common stock, shares outstanding | 18,750,000 | 20,125,000 |
Statements of Operations
Statements of Operations - USD ($) | 7 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Dividend income | $ 0 | $ 67,041 | $ 0 |
General and administrative expenses | (295) | (2,449,094) | (341) |
Change in fair value of warrant liability | 0 | (43,139,251) | 0 |
Loss before income taxes | (295) | (45,521,304) | (341) |
Income tax benefit/(expense) | 0 | 265,897 | 0 |
Net loss | $ (295) | $ (45,255,407) | $ (341) |
Common Class A [Member] | |||
Weighted average number of shares outstanding | 0 | 37,397,260 | 0 |
Net loss per common share | $ 0 | $ (0.79) | $ 0 |
Common Class B [Member] | |||
Weighted average number of shares outstanding | 20,125,000 | 19,597,603 | 20,125,000 |
Net loss per common share | $ 0 | $ (0.79) | $ 0 |
Statements of Changes In Stockh
Statements of Changes In Stockholders' Equity - USD ($) | Total | Common Class A [Member] | Common Stock [Member]Common Class A [Member] | Common Stock [Member]Common Class B [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
Beginning balance at May. 30, 2018 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |
Beginning balance, Shares at May. 30, 2018 | 0 | 0 | ||||
Sale of common shares to GS Sponsor II LLC | 5,000 | $ 2,012 | 2,988 | |||
Stock Issued During Period, Shares, Issued for Services | 20,125,000 | |||||
Net loss | (295) | (295) | ||||
Ending balance at Dec. 31, 2018 | 4,705 | $ 2,012 | 2,988 | (295) | ||
Ending balance, Shares at Dec. 31, 2018 | 20,125,000 | |||||
Net loss | (341) | (341) | ||||
Ending balance at Dec. 31, 2019 | 4,364 | $ 2,012 | 2,988 | (636) | ||
Ending balance, Shares at Dec. 31, 2019 | 20,125,000 | |||||
Net loss | (32,176,518) | |||||
Ending balance at Sep. 30, 2020 | (84,872,742) | |||||
Beginning balance at Dec. 31, 2019 | 4,364 | $ 2,012 | 2,988 | (636) | ||
Beginning balance, Shares at Dec. 31, 2019 | 20,125,000 | |||||
Excess of cash received over fair value of private placement warrants | $ 8,049,674 | 8,049,674 | ||||
Forfeiture of Founder Shares pursuant to partial exercise of underwriters' over-allotment option | $ (138) | 138 | ||||
Forfeiture of Founder Shares pursuant to partial exercise of underwriters' over-allotment option, Shares | (1,375,000) | |||||
Accretion for Class A common stock to redemption amount | $ (60,750,262) | $ (60,750,262) | (8,052,800) | (52,697,462) | ||
Net loss | (45,255,407) | (45,255,407) | ||||
Ending balance at Dec. 31, 2020 | $ (97,951,631) | $ 1,874 | $ 0 | $ (97,953,505) | ||
Ending balance, Shares at Dec. 31, 2020 | 18,750,000 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (45,255,407) | $ (341) | $ (295) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Change in fair value of warrant liability | 43,139,251 | 0 | 0 |
Issuance costs related to warrant liability | 1,075,021 | 0 | 0 |
Change in operating assets and liabilities: | |||
Increase in dividend receivable | (3,883) | 0 | 0 |
Increase in prepaid expenses | (599,170) | 0 | 0 |
Increase in deferred tax assets | (265,954) | 0 | 0 |
Increase in accounts payable | 964,734 | 341 | 295 |
Increase in income tax payable | 57 | 0 | 0 |
Net cash used for operating activities | (945,351) | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from sale of Class B common stock to GS Sponsor II LLC | 0 | 0 | 5,000 |
Proceeds from sale of Class A common stock to public | 750,000,000 | 0 | 0 |
Proceeds from sale of Private Placement Warrants | 17,000,000 | 0 | 0 |
Payment of underwriting discounts | (15,000,000) | 0 | 0 |
Payment of offering costs | (613,245) | 0 | 0 |
Proceeds from promissory note | 300,000 | 0 | 0 |
Repayment of promissory note | (300,000) | 0 | 0 |
Net cash provided by financing activities | 751,386,755 | 0 | 5,000 |
Increase in cash and restricted cash | 750,441,404 | 0 | 5,000 |
Cash and restricted cash and cash equivalents at beginning of year | 5,000 | 5,000 | 0 |
Cash and restricted cash and cash equivalents at end of year | 750,446,404 | 5,000 | 5,000 |
Supplemental disclosure of non-cash financing activities | |||
Accrued offering costs | 375,000 | 0 | 0 |
Deferred underwriting discount | $ 26,250,000 | $ 0 | $ 0 |
Description of Organization and
Description of Organization and Business Operations | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Organization and Business Operations | Note 1—Description of Organization and Business Operations Organization and General GS Acquisition Holdings Corp II (the “Company”) was incorporated as a Delaware corporation on May 31, 2018. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses (the “Initial Business Combination”). The Company is an emerging growth company, as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). All activity for the period from May 31, 2018 (“Inception”) through December 31, 2020 relates to the Company’s formation and its initial public offering (the “Public Offering”) described below and identifying and evaluating prospective acquisition targets for an Initial Business Combination. The Company will not generate any operating revenues until after completion of its Initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest or dividend income on cash and cash equivalents from the proceeds derived from the Public Offering (as defined below in Note 4) and the Private Placement (as defined below in Note 5). The Company has selected December 31st as its fiscal year end. Sponsor and Financing The Company’s sponsor is GS Sponsor II LLC, a Delaware limited liability company (the “Sponsor”). The registration statement for the Company’s Public Offering was declared effective by the United States Securities and Exchange Commission (the “SEC”) on June 29, 2020. On June 30, 2020, the underwriters partially exercised their option to purchase additional Units (as defined below in Note 4 4 was placed in a U.S. based trust account (the “Trust Account”). The Company intends to finance its Initial Business Combination with the net proceeds from the Public Offering (as defined below in Note 4) and the sale of the Private Placement Warrants (as defined below in Note 5). The Trust Account The proceeds held in the Trust Account are invested in a money market fund registered under the Investment Company Act of 1940 as amended (the “Investment Company Act”) and meeting certain conditions under Rule 2a-7. Except with respect to dividend s pre-Initial The balance in the Trust Account as of December 31, 2020 was Initial Business Combination The Company’s management has broad discretion with respect to the specific application of the net proceeds of the Public Offering, although substantially all of the net proceeds of the Public Offering and the Private Placement are intended to be generally applied toward consummating an Initial Business Combination. The Initial Business Combination must occur with one or more operating businesses or assets with a fair market value equal to at least 80% of the net assets held in the Trust Account (excluding the amount of any deferred underwriting discount). There is no assurance that the Company will be able to successfully effect an Initial Business Combination. The Company, after signing a definitive agreement for an Initial Business Combination, will provide its public stockholders with the opportunity to redeem all or a portion of their shares upon the completion of the Initial Business Combination, either (i) in connection with a stockholder meeting called to approve the business combination or (ii) by means of a tender offer. However, in no event will the Company redeem its public shares in an amount that would cause its net tangible assets, after payment of deferred underwriting commissions, to be less than $5,000,001 following such redemptions. In such case, the Company would not proceed with the redemption of its public shares and the related Initial Business Combination, and instead may search for an alternate Initial Business Combination. If the Company holds a stockholder vote or there is a tender offer for shares in connection with an Initial Business Combination, a public stockholder will have the right to redeem its shares for an amount in cash equal to its pro rata share of the aggregate amount then on deposit in the Trust Account, calculated as of two business days prior to the consummation of the Initial Business Combination, including interest but less taxes payable. As a result, such shares of Class A common stock are recorded at redemption amount and classified as temporary equity upon the completion of the Public Offering, in accordance with the Accounting Standards Codification (“ASC”) 480, “Distinguishing Liabilities from Equity.” Pursuant to the Company’s amended and restated certificate of incorporation, if the Company is unable to complete the Initial Business Combination within 24 months from the closing of the Public Offering, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but no more than ten business days thereafter redeem the public shares, at a per-share The Sponsor, Employee Participation LLC (as defined below in Note 5 5 In the event of a liquidation, dissolution or winding up of the Company after an Initial Business Combination, the Company’s stockholders are entitled to share ratably in all assets remaining available for distribution to them after payment of liabilities and after provision is made for each class of stock, if any, having preference over the common stock. The Company’s stockholders have no preemptive or other subscription rights. There are no sinking fund provisions applicable to the common stock, except that the Company will provide its stockholders with the opportunity to redeem their public shares for cash equal to their pro rata share of the aggregate amount then on deposit in the Trust Account, under the circumstances, and, subject to the limitations, described herein. |
Restatement of Previously Issue
Restatement of Previously Issued Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Restatement Of Previously Issued Financial Statements [Abstract] | |
Restatement of Previously Issued Financial Statements | Note 2—Restatement of Previously Issued Financial Statements In April 2021 the Company re-evaluated its accounting for its Public Warrants (as defined below in Note 4) and Private Placement Warrants (as defined below in Note 5) issued in connection with the Company’s initial public offering (collectively, the “Warrants”) and determined that they should be treated as derivative liabilities pursuant to ASC 815 (“ASC 815”), “Derivative and Hedging”, rather than as components of stockholders’ equity as the Company previously treated the Warrants. The restated classification and reported values of the Warrants as accounted for under ASC 815 are included in the financial statements herein. In the process of re-evaluating its financial statements the Company also restated its financial statements to classify all Class A common stock as temporary equity and to record accretion on the shares of Class A common stock. The Company had previously classified 3,133,926 shares of its Class A common stock as permanent equity. Since the Company classified the Public Warrants as derivative liabilities, offering costs totaling $1,075,021 that were previously allocated to the reported amount of the Public Warrants are now reflected as an expense in the statement of operations. Impact of the Restatement The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Non-Reliance e As of December 31, 2020 As Previously Restatement As Restated BALANCE SHEET Warrant liability $ — $ 71,676,615 $ 71,676,615 Total liabilities 27,590,427 71,676,615 99,267,042 Class A common stock subject to possible redemption 718,724,982 31,275,018 750,000,000 Class A common stock - $ 313 (313 ) — Additional paid-in 6,039,586 (6,039,586 ) — Accumulated deficit (1,041,771 ) (96,911,734 ) (97,953,505 ) Total stockholders’ equity/(deficit) 5,000,002 (102,951,633 ) (97,951,631 ) For the Year-Ended Dec em As Previously Restatement As Restated STATEMENT OF OPERATIONS General and administrative expenses $ (1,374,073 ) $ (1,075,021 ) $ (2,449,094 ) Change in fair value of warrant liability — (43,139,251 ) (43,139,251 ) Net loss (1,041,135 ) (44,214,272 ) (45,255,407 ) Basic and diluted net loss per share, Class A $ (0.02 ) $ (0.77 ) $ (0.79 ) Basic and diluted net loss per share, Class B $ (0.02 ) $ (0.77 ) $ (0.79 ) For the Year-Ended Dec em As Previously Restatement As Restated STATEMENT OF CASH FLOWS Net loss $ (1,041,135 ) $ (44,214,272 ) $ (45,255,407 ) Change in fair value of warrant liability — 43,139,251 43,139,251 Issuance costs related to warrant liability — 1,075,021 1,075,021 As of July 2, 2020 As Previously Restatement As Restated BALANCE SHEET Warrant liability $ — $ 28,537,364 $ 28,537,364 Total liabilities 26,965,589 28,537,364 55,502,953 Class A common stock subject to possible redemption 719,775,570 30,224,430 750,000,000 Class A common stock - $0.0001 par value 302 (302 ) — Additional paid-in capital 5,044,723 (5,044,723 ) — Accumulated deficit (47,035 ) (53,716,769 ) (53,763,804 ) Total stockholders’ equity/(deficit) 5,000,002 (58,761,794 ) (53,761,792 ) As of September 30, 2020 (UNAUDITED) As Previously Restatement As Restated BALANCE SHEET Warrant liability $ — $ 59,344,241 $ 59,344,241 Total liabilities 27,002,221 59,344,241 86,346,462 Class A common stock subject to possible redemption 719,471,496 30,528,504 750,000,000 Class A common stock - $ 306 (306 ) - Additional paid-in 5,293,078 (5,293,078 ) - Accumulated deficit (295,255 ) (84,579,361 ) (84,874,616 ) Total stockholders’ equity/(deficit) 5,000,003 (89,872,745 ) (84,872,742 ) Nine months ended September 30, 2020 As Previously Restatement As Restated STATEMENT OF OPERATIONS General and administrative expenses $ (428,397 ) $ (1,075,021 ) $ (1,503,418 ) Change in fair value of warrant liability — (30,806,877 ) (30,806,877 ) Net loss (294,620 ) (31,881,898 ) (32,176,518 ) Basic and diluted net loss per share, Class A $ (0.01 ) $ (0.71 ) $ (0.72 ) Basic and diluted net loss per share, Class B $ (0.01 ) $ (0.71 ) $ (0.72 ) Nine months ended September 30, 2020 As Previously Restatement As Restated STATEMENT OF CASH FLOWS Net loss $ (294,620 ) $ (31,881,898 ) $ (32,176,518 ) Change in fair value of warrant liability — 30,806,877 30,806,877 Issuance costs related to warrant liability — 1,075,021 1,075,021 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3—Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and pursuant to the accounting and disclosure rules and regulations of the SEC. Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Net Loss Per Common Share Net loss per share of common stock is computed by dividing net loss by the weighted average number of common shares outstanding during the period. The Company applies the two-class method in calculating earnings per share. Accretion associated with the redeemable shares of Class A common stock is excluded from EPS as the redemption value approximates fair value. At December 31, 2020, the Company had outstanding warrants to purchase of up to 27,250,000 shares of Class A common stock. The weighted average of these shares was excluded from the calculation of diluted net loss per share of common stock since the exercise of the Warrants is contingent upon the occurrence of future events. As of December 31, 2020, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings of the Company. As a result, diluted net loss per share of common stock is the same as basic net loss per share of common stock for the period. Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of ninety (90) days or less. As of December 31, 2020, the Company held deposits of $383,246 at custodian account and $750,063,158 in Goldman Sachs Financial Square Tr e Redeemable Shares of Class A Common Stock As discussed in Note 1, all of the 75,000,000 shares of Class A common stock sold as parts of the Units in the Public Offering contain a redemption feature. In accordance with the Accounting Standards Codification 480-10-S99-3A “Classification and Measurement of Redeemable Securities”, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. The Company had previously classified 3,133,926 shares of Class A common stock as permanent equity. As part of the restatement of the Company’s financial statements, the Company has classified all of the shares of Class A common stock as redeemable. Immediately upon the closing of the Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable shares of Class A common stock resulted in charges against additional paid-in capital and accumulated deficit . As of December 31, 2020, the share s As of December 31, Gross proceeds $ 750,000,000 Less: Proceeds allocated to public warrants $ (19,587,038 ) Class A shares issuance costs $ (41,163,224 ) Plus: Accretion of carrying value to redemption value $ 60,750,262 Class A common stock subject to possible redemption $ 750,000,000 Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Accounting Standards Codification 820 (“ASC 820”), “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheets, primarily due to their short term nature. Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available, and accordingly the actual results could differ significantly from those estimates. Offering Costs The Company complies with the requirements of the Accounting Standards Codification 340-10-S99-1 $988,245. These costs, together with the upfront underwriter discount and deferred underwriter discount, of $41,250,000 common stock and Public Warrants upon the closing of the Public Offering (as defined in Note 4) . See Note 2 for further information about accounting for offering costs. Warrant Liability The Company accounts for the Warrants in accordance with the guidance contained in ASC 815 under which the Warrants do not meet the criteria for equity treatment and must be recorded as derivative liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjusts the Warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until the Warrants are exercised or expire, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Public Warrants was initially measured using a Monte Carlo simulation. The Public Warrants have subsequently been measured based on the listed market price. The fair value of the Private Warrants has been estimated using a Black-Scholes-Merton model since the initial measurement date. (see Note 7) Income Taxes The Company is taxed as a corporation for U.S. federal income tax purposes. As a corporation, for tax purposes, the Company is subject to U.S. federal and various state and local income taxes on its earnings. Prior to July 2020, the Company was included with T To the extent the Company generates tax benefits from losses during such time that it is consolidated with the Group Inc., the amounts will be reimbursed by the Group Inc. pursuant to the tax sharing arrangement. The Company’s state and local tax liabilities are allocated to reflect its share of the consolidated/combined state and local income tax liability. Following changes in ownership starting July 2020, the Company deconsolidated from the Group Inc. for tax purposes and the tax sharing arrangement with the Group Inc. was terminated. Beginning July 2020, the Company will file separate corporate federal and state and local income tax returns. To the extent the Company generates tax losses after it ceases being consolidated with the Group Inc., tax benefits from losses will be accrued if it is more likely than not the losses may be carried forward and utilized against future expected profits. Income taxes are provided for using the assets and liabilities method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. Deferred Income Taxes The Company follows the asset and liability method of accounting for income taxes under Accounting Standards Codification 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. Unrecognized Tax Benefits The Company recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. There were no unrecognized tax benefits as of December 31, 2020. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for interest expense and penalties related to income tax matters as of December 31, 2020, 2019 and 2018. The Company is subject to income tax examinations by major taxing authorities since Inception. Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Public Offering
Public Offering | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Public Offering | Note 4 —Public Offering Upon the closing of the Public Offering, the Company sold 75,000,000 units at an offering price of $10.00 per unit (the “Units”) including 5,000,000 Units as a result of the underwriters’ partial exercise of their option to purchase additional Units. The Sponsor purchased an aggregate of 8,500,000 Private Placement Warrants (as defined below) at a price of $2.00 per Private Placement Warrant in a private placement that closed simultaneously with the closing of the Public Offering. Each Unit consists of one share of the Company’s Class A common stock, $0.0001 par value, and one-fourth Public Warrant” and, collectively, the “ Public Warrants”). One Public Warrant entitles the holder thereof to purchase one whole share of Class A common stock at a price of $11.50 per share, subject to adjustment. No fractional shares will be issued upon exercise of the Public Warrants and only whole Public Warrants will trade. Each Public Warrant will become exercisable on the later of 30 days after the completion of the Initial Business Combination and 12 months from the closing of the Public Offering and will expire at 5:00 p.m., New York City time, five years after the completion of the Initial Business Combination or earlier upon redemption or liquidation. Once the Publi c Warrants become exercisable, the Company may redeem the outstanding Public Warrants in whole and not in part at a price of $0.01 per Public Warrant upon a minimum of 30 days’ prior written notice of redemption, if and only if the last reported sale price of the Company’s Class A common stock equals or exceeds $18.00 per share (as adjusted) for any 20 trading days within a 30-trading Public Warrant holders. Additionally, commencing 90 days after the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants in whole and not in part at a price of $0.10 per Public Warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their Public Warrants on a cashless basis prior to redemption and receive that number of shares of Class A common stock to be determined by reference to a table included in the warrant agreement, based on the redemption date and the fair market value of Class A common stock, if and only if the last reported sale price of the Company’s Class A common stock equals or exceeds $10.00 per share (as adjusted) on the trading day prior to the date on which the Company sends the notice of redemption to the Public Warrant holders. The Company paid an underwriting commission of 2.0% of the gross proceeds of the Public Offering, (or $15,000,000), to the underwriters at the closing of the Public Offering, with an additional fee (the “Deferred Underwriting Discount”) of 3.5% of the gross proceeds of the Public Offering (or $26,250,000) payable upon the Company’s completion of the Initial Business Combination. The Deferred Underwriting Discount will become payable to the underwriters from the amounts held in the Trust Account solely in the event the Company completes the Initial Business Combination. The Deferred Underwriting Discount has been recorded as a deferred liability on the balance sheet at December 31, 2020 as management has deemed the consummation of an Initial Business Combination to be probable. The Public Warrants issued as part of the Units are accounted for as liabilities as they contain terms and features that do not qualify for equity classification under ASC 815 the fair value was is reflected in change in fair value of warrant liability in the statement of operations. All of the 75,000,000 shares of Class A common stock sold as part of the Units in the Public Offering contain a redemption feature which allows for the redemption of such public shares in connection with the Company’s liquidation, if there is a stockholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated certificate of incorporation. In accordance with ASC 480, redemption provisions not solely within the control of the Company require common stock subject to redemption to be classified outside of permanent equity. Given that the Class A common stock was issued with other freestanding instruments (i.e., Public Warrants), the initial carrying value of Class A common stock classified as temporary equity is based on allocated proceeds in accordance with Accounting Standards Codification 470-20 “Debt with Conversion and Other Options”. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 5 Founder Shares In July 2018, the Sponsor purchased 575 shares of Class B common stock (the “Founder Shares”) for an aggregate price of $5,000. On April 17, 2020, the Company conducted a 1:5000 stock split, resulting in the Sponsor holding 2,875,000 Founder Shares. Subsequently, on June 11, 2020, the Company conducted a 1:7 stock split, resulting in the Sponsor holding 20,125,000 Founder Shares, as well as increased the authorized shares of Class B common stock to 50,000,000. The financial statements reflect the changes of these splits retroactively for all periods presented. On June 29, 2020, the Sponsor transferred 1,325,000 of its Founder Shares to GS Acquisition Holdings II Employee Participation LLC (“Employee Participation LLC”), an affiliate of the Sponsor. The 20,125,000 Founder Shares included an aggregate of up to 2,625,000 shares that were subject to forfeiture if the underwriters’ option to purchase additional shares was not exercised in full by the underwriters to maintain the number of Founder Shares equal to 20% of the outstanding shares upon completion of the Public Offering. Following the partial exercise of the option to purchase additional shares, 1,375,000 Founder Shares were forfeited on August 13, 2020, at no cost in order to maintain the number of Founder Shares equal to 20% of the outstanding shares of common stock, upon the completion of the Public Offering. As used herein, unless the context otherwise requires, Founder Shares shall be deemed to include the shares of Class A common stock issuable upon conversion thereof. The Founder Shares are identical to the Class A common stock included in the Units sold in the Public Offering, except that: prior to the Initial Business Combination only holders of the Founder Shares have the right to vote on the election of the Company’s directors and holders of a majority of the outstanding shares of Class B common stock may remove members of the Company’s board of directors for any reason; the Founder Shares automatically convert into shares of Class A common stock at the time of the Initial Business Combination, or earlier at the option of the holder, on a one-for-one The Company’s initial stockholders, officers and directors have agreed not to transfer, assign or sell any Founder Shares held by them until the earlier to occur of: (i) one year after the completion of the Initial Business Combination, (ii) the last sale price of Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading and The Sponsor has purchased an aggregate of 8,500,000 private placement warrants at a price of $2.00 per whole warrant ($17,000,000 in the aggregate) in a private placement (the “Private Placement”) that closed concurrently with the closing of the Public Offering (the “Private Placement Warrants”). Each Private Placement Warrant is exercisable for one whole share of Class A common stock at a price of $11.50 per share, subject to adjustment in certain circumstances, including upon the occurrence of certain reorganization events. A portion of proceeds from the sale of the Private Placement Warrants were added to the proceeds from the Public Offering deposited in the Trust Account such that at the closing of the Public Offering, $750,000,000 was held in the Trust Account. If the Initial Business Combination is not completed within 24 months from the closing of the Public Offering, the proceeds from the sale of the Private Placement Warrants held in the Trust Account will be used to fund the redemption of the public shares (subject to the requirements of applicable law) and the Private Placement Warrants will expire worthless. The Private Placement Warrants will be non-redeemable The Sponsor and the Company’s officers and directors have agreed, subject to limited exceptions, not to transfer, assign or sell any of their Private Placement Warrants until 30 days after the completion of the Initial Business Combination. Registration Rights The holders of Founder Shares and Private Placement Warrants are, and holders of warrants that may be issued upon conversion of working capital loans, if any, will be, entitled to registration rights to require the Company to register the resale of any of its securities held by them (in the case of the Founder Shares, only after conversion of such shares to shares of Class A common stock) pursuant to a registration rights agreement dated June 29, 2020. These holders are also entitled to certain piggyback registration rights. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Related Party Sponsor Note On April 17, 2020, an affiliate of the Sponsor agreed to loan the Company an aggregate amount of up to $300,000 to be used to pay a portion of the expenses related to the Public Offering pursuant to a promissory note (the “Note”). The Note was non-interest On November 12, 2020, the Sponsor agreed to loan the Company up to an aggregate of $2,000,000 pursuant to the working capital note (the “Working Capital Note”) . Any amounts borrowed under the Working Capital Note are non-interest , the Company has not drawn funds under the Working Capital Note. Administrative Support Agreement The Company has entered into an agreement to pay an affiliate of the Sponsor a total of $10,000 per month for office space, administrative and support services. Upon the earlier of the completion of the Initial Business Combination and the Company’s liquidation, the Company will cease paying these monthly fees. For the year ended December 31, 2020, the Company incurred expenses of $60,000 under this agreement. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Federal Home Loan Banks [Abstract] | |
Stockholders' Equity | Note 6—Stockholders’ Equity Common Stock The authorized common stock of the Company includes up to 500,000,000 shares of Class A common stock and 50,000,000 shares of Class B common stock. If the Company enters into an Initial Business Combination, it may (depending on the terms of such an Initial Business Combination) be required to increase the number of shares of Class A common stock which the Company is authorized to issue at the same time as the Company’s stockholders vote on the Initial Business Combination to the extent the Company seeks stockholder approval in connection with the Initial Business Combination. Holders of the Company’s common stock are entitled to one vote for each share of common stock; provided that only holders of the Class B common stock have the right to vote on the election of the Company’s directors prior to the Initial Business Combination. At December 31, 2020, there were 75,000,000 shares of Class A common stock issued and outstanding, of which 75,000,000 shares were subject to possible redemption and are classified outside of permanent equity at the balance sheet, and 18,750,000 shares of Class B common stock issued and outstanding. In connection with issuance of shares of Class A common stock, the Company issued 18,750,000 Public Warrants. The Company has determined that the Public Warrants are accounted for separately from shares of Class A common stock. Preferred Stock The Company is authorized to issue 5,000,000 shares of preferred stock with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. At December 31, 2020, there were no shares of preferred stock issued or outstanding. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 7—Fair Value Measurements The fair value of a financial instrument is the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price). The fair value hierarchy under ASC 820 prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Basis for Fair Value Measurement Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active or financial instruments for which significant inputs to models are observable (including but not limited to quoted prices for similar securities, interest rates, foreign exchange rates, volatility and credit risk), either directly or indirectly; Level 3: Prices or valuations that require significant unobservable inputs (including the Management’s assumptions in determining fair value measurement). The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2020 by level within the fair value hierarchy: Description December 31, Quoted Prices Markets (Level 1) Significant Other (Level 2) Significant Other Unobservable (Level 3) Assets: Money market fund held in Trust Account $ 750,063,158 $ 750,063,158 $ — $ — Liabilities: Warrant Liability—Public Warrants $ 48,000,000 $ 48,000,000 $ — $ — Warrant Liability—Private Placement Warrants $ 23,676,615 $ — $ — $ 23,676,615 Transfers to/from Levels 1, 2, and 3 are recognized at the end of the reporting period. The estimated fair value of the Public Warrants transferred from a Level 3 measurement as of September 30 , 2020 as a result of the separate listing and trading of the Public Warrants as of August 20, 2020. The fair value of the Public Warrants was initially measured using a Monte Carlo simulation. The Public Warrants have subsequently been measured based on the listed market price. The fair value of the Private Warrants has been estimated using a Black-Scholes-Merton model since initial measurement date. For the period from the closing of the Public Offering through December 31, 2020, the Company recognized a charge in the statement of operations resulting from an increase in the fair value of warrant liabilities of approximately $43.1 million presented as change in fair value of derivative warrant liability. The estimated fair value of the Private Placement Warrants, and the Public Warrants prior to being separately listed and traded, was determined using Level 3 inputs. Inherent in a Black-Scholes-Merton model and Monte Carlo simulation are assumptions related to expected stock-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its Class A common stock warrants based on implied volatility from the Company’s traded warrants and from historical volatility of select peer companies’ Class A common stock that matches the expected remaining life of the Warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon The following table provides quantitative information regarding Level 3 fair value measurements inputs: As of July 2, 2020 As of Public Private Private Stock price $ 10.54 $ 10.54 $ 10.90 Strike Price $ 11.50 $ 11.50 $ 11.50 Term (in years) 6 6 5.75 Volitility 10 - 20 % 10 - 18 % 28.30 % Risk-free rate 0.40 % 0.40 % 0.47 % Dividend yield 0.00 % 0.00 % 0.00 % The change in the fair value of the Warrants measured with Level 3 inputs for the period from July 2, 2020 (Initial Measurement) through December 31, 2020 is summarized as follows: Issuance of Public and Private Warrants with Level 3 measurements $ 28,537,364 Change in fair value of warrant liability measured with Level 3 inputs 14,726,289 Transfer of Public Warrants to Level 1 measurements (19,587,038 ) Warrants liability $ 23,676,615 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 8— Subsequent Events On March 12, 2021, the Company borrowed $1,500,000 under the Working Capital Note. Effective March 30, 2021, the Sponsor agreed not to transfer its Private Placement Warrants. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America and pursuant to the accounting and disclosure rules and regulations of the SEC. |
Emerging Growth Company | Emerging Growth Company Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Net Loss Per Common Share | Net Loss Per Common Share Net loss per share of common stock is computed by dividing net loss by the weighted average number of common shares outstanding during the period. The Company applies the two-class method in calculating earnings per share. Accretion associated with the redeemable shares of Class A common stock is excluded from EPS as the redemption value approximates fair value. At December 31, 2020, the Company had outstanding warrants to purchase of up to 27,250,000 shares of Class A common stock. The weighted average of these shares was excluded from the calculation of diluted net loss per share of common stock since the exercise of the Warrants is contingent upon the occurrence of future events. As of December 31, 2020, the Company did not have any dilutive securities or other contracts that could, potentially, be exercised or converted into shares of common stock and then share in the earnings of the Company. As a result, diluted net loss per share of common stock is the same as basic net loss per share of common stock for the period. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include cash on hand and on deposit at banking institutions as well as all highly liquid short-term investments with original maturities of ninety (90) days or less. As of December 31, 2020, the Company held deposits of $383,246 at custodian account and $750,063,158 in Goldman Sachs Financial Square Tr e |
Redeemable Shares of Class A Common Stock | Redeemable Shares of Class A Common Stock As discussed in Note 1, all of the 75,000,000 shares of Class A common stock sold as parts of the Units in the Public Offering contain a redemption feature. In accordance with the Accounting Standards Codification 480-10-S99-3A “Classification and Measurement of Redeemable Securities”, redemption provisions not solely within the control of the Company require the security to be classified outside of permanent equity. Ordinary liquidation events, which involve the redemption and liquidation of all of the entity’s equity instruments, are excluded from the provisions of ASC 480. The Company had previously classified 3,133,926 shares of Class A common stock as permanent equity. As part of the restatement of the Company’s financial statements, the Company has classified all of the shares of Class A common stock as redeemable. Immediately upon the closing of the Public Offering, the Company recognized the accretion from initial book value to redemption amount value. The change in the carrying value of redeemable shares of Class A common stock resulted in charges against additional paid-in capital and accumulated deficit . As of December 31, 2020, the share s As of December 31, Gross proceeds $ 750,000,000 Less: Proceeds allocated to public warrants $ (19,587,038 ) Class A shares issuance costs $ (41,163,224 ) Plus: Accretion of carrying value to redemption value $ 60,750,262 Class A common stock subject to possible redemption $ 750,000,000 |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Financial Instruments | Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the Accounting Standards Codification 820 (“ASC 820”), “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the balance sheets, primarily due to their short term nature. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. One of the more significant accounting estimates included in these financial statements is the determination of the fair value of the warrant liability. Such estimates may be subject to change as more current information becomes available, and accordingly the actual results could differ significantly from those estimates. |
Offering Costs | Offering Costs The Company complies with the requirements of the Accounting Standards Codification 340-10-S99-1 $988,245. These costs, together with the upfront underwriter discount and deferred underwriter discount, of $41,250,000 common stock and Public Warrants upon the closing of the Public Offering (as defined in Note 4) . See Note 2 for further information about accounting for offering costs. |
Warrant Liability | Warrant Liability The Company accounts for the Warrants in accordance with the guidance contained in ASC 815 under which the Warrants do not meet the criteria for equity treatment and must be recorded as derivative liabilities. Accordingly, the Company classifies the Warrants as liabilities at their fair value and adjusts the Warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until the Warrants are exercised or expire, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Public Warrants was initially measured using a Monte Carlo simulation. The Public Warrants have subsequently been measured based on the listed market price. The fair value of the Private Warrants has been estimated using a Black-Scholes-Merton model since the initial measurement date. (see Note 7) |
Income Taxes | Income Taxes The Company is taxed as a corporation for U.S. federal income tax purposes. As a corporation, for tax purposes, the Company is subject to U.S. federal and various state and local income taxes on its earnings. Prior to July 2020, the Company was included with T To the extent the Company generates tax benefits from losses during such time that it is consolidated with the Group Inc., the amounts will be reimbursed by the Group Inc. pursuant to the tax sharing arrangement. The Company’s state and local tax liabilities are allocated to reflect its share of the consolidated/combined state and local income tax liability. Following changes in ownership starting July 2020, the Company deconsolidated from the Group Inc. for tax purposes and the tax sharing arrangement with the Group Inc. was terminated. Beginning July 2020, the Company will file separate corporate federal and state and local income tax returns. To the extent the Company generates tax losses after it ceases being consolidated with the Group Inc., tax benefits from losses will be accrued if it is more likely than not the losses may be carried forward and utilized against future expected profits. Income taxes are provided for using the assets and liabilities method under which deferred tax assets and liabilities are recognized for temporary differences between the financial reporting and tax bases of assets and liabilities. |
Deferred Income Taxes | Deferred Income Taxes The Company follows the asset and liability method of accounting for income taxes under Accounting Standards Codification 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. |
Unrecognized Tax Benefits | Unrecognized Tax Benefits The Company recognizes tax positions in the financial statements only when it is more likely than not that the position will be sustained on examination by the relevant taxing authority based on the technical merits of the position. A position that meets this standard is measured at the largest amount of benefit that will more likely than not be realized on settlement. A liability is established for differences between positions taken in a tax return and amounts recognized in the financial statements. There were no unrecognized tax benefits as of December 31, 2020. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for interest expense and penalties related to income tax matters as of December 31, 2020, 2019 and 2018. The Company is subject to income tax examinations by major taxing authorities since Inception. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statements. |
Restatement of Previously Iss_2
Restatement of Previously Issued Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Restatement Of Previously Issued Financial Statements [Abstract] | |
Summary Of Restatement Of Financial Statements | The impact of the restatement on the balance sheets, statements of operations and statements of cash flows for the Non-Reliance e As of December 31, 2020 As Previously Restatement As Restated BALANCE SHEET Warrant liability $ — $ 71,676,615 $ 71,676,615 Total liabilities 27,590,427 71,676,615 99,267,042 Class A common stock subject to possible redemption 718,724,982 31,275,018 750,000,000 Class A common stock - $ 313 (313 ) — Additional paid-in 6,039,586 (6,039,586 ) — Accumulated deficit (1,041,771 ) (96,911,734 ) (97,953,505 ) Total stockholders’ equity/(deficit) 5,000,002 (102,951,633 ) (97,951,631 ) For the Year-Ended Dec em As Previously Restatement As Restated STATEMENT OF OPERATIONS General and administrative expenses $ (1,374,073 ) $ (1,075,021 ) $ (2,449,094 ) Change in fair value of warrant liability — (43,139,251 ) (43,139,251 ) Net loss (1,041,135 ) (44,214,272 ) (45,255,407 ) Basic and diluted net loss per share, Class A $ (0.02 ) $ (0.77 ) $ (0.79 ) Basic and diluted net loss per share, Class B $ (0.02 ) $ (0.77 ) $ (0.79 ) For the Year-Ended Dec em As Previously Restatement As Restated STATEMENT OF CASH FLOWS Net loss $ (1,041,135 ) $ (44,214,272 ) $ (45,255,407 ) Change in fair value of warrant liability — 43,139,251 43,139,251 Issuance costs related to warrant liability — 1,075,021 1,075,021 As of July 2, 2020 As Previously Restatement As Restated BALANCE SHEET Warrant liability $ — $ 28,537,364 $ 28,537,364 Total liabilities 26,965,589 28,537,364 55,502,953 Class A common stock subject to possible redemption 719,775,570 30,224,430 750,000,000 Class A common stock - $0.0001 par value 302 (302 ) — Additional paid-in capital 5,044,723 (5,044,723 ) — Accumulated deficit (47,035 ) (53,716,769 ) (53,763,804 ) Total stockholders’ equity/(deficit) 5,000,002 (58,761,794 ) (53,761,792 ) As of September 30, 2020 (UNAUDITED) As Previously Restatement As Restated BALANCE SHEET Warrant liability $ — $ 59,344,241 $ 59,344,241 Total liabilities 27,002,221 59,344,241 86,346,462 Class A common stock subject to possible redemption 719,471,496 30,528,504 750,000,000 Class A common stock - $ 306 (306 ) - Additional paid-in 5,293,078 (5,293,078 ) - Accumulated deficit (295,255 ) (84,579,361 ) (84,874,616 ) Total stockholders’ equity/(deficit) 5,000,003 (89,872,745 ) (84,872,742 ) Nine months ended September 30, 2020 As Previously Restatement As Restated STATEMENT OF OPERATIONS General and administrative expenses $ (428,397 ) $ (1,075,021 ) $ (1,503,418 ) Change in fair value of warrant liability — (30,806,877 ) (30,806,877 ) Net loss (294,620 ) (31,881,898 ) (32,176,518 ) Basic and diluted net loss per share, Class A $ (0.01 ) $ (0.71 ) $ (0.72 ) Basic and diluted net loss per share, Class B $ (0.01 ) $ (0.71 ) $ (0.72 ) Nine months ended September 30, 2020 As Previously Restatement As Restated STATEMENT OF CASH FLOWS Net loss $ (294,620 ) $ (31,881,898 ) $ (32,176,518 ) Change in fair value of warrant liability — 30,806,877 30,806,877 Issuance costs related to warrant liability — 1,075,021 1,075,021 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary Of Reconciliation Of The Shares Of Class A Common Stock | As of December 31, 2020, the share s As of December 31, Gross proceeds $ 750,000,000 Less: Proceeds allocated to public warrants $ (19,587,038 ) Class A shares issuance costs $ (41,163,224 ) Plus: Accretion of carrying value to redemption value $ 60,750,262 Class A common stock subject to possible redemption $ 750,000,000 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary Of Assets And Liabilities Measured At Fair Value | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2020 by level within the fair value hierarchy: Description December 31, Quoted Prices Markets (Level 1) Significant Other (Level 2) Significant Other Unobservable (Level 3) Assets: Money market fund held in Trust Account $ 750,063,158 $ 750,063,158 $ — $ — Liabilities: Warrant Liability—Public Warrants $ 48,000,000 $ 48,000,000 $ — $ — Warrant Liability—Private Placement Warrants $ 23,676,615 $ — $ — $ 23,676,615 |
Summary Of Quantitative Information Regarding Fair Value Measurements | The following table provides quantitative information regarding Level 3 fair value measurements inputs: As of July 2, 2020 As of Public Private Private Stock price $ 10.54 $ 10.54 $ 10.90 Strike Price $ 11.50 $ 11.50 $ 11.50 Term (in years) 6 6 5.75 Volitility 10 - 20 % 10 - 18 % 28.30 % Risk-free rate 0.40 % 0.40 % 0.47 % Dividend yield 0.00 % 0.00 % 0.00 % |
Summary Of Reconciliation Of Warrant Liabilities Measured At Fair Value | The change in the fair value of the Warrants measured with Level 3 inputs for the period from July 2, 2020 (Initial Measurement) through December 31, 2020 is summarized as follows: Issuance of Public and Private Warrants with Level 3 measurements $ 28,537,364 Change in fair value of warrant liability measured with Level 3 inputs 14,726,289 Transfer of Public Warrants to Level 1 measurements (19,587,038 ) Warrants liability $ 23,676,615 |
Description of Organization a_2
Description of Organization and Business Operations - Additional Information (Detail) - USD ($) | Jul. 02, 2020 | Jun. 30, 2020 | Dec. 31, 2020 |
Organization And Business Operations [Line Items] | |||
Deposit to trust account | $ 750,000,000 | ||
Percentage of public shares required to repurchase if business combination is not completed within specified period | 100.00% | ||
Balance in trust account | $ 750,067,041 | ||
Accrued dividends | $ 3,883 | ||
Percentage of fair market value to that of balance in the trust account | 80.00% | ||
Interest to pay dissolution expenses | $ 100,000 | ||
Period from closing of public offering to complete business combination | 24 months | ||
Asset Held in Trust [Member] | |||
Organization And Business Operations [Line Items] | |||
Accrued dividends | $ 3,883 | ||
IPO [Member] | |||
Organization And Business Operations [Line Items] | |||
Shares issued during the period,shares | 75,000,000 | ||
Underwriter Option [Member] | IPO [Member] | |||
Organization And Business Operations [Line Items] | |||
Shares issued during the period,shares | 5,000,000 | ||
Maximum [Member] | |||
Organization And Business Operations [Line Items] | |||
Payment of deferred underwriting commissions | $ 5,000,001 |
Restatement of Previously Iss_3
Restatement of Previously Issued Financial Statements - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restatement Of Previously Issued Financial Statements [Line Items] | ||||
Reclassificatin of temporary equity to permanent number of shares | 3,133,926 | |||
Issuance costs related to warrant liability | $ 1,075,021 | $ 1,075,021 | $ 0 | $ 0 |
Public Warrants [Member] | ||||
Restatement Of Previously Issued Financial Statements [Line Items] | ||||
Issuance costs related to warrant liability | $ 1,075,021 |
Restatement of Previously Iss_4
Restatement of Previously Issued Financial Statements - Summary of Restatement of Financial Statements (Detail) - USD ($) | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Dec. 31, 2018 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 02, 2020 | May 30, 2018 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Warrant liability | $ 59,344,241 | $ 71,676,615 | $ 28,537,364 | ||||
Total liabilities | 86,346,462 | 99,267,042 | $ 636 | 55,502,953 | |||
Class A common stock subject to possible redemption | 750,000,000 | 750,000,000 | 0 | 750,000,000 | |||
Stockholders' equity: | |||||||
Additional paid-in capital | 0 | 0 | 2,988 | 0 | |||
Accumulated deficit | (84,874,616) | (97,953,505) | (636) | (53,763,804) | |||
Total stockholders' equity/(deficit) | $ 4,705 | (84,872,742) | (97,951,631) | 4,364 | $ 4,705 | (53,761,792) | $ 0 |
STATEMENTS OF OPERATIONS | |||||||
General and administrative expenses | (295) | (1,503,418) | (2,449,094) | (341) | |||
Change in fair value of warrant liability | 0 | (30,806,877) | (43,139,251) | 0 | 0 | ||
Net loss | (295) | (32,176,518) | (45,255,407) | (341) | |||
STATEMENTS OF CASH FLOWS | |||||||
Net loss | (295) | (32,176,518) | (45,255,407) | (341) | |||
Change in fair value of warrant liability | $ 0 | 30,806,877 | 43,139,251 | 0 | 0 | ||
Issuance costs related to warrant liability | $ 1,075,021 | 1,075,021 | 0 | $ 0 | |||
Common Class A [Member] | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Class A common stock subject to possible redemption | 750,000,000 | ||||||
Stockholders' equity: | |||||||
Common stock | $ 0 | $ 0 | 0 | ||||
STATEMENTS OF OPERATIONS | |||||||
Net loss per common share | $ 0 | $ (0.72) | $ (0.79) | $ 0 | |||
Common Class B [Member] | |||||||
Stockholders' equity: | |||||||
Common stock | $ 1,874 | $ 2,012 | |||||
STATEMENTS OF OPERATIONS | |||||||
Net loss per common share | $ 0 | $ (0.72) | $ (0.79) | $ 0 | |||
As Previously Reported [Member] | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Warrant liability | $ 0 | $ 0 | 0 | ||||
Total liabilities | 27,002,221 | 27,590,427 | 26,965,589 | ||||
Class A common stock subject to possible redemption | 719,471,496 | 718,724,982 | 719,775,570 | ||||
Stockholders' equity: | |||||||
Additional paid-in capital | 5,293,078 | 6,039,586 | 5,044,723 | ||||
Accumulated deficit | (295,255) | (1,041,771) | (47,035) | ||||
Total stockholders' equity/(deficit) | 5,000,003 | 5,000,002 | 5,000,002 | ||||
STATEMENTS OF OPERATIONS | |||||||
General and administrative expenses | (428,397) | (1,374,073) | |||||
Change in fair value of warrant liability | 0 | 0 | |||||
Net loss | (294,620) | (1,041,135) | |||||
STATEMENTS OF CASH FLOWS | |||||||
Net loss | (294,620) | (1,041,135) | |||||
Change in fair value of warrant liability | 0 | 0 | |||||
Issuance costs related to warrant liability | 0 | 0 | |||||
As Previously Reported [Member] | Common Class A [Member] | |||||||
Stockholders' equity: | |||||||
Common stock | $ 306 | $ 313 | 302 | ||||
STATEMENTS OF OPERATIONS | |||||||
Net loss per common share | $ (0.01) | $ (0.02) | |||||
As Previously Reported [Member] | Common Class B [Member] | |||||||
STATEMENTS OF OPERATIONS | |||||||
Net loss per common share | $ (0.01) | $ (0.02) | |||||
Restatement Adjustment [Member] | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Warrant liability | $ 59,344,241 | $ 71,676,615 | 28,537,364 | ||||
Total liabilities | 59,344,241 | 71,676,615 | 28,537,364 | ||||
Class A common stock subject to possible redemption | 30,528,504 | 31,275,018 | 30,224,430 | ||||
Stockholders' equity: | |||||||
Additional paid-in capital | (5,293,078) | (6,039,586) | (5,044,723) | ||||
Accumulated deficit | (84,579,361) | (96,911,734) | (53,716,769) | ||||
Total stockholders' equity/(deficit) | (89,872,745) | (102,951,633) | (58,761,794) | ||||
STATEMENTS OF OPERATIONS | |||||||
General and administrative expenses | (1,075,021) | (1,075,021) | |||||
Change in fair value of warrant liability | (30,806,877) | (43,139,251) | |||||
Net loss | (31,881,898) | (44,214,272) | |||||
STATEMENTS OF CASH FLOWS | |||||||
Net loss | (31,881,898) | (44,214,272) | |||||
Change in fair value of warrant liability | 30,806,877 | 43,139,251 | |||||
Issuance costs related to warrant liability | 1,075,021 | 1,075,021 | |||||
Restatement Adjustment [Member] | Common Class A [Member] | |||||||
Stockholders' equity: | |||||||
Common stock | $ (306) | $ (313) | $ (302) | ||||
STATEMENTS OF OPERATIONS | |||||||
Net loss per common share | $ (0.71) | $ (0.77) | |||||
Restatement Adjustment [Member] | Common Class B [Member] | |||||||
STATEMENTS OF OPERATIONS | |||||||
Net loss per common share | $ (0.71) | $ (0.77) |
Restatement of Previously Iss_5
Restatement of Previously Issued Financial Statements - Summary of Restatement of Financial Statements (Parenthetical) (Detail) - $ / shares | Dec. 31, 2020 | Sep. 30, 2020 | Jul. 02, 2020 | Dec. 31, 2019 |
Common Class A [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jul. 02, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Summary Of Significant Accounting Policy [Line Items] | ||||
Federal depository insurance coverage | $ 250,000 | |||
Offering costs | $ 613,245 | $ 0 | $ 0 | |
Reclassification of permanent to temporary equity | 3,133,926 | |||
Goldman Sachs Financial Square Treasury Investments Fund [Member] | ||||
Summary Of Significant Accounting Policy [Line Items] | ||||
Deposits held | $ 750,063,158 | |||
IPO [Member] | ||||
Summary Of Significant Accounting Policy [Line Items] | ||||
Class A common stock issued, Shares | 75,000,000 | |||
Offering costs | 988,245 | |||
Custodian Bank [Member] | ||||
Summary Of Significant Accounting Policy [Line Items] | ||||
Deposits held | $ 383,246 | |||
Common Class A [Member] | ||||
Summary Of Significant Accounting Policy [Line Items] | ||||
Class A common stock issued, Shares | 75,000,000 | |||
Offering costs | $ 41,163,224 | |||
Proceeds from public offering | $ 41,250,000 | |||
Conversion of warrants to Class A common shares | 27,250,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary Of Reconciliation Of The Shares Of Class A Common Stock (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Jul. 02, 2020 | |
Gross proceeds | $ 0 | $ 0 | $ 5,000 | ||
Less: | |||||
Proceeds allocated to public warrants | 19,587,038 | ||||
Class A shares issuance costs | (613,245) | 0 | $ 0 | ||
Plus: | |||||
Accretion of carrying value to redemption value | 60,750,262 | ||||
Class A common stock subject to possible redemption | 750,000,000 | $ 0 | $ 750,000,000 | $ 750,000,000 | |
Common Class A [Member] | |||||
Gross proceeds | 750,000,000 | ||||
Less: | |||||
Proceeds allocated to public warrants | (19,587,038) | ||||
Class A shares issuance costs | (41,163,224) | ||||
Plus: | |||||
Accretion of carrying value to redemption value | 60,750,262 | ||||
Class A common stock subject to possible redemption | $ 750,000,000 |
Public Offering - Additional In
Public Offering - Additional Information (Detail) - USD ($) | Jul. 02, 2020 | Dec. 31, 2018 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||||||
Period from closing of public offering for exercise of warrants | 12 months | |||||
Payment of underwriters discounts | $ 15,000,000 | $ 0 | $ 0 | |||
Additional fee payable on gross proceed | 26,250,000 | |||||
Transfer of Public Warrants to Level 1 measurements | 19,587,038 | |||||
Warrant Liability—Private Placement Warrants | 48,000,000 | |||||
Change in fair value of warrant liability | $ 0 | $ 30,806,877 | 43,139,251 | $ 0 | $ 0 | |
Public Warrants [Member] | ||||||
Class of Stock [Line Items] | ||||||
Change in fair value of warrant liability | $ 28,412,962 | |||||
Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares issued | 75,000,000 | |||||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Shares issued during the period,shares | 75,000,000 | |||||
Transfer of Public Warrants to Level 1 measurements | $ (19,587,038) | |||||
Common stock shares, issued | 75,000,000 | |||||
IPO [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrant exercisable, term | 90 days | |||||
Warrant redemption price per share | $ 0.10 | |||||
Warrant redemption stock price trigger | $ 10 | |||||
Shares issued during the period,shares | 75,000,000 | |||||
IPO [Member] | Minimum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrant redemption period | 30 days | |||||
IPO [Member] | Common Class A [Member] | ||||||
Class of Stock [Line Items] | ||||||
Common stock, shares issued | 75,000,000 | |||||
Offering price | $ 10 | |||||
Warrant exercise price per share | 11.50 | |||||
Common stock, par value | $ 0.0001 | |||||
Warrant exercisable, term | 30 days | |||||
Warrant expiration, term | 5 years | |||||
Warrant redemption price per share | $ 0.01 | |||||
Warrant redemption stock price trigger | $ 18 | |||||
Warrant redemption threshold trading days | 20 days | |||||
Warrant redemption threshold consecutive trading days | 30 days | |||||
Common stock shares, issued | 75,000,000 | |||||
IPO [Member] | Common Class A [Member] | Minimum [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrant redemption period | 30 days | |||||
Private Placement [Member] | ||||||
Class of Stock [Line Items] | ||||||
Warrants purchased by sponsor | 8,500,000 | |||||
Warrant exercise price per share | $ 2 | |||||
Public Offering [Member] | ||||||
Class of Stock [Line Items] | ||||||
Percentage of underwriting commission on gross proceeds | 2.00% | |||||
Payment of underwriters discounts | $ 15,000,000 | |||||
Percentage of additional fee payable on gross proceed | 3.50% | |||||
Additional fee payable on gross proceed | $ 26,250,000 | |||||
Over-Allotment Option [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued during the period,shares | 5,000,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Nov. 12, 2020 | Sep. 30, 2020 | Jul. 02, 2020 | Jun. 11, 2020 | May 28, 2020 | Apr. 17, 2020 | Jul. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||||||||||
Description of founder shares rights | 30-trading</div> day period commencing at least 150 days after the Initial Business Combination, <div style="letter-spacing: 0px; top: 0px;;display:inline;">and</div> (iii) the date following the completion of the Initial Business Combination on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the public stockholders having the right to exchange their shares of common stock for cash, securities or other property.<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>" id="sjs-I3">to transfer, assign or sell any Founder Shares held by them until the earlier to occur of: (i) one year after the completion of the Initial Business Combination, (ii) the last sale price of Class A common stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">30-trading</div> day period commencing at least 150 days after the Initial Business Combination, <div style="letter-spacing: 0px; top: 0px;;display:inline;">and</div> (iii) the date following the completion of the Initial Business Combination on which the Company completes a liquidation, merger, stock exchange, reorganization or other similar transaction that results in all of the public stockholders having the right to exchange their shares of common stock for cash, securities or other property.<table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |||||||||
Founder shares be transferred, assigned or sold, last sale price of Class A common stock equals or exceeds | $ 12 | |||||||||
Proceeds from public offering deposited in the trust account | $ 750,063,158 | |||||||||
Proceeds from promissory note | 300,000 | $ 0 | $ 0 | |||||||
Payment to affiliate of the Sponsor per month | 10,000 | |||||||||
Repayment of notes to affiliate | $ 300,000 | $ 0 | $ 0 | |||||||
Related Party Transaction, Amounts of Transaction | $ 2,000,000 | |||||||||
Private Placement [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Warrants purchased by sponsor | 8,500,000 | |||||||||
Warrant exercise price per share | $ 2 | |||||||||
Common Class B [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock issued during period, value, new issues | $ 50,000,000 | |||||||||
GSAM [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Founder Shares are subject to forfeiture | 2,625,000 | 1,375,000 | ||||||||
GSAM [Member] | Senior Notes [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Sponsor Note, face amount | $ 300,000 | |||||||||
Proceeds from promissory note | $ 300,000 | |||||||||
GSAM [Member] | Common Class B [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of shares issued to director on appointment | 575 | |||||||||
Stock issued during period, value, new issues | $ 5,000 | |||||||||
Stock split ratio | 1:5000 | |||||||||
Stock issued during period, Stock split | 20,125,000 | 20,125,000 | 2,875,000 | |||||||
Transferred of founder shares | 1,325,000 | |||||||||
Percentage of founder shares | 20.00% | 20.00% | ||||||||
GS DC Sponsor I LLC [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of shares in each unit | 1 | |||||||||
Proceeds from public offering deposited in the trust account | $ 750,000,000 | |||||||||
GS DC Sponsor I LLC [Member] | Private Placement [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Stock issued during period, value, new issues | $ 17,000,000 | |||||||||
Warrants purchased by sponsor | 8,500,000 | |||||||||
Share price | $ 2 | |||||||||
Warrant exercise price per share | $ 11.50 | |||||||||
Sponsor [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Repayment of notes to affiliate | $ 300,000 | |||||||||
Administrative Support Agreement [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party transaction expenses | $ 60,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Line Items] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common Class A [Member] | ||
Equity [Line Items] | ||
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 75,000,000 | |
Shares subject to possible redemption, classified outside of permanent equity | 75,000,000 | |
Warrants Issued | 18,750,000 | |
Common Class A [Member] | Shares Subject To Possible Redemption [Member] | ||
Equity [Line Items] | ||
Common stock, shares issued | 75,000,000 | |
Common stock, shares outstanding | 75,000,000 | |
Common Class B [Member] | ||
Equity [Line Items] | ||
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 18,750,000 | 20,125,000 |
Common stock, shares outstanding | 18,750,000 | 20,125,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary Of Assets And Liabilities Measured At Fair Value (Detail) | Dec. 31, 2020USD ($) |
Assets: | |
Money market fund held in Trust Account | $ 750,063,158 |
Liabilities: | |
Warrant Liability—Private Placement Warrants | 48,000,000 |
Fair Value, Recurring [Member] | |
Assets: | |
Money market fund held in Trust Account | 750,063,158 |
Liabilities: | |
Warrant Liability—Public Warrants | 48,000,000 |
Warrant Liability—Private Placement Warrants | 23,676,615 |
Fair Value, Recurring [Member] | Quoted Prices in Active Markets (Level 1) [Member] | |
Assets: | |
Money market fund held in Trust Account | 750,063,158 |
Liabilities: | |
Warrant Liability—Public Warrants | 48,000,000 |
Warrant Liability—Private Placement Warrants | 0 |
Fair Value, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | |
Assets: | |
Money market fund held in Trust Account | 0 |
Liabilities: | |
Warrant Liability—Public Warrants | 0 |
Warrant Liability—Private Placement Warrants | 0 |
Fair Value, Recurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | |
Assets: | |
Money market fund held in Trust Account | 0 |
Liabilities: | |
Warrant Liability—Public Warrants | 0 |
Warrant Liability—Private Placement Warrants | $ 23,676,615 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary Of Quantitative Information Regarding Fair Value Measurements (Detail) - Significant Other Unobservable Inputs (Level 3) [Member] - $ / shares | Jul. 02, 2020 | Dec. 31, 2020 |
Measurement Input, Share Price [Member] | Public Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Stock price | $ 10.54 | |
Measurement Input, Share Price [Member] | Private Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Stock price | 10.54 | $ 10.90 |
Measurement Input, Exercise Price [Member] | Public Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Strike Price | 11.50 | |
Measurement Input, Exercise Price [Member] | Private Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Strike Price | $ 11.50 | $ 11.50 |
Measurement Input, Expected Term [Member] | Public Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Term (in years) | 6 years | |
Measurement Input, Expected Term [Member] | Private Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Term (in years) | 6 years | 5 years 9 months |
Measurement Input, Price Volatility [Member] | Private Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Volatility | 28.30% | |
Measurement Input, Risk Free Interest Rate [Member] | Public Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Risk-free rate | 0.40% | |
Measurement Input, Risk Free Interest Rate [Member] | Private Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Risk-free rate | 0.40% | 0.47% |
Measurement Input, Expected Dividend Rate [Member] | Public Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Dividend yield | 0.00% | |
Measurement Input, Expected Dividend Rate [Member] | Private Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | Measurement Input, Price Volatility [Member] | Public Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Volatility | 10.00% | |
Minimum [Member] | Measurement Input, Price Volatility [Member] | Private Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Volatility | 10.00% | |
Maximum [Member] | Measurement Input, Price Volatility [Member] | Public Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Volatility | 20.00% | |
Maximum [Member] | Measurement Input, Price Volatility [Member] | Private Warrants [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Volatility | 18.00% |
Fair Value Measurements - Sum_3
Fair Value Measurements - Summary Of Reconciliation Of Warrant Liabilities Measured At Fair Value (Detail) - USD ($) | 6 Months Ended | 7 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2018 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Change in fair value of warrant liability measured with Level 3 inputs | $ 0 | $ 30,806,877 | $ 43,139,251 | $ 0 | $ 0 | |
Transfer of Public Warrants to Level 1 measurements | 19,587,038 | |||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Issuance of Public and Private Warrants with Level 3 measurements | $ 28,537,364 | |||||
Change in fair value of warrant liability measured with Level 3 inputs | 14,726,289 | |||||
Transfer of Public Warrants to Level 1 measurements | (19,587,038) | |||||
Warrants liability at December 31, 2020 measured utilizing Level 3 inputs | $ 23,676,615 | $ 23,676,615 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value Disclosures [Abstract] | |
Increase in fair value of warrant liabilities | $ 43.1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Mar. 12, 2021USD ($) |
Subsequent Event [Member] | Sponsor [Member] | Working Capital Loan [Member] | |
Subsequent Event [Line Items] | |
Proceeds from Other Short-term Debt | $ 1,500,000 |