Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table summarizes the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis (in millions):

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash, cash equivalents, and restricted cash	$	244.5	$	—	$	—	$	244.5
Fixed maturities available-for-sale:
U.S. government and agencies	21.1		—		—		21.1
States and other territories	—		8.3		—		8.3
Corporate securities	—		52.5		—		52.5
Foreign securities	—		0.8		—		0.8
Residential mortgage-backed securities	—		18.9		—		18.9
Commercial mortgage-backed securities	—		5.8		—		5.8
Asset backed securities	—		13.7		—		13.7
Total fixed maturities available-for-sale	21.1		100.0		—		121.1
Short-term investments
U.S. government and agencies	128.9		—		—		128.9
Commercial paper	—		146.5		—		146.5
Corporate securities	—		49.4		—		49.4
Total short-term investments	128.9		195.9		—		324.8
Total financial assets	$	394.5	$	295.9	$	—	$	690.4
Financial liabilities:
Contingent consideration liability	$	—	$	—	$	11.9	$	11.9
Public warrants	0.2		—		—		0.2
Private placement warrants	—		0.1		—		0.1
Total financial liabilities	$	0.2	$	0.1	$	11.9	$	12.2

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Financial assets:
Cash, cash equivalents, and restricted cash	$	818.7	$	—	$	—	$	818.7
Fixed maturities available-for-sale:
U.S. government and agencies	9.3		—		—		9.3
States and other territories	—		5.7		—		5.7
Corporate securities	—		17.1		—		17.1
Foreign securities	—		0.9		—		0.9
Residential mortgage-backed securities	—		10.6		—		10.6
Commercial mortgage-backed securities	—		4.7		—		4.7
Asset backed securities	—		6.6		—		6.6
Total fixed maturities available-for-sale	9.3		45.6		—		54.9
Short-term investments
U.S. government and agencies	—		9.1		—		9.1
Total financial assets	$	828.0	$	54.7	$	—	$	882.7
Financial liabilities:
Contingent consideration liability	$	—	$	—	$	11.6	$	11.6
Public warrants	2.2		—		—		2.2
Private placement warrants	—		2.1		—		2.1
Total financial liabilities	$	2.2	$	2.1	$	11.6	$	15.9

Liabilities Measured on at Fair Value, Unobservable Input Reconciliation

The table below presents the changes in the contingent consideration liability valued using Level 3 inputs (in millions):

	2022		2021
Balance as of January 1,	$	11.6	$	12.0
Payments of contingent consideration	(3.8)		(3.9)
Changes in fair value	4.1		3.5
Balance as of December 31,	$	11.9	$	11.6

The table below presents changes in the preferred stock warrant liability (in millions):

	2021
Balance as of January 1,	$	22.9
Changes in fair value	121.6
Settlement of preferred stock warrants	(144.5)
Balance as of December 31,	$	—

The table below presents the changes in derivative liability on convertible promissory notes valued using Level 3 inputs (in millions):

	2021
Balance as of January 1,	$	113.3
Initial measurement of new derivative	2.8
Changes in fair value	61.4
Settlement of derivative liability	(177.5)
Balance as of December 31,	$	—

The following table presents the changes in the fair value of the warrant liability (Public Warrants and Private Placement Warrants) (in millions):

	2022		2021
Balance as of January 1,	$	4.3	$	—
Initial measurement of warrants	—		14.6
Changes in fair value	(4.0)		(10.3)
December 31,	$	0.3	$	4.3