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Supplemental Financial Statement Information | 3 Months Ended
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Mar. 31, 2022
Additional Financial Information Disclosure [Abstract] |
Supplemental Financial Statement Information | Supplemental Financial Statement Information Cash Equivalents and Short-Term Investments The following tables summarize the cost or amortized cost, gross unrealized gain, gross unrealized loss and fair value of the Company’s cash equivalents and short-term investments as of the dates indicated (in thousands):
| March 31, 2022
| Cost or Amortized Cost |  | Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
Unrestricted Balances(1) |  |  |  |  |  |  |
Money market funds | $ | 10,824 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,824 |
Money market deposit accounts | 115,099 |  |  | — |  |  | — |  |  | 115,099 |
Term deposits | 210,000 |  |  | — |  |  | — |  |  | 210,000 |
Certificates of deposit | 481,555 |  |  | 13 |  |  | (1,440) |  |  | 480,128 |
Commercial paper | 1,198,296 |  |  | 3 |  |  | (3,970) |  |  | 1,194,329 |
Corporate bonds | 165,693 |  |  | — |  |  | (611) |  |  | 165,082 |
U.S. government securities | 3,098 |  |  | — |  |  | (3) |  |  | 3,095 |
Total unrestricted cash equivalents and short-term investments | 2,184,565 |  |  | 16 |  |  | (6,024) |  |  | 2,178,557 |
Restricted Balances(2) |  |  |  |  |  |  |
Money market funds | 11,868 |  |  | — |  |  | — |  |  | 11,868 |
Term deposits | 5,046 |  |  | — |  |  | — |  |  | 5,046 |
Certificates of deposit | 281,852 |  |  | 3 |  |  | (775) |  |  | 281,080 |
Commercial paper | 486,896 |  |  | — |  |  | (1,854) |  |  | 485,042 |
Corporate bonds | 65,900 |  |  | — |  |  | (158) |  |  | 65,742 |
U.S. government securities | 46,300 |  |  | — |  |  | (202) |  |  | 46,098 |
Total restricted cash equivalents and investments | 897,862 |  |  | 3 |  |  | (2,989) |  |  | 894,876 |
Total unrestricted and restricted cash equivalents and investments | $ | 3,082,427 |  |  | $ | 19 |  |  | $ | (9,013) |  |  | $ | 3,073,433 |
_______________ (1)Excludes $48.1 million of cash and $9.8 million of marketable equity securities, which are included within the $2.2 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets. (2)Excludes $53.2 million of restricted cash, which is included within the $948.1 million of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets. .
| December 31, 2021
| Cost or Amortized Cost |  | Unrealized |  | Estimated Fair Value
|  | Gains |  | Losses |
Unrestricted Balances(1) |  |  |  |  |  |  |
Money market funds | $ | 22,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,250 |
Money market deposit accounts | 330,252 |  |  | — |  |  | — |  |  | 330,252 |
Term deposits | 385,000 |  |  | — |  |  | — |  |  | 385,000 |
Certificates of deposit | 505,562 |  |  | 25 |  |  | (149) |  |  | 505,438 |
Commercial paper | 806,446 |  |  | 132 |  |  | (190) |  |  | 806,388 |
Corporate bonds | 99,779 |  |  | 4 |  |  | (78) |  |  | 99,705 |
Total unrestricted cash equivalents and short-term investments | 2,149,289 |  |  | 161 |  |  | (417) |  |  | 2,149,033 |
Restricted Balances(2) |  |  |  |  |  |  |
Money market funds | 20,161 |  |  | — |  |  | — |  |  | 20,161 |
Term deposits | 5,046 |  |  | — |  |  | — |  |  | 5,046 |
Certificates of deposit | 421,243 |  |  | 35 |  |  | (134) |  |  | 421,144 |
Commercial paper | 523,616 |  |  | 43 |  |  | (169) |  |  | 523,490 |
Corporate bonds | 63,506 |  |  | — |  |  | (48) |  |  | 63,458 |
U.S. government securities | 31,745 |  |  | — |  |  | (28) |  |  | 31,717 |
Total restricted cash equivalents and investments | 1,065,317 |  |  | 78 |  |  | (379) |  |  | 1,065,016 |
Total unrestricted and restricted cash equivalents and investments | $ | 3,214,606 |  |  | $ | 239 |  |  | $ | (796) |  |  | $ | 3,214,049 |
_______________ (1)Excludes $104.8 million of cash, which is included within the $2.3 billion of cash and cash equivalents and short-term investments on the condensed consolidated balance sheets. (2)Excludes $53.7 million of restricted cash, which is included within the $1.1 billion of restricted cash and cash equivalents and restricted short-term investments on the condensed consolidated balance sheets. The Company’s short-term investments consist of available-for-sale debt securities and term deposits. The term deposits are at cost, which approximates fair value. The weighted-average remaining maturity of the Company’s investment portfolio was less than one year as of the periods presented. No individual security incurred continuous unrealized losses for greater than 12 months. The Company purchases investment grade marketable debt securities which are rated by nationally recognized statistical credit rating organizations in accordance with its investment policy. This policy is designed to minimize the Company's exposure to credit losses. As of March 31, 2022, the credit-quality of the Company’s marketable available-for-sale debt securities had remained stable. The unrealized losses recognized on marketable available-for-sale debt securities as of March 31, 2022 was primarily related to the continued market volatility associated with market expectations of an aggressive pace of interest rate increases by the Federal Reserve. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments and it is not expected that the investments would be settled at a price less than their amortized cost basis. The Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis. The Company is not aware of any specific event or circumstance that would require the Company to change its assessment of credit losses for any marketable available-for-sale debt security as of March 31, 2022. These estimates may change, as new events occur and additional information is obtained, and will be recognized on the condensed consolidated financial statements as soon as they become known. No credit losses were recognized as of March 31, 2022 for the Company’s marketable and non-marketable debt securities. The following table summarizes the Company’s available-for-sale debt securities in an unrealized loss position for which no allowance for credit losses was recorded, aggregated by major security type (in thousands):
| March 31, 2022
| Estimated Fair Value |  | Unrealized Losses
Certificates of deposit | $ | 703,093 |  |  | $ | (2,215) |
Corporate bonds | 230,825 |  |  | (769) |
Commercial paper | 1,617,500 |  |  | (5,824) |
U.S. government securities | 49,192 |  |  | (205) |
Total available-for-sale debt securities in an unrealized loss position | $ | 2,600,610 |  |  | $ | (9,013) |
Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following as of the dates indicated (in thousands):
| March 31, 2022 |  | December 31, 2021
Legal accruals | $ | 368,640 |  |  | $ | 349,518 |
Insurance-related accruals | 345,740 |  |  | 336,340 |
Ride-related accruals | 198,807 |  |  | 196,716 |
Deferred gain related to the Reinsurance Transaction (1) | 108,053 |  |  | 52,785 |
Long-term debt, current | 55,921 |  |  | 56,264 |
Insurance claims payable and related fees | 27,985 |  |  | 33,696 |
Other | 258,873 |  |  | 239,107 |
Accrued and other current liabilities | $ | 1,364,019 |  |  | $ | 1,264,426 |
_______________ (1)Refer to Note 2 “ Summary of Significant Accounting Policies” above and the rest of this Note 4 “Supplemental Financial Information - Insurance Reserves” below for more information on this deferred gain. Insurance Reserves The following table provides a rollforward of the insurance reserve for the periods presented (in thousands):
| Three Months Ended March 31,
| 2022 |  | 2021
Balance at beginning of period | $ | 1,068,628 |  |  | $ | 987,064 |
Reinsurance recoverable at beginning of period | (245,179) |  |  | — |
Additions related to: |  |  |
Reserves for current period | 55,110 |  |  | 64,468 |
Change in estimates for prior periods | — |  |  | 128,045 |
Losses paid | (102,830) |  |  | (121,161) |
Transfer of certain legacy auto insurance liabilities | — |  |  | — |
Net balance at the end of the period | 775,729 |  |  | 1,058,416 |
Add: Reinsurance recoverable at the end of the period | 290,152 |  |  | — |
Balance at end of period | $ | 1,065,881 |  |  | $ | 1,058,416 |
Reinsurance of Certain Legacy Auto Liability Insurance On April 22, 2021, the Company’s wholly-owned subsidiary, Pacific Valley Insurance Company, Inc. (“PVIC”), entered into a Quota Share Reinsurance Agreement (the “Reinsurance Agreement”) with DARAG Bermuda LTD (“DARAG”), under which DARAG reinsured a legacy portfolio of auto insurance policies, based on reserves in place as of March 31, 2021, for $183.2 million of coverage above the liabilities recorded as of that date. Under the terms of the Reinsurance Agreement, PVIC ceded to DARAG approximately $251.3 million of certain legacy insurance liabilities for policies underwritten during the period of October 1, 2018 to October 1, 2020, with an aggregate limit of $434.5 million, for a premium of $271.5 million (“the Reinsurance Transaction”). The Reinsurance Agreement is on a funds withheld basis, meaning that funds are withheld by PVIC from the insurance premium owed to DARAG in order to pay future reinsurance claims on DARAG’s behalf. Upon consummation of the Reinsurance Transaction, a reinsurance recoverable of $251.3 million was established, and since a contractual right of offset exists, the reinsurance recoverable has been netted against the funds withheld liability balance of $271.5 million for a $20.2 million net funds withheld liability balance included in accrued and other current liabilities on the condensed consolidated balance sheet. In addition to the initial funds withheld balance of $271.5 million, additional coverage of certain legacy insurance liabilities is collateralized by a trust account established by DARAG for the benefit of PVIC, which was $75.0 million upon consummation. As of March 31, 2022, the balance of the net funds withheld liability is zero. At the inception of the Reinsurance Agreement, a loss of approximately $20.4 million for the total cost of the Reinsurance Transaction was recognized on the condensed consolidated statement of operations for the year ended December 31, 2021, with $20.2 million in cost of revenue and $0.2 million in general and administrative expenses. The Reinsurance Transaction does not discharge PVIC of its obligations to the policyholder. Management evaluated reinsurance counterparty credit risk and does not consider it to be material since the premium of $271.5 million was retained by PVIC on a funds withheld basis on behalf of the reinsurer. As of March 31, 2022, the Company has $108.1 million of deferred gains related to losses ceded under the Reinsurance Agreement which are included within accrued and other current liabilities on the consolidated balance sheets. The reinsurance recoverable receivable from DARAG, net of the funds withheld liability, is included in prepaid expenses and other current assets on the consolidated balance sheets. Other Income (Expense), Net The following table sets forth the primary components of other income (expense), net as reported on the condensed consolidated statements of operations (in thousands):
| Three Months Ended March 31, |  |
| 2022 |  | 2021 |  |  |  |
Interest income | $ | 2,654 |  |  | $ | 2,879 |  |  |  |  |
Gain (loss) on sale of securities, net | 1 |  |  | 701 |  |  |  |  |
Foreign currency exchange gains (losses), net | 77 |  |  | (588) |  |  |  |  |
Sublease income | 3,714 |  |  | — |  |  |  |  |
Other, net | 3,317 |  |  | 613 |  |  |  |  |
Other income (expense), net | $ | 9,763 |  |  | $ | 3,605 |  |  |  |  |

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