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Restatement of Previously Issued Quarterly Financial Statements (Tables)

9 Months Ended

Sep. 30, 2022

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The table below sets forth the condensed consolidated balance sheets, including the balances originally reported in the financial statements included in the Company’s quarterly financial statements and the restated balances as of September 30, 2021 (in thousands, except share and per share data):

			September 30, 2021
			As Previously Reported						Adjustments						As Restated
Assets
Current assets
Cash and cash equivalents			$	728,382					$	—					$	728,382
Short-term investments			1,653,899						—						1,653,899
Prepaid expenses and other current assets			510,971						—						510,971
Total current assets			2,893,252						—						2,893,252
Restricted cash and cash equivalents			143,846						—						143,846
Restricted investments			898,415						—						898,415
Other investments			75,260						—						75,260
Property and equipment, net			322,487						—						322,487
Operating lease right of use assets			235,219						—						235,219
Intangible assets, net			54,852						—						54,852
Goodwill			180,516						—						180,516
Other assets			20,421						—						20,421
Total assets			$	4,824,268					$	—					$	4,824,268
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity
Current liabilities
Accounts payable			$	127,431					$	—					$	127,431
Insurance reserves			1,011,153						—						1,011,153
Accrued and other current liabilities			1,206,521						28,175						1,234,696
Operating lease liabilities — current			54,773						—						54,773
Total current liabilities			2,399,878						28,175						2,428,053
Operating lease liabilities			223,035						—						223,035
Long-term debt, net of current portion			662,457						—						662,457
Other liabilities			54,824						—						54,824
Total liabilities			3,340,194						28,175						3,368,369
Commitments and contingencies (Note 8)
Stockholders’ equity
Preferred stock, $0.00001 par value; 1,000,000,000 shares authorized as of September 30, 2021; no shares issued and outstanding as of September 30, 2021			—						—						—
Common stock, $0.00001 par value; 18,000,000,000 Class A shares authorized as of September 30, 2021; 332,117,153 Class A shares issued and outstanding as of September 30, 2021; 100,000,000 Class B shares authorized as of September 30, 2021; 8,602,629 Class B shares issued and outstanding, as of September 30, 2021			3						—						3
Additional paid-in capital			9,538,400						—						9,538,400
Accumulated other comprehensive income (loss)			(3,105)						—						(3,105)
Accumulated deficit			(8,051,224)						(28,175)						(8,079,399)
Total stockholders’ equity			1,484,074						(28,175)						1,455,899
Total liabilities, redeemable convertible preferred stock and stockholders’ equity			$	4,824,268					$	—					$	4,824,268

The table below sets forth the condensed consolidated statements of operations, including the amounts originally reported in the Company’s quarterly financial statements and the restated amounts for the three and nine months ended September 30, 2021 (in thousands, except per share data):

			Three Months Ended September 30, 2021																		Nine Months Ended September 30, 2021
			As Previously Reported						Adjustments						As Restated						As Previously Reported						Adjustments						As Restated
Revenue			$	864,405					$	—					$	864,405					$	2,238,390					$	—					$	2,238,390
Costs and expenses
Cost of revenue			364,032						28,175						392,207						1,122,961						28,175						1,151,136
Operations and support			109,679						—						109,679						292,375						—						292,375
Research and development			226,693						—						226,693						716,950						—						716,950
Sales and marketing			108,955						—						108,955						287,502						—						287,502
General and administrative			231,907						—						231,907						652,023						—						652,023
Total costs and expenses			1,041,266						28,175						1,069,441						3,071,811						28,175						3,099,986
Loss from operations			(176,861)						(28,175)						(205,036)						(833,421)						(28,175)						(861,596)
Interest expense			(13,093)						—						(13,093)						(38,510)						—						(38,510)
Other income, net			125,042						—						125,042						130,388						—						130,388
Loss before income taxes			(64,912)						(28,175)						(93,087)						(741,543)						(28,175)						(769,718)
Provision for (benefit from) income taxes			6,627						—						6,627						9,253						—						9,253
Net loss			$	(71,539)					$	(28,175)					$	(99,714)					$	(750,796)					$	(28,175)					$	(778,971)
Net loss per share, basic and diluted			$	(0.21)					$	(0.09)					$	(0.30)					$	(2.26)					$	(0.09)					$	(2.35)
Weighted-average number of shares outstanding used to compute net loss per share, basic and diluted			337,753												337,753						332,049												332,049

The table below sets forth the condensed consolidated statements of comprehensive loss, including the amounts originally reported in the Company’s quarterly financial statements and the restated amounts for the three and nine months ended September 30, 2021 (in thousands):

			Three Months Ended September 30, 2021																		Nine Months Ended September 30, 2021
			As Previously Reported						Adjustments						As Restated						As Previously Reported						Adjustments						As Restated
Net loss			$	(71,539)					$	(28,175)					$	(99,714)					$	(750,796)					$	(28,175)					$	(778,971)
Other comprehensive (loss) income															—																		—
Foreign currency translation adjustment			(1,407)						—						(1,407)						(2,492)						—						(2,492)
Unrealized gain (loss) on marketable securities, net of taxes			(89)						—						(89)						(140)						—						(140)
Other comprehensive (loss) income			(1,496)						—						(1,496)						(2,632)						—						(2,632)
Comprehensive loss			$	(73,035)					$	(28,175)					$	(101,210)					$	(753,428)					$	(28,175)					$	(781,603)

The table below sets forth the condensed consolidated statements of cash flows, including the amounts originally reported in the Company’s quarterly financial statements and the restated amounts for the nine months ended September 30, 2021 (in thousands):

			Nine Months Ended September 30, 2021
			As Previously Reported						Adjustments						As Restated
Cash flows from operating activities
Net loss			$	(750,796)					$	(28,175)					$	(778,971)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization			106,065						—						106,065
Stock-based compensation			563,675						—						563,675
Amortization of premium on marketable securities			3,287						—						3,287
Accretion of discount on marketable securities			(918)						—						(918)
Amortization of debt discount and issuance costs			26,317						—						26,317
Deferred income tax from convertible senior notes			—						—						—
(Gain) loss on sale and disposal of assets, net			(4,358)						—						(4,358)
Gain on divestiture			(119,284)						—						(119,284)
Other			2,901						—						2,901
Changes in operating assets and liabilities, net effects of acquisition
Prepaid expenses and other assets			(174,488)						—						(174,488)
Operating lease right-of-use assets			48,044						—						48,044
Accounts payable			44,447						—						44,447
Insurance reserves			24,089						—						24,089
Accrued and other liabilities			190,057						28,175						218,232
Lease liabilities			(34,540)						—						(34,540)
Net cash used in operating activities			(75,502)						—						(75,502)
Cash flows from investing activities
Purchases of marketable securities			(2,524,957)						—						(2,524,957)
Purchase of non-marketable security			—						—						—
Purchases of term deposits			(441,506)						—						(441,506)
Proceeds from sales of marketable securities			353,407						—						353,407
Proceeds from maturities of marketable securities			2,483,774						—						2,483,774
Proceeds from maturities of term deposits			607,506						—						607,506
Purchases of property and equipment and scooter fleet			(56,676)						—						(56,676)
Cash paid for acquisitions, net of cash acquired			3						—						3
Sales of property and equipment			30,493						—						30,493
Proceeds from divestiture			122,688						—						122,688
Other			(2,000)						—						(2,000)
Net cash provided by investing activities			572,732						—						572,732
Cash flows from financing activities
Repayment of loans			(33,982)						—						(33,982)
Proceeds from issuance of convertible senior notes			—						—						—
Payment of debt issuance costs			—						—						—
Purchase of capped call			—						—						—
Proceeds from exercise of stock options and other common stock issuances			21,362						—						21,362
Taxes paid related to net share settlement of equity awards			(21,854)						—						(21,854)
Principal payments on finance lease obligations			(28,661)						—						(28,661)
Other			(3)						—						(3)
Net cash provided by (used in) financing activities			(63,138)						—						(63,138)
Effect of foreign exchange on cash, cash equivalents and restricted cash and cash equivalents			(141)						—						(141)
Net increase (decrease) in cash, cash equivalents and restricted cash and cash equivalents			433,951						—						433,951
Cash, cash equivalents and restricted cash and cash equivalents
Beginning of period			438,485						—						438,485
End of period			$	872,436					$	—					$	872,436

			Nine Months Ended September 30, 2021
			As Previously Reported						Adjustments						As Restated
Reconciliation of cash, cash equivalents and restricted cash and cash equivalents to the consolidated balance sheets
Cash and cash equivalents			$	728,382					$	—					$	728,382
Restricted cash and cash equivalents			143,846						—						143,846
Restricted cash, included in prepaid expenses and other current assets			208						—						208
Total cash, cash equivalents and restricted cash and cash equivalents			$	872,436					$	—					$	872,436
Non-cash investing and financing activities
Financed vehicles acquired, net of principal payments(1)			$	39,846					$	—					$	39,846
Purchases of property and equipment, and scooter fleet not yet settled(1)			20,413						—						20,413
Right-of-use assets acquired under finance leases			25,524						—						25,524
Right-of-use assets acquired under operating leases			5,800						—						5,800
Remeasurement of finance and operating lease right of use assets for lease modification			384						—						384
Settlement of pre-existing right-of-use assets under operating leases in connection with acquisition of Flexdrive			—						—						—
Settlement of pre-existing lease liabilities under operating leases in connection with acquisition of Flexdrive			—						—						—

_______________

(1)Previously disclosed amounts were reclassified to conform with the current year presentation. Refer to Note 1 "Description of Business and Basis of Presentation" to the condensed consolidated financial statements for more information.

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- References

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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI https://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

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