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Restatement (Tables) | 3 Months Ended
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Mar. 31, 2023
Accounting Changes and Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | Description of Restatement of Financial Information In the following tables, we have presented a reconciliation of our unaudited condensed consolidated financial information as originally reported, to the as restated amounts as of and for the three months ended March 31, 2022. The restatements for the three and six months ended June 30, 2022, and the three and nine months ended September 30, 2022 will be effected in future filings of our 2023 unaudited condensed consolidated financial statements within our Quarterly Reports on Form 10-Q. The table below sets forth the unaudited condensed consolidated balance sheet information, including the balances as reported, adjustments and the balances as restated (in thousands, except per share amounts):
|  |  |  |  | March 31, 2022
|  |  |  |  |  |  |  |  |  |  |  |  | As Reported |  | Adjustments |  | As Restated
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  | $ | 247,504 |  |  | $ | — |  |  | $ | 247,504 |
Accounts receivable, net of allowances of $3,633 |  |  |  |  |  |  |  |  |  |  |  |  | 12,784 |  |  | 605 |  |  | 13,389 |
Prepaid expenses and other current assets |  |  |  |  |  |  |  |  |  |  |  |  | 23,172 |  |  | (242) |  |  | 22,930 |
Total current assets |  |  |  |  |  |  |  |  |  |  |  |  | 283,460 |  |  | 363 |  |  | 283,823 |
Property and equipment, net |  |  |  |  |  |  |  |  |  |  |  |  | 47,769 |  |  | — |  |  | 47,769 |
|  |  |  |  | March 31, 2022
|  |  |  |  |  |  |  |  |  |  |  |  | As Reported |  | Adjustments |  | As Restated
Goodwill |  |  |  |  |  |  |  |  |  |  |  |  | 59,994 |  |  | — |  |  | 59,994 |
Intangible assets, net |  |  |  |  |  |  |  |  |  |  |  |  | 15,361 |  |  | — |  |  | 15,361 |
Operating lease right-of-use assets |  |  |  |  |  |  |  |  |  |  |  |  | 5,292 |  |  | — |  |  | 5,292 |
Deferred income taxes |  |  |  |  |  |  |  |  |  |  |  |  | 24,849 |  |  | 3,877 |  |  | 28,726 |
Available-for-sale debt securities |  |  |  |  |  |  |  |  |  |  |  |  | 1,182 |  |  | — |  |  | 1,182 |
Other assets |  |  |  |  |  |  |  |  |  |  |  |  | 13,157 |  |  | — |  |  | 13,157 |
Total assets |  |  |  |  |  |  |  |  |  |  |  |  | $ | 451,064 |  |  | $ | 4,240 |  |  | $ | 455,304 |
Liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  |  |  |  |  |  |  |  |  |  | 31,747 |  |  | — |  |  | 31,747 |
Accrued expenses and other current liabilities |  |  |  |  |  |  |  |  |  |  |  |  | 56,509 |  |  | 97 |  |  | 56,606 |
Deferred revenue |  |  |  |  |  |  |  |  |  |  |  |  | 163,729 |  |  | (713) |  |  | 163,016 |
Operating lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  | 1,607 |  |  | — |  |  | 1,607 |
Total current liabilities |  |  |  |  |  |  |  |  |  |  |  |  | 253,592 |  |  | (616) |  |  | 252,976 |
Operating lease liabilities, non-current |  |  |  |  |  |  |  |  |  |  |  |  | 3,505 |  |  | — |  |  | 3,505 |
Deferred revenue |  |  |  |  |  |  |  |  |  |  |  |  | 1,283 |  |  | — |  |  | 1,283 |
Other liabilities |  |  |  |  |  |  |  |  |  |  |  |  | 2,833 |  |  | — |  |  | 2,833 |
Total liabilities |  |  |  |  |  |  |  |  |  |  |  |  | 261,213 |  |  | (616) |  |  | 260,597 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock, $0.001 par value; 100,000 shares authorized; 0 issued or outstanding at March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  | — |  |  | — |  |  | — |
Common stock, $0.001 par value; 1,000,000 shares authorized; 198,599 shares issued and outstanding at March 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  | 198 |  |  | — |  |  | 198 |
Additional paid-in capital |  |  |  |  |  |  |  |  |  |  |  |  | 969,731 |  |  | — |  |  | 969,731 |
Accumulated deficit |  |  |  |  |  |  |  |  |  |  |  |  | (779,723) |  |  | 4,856 |  |  | (774,867) |
Accumulated other comprehensive income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | (355) |  |  | — |  |  | (355) |
Total stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |  | 189,851 |  |  | 4,856 |  |  | 194,707 |
Total liabilities and stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |  | $ | 451,064 |  |  | $ | 4,240 |  |  | $ | 455,304 |
The table below sets forth the unaudited condensed consolidated statement of operations, including the balances as reported, adjustments and the as restated balances (in thousands, except per share amounts):
|  |  |  |  |  |  |  |  |  |  |  | Three Months Ended
|  |  |  |  | March 31, 2022
|  |  |  |  |  |  |  |  |  |  |  |  | As Reported |  | Adjustments |  | As Restated
Revenue |  |  |  |  |  |  |  |  |  |  |  |  | $ | 154,209 |  |  | $ | 1,218 |  |  | $ | 155,427 |
Cost of revenue |  |  |  |  |  |  |  |  |  |  |  |  | 55,940 |  |  | 242 |  |  | 56,182 |
Gross profit |  |  |  |  |  |  |  |  |  |  |  |  | 98,269 |  |  | 976 |  |  | 99,245 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  |  |  |  |  |  |  |  |  |  |  | 76,874 |  |  | — |  |  | 76,874 |
Technology and development |  |  |  |  |  |  |  |  |  |  |  |  | 17,959 |  |  | — |  |  | 17,959 |
General and administrative |  |  |  |  |  |  |  |  |  |  |  |  | 29,488 |  |  | — |  |  | 29,488 |
Total operating expenses |  |  |  |  |  |  |  |  |  |  |  |  | 124,321 |  |  | — |  |  | 124,321 |
Loss from operations |  |  |  |  |  |  |  |  |  |  |  |  | (26,052) |  |  | 976 |  |  | (25,076) |
Interest (expense) income, net |  |  |  |  |  |  |  |  |  |  |  |  | (53) |  |  | — |  |  | (53) |
Other expense, net |  |  |  |  |  |  |  |  |  |  |  |  | (1,544) |  |  | — |  |  | (1,544) |
Loss before income taxes |  |  |  |  |  |  |  |  |  |  |  |  | (27,649) |  |  | 976 |  |  | (26,673) |
(Benefit from) provision for income taxes |  |  |  |  |  |  |  |  |  |  |  |  | 2,960 |  |  | (3,880) |  |  | (920) |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  | $ | (30,609) |  |  | $ | 4,856 |  |  | $ | (25,753) |
|  |  |  |  |  |  |  |  |  |  |  | Three Months Ended
|  |  |  |  | March 31, 2022
Net loss per share attributable to common stockholders—basic and diluted: |  |  |  |  |  |  |  |  |  |  |  |  | $ | (0.15) |  |  | $ | — |  |  | $ | (0.13) |
Weighted-average shares used to compute net loss per share attributable to common stockholders—basic and diluted: |  |  |  |  |  |  |  |  |  |  |  |  | 198,265 |  |  | — |  |  | 198,265 |
The tables below sets forth the unaudited condensed consolidated statement of comprehensive (loss) income, including balances as reported, adjustments and balances as restated amounts (in thousands):
|  |  |  |  |  |  |  |  |  |  |  | Three Months Ended
|  |  |  |  | March 31, 2022
|  |  |  |  |  |  |  |  |  |  |  |  | As Reported |  | Adjustments |  | As Restated
Net Loss |  |  |  |  |  |  |  |  |  |  |  |  | $ | (30,609) |  |  | $ | 4,856 |  |  | $ | (25,753) |
Total other comprehensive income |  |  |  |  |  |  |  |  |  |  |  |  | 1,440 |  |  | — |  |  | 1,440 |
Total comprehensive loss |  |  |  |  |  |  |  |  |  |  |  |  | $ | (29,169) |  |  | $ | 4,856 |  |  | $ | (24,313) |
The table below sets forth the unaudited condensed consolidated statement of stockholders’ equity, including balances as reported, adjustments and balances as restated amounts (in thousands):
| Common Stock |  | Additional Paid-In Capital |  | Accumulated Deficit |  | Accumulated Other Comprehensive (Loss) income |  | Total Stockholders’ Equity
| Shares |  | Amount |  |  |  |
Balance at March 31, 2022 as reported | 198,599 |  |  | $ | 198 |  |  | $ | 969,731 |  |  | $ | (779,723) |  |  | $ | (355) |  |  | $ | 189,851 |
Cumulative adjustments to net loss | — |  |  | — |  |  | — |  |  | 4,856 |  |  | — |  |  | 4,856 |
Balance at March 31, 2022 as restated | 198,599 |  |  | $ | 198 |  |  | $ | 969,731 |  |  | $ | (774,867) |  |  | $ | (355) |  |  | $ | 194,707 |
The table below sets forth the unaudited condensed consolidated statement of cash flows, including balances as reported, adjustments and balances as restated amounts (in thousands):
|  |  |  |  | Three Months Ended March 31, 2022
|  |  |  |  |  |  |  |  |  |  |  |  | As Reported |  | Adjustments |  | As Restated
Cash flows from operating activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  | $ | (30,609) |  |  | $ | 4,856 |  |  | $ | (25,753) |
Adjustments to reconcile net loss to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | 5,394 |  |  | — |  |  | 5,394 |
Amortization of right-of-use assets |  |  |  |  |  |  |  |  |  |  |  |  | 378 |  |  | — |  |  | 378 |
Amortization of debt issuance costs |  |  |  |  |  |  |  |  |  |  |  |  | 56 |  |  | — |  |  | 56 |
Impairment of other equity securities |  |  |  |  |  |  |  |  |  |  |  |  | 170 |  |  | — |  |  | 170 |
Stock-based compensation |  |  |  |  |  |  |  |  |  |  |  |  | 21,865 |  |  | — |  |  | 21,865 |
Deferred income taxes |  |  |  |  |  |  |  |  |  |  |  |  | 2,791 |  |  | (3,877) |  |  | (1,086) |
Unrealized foreign exchange loss |  |  |  |  |  |  |  |  |  |  |  |  | 1,379 |  |  | — |  |  | 1,379 |
Changes in operating assets and liabilities, net of effects of business combination: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  |  |  |  |  |  |  |  |  |  |  |  | (2,150) |  |  | (605) |  |  | (2,755) |
Prepaid expenses and other current assets |  |  |  |  |  |  |  |  |  |  |  |  | (6,706) |  |  | 242 |  |  | (6,464) |
Other assets |  |  |  |  |  |  |  |  |  |  |  |  | (811) |  |  | — |  |  | (811) |
Accounts payable |  |  |  |  |  |  |  |  |  |  |  |  | (117) |  |  | — |  |  | (117) |
Accrued expenses and other liabilities |  |  |  |  |  |  |  |  |  |  |  |  | 5,675 |  |  | 97 |  |  | 5,772 |
Operating lease liabilities |  |  |  |  |  |  |  |  |  |  |  |  | (770) |  |  | — |  |  | (770) |
Income tax payable |  |  |  |  |  |  |  |  |  |  |  |  | 7 |  |  | — |  |  | 7 |
Deferred revenue |  |  |  |  |  |  |  |  |  |  |  |  | 17,185 |  |  | (713) |  |  | 16,472 |
Net cash provided by operating activities |  |  |  |  |  |  |  |  |  |  |  |  | 13,737 |  |  | — |  |  | 13,737 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from acquisition working capital adjustment |  |  |  |  |  |  |  |  |  |  |  |  | 304 |  |  | — |  |  | 304 |
|  |  |  |  | Three Months Ended March 31, 2022
|  |  |  |  |  |  |  |  |  |  |  |  | As Reported |  | Adjustments |  | As Restated
Purchase of property and equipment |  |  |  |  |  |  |  |  |  |  |  |  | (4,911) |  |  | — |  |  | (4,911) |
Net cash used in investing activities |  |  |  |  |  |  |  |  |  |  |  |  | (4,607) |  |  | — |  |  | (4,607) |
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repayment of capital lease obligations |  |  |  |  |  |  |  |  |  |  |  |  | (4) |  |  | — |  |  | (4) |
Repurchase of common stock |  |  |  |  |  |  |  |  |  |  |  |  | (1,094) |  |  | — |  |  | (1,094) |
Shares surrendered for settlement of minimum statutory tax withholding |  |  |  |  |  |  |  |  |  |  |  |  | (11) |  |  | — |  |  | (11) |
Proceeds from issuance of stock under employee stock plans |  |  |  |  |  |  |  |  |  |  |  |  | 237 |  |  | — |  |  | 237 |
Net cash used in financing activities |  |  |  |  |  |  |  |  |  |  |  |  | (872) |  |  | — |  |  | (872) |
Effect of exchange rate changes on cash and cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  | (51) |  |  | — |  |  | (51) |
Net increase in cash and cash equivalents, and restricted cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  | 8,207 |  |  | — |  |  | 8,207 |
Cash and cash equivalents, and restricted cash equivalents, at beginning of the period |  |  |  |  |  |  |  |  |  |  |  |  | 239,297 |  |  | — |  |  | 239,297 |
Cash and cash equivalents at end of the period |  |  |  |  |  |  |  |  |  |  |  |  | $ | 247,504 |  |  | $ | — |  |  | $ | 247,504 |

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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 + Details
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