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Restatement (Tables)

3 Months Ended

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

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