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Restatement (Tables)

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2022. The restatement for the three and nine months ended September 30, 2022 will be effected in the future filing of our 2023 unaudited condensed consolidated financial statements within our Quarterly Report 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):

									June 30, 2022
																					As Reported						Adjustments						As Restated
Assets
Current assets:
Cash and cash equivalents																					$	215,537					$	—					$	215,537
Accounts receivable, net of allowances of $4,508																					12,993						—						12,993
Prepaid expenses and other current assets																					13,860						—						13,860
Total current assets																					242,390						—						242,390
Property and equipment, net																					49,342						—						49,342

									June 30, 2022
																					As Reported						Adjustments						As Restated
Goodwill																					59,933						—						59,933
Intangible assets, net																					14,570						—						14,570
Operating lease right-of-use assets																					6,961						—						6,961
Deferred income taxes																					25,685						4,064						29,749
Available-for-sale debt securities																					1,182						—						1,182
Other assets																					13,319						(7)						13,312
Total assets																					$	413,382					$	4,057					$	417,439
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable																					18,404						—						18,404
Accrued expenses and other current liabilities																					55,820						(1,235)						54,585
Deferred revenue																					163,140						—						163,140
Operating lease liabilities																					1,542						—						1,542
Total current liabilities																					238,906						(1,235)						237,671
Operating lease liabilities, non-current																					4,842						—						4,842
Deferred revenue																					1,137						—						1,137
Other liabilities																					2,841						—						2,841
Total liabilities																					247,726						(1,235)						246,491
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 100,000 shares authorized; 0 issued or outstanding at June 30, 2022																					—						—						—
Common stock, $0.001 par value; 1,000,000 shares authorized; 196,079 shares issued and outstanding at June 30, 2022																					196						—						196
Additional paid-in capital																					994,558						—						994,558
Accumulated deficit																					(830,952)						5,292						(825,660)
Accumulated other comprehensive income																					1,854						—						1,854
Total stockholders’ equity																					165,656						5,292						170,948
Total liabilities and stockholders’ equity																					$	413,382					$	4,057					$	417,439

The table below sets forth the unaudited condensed consolidated statements of operations, including the balances as reported, adjustments and the as restated balances (in thousands, except per share amounts):

																					Three Months Ended																																	Six Months Ended
									June 30, 2022																					June 30, 2022
																					As Reported						Adjustments						As Restated																					As reported						Adjustments						As restated
Revenue																					$	163,867					$	(1,218)					$	162,649																				$	318,076					$	—					$318,076
Cost of revenue																					57,393						(242)						57,151																					113,333						—						113,333
Gross profit																					106,474						(976)						105,498																					204,743						—						204,743
Operating expenses:
Sales and marketing																					72,945						(1,224)						71,721																					149,819						(1,224)						148,595
Technology and development																					16,197						—						16,197																					34,156						—						34,156
General and administrative																					28,969						—						28,969																					58,457						—						58,457
Total operating expenses																					118,111						(1,224)						116,887																					242,432						(1,224)						241,208
Loss from operations																					(11,637)						248						(11,389)																					(37,689)						1,224						(36,465)
Interest income (expense), net																					29						—						29																					(24)						—						(24)
Other expense, net																					(2,022)						—						(2,022)																					(3,566)						—						(3,566)
Loss before income taxes																					(13,630)						248						(13,382)																					(41,279)						1,224						(40,055)

																					Three Months Ended																																	Six Months Ended
									June 30, 2022																					June 30, 2022
																					As Reported						Adjustments						As Restated																					As reported						Adjustments						As restated
(Benefit from) provision for income taxes																					(451)						(188)						(639)																					2,509						(4,068)						(1,559)
Net loss																					$	(13,179)					$	436					$	(12,743)																				$	(43,788)					$	5,292					$	(38,496)
Net loss per share attributable to common stockholders—basic and diluted:																					$	(0.07)					$	—					$	(0.06)																				$	(0.22)					$	—					$	(0.19)
Weighted-average shares used to compute net loss per share attributable to common stockholders—basic and diluted:																					197,819						—						197,819																					198,040						—						198,040

The table below sets forth the unaudited condensed consolidated statements of comprehensive loss, including balances as reported, adjustments and balances as restated amounts (in thousands):

																					Three Months Ended																																	Six Months Ended
									June 30, 2022																					June 30, 2022
																					As Reported						Adjustments						As Restated																					As reported						Adjustments						As restated
Net Loss																					$	(13,179)					$	436					$	(12,743)																				$	(43,788)					$	5,292					$	(38,496)
Total other comprehensive income																					2,209						—						2,209																					3,649						—						3,649
Total comprehensive loss																					$	(10,970)					$	436					$	(10,534)																				$	(40,139)					$	5,292					$	(34,847)

The table below sets forth the unaudited condensed consolidated statements 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 Income						Total Stockholders’ Equity
			Shares						Amount
Balance at June 30, 2022 as reported			196,079						$	196					$	994,558					$	(830,952)					$	1,854					$	165,656
Cumulative adjustments to net loss			—						—						—						5,292						—						5,292
Balance at June 30, 2022 as restated			196,079						$	196					$	994,558					$	(825,660)					$	1,854					$	170,948

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):

									Six Months Ended June 30, 2022
																					As Reported						Adjustments						As Restated
Cash flows from operating activities
Net loss																					$	(43,788)					$	5,292					$	(38,496)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization																					10,933						—						10,933
Amortization of right-of-use assets																					852						—						852
Amortization of debt issuance costs																					112						—						112
Impairment of other equity security																					170						—						170
Stock-based compensation																					44,712						—						44,712
Deferred income taxes																					1,955						(4,064)						(2,109)
Change in fair value of contingent consideration																					(150)						—						(150)
Unrealized foreign exchange loss																					3,405						—						3,405
Other																					(1)						—						(1)

									Six Months Ended June 30, 2022
																					As Reported						Adjustments						As Restated
Changes in operating assets and liabilities, net of effects of business combination:
Accounts receivable																					(2,357)						—						(2,357)
Prepaid expenses and other current assets																					(417)						—						(417)
Other assets																					(345)						7						(338)
Accounts payable																					(13,553)						—						(13,553)
Accrued expenses and other liabilities																					8,156						(1,235)						6,921
Operating lease liabilities																					(1,642)						—						(1,642)
Income tax payable																					15						—						15
Deferred revenue																					16,700						—						16,700
Net cash provided by operating activities																					24,757						—						24,757
Cash flows from investing activities
Proceeds from acquisition working capital adjustment																					307						—						307
Purchase of property and equipment																					(10,379)						—						(10,379)
Net cash used in investing activities																					(10,072)						—						(10,072)
Cash flows from financing activities
Payment of contingent consideration																					(600)						—						(600)
Repurchase of common stock																					(39,155)						—						(39,155)
Shares surrendered for settlement of minimum statutory tax withholding																					(30)						—						(30)
Proceeds from issuance of stock under employee stock plans																					1,487						—						1,487
Net cash used in financing activities																					(38,298)						—						(38,298)
Effect of exchange rate changes on cash and cash equivalents																					(147)						—						(147)
Net decrease in cash and cash equivalents, and restricted cash equivalents																					(23,760)						—						(23,760)
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																					$	215,537					$	—					$	215,537

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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
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

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