QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
The | ||||||||||||||
(Nasdaq Global Select Market) |
☒ | Accelerated filer | ☐ | ||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | ||||||||||||
Emerging growth company |
Page | ||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Short-term investments | |||||||||||
Accounts receivable, net | |||||||||||
Settlements receivable, net | |||||||||||
Network incentives receivable | |||||||||||
Prepaid expenses and other current assets | |||||||||||
Total current assets | |||||||||||
Operating lease right-of-use assets, net | |||||||||||
Property and equipment, net | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Revenue share payable | |||||||||||
Accrued expenses and other current liabilities | |||||||||||
Total current liabilities | |||||||||||
Operating lease liabilities, net of current portion | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 8) | |||||||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $ | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive income | ( | ||||||||||
Accumulated deficit | ( | ( | |||||||||
Total stockholders’ equity | |||||||||||
Total liabilities and stockholders’ equity | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Net revenue | $ | $ | ||||||||||||
Costs of revenue | ||||||||||||||
Gross profit | ||||||||||||||
Operating expenses: | ||||||||||||||
Compensation and benefits | ||||||||||||||
Technology | ||||||||||||||
Professional services | ||||||||||||||
Occupancy | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Marketing and advertising | ||||||||||||||
Other operating expenses | ||||||||||||||
Total operating expenses | ||||||||||||||
Loss from operations | ( | ( | ||||||||||||
Other income, net | ||||||||||||||
Loss before income tax expense | ( | ( | ||||||||||||
Income tax expense (benefit) | ( | |||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Other comprehensive income (loss), net of taxes: | ||||||||||||||
Change in foreign currency translation adjustment | ( | |||||||||||||
Net change in unrealized (loss) gain on short-term investments | ( | |||||||||||||
Net other comprehensive (loss) income | ( | |||||||||||||
Comprehensive loss | $ | ( | $ | ( | ||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | ( | $ | ( | ||||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (loss) | Accumulated Deficit | Total Stockholder’s Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Issuance of common stock upon exercise of options | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock upon net settlement of restricted stock units | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
Vesting of common stock warrants | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase and retirement of common stock, including excise tax | ( | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Change in accumulated other comprehensive income (loss) | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance as of March 31, 2024 | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (loss) | Accumulated Deficit | Total Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares | Amount | ||||||||||||||||||||||||||||||||||
Balance as of December 31, 2022 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Issuance of common stock upon exercise of options | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock upon net settlement of restricted stock units | — | ( | — | — | ( | ||||||||||||||||||||||||||||||
Vesting of common stock warrants | — | — | — | — | |||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | |||||||||||||||||||||||||||||||
Repurchase and retirement of common stock, including excise tax | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||
Change in accumulated other comprehensive income (loss) | — | — | — | — | |||||||||||||||||||||||||||||||
Net loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Balance as of March 31, 2023 | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Share-based compensation expense | |||||||||||
Non-cash postcombination compensation expense | |||||||||||
Non-cash operating leases expense | |||||||||||
Amortization of premium (accretion of discount) on short-term investments | ( | ( | |||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Settlements receivable | ( | ||||||||||
Network incentives receivable | ( | ( | |||||||||
Prepaid expenses and other assets | |||||||||||
Accounts payable | |||||||||||
Revenue share payable | |||||||||||
Accrued expenses and other liabilities | ( | ( | |||||||||
Operating lease liabilities | ( | ( | |||||||||
Net cash provided by (used in) operating activities | ( | ||||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Capitalization of internal-use software | ( | ( | |||||||||
Business combination, net of cash acquired | ( | ||||||||||
Purchases of short-term investments | ( | ||||||||||
Maturities of short-term investments | |||||||||||
Net cash provided by (used in) investing activities | ( | ||||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options | |||||||||||
Taxes paid related to net share settlement of restricted stock units | ( | ( | |||||||||
Repurchase of common stock | ( | ( | |||||||||
Net cash used in financing activities | ( | ( | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | ( | ( | |||||||||
Cash, cash equivalents, and restricted cash- Beginning of period | |||||||||||
Cash, cash equivalents, and restricted cash - End of period | $ | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Reconciliation of cash, cash equivalents, and restricted cash | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Total cash, cash equivalents, and restricted cash | $ | $ | |||||||||
Supplemental disclosures of non-cash investing and financing activities: | |||||||||||
Purchase of property and equipment accrued and not yet paid | $ | $ | |||||||||
Share-based compensation capitalized to internal-use software | $ | $ | |||||||||
Repurchase of common stock, including excise tax, accrued and not yet paid | $ | $ | |||||||||
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Platform services revenue, net | $ | $ | ||||||||||||
Other services revenue | ||||||||||||||
Total net revenue | $ | $ |
Contract balance | Balance sheet line reference | March 31, 2024 | December 31, 2023 | |||||||||||||||||
Contract assets - current | Prepaid expenses and other current assets | $ | $ | |||||||||||||||||
Contract assets - non-current | Other assets | |||||||||||||||||||
Total contract assets | $ | $ | ||||||||||||||||||
Deferred revenue - current | Accrued expenses and other current liabilities | $ | $ | |||||||||||||||||
Deferred revenue - non-current | Other liabilities | |||||||||||||||||||
Total deferred revenue | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Developed technology | $ | $ | |||||||||
Accumulated amortization | ( | ( | |||||||||
$ | $ |
Remainder of 2024 | $ | ||||
2025 | |||||
2026 | |||||
2027 | |||||
2028 | |||||
Thereafter | |||||
Total expected future amortization expense for intangible assets | $ |
March 31, 2024 | |||||||||||||||||||||||
Amortized Cost | Unrealized Gain | Unrealized Loss | Estimated Fair Value | ||||||||||||||||||||
Short-term Investments | |||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | ( | $ | ||||||||||||||||||
Asset-backed securities | ( | ||||||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
Total short-term investments | $ | $ | $ | ( | $ |
December 31, 2023 | |||||||||||||||||||||||
Amortized Cost | Unrealized Gain | Unrealized Loss | Estimated Fair Value | ||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
U.S. treasury securities | $ | $ | $ | ( | $ | ||||||||||||||||||
U.S. agency securities | ( | ||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Corporate debt securities | ( | ||||||||||||||||||||||
Total short-term investments | $ | $ | $ | ( | $ |
March 31, 2024 | December 31, 2023 | ||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||
Due within one year | $ | $ | $ | $ | |||||||||||||||||||
Due after one year through four years | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
March 31, 2024 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
U.S. treasury bills | |||||||||||||||||||||||
Commercial paper | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Certificate of deposit | |||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
U.S. treasury securities | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
U.S. treasury bills | |||||||||||||||||||||||
Short-term investments | |||||||||||||||||||||||
U.S. treasury securities | |||||||||||||||||||||||
U.S. agency securities | |||||||||||||||||||||||
Asset-backed securities | |||||||||||||||||||||||
Corporate debt securities | |||||||||||||||||||||||
Total assets | $ | $ | $ | $ | |||||||||||||||||||
March 31, 2024 | December 31, 2023 | ||||||||||
Leasehold improvements | $ | $ | |||||||||
Computer equipment | |||||||||||
Furniture and fixtures | |||||||||||
Internally developed and purchased software | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Property and equipment, net | $ | $ |
March 31, 2024 | December 31, 2023 | ||||||||||
Accrued costs of revenue | $ | $ | |||||||||
Accrued compensation and benefits | |||||||||||
Deferred revenue | |||||||||||
Due to issuing banks | |||||||||||
Accrued tax liabilities | |||||||||||
Accrued professional services | |||||||||||
Reserve for contract contingencies and processing errors | |||||||||||
Other accrued liabilities | |||||||||||
Accrued expenses and other current liabilities | $ | $ |
Three Months Ended March 31, | ||||||||||||||
2024 | 2023 | |||||||||||||
Restricted stock units | $ | $ | ||||||||||||
Stock options | ||||||||||||||
Executive Chairman Long-Term Performance Award | ||||||||||||||
Performance restricted stock units | ||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||
Share-based compensation recorded within Compensation and benefits | ||||||||||||||
Property and equipment (capitalized internal-use software) | ||||||||||||||
Total share-based compensation expense | $ | $ |
Unrecognized compensation costs | Weighted-average recognition period (in years) | |||||||||||||
Restricted stock units, inclusive of PSUs | $ | |||||||||||||
Stock options | ||||||||||||||
Executive Chairman Long-Term Performance Award | ||||||||||||||
Total | $ |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Numerator | |||||||||||
Net loss attributable to Class A and Class B common stockholders | $ | ( | $ | ( | |||||||
Denominator | |||||||||||
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic and diluted | |||||||||||
Net loss per share attributable to Class A and Class B common stockholders, basic and diluted | $ | ( | $ | ( |
As of March 31, | |||||||||||
2024 | 2023 | ||||||||||
Warrants to purchase Class B common stock | |||||||||||
Stock options outstanding, including early exercise of options | |||||||||||
Unvested RSUs outstanding | |||||||||||
Shares committed under the ESPP | |||||||||||
Total |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
Total Processing Volume (TPV) (in millions) | $ | 66,666 | $ | 50,020 | |||||||
Net revenue (in thousands) | $ | 117,968 | $ | 217,343 | |||||||
Gross profit (in thousands) | $ | 84,161 | $ | 89,164 | |||||||
Gross margin | 71 | % | 41 | % | |||||||
Net loss (in thousands) | $ | (36,060) | $ | (68,801) | |||||||
Net loss margin | (31) | % | (32) | % | |||||||
Total operating expenses (in thousands) | $ | 134,013 | $ | 176,597 | |||||||
Non-GAAP Measures: | |||||||||||
Adjusted EBITDA (in thousands) | $ | 9,228 | $ | (4,346) | |||||||
Adjusted EBITDA margin | 8 | % | (2) | % | |||||||
Non-GAAP operating expenses (in thousands) | $ | 74,933 | $ | 93,510 |
Three Months Ended March 31, | ||||||||||||||
(dollars in thousands) | 2024 | 2023 | ||||||||||||
Net revenue | $ | 117,968 | $ | 217,343 | ||||||||||
Costs of revenue | 33,807 | 128,179 | ||||||||||||
Gross profit | 84,161 | 89,164 | ||||||||||||
Operating expenses: | ||||||||||||||
Compensation and benefits | 108,111 | 147,759 | ||||||||||||
Technology | 13,118 | 14,590 | ||||||||||||
Professional services | 3,870 | 5,437 | ||||||||||||
Occupancy | 1,094 | 1,154 | ||||||||||||
Depreciation and amortization | 3,537 | 1,980 | ||||||||||||
Marketing and advertising | 378 | 441 | ||||||||||||
Other operating expenses | 3,905 | 5,236 | ||||||||||||
Total operating expenses | 134,013 | 176,597 | ||||||||||||
Loss from operations | (49,852) | (87,433) | ||||||||||||
Other income, net | 13,926 | 11,672 | ||||||||||||
Loss before income tax expense | (35,926) | (75,761) | ||||||||||||
Income tax expense (benefit) | 134 | (6,960) | ||||||||||||
Net loss | $ | (36,060) | $ | (68,801) |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | $ Change | % Change | ||||||||||||||||||||||
Net revenue: | ||||||||||||||||||||||||||
Total platform services, net | $ | 113,935 | $ | 210,333 | $ | (96,398) | (46) | % | ||||||||||||||||||
Other services | 4,033 | 7,010 | (2,977) | (42) | % | |||||||||||||||||||||
Total net revenue | $ | 117,968 | $ | 217,343 | $ | (99,375) | (46) | % | ||||||||||||||||||
Total Processing Volume (TPV) (in millions) | $ | 66,666 | $ | 50,020 | $ | 16,646 | 33 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | $ Change | % Change | ||||||||||||||||||||||
Costs of revenue: | ||||||||||||||||||||||||||
Card Network fees, net | $ | 27,244 | $ | 116,633 | $ | (89,389) | (77) | % | ||||||||||||||||||
Issuing Bank fees | 3,009 | 7,280 | (4,271) | (59) | % | |||||||||||||||||||||
Other | 3,554 | 4,266 | (712) | (17) | % | |||||||||||||||||||||
Total costs of revenue | $ | 33,807 | $ | 128,179 | $ | (94,372) | (74) | % | ||||||||||||||||||
Gross profit | $ | 84,161 | $ | 89,164 | $ | (5,003) | (6) | % | ||||||||||||||||||
Gross margin | 71 | % | 41 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | $ Change | % Change | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Salaries, bonus, benefits and payroll taxes | 63,677 | 101,760 | $ | (38,083) | (37) | % | ||||||||||||||||||||
Share-based compensation | 44,434 | 45,999 | $ | (1,565) | (3) | % | ||||||||||||||||||||
Total compensation and benefits | 108,111 | 147,759 | $ | (39,648) | (27) | % | ||||||||||||||||||||
Percentage of net revenue | 92 | % | 68 | % | ||||||||||||||||||||||
Technology | 13,118 | 14,590 | (1,472) | (10) | % | |||||||||||||||||||||
Percentage of net revenue | 11 | % | 7 | % | ||||||||||||||||||||||
Professional services | 3,870 | 5,437 | (1,567) | (29) | % | |||||||||||||||||||||
Percentage of net revenue | 3 | % | 3 | % | ||||||||||||||||||||||
Occupancy | 1,094 | 1,154 | (60) | (5) | % | |||||||||||||||||||||
Percentage of net revenue | 1 | % | 1 | % | ||||||||||||||||||||||
Depreciation and amortization | 3,537 | 1,980 | 1,557 | 79 | % | |||||||||||||||||||||
Percentage of net revenue | 3 | % | 1 | % | ||||||||||||||||||||||
Marketing and advertising | 378 | 441 | $ | (63) | (14) | % | ||||||||||||||||||||
Percentage of net revenue | — | % | — | % | ||||||||||||||||||||||
Other operating expenses | 3,905 | 5,236 | (1,331) | (25) | % | |||||||||||||||||||||
Percentage of net revenue | 3 | % | 2 | % | ||||||||||||||||||||||
Total operating expenses | $ | 134,013 | $ | 176,597 | $ | (42,584) | ||||||||||||||||||||
Percentage of net revenue | 114% | 81% |
Three Months Ended March 31, | ||||||||||||||||||||||||||
(dollars in thousands) | 2024 | 2023 | $ Change | % Change | ||||||||||||||||||||||
Other income, net | $ | 13,926 | $ | 11,672 | $ | 2,254 | 19 | % | ||||||||||||||||||
Percentage of net revenue | 12 | % | 5 | % |
Three Months Ended March 31, | ||||||||||||||
(dollars in thousands) | 2024 | 2023 | ||||||||||||
Net revenue | $ | 117,968 | $ | 217,343 | ||||||||||
Net loss | $ | (36,060) | $ | (68,801) | ||||||||||
Net loss margin | (31) | % | (32) | % | ||||||||||
Total operating expenses | $ | 134,013 | $ | 176,597 | ||||||||||
Net loss | $ | (36,060) | $ | (68,801) | ||||||||||
Depreciation and amortization expense | 3,537 | 1,980 | ||||||||||||
Share-based compensation expense | 44,434 | 45,999 | ||||||||||||
Payroll tax expense related to share-based compensation | 1,165 | 640 | ||||||||||||
Acquisition-related expenses (1) | 9,944 | 34,468 | ||||||||||||
Other income, net | (13,926) | (11,672) | ||||||||||||
Income tax expense (benefit) | 134 | (6,960) | ||||||||||||
Adjusted EBITDA | $ | 9,228 | $ | (4,346) | ||||||||||
Adjusted EBITDA Margin | 8 | % | (2) | % | ||||||||||
Total operating expenses | $ | 134,013 | $ | 176,597 | ||||||||||
Depreciation and amortization expense | (3,537) | (1,980) | ||||||||||||
Share-based compensation expense | (44,434) | (45,999) | ||||||||||||
Payroll tax expense related to share-based compensation | (1,165) | (640) | ||||||||||||
Acquisition-related expenses (1) | (9,944) | (34,468) | ||||||||||||
Non-GAAP operating expenses | $ | 74,933 | $ | 93,510 |
Three Months Ended March 31, | |||||||||||
2024 | 2023 | ||||||||||
(in thousands) | |||||||||||
Net cash provided by (used in) operating activities | $ | 426 | $ | (10,546) | |||||||
Net cash provided by (used in) investing activities | 33,502 | (98,330) | |||||||||
Net cash used in financing activities | (44,543) | (24,556) | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | $ | (10,615) | $ | (133,432) |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (1) | ||||||||||||||||||||||
January 1 - 31, 2024 | 2,573,351 | $ | 6.09 | 2,573,351 | $ | 16,568,932 | ||||||||||||||||||||
February 1 - 29, 2024 | 2,590,017 | $ | 6.22 | 2,590,017 | $ | 465,667 | ||||||||||||||||||||
March 1 - 31, 2024 | 74,525 | $ | 6.25 | 74,525 | $ | — | ||||||||||||||||||||
Total | 5,237,893 | 5,237,893 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit No. | Description | Form | File No. | Exhibit No. | Filing Date | |||||||||||||||||||||||||||
10.1* | ||||||||||||||||||||||||||||||||
10.2*† | ||||||||||||||||||||||||||||||||
10.3*# | ||||||||||||||||||||||||||||||||
10.4*# | ||||||||||||||||||||||||||||||||
31.1* | ||||||||||||||||||||||||||||||||
31.2* | ||||||||||||||||||||||||||||||||
32.1** | ||||||||||||||||||||||||||||||||
32.2** | ||||||||||||||||||||||||||||||||
101.INS* | Inline XBRL Instance Document. | |||||||||||||||||||||||||||||||
101.SCH* | Inline XBRL Taxonomy Extension Schema Document. | |||||||||||||||||||||||||||||||
101.CAL* | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||||||||||||||||||||||||||
101.DEF* | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||||||||||||||||||||||||||
101.LAB* | Inline XBRL Taxonomy Extension Labels Linkbase Document. | |||||||||||||||||||||||||||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||||||||||||||||||||||||||
104* | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101). | |||||||||||||||||||||||||||||||
† | Certain confidential information contained in this exhibit has been omitted because it is both (i) not material and (ii) is the type that the Registrant treats as private or confidential. | |||||||||||||||||||||||||||||||
# | Indicates management contract or compensatory plan, contract, or agreement. | |||||||||||||||||||||||||||||||
* | Filed herewith. | |||||||||||||||||||||||||||||||
** | Furnished herewith. The certifications attached as Exhibits 32.1 and 32.2 that accompany this Quarterly Report on Form 10-Q are deemed furnished and not filed with the SEC and are not to be incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date of this Quarterly Report on Form 10-Q, irrespective of any general incorporation language contained in such filing. |
MARQETA, INC. | |||||||||||
Date: May 7, 2024 | By: | /s/ Simon Khalaf | |||||||||
Name: | Simon Khalaf | ||||||||||
Title: | Chief Executive Officer (Principal Executive Officer) | ||||||||||
Date: May 7, 2024 | By: | /s/ Michael (Mike) Milotich | |||||||||
Name: | Michael (Mike) Milotich | ||||||||||
Title: | Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer) |
Sutton Bank | Marqeta, Inc. | ||||
By: /s/ Darryl Clukey | By: /s/ Jonny Davis | ||||
Name: Darryl Clukey | Name: Jonny Davis | ||||
Title: Chief Payments Officer | Title: VP, Key Accounts |
Date: May 7, 2024 | By: | /s/ Simon Khalaf | |||||||||||||||
Simon Khalaf | |||||||||||||||||
Chief Executive Officer | |||||||||||||||||
(Principal Executive Officer) |
Date: May 7, 2024 | By: | /s/ Michael (Mike) Milotich | |||||||||||||||
Michael (Mike) Milotich | |||||||||||||||||
Chief Financial Officer | |||||||||||||||||
(Principal Financial and Accounting Officer) |
Date: May 7, 2024 | By: | /s/ Simon Khalaf | ||||||||||||
Simon Khalaf | ||||||||||||||
Chief Executive Officer | ||||||||||||||
(Principal Executive Officer) |
Date: May 7, 2024 | By: | /s/ Michael (Mike) Milotich | ||||||||||||
Michael (Mike) Milotich | ||||||||||||||
Chief Financial Officer | ||||||||||||||
(Principal Financial and Accounting Officer) |
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares |
Mar. 31, 2024 |
Dec. 31, 2023 |
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Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Class A Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 1,500,000,000 | 1,500,000,000 |
Common stock, shares issued (in shares) | 463,779,567 | 465,985,131 |
Common stock, shares, outstanding (in shares) | 463,779,567 | 465,985,131 |
Class B Common Stock | ||
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares issued (in shares) | 54,229,499 | 54,357,844 |
Common stock, shares, outstanding (in shares) | 54,229,499 | 54,357,844 |
Business Overview and Basis of Presentation |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Business Overview and Basis of Presentation | Business Overview and Basis of Presentation Marqeta, Inc. (“the Company”) creates digital payment technology for innovation leaders. The Company's modern card issuing platform empowers its customers to create customized and innovative payment card programs, giving them the configurability and flexibility to build better payment experiences. The Company provides all of its customers issuer processor services and for most of its customers it also acts as a card program manager. The Company primarily earns revenue from processing card transactions for its customers. The Company was incorporated in the state of Delaware in 2010 and is headquartered in Oakland, California, with offices in the United States, United Kingdom and legal entities in Australia, Brazil, Canada, Poland, and Singapore as of March 31, 2024. Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission, (“SEC”), for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2023 has been derived from the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 28, 2024. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature considered necessary for a fair presentation of the Company's consolidated financial position, results of operations, comprehensive loss, and cash flows for the interim periods presented. The interim results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or for any other future annual or interim period. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make various estimates and assumptions relating to reported amounts of assets and liabilities, disclosure of contingent liabilities, and reported amounts of revenue and expenses. Significant estimates and assumptions include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with customers, the reserve for contract contingencies and processing errors, and valuation of income taxes. Actual results could differ materially from these estimates. Business Risks and Uncertainties The Company has incurred net losses since its inception. For the three months ended March 31, 2024, the Company incurred net losses of $36.1 million and had an accumulated deficit of $861.3 million as of March 31, 2024. The Company expects to incur net losses from operations for the foreseeable future as it incurs costs and expenses related to creating new products for customers, acquiring new customers, developing its brand, expanding into new geographies and developing the existing platform infrastructure. The Company believes that its cash and cash equivalents of $970.4 million and short-term investments of $228.3 million as of March 31, 2024 are sufficient to fund its operations through at least the next twelve months from the issuance of these financial statements.
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Summary of Significant Accounting Policies |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Segment Information The Company operates as a single operating segment and reporting unit. The Company's chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, allocating resources, and evaluating the Company's financial performance. For the three months ended March 31, 2024 and 2023, net revenue outside of the United States, based on the billing address of the customer, was 8% and 3%, respectively. As of March 31, 2024 and December 31, 2023, long-lived assets located outside of the United States were not material. Restricted Cash Restricted cash consists of deposits with Issuing Banks to provide the Issuing Bank collateral in the event that customers’ funds are not deposited at the Issuing Banks in time to settle customers’ transactions with the Card Networks. Restricted cash also includes cash used to secure a letter of credit for the Company’s lease of its office headquarters in Oakland, California. “Issuing Banks” are financial institutions that issue payment cards (credit, debit, or prepaid) either on their own behalf or on behalf of a business. “Card Networks” are networks that provide the infrastructure for settlement and card payment information flows. There have been no material changes to our significant accounting policies from our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on the condensed consolidated financial statements and related disclosures.
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Disaggregation of Revenue The following table provides information about disaggregated revenue from customers:
Contract Balances The following table provides information about contract assets and deferred revenue:
Net revenue recognized during the three months ended March 31, 2024 and 2023 that was included in the deferred revenue balances at the beginning of the respective periods was $2.6 million and $4.6 million, respectively. Remaining Performance Obligations The Company has performance obligations associated with commitments in customer contracts for future stand-ready obligations to process transactions throughout the contractual term. As of March 31, 2024, the aggregate amount of the transaction price allocated to our remaining performance obligations was $58.3 million. The Company expects to recognize approximately 61% within two years and the remaining 39% over the next three to five years.
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Intangible Assets, net |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible Assets, net | Intangible Assets, net Intangible assets consisted of the following as of the dates presented:
The amortization period for developed technology intangible assets is 7 years. Amortization expense for developed technology was $1.5 million and $1.0 million for three months ended March 31, 2024 and 2023, respectively. Expected future amortization expense for intangible assets was as follows as of March 31, 2024:
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Short-term Investments |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Investments | Short-term Investments The Company's short-term investments are accounted for as securities available-for-sale and are classified within current assets in the Condensed Consolidated Balance Sheets as the Company may sell these securities at any time for use in its operations, even prior to maturity. The amortized cost, unrealized gain (loss), and estimated fair value of the Company's short-term investments consisted of the following:
The Company had twenty-nine and four separate short-term investments in unrealized loss positions as of March 31, 2024 and December 31, 2023, respectively. The Company does not intend to sell any short-term investments that have unrealized losses as of March 31, 2024, and it is not more likely than not that the Company will be required to sell such securities before any anticipated recovery of the entire amortized cost basis. There were no realized gains or losses from short-term investments that were reclassified out of accumulated other comprehensive income for the three months ended March 31, 2024 and 2023, respectively. For short-term investments that have unrealized losses, the Company evaluated whether (i) the Company has the intention to sell any of these investments, (ii) it is not more likely than not that the Company will be required to sell any of these available-for-sale debt securities before recovery of the entire amortized cost basis and (iii) the decline in the fair value of the investment is due to credit or non-credit related factors. Based on this evaluation, the Company determined that for its short-term investments, there were no material credit or non-credit related impairments as of March 31, 2024. The following table summarizes the stated maturities of the Company’s short-term investments:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The following tables present the fair value hierarchy for assets and liabilities measured at fair value:
The Company classifies money market funds, U.S. treasury bills, commercial paper, certificates of deposit, U.S. treasury securities, U.S. agency securities, asset-backed securities, and corporate debt securities within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs. There were no transfers of financial instruments between the fair value hierarchy levels during the three months ended March 31, 2024 and the year ended December 31, 2023.
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Certain Balance Sheet Components |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Certain Balance Sheet Components | Certain Balance Sheet Components Property and Equipment, net Property and equipment consisted of the following:
Depreciation and amortization expense related to property and equipment was $2.1 million and $1.0 million for the three months ended March 31, 2024 and 2023, respectively. The Company capitalized $7.5 million and $4.1 million as internal-use software development costs during the three months ended March 31, 2024, and 2023, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following:
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Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Letters of Credit In connection with the lease for its corporate headquarters office space, the Company is required to provide the landlord a letter of credit in the amount of $1.5 million. The Company has secured this letter of credit by depositing $1.5 million with the issuing financial institution, which deposit is classified as Restricted cash in the Condensed Consolidated Balance Sheets. Legal Contingencies From time to time in the normal course of business, the Company may be subject to various legal matters such as threatened or pending claims or proceedings. As of March 31, 2024 and December 31, 2023, there were no legal contingency matters, either individually or in aggregate, that would have a material adverse effect on the Company’s financial position, results of operations, or cash flows. Given the unpredictable nature of legal proceedings, the Company bases its assessment on the information available at the time. As additional information becomes available, the Company reassesses the potential liability and may revise the estimate. Settlement of Payment Transactions Customers deposit a certain amount of pre-funding into accounts maintained at Issuing Banks to settle their payment transactions. Such pre-funding amounts may only be used to settle customers’ payment transactions and are not considered assets of the Company. As such, the funds held in customers’ accounts at Issuing Banks are not reflected on the Company’s Condensed Consolidated Balance Sheets. If a customer fails to deposit sufficient funds to settle a transaction, the Company is liable to the Issuing Bank to settle the transaction and would therefore incur losses if such amounts cannot be subsequently recovered from the customer. Indemnifications In the ordinary course of business, the Company enters into agreements of varying scope and terms pursuant to which it agrees to indemnify customers, Card Networks, Issuing Banks, vendors, lessors, and other parties with respect to certain matters, including, but not limited to, losses arising out of the breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. With respect to Issuing Banks, the Company has received requests for indemnification from time to time and may indemnify the Issuing Bank for losses the Issuing Bank may incur for non-compliance with applicable law and regulation, if those losses resulted from the Company’s failure to perform under its program agreement with the Issuing Bank. In addition, the Company has entered into indemnification agreements with its directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers, or employees. No demands have been made upon the Company to provide indemnification under such agreements and there are no claims that the Company is aware of that could have a material effect on its Condensed Consolidated Financial Statements. The Company also includes service level commitments to its customers, warranting certain levels of performance and permitting those customers to receive credits in the event the Company fails to meet the levels specified.
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Stock Incentive Plans |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Incentive Plans | Stock Incentive Plans During the first quarter of 2024, the Company granted performance-based restricted stock units (“PSUs”) to certain employees of the Company based on an initial target number. The final number of PSUs that may vest and settle depend upon the Company’s performance against pre-established performance metrics over a predefined performance period. PSUs granted under the 2021 Stock Option and Incentive Plan vest over three years and have a one year performance period with cliff vesting following the completion of the performance period, subject to the compensation committee’s approval of the level of achievement against the pre-established performance targets. Over the performance period, the number of PSUs that may be issued and the related stock-based compensation expense that is recognized is adjusted upward or downward based upon the probability of achieving the approved performance targets against the performance metrics. Depending on the probability of achieving the pre-established performance targets, the number of PSUs issued could range from 0% to 200% of the target amount. The following table presents the share-based compensation expense recognized within the following line items in the Condensed Consolidated Statement of Operations and Comprehensive Loss and Condensed Consolidated Balance Sheet in the periods presented:
Unrecognized compensation costs by award type:
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Stockholders’ Equity Transactions |
3 Months Ended |
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Mar. 31, 2024 | |
Equity [Abstract] | |
Stockholders’ Equity Transactions | Stockholders’ Equity Transactions Share Repurchase Program On May 8, 2023, the Company’s board of directors authorized a share repurchase program of up to $200 million of the Company’s Class A common stock (the “2023 Share Repurchase Program”). Under the 2023 Share Repurchase Program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases are based on general business and market conditions, and other factors, including legal requirements. The 2023 Share Repurchase Program had no set expiration date. During the three months ended March 31, 2024, the Company repurchased and subsequently retired 5.2 million shares for $32.8 million under the 2023 Share Repurchase Program, for an average price of $6.27. Repurchases under the 2023 Share Repurchase Program were completed as of March 31, 2024.
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Net Loss Per Share Attributable to Common Stockholders |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders The Company calculated basic and diluted net loss per share attributable to common stockholders as follows:
Basic net loss per share is the same as diluted net loss per share because the Company reported a net loss for the three months ended March 31, 2024 and 2023. The rights, including the liquidation and dividend rights, of the holders of Class A common stock and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical for Class A common stock and Class B common stock, the undistributed earnings are allocated on a proportionate basis and the resulting loss per share will, therefore, be the same for both Class A common stock and Class B common stock on an individual or combined basis. Potentially dilutive securities that were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect were as follows:
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Income Tax |
3 Months Ended |
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Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Tax | Income Tax The Company recorded an income tax provision of $0.1 million and a benefit of $7.0 million for the three months ended March 31, 2024 and 2023, respectively. The income tax provision for the three months ended March 31, 2024 was primarily attributable to income tax expenses in profitable foreign jurisdictions. The income tax benefit for the three months ended March 31, 2023 was primarily attributable to a $7.2 million partial valuation allowance release due to the acquisition of Power Finance Inc., offset by $0.2 million of income tax expenses resulting from profitable foreign operations. The Company is subject to income tax audits in the U.S. and foreign jurisdictions. We record liabilities related to uncertain tax positions and believe that we have provided adequate reserves for income tax uncertainties in all open tax years.
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Concentration Risks and Significant Customers |
3 Months Ended |
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Mar. 31, 2024 | |
Risks and Uncertainties [Abstract] | |
Concentration Risks and Significant Customers | Concentration Risks and Significant Customers Financial instruments that potentially expose the Company to concentration of credit risk consist of cash and cash equivalents, short-term investments, and accounts receivable. Cash on deposit with financial institutions may exceed federally insured limits. Cash and cash equivalents as of March 31, 2024 and December 31, 2023 include $757.9 million and $628.0 million, respectively, of investments managed by two financial institutions, which invest primarily in securities issued by the U.S. Government or U.S. Government agencies. As of March 31, 2024, short-term investments were $228.3 million, and there was no concentration of securities of the same issuer with an aggregate fair value greater than 5% of the total balance, except for U.S. Treasuries and U.S. agency securities, which amounted to $214.9 million, or 94% of the short-term investments. As of March 31, 2024, all debt securities within the Company's portfolio are investment grade. As of December 31, 2023, short-term investments were $268.7 million, and there was no concentration of securities of the same issuer with an aggregate fair value greater than 5% of the total balance, except for U.S. Treasuries and U.S. agency securities, which amounted to $255.2 million, or 95% of the short-term investments. As of December 31, 2023, all debt securities within the Company's portfolio are investment grade. A significant portion of the Company's payment transactions are settled through one Issuing Bank, Sutton Bank. For the three months ended March 31, 2024 and 2023, 74% and 80% of Total Processing Volume, which is the total dollar amount of payments processed through the Company’s platform, net of returns and chargebacks, was settled through Sutton Bank, respectively. A significant portion of the Company's revenue is derived from one customer. For the three months ended March 31, 2024 and 2023, this customer accounted for 49% and 76% of the Company’s net revenue, respectively. As of March 31, 2024, two other customers accounted for 16% and 10% of the Company’s accounts receivable balance.
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Subsequent Event |
3 Months Ended |
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Mar. 31, 2024 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Events Board Leadership Transition On May 6, 2024, Jason Gardner informed the board of directors and the Company agreed that Mr. Gardner would step down from his position as Executive Chairman, effective June 13, 2024 (or, if later, the date of the Company’s 2024 Annual Meeting of Stockholders, the “Transition Date”). Mr. Gardner will continue to serve as a non-employee director on the board of directors. In connection with Mr. Gardner’s departure, the Company and Mr. Gardner have entered into a Transition Agreement, pursuant to which, among other things, (i) Mr. Gardner will continue to perform his normal duties as Executive Chairman until the Transition Date and (ii) the Company agrees to continue to nominate Mr. Gardner for election to the board of directors at each annual meeting of the Company’s stockholders at which Mr. Gardner’s term as a director expires, as long as he continues to hold at least 20% voting power of the Company and continues to satisfy the other criteria set forth in the Transition Agreement. As a result of Mr. Gardner’s election to step down as Executive Chairman, the Executive Chairman Long-Term Performance Award will be forfeited by its terms, effective as of the Transition Date. The forfeiture is expected to result in a one-time reversal of share-based compensation expenses of $157.8 million in the second quarter of 2024. On May 6, 2024, the Board appointed Jud Linville as independent Chairman of the board of directors effective as of the Transition Date. Share Conversion On May 6, 2024, Mr. Gardner elected to voluntarily convert 17.7 million outstanding shares of Class B common stock into shares of Class A common stock on a one-for-one basis, effective immediately, pursuant to Article IV.D.3(a) of the Company’s Amended and Restated Certificate of Incorporation. The Class B common stock is substantially the same as the Class A common stock except Class B common stock has ten votes per share whereas Class A common stock has one vote per share. As a result of the voluntary conversions, Mr. Gardner will beneficially own effective voting power of approximately 40% as of May 6, 2024. Share Repurchase Program On May 6, 2024, the Company’s board of directors unanimously authorized the repurchase of up to $200 million of the Company’s Class A common stock. Under the repurchase program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The number of shares repurchased and the timing of purchases will be based on general business and market conditions, and other factors, including legal requirements. The share repurchase program has no set expiration date and may be canceled or suspended at any time without notice.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | |
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Mar. 31, 2024 |
Mar. 31, 2023 |
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Pay vs Performance Disclosure | ||
Net loss | $ (36,060) | $ (68,801) |
Insider Trading Arrangements |
3 Months Ended |
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Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and the applicable rules and regulations of the Securities and Exchange Commission, (“SEC”), for interim reporting. Certain information and note disclosures included in the Company’s annual financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. The Condensed Consolidated Balance Sheet as of December 31, 2023 has been derived from the Company’s audited consolidated financial statements, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on February 28, 2024. The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the Company’s consolidated financial statements and notes thereto included in the Annual Report on Form 10-K. The accompanying unaudited Condensed Consolidated Financial Statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, the accompanying Condensed Consolidated Financial Statements reflect all adjustments of a normal, recurring nature considered necessary for a fair presentation of the Company's consolidated financial position, results of operations, comprehensive loss, and cash flows for the interim periods presented. The interim results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or for any other future annual or interim period.
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Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make various estimates and assumptions relating to reported amounts of assets and liabilities, disclosure of contingent liabilities, and reported amounts of revenue and expenses. Significant estimates and assumptions include, but are not limited to, the fair value and useful lives of assets acquired and liabilities assumed through business combinations, the estimation of contingent liabilities, the fair value of equity awards and warrants, share-based compensation, the estimation of variable consideration in contracts with customers, the reserve for contract contingencies and processing errors, and valuation of income taxes. Actual results could differ materially from these estimates.
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Segment Information | Segment Information The Company operates as a single operating segment and reporting unit. The Company's chief operating decision maker is its Chief Executive Officer, who reviews financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance, allocating resources, and evaluating the Company's financial performance.
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Restricted Cash | Restricted Cash Restricted cash consists of deposits with Issuing Banks to provide the Issuing Bank collateral in the event that customers’ funds are not deposited at the Issuing Banks in time to settle customers’ transactions with the Card Networks. Restricted cash also includes cash used to secure a letter of credit for the Company’s lease of its office headquarters in Oakland, California. “Issuing Banks” are financial institutions that issue payment cards (credit, debit, or prepaid) either on their own behalf or on behalf of a business. “Card Networks” are networks that provide the infrastructure for settlement and card payment information flows.
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Recent Accounting Pronouncements | Recent Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on the condensed consolidated financial statements and related disclosures.
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Revenue (Tables) |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | Disaggregation of Revenue The following table provides information about disaggregated revenue from customers:
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Contract with Customer, Contract Asset, Contract Liability, and Receivable | Contract Balances The following table provides information about contract assets and deferred revenue:
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Intangible Assets, net (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | Intangible assets consisted of the following as of the dates presented:
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Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Expected future amortization expense for intangible assets was as follows as of March 31, 2024:
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Short-term Investments (Tables) |
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Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Short-term Investments | The amortized cost, unrealized gain (loss), and estimated fair value of the Company's short-term investments consisted of the following:
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Schedule of Available-for-sale Securities Reconciliation | The following table summarizes the stated maturities of the Company’s short-term investments:
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Fair Value Measurements (Tables) |
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities at Fair Value | The following tables present the fair value hierarchy for assets and liabilities measured at fair value:
|
Certain Balance Sheet Components (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property and Equipment, net | Property and Equipment, net Property and equipment consisted of the following:
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Accrued Expenses and Other Current Liabilities | Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following:
|
Stock Incentive Plans (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation Expense Recognized in the Period | The following table presents the share-based compensation expense recognized within the following line items in the Condensed Consolidated Statement of Operations and Comprehensive Loss and Condensed Consolidated Balance Sheet in the periods presented:
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Schedule of Unrecognized Compensation Costs by Award | Unrecognized compensation costs by award type:
|
Net Loss Per Share Attributable to Common Stockholders (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Loss Per Share, Basic and Diluted | The Company calculated basic and diluted net loss per share attributable to common stockholders as follows:
|
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Schedule of Antidilutive Securities Excluded from Computation of Loss Per Share |
|
Business Overview and Basis of Presentation (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
Dec. 31, 2023 |
|
Accounting Policies [Abstract] | |||
Net loss | $ (36,060) | $ (68,801) | |
Accumulated deficit | (861,255) | $ (825,195) | |
Cash and cash equivalents | 970,357 | $ 1,050,414 | $ 980,972 |
Short-term investments | $ 228,300 |
Summary of Significant Accounting Policies (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
UNITED STATES | Revenue Benchmark | Geographic Concentration Risk | ||
Product Information [Line Items] | ||
Concentration risk, percentage | 8.00% | 3.00% |
Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 117,968 | $ 217,343 |
Platform services revenue, net | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | 113,935 | 210,333 |
Other services revenue | ||
Disaggregation of Revenue [Line Items] | ||
Net revenue | $ 4,033 | $ 7,010 |
Revenue - Contract Assets and Deferred Revenue (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Disaggregation of Revenue [Line Items] | ||
Total contract assets | $ 10,352 | $ 10,858 |
Deferred revenue - current | 11,570 | 11,829 |
Total deferred revenue | 15,231 | 15,900 |
Prepaid expenses and other current assets | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets - current | 1,239 | 1,461 |
Other assets | ||
Disaggregation of Revenue [Line Items] | ||
Contract assets - non-current | 9,113 | 9,397 |
Accrued expenses and other current liabilities | ||
Disaggregation of Revenue [Line Items] | ||
Deferred revenue - current | 11,570 | 11,829 |
Other liabilities | ||
Disaggregation of Revenue [Line Items] | ||
Deferred revenue - non-current | $ 3,661 | $ 4,071 |
Revenue - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue recognized during the period | $ 2.6 | $ 4.6 |
Revenue - Revenue Remaining Performance Obligations (Details) $ in Thousands |
Mar. 31, 2024
USD ($)
|
---|---|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, amount | $ 58,300 |
Minimum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, percentage | 61.00% |
Maximum | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Revenue, remaining performance obligation, percentage | 39.00% |
Intangible Assets, net - Schedule of Finite-Lived Intangible Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Developed technology | $ 41,000 | $ 41,000 |
Accumulated amortization | (6,833) | (5,369) |
Total expected future amortization expense for intangible assets | $ 34,167 | $ 35,631 |
Intangible Assets, net - Narrative (Details) - Developed Technology - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Finite-Lived Intangible Assets | ||
Amortization period | 7 years | |
Amortization expenses | $ 1.5 | $ 1.0 |
Intangible Assets, net - Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2024 | $ 4,393 | |
2025 | 5,857 | |
2026 | 5,857 | |
2027 | 5,857 | |
2028 | 5,857 | |
Thereafter | 6,345 | |
Total expected future amortization expense for intangible assets | $ 34,167 | $ 35,631 |
Short-term Investments - Narrative (Details) |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024
USD ($)
investment
|
Mar. 31, 2023
USD ($)
|
Dec. 31, 2023
investment
|
|
Investments [Abstract] | |||
Number of marketable securities in unrealized loss positions | investment | 29 | 4 | |
Realized gains or losses reclassified out of accumulated other comprehensive loss | $ | $ 0 | $ 0 |
Short-term Investments - Stated Maturities of Marketable Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Amortized Cost | ||
Due within one year | $ 72,508 | $ 90,438 |
Due after one year through four years | 156,186 | 177,278 |
Amortized Cost | 228,694 | 267,716 |
Estimated Fair Value | ||
Due within one year | 72,482 | 90,533 |
Due after one year through four years | 155,842 | 178,191 |
Total | $ 228,324 | $ 268,724 |
Certain Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2024 |
Dec. 31, 2023 |
---|---|---|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accrued costs of revenue | $ 78,558 | $ 73,645 |
Accrued compensation and benefits | 19,262 | 42,095 |
Due to issuing banks | 7,892 | 7,892 |
Deferred revenue | 11,570 | 11,829 |
Accrued tax liabilities | 4,943 | 4,929 |
Accrued professional services | 4,128 | 4,559 |
Operating lease liabilities, current portion | 4,016 | 3,908 |
Reserve for contract contingencies and processing errors | 3,861 | 3,754 |
Other accrued liabilities | 13,572 | 8,903 |
Accrued expenses and other current liabilities | $ 147,802 | $ 161,514 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
Commitments and Contingencies - Narrative (Details) - Letter of Credit $ in Millions |
Mar. 31, 2024
USD ($)
|
---|---|
Guarantor Obligations | |
Letters of credit, amount | $ 1.5 |
Restricted Cash | |
Guarantor Obligations | |
Deposit assets | $ 1.5 |
Stock Incentive Plans - Narrative (Details) - Phantom Share Units (PSUs) |
3 Months Ended |
---|---|
Mar. 31, 2024 | |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Percentage of performance targets | 0 |
Minimum | 2021 Stock Option And Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Award vesting period (in years) | 1 year |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Percentage of performance targets | 2 |
Maximum | 2021 Stock Option And Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award | |
Award vesting period (in years) | 3 years |
Stock Incentive Plans - Schedule of Unrecognized Compensation Costs by Award (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2024
USD ($)
| |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Unrecognized compensation costs | $ 368,651 |
Performance restricted stock units | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Unrecognized compensation costs | $ 281,344 |
Weighted-average recognition period (in years) | 2 years 4 months 24 days |
Performance restricted stock units | Chief Executive Officer | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Unrecognized compensation costs | $ 50,662 |
Weighted-average recognition period (in years) | 1 year 9 months 18 days |
Stock options | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Unrecognized compensation costs | $ 36,645 |
Weighted-average recognition period (in years) | 1 year 9 months 18 days |
Stockholders’ Equity Transactions- Share Repurchase Program (Details) - USD ($) $ / shares in Units, shares in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
May 08, 2023 |
|
Class of Warrant or Right [Line Items] | |||
Repurchase of early exercised stock options (in shares) | $ 32,830,000 | $ 20,993,000 | |
2023 Share Repurchase Program | |||
Class of Warrant or Right [Line Items] | |||
Stock repurchase program, authorized amount | $ 200,000,000 | ||
Repurchase of early exercised stock options (in shares) | 5.2 | ||
Repurchase of early exercised stock options (in shares) | $ 32,800,000 | ||
Shares repurchased, average price per share (in usd per share) | $ 6.27 |
Net Loss Per Share Attributable to Common Stockholders - EPS (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Earnings Per Share [Abstract] | ||
Net loss attributable to Class A and Class B common stockholders, basic | $ (36,060) | $ (68,801) |
Net loss attributable to Class A and Class B common stockholders, diluted | $ (36,060) | $ (68,801) |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, basic (in shares) | 517,987,361 | 539,744,130 |
Weighted-average shares used in computing net loss per share attributable to Class A and Class B common stockholders, diluted (in shares) | 517,987,361 | 539,744,130 |
Net loss per share attributable to Class A and Class B common stockholders, basic (in dollars per share) | $ (0.07) | $ (0.13) |
Net loss per share attributable to Class A and Class B common stockholders, diluted (in dollars per share) | $ (0.07) | $ (0.13) |
Income Tax (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2024 |
Mar. 31, 2023 |
|
Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ 134 | $ (6,960) |
Partial valuation allowance | 7,200 | |
Profitable foreign operations | $ 200 |
Subsequent Event (Details) $ in Thousands, shares in Millions |
3 Months Ended | |||
---|---|---|---|---|
May 06, 2024
USD ($)
vote
shares
|
Jun. 30, 2024
USD ($)
|
Mar. 31, 2024
USD ($)
|
Mar. 31, 2023
USD ($)
|
|
Subsequent Event [Line Items] | ||||
Share-based compensation expense | $ 44,434 | $ 45,999 | ||
Subsequent Event | Class A Common Stock | ||||
Subsequent Event [Line Items] | ||||
Stock repurchase program, authorized amount | $ 200,000 | |||
Mr. Jason Gardner | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Benefically own effective voting, percent | 20.00% | |||
Share-based compensation expense | $ 157,800 | |||
Mr. Jason Gardner | Subsequent Event | Class A Common Stock | ||||
Subsequent Event [Line Items] | ||||
Benefically own effective voting, percent | 40.00% | |||
Conversion of common stock (in shares) | shares | 17.7 | |||
Common stock conversion ratio | 1 | |||
Number of vote (votes per share) | vote | 1 | |||
Mr. Jason Gardner | Subsequent Event | Class B Common Stock | ||||
Subsequent Event [Line Items] | ||||
Number of vote (votes per share) | vote | 10 |
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