QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from to |
| ||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of Principal Executive Offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | o | x | |||||||||
Non-accelerated filer | o | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
As of June 30, 2023 | As of December 31, 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, net (net of allowance for doubtful accounts of $ | |||||||||||
Other receivables | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Total current assets | |||||||||||
Property and equipment, net | |||||||||||
Other long-term assets | |||||||||||
Intangible assets, net | |||||||||||
Goodwill | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities, Redeemable Convertible Preferred Stock and Stockholders’ Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued expenses and other current liabilities (Note 3) | |||||||||||
Deferred revenue | |||||||||||
Contract liabilities, current | |||||||||||
Total current liabilities | |||||||||||
Warrant liabilities | |||||||||||
Long-term debt | |||||||||||
Other long-term liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingencies (Note 7) | |||||||||||
Series A redeemable convertible preferred stock, $ | |||||||||||
Stockholders’ equity: | |||||||||||
Common stock $ | |||||||||||
Additional paid-in capital | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Accumulated deficit | ( | ( | |||||||||
Total Sharecare, Inc. stockholders’ equity | |||||||||||
Noncontrolling interest in subsidiaries | |||||||||||
Total stockholders’ equity | |||||||||||
Total liabilities, redeemable convertible preferred stock and stockholders’ equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Revenue (inclusive of $ | $ | $ | $ | $ | |||||||||||||||||||
Costs and operating expenses: | |||||||||||||||||||||||
Costs of revenue (exclusive of depreciation and amortization; inclusive of $ | |||||||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
Product and technology | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Total costs and operating expenses | |||||||||||||||||||||||
Loss from operations | ( | ( | ( | ( | |||||||||||||||||||
Other income (expense): | |||||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | |||||||||||||||||||
Other (expense) income | ( | ( | |||||||||||||||||||||
Total other (expense) income | ( | ||||||||||||||||||||||
Loss before income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Income tax expense | ( | ( | ( | ( | |||||||||||||||||||
Net loss | ( | ( | ( | ( | |||||||||||||||||||
Net loss attributable to noncontrolling interest in subsidiaries | ( | ( | ( | ( | |||||||||||||||||||
Net loss attributable to Sharecare, Inc. | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Weighted-average common shares outstanding, basic and diluted | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Other comprehensive loss adjustments: | |||||||||||||||||||||||
Foreign currency translation | ( | ( | |||||||||||||||||||||
Comprehensive loss | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive loss attributable to noncontrolling interest in subsidiaries | ( | ( | ( | ( | |||||||||||||||||||
Comprehensive loss attributable to Sharecare, Inc. | $ | ( | $ | ( | $ | ( | $ | ( |
Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Noncontrolling Interest | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued upon vesting of restricted stock units | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of warrants in connection with debt and revenue arrangements | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
— | — | — | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest in subsidiaries | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Repurchased shares of common stock related to exercise of employee stock options | — | — | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Sharecare, Inc. | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued upon vesting of restricted stock units | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of warrants in connection with debt and revenue arrangements | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to non-controlling interest in subsidiaries | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Taxes paid related to net share settlement of equity awards | — | — | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased | — | — | ( | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Sharecare, Inc. | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2023 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Noncontrolling Interest | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Amount | Shares | Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued upon vesting of restricted stock units | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of warrants in connection with debt and revenue arrangements | — | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock for WhitehatAI earnout | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of stock for doc.ai escrow shares | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest in subsidiaries | — | — | – | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | – | — | — | ( | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Sharecare, Inc. | — | — | – | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Other | — | — | ( | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock options exercised | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock issued upon vesting of restricted stock units | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of warrants in connection with debt and revenue arrangements | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based compensation | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to noncontrolling interest in subsidiaries | — | — | — | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | — | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributable to Sharecare, Inc. | — | — | — | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
CareLinx working capital adjustment | — | — | — | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at June 30, 2022 | $ | $ | $ | $ | ( | $ | ( | $ | $ |
Six Months Ended June 30, | |||||||||||
2023 | 2022 | ||||||||||
Cash flows from operating activities: | |||||||||||
Net loss | $ | ( | $ | ( | |||||||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||||||
Depreciation and amortization expense | |||||||||||
Non-cash interest expense | |||||||||||
Amortization of contract liabilities | ( | ( | |||||||||
Accretion of contract liabilities | |||||||||||
Lease right-of-use assets expense | |||||||||||
Change in fair value of warrant liability and contingent consideration | ( | ( | |||||||||
Share-based compensation | |||||||||||
Deferred income taxes | ( | ||||||||||
Other | |||||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ||||||||||
Prepaid expenses and other assets | ( | ( | |||||||||
Accounts payable and accrued expenses | ( | ||||||||||
Operating lease liabilities | |||||||||||
Deferred revenue | ( | ( | |||||||||
Net cash used in operating activities | ( | ( | |||||||||
Cash flows from investing activities: | |||||||||||
Purchases of property and equipment | ( | ( | |||||||||
Capitalized internal-use software costs | ( | ( | |||||||||
Net cash used in investing activities | ( | ( | |||||||||
Cash flows from financing activities: | |||||||||||
Payments for shares repurchased | ( | ||||||||||
Proceeds from exercise of common stock options | |||||||||||
Payments on financing lease obligations | ( | ( | |||||||||
Net cash (used in) provided by financing activities | ( | ||||||||||
Effect of exchange rates on cash and cash equivalents | ( | ||||||||||
Net decrease in cash and cash equivalents | ( | ( | |||||||||
Cash and cash equivalents at beginning of period | |||||||||||
Cash and cash equivalents at end of period | $ | $ | |||||||||
Supplemental disclosure of cash flow information: | |||||||||||
Cash paid for interest | $ | $ | |||||||||
Cash paid for income taxes | $ | $ | |||||||||
Non-cash investing and financing activities: | |||||||||||
CareLinx working capital adjustment | $ | $ | |||||||||
Supplemental cash flow information related to leases: | |||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | $ | |||||||||
Assets obtained in exchange for lease obligations | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Allowance for doubtful accounts – beginning balance | $ | $ | $ | $ | |||||||||||||||||||
Provision for doubtful accounts | |||||||||||||||||||||||
Amounts written off and other adjustments | ( | ( | ( | ||||||||||||||||||||
Allowance for doubtful accounts – ending balance | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Enterprise | $ | $ | $ | $ | |||||||||||||||||||
Provider | |||||||||||||||||||||||
Life Sciences | |||||||||||||||||||||||
Total Revenue | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Re-measurement of contingent consideration | $ | $ | $ | $ | |||||||||||||||||||
Re-measurement of warrant liabilities | ( | ( | |||||||||||||||||||||
Other | ( | ( | |||||||||||||||||||||
Total other (expense) income | $ | ( | $ | $ | ( | $ |
June 30, 2023 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
Cash equivalents | |||||||||||||||||||||||
Money market funds | $ | $ | $ | $ | |||||||||||||||||||
Total cash equivalents at fair value | $ | $ | $ | $ | |||||||||||||||||||
Liabilities | |||||||||||||||||||||||
Warrant liabilities | $ | $ | $ | $ | |||||||||||||||||||
Contingent consideration – other liabilities | |||||||||||||||||||||||
Total liabilities at fair value | $ | $ | $ | $ |
December 31, 2022 | $ | ||||
Re-measurement of contingent consideration | ( | ||||
June 30, 2023 | $ |
June 30, 2023 | December 31, 2022 | ||||||||||
Accrued expenses | $ | $ | |||||||||
Accrued compensation | |||||||||||
Accrued media costs | |||||||||||
Accrued taxes | |||||||||||
Operating lease liabilities, current | |||||||||||
Contract liabilities due to a related party, current | |||||||||||
Accrued expenses due to a related party | |||||||||||
Accrued other | |||||||||||
Total accrued expenses and other current liabilities | $ | $ |
June 30, 2023 | |||||||||||||||||||||||
Cost | Accumulated Amortization | Net | Weighted Average Remaining Life | ||||||||||||||||||||
Definite-lived, intangible assets | |||||||||||||||||||||||
Technology – features/content | $ | $ | ( | $ | |||||||||||||||||||
Trade name | ( | ||||||||||||||||||||||
Customer relationships | ( | ||||||||||||||||||||||
Internal-use software | ( | ||||||||||||||||||||||
Total definite-lived, intangible assets | $ | $ | ( | $ | |||||||||||||||||||
Intangible assets not subject to amortization | |||||||||||||||||||||||
Internal-use software projects in process | $ | $ | — | $ | |||||||||||||||||||
Indefinite-lived, trade names | — | ||||||||||||||||||||||
Total intangible assets not subject to amortization | — | ||||||||||||||||||||||
Total intangible assets | $ | $ | ( | $ |
December 31, 2022 | $ | ||||
Foreign currency translation adjustment | |||||
June 30, 2023 | $ |
Year ending December 31: | |||||
Remainder of 2023 | $ | ||||
2024 | |||||
2025 | |||||
2026 | |||||
2027 | |||||
Thereafter | |||||
Total | $ |
Classification | Warrants Outstanding | Exercise Price per Share | ||||||||||||
Equity | $ | |||||||||||||
Liability | $ |
Options Outstanding | Restricted Stock Units | |||||||||||||||||||||||||||||||
Number of Options | Weighted- Average Exercise Price | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (in thousands) | Number of Plan shares outstanding | Weighted-Average Grant Date Fair Value per share | |||||||||||||||||||||||||||
Outstanding as of December 31, 2022 | $ | $ | $ | |||||||||||||||||||||||||||||
Granted | $ | |||||||||||||||||||||||||||||||
Exercised/Released | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||
Cancelled/Forfeited | ( | $ | ( | $ | ||||||||||||||||||||||||||||
Outstanding as of June 30, 2023 | $ | $ | $ | |||||||||||||||||||||||||||||
Vested and/or exercisable as of June 30, 2023 | $ | $ | $ | |||||||||||||||||||||||||||||
Vested and/or exercisable as of December 31, 2022 | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Cost of revenues | $ | $ | $ | $ | |||||||||||||||||||
Sales and marketing | |||||||||||||||||||||||
Product and technology | |||||||||||||||||||||||
General and administrative | |||||||||||||||||||||||
Total share-based compensation expense | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Numerator | |||||||||||||||||||||||
Net loss | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Less: Net loss attributable to noncontrolling interests in subsidiaries | ( | ( | ( | ( | |||||||||||||||||||
Net loss available to common stockholders | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Denominator | |||||||||||||||||||||||
Weighted-average common shares outstanding, basic and diluted | |||||||||||||||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Stock options and restricted stock units | |||||||||||||||||||||||
Redeemable convertible preferred stock | |||||||||||||||||||||||
Contingently issuable shares | |||||||||||||||||||||||
Total |
Three Months Ended June 30, | ||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||
Revenue | $ | 110,353 | $ | 103,823 | $ | 6,530 | 6 | % | ||||||||||||||||||
Costs and operating expenses: | ||||||||||||||||||||||||||
Costs of revenue (exclusive of amortization and depreciation below) | 62,948 | 53,238 | 9,710 | 18 | % | |||||||||||||||||||||
Sales and marketing | 14,959 | 14,155 | 804 | 6 | % | |||||||||||||||||||||
Product and technology | 17,035 | 17,680 | (645) | (4) | % | |||||||||||||||||||||
General and administrative | 35,371 | 43,491 | (8,120) | (19) | % | |||||||||||||||||||||
Depreciation and amortization | 14,184 | 10,901 | 3,283 | 30 | % | |||||||||||||||||||||
Total costs and operating expenses | 144,497 | 139,465 | 5,032 | 4 | % | |||||||||||||||||||||
Loss from operations | (34,144) | (35,642) | 1,498 | (4) | % | |||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||
Interest income | 1,646 | 102 | 1,544 | n.m | ||||||||||||||||||||||
Interest expense | (453) | (539) | 86 | 16 | % | |||||||||||||||||||||
Other (expense) income | (2,631) | 6,827 | (9,458) | 139 | % | |||||||||||||||||||||
Total other (expense) income | (1,438) | 6,390 | (7,828) | 123 | % | |||||||||||||||||||||
Net loss before taxes | (35,582) | (29,252) | (6,330) | (22) | % | |||||||||||||||||||||
Income tax expense | (65) | (269) | 204 | 76 | % | |||||||||||||||||||||
Net loss | (35,647) | (29,521) | (6,126) | (21) | % | |||||||||||||||||||||
Net loss attributable to noncontrolling interest in subsidiaries | (504) | (496) | (8) | n.m | ||||||||||||||||||||||
Net loss attributable to Sharecare, Inc. | $ | (35,143) | $ | (29,025) | $ | (6,118) | (21) | % |
Six Months Ended June 30, | ||||||||||||||||||||||||||
(in thousands) | 2023 | 2022 | $ Change | % Change | ||||||||||||||||||||||
Revenue | $ | 226,648 | $ | 204,533 | $ | 22,115 | 11 | % | ||||||||||||||||||
Costs and operating expenses: | ||||||||||||||||||||||||||
Costs of revenue (exclusive of amortization and depreciation below) | 130,840 | 104,730 | 26,110 | 25 | % | |||||||||||||||||||||
Sales and marketing | 30,309 | 28,666 | 1,643 | 6 | % | |||||||||||||||||||||
Product and technology | 37,843 | 37,101 | 742 | 2 | % | |||||||||||||||||||||
General and administrative | 69,490 | 99,489 | (29,999) | (30) | % | |||||||||||||||||||||
Depreciation and amortization | 28,965 | 20,778 | 8,187 | 39 | % | |||||||||||||||||||||
Total costs and operating expenses | 297,447 | 290,764 | 6,683 | 2 | % | |||||||||||||||||||||
Loss from operations | (70,799) | (86,231) | 15,432 | (18) | % | |||||||||||||||||||||
Other income (expense) | ||||||||||||||||||||||||||
Interest income | 3,326 | 131 | 3,195 | 2439 | % | |||||||||||||||||||||
Interest expense | (882) | (1,031) | 149 | 14 | % | |||||||||||||||||||||
Other (expense) income | (2,201) | 19,672 | (21,873) | 111 | % | |||||||||||||||||||||
Total other income (expense) | 243 | 18,772 | (18,529) | 99 | % | |||||||||||||||||||||
Net loss before taxes | (70,556) | (67,459) | (3,097) | (5) | % | |||||||||||||||||||||
Income tax expense | (96) | (361) | 265 | 73 | % | |||||||||||||||||||||
Net loss | (70,652) | (67,820) | $ | (2,832) | (4) | % | ||||||||||||||||||||
Net loss attributable to noncontrolling interest in subsidiaries | (850) | (594) | (256) | 43 | % | |||||||||||||||||||||
Net loss attributable to Sharecare, Inc. | $ | (69,802) | $ | (67,226) | $ | (2,576) | (4) | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss | $ | (35,647) | $ | (29,521) | $ | (70,652) | $ | (67,820) | |||||||||||||||
Add: | |||||||||||||||||||||||
Depreciation and amortization | 14,184 | 10,901 | 28,965 | 20,778 | |||||||||||||||||||
Interest income | (1,646) | (102) | (3,326) | (131) | |||||||||||||||||||
Interest expense | 453 | 539 | 882 | 1,031 | |||||||||||||||||||
Income tax expense | 65 | 269 | 96 | 361 | |||||||||||||||||||
Other expense (income) | 2,631 | (6,827) | 2,201 | (19,672) | |||||||||||||||||||
Share-based compensation | 12,149 | 18,177 | 22,116 | 51,287 | |||||||||||||||||||
Warrants issued with revenue contracts | 14 | 14 | 28 | 34 | |||||||||||||||||||
Amortization of non-cash payment for research and development | 1,190 | 424 | 2,380 | 847 | |||||||||||||||||||
Net costs associated with exiting a contract(a) | 505 | 1,249 | 1,222 | 2,923 | |||||||||||||||||||
Non-operating, non-recurring costs(b) | 1,427 | 2,281 | 3,142 | 5,037 | |||||||||||||||||||
Reorganizational and severance costs(c) | 8,224 | 3,482 | 18,036 | 6,059 | |||||||||||||||||||
Acquisition-related costs | 267 | 1,249 | 825 | 3,224 | |||||||||||||||||||
Adjusted EBITDA(d) | $ | 3,816 | $ | 2,135 | $ | 5,915 | $ | 3,958 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||
Net loss attributable to Sharecare, Inc. | $ | (35,143) | $ | (29,025) | $ | (69,802) | $ | (67,226) | |||||||||||||||
Add: | |||||||||||||||||||||||
Amortization of acquired intangibles(a) | 1,633 | 1,631 | 3,265 | 3,263 | |||||||||||||||||||
Amortization of deferred financing fees | — | 70 | 31 | 138 | |||||||||||||||||||
Change in fair value of warrant liability and contingent consideration | 96 | (6,374) | (42) | (18,742) | |||||||||||||||||||
Share-based compensation | 12,149 | 18,177 | 22,116 | 51,287 | |||||||||||||||||||
Warrants issued with revenue contracts | 14 | 14 | 28 | 34 | |||||||||||||||||||
Amortization of non-cash payment for research and development | 1,190 | 424 | 2,380 | 847 | |||||||||||||||||||
Net costs associated with exiting a contract(b) | 505 | 1,249 | 1,222 | 2,923 | |||||||||||||||||||
Non-operating, non-recurring costs(c) | 1,427 | 2,281 | 3,142 | 5,037 | |||||||||||||||||||
Reorganizational and severance costs(d) | 8,224 | 3,482 | 18,036 | — | 6,059 | ||||||||||||||||||
Acquisition-related costs | 267 | 1,249 | 825 | 3,224 | |||||||||||||||||||
Adjusted net loss(e) | $ | (9,638) | $ | (6,822) | $ | (18,799) | $ | (13,156) | |||||||||||||||
Weighted-average common shares outstanding, basic and diluted | 354,049,808 | 347,334,401 | 353,490,234 | 346,122,333 | |||||||||||||||||||
Loss per share | $ | (0.10) | $ | (0.08) | $ | (0.20) | $ | (0.19) | |||||||||||||||
Adjusted loss per share | $ | (0.03) | $ | (0.02) | $ | (0.05) | $ | (0.04) |
Six Months Ended June 30, | ||||||||||||||
(in thousands) | 2023 | 2022 | ||||||||||||
Net cash used in operating activities | $ | (21,240) | $ | (39,912) | ||||||||||
Net cash used in investing activities | $ | (15,182) | $ | (24,216) | ||||||||||
Net cash (used in) provided by financing activities | $ | (2,061) | $ | 4,753 |
Period | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced program(1) | Approximate dollar value of shares that may yet be purchased under the program | ||||||||||||||||||||||
April 1, 2023 through April 30 2023 | — | $ | — | — | $ | 50,000,000 | ||||||||||||||||||||
May 1, 2023 Through May 31, 2023 | 150,000 | $ | 1.48 | 150,000 | $ | 49,778,000 | ||||||||||||||||||||
June 1, 2023 through June 30, 2023 | 1,400,000 | $ | 1.69 | 1,400,000 | $ | 47,412,000 | ||||||||||||||||||||
Totals | 1,550,000 | $ | 1.67 | 1,550,000 | $ | 47,412,000 |
Exhibit | Description | |||||||
31.1* | ||||||||
31.2* | ||||||||
32.1** | ||||||||
32.2** | ||||||||
101.INS* | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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 Label Linkbase Document | |||||||
101.PRE* | Inline XBRL Taxonomy Extension Presentation Linkbase Document | |||||||
104 | The cover page for the Company’s Quarterly Report on Form 10-Q has been formatted in Inline XBRL and contained in Exhibit 101 |
* | Filed herewith | ||||
** | Furnished herewith |
Dated: August 9, 2023 | SHARECARE, INC. | |||||||
By: /s/ Jeffrey Arnold | ||||||||
Name: | Jeffrey Arnold | |||||||
Title: | Chief Executive Officer (Principal Executive Officer) | |||||||
By: /s/ Justin Ferrero | ||||||||
Name: | Justin Ferrero | |||||||
Title: | President and Chief Financial Officer (Principal Financial Officer) |
Dated: August 9, 2023 | /s/ Jeffrey T. Arnold | |||||||||||||
Jeffrey T. Arnold | ||||||||||||||
Chief Executive Officer (Principal Executive Officer) |
Dated: August 9, 2023 | /s/ Justin Ferrero | |||||||||||||
Justin Ferrero | ||||||||||||||
President and Chief Financial Officer (Principal Financial Officer) |
By: | /s/ Jeffrey T. Arnold | |||||||
Jeffrey T. Arnold | ||||||||
Chief Executive Officer | ||||||||
(Principal Executive Officer) |
By: | /s/ Justin Ferrero | |||||||
Justin Ferrero | ||||||||
President and Chief Financial Officer | ||||||||
(Principal Financial Officer) |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Current assets: | ||
Accounts receivable, allowance for doubtful accounts | $ 8,145 | $ 7,197 |
Stockholders’ equity: | ||
Common stock, par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 600,000,000 | 600,000,000 |
Common stock, shares, issued (in shares) | 356,593,964 | 354,463,620 |
Common stock, shares, outstanding (in shares) | 356,593,964 | 354,463,620 |
Series A Preferred Stock | ||
Temporary Equity [Line Items] | ||
Redeemable convertible preferred stock, par value (in USD per share) | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Redeemable convertible preferred stock, shares issued (in shares) | 5,000,000 | 5,000,000 |
Redeemable convertible preferred stock, shares outstanding (in shares) | 5,000,000 | 5,000,000 |
Redeemable convertible preferred stock, aggregate liquidation preference | $ 50,000 | $ 50,000 |
Nature of Business and Significant Accounting Policies |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nature of Business and Significant Accounting Policies | Nature of Business and Significant Accounting Policies Nature of Business Sharecare, Inc. (“Sharecare” or the “Company”) was founded in 2009 to develop an interactive health and wellness platform and began operations in October 2010. Sharecare’s virtual health platform is designed to help people, patients, providers, employers, health plans, government organizations, and communities optimize individual and population-wide well-being by driving positive behavior change. The platform is designed to connect each stakeholder to the health management tools they need to drive engagement, establish sustained participation, increase satisfaction, reduce costs, and improve outcomes. Sharecare bridges scientifically validated clinical programs with content to deliver a personalized experience for its members, beginning with the RealAge® test, Sharecare’s health risk assessment that shows members the true age of their body, capitalizing on people’s innate curiosity of how “young” they are to draw them into the platform. The Sharecare platform provides members with a personalized action plan to guide and educate them on the habits and behaviors making the biggest impact, both positive and negative, on their RealAge. Sharecare provides the resources members need to manage their health through lifestyle or disease management and coaching programs, such as diabetes management and smoking cessation, well-being solutions, such as financial health and anxiety management; care navigation tools such as find-a-doctor, prescription savings, clinical decision support, medical records, home health, and more. Sharecare recently launched Sharecare+, a digital-first, comprehensive advocacy solution designed to deliver value through benefits navigation, clinical engagement, virtual care, and chronic case and utilization management. Additionally, Sharecare provides secure, automated release of information, audit and business consulting services to streamline the medical records process for medical facilities. Sharecare delivers value via its provider, enterprise, and life sciences channels. Basis of Presentation and Consolidation Policy The Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts of Sharecare, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Segment Information The Company operates as a single operating segment. 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 and allocating resources for the entire company. Unaudited Interim Financial Information The accompanying interim Consolidated Balance Sheets as of June 30, 2023 and the Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2023 and 2022, Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) for each of the three month periods within the six months ended June 30, 2023 and 2022, and Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 are unaudited. These unaudited interim consolidated financial statements are presented in accordance with the rules and regulations of the SEC and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. In management’s opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the annual financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2023, the Company’s consolidated results of operations for the three and six months ended June 30, 2023 and 2022, and cash flows for the six months ended June 30, 2023 and 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full fiscal year or any other future interim or annual periods. The information contained within the unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s annual financial statements for the year ended December 31, 2022. Use of Estimates The preparation of these unaudited interim consolidated financial statements in conformity with GAAP requires the use of management estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include revenue recognition and income taxes. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions. Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company’s cash deposits are held with well-known financial institutions and may exceed federally insured limits. The Company grants credit to its customers in the normal course of business and generally requires no collateral from its customers. Fair Value Measurements The carrying value of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value due to their short-term nature. The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy that requires management to maximize the use of observable inputs and minimize the use of unobservable inputs. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: •Level 1 — Quoted prices in active markets for identical assets or liabilities •Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities •Level 3 — Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability Assets and Liabilities that are Measured at Fair Value on a Non-recurring Basis Assets and liabilities that may be measured at fair value on a non-recurring basis relate primarily to the Company’s tangible fixed assets and other intangible assets. For these assets, the Company does not periodically adjust the carrying value to fair value except in the event of an impairment. When the Company determines that an impairment has occurred, the carrying value of the asset is reduced to its fair value and an impairment charge is recorded within operating loss in the Consolidated Statements of Operations and Comprehensive Loss. Further, in connection with business combinations and asset acquisitions, the values of certain assets acquired have been recorded at fair value using Level 3 inputs. The fair values of definite-lived intangible assets acquired in these acquisitions were estimated primarily based on the income approach. The income approach estimates fair value based on the present value of the cash flows that an asset is expected to generate in the future. The Company develops internal estimates for the expected cash flows from acquired assets and estimates of discount rates used in the present value calculations. In certain instances, the Company also estimates fair value based on market multiples of comparable companies, when using the market approach. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable, net, consists of trade accounts receivable which are due under normal trade terms requiring payment, typically within 45 days from the invoice date. The allowance for doubtful accounts is based on management's estimate for expected credit losses for outstanding trade accounts receivable and is recorded as an offset to accounts receivable. Changes in the allowance for doubtful accounts are classified as general and administrative expense in the Consolidated Statements of Operations and Comprehensive Loss. The Company determines expected credit losses based on historical write-off experience, an analysis of the aging of outstanding receivables, customer payment patterns, and adjusts based on expectations of changes in macro-economic conditions and customer-specific information that may impact the collectability of outstanding receivables. The Company reassesses the adequacy of the allowance for doubtful accounts each reporting period. For the six months ended June 30, 2023, the allowance for doubtful accounts includes $1.1 million of amounts recorded upon adoption of ASU 2016-13 on January 1, 2023. The changes in the allowance for doubtful accounts are as follows (in thousands):
Contract Liabilities In connection with certain acquisitions, the Company has recognized current and noncurrent contract liabilities, representing off-market values associated with certain wellness program royalty agreements (amortization will continue through 2023). Amortization of these contract liabilities was $0.5 million for three months ended June 30, 2023, all of which was included within cost of revenues in the Consolidated Statements of Operations and Comprehensive Loss. Amortization of these contract liabilities was $1.1 million for three months ended June 30, 2022, of which $0.4 million was included within cost of revenues and $0.7 million was included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. Amortization of these contract liabilities was $0.9 million for six months ended June 30, 2023, all of which was included within cost of revenues in the Consolidated Statements of Operations and Comprehensive Loss. Amortization of these contract liabilities was $2.2 million for six months ended June 30, 2022, of which $0.9 million was included within cost of revenues and $1.3 million was included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. Additionally, the Company has recognized certain contract liabilities due to a related party in the amount of $17.2 million, related to service agreements, which is included in accrued expenses and other current liabilities in the Consolidated Balance Sheets. Deferred Revenue The Company records contract liabilities pursuant to ASC 606 which consist of deferred revenue and contract billings in excess of earned revenue. Deferred revenues arise from contracts that permit upfront billing and the collection of fees covering the entire contractual service period, which is generally to twelve months and in advance of the satisfaction of the performance obligations identified within the related contract. As of June 30, 2023 and December 31, 2022, such fees were $6.9 million and $9.0 million, respectively. The Company recognized $5.5 million of revenue during the three months ended June 30, 2023 that was included in deferred revenue at December 31, 2022. The Company recognized $11.6 million of revenue during the six months ended June 30, 2023 that was included in deferred revenue at December 31, 2022. Revenue Recognition Performance-Based Revenue Certain contracts place a portion of fees at risk based on achieving certain performance metrics, such as customer cost savings, and/or clinical outcomes improvements (performance-based). The Company uses the most likely amount method to estimate variable consideration for these performance guarantees. The Company includes in the transaction price some, or all, of a variable consideration amount only to the extent that it is not probable that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company utilizes customer data to measure performance. Performance-based fees subject to refund that the Company has not recognized as revenues are generally due to either: (1) data from the customer is insufficient or incomplete to measure performance; or (2) interim performance measures indicate that it is not probable that the Company will meet the relevant performance target(s). As of June 30, 2023 and December 31, 2022, such fees included within deferred revenue were $5.6 million and $4.4 million, respectively. In the event that performance measures are not met by the end of the measurement period, typically one year, some or all of the performance-based fees are required to be refunded. During the settlement process under a contract, which generally occurs to eight months after the end of a contract year, performance-based fees are reconciled and settled. Approximately $1.0 million and $2.5 million of revenues recognized during the three months ended June 30, 2023 and 2022, respectively, were performance-based. During the three months ended June 30, 2023, $0.6 million of revenue was recognized, which related to services provided prior to December 31, 2022. Approximately $2.1 million and $4.4 million of revenues recognized during the six months ended June 30, 2023 and 2022, respectively, were performance-based. During the six months ended June 30, 2023, $0.7 million was recognized in revenue that related to services provided prior to December 31, 2022. As of June 30, 2023 and 2022, the cumulative amount of performance-based revenues that had met the criteria for recognition and had been recognized but had not yet been settled with customers, totaled $4.4 million and $5.1 million, respectively. Remaining Performance Obligations Remaining performance obligations represent contracted revenues that are non-cancellable and have not yet been recognized due to unsatisfied or partially satisfied performance obligations. This includes deferred revenues and amounts that will be invoiced and recognized as revenues in future periods. As of June 30, 2023, future estimated revenue related to performance obligations with terms of more than one year that are unsatisfied or partially unsatisfied at the end of the reporting period was approximately $91.6 million. As of June 30, 2023, the Company expects to recognize revenue on approximately 77% of these unsatisfied performance obligations over the following 24 months and the remainder thereafter. Disaggregated Revenue The following table presents the Company’s revenues disaggregated by revenue source (in thousands):
Other (Expense) Income For the three and six months ended June 30, 2023 and 2022, other income consisted of the following (in thousands):
Recently Adopted Accounting Standards As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies (that is, those that have not had a registration statement declared effective under the Securities Act of 1933, as amended (the “Securities Act”), or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). The Company has elected to use this extended transition period under the JOBS Act until such time as the Company is no longer considered to be an EGC. The adoption dates discussed below reflect this election. Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which is intended to improve the timing of recognition, and enhance the accounting and disclosure, of credit losses on financial assets. This update modified the existing accounting guidance related to the impairment evaluation for available-for-sale debt securities, reinsurance recoverables, and accounts receivables and could result in the creation of an allowance for credit losses as a contra-asset account. The ASU requires a cumulative-effect change to retained earnings (accumulated deficit) in the period of adoption, to the extent applicable. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within the fiscal year. The Company adopted ASU 2016-13 on January 1, 2023, and the adoption did not have a material impact on the Company’s unaudited interim consolidated financial statements, with the primary impact being the increase in allowance for doubtful accounts related to our trade accounts receivable. The adoption adjustment was recorded to accumulated deficit, as shown in the Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit).
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company’s financial instruments consist of cash equivalents, accounts receivable, accounts payable, accrued liabilities, warrant liabilities, and contingent consideration liabilities. Cash equivalents are comprised of money market funds stated at amortized cost, which approximates fair value at the balance sheet dates, due to the short period of time to maturity. Accounts receivable, accounts payable, and accrued liabilities are stated at their carrying value, which approximates fair value due to the short time to the expected settlement date. The warrant liabilities and contingent consideration liabilities are recorded at estimated fair value. The following tables present the fair value hierarchy for assets and liabilities measured at fair value as of June 30, 2023 (in thousands):
The warrants included in the units issued during the initial public offering by Falcon Capital Acquisition Corp. “FCAC” and the warrants issued by FCAC simultaneously with its initial public offering in a private placement, were both classified within Level 1 as they are publicly traded and have an observable market price in an active market. Additionally, the warrant liabilities are exercisable for one share of common stock at an exercise price of $11.50. Contingent consideration was classified within Level 3 as it was valued using certain unobservable inputs. The fair value of the contingent consideration is estimated based on the Company’s stock price and number of shares expected to be issued related to acquisitions in prior years and are estimated using a Monte Carlo simulation with inputs for the Company’s stock price, expected volatility, risk-free rate, first and second earnout hurdles and expected term. The following is a schedule of changes to the contingent consideration — other liabilities classified as Level 3 for the periods presented (in thousands):
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Balance Sheet Components |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance Sheet Components | Balance Sheet Components Accrued Expenses and Other Current Liabilities As of June 30, 2023 and December 31, 2022, accrued expenses and other current liabilities consisted of the following (in thousands):
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Goodwill and Other Intangible Assets |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Intangible assets and the related accumulated amortization for each class of intangible asset as of June 30, 2023 were as follows (in thousands):
The following tables set forth the changes in the carrying amount of the Company’s goodwill for the period presented (in thousands):
Goodwill and intangible assets deemed to have indefinite lives are not amortized but are subjected to annual tests of impairment. The Company tests goodwill and indefinite-lived intangible assets for impairment annually in the fourth quarter and between annual tests if an event occurs or circumstances change that would indicate that it is more likely than not that the carrying amount may be impaired. The Company initially evaluates qualitative factors to determine if it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If the qualitative assessment is not conclusive, a quantitative assessment of the fair value of a reporting unit is performed to test goodwill for impairment using a combination of income and market approaches. The Company continues to monitor the price of its common stock in relation to goodwill impairment. Based on the Company's qualitative analysis for the second quarter of 2023, it was determined that it was not more likely than not that the fair value of the Sharecare reporting unit was less than the carrying value. There have been no impairments of goodwill since the Company’s inception. Amortization expense for intangible assets during the three months ended June 30, 2023 and 2022 totaled $13.5 million and $10.2 million, respectively. Amortization expense for intangible assets during the six months ended June 30, 2023 and 2022 totaled $27.4 million and $19.4 million, respectively. Amortization expense is included in depreciation and amortization in the Consolidated Statements of Operations and Comprehensive Loss. The following is a schedule of estimated future amortization expense for intangible assets as of June 30, 2023 (in thousands):
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Income Taxes |
6 Months Ended |
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Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesAs a result of the Company’s history of net operating losses, the Company has provided for a full valuation allowance against its deferred tax assets, with the exception of its German and French operations. For the three months ended June 30, 2023, the Company recognized income tax expense of less than $0.1 million, primarily due to state income tax. For the three months ended June 30, 2022, the Company recognized an income tax expense of $0.3 million, primarily due to tax on foreign income and the valuation of the Brazilian deferred tax asset. For the six months ended June 30, 2023, the Company recognized income tax expense of less than $0.1 million, primarily due to state income tax. For the six months ended June 30, 2022, the Company recognized income tax expense of $0.4 million, primarily due to tax on foreign income and the valuation of the Brazilian deferred tax asset. |
Common Stock and Stockholders' Equity |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock and Stockholders' Equity | Common Stock and Stockholders’ Equity Warrants In connection with debt and equity financings and certain partnership arrangements, the Company may issue warrants. Warrants classified as liabilities generally vest immediately and are exercisable upon issuance and have an expiration of seven years from the date of issuance. Warrants classified as equity generally vest after three years from the date of issuance and have an expiration of seven years from the date of issuance. As of June 30, 2023, the following warrants to purchase common stock were issued and outstanding:
The Company has also entered into, and may in the future enter into, contractual arrangements with certain customers and other parties and earnout arrangements in connection with acquisitions that, in each case, provide for the issuance of warrants and/or common stock upon the achievement of specified milestones. As of June 30, 2023, these agreements provide for the issuance of up to 5,182,109 shares of common stock and 8,954,277 warrants to purchase shares of common stock. With respect to these arrangements, there were 88,450 warrants earned but not issued as of June 30, 2023. Share-based Payments Stock option and restricted stock unit activity, prices, and values during the six months ended June 30, 2023 are as follows (in thousands, except share and per share amounts):
Vested but unissued restricted stock units as of June 30, 2023 and December 31, 2022 were immaterial. Share-based compensation expense for employee and nonemployee options and restricted stock units included in the Consolidated Statements of Operations and Comprehensive Loss is as follows for the three and six months ended June 30, 2023 and 2022 (in thousands):
Additionally, share-based compensation costs, reflected within additional paid-in capital in the Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the three months ended June 30, 2023 and 2022, included approximately $0.6 million and $0.4 million related to capitalizable internally developed software activities, respectively. Share-based compensation, reflected within additional paid-in capital in the Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) costs for the six months ended June 30, 2023 and 2022, included approximately $1.1 million and $1.0 million related to capitalizable internally developed software activities, respectively. On May 31, 2023, each of the principal executive officer, principal financial officer, other named executive officers, and certain eligible employees of the Company voluntarily elected to forgo up to 25% of their cash base salary for the next 12 months, and in lieu thereof received restricted stock units (“RSUs”) with a value equal to the cash amount they elected to forego over the 12-month period. In consideration for forgoing guaranteed cash compensation, each individual will receive an additional number of RSUs with a value equal to 25% of the amount of cash salary they have elected to forgo. The RSUs were issued in June 2023 and will vest in four equal quarterly installments over the next 12 months, subject to the individual’s continued employment. The ability of the named executive officers and other eligible employees to make such election to forgo guaranteed cash compensation and receive RSUs in lieu thereof was approved by the Compensation and Human Capital Committee of the Company’s board of directors. The unvested RSUs are classified as a liability. As such, share-based compensation costs, reflected within additional paid-in capital in the Consolidated Statement of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the three months ended June 30, 2023 does not reflect the expense associated with these awards. Upon vesting of these RSUs, amounts will be reclassified from liability to equity.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Legal Matters From time to time, the Company is subject to litigation in the normal course of business. The Company is of the opinion that, based on the information presently available, the resolution of any such legal matters will not have a material adverse effect on the Company’s consolidated financial position, results of operations or cash flows. The Company has accrued for losses that are both probable and estimable. We are also party to investigations and legal disputes and losses related to certain matters that are reasonably possible, but at this time, we cannot estimate a loss or range of losses. Standby Letter of Credit The Company is a guarantor of a $2.5 million standby letter of credit for a non-profit organization focused on the development of a health innovation district in the Southeast United States. The standby letter of credit was issued by a financial institution with the non-profit organization as the obligor and that organization’s landlord as the beneficiary in connection with the non-profit organization’s lease of office space to establish the health innovation district. The Company agreed to guarantee the standby letter of credit as it desired to support the non-profit’s mission to develop the health innovation district. On July 25, 2023, the financial institution that issued the standby letter of credit made a demand of payment from the Company in its role as guarantor. As of June 30, 2023, the Company recognized a liability in the amount of $2.5 million for the full amount of payment (maximum obligation). The liability was recorded in Other current liabilities in the Consolidated Balance Sheet and the related expense was recognized in Other expense in the Consolidated Statement of Operations and Comprehensive Loss because the guarantee, and the related lease of space, was unrelated to the Company’s business operations. The Company is seeking repayment from the non-profit organization lessee and to the extent that the Company is able to recover any amounts they will be recorded to cash and Other income as they are received.
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Related-Party Transactions |
6 Months Ended |
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Jun. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions Sul América Serviços de Saúde S.A. (Sul América), is a customer of and owns a 49% interest in Sharecare Brasil Servicios de Consultoria, Ltda. As of June 30, 2023 and December 31, 2022, $0.6 million and $1.4 million, respectively, in receivables were outstanding with Sul América. Revenues recognized for the three month period ended June 30, 2023 and 2022 from Sul América totaled $1.4 million and $2.4 million, respectively. Revenues recognized for the six month period ended June 30, 2023 and 2022 from Sul América totaled $2.6 million and $5.1 million, respectively. The Series A Preferred Stock is held by a customer that also had an employee serving on the Company’s Board of Directors. During the three month period ended June 30, 2023, the board member ceased employment with the customer. Subsequent to the board member’s termination of employment with the customer, this customer was no longer considered a related party. Due to the mid-year change, the Company will disclose amounts related to this customer through 2023. As of June 30, 2023 and December 31, 2022, $5.6 million and $3.1 million, respectively, in receivables were outstanding from this related party. Additionally, as of June 30, 2023 and December 31, 2022, current assets included $2.4 million and $4.8 million, respectively, associated with this related party related to the amount recorded in excess of cash received which represents a non-cash payment for up front research and development costs related to the issuance of the Series A Preferred Stock. For the three months ended June 30, 2023 and 2022, the Company paid $0 and $0.5 million related to administration fees and stop-loss coverage for employee health insurance, respectively, to a related party. For the six months ended June 30, 2023 and 2022, the Company paid $0 and $1.0 million related to administration fees and stop-loss coverage for employee health insurance, respectively. Revenues recognized for this customer for the three months ended June 30, 2023 and 2022 totaled $4.7 million and $5.6 million, respectively. Revenues recognized for this customer for the six months ended June 30, 2023 and 2022 totaled $9.4 million and $10.6 million, respectively. Additionally, during the third quarter of 2022, we entered into a revenue contract with the Series A Preferred Stockholder to provide patient advocacy services. Separate from the above disclosed amounts for this related party, revenues recognized related to these distinct services for the three and six months ended June 30, 2023, totaled $10.9 million and $23.0 million, respectively. As of June 30, 2023, there were $28.3 million in receivables, $32.6 million in accrued expenses, $0 of long-term liabilities, $1.7 million of current contract assets, and $5.0 million in long-term contract assets recorded in connection with these distinct agreements. As of December 31, 2022, there were $18.1 million in receivables, $28.0 million in accrued expenses, $6.9 million of long-term liabilities, $1.7 million of current contract assets, and $5.8 million in long-term contract assets recorded in connection with these distinct agreements. The contract assets are being amortized as a reduction of revenue over the contract term. Revenue for the three and six months ended June 30, 2023, included $0.4 million and $0.8 million of amortization of such contract assets, respectively. Additionally, the Company acquired certain intellectual property which was determined to be distinct and recorded an intangible asset of $8.5 million and $7.9 million, as of June 30, 2023 and December 31, 2022, respectively, which is being amortized over its estimated useful life. The Company also entered into separate agreements during the third quarter of 2022 for the purchase of distinct goods and services from that customer for amounts totaling $9.5 million and $20.4 million which are recorded in cost of sales for the three and six months ended June 30, 2023, respectively. Amounts paid under the agreements that were not determined to be distinct were recorded as a reduction of revenues as described above. The Company has a customer that is affiliated with a member of its Board of Directors that was nominated during the first quarter of 2023. As of June 30, 2023, $1.0 million in receivables were outstanding from this related party and revenues recognized for the three and six months ended June 30, 2023 totaled $1.0 million and $1.8 million, respectively.
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Share | Net Loss Per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):
The Company’s potential dilutive securities, which include stock options and restricted stock units, redeemable convertible preferred stock, and contingently issuable shares, have been excluded from the computation of diluted net loss per share for the three and six months ended June 30, 2023 and 2022, as they are anti-dilutive and the effect would be to reduce the net loss per share. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common share equivalents presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe Company considers events or transactions that occur after the balance sheet date, but before the consolidated financial statements are issued, to provide additional evidence relative to certain estimates or identify matters that require additional disclosures. The Company evaluated subsequent events through, August 9, 2023, the date on which the consolidated financial statements were available to be issued, noting no such material events. |
Pay vs Performance Disclosure - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
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Pay vs Performance Disclosure | ||||||
Net income (loss) attributable to Sharecare, Inc. | $ (35,143) | $ (34,659) | $ (29,025) | $ (38,201) | $ (69,802) | $ (67,226) |
Insider Trading Arrangements |
3 Months Ended |
---|---|
Jun. 30, 2023 | |
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 |
Nature of Business and Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Unaudited Interim Financial Information | Basis of Presentation and Consolidation PolicyThe Company’s consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) as determined by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) and pursuant to the regulations of the U.S. Securities and Exchange Commission (“SEC”). Unaudited Interim Financial Information The accompanying interim Consolidated Balance Sheets as of June 30, 2023 and the Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2023 and 2022, Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) for each of the three month periods within the six months ended June 30, 2023 and 2022, and Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022 are unaudited. These unaudited interim consolidated financial statements are presented in accordance with the rules and regulations of the SEC and do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with U.S. GAAP. In management’s opinion, the unaudited interim consolidated financial statements have been prepared on the same basis as the annual financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2023, the Company’s consolidated results of operations for the three and six months ended June 30, 2023 and 2022, and cash flows for the six months ended June 30, 2023 and 2022. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full fiscal year or any other future interim or annual periods. The information contained within the unaudited interim consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company’s annual financial statements for the year ended December 31, 2022.
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Consolidation Policy | The consolidated financial statements include the accounts of Sharecare, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Segment Information | Segment Information The Company operates as a single operating segment. 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 and allocating resources for the entire company.
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Use of Estimates | Use of Estimates The preparation of these unaudited interim consolidated financial statements in conformity with GAAP requires the use of management estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include revenue recognition and income taxes. The Company bases its estimates on historical experience, known trends, and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.
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Concentration of Credit Risk | Concentration of Credit Risk The Company’s financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company’s cash deposits are held with well-known financial institutions and may exceed federally insured limits. The Company grants credit to its customers in the normal course of business and generally requires no collateral from its customers.
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Fair Value Measurements | Fair Value Measurements The carrying value of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximates fair value due to their short-term nature. The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy that requires management to maximize the use of observable inputs and minimize the use of unobservable inputs. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: •Level 1 — Quoted prices in active markets for identical assets or liabilities •Level 2 — Observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities •Level 3 — Inputs that are generally unobservable and typically reflect management’s estimate of assumptions that market participants would use in pricing the asset or liability Assets and Liabilities that are Measured at Fair Value on a Non-recurring Basis Assets and liabilities that may be measured at fair value on a non-recurring basis relate primarily to the Company’s tangible fixed assets and other intangible assets. For these assets, the Company does not periodically adjust the carrying value to fair value except in the event of an impairment. When the Company determines that an impairment has occurred, the carrying value of the asset is reduced to its fair value and an impairment charge is recorded within operating loss in the Consolidated Statements of Operations and Comprehensive Loss. Further, in connection with business combinations and asset acquisitions, the values of certain assets acquired have been recorded at fair value using Level 3 inputs. The fair values of definite-lived intangible assets acquired in these acquisitions were estimated primarily based on the income approach. The income approach estimates fair value based on the present value of the cash flows that an asset is expected to generate in the future. The Company develops internal estimates for the expected cash flows from acquired assets and estimates of discount rates used in the present value calculations. In certain instances, the Company also estimates fair value based on market multiples of comparable companies, when using the market approach.
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Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable, net, consists of trade accounts receivable which are due under normal trade terms requiring payment, typically within 45 days from the invoice date. The allowance for doubtful accounts is based on management's estimate for expected credit losses for outstanding trade accounts receivable and is recorded as an offset to accounts receivable. Changes in the allowance for doubtful accounts are classified as general and administrative expense in the Consolidated Statements of Operations and Comprehensive Loss. The Company determines expected credit losses based on historical write-off experience, an analysis of the aging of outstanding receivables, customer payment patterns, and adjusts based on expectations of changes in macro-economic conditions and customer-specific information that may impact the collectability of outstanding receivables. The Company reassesses the adequacy of the allowance for doubtful accounts each reporting period.
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Contract Liabilities | Contract Liabilities In connection with certain acquisitions, the Company has recognized current and noncurrent contract liabilities, representing off-market values associated with certain wellness program royalty agreements (amortization will continue through 2023). Amortization of these contract liabilities was $0.5 million for three months ended June 30, 2023, all of which was included within cost of revenues in the Consolidated Statements of Operations and Comprehensive Loss. Amortization of these contract liabilities was $1.1 million for three months ended June 30, 2022, of which $0.4 million was included within cost of revenues and $0.7 million was included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. Amortization of these contract liabilities was $0.9 million for six months ended June 30, 2023, all of which was included within cost of revenues in the Consolidated Statements of Operations and Comprehensive Loss. Amortization of these contract liabilities was $2.2 million for six months ended June 30, 2022, of which $0.9 million was included within cost of revenues and $1.3 million was included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. Additionally, the Company has recognized certain contract liabilities due to a related party in the amount of $17.2 million, related to service agreements, which is included in accrued expenses and other current liabilities in the Consolidated Balance Sheets.
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Deferred Revenue and Revenue Recognition | Deferred Revenue The Company records contract liabilities pursuant to ASC 606 which consist of deferred revenue and contract billings in excess of earned revenue. Deferred revenues arise from contracts that permit upfront billing and the collection of fees covering the entire contractual service period, which is generally to twelve months and in advance of the satisfaction of the performance obligations identified within the related contract. As of June 30, 2023 and December 31, 2022, such fees were $6.9 million and $9.0 million, respectively. The Company recognized $5.5 million of revenue during the three months ended June 30, 2023 that was included in deferred revenue at December 31, 2022. The Company recognized $11.6 million of revenue during the six months ended June 30, 2023 that was included in deferred revenue at December 31, 2022. Revenue Recognition Performance-Based Revenue Certain contracts place a portion of fees at risk based on achieving certain performance metrics, such as customer cost savings, and/or clinical outcomes improvements (performance-based). The Company uses the most likely amount method to estimate variable consideration for these performance guarantees. The Company includes in the transaction price some, or all, of a variable consideration amount only to the extent that it is not probable that a significant reversal in the amount of cumulative revenue recognized will occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company utilizes customer data to measure performance. Performance-based fees subject to refund that the Company has not recognized as revenues are generally due to either: (1) data from the customer is insufficient or incomplete to measure performance; or (2) interim performance measures indicate that it is not probable that the Company will meet the relevant performance target(s). As of June 30, 2023 and December 31, 2022, such fees included within deferred revenue were $5.6 million and $4.4 million, respectively. In the event that performance measures are not met by the end of the measurement period, typically one year, some or all of the performance-based fees are required to be refunded. During the settlement process under a contract, which generally occurs to eight months after the end of a contract year, performance-based fees are reconciled and settled. Approximately $1.0 million and $2.5 million of revenues recognized during the three months ended June 30, 2023 and 2022, respectively, were performance-based. During the three months ended June 30, 2023, $0.6 million of revenue was recognized, which related to services provided prior to December 31, 2022. Approximately $2.1 million and $4.4 million of revenues recognized during the six months ended June 30, 2023 and 2022, respectively, were performance-based. During the six months ended June 30, 2023, $0.7 million was recognized in revenue that related to services provided prior to December 31, 2022. As of June 30, 2023 and 2022, the cumulative amount of performance-based revenues that had met the criteria for recognition and had been recognized but had not yet been settled with customers, totaled $4.4 million and $5.1 million, respectively. Remaining Performance Obligations Remaining performance obligations represent contracted revenues that are non-cancellable and have not yet been recognized due to unsatisfied or partially satisfied performance obligations. This includes deferred revenues and amounts that will be invoiced and recognized as revenues in future periods. As of June 30, 2023, future estimated revenue related to performance obligations with terms of more than one year that are unsatisfied or partially unsatisfied at the end of the reporting period was approximately $91.6 million. As of June 30, 2023, the Company expects to recognize revenue on approximately 77% of these unsatisfied performance obligations over the following 24 months and the remainder thereafter.
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Recently Adopted Accounting Standards | Recently Adopted Accounting Standards As an emerging growth company (“EGC”), the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are applicable to private companies (that is, those that have not had a registration statement declared effective under the Securities Act of 1933, as amended (the “Securities Act”), or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). The Company has elected to use this extended transition period under the JOBS Act until such time as the Company is no longer considered to be an EGC. The adoption dates discussed below reflect this election. Credit Losses. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which is intended to improve the timing of recognition, and enhance the accounting and disclosure, of credit losses on financial assets. This update modified the existing accounting guidance related to the impairment evaluation for available-for-sale debt securities, reinsurance recoverables, and accounts receivables and could result in the creation of an allowance for credit losses as a contra-asset account. The ASU requires a cumulative-effect change to retained earnings (accumulated deficit) in the period of adoption, to the extent applicable. The amendments in ASU 2016-13 are effective for fiscal years beginning after December 15, 2022, including interim periods within the fiscal year. The Company adopted ASU 2016-13 on January 1, 2023, and the adoption did not have a material impact on the Company’s unaudited interim consolidated financial statements, with the primary impact being the increase in allowance for doubtful accounts related to our trade accounts receivable. The adoption adjustment was recorded to accumulated deficit, as shown in the Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit).
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Nature of Business and Significant Accounting Policies (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Doubtful Accounts | The changes in the allowance for doubtful accounts are as follows (in thousands):
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Schedule of Revenues Disaggregated by Revenue Source | The following table presents the Company’s revenues disaggregated by revenue source (in thousands):
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Schedule of Other (Expense) Income | For the three and six months ended June 30, 2023 and 2022, other income consisted of the following (in thousands):
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Fair Value Measurements (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value | The following tables present the fair value hierarchy for assets and liabilities measured at fair value as of June 30, 2023 (in thousands):
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Schedule of Changes to the Warrant Liability and Contingent Consideration | The following is a schedule of changes to the contingent consideration — other liabilities classified as Level 3 for the periods presented (in thousands):
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Balance Sheet Components (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Expense and Other Current Liabilities | As of June 30, 2023 and December 31, 2022, accrued expenses and other current liabilities consisted of the following (in thousands):
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Goodwill and Other Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets | Intangible assets and the related accumulated amortization for each class of intangible asset as of June 30, 2023 were as follows (in thousands):
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Schedule of Indefinite-Lived Intangible Assets | Intangible assets and the related accumulated amortization for each class of intangible asset as of June 30, 2023 were as follows (in thousands):
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Schedule of Carrying Amount of Goodwill | The following tables set forth the changes in the carrying amount of the Company’s goodwill for the period presented (in thousands):
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Schedule of Estimated Future Amortization Expense for Intangible Assets | The following is a schedule of estimated future amortization expense for intangible assets as of June 30, 2023 (in thousands):
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Common Stock and Stockholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Warrants Issued and Outstanding | As of June 30, 2023, the following warrants to purchase common stock were issued and outstanding:
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Schedule of Stock Option Activity | Stock option and restricted stock unit activity, prices, and values during the six months ended June 30, 2023 are as follows (in thousands, except share and per share amounts):
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Schedule of Restricted Stock Unit Activity | Stock option and restricted stock unit activity, prices, and values during the six months ended June 30, 2023 are as follows (in thousands, except share and per share amounts):
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Schedule of Share-Based Compensation Expense for Employee and Nonemployee Options | Share-based compensation expense for employee and nonemployee options and restricted stock units included in the Consolidated Statements of Operations and Comprehensive Loss is as follows for the three and six months ended June 30, 2023 and 2022 (in thousands):
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Net Loss Per Share (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share amounts):
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Schedule of Potential Common Shares Equivalents Excluded from Computation of Diluted Net Loss Per Share | The Company excluded the following potential common share equivalents presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect:
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Nature of Business and Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Provision for doubtful accounts | $ 1,095 | $ 1,061 | $ 2,085 | $ 1,712 |
ASU 2016-13 | ||||
Disaggregation of Revenue [Line Items] | ||||
Provision for doubtful accounts | $ 1,100 |
Nature of Business and Significant Accounting Policies - Schedule of Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Allowance for Doubtful Accounts | ||||
Allowance for doubtful accounts – beginning balance | $ 8,426 | $ 6,740 | $ 7,197 | $ 6,212 |
Provision for doubtful accounts | 1,095 | 1,061 | 2,085 | 1,712 |
Amounts written off and other adjustments | (1,376) | 11 | (1,137) | (112) |
Allowance for doubtful accounts – ending balance | $ 8,145 | $ 7,812 | $ 8,145 | $ 7,812 |
Nature of Business and Significant Accounting Policies - Performance-Based Revenue (Narrative) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | |||||
Performance-based fees not recognized as revenue | $ 5.6 | $ 5.6 | $ 4.4 | ||
Performance-based revenue recognized | 1.0 | $ 2.5 | 2.1 | $ 4.4 | |
Revenue recognized related to services provided in prior period | 0.6 | 0.7 | |||
Performance-based revenue recognized but not yet settled with customers | $ 4.4 | $ 5.1 | $ 4.4 | $ 5.1 | |
Enterprise | |||||
Disaggregation of Revenue [Line Items] | |||||
Measurement period | 1 year | ||||
Enterprise | Minimum | |||||
Disaggregation of Revenue [Line Items] | |||||
Settlement process term | 6 months | ||||
Enterprise | Maximum | |||||
Disaggregation of Revenue [Line Items] | |||||
Settlement process term | 8 months |
Nature of Business and Significant Accounting Policies - Remaining Performance Obligations (Narrative) (Details) $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Accounting Policies [Abstract] | |
Remaining performance obligations | $ 91.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligations percentage to be recognized | 77.00% |
Unsatisfied performance obligations expected recognition period | 24 months |
Nature of Business and Significant Accounting Policies - Schedule of Revenues Disaggregated by Revenue Source (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 110,353 | $ 103,823 | $ 226,648 | $ 204,533 |
Enterprise | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 64,052 | 59,889 | 134,244 | 119,660 |
Provider | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | 29,191 | 26,402 | 58,165 | 51,118 |
Life Sciences | ||||
Disaggregation of Revenue [Line Items] | ||||
Total Revenue | $ 17,110 | $ 17,532 | $ 34,239 | $ 33,755 |
Nature of Business and Significant Accounting Policies - Schedule of Other Income (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Accounting Policies [Abstract] | ||||
Re-measurement of contingent consideration | $ 770 | $ 4,475 | $ 908 | $ 11,252 |
Re-measurement of warrant liabilities | (866) | 1,899 | (866) | 7,490 |
Other | (2,535) | 453 | (2,243) | 930 |
Total other (expense) income | $ (2,631) | $ 6,827 | $ (2,201) | $ 19,672 |
Fair Value Measurements - Narrative (Details) - Warrants |
Jun. 30, 2023
$ / shares
shares
|
---|---|
Class of Warrant or Right [Line Items] | |
Number of securities called by each warrant (in shares) | shares | 1 |
Exercise price per share (in USD per share) | $ / shares | $ 11.50 |
Fair Value Measurements - Schedule of Changes to the Warrant Liability and Contingent Consideration (Details) - Contingent Consideration $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Changes in liability | |
Beginning balance | $ 1,879 |
Re-measurement of contingent consideration | (908) |
Ending balance | $ 971 |
Balance Sheet Components (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
---|---|---|
Accrued Expenses and Other Current Liabilities | ||
Accrued expenses | $ 23,098 | $ 18,526 |
Accrued compensation | 15,409 | 23,762 |
Accrued media costs | 3,059 | 4,515 |
Accrued taxes | 1,665 | 1,602 |
Operating lease liabilities, current | 2,043 | 2,941 |
Contract liabilities due to a related party, current | 17,208 | 10,000 |
Accrued expenses due to a related party | 15,415 | 18,011 |
Accrued other | 1,672 | 2,270 |
Total accrued expenses and other current liabilities | $ 79,569 | $ 81,627 |
Goodwill and Other Intangible Assets - Schedule of Carrying Amount of Goodwill (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Beginning balance | $ 191,817 |
Foreign currency translation adjustment | 129 |
Ending balance | $ 191,946 |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense for intangible assets | $ 13.5 | $ 10.2 | $ 27.4 | $ 19.4 |
Goodwill and Other Intangible Assets - Schedule of Estimated Future Amortization Expense for Intangible Assets (Details) $ in Thousands |
Jun. 30, 2023
USD ($)
|
---|---|
Estimated future amortization expense: | |
Remainder of 2023 | $ 25,695 |
2024 | 42,187 |
2025 | 26,283 |
2026 | 14,459 |
2027 | 10,783 |
Thereafter | 23,237 |
Net | $ 142,644 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Income Tax Disclosure [Abstract] | ||||
Income tax expense (less than in 2023) | $ (65) | $ (269) | $ (96) | $ (361) |
Common Stock and Stockholders' Equity - Schedule of Warrants Issued and Outstanding (Details) |
Jun. 30, 2023
$ / shares
shares
|
---|---|
Equity | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding (in shares) | shares | 1,171,652,000 |
Equity | Minimum | |
Class of Warrant or Right [Line Items] | |
Exercise price per share (in USD per share) | $ 4.21 |
Equity | Maximum | |
Class of Warrant or Right [Line Items] | |
Exercise price per share (in USD per share) | $ 5.61 |
Liability | |
Class of Warrant or Right [Line Items] | |
Warrants outstanding (in shares) | shares | 17,433,334,000 |
Exercise price per share (in USD per share) | $ 11.50 |
Common Stock and Stockholders' Equity - Schedule of Restricted Stock Units (Details) - Restricted Stock Units - $ / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2023 |
Dec. 31, 2022 |
|
Restricted Stock Units - Number of Plan shares outstanding | ||
Outstanding, beginning (in shares) | 16,050,794 | |
Granted (in shares) | 37,614,566 | |
Exercised/released (in shares) | (3,772,713) | |
Cancelled/forfeited (in shares) | (1,422,742) | |
Outstanding, ending (in shares) | 48,469,905 | |
Vested and exercisable (in shares) | 0 | 0 |
Restricted Stock Units - Weighted-Average Grant Date Fair Value per share | ||
Outstanding, beginning (in USD per share) | $ 3.21 | |
Granted (in USD per share) | 1.85 | |
Exercised/released (in USD per share) | 2.96 | |
Cancelled/forfeited (in USD per share) | 4.33 | |
Outstanding, ending (in USD per share) | 2.12 | |
Vested and exercisable (in USD per share) | $ 0 | $ 0 |
Commitments and Contingencies (Details) - Financial Standby Letter of Credit $ in Millions |
Jun. 30, 2023
USD ($)
|
---|---|
Loss Contingencies [Line Items] | |
Guarantor obligations, maximum exposure, undiscounted | $ 2.5 |
Guarantor obligations, current carrying value | $ 2.5 |
Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
|
Numerator | ||||||
Net loss | $ (35,647) | $ (29,521) | $ (70,652) | $ (67,820) | ||
Less: Net loss attributable to noncontrolling interests in subsidiaries | (504) | $ (346) | (496) | $ (98) | (850) | (594) |
Net loss available to common stockholders, basic | (35,143) | (29,025) | (69,802) | (67,226) | ||
Net loss available to common stockholders, diluted | $ (35,143) | $ (29,025) | $ (69,802) | $ (67,226) | ||
Denominator | ||||||
Weighted-average common shares outstanding, basic (in shares) | 354,049,808 | 347,334,401 | 353,490,234 | 346,122,333 | ||
Weighted-average common shares outstanding, diluted (in shares) | 354,049,808 | 347,334,401 | 353,490,234 | 346,122,333 | ||
Net loss per share attributable to common stockholders, basic (in USD per share) | $ (0.10) | $ (0.08) | $ (0.20) | $ (0.19) | ||
Net loss per share attributable to common stockholders, diluted (in USD per share) | $ (0.10) | $ (0.08) | $ (0.20) | $ (0.19) |
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