QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||||||
Large accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||
☒ | Smaller reporting company | ||||||||||
Emerging growth company |
Page | |||||||||||
June 30, 2022 | December 31, 2021 | |||||||||||||
(in millions, except share amounts which are in thousands and per share amounts) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | $ | $ | ||||||||||||
Accounts receivable | ||||||||||||||
Prepaid expenses and other current assets | ||||||||||||||
Total current assets | ||||||||||||||
Property, equipment and software — net | ||||||||||||||
Goodwill | ||||||||||||||
Intangibles — net | ||||||||||||||
Right-of-use assets | ||||||||||||||
Other assets | ||||||||||||||
Total Assets | $ | $ | ||||||||||||
Liabilities and Stockholders’ Equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Accounts payable | $ | $ | ||||||||||||
Accrued expenses and other current liabilities | ||||||||||||||
Contingent consideration — current | ||||||||||||||
Total current liabilities | ||||||||||||||
Contingent consideration — noncurrent | ||||||||||||||
Deferred tax liability — noncurrent | ||||||||||||||
Other liabilities — noncurrent | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies (Note 5) | ||||||||||||||
Stockholders’ equity: | ||||||||||||||
Preferred stock — $ | ||||||||||||||
Common stock — $ | ||||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated other comprehensive income (loss) | ( | |||||||||||||
Accumulated deficit | ( | ( | ||||||||||||
Total stockholders’ equity | ||||||||||||||
Total Liabilities and Stockholders’ Equity | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenue | $ | $ | $ | $ | ||||||||||||||||||||||
Costs and Expenses: | ||||||||||||||||||||||||||
Cost of revenue | ||||||||||||||||||||||||||
Research and development | ||||||||||||||||||||||||||
Sales and marketing | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Change in fair value of contingent consideration related to earnouts | ||||||||||||||||||||||||||
Total costs and expenses | ||||||||||||||||||||||||||
Loss From Operations | ( | ( | ( | ( | ||||||||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||||
Interest income | ||||||||||||||||||||||||||
Interest expense | ( | ( | ( | ( | ||||||||||||||||||||||
Other gains, net | ||||||||||||||||||||||||||
Total other income (expense), net | ( | ( | ||||||||||||||||||||||||
Loss before income taxes | ( | ( | ( | ( | ||||||||||||||||||||||
Income tax provision (benefit) | ( | ( | ||||||||||||||||||||||||
Net Loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Net Loss Per Share Attributable to Common Stockholders | ||||||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Diluted | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Weighted-Average Shares Used in Computing Net Loss Per Share Attributable to Common Stockholders | ||||||||||||||||||||||||||
Basic | ||||||||||||||||||||||||||
Diluted |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net Loss | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Other Comprehensive Income (Loss): | ||||||||||||||||||||||||||
Change in foreign currency translation | ( | ( | ||||||||||||||||||||||||
Comprehensive Loss | $ | ( | $ | ( | $ | ( | $ | ( |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||
(in millions, except share amounts which are in thousands) | Shares | Amount | ||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Issuance of Class A common stock upon exercise of stock options | — | |||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock pursuant to settlement of restricted stock units | — | — | ||||||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | ||||||||||||||||||||||||||||||||||||
Net loss | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2022 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Issuance of Class A common stock upon exercise of stock options | — | |||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock pursuant to settlement of restricted stock units | — | |||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock under Employee Stock Purchase Plan | — | |||||||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | ||||||||||||||||||||||||||||||||||||
Net loss | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | $ | $ | ( | $ | ( | $ |
Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Stockholders’ Equity | ||||||||||||||||||||||||||||||||||
(in millions, except share amounts which are in thousands) | Shares | Amount | ||||||||||||||||||||||||||||||||||||
Balance as of December 31, 2020 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Issuance of Class A common stock upon exercise of stock options | — | |||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock pursuant to settlement of restricted stock units | — | — | ||||||||||||||||||||||||||||||||||||
Class A common stock surrendered for employees’ tax liability upon settlement of restricted stock units | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Repurchase of stock options | ( | ( | ||||||||||||||||||||||||||||||||||||
Repurchase of Class A common stock | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Repurchase of Class F common stock | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||||
Other comprehensive income | ||||||||||||||||||||||||||||||||||||||
Net loss | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance as of March 31, 2021 | $ | $ | $ | $ | ( | $ | ||||||||||||||||||||||||||||||||
Issuance of Class A common stock upon exercise of stock options | — | |||||||||||||||||||||||||||||||||||||
Issuance of Class A common stock pursuant to settlement of restricted stock units | — | — | ||||||||||||||||||||||||||||||||||||
Class A common stock surrendered for employees’ tax liability upon settlement of restricted stock units | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Repurchase of Class A common stock | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||
Stock-based compensation | ||||||||||||||||||||||||||||||||||||||
Net loss | ( | ( | ||||||||||||||||||||||||||||||||||||
Balance as of June 30, 2021 | $ | $ | $ | $ | ( | $ |
Six Months Ended June 30, | ||||||||||||||
(in millions) | 2022 | 2021 | ||||||||||||
Operating Activities: | ||||||||||||||
Net loss | $ | ( | $ | ( | ||||||||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Stock-based compensation | ||||||||||||||
Change in fair value of contingent consideration related to earnouts | ||||||||||||||
Deferred taxes | ( | ( | ||||||||||||
Non-cash lease costs | ||||||||||||||
Other, net | ( | |||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | ( | ( | ||||||||||||
Prepaid expenses and other assets | ( | ( | ||||||||||||
Accounts payable | ( | |||||||||||||
Accrued expenses and other current liabilities | ||||||||||||||
Payment of contingent consideration | ( | |||||||||||||
Operating lease liabilities | ( | ( | ||||||||||||
Other liabilities | ( | |||||||||||||
Net cash used in operating activities | ( | ( | ||||||||||||
Investing Activities: | ||||||||||||||
Capitalized software development costs | ( | ( | ||||||||||||
Purchase of property and equipment | ( | ( | ||||||||||||
Net cash used in investing activities | ( | ( | ||||||||||||
Financing Activities: | ||||||||||||||
Payment of contingent consideration | ( | |||||||||||||
Payment of offering costs related to initial public offering | ( | |||||||||||||
Proceeds from exercise of stock options | ||||||||||||||
Issuance of Class A common stock under Employee Stock Purchase Plan | ||||||||||||||
Repurchase of Class A common stock | ( | |||||||||||||
Repurchase of Class F common stock | ( | |||||||||||||
Repurchase of stock options | ( | |||||||||||||
Repurchase of Series A redeemable convertible preferred stock | ( | |||||||||||||
Tax payments related to net-share settlements on restricted stock units | ( | |||||||||||||
Net cash used in financing activities | ( | ( | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | ( | |||||||||||||
Net decrease in cash and cash equivalents | ( | ( | ||||||||||||
Cash and Cash Equivalents: | ||||||||||||||
Beginning of period | ||||||||||||||
End of period | $ | $ | ||||||||||||
Supplemental Disclosures of Non-Cash Investing and Financing Activities: | ||||||||||||||
Capitalized software development costs recorded in accounts payable and accrued expenses and other current liabilities | $ | $ | ||||||||||||
Purchase of property and equipment recorded in accounts payable and accrued expenses and other current liabilities | ||||||||||||||
Offering costs related to initial public offering not yet paid | ||||||||||||||
Supplemental Disclosures of Cash Flow Information: | ||||||||||||||
Income tax payments | $ | $ | ||||||||||||
Cash paid for interest | ||||||||||||||
Supplemental Cash Flow Disclosure Related to Operating Leases: | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Credit cards | $ | $ | $ | $ | ||||||||||||||||||||||
Loans | ||||||||||||||||||||||||||
Other verticals | ||||||||||||||||||||||||||
Total revenue | $ | $ | $ | $ |
(in millions) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Carrying Value | ||||||||||||||||||||||
As of June 30, 2022 | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash and cash equivalents — money market funds | $ | $ | $ | $ | ||||||||||||||||||||||
Certificate of deposit | ||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Contingent consideration | $ | $ | $ | $ |
(in millions) | Quoted Prices in Active Markets (Level 1) | Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Carrying Value | ||||||||||||||||||||||
As of December 31, 2021 | ||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||
Cash and cash equivalents — money market funds | $ | $ | $ | $ | ||||||||||||||||||||||
Certificate of deposit | ||||||||||||||||||||||||||
$ | $ | $ | $ | |||||||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||
Contingent consideration | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Balance as of beginning of period | $ | $ | $ | $ | ||||||||||||||||||||||
Payment | ( | ( | ||||||||||||||||||||||||
Change in fair value, recognized in earnings | ||||||||||||||||||||||||||
Balance as of end of period | $ | $ | $ | $ |
Outstanding Stock Options (in thousands) | Weighted- Average Exercise Price | Weighted- Average Contractual Life (Years) | Aggregate Intrinsic Value (in millions) | |||||||||||||||||||||||
Balance as of December 31, 2021 | $ | $ | ||||||||||||||||||||||||
Granted | $ | |||||||||||||||||||||||||
Exercised | ( | $ | ||||||||||||||||||||||||
Cancelled/forfeited | ( | $ | ||||||||||||||||||||||||
Balance as of June 30, 2022 | $ | $ | ||||||||||||||||||||||||
Vested and exercisable as of June 30, 2022 | $ | $ |
Six Months Ended June 30, | ||||||||||||||
2022 | 2021 | |||||||||||||
Expected volatility | % | % | ||||||||||||
Expected term (in years) | ||||||||||||||
Expected dividend yield | % | % | ||||||||||||
Risk-free interest rate | % | % |
Number of Units (in thousands) | Weighted-Average Grant-Date Fair Value | |||||||||||||
Nonvested as of December 31, 2021 | $ | |||||||||||||
Granted | $ | |||||||||||||
Vested | ( | $ | ||||||||||||
Forfeited | ( | $ | ||||||||||||
Nonvested as of June 30, 2022 | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Research and development | $ | $ | $ | $ | ||||||||||||||||||||||
Sales and marketing | ||||||||||||||||||||||||||
General and administrative | ||||||||||||||||||||||||||
Total stock-based compensation | $ | $ | $ | $ |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions, except per share amounts) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Numerator: | ||||||||||||||||||||||||||
Net loss attributable to common stockholders — basic and diluted | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Denominator: | ||||||||||||||||||||||||||
Weighted-average shares of common stock — basic and diluted | ||||||||||||||||||||||||||
Loss per share attributable to common stockholders: | ||||||||||||||||||||||||||
Basic | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||
Diluted | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Shares subject to outstanding stock options and restricted stock units | ||||||||||||||||||||||||||
ESPP | ||||||||||||||||||||||||||
Series A redeemable convertible preferred stock |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Revenue | $ | 125.2 | $ | 91.6 | $ | 254.3 | $ | 181.6 | ||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Cost of revenue | 8.2 | 7.3 | 15.9 | 13.8 | ||||||||||||||||||||||
Research and development(1) | 20.1 | 14.8 | 37.5 | 27.0 | ||||||||||||||||||||||
Sales and marketing(1) | 88.8 | 82.6 | 184.9 | 151.2 | ||||||||||||||||||||||
General and administrative(1) | 15.3 | 8.9 | 28.4 | 17.8 | ||||||||||||||||||||||
Change in fair value of contingent consideration related to earnouts | 1.8 | 0.7 | 5.7 | 7.7 | ||||||||||||||||||||||
Total costs and expenses | 134.2 | 114.3 | 272.4 | 217.5 | ||||||||||||||||||||||
Loss from operations | (9.0) | (22.7) | (18.1) | (35.9) | ||||||||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||||
Interest income | 0.1 | — | 0.1 | — | ||||||||||||||||||||||
Interest expense | (0.2) | (0.4) | (0.4) | (0.7) | ||||||||||||||||||||||
Other gains, net | — | 1.3 | — | 1.2 | ||||||||||||||||||||||
Total other income (expense), net | (0.1) | 0.9 | (0.3) | 0.5 | ||||||||||||||||||||||
Loss before income taxes | (9.1) | (21.8) | (18.4) | (35.4) | ||||||||||||||||||||||
Income tax provision (benefit) | 0.2 | (7.9) | 1.4 | (8.6) | ||||||||||||||||||||||
Net loss | $ | (9.3) | $ | (13.9) | $ | (19.8) | $ | (26.8) |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Research and development | $ | 3.6 | $ | 1.5 | $ | 6.2 | $ | 2.4 | ||||||||||||||||||
Sales and marketing | 3.6 | 1.5 | 5.7 | 2.3 | ||||||||||||||||||||||
General and administrative | 2.5 | 1.2 | 4.3 | 1.8 | ||||||||||||||||||||||
Total stock-based compensation | $ | 9.7 | $ | 4.2 | $ | 16.2 | $ | 6.5 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Revenue | 100 | % | 100 | % | 100 | % | 100 | % | ||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||
Cost of revenue | 7 | 8 | 6 | 8 | ||||||||||||||||||||||
Research and development | 16 | 16 | 15 | 15 | ||||||||||||||||||||||
Sales and marketing | 71 | 90 | 73 | 83 | ||||||||||||||||||||||
General and administrative | 12 | 10 | 11 | 10 | ||||||||||||||||||||||
Change in fair value of contingent consideration related to earnouts | 1 | 1 | 2 | 4 | ||||||||||||||||||||||
Total costs and expenses | 107 | 125 | 107 | 120 | ||||||||||||||||||||||
Loss from operations | (7) | (25) | (7) | (20) | ||||||||||||||||||||||
Other income (expense), net: | ||||||||||||||||||||||||||
Interest income | — | — | — | — | ||||||||||||||||||||||
Interest expense | — | — | — | (1) | ||||||||||||||||||||||
Other gains, net | — | 1 | — | 1 | ||||||||||||||||||||||
Total other income (expense), net | — | 1 | — | — | ||||||||||||||||||||||
Loss before income taxes | (7) | (24) | (7) | (20) | ||||||||||||||||||||||
Income tax provision (benefit) | — | (9) | 1 | (5) | ||||||||||||||||||||||
Net loss | (7 | %) | (15 | %) | (8 | %) | (15 | %) |
Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||||
Credit cards | $ | 54.6 | $ | 29.9 | $ | 24.7 | 82 | % | $ | 99.8 | $ | 52.8 | $ | 47.0 | 89 | % | ||||||||||||||||||||||||||||||||||
Loans | 24.0 | 32.3 | (8.3) | (26 | %) | 58.3 | 64.6 | (6.3) | (10 | %) | ||||||||||||||||||||||||||||||||||||||||
Other verticals | 46.6 | 29.4 | 17.2 | 58 | % | 96.2 | 64.2 | 32.0 | 50 | % | ||||||||||||||||||||||||||||||||||||||||
Total revenue | $ | 125.2 | $ | 91.6 | $ | 33.6 | 37 | % | $ | 254.3 | $ | 181.6 | $ | 72.7 | 40 | % |
Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||||
Cost of revenue | $ | 8.2 | $ | 7.3 | $ | 0.9 | 12 | % | $ | 15.9 | $ | 13.8 | $ | 2.1 | 15 | % | ||||||||||||||||||||||||||||||||||
Research and development | 20.1 | 14.8 | 5.3 | 36 | % | 37.5 | 27.0 | 10.5 | 39 | % | ||||||||||||||||||||||||||||||||||||||||
Sales and marketing | 88.8 | 82.6 | 6.2 | 8 | % | 184.9 | 151.2 | 33.7 | 22 | % | ||||||||||||||||||||||||||||||||||||||||
General and administrative | 15.3 | 8.9 | 6.4 | 72 | % | 28.4 | 17.8 | 10.6 | 59 | % | ||||||||||||||||||||||||||||||||||||||||
Change in fair value of contingent consideration related to earnouts | 1.8 | 0.7 | 1.1 | 172 | % | 5.7 | 7.7 | (2.0) | (25 | %) | ||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | $ | 134.2 | $ | 114.3 | $ | 19.9 | 17 | % | $ | 272.4 | $ | 217.5 | $ | 54.9 | 25 | % |
Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||
(in millions) | 2022 | 2021 | $ | % | 2022 | 2021 | $ | % | ||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | 0.1 | $ | — | $ | 0.1 | NM | $ | 0.1 | $ | — | $ | 0.1 | NM | ||||||||||||||||||||||||||||||||||||
Interest expense | (0.2) | (0.4) | 0.2 | (54 | %) | (0.4) | (0.7) | 0.3 | (50 | %) | ||||||||||||||||||||||||||||||||||||||||
Other gains, net | — | 1.3 | (1.3) | NM | — | 1.2 | (1.2) | NM | ||||||||||||||||||||||||||||||||||||||||||
Total other income (expense), net | $ | (0.1) | $ | 0.9 | $ | (1.0) | NM | $ | (0.3) | $ | 0.5 | $ | (0.8) | NM |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||||||
(in millions) | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||
Net loss | $ | (9.3) | $ | (13.9) | $ | (19.8) | $ | (26.8) | ||||||||||||||||||
Depreciation and amortization | 7.6 | 6.6 | 14.8 | 12.8 | ||||||||||||||||||||||
Interest expense, net | 0.1 | 0.4 | 0.3 | 0.7 | ||||||||||||||||||||||
Income tax provision (benefit) | 0.2 | (7.9) | 1.4 | (8.6) | ||||||||||||||||||||||
Other gains, net | — | (1.3) | — | (1.2) | ||||||||||||||||||||||
Loss on impairment and on disposal of assets | — | — | — | 0.3 | ||||||||||||||||||||||
Change in fair value of contingent consideration related to earnouts | 1.8 | 0.7 | 5.7 | 7.7 | ||||||||||||||||||||||
Deferred compensation related to earnouts | 0.4 | 0.4 | 0.8 | 0.9 | ||||||||||||||||||||||
Stock-based compensation | 9.7 | 4.2 | 16.2 | 6.5 | ||||||||||||||||||||||
Acquisition-related expenses | 2.2 | — | 2.2 | 0.1 | ||||||||||||||||||||||
Adjusted EBITDA | $ | 12.7 | $ | (10.8) | $ | 21.6 | $ | (7.6) | ||||||||||||||||||
Net loss margin | (7 | %) | (15 | %) | (8 | %) | (15 | %) | ||||||||||||||||||
Adjusted EBITDA margin1 | 10 | % | (12 | %) | 8 | % | (4 | %) |
Six Months Ended June 30, | ||||||||||||||
(in millions) | 2022 | 2021 | ||||||||||||
Net cash used in operating activities | $ | (14.4) | $ | (18.1) | ||||||||||
Net cash used in investing activities | (15.9) | (10.8) | ||||||||||||
Net cash used in financing activities | (11.5) | (13.5) | ||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (0.2) | 0.1 | ||||||||||||
Net decrease in cash and cash equivalents | $ | (42.0) | $ | (42.3) |
Exhibit Number | Description of Exhibit | Location | ||||||||||||
2.1 | Exhibit 2.1 to the Registrant’s Current Report on Form 8-K filed June 24, 2022 | |||||||||||||
10.1+ | Exhibit 99.1 to the Registrant’s Registration Statement on Form S-8 (No. 333-265197) filed May 25, 2022 | |||||||||||||
31.1 | Filed herewith | |||||||||||||
31.2 | Filed herewith | |||||||||||||
32.1** | Furnished herewith | |||||||||||||
32.2** | Furnished herewith | |||||||||||||
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 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibits 101). | *** |
NERDWALLET, INC. | ||||||||||||||
Date: | August 4, 2022 | By: | /s/ Lauren StClair | |||||||||||
Lauren StClair | ||||||||||||||
Chief Financial Officer |
Date: | August 4, 2022 | /s/ Tim Chen | |||||||||
Tim Chen | |||||||||||
Chief Executive Officer and Chairman of the Board of Directors |
Date: | August 4, 2022 | /s/ Lauren StClair | |||||||||
Lauren StClair | |||||||||||
Chief Financial Officer |
Date: | August 4, 2022 | /s/ Tim Chen | |||||||||
Tim Chen | |||||||||||
Chief Executive Officer and Chairman of the Board of Directors |
Date: | August 4, 2022 | /s/ Lauren StClair | |||||||||
Lauren StClair | |||||||||||
Chief Financial Officer |
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per shares) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per shares) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 296,686,000 | 296,686,000 |
Common stock, issued (in shares) | 68,637,000 | 66,722,000 |
Common stock, outstanding (in shares) | 68,637,000 | 66,722,000 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Income Statement [Abstract] | ||||
Revenue | $ 125.2 | $ 91.6 | $ 254.3 | $ 181.6 |
Costs and Expenses: | ||||
Cost of revenue | 8.2 | 7.3 | 15.9 | 13.8 |
Research and development | 20.1 | 14.8 | 37.5 | 27.0 |
Sales and marketing | 88.8 | 82.6 | 184.9 | 151.2 |
General and administrative | 15.3 | 8.9 | 28.4 | 17.8 |
Change in fair value of contingent consideration related to earnouts | 1.8 | 0.7 | 5.7 | 7.7 |
Total costs and expenses | 134.2 | 114.3 | 272.4 | 217.5 |
Loss From Operations | (9.0) | (22.7) | (18.1) | (35.9) |
Other income (expense), net: | ||||
Interest income | 0.1 | 0.0 | 0.1 | 0.0 |
Interest expense | (0.2) | (0.4) | (0.4) | (0.7) |
Other gains, net | 0.0 | 1.3 | 0.0 | 1.2 |
Total other income (expense), net | (0.1) | 0.9 | (0.3) | 0.5 |
Loss before income taxes | (9.1) | (21.8) | (18.4) | (35.4) |
Income tax provision (benefit) | 0.2 | (7.9) | 1.4 | (8.6) |
Net Loss | $ (9.3) | $ (13.9) | $ (19.8) | $ (26.8) |
Net Loss Per Share Attributable to Common Stockholders | ||||
Basic (in dollars per share) | $ (0.14) | $ (0.28) | $ (0.29) | $ (0.55) |
Diluted (in dollars per share) | $ (0.14) | $ (0.28) | $ (0.29) | $ (0.55) |
Weighted-Average Shares Used in Computing Net Loss Per Share Attributable to Common Stockholders | ||||
Basic (in shares) | 67,400 | 49,300 | 67,200 | 48,800 |
Diluted (in shares) | 67,400 | 49,300 | 67,200 | 48,800 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
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Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (9.3) | $ (13.9) | $ (19.8) | $ (26.8) |
Other Comprehensive Income (Loss): | ||||
Change in foreign currency translation | (1.0) | 0.0 | (1.3) | 0.2 |
Comprehensive Loss | $ (10.3) | $ (13.9) | $ (21.1) | $ (26.6) |
The Company and Basis of Presentation |
6 Months Ended |
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Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Basis of Presentation | The Company and Basis of Presentation The Company — NerdWallet, Inc., a Delaware corporation, was formed on December 29, 2011. NerdWallet, Inc. and its wholly-owned subsidiaries (collectively, the Company) provide consumer-driven advice about personal finance through its platform by connecting individuals and small and mid-sized businesses (SMBs) with providers of financial products. Basis of Presentation — The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, the accompanying condensed consolidated financial statements do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company’s financial position and results of operations for the periods presented. The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year or any other future period. Acquisition of On the Barrelhead, Inc. — On June 23, 2022, the Company entered into an Agreement and Plan of Merger and Reorganization (the Merger Agreement) with On the Barrelhead, Inc. (OTB), a data-driven platform that provides consumers and SMBs with credit-driven product recommendations. Under the terms of the Merger Agreement, the aggregate consideration to be paid by the Company to acquire all of the equity interests in OTB, subject to customary adjustments (the Purchase Price), was to consist of approximately $70 million in cash and approximately 4.9 million shares of the Company’s Class A common stock (the Stock Consideration). The Company recognized acquisition-related expenses of $2.2 million for the three and six months ended June 30, 2022 which are included in general and administrative expense on the Company’s condensed consolidated statements of operations. See Note 9 — Subsequent Event for further discussion. Significant Accounting Policies — During the six months ended June 30, 2022, there have been no material changes to the Company’s significant accounting policies as disclosed in Note 1 – The Company and its Significant Accounting Policies in the notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Recently Adopted Accounting Pronouncements — In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments, establishing ASC Topic 326, and amended the guidance thereafter (ASC 326). ASC 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost; the Company’s financial assets that are in the scope of ASC 326 includes the Company’s accounts receivable, certain financial instruments and contract assets. ASC 326 replaces the prior incurred loss impairment model with an expected loss methodology, which results in more timely recognition of credit losses. The Company adopted the provisions of ASC 326 as of January 1, 2022 (two years after the effective date for public business entities due to the Company’s election under its EGC status), and such adoption did not have an impact on the Company’s financial condition and results of operations within its condensed consolidated financial statements. In October 2021, the Financial Accounting Standards Board (FASB) issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), to address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination. The guidance in ASU 2021-08 states that an acquirer should recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers. The amendments in ASU 2021-08 will be applied prospectively to any business combinations that occur during or after the fiscal year of adoption. The Company adopted the provisions of ASU 2021-08 as of January 1, 2022, and such adoption did not have an impact on the Company’s financial condition and results of operations within its condensed consolidated financial statements.
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Revenue |
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Revenue | Revenue The following presents a disaggregation of the Company’s revenue based on product category:
The contract asset recorded within prepaid expenses and other current assets on the condensed consolidated balance sheet related to estimated variable consideration was $5.0 million and $3.0 million as of June 30, 2022 and December 31, 2021, respectively.
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements The Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy are summarized as follows:
Level 3 liabilities consist entirely of contingent consideration, and the changes in fair value are as follows:
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Significant Condensed Consolidated Balance Sheet Components |
6 Months Ended |
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Jun. 30, 2022 | |
Significant Consolidated Balance Sheet Components [Abstract] | |
Significant Consolidated Balance Sheet Components | Significant Condensed Consolidated Balance Sheet Components Property, equipment and software, net includes capitalized software development costs, net of accumulated amortization, of $38.7 million and $32.1 million as of June 30, 2022 and December 31, 2021, respectively. The Company capitalized $8.9 million and $16.9 million of software development costs during the three and six months ended June 30, 2022, respectively, and $6.1 million and $11.9 million during the three and six months ended June 30, 2021, respectively. The Company recorded amortization expense related to capitalized software development costs of $5.4 million and $10.3 million during the three and six months ended June 30, 2022, respectively, and $4.0 million and $7.8 million during the three and six months ended June 30, 2021, respectively. include operating lease liabilities of $3.0 million and $2.4 million, as of June 30, 2022 and December 31, 2021, respectively. includes operating lease liabilities of $11.2 million and $12.7 million as of June 30, 2022 and December 31, 2021, respectively.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments and Other Financial Arrangements — The Company has certain financial commitments and other arrangements including unused letters of credit and commitments under leases. As of June 30, 2022, there were no material changes to the Company’s commitments and other financial arrangements as disclosed in Note 8 – Commitments and Contingencies in the notes to the consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. On July 7, 2022, the Company borrowed $70.0 million under the Company’s existing credit facility with Silicon Valley Bank as administrative agent to finance the cash portion of the Purchase Price for the acquisition of OTB. See Note 9 — Subsequent Event for further discussion. Litigation and Other Legal Matters — The Company is involved from time to time in litigation, claims, and proceedings. Periodically, the Company evaluates the status of each legal matter and assesses potential financial exposure. If the potential loss from any legal proceeding or litigation is considered probable and the amount can be reasonably estimated, the Company accrues a liability for the estimated loss. Significant judgment is required to determine the probability of a loss and whether the amount of the loss is reasonably estimable. The outcome of any proceeding is not determinable in advance. As a result, the assessment of a potential liability and the amount of accruals recorded are based only on the information available at the time. As additional information becomes available, the Company reassesses the potential liability related to the legal proceeding or litigation, and may revise its estimates. Management is not currently aware of any matters that it expects will have a material effect on the financial position, results of operations, or cash flows of the Company. The Company has not accrued any potential loss as of June 30, 2022 or December 31, 2021.
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Stockholders' Equity |
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Stockholders' Equity | Stockholders’ Equity Equity Incentive Plans — The 2021 Equity Incentive Plan and the predecessor 2012 Equity Incentive Plan, both as amended, (collectively, the Plans) provide for the grant of incentive and non-statutory stock options, stock appreciation rights, restricted stock units and restricted stock awards to employees, non-employee directors and consultants of the Company. At the Company’s 2022 annual meeting of stockholders on May 25, 2022, the stockholders approved an amendment to the 2021 Equity Incentive Plan to increase the aggregate number of shares of Class A common stock reserved for issuance thereunder by 8.0 million shares. Stock Options — A summary of the Company’s stock option activity for its Plans is as follows:
The weighted-average grant-date fair value of options granted was $6.49 per share during the six months ended June 30, 2022. The aggregate intrinsic value of options exercised was $4.1 million during the six months ended June 30, 2022. The per-share fair value of each stock option was determined on the date of grant using the following weighted-average assumptions and ranges of fair value of common stock:
Restricted Stock Units — A summary of the Company’s outstanding nonvested restricted stock units (RSUs) for its Plans is as follows:
The total fair value of shares that vested under RSUs was $7.6 million during the six months ended June 30, 2022. Employee Stock Purchase Plan — The Company recognized stock-based compensation related to the Employee Stock Purchase Plan (ESPP) of $2.6 million and $3.9 million during the three and six months ended June 30, 2022, respectively. Stock-Based Compensation — The Company recognized stock-based compensation under the Plans and ESPP as follows:
In addition, stock-based compensation capitalized related to software development costs was $1.9 million and $0.9 million during the three months ended June 30, 2022 and 2021, respectively, and $3.3 million and $1.4 million during the six months ended June 30, 2022 and 2021, respectively.
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Income Taxes |
6 Months Ended |
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Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income TaxesThe Company’s tax provision for interim periods is determined using an estimated annual effective tax rate which is adjusted for discrete items occurring during the periods presented. As of June 30, 2022, the Company has established a valuation allowance against its net U.S. deferred tax assets as the Company believes that it is more likely than not that the Company will not be able to fully realize such net deferred tax assets. The Company’s judgment regarding the likelihood of realization of these deferred tax assets could change in future periods, which could result in a material impact in the Company’s income tax provision in the period of change. |
Net Loss Per Basic and Diluted Share |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss Per Basic and Diluted Share | Net Loss Per Basic and Diluted Share The Company computes earnings per share (EPS) in conformity with the two-class method required for participating securities. The two-class method is an earnings allocation method that determines net income (loss) per share for each class of common stock and participating securities according to dividends declared (or accumulated) and participation rights in undistributed earnings or losses. We consider early exercised share options to be participating securities. There were no early exercised share options for the three and six months ended June 30, 2022, and the impact of early exercised share options on basic and diluted EPS was immaterial for the three and six months ended June 30, 2021. The following table provides the basic and diluted per share computations for net loss attributable to common stockholders:
The following common stock equivalents were excluded from the computation of diluted loss per share for the periods presented because including them would have been antidilutive:
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Subsequent Event |
6 Months Ended |
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Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event Acquisition of On the Barrelhead, Inc. On July 7, 2022, the Company borrowed $70.0 million under the Company’s existing credit facility with Silicon Valley Bank as administrative agent to finance the cash portion of the Purchase Price for the acquisition of OTB. Interest on the borrowing is incurred at the Eurodollar Rate, which is defined as LIBOR (or any successor thereto), plus a margin of 2.75%, equating to 4.54% as of July 7, 2022. On July 11, 2022, the Company completed the acquisition of OTB for a preliminary acquisition date purchase consideration consisting of approximately $70 million in cash consideration and 4.9 million shares of the Company’s Class A common stock for Stock Consideration. The preliminary cash consideration includes approximately $12 million of cash which is held in escrow for the settlement of certain customary representations, warranties, agreements and covenants. The aggregate fair value of the Stock Consideration was approximately $43 million based on the closing price of the Company’s Class A common stock on the acquisition date. Half of the Stock Consideration is subject to a lockup arrangement whereby such shares may not be sold or otherwise transferred prior to expiration of the 24-month period following the acquisition date. The final Purchase Price will be subject to customary closing adjustments, including for transaction expenses, indebtedness, cash and working capital. Concurrently with the closing of the acquisition, the Company provided employment offer letters to OTB’s employees, including compensatory retention agreements with the co-founders of OTB which could result in up to $15.0 million of cash awards. Cash awards under these retention agreements are payable in equal installments on the first, second and third anniversary dates of the closing of the acquisition. Also concurrently with the closing of the acquisition, the Compensation Committee of the Company’s Board of Directors granted RSU awards under the NerdWallet, Inc. 2022 Inducement Equity Incentive Plan (the Inducement Plan) to employees of OTB who were offered employment with the Company, which RSU awards had an aggregate grant date fair value on the acquisition date of $17.5 million, including $12.8 million of RSU awards to the co-founders of OTB, $2.3 million of RSU awards to six non-management employees of OTB and $2.4 million of RSU awards to all fourteen employees of OTB. The $12.8 million of RSU awards to the co-founders of OTB will generally vest in full upon the third anniversary of the closing of the acquisition. The $2.3 million of RSU awards to non-management employees of OTB will vest annually over four years, with 20% of the RSUs subject to vest on each of the first, second and third annual vesting dates and the remaining 40% of the RSUs subject to vest on the fourth annual vesting date. The $2.4 million of RSU awards granted to all employees of OTB will generally vest over four years subject to a one-year cliff and quarterly vesting thereafter. RSU awards under the Inducement Plan are subject to the conditions of the Inducement Plan and the terms and conditions of the grant agreements covering such awards. Compensation expenses under these employment offer letters and vesting of awards under these retention agreements and Inducement Plan are generally subject to the employees’ continued employment with the Company, and the fair value of such compensation and awards are excluded from the Purchase Price and accounted for separately from the business combination. The value of cash awards under these retention agreements will be recognized as compensation expense ratably over the three-year period following the close of the acquisition. The value of RSU awards under the Inducement Plan will be recognized as stock-based compensation expense ratably over the respective vesting terms of the awards. The acquisition will be accounted for as a business combination. The Company is in the process of determining the fair values of intangible and tangible assets acquired and liabilities assumed, including review of third-party valuations. Accordingly, the Company is not able to provide the preliminary allocation of consideration paid to the assets acquired and liabilities assumed. Further, the supplemental pro forma revenue and loss of the combined company are predicated on the completion of the business combination accounting and allocation of consideration paid. Although the initial accounting for the business combination is incomplete, the Company believes the goodwill recorded will be primarily attributable to synergies from combining the operations of the Company and OTB as well as the value ascribed to the knowledge and experience of the OTB co-founders and employees. For income tax purposes, the acquisition is a stock purchase and goodwill is not tax deductible.
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The Company and Basis of Presentation (Policies) |
6 Months Ended |
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Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation — The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and applicable rules and regulations of the U.S. Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, the accompanying condensed consolidated financial statements do not include all disclosures normally required in annual consolidated financial statements prepared in accordance with GAAP. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. In the opinion of management, the accompanying unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements, and include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the Company’s financial position and results of operations for the periods presented. |
Consolidation | The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year or any other future period. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements — In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses, Measurement of Credit Losses on Financial Instruments, establishing ASC Topic 326, and amended the guidance thereafter (ASC 326). ASC 326 requires the measurement and recognition of expected credit losses for financial assets held at amortized cost; the Company’s financial assets that are in the scope of ASC 326 includes the Company’s accounts receivable, certain financial instruments and contract assets. ASC 326 replaces the prior incurred loss impairment model with an expected loss methodology, which results in more timely recognition of credit losses. The Company adopted the provisions of ASC 326 as of January 1, 2022 (two years after the effective date for public business entities due to the Company’s election under its EGC status), and such adoption did not have an impact on the Company’s financial condition and results of operations within its condensed consolidated financial statements.In October 2021, the Financial Accounting Standards Board (FASB) issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08), to address diversity and inconsistency related to the recognition and measurement of contract assets and contract liabilities acquired in a business combination. The guidance in ASU 2021-08 states that an acquirer should recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with ASC Topic 606, Revenue from Contracts with Customers. The amendments in ASU 2021-08 will be applied prospectively to any business combinations that occur during or after the fiscal year of adoption. The Company adopted the provisions of ASU 2021-08 as of January 1, 2022, and such adoption did not have an impact on the Company’s financial condition and results of operations within its condensed consolidated financial statements. |
Revenue (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following presents a disaggregation of the Company’s revenue based on product category:
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Fair Value Measurements (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s assets and liabilities that are measured at fair value on a recurring basis, by level, within the fair value hierarchy are summarized as follows:
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Schedule of Level 3 Liabilities | Level 3 liabilities consist entirely of contingent consideration, and the changes in fair value are as follows:
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Stockholders' Equity (Tables) |
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Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Options | A summary of the Company’s stock option activity for its Plans is as follows:
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Schedule of Weighted-Average Assumptions and Ranges of Fair Value of Common Stock | The per-share fair value of each stock option was determined on the date of grant using the following weighted-average assumptions and ranges of fair value of common stock:
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Schedule of Outstanding Nonvested RSUs | A summary of the Company’s outstanding nonvested restricted stock units (RSUs) for its Plans is as follows:
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Schedule of Stock-based Compensation Expense | The Company recognized stock-based compensation under the Plans and ESPP as follows:
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Net Loss Per Basic and Diluted Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table provides the basic and diluted per share computations for net loss attributable to common stockholders:
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Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings (Loss) Per Share | The following common stock equivalents were excluded from the computation of diluted loss per share for the periods presented because including them would have been antidilutive:
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The Company and Basis of Presentation (Details) - On the Barrelhead, Inc. - USD ($) $ in Millions |
Jun. 23, 2022 |
Jun. 30, 2022 |
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Business Acquisition [Line Items] | ||
Cash paid for acquisition | $ 70.0 | |
Acquisition-related costs | $ 2.2 | |
Common Class A | ||
Business Acquisition [Line Items] | ||
Shares transferred for acquisition | $ 4.9 |
Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
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Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Dec. 31, 2021 |
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Disaggregation of Revenue [Line Items] | |||||
Revenue | $ 125.2 | $ 91.6 | $ 254.3 | $ 181.6 | |
Contract assets | 5.0 | 5.0 | $ 3.0 | ||
Credit cards | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 54.6 | 29.9 | 99.8 | 52.8 | |
Loans | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | 24.0 | 32.3 | 58.3 | 64.6 | |
Other verticals | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue | $ 46.6 | $ 29.4 | $ 96.2 | $ 64.2 |
Fair Value Measurements - Level 3 Liabilities (Details) - Contingent Consideration - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||
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Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
|
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||||
Balance as of beginning of period | $ 29.9 | $ 44.2 | $ 29.9 | $ 44.2 | $ 58.6 | $ 54.7 | $ 43.5 | $ 36.5 |
Payment | (30.5) | 0.0 | (30.5) | 0.0 | ||||
Change in fair value, recognized in earnings | 1.8 | 0.7 | 5.7 | 7.7 | ||||
Balance as of end of period | $ 29.9 | $ 44.2 | $ 29.9 | $ 44.2 |
Fair Value Measurements - Narrative (Details) |
Jun. 30, 2022 |
Dec. 31, 2021 |
---|---|---|
Volatility | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration, measurement input | 0.575 | 0.455 |
Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Contingent consideration, measurement input | 0.110 | 0.090 |
Commitment and Contingencies (Details) $ in Millions |
Jul. 07, 2022
USD ($)
|
---|---|
Subsequent Event | Line of Credit | Revolving Credit Facility | |
Long-Term Purchase Commitment [Line Items] | |
Proceeds from credit facility | $ 70.0 |
Stockholders' Equity - Equity Incentive Plans (Details) shares in Millions |
May 25, 2022
shares
|
---|---|
Common Class A | 2021 Equity Incentive Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares reserved for Class A common stock (in shares) | 8.0 |
Stockholders' Equity - Stock Option Activity Narrative (Details) - Stock Options $ / shares in Units, $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
$ / shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted, weighted average grant-date fair value (in dollars per share) | $ / shares | $ 6.49 |
Aggregate intrinsic value, options exercised in period | $ | $ 4.1 |
Stockholders' Equity - Stock Option Valuation Assumptions (Details) - Stock Options |
6 Months Ended | |
---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 51.90% | 54.50% |
Expected term (in years) | 6 years | 6 years |
Expected dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 2.40% | 1.10% |
Stockholders' Equity - Restricted Stock Unit Activity (Details) - Restricted Stock Units (RSUs) $ / shares in Units, shares in Thousands, $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2022
USD ($)
$ / shares
shares
| |
Number of Units (in thousands) | |
Beginning of period, nonvested (in shares) | shares | 3,818 |
Granted (in shares) | shares | 3,439 |
Vested (in shares) | shares | (662) |
Forfeited (in shares) | shares | (550) |
End of period, nonvested (in shares) | shares | 6,045 |
Weighted-Average Grant-Date Fair Value | |
Beginning of period, nonvested weighted average grant date fair value (in dollars per share) | $ / shares | $ 18.07 |
Granted (in dollars per share) | $ / shares | 11.59 |
Vested (in dollars per share) | $ / shares | 16.52 |
Forfeited (in dollars per share) | $ / shares | 16.62 |
End of period, nonvested weighted average grant date fair value (in dollars per share) | $ / shares | $ 14.64 |
Fair value of shares vested under RSUs during period | $ | $ 7.6 |
Stockholders' Equity - Employee Stock Purchase Plan (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 9.7 | $ 4.2 | $ 16.2 | $ 6.5 |
ESPP | Class A Common Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation expense | $ 2.6 | $ 3.9 |
Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 9.7 | $ 4.2 | $ 16.2 | $ 6.5 |
Share-based compensation capitalized | 1.9 | 0.9 | 3.3 | 1.4 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 3.6 | 1.5 | 6.2 | 2.4 |
Sales and marketing | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 3.6 | 1.5 | 5.7 | 2.3 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ 2.5 | $ 1.2 | $ 4.3 | $ 1.8 |
Net Loss Per Basic and Diluted Share - Basic and Diluted Per Share Computations for Net Loss (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Numerator: | ||||
Net loss attributable to common stockholders – basic | $ (9.3) | $ (13.9) | $ (19.8) | $ (26.8) |
Net loss attributable to common stockholders – diluted | $ (9.3) | $ (13.9) | $ (19.8) | $ (26.8) |
Denominator: | ||||
Weighted-average shares of common stock – basic (in shares) | 67,400 | 49,300 | 67,200 | 48,800 |
Weighted-average shares of common stock - diluted (in shares) | 67,400 | 49,300 | 67,200 | 48,800 |
Loss per share attributable to common stockholders: Basic (in dollars per share) | $ (0.14) | $ (0.28) | $ (0.29) | $ (0.55) |
Loss per share attributable to common stockholders: Diluted (in dollars per share) | $ (0.14) | $ (0.28) | $ (0.29) | $ (0.55) |
Net Loss Per Basic and Diluted Share - Schedule of Antidilutive Securities Excluded from Computation (Details) - shares shares in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2022 |
Jun. 30, 2021 |
Jun. 30, 2022 |
Jun. 30, 2021 |
|
Shares subject to outstanding stock options and restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 10.7 | 5.1 | 9.1 | 5.3 |
ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 2.0 | 0.0 | 1.8 | 0.0 |
Series A redeemable convertible preferred stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 0.0 | 7.6 | 0.0 | 7.6 |
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