| ANNUAL 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.) | ||||||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||
| 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 | ||||||||
Item 15. | Exhibits, Financial Statement Schedules | |||||||
Signatures | ||||||||
| Year Ended December 31, | 2020 to 2021 | 2019 to 2020 | ||||||||||||||||||||||||||||||
| (in thousands) | 2021 | 2020 | 2019 | % Change | % Change | |||||||||||||||||||||||||||
| Revenue | $ | 412,815 | $ | 328,805 | $ | 339,541 | 26 | % | (3) | % | ||||||||||||||||||||||
| Costs and operating expenses: | ||||||||||||||||||||||||||||||||
| Costs of revenue (exclusive of amortization and depreciation below) | 203,218 | 160,911 | 179,967 | 26 | % | (11) | % | |||||||||||||||||||||||||
| Sales and marketing | 51,407 | 33,335 | 33,993 | 54 | % | (2) | % | |||||||||||||||||||||||||
| Product and technology | 74,438 | 44,078 | 45,855 | 69 | % | (4) | % | |||||||||||||||||||||||||
| General and administrative | 136,594 | 83,238 | 65,824 | 64 | % | 26 | % | |||||||||||||||||||||||||
| Depreciation and amortization | 32,601 | 24,684 | 23,782 | 32 | % | 4 | % | |||||||||||||||||||||||||
| Total costs and operating expenses | 498,258 | 346,246 | 349,421 | 44 | % | (1) | % | |||||||||||||||||||||||||
| Loss from operations | (85,443) | (17,441) | (9,880) | 390 | % | 77 | % | |||||||||||||||||||||||||
| Other income (expense) | ||||||||||||||||||||||||||||||||
| Interest income | 96 | 71 | 149 | 35 | % | (52) | % | |||||||||||||||||||||||||
| Interest expense | (27,662) | (31,037) | (28,685) | (11) | % | 8 | % | |||||||||||||||||||||||||
| Loss on extinguishment of debt | (1,148) | — | — | 100 | % | — | % | |||||||||||||||||||||||||
| Other income (expense) | 27,007 | (9,709) | (808) | (378) | % | 1102 | % | |||||||||||||||||||||||||
| Total other expense | (1,707) | (40,675) | (29,344) | (96) | % | 39 | % | |||||||||||||||||||||||||
| Net loss before taxes and loss from equity method investment | (87,150) | (58,116) | (39,224) | 50 | % | 48 | % | |||||||||||||||||||||||||
| Income tax benefit (expense) | 2,021 | 1,557 | (213) | 30 | % | (831) | % | |||||||||||||||||||||||||
| Loss from equity method investment | — | (3,902) | — | n.m. | n.m. | |||||||||||||||||||||||||||
| Net loss | $ | (85,129) | $ | (60,461) | $ | (39,437) | 41 | % | 53 | % | ||||||||||||||||||||||
| Net (loss) income attributable to noncontrolling interest in subsidiaries | (129) | (443) | 543 | (71) | % | (182) | % | |||||||||||||||||||||||||
| Net loss attributable to Sharecare, Inc. | $ | (85,000) | $ | (60,018) | $ | (39,980) | 42 | % | 50 | % | ||||||||||||||||||||||
| Year Ended December 31, | ||||||||||||||||||||
| 2021 | 2020 | 2019 | ||||||||||||||||||
| Net loss | $ | (85,129) | $ | (60,461) | $ | (39,437) | ||||||||||||||
| Add: | ||||||||||||||||||||
| Depreciation and amortization | 32,601 | 24,684 | 23,782 | |||||||||||||||||
| Interest income | (96) | (71) | (149) | |||||||||||||||||
| Interest expense | 27,662 | 31,037 | 28,685 | |||||||||||||||||
| Income tax (benefit) expense | (2,021) | (1,557) | 213 | |||||||||||||||||
| Loss on extinguishment of debt | 1,148 | — | — | |||||||||||||||||
| Other expense (income) | (27,007) | 9,709 | 808 | |||||||||||||||||
| Loss from equity method investments | — | 3,902 | — | |||||||||||||||||
| Share-based compensation | 46,780 | 19,160 | 3,532 | |||||||||||||||||
| Severance | 1,278 | 2,553 | 4,378 | |||||||||||||||||
Warrants issued with revenue contracts(a) | 79 | 1,188 | 485 | |||||||||||||||||
Transaction and closing costs(b) | 31,733 | 2,187 | 2,675 | |||||||||||||||||
Adjusted EBITDA(c) | $ | 27,028 | $ | 32,331 | $ | 24,972 | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Net loss attributable to Sharecare, Inc. | $ | (85,000) | $ | (60,822) | $ | (39,980) | |||||||||||
| Add: | |||||||||||||||||
Amortization of acquired intangibles(a) | 5,321 | 3,851 | 4,225 | ||||||||||||||
| Amortization of deferred financing fees | 15,537 | 6,801 | 6,747 | ||||||||||||||
| Change in fair value of warrant liability and contingent consideration | (26,123) | 9,647 | 566 | ||||||||||||||
| Loss from equity method investments | — | 3,902 | — | ||||||||||||||
| Share-based compensation | 46,780 | 19,160 | 3,532 | ||||||||||||||
| Severance | 1,278 | 2,553 | 4,378 | ||||||||||||||
Warrants issued with revenue contracts(b) | 79 | 1,188 | 485 | ||||||||||||||
Transaction and closing costs(c) | 31,733 | 2,187 | 2,675 | ||||||||||||||
Adjusted net loss(d) | $ | (10,395) | $ | (11,533) | $ | (17,372) | |||||||||||
| Weighted-average common shares outstanding, basic and diluted | 281,026,365 | 215,094,037 | 205,888,637 | ||||||||||||||
| Loss per share | $ | (0.30) | $ | (0.28) | $ | (0.19) | |||||||||||
| Adjusted loss per share | $ | (0.04) | $ | (0.05) | $ | (0.08) | |||||||||||
| Year Ended December 31, | ||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2019 | |||||||||||||||||
Net cash (used in)/provided by operating activities | $ | (54,103) | $ | 14,761 | $ | 2,577 | ||||||||||||||
Net cash used in investing activities | $ | (112,387) | $ | (19,171) | $ | (16,644) | ||||||||||||||
Net cash provided by financing activities | $ | 415,220 | $ | 3,770 | $ | 20,797 | ||||||||||||||
| Page | |||||
| Audited financial statements: | |||||
| As of December 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| 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 Noncontrolling Interest, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | $ | |||||||||
| Accrued expenses and other current liabilities (Note 4) | |||||||||||
| Deferred revenue | |||||||||||
| Contract liabilities, current | |||||||||||
| Debt, current (Note 7 and 13) | | ||||||||||
| Total current liabilities | |||||||||||
| Contract liabilities, noncurrent | |||||||||||
| Warrant liabilities | |||||||||||
| Long-term debt (Note 7 and 13) | |||||||||||
| Other long-term liabilities | |||||||||||
| Total liabilities | |||||||||||
| Commitments and contingencies (Note 12) | |||||||||||
| Redeemable noncontrolling interest | | ||||||||||
Series A redeemable convertible preferred stock, $ | |||||||||||
| Stockholders’ equity (deficit): | |||||||||||
Common stock, $ | |||||||||||
| Additional paid-in capital | |||||||||||
| Accumulated other comprehensive loss | ( | ( | |||||||||
| Accumulated deficit | ( | ( | |||||||||
Total Sharecare, Inc. stockholders’ equity (deficit) (1) | ( | ||||||||||
| Noncontrolling interest in subsidiaries | |||||||||||
Total stockholders’ equity (deficit) (1) | ( | ||||||||||
| Total liabilities, redeemable noncontrolling interest, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ | $ | |||||||||
| Year Ended December 31, | |||||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Revenue | $ | $ | $ | ||||||||||||||
| Costs and operating expenses: | |||||||||||||||||
| Costs of revenue (exclusive of depreciation and amortization below) | |||||||||||||||||
| 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 | ( | ( | ( | ||||||||||||||
| Loss on extinguishment of debt | ( | ||||||||||||||||
| Other income (expense) | ( | ( | |||||||||||||||
| Total other income (expense) | ( | ( | ( | ||||||||||||||
| Loss before income tax benefit (expense) and loss from equity method investment | ( | ( | ( | ||||||||||||||
| Income tax benefit (expense) | ( | ||||||||||||||||
| Loss from equity method investment | ( | ||||||||||||||||
| Net loss | ( | ( | ( | ||||||||||||||
| Net (loss) income attributable to noncontrolling interest in subsidiaries | ( | ( | |||||||||||||||
| Net loss attributable to Sharecare, Inc. | $ | ( | $ | ( | $ | ( | |||||||||||
Net loss per share attributable to common stockholders, basic and diluted(1) | $ | ( | $ | ( | $ | ( | |||||||||||
Weighted-average common shares outstanding, basic and diluted(1) | |||||||||||||||||
| Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
| Other comprehensive loss adjustments: | |||||||||||||||||
| Foreign currency translation | ( | ( | ( | ||||||||||||||
| Comprehensive loss | ( | ( | ( | ||||||||||||||
| Comprehensive (loss) income attributable to noncontrolling interest in subsidiaries | ( | ( | |||||||||||||||
| Comprehensive loss attributable to Sharecare, Inc. | $ | ( | $ | ( | $ | ( | |||||||||||
| Redeemable Noncontrolling Interest | Redeemable Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Noncontrolling Interest in Subsidiaries | Total Stockholders’ Equity (Deficit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2018, as previously reported | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of shares due to Reverse Recapitalization | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2018, effect of Reverse Recapitalization | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock options exercised | — | – | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock for previously reserved Lucid Shares | — | – | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of Series C preferred stock, net of issuance costs | — | – | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of warrants in connection with debt and revenue arrangements | — | – | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of warrants to common shares | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beneficial conversion feature in connection with convertible debt | — | – | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cumulative effect of adopting ASU 2014-09 | — | – | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | – | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | – | — | – | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interest in subsidiaries | — | – | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Sharecare, Inc. | — | – | — | – | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2019 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock options exercised | — | – | – | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beneficial conversion feature in connection with convertible debt | — | – | – | – | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of redeemable noncontrolling interest for and stock for Visualize Health acquisitions | – | – | – | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of redeemable noncontrolling interest in subsidiaries | – | – | – | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for Mindsciences acquisition | — | – | – | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for Wellstar investment | — | – | – | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for WhitehatAI acquisition | — | – | – | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of warrants in connection with debt and revenue arrangements | — | – | – | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ASC 810-10 Visualize Health NCI Attribution | — | – | – | – | — | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | – | – | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redemption of Visualize Health put options | ( | – | – | – | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expiration of Visualize Health put options | ( | – | – | – | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interest in subsidiaries | — | – | – | – | — | — | — | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | – | – | – | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Sharecare, Inc. | — | – | – | – | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | — | – | – | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock options exercised | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of common stock for doc.ai acquisition | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Settlement of contingent liability on WhitehatAI earnout | — | – | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of Series D redeemable convertible preferred stock, net of issuance costs and antidilution provision | — | – | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for Carelinx acquisition | — | – | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for doc.ai antidilution provision | — | – | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for Series D antidilution provision | — | – | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of warrants in connection with debt and revenue arrangements | — | – | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued to settle contingent consideration from acquisitions in prior years | — | – | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued upon vesting of restricted stock units | — | – | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of warrants to common shares | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of convertible notes to common shares | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination and Private Placement financing, net of issuance costs | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cumulative effect of adopting ASU 2021-08 | — | – | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dissolution of redeemable noncontrolling interest for Visualize Health | ( | – | — | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | — | – | — | – | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | — | – | — | — | ( | — | — | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | — | – | — | – | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchased shares of common stock related to exercise of employee stock options | — | – | — | ( | ( | ( | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interest in subsidiaries | — | – | — | – | — | — | ( | — | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Sharecare, Inc. | — | – | — | – | — | — | — | ( | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Balance at December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Cash flows from operating activities: | |||||||||||||||||
| Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||
| Depreciation and amortization expense | |||||||||||||||||
| Non-cash interest expense | |||||||||||||||||
| Write-off of deferred financing fees and debt discount | |||||||||||||||||
| Loss on extinguishment of debt | |||||||||||||||||
| Amortization of contract liabilities | ( | ( | ( | ||||||||||||||
| Accretion of contract liabilities | |||||||||||||||||
| Loss from equity method investment | |||||||||||||||||
| Change in fair value of warrant liability and contingent consideration | ( | ||||||||||||||||
| Share-based compensation | |||||||||||||||||
| Deferred income taxes | ( | ( | ( | ||||||||||||||
| Payment of PIK interest | ( | ||||||||||||||||
| Other | |||||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| Accounts receivable, net and other receivables | ( | ( | |||||||||||||||
| Prepaid expenses and other assets | ( | ( | |||||||||||||||
| Accounts payable and accrued expense | ( | ||||||||||||||||
| Deferred revenue | ( | ( | |||||||||||||||
| Net cash provided by (used in) used in operating activities | ( | ||||||||||||||||
| Cash flows from investing activities: | |||||||||||||||||
| Acquisition of Visualize Health | ( | ||||||||||||||||
| Acquisition of MindSciences | |||||||||||||||||
| Acquisition of CareLinx | ( | ||||||||||||||||
| Acquisition of doc.ai | ( | ||||||||||||||||
| Purchases of property and equipment | ( | ( | ( | ||||||||||||||
| Capitalized internal-use software costs | ( | ( | ( | ||||||||||||||
| Net cash used in investing activities | ( | ( | ( | ||||||||||||||
| Cash flows from financing activities: | |||||||||||||||||
| Proceeds from issuance of redeemable convertible preferred stock and warrants, net of issuance costs | |||||||||||||||||
| Proceeds from issuance of debt | |||||||||||||||||
| Repayment of debt | ( | ( | ( | ||||||||||||||
| Net proceeds from Reverse Recapitalization with Falcon Capital Acquisition Corp. | |||||||||||||||||
| Proceeds from exercise of common stock options | |||||||||||||||||
Repurchased shares of common stock related to exercise of employee stock options | ( | ||||||||||||||||
| Payments on capital lease obligations | ( | ( | ( | ||||||||||||||
| Financing costs | ( | ( | |||||||||||||||
| Net cash provided by financing activities | |||||||||||||||||
| Effect of exchange rates on cash and cash equivalents | ( | ( | ( | ||||||||||||||
| Net (decrease) increase 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 | $ | $ | $ | ||||||||||||||
| Noncash financing activities: | |||||||||||||||||
| Deferred offering costs not yet paid | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | |||||||||||
| 2021 | 2020 | ||||||||||
| Allowance for doubtful accounts – beginning balance | $ | $ | |||||||||
| Provision for doubtful accounts | |||||||||||
| Amounts written off and other adjustments | ( | ( | |||||||||
| Allowance for doubtful accounts – ending balance | $ | $ | |||||||||
| Internal use software | |||||
| Technology – features/content | |||||
| Trade name | |||||
| Customer relationships | |||||
| Year Ended December 31, | |||||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Enterprise | $ | $ | $ | ||||||||||||||
| Provider | |||||||||||||||||
| Life Sciences | |||||||||||||||||
| Total Revenue | $ | $ | $ | ||||||||||||||
| Year Ended December 31, | |||||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Re-measurement of contingent consideration | $ | $ | ( | $ | ( | ||||||||||||
| Re-measurement of warrant liabilities | ( | ( | |||||||||||||||
| Other | ( | ( | |||||||||||||||
| Total other income (expense) | $ | $ | ( | $ | ( | ||||||||||||
| Recapitalization | |||||
| Cash received from Private Placement financing | $ | ||||
| Cash paid to Legacy Sharecare stockholders | ( | ||||
| Cash received from FCAC trust and cash on hand, net of redemptions | |||||
| Cash paid for issuance costs and advisory fees | ( | ||||
| Net proceeds from Reverse Recapitalization with FCAC | $ | ||||
| Recapitalization | |||||
| Common stock, outstanding prior to Business Combination | |||||
| FCAC Sponsor shares | |||||
| Earnout Shares | |||||
| Common stock of FCAC | |||||
| Less: redemption of FCAC shares | ( | ||||
| Shares issued in Private Placement financing | |||||
| Legacy Sharecare shares converted to common stock | |||||
| Total shares of common stock immediately after Business Combination | |||||
| December 31, 2021 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | $ | $ | $ | |||||||||||||||||||
| Total cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Warrant liabilities | $ | $ | $ | $ | |||||||||||||||||||
| Contingent consideration - other liabilities | |||||||||||||||||||||||
| Total liabilities at fair value | $ | $ | $ | $ | |||||||||||||||||||
| December 31, 2020 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total Fair Value | ||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market funds | $ | $ | $ | $ | |||||||||||||||||||
| Total cash equivalents | $ | $ | $ | $ | |||||||||||||||||||
| Liabilities | |||||||||||||||||||||||
| Warrant liabilities | $ | $ | $ | $ | |||||||||||||||||||
| Contingent consideration - other liabilities | |||||||||||||||||||||||
| Total liabilities at fair value | $ | $ | $ | $ | |||||||||||||||||||
| December 31, 2019 | $ | ||||
| Re-measurement of warrants (other (income) expense) | |||||
| December 31, 2020 | |||||
| Re-measurement of warrants (other (income) expense) | ( | ||||
| New private placement warrants assumed in connection with the Business Combination | |||||
| Conversion of warrants to common stock in connection with the Business Combination | ( | ||||
| Reclassification to Level 1 measurement upon registration of private placement warrants | ( | ||||
| December 31, 2021 | $ | ||||
| December 31, 2019 | $ | ||||
| Contingent consideration from acquisitions | |||||
| Re-measurement of contingent consideration (other (income) expense) | |||||
| December 31, 2020 | |||||
| Contingent consideration from acquisition | |||||
| Antidilution provision for Series D Preferred Stock | |||||
| Settlement of contingent consideration for doc.ai acquisition | ( | ||||
| Conversion of Series D Preferred Stock to Series A Preferred Stock | ( | ||||
| Contingent consideration in connection with the Business Combination | |||||
| Settlement of contingent consideration for WhitehatAI earnout | ( | ||||
| Re-measurement of contingent consideration (other (income) expense) | ( | ||||
| December 31, 2021 | $ | ||||
| Estimated Useful Lives (Years) | 2021 | 2020 | |||||||||||||||
| Computer hardware | $ | $ | |||||||||||||||
| Furniture/fixtures | |||||||||||||||||
| Leasehold improvements | |||||||||||||||||
| Other | Indefinite | ||||||||||||||||
| Property and equipment, gross | |||||||||||||||||
| Less: accumulated depreciation | ( | ( | |||||||||||||||
| Property and equipment, net | $ | $ | |||||||||||||||
| 2021 | 2020 | ||||||||||
| Accrued expenses | $ | $ | |||||||||
| Accrued compensation | |||||||||||
| Accrued media costs | |||||||||||
| Accrued taxes | |||||||||||
| Accrued other | |||||||||||
| Total accrued expenses and other current liabilities | $ | $ | |||||||||
| Cash and cash equivalents | $ | ||||
| Prepaid expenses | |||||
| Other current assets | |||||
| Developed technology | |||||
| Customer relationships | |||||
| Goodwill | |||||
| Accounts payable and other accrued liabilities | ( | ||||
| Deferred revenue | ( | ||||
| Debt | ( | ||||
| Deferred tax liability | ( | ||||
| Other long-term liabilities | ( | ||||
| Total | $ | ||||
| Cash | $ | ||||
| Accounts receivable | |||||
| Other receivables | |||||
| Prepaid expenses | |||||
| Other current assets | |||||
| Developed technology | |||||
| Customer relationships | |||||
| Trade name | |||||
| Other long-term assets | |||||
| Goodwill | |||||
| Accrued expenses | ( | ||||
| Contract liabilities - current | ( | ||||
| Non-current contract liabilities | ( | ||||
| Other long-term liabilities | ( | ||||
| Total | $ | ||||
| Accounts receivable | $ | ||||
| Developed technology | |||||
| Customer relationships | |||||
| Goodwill | |||||
| Accounts payable and other accrued liabilities | ( | ||||
| Deferred tax liability | ( | ||||
| Total | $ | ||||
| Cash and cash equivalents | $ | ||||
| Accounts receivable | |||||
| Prepaid expenses and other current assets | |||||
| Developed technology | |||||
| Customer relationships | |||||
| Goodwill | |||||
| Accounts payable and other accrued liabilities | ( | ||||
| Deferred tax liability | ( | ||||
| Total | $ | ||||
| Prepaid expenses and other assets | $ | ||||
| Developed technology | |||||
| Goodwill | |||||
| Accounts payable and other current liabilities | ( | ||||
| Deferred tax liability | ( | ||||
| Total | $ | ||||
| December 31, 2021 | |||||||||||||||||||||||
| 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, 2020 | |||||||||||||||||||||||
| 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, 2019 | $ | ||||
| Additions | |||||
| Foreign currency translation adjustment | |||||
| December 31, 2020 | |||||
| Additions | |||||
| Foreign currency translation adjustment | ( | ||||
| December 31, 2021 | $ | ||||
| Year ending December 31: | |||||
| 2022 | $ | ||||
| 2023 | |||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| Thereafter | |||||
| Total | $ | ||||
Description | December 31, 2021 | December 31, 2020 | ||||||||||||
Senior Secured Credit Agreement, interest payable at either prime + | $ | $ | ||||||||||||
Second Lien Credit Agreement, interest payable at | ||||||||||||||
Series B-3 Convertible Notes, interest payable at | ||||||||||||||
Series B-4 Convertible Notes, interest payable at | ||||||||||||||
Series B Convertible Notes, interest payable at | ||||||||||||||
| Note payable | ||||||||||||||
| Total debt | ||||||||||||||
| Less current portion | ( | |||||||||||||
| Total long-term debt | $ | $ | ||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Current expense (benefit): | |||||||||||||||||
| Foreign | $ | $ | $ | ||||||||||||||
| Federal | ( | ||||||||||||||||
| State | |||||||||||||||||
| Deferred expense (benefit): | |||||||||||||||||
| Foreign | ( | ( | |||||||||||||||
| Federal | ( | ( | |||||||||||||||
| State | ( | ( | |||||||||||||||
| ( | ( | ( | |||||||||||||||
| Total income tax expense (benefit) | $ | ( | $ | ( | $ | ||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Income tax benefit at the federal statutory rate | % | % | % | ||||||||||||||
| Change in valuation allowance | ( | % | ( | % | ( | % | |||||||||||
| State income tax | % | % | % | ||||||||||||||
| Permanent: fair market value adjustments | % | ( | % | ( | % | ||||||||||||
| Deferred: stock compensation | ( | % | % | % | |||||||||||||
| Transaction costs | % | % | % | ||||||||||||||
| Research and development credits | % | % | % | ||||||||||||||
| Legal settlement | ( | % | % | % | |||||||||||||
| Other | ( | % | % | % | |||||||||||||
| Effective income tax rate | % | % | ( | % | |||||||||||||
| 2021 | 2020 | |||||||
| Deferred tax assets: | ||||||||
| Net operating losses | $ | $ | ||||||
| Share-based compensation expense | ||||||||
| Accrued expenses | ||||||||
| Property and equipment and internal use software | ||||||||
| Contract liabilities | ||||||||
| Interest expense | ||||||||
| Tax credits | ||||||||
| Deferred revenue | ||||||||
| Intangible assets | ||||||||
| Intangible assets (indefinite life) | ||||||||
| Other | ||||||||
| Valuation allowance | ( | ( | ||||||
| Total deferred tax assets | ||||||||
| Deferred tax liabilities: | ||||||||
| Intangible assets | ( | ( | ||||||
| Intangible assets (indefinite life) | ( | ( | ||||||
| Beneficial conversion feature | ( | |||||||
| Other | ( | ( | ||||||
| Total deferred tax liabilities | ( | ( | ||||||
| Net deferred tax liability | $ | ( | $ | ( | ||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Domestic | $ | ( | $ | ( | $ | ( | |||||||||||
| Foreign | ( | ||||||||||||||||
| Total loss before income tax expense | $ | ( | $ | ( | $ | ( | |||||||||||
| 2021 | 2020 | ||||||||||
| Net Operating Losses – Federal | $ | $ | |||||||||
| Net Operating Losses – State | |||||||||||
| Net Operating Losses – International | |||||||||||
| Total net operating losses | $ | $ | |||||||||
| 2021 | 2020 | ||||||||||
| Valuation allowance as of beginning of the year | $ | $ | |||||||||
| Increases to valuation allowance during the year | |||||||||||
| Valuation allowance as of end of year | $ | $ | |||||||||
| Class of stock | Shares Authorized | Shares issued and outstanding | Net carrying value | Aggregate liquidation preference | ||||||||||||||||||||||
| Series A Preferred Stock | $ | $ | ||||||||||||||||||||||||
| Classification | Underlying Security | Warrants Outstanding | Exercise Price per Share | |||||||||||||||||
| Equity | Common | $ | ||||||||||||||||||
| Liability - Warrants | Common | $ | ||||||||||||||||||
| Options Outstanding | Restricted Stock Units | ||||||||||||||||||||||||||||||||||
Number of Options(1) | Weighted- Average Exercise Price(1) | 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, 2019 | $ | $ | |||||||||||||||||||||||||||||||||
| Granted | |||||||||||||||||||||||||||||||||||
| Exercised | ( | ||||||||||||||||||||||||||||||||||
| Cancelled / Forfeited | ( | ||||||||||||||||||||||||||||||||||
| Outstanding as of December 31, 2020 | $ | $ | |||||||||||||||||||||||||||||||||
| Granted | $ | ||||||||||||||||||||||||||||||||||
| Exercised / Released | ( | ( | |||||||||||||||||||||||||||||||||
| Cancelled / Forfeited | ( | ( | $ | ||||||||||||||||||||||||||||||||
| Outstanding as of December 31, 2021 | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Vested and/or exercisable as of December 31, 2021 | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Vested and/or exercisable as of December 31, 2020 | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Expected volatility | |||||||||||||||||
| Expected term (in years) | |||||||||||||||||
| Risk-free interest rate | |||||||||||||||||
| Expected dividend yield | |||||||||||||||||
| Years Ended December 31, | ||||||||||||||
| 2021 | 2020 | 2019 | ||||||||||||
| Cost of revenues | $ | $ | $ | |||||||||||
| Sales and marketing | ||||||||||||||
| Product and technology | ||||||||||||||
| General and administrative | ||||||||||||||
| Total share-based compensation | $ | $ | $ | |||||||||||
| Year ending December 31: | |||||
| 2022 | $ | ||||
| 2023 | |||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| Thereafter | |||||
| $ | |||||
| Year ending December 31: | |||||
| 2022 | $ | ||||
| 2023 | |||||
| 2024 | |||||
| 2025 | |||||
| 2026 | |||||
| Thereafter | |||||
| $ | |||||
| Years Ended December 31, | |||||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Numerator | |||||||||||||||||
| Net loss | $ | ( | $ | ( | $ | ( | |||||||||||
Less: Redeemable noncontrolling interest remeasurement | ( | ||||||||||||||||
| Less: (Income) 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 | $ | ( | $ | ( | $ | ( | |||||||||||
| Years Ended December 31, | |||||||||||||||||
| 2021 | 2020 | 2019 | |||||||||||||||
| Convertible debt | |||||||||||||||||
| Stock options | |||||||||||||||||
| Warrants to purchase common stock | |||||||||||||||||
| Redeemable convertible preferred stock | |||||||||||||||||
| Contingently issuable shares | |||||||||||||||||
| Total | |||||||||||||||||
Exhibit | Description | |||||||
2.1 † | ||||||||
| 3.1 | ||||||||
| 3.2 | ||||||||
| 3.3 | ||||||||
| 4.1 | ||||||||
| 4.2 | ||||||||
| 4.3* | ||||||||
| 10.1 # | ||||||||
| 10.2 # | ||||||||
| 10.3 # | ||||||||
| 10.4 # | ||||||||
| 10.5 #* | ||||||||
| 10.6 #* | ||||||||
| 10.7 | ||||||||
| 10.8 † | ||||||||
Exhibit | Description | |||||||
| 10.9 † | ||||||||
| 10.10 | ||||||||
| 10.11 | ||||||||
| 10.12 | ||||||||
| 10.13 | ||||||||
| 10.14 # | ||||||||
| 10.15 # | ||||||||
| 10.16 # | ||||||||
| 10.17 † | ||||||||
| 10.18 † | ||||||||
| 10.19 † | ||||||||
| 10.20 † | ||||||||
| 10.21 † | ||||||||
| 10.22 † | ||||||||
| 10.23 † | ||||||||
| 21.1 | ||||||||
| 23.1 | ||||||||
| 24.1 | ||||||||
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 Annual Report on Form 10-K has been formatted in Inline XBRL and contained in Exhibit 101 | |||||||
| SHARECARE INC. | ||||||||
| /s/ Jeff Arnold | ||||||||
| Name: | Jeff Arnold | |||||||
| Title: | Chief Executive Officer and Chairman | |||||||
Name | Title | Date | ||||||||||||
| /s/ Jeff Arnold | Chief Executive Officer and Chairman | March 31, 2022 | ||||||||||||
| Jeff Arnold | (Principal Executive Officer) | |||||||||||||
| /s/ Justin Ferrero | Chief Financial Officer | March 31, 2022 | ||||||||||||
| Justin Ferrero | (Principal Financial Officer) | |||||||||||||
| /s/ Michael Blalock | Chief Accounting Officer | March 31, 2022 | ||||||||||||
| Michael Blalock | (Principal Accounting Officer) | |||||||||||||
| /s/ Jeffrey A. Allred | Director | March 31, 2022 | ||||||||||||
| Jeffrey A. Allred | ||||||||||||||
| /s/ John H. Chadwick | Director | March 31, 2022 | ||||||||||||
| John H. Chadwick | ||||||||||||||
| /s/ Sandro Galea | Director | March 31, 2022 | ||||||||||||
| Sandro Galea | ||||||||||||||
| /s/ Kenneth R. Goulet | Director | March 31, 2022 | ||||||||||||
| Kenneth R. Goulet | ||||||||||||||
| /s/ Veronica Mallet | Director | March 31, 2022 | ||||||||||||
| Veronica Mallet | ||||||||||||||
| /s/ Alan G. Mnuchin | Director | March 31, 2022 | ||||||||||||
| Alan G. Mnuchin | ||||||||||||||
| /s/ Rajeev Ronanki | Director | March 31, 2022 | ||||||||||||
| Rajeev Ronanki | ||||||||||||||
| /s/ Jeffrey Sagansky | Director | March 31, 2022 | ||||||||||||
| Jeffrey Sagansky | ||||||||||||||
Dated: March 31, 2022 | /s/ Jeffrey T. Arnold | |||||||||||||
| Jeffrey T. Arnold | ||||||||||||||
Chief Executive Officer (Principal Executive Officer) | ||||||||||||||
Dated: March 31, 2022 | /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) | ||||||||
Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Audit Information [Abstract] | |
| Auditor Name | Ernst & Young LLP |
| Auditor Location | Atlanta, Georgia |
| Auditor Firm ID | 42 |
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Current assets: | ||
| Accounts receivable, allowance for doubtful accounts | $ 6,212 | $ 5,707 |
| Stockholders’ equity (deficit): | ||
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Common stock, shares authorized | 600,000,000 | 424,353,300 |
| Common stock, shares issued | 345,788,707 | 217,106,957 |
| Common stock, shares outstanding | 345,788,707 | 217,106,957 |
| Temporary Equity [Line Items] | ||
| Common stock, shares authorized | 600,000,000 | 424,353,300 |
| Common stock, shares outstanding | 345,788,707 | 217,106,957 |
| Common stock, shares issued | 345,788,707 | 217,106,957 |
| Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Series A Preferred Stock | ||
| Temporary Equity [Line Items] | ||
| Redeemable convertible preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
| Redeemable convertible preferred stock, shares authorized | 5,000,000 | 0 |
| Redeemable convertible preferred stock, shares issued | 5,000,000 | 0 |
| Redeemable convertible preferred stock, shares outstanding | 5,000,000 | 0 |
| Redeemable convertible preferred stock, aggregate liquidation preference | $ 50,000 | $ 0 |
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands |
12 Months Ended | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||||||
| Income Statement [Abstract] | |||||||||
| Revenue | $ 412,815 | $ 328,805 | $ 339,541 | ||||||
| Costs and operating expenses: | |||||||||
| Costs of revenue (exclusive of depreciation and amortization below) | 203,218 | 160,911 | 179,967 | ||||||
| Sales and marketing | 51,407 | 33,335 | 33,993 | ||||||
| Product and technology | 74,438 | 44,078 | 45,855 | ||||||
| General and administrative | 136,594 | 83,238 | 65,824 | ||||||
| Depreciation and amortization | 32,601 | 24,684 | 23,782 | ||||||
| Total costs and operating expenses | 498,258 | 346,246 | 349,421 | ||||||
| Loss from operations | (85,443) | (17,441) | (9,880) | ||||||
| Other income (expense): | |||||||||
| Interest income | 96 | 71 | 149 | ||||||
| Interest expense | (27,662) | (31,037) | (28,685) | ||||||
| Loss on extinguishment of debt | (1,148) | 0 | 0 | ||||||
| Other income (expense) | 27,007 | (9,709) | (808) | ||||||
| Total other income (expense) | (1,707) | (40,675) | (29,344) | ||||||
| Loss before income tax benefit (expense) and loss from equity method investment | (87,150) | (58,116) | (39,224) | ||||||
| Income tax benefit (expense) | 2,021 | 1,557 | (213) | ||||||
| Loss from equity method investment | 0 | (3,902) | 0 | ||||||
| Net loss | (85,129) | (60,461) | (39,437) | ||||||
| Net (loss) income attributable to noncontrolling interest in subsidiaries | [1] | (129) | (443) | 543 | |||||
| Net loss attributable to Sharecare, Inc. | $ (85,000) | $ (60,018) | [1] | $ (39,980) | [1] | ||||
| Net Loss per Share | |||||||||
| Net loss per share attributable to common stockholders, basic (in USD per share) | [2] | $ (0.30) | $ (0.28) | $ (0.19) | |||||
| Net loss per share attributable to common stockholders, diluted (in USD per share) | [2] | $ (0.30) | $ (0.28) | $ (0.19) | |||||
| Weighted-average common shares outstanding, basic (in shares) | [2] | 281,026,365 | 215,094,037 | 205,888,637 | |||||
| Weighted-average common shares outstanding, diluted (in shares) | [2] | 281,026,365 | 215,094,037 | 205,888,637 | |||||
| Comprehensive loss attributable to Sharecare, Inc. | |||||||||
| Net loss | $ (85,129) | $ (60,461) | $ (39,437) | ||||||
| Foreign currency translation | [1] | (1,486) | (241) | (583) | |||||
| Comprehensive loss | (86,615) | (60,702) | (40,020) | ||||||
| Comprehensive (loss) income attributable to noncontrolling interest in subsidiaries | (256) | (1,184) | 428 | ||||||
| Comprehensive loss attributable to Sharecare, Inc. | $ (86,359) | $ (59,518) | $ (40,448) | ||||||
| |||||||||
Consolidated Statements of Redeemable Noncontrolling Interest, Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) |
Total |
Mindsciences |
WhitehatAI |
doc.ai Incorporated |
CareLinx Inc |
Cumulative effect adjustment |
Previously reported |
Conversion of shares due to Reverse Recapitalization |
Convertible debt |
Convertible warrants |
Redeemable convertible preferred stock |
Redeemable convertible preferred stock
Previously reported
|
Redeemable convertible preferred stock
Conversion of shares due to Reverse Recapitalization
|
Common Stock |
Common Stock
Mindsciences
|
Common Stock
WhitehatAI
|
Common Stock
doc.ai Incorporated
|
Common Stock
CareLinx Inc
|
Common Stock
Previously reported
|
Common Stock
Conversion of shares due to Reverse Recapitalization
|
Common Stock
Convertible debt
|
Common Stock
Convertible warrants
|
Additional Paid-In Capital |
Additional Paid-In Capital
Mindsciences
|
Additional Paid-In Capital
WhitehatAI
|
Additional Paid-In Capital
doc.ai Incorporated
|
Additional Paid-In Capital
CareLinx Inc
|
Additional Paid-In Capital
Previously reported
|
Additional Paid-In Capital
Conversion of shares due to Reverse Recapitalization
|
Additional Paid-In Capital
Convertible debt
|
Additional Paid-In Capital
Convertible warrants
|
Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss)
Previously reported
|
Accumulated Other Comprehensive Income (Loss)
Conversion of shares due to Reverse Recapitalization
|
Accumulated Deficit |
Accumulated Deficit
Cumulative effect adjustment
|
Accumulated Deficit
Previously reported
|
Accumulated Deficit
Conversion of shares due to Reverse Recapitalization
|
Noncontrolling Interest in Subsidiaries |
Noncontrolling Interest in Subsidiaries
Previously reported
|
Noncontrolling Interest in Subsidiaries
Conversion of shares due to Reverse Recapitalization
|
|||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Redeemable noncontrolling interest, beginning balance at Dec. 31, 2018 | [1] | $ 0 | $ 0 | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interest, ending balance at Dec. 31, 2019 | [1] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable convertible preferred stock, beginning balance (in shares) at Dec. 31, 2018 | [1] | 0 | 810,354 | (810,354) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable convertible preferred stock, beginning balance at Dec. 31, 2018 | [1] | $ 0 | $ 158,653,000 | $ (158,653,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable convertible preferred stock, beginning balance (in shares) at Dec. 31, 2019 | [1] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable convertible preferred stock, ending balance at Dec. 31, 2019 | [1] | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance (in shares) at Dec. 31, 2018 | [1] | 201,225,566 | 2,013,526 | 199,212,040 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Beginning balance at Dec. 31, 2018 | [1] | 15,828,000 | $ 1,478,000 | $ (142,827,000) | $ 158,655,000 | $ 22,000 | $ 2,000 | $ 20,000 | $ 307,310,000 | $ 148,675,000 | $ 158,635,000 | $ (734,000) | $ (734,000) | $ 0 | $ (293,593,000) | $ 1,478,000 | $ (293,593,000) | $ 0 | $ 2,823,000 | $ 2,823,000 | $ 0 | |||||||||||||||||||||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock options exercised (in shares) | [1] | 97,482 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock options exercised | [1] | 69,000 | 69,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of shares (in shares) | [1] | 51,805 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of Series C preferred stock, net of issuance costs (in shares) | [1] | 4,809,951 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of Series C preferred stock, net of issuance costs | [1] | 25,330,000 | 25,330,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of warrants in connection with debt and revenue arrangements | [1] | 2,639,000 | 2,639,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of convertible securities (in shares) | [1] | 4,866,602 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of convertible securities | [1] | $ 1,000 | $ 0 | $ 1,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Beneficial conversion feature in connection with convertible debt | [1] | 702,000 | 702,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | [1] | 3,532,000 | 3,532,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | [1] | (583,000) | (468,000) | (115,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interest in subsidiaries | [1] | 543,000 | 543,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Sharecare, Inc. | [1] | (39,980,000) | (39,980,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending balance at Dec. 31, 2019 | [1] | 9,559,000 | $ 22,000 | 339,583,000 | (1,202,000) | (332,095,000) | 3,251,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Ending balance (in shares) at Dec. 31, 2019 | [1] | 211,051,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Noncontrolling Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of redeemable noncontrolling interest for and stock for Visualize Health acquisitions | [1] | 5,040,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of redeemable noncontrolling interest in subsidiaries | [1] | 960,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redemption of Visualize Health put options | [1] | (974,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Expiration of Visualize Health put options | [1] | (1,026,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interest, ending balance at Dec. 31, 2020 | [1] | 4,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable convertible preferred stock, beginning balance (in shares) at Dec. 31, 2020 | [1] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable convertible preferred stock, ending balance at Dec. 31, 2020 | $ 0 | [2] | $ 0 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock options exercised (in shares) | 352,659 | 352,658 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock options exercised | [1] | $ 338,000 | 338,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of redeemable noncontrolling interest for and stock for Visualize Health acquisitions | [1] | 584,000 | 584,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Change in fair value of redeemable noncontrolling interest in subsidiaries | [1] | (960,000) | (960,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for acquisitions (in shares) | [1] | 3,386,990 | 1,425,171 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for acquisitions | [1] | $ 7,548,000 | $ 2,160,000 | $ 7,548,000 | $ 2,160,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for Wellstar investment (in shares) | [1] | 890,732 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for Wellstar investment | [1] | 6,745,000 | 6,745,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of warrants in connection with debt and revenue arrangements | [1] | 1,097,000 | 1,097,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| ASC 810-10 Visualize Health NCI Attribution | [1] | (7,000) | (7,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Beneficial conversion feature in connection with convertible debt | [1] | (135,000) | (135,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | [1] | 19,160,000 | 19,160,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | [1] | (241,000) | 500,000 | (741,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Expiration of Visualize Health put options | [1] | 1,026,000 | 890,000 | 136,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interest in subsidiaries | [1] | (443,000) | (443,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Sharecare, Inc. | [1] | (60,018,000) | (60,018,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | [1] | 131,000 | 131,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending balance at Dec. 31, 2020 | $ (13,456,000) | [2] | $ 593,000 | [1] | $ 22,000 | [1] | 377,134,000 | [1] | (702,000) | [1] | (392,113,000) | [1] | $ 593,000 | [1] | 2,203,000 | [1] | ||||||||||||||||||||||||||||||||||||||
| Ending balance (in shares) at Dec. 31, 2020 | 217,106,957 | 217,106,957 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Noncontrolling Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dissolution of redeemable noncontrolling interest for Visualize Health | [1] | $ (4,000,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable noncontrolling interest, ending balance at Dec. 31, 2021 | [1] | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Convertible Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of Series D redeemable convertible preferred stock, net of issuance costs and antidilution provision (in shares) | [1] | 4,453,659 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of Series D redeemable convertible preferred stock, net of issuance costs and antidilution provision | [1] | $ 51,754,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for Series D antidilution provision (in shares) | [1] | 546,341 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for Series D antidilution provision | [1] | $ 6,451,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable convertible preferred stock, beginning balance (in shares) at Dec. 31, 2021 | [1] | 5,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable convertible preferred stock, ending balance at Dec. 31, 2021 | $ 58,205,000 | [2] | $ 58,205,000 | [1] | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock options exercised (in shares) | 15,788,241 | 15,067,237 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Stock options exercised | [1] | $ 15,434,000 | $ 2,000 | 15,432,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for acquisitions (in shares) | [1] | 8,435,301 | 1,262,475 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for acquisitions | [1] | $ 81,293,000 | $ 10,348,000 | $ 1,000 | $ 81,292,000 | $ 10,348,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
| Settlement of contingent liability on Whitehat earnout | [1] | 595,000 | 595,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for doc.ai antidilution provision (in shares) | [1] | 1,052,398 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of stock for doc.ai antidilution provision | [1] | 12,682,000 | 12,682,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of warrants in connection with debt and revenue arrangements | [1] | 79,000 | 79,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued to settle contingent consideration from acquisitions in prior years (in shares) | [1] | 1,078,213 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common stock issued upon vesting of restricted stock units (in shares) | [1] | 31,250 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of convertible securities (in shares) | [1] | 37,695,910 | 11,647,316 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Conversion of convertible securities | [1] | $ 136,399,000 | $ 11,481,000 | $ 4,000 | $ 1,000 | $ 136,395,000 | $ 11,480,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination and Private Placement financing, net of issuance costs (in shares) | [1] | 57,451,915 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination and Private Placement financing, net of issuance costs | [1] | 376,576,000 | $ 6,000 | 376,570,000 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Dissolution of redeemable noncontrolling interest for Visualize Health (in shares) | [1] | 895,435 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Dissolution of redeemable noncontrolling interest for Visualize Health | [1] | 4,000,000 | 4,136,000 | (136,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation | [1] | 46,780,000 | 46,780,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Currency translation adjustment | [1] | (1,486,000) | (1,341,000) | (145,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchased shares of common stock related to exercise of employee stock options (in shares) | [1] | (6,002,255) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Repurchased shares of common stock related to exercise of employee stock options | [1] | (29,772,000) | $ (1,000) | (29,771,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to noncontrolling interest in subsidiaries | [1] | (129,000) | (18,000) | (111,000) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Sharecare, Inc. | (85,000,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Sharecare, Inc. | [1] | (85,593,000) | (85,593,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Other (in shares) | [1] | 66,555 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other | [1] | (988,000) | (988,000) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending balance at Dec. 31, 2021 | [1] | $ 564,836,000 | $ 35,000 | $ 1,042,164,000 | $ (2,061,000) | $ (477,113,000) | $ 1,811,000 | |||||||||||||||||||||||||||||||||||||||||||||||
| Ending balance (in shares) at Dec. 31, 2021 | 345,788,707 | 345,788,707 | [1] | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Issuance of shares (in shares) | 42,560,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Ending balance (in shares) at Jul. 01, 2021 | 337,088,179 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Cash flows from operating activities: | |||
| Net loss | $ (85,129) | $ (60,461) | $ (39,437) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization expense | 32,601 | 24,684 | 23,782 |
| Non-cash interest expense | 4,680 | 20,776 | 9,136 |
| Write-off of deferred financing fees and debt discount | 12,063 | 0 | 0 |
| Loss on extinguishment of debt | 1,148 | 0 | 0 |
| Amortization of contract liabilities | (5,616) | (5,678) | (5,749) |
| Accretion of contract liabilities | 1,561 | 2,053 | 2,459 |
| Loss from equity method investment | 0 | 3,902 | 0 |
| Change in fair value of warrant liability and contingent consideration | (26,123) | 9,647 | 566 |
| Share-based compensation | 46,780 | 19,160 | 3,532 |
| Deferred income taxes | (2,196) | (1,604) | (290) |
| Payment of PIK interest | (8,717) | 0 | 0 |
| Other | 2,270 | 1,094 | 498 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net and other receivables | (31,469) | 8,104 | (2,737) |
| Prepaid expenses and other assets | (4,810) | (378) | 987 |
| Accounts payable and accrued expense | 9,381 | 9,239 | (1,195) |
| Deferred revenue | (527) | (15,777) | 11,025 |
| Net cash provided by (used in) used in operating activities | (54,103) | 14,761 | 2,577 |
| Cash flows from investing activities: | |||
| Acquisition of Visualize Health | 0 | (2,000) | 0 |
| Acquisition of MindSciences | 0 | 140 | 0 |
| Acquisition of CareLinx | (54,774) | 0 | 0 |
| Acquisition of doc.ai | (16,784) | 0 | 0 |
| Purchases of property and equipment | (2,423) | (1,814) | (1,695) |
| Capitalized internal-use software costs | (38,406) | (15,497) | (14,949) |
| Net cash used in investing activities | (112,387) | (19,171) | (16,644) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of redeemable convertible preferred stock and warrants, net of issuance costs | 50,000 | 6,774 | 25,251 |
| Proceeds from issuance of debt | 20,000 | 38,000 | 35,400 |
| Repayment of debt | (66,350) | (40,000) | (38,142) |
| Net proceeds from Reverse Recapitalization with Falcon Capital Acquisition Corp. | 426,240 | 0 | 0 |
| Proceeds from exercise of common stock options | 5,964 | 336 | 69 |
| Repurchased shares of common stock related to exercise of employee stock options | (19,581) | 0 | 0 |
| Payments on capital lease obligations | (1,052) | (1,268) | (1,781) |
| Financing costs | (1) | (72) | 0 |
| Net cash provided by financing activities | 415,220 | 3,770 | 20,797 |
| Effect of exchange rates on cash and cash equivalents | (228) | (435) | (138) |
| Net (decrease) increase in cash and cash equivalents | 248,502 | (1,075) | 6,592 |
| Cash and cash equivalents at beginning of period | 22,603 | 23,678 | 17,086 |
| Cash and cash equivalents at end of period | 271,105 | 22,603 | 23,678 |
| Supplemental disclosure of cash flow information: | |||
| Cash paid for interest | 19,946 | 9,942 | 16,624 |
| Cash paid for income taxes | 52 | 162 | 653 |
| Noncash financing activities: | |||
| Deferred offering costs not yet paid | $ 0 | $ 2,071 | $ 0 |
Nature of Business and Significant Accounting Policies |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| 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 care, and more. Additionally, Sharecare, through its subsidiary Sharecare Health Data Services, LLC (“HDS”), 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. The consumer solutions channel (as referenced in previous filings) was renamed the life sciences channel in January 2022 in order to more accurately portray the customer base of the channel. SPAC Transaction On July 1, 2021, Falcon Capital Acquisition Corp., the Company’s predecessor and a Delaware corporation (“FCAC”), consummated the business combination (the “Business Combination”) pursuant to the terms of the Agreement and Plan of Merger, dated February 12, 2021 (the “Merger Agreement”), with Sharecare, Inc., a Delaware corporation (“Legacy Sharecare”), FCAC Merger Sub Inc., a Delaware corporation and a wholly-owned subsidiary of FCAC (“Merger Sub”), and the stockholder representative. Immediately upon the completion of the Business Combination and the other transactions contemplated by the Merger Agreement (the “Transactions”, and such completion, the “Closing”), Merger Sub merged with and into Legacy Sharecare with Legacy Sharecare surviving the merger as a wholly-owned subsidiary of the Company (as successor to FCAC). In addition, in connection with the consummation of the Business Combination, the Company changed its name to “Sharecare, Inc.” and Legacy Sharecare changed its name to “Sharecare Operating Company, Inc.” Pursuant to the Merger Agreement, FCAC acquired all of the outstanding equity interests of Legacy Sharecare in a transaction valued at approximately $3.82 billion. At Closing, Legacy Sharecare stockholders received an aggregate of 271,051,959 shares of the Company’s common stock, par value $0.0001 per share (the “common stock”) and approximately $91.7 million in cash consideration paid on a pro rata basis with respect to Cash Electing Shares (as defined in the Merger Agreement). As a result of the Business Combination, the Company received gross proceeds of over $571 million, prior to transaction expenses and payment of cash consideration. The Business Combination is further described in Note 2. During July 2021, the Company settled substantially all of its existing indebtedness, totaling $178.4 million in connection with the consummation of the Business Combination and pursuant to the terms of the Merger Agreement. The Company still maintains a senior secured revolving credit facility (the “Revolving Facility”) pursuant to the Senior Secured Credit Agreement (as defined herein). Basis of Presentation 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”). Pursuant to the Merger Agreement, the merger between Merger Sub and Legacy Sharecare was accounted for as a reverse recapitalization in accordance with GAAP (the “Reverse Recapitalization”). Under this method of accounting, FCAC was treated as the “acquired” company and Legacy Sharecare was treated as the acquirer for financial reporting purposes. Accordingly, for accounting purposes, the Reverse Recapitalization was treated as the equivalent of Legacy Sharecare issuing stock for the net assets of FCAC, accompanied by a recapitalization. The net assets of FCAC are stated at historical cost, with no goodwill or other intangible assets recorded. Legacy Sharecare was determined to be the accounting acquirer in the Business Combination based on the following predominant factors at the time of the transaction: •Legacy Sharecare’s existing stockholders have the greatest voting interest in the Company; •The largest individual minority stockholder in the Company was a stockholder of Legacy Sharecare; •Legacy Sharecare’s directors represent the majority of the new board of directors of the Company; •Legacy Sharecare’s senior management is the senior management of the Company; and •Legacy Sharecare is the larger entity based on historical revenue and has the larger employee base. The consolidated assets, liabilities and results of operations prior to the Reverse Recapitalization are those of Legacy Sharecare. The shares and corresponding capital amounts and losses per share, prior to the Reverse Recapitalization, have been retroactively restated based on shares reflecting the exchange ratio of 71.26 (the “Exchange Ratio”) established in the Business Combination. Consolidation Policy The consolidated financial statements include the accounts of Sharecare, Inc. and its wholly owned subsidiaries: Sharecare Operating Company, Inc., Lucid Global, Inc.; Healthways SC LLC; Sharecare Health Data Services, Inc.; HDS; Visualize Health, LLC; MindSciences, Inc.; SC-WHAI, LLC; Sharecare GMBH, a German-based subsidiary; Sharecare Digital Health International Limited; Sharecare SAS, a French-based subsidiary; Sharecare Services GMBH, a German-based subsidiary; Sharecare Australia Pty Limited, an Australian-based subsidiary; and Sharecare NZ Limited, a New Zealand-based subsidiary; doc.ai, Inc.; CareLinx Inc.; as well as Sharecare Brasil Servicos de Consultoria Ltda, a Brazil-based subsidiary in which Sharecare has a controlling interest. The Company entered into a joint venture with HInsight-Customer Care Holdings (HCA) — both the Company and HCA have an ownership in HICCH-SCL, LLC. 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. Reclassifications Certain prior period amounts previously recorded to long-term debt have been reclassified to other long-term liabilities and accrued expenses in the Consolidated Balance Sheets in order to conform to the current period presentation. Additionally, certain prior period amounts on the Consolidated Statements of Cash Flows previously reported in other have been reclassified to the Change in fair value of warrant liability and contingent consideration line item in order to conform to the current period presentation. These reclassifications had no effect on the previously reported results of operations. Use of Estimates The preparation of these 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 period. Significant estimates and assumptions reflected in these consolidated financial statements are revenue recognition, the valuation of assets and liabilities acquired in business combinations, the valuation of common stock prior to the Business Combination, stock-based compensation, 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 during the normal course of business and generally requires no collateral from its customers. Domestic revenues from operations represent approximately 95%, 95% and 94% of total revenue during the years ended December 31, 2021, 2020 and 2019, respectively. One customer accounted for 11%, 16% and 17% of the Company’s total revenues during the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021 and 2020 there was one customer that individually accounted for 11% and 14%, respectively, of the Company’s accounts receivable, net. 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, equity method investment, goodwill and other intangible assets. For these assets, the Company does not periodically adjust the carrying value to fair value except in the event of 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 income in the Consolidated Statements of Operations and Comprehensive Loss. Further, in connection with business combinations, 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. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less from the date of purchase. Cash equivalents generally consist of investments in money market funds. Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable consists of trade accounts receivable which are due under normal trade terms requiring payment typically within 45 days from the invoice date. Bad debts are provided for based on historical experience and management’s evaluation of outstanding accounts receivable at the end of each year. It is reasonably possible that the estimates will change in the near term. Management evaluates whether accounts are delinquent on a case-by-case basis and based on historical experience. The changes in the allowance for doubtful accounts are as follows (in thousands):
Property and Equipment Property and equipment are recorded at the original acquisition cost and depreciated over their estimated useful lives using the straight-line method. Repairs and maintenance costs are expensed as incurred. Business Combinations The Company accounts for business acquisitions in accordance with ASC Topic 805, Business Combinations. The Company measures the cost of an acquisition as the aggregate of the acquisition date fair values of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree, the liabilities assumed by the acquirer from the acquiree, and the equity instruments issued by the acquirer. Transaction costs directly attributable to the acquisition are expensed as incurred. The Company records goodwill for the excess of (i) the total costs of acquisition and fair value of any noncontrolling interests over (ii) the fair value of the identifiable net assets of the acquired business. Other Long-Term Assets Long-term other assets include security deposits associated with the leasing of office space of $0.7 million and $0.8 million as of December 31, 2021 and 2020, respectively, as well as tax credits that can be used to reduce the Company’s taxable income in France (or that are receivable in cash if not used within three years) of $1.4 million and $1.5 million as of December 31, 2021 and 2020, respectively. As of December 31, 2021, long-term assets also includes $6.1 million primarily consisting of a non-cash payment for up front research and development costs related to the issuance of Series D redeemable convertible preferred stock (the “Series D preferred Stock") prior to the Business Combination, for which amortization is recorded to Product and technology in the Consolidated Statement of Operations and Comprehensive Loss on a straight-line basis. As of December 31, 2020, long-term assets also included $2.1 million of deferred costs associated with the Business Combination which was reclassified against proceeds and additional paid-in capital during the current year. Intangible Assets The Company amortizes the identified intangible assets with a finite life over their respective useful lives on a straight-line basis which approximates the pattern in which the economic benefits are consumed. Intangible assets deemed to have indefinite lives are not amortized, but are subjected to annual tests of impairment or more frequently if indicators of impairment are identified. Intangible assets have useful lives within the following ranges:
Contract Liabilities In connection with acquisitions, the Company recognized current and noncurrent contract liabilities, representing off-market values associated with: (i) certain office lease agreements (amortization will continue through 2024) and (ii) certain wellness program royalty agreements (amortization will continue through 2023). Amortization of these contract liabilities during the year ended December 31, 2021 was $5.6 million. Of that amount, $1.7 million was included within cost of revenues and $3.9 million was included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. Amortization of these contract liabilities during the year ended December 31, 2020 was $5.7 million. Of that amount, $1.7 million was included within cost of revenues and $4.0 million was included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. Amortization of these contract liabilities during the year ended December 31, 2019 was $5.7 million. Of that amount, $1.6 million was included within cost of revenues and $4.1 million was included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. Deferred Financing Fees, Net In connection with obtaining loans, the Company incurred and capitalized fees that were settled in cash and warrants. In addition, in connection with the modification of historical convertible debt instruments and through the issuance of convertible debt instruments, the Company had a beneficial conversion feature on its Series B, Series B-3 and Series B-4 Convertible Notes that were outstanding prior to the Business Combination. The financing fees and beneficial conversion features were amortized over the life of the loans as a component of interest expense. In July 2021, the Company’s Series B, Series B-3 and Series B-4 Convertible Notes were fully converted into common stock in connection with the consummation of the Business Combination (see Note 7). During the year ended December 31, 2021, expense recognized in the Consolidated Statement of Operations and Comprehensive Loss related to deferred financing fees totaled $15.5 million, which primarily consisted of the loss on conversion of debt. During the years ended December 31, 2020 and 2019, expense recognized in the Consolidated Statement of Operations and Comprehensive Loss related to deferred financing fees totaled $6.8 million and $6.8 million, respectively, which represented the amortization of financing fees and beneficial conversion features. Income Taxes The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities with consideration given to net operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be in effect when the differences are expected to reverse. The Company assesses the likelihood that deferred tax assets will be recovered from future taxable income, and a valuation allowance is established when necessary to reduce deferred tax assets to the amounts more likely than not expected to be realized. The Company classifies its deferred income taxes as noncurrent on 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 December 31, 2021 and 2020, such fees were $11.7 million and $9.9 million, respectively. The Company recognized $7.7 million of revenue during the year ended December 31, 2021 that was included in deferred revenue at December 31, 2020. The Company recognized $19.9 million of revenue during the year ended December 31, 2020 that was included in deferred revenue at December 31, 2019. Revenue Recognition Revenue is recognized when control of the promised good or service is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for that good or service. Sales and usage-based taxes are excluded from revenue. The Company serves a diverse group of clients. We are the principal in all outstanding revenue arrangements except for CareLinx, for which such amounts are not material. CareLinx has B2C and B2B2C service lines for which CareLinx is the agent and we recognize the commission revenue based on the amount billed using the “as-invoiced” practical expedient. Enterprise Revenue The Company provides employers and health plans with health management programs for their employee base or covered population, including digital engagement, telephonic coaching, incentives, biometrics, and patient care managed health. Revenue is recognized on a per member per month (“PMPM”) basis for a portion of revenue and based on individual product offerings being purchased by each individual customer which may vary based on the timing of delivery of services against those performance obligations. Member participation fees are generally determined by multiplying the contractually negotiated member rate by the number of members eligible for services during the month. Member participation rates are established during contract negotiations with customers, often based on a portion of the value the programs are expected to create. Contracts with health plans and integrated health care systems generally range from to five years with several comprehensive strategic agreements extending for longer periods. Contracts with self-insured employers typically have to year terms. Health management program contracts often include a fee for the subscription of the Sharecare digital platform which may also be sold on a stand-alone basis. This service allows members to access the proprietary health engagement mobile application with a comprehensive suite of health and wellness management programs, content, and tools. Revenue is recognized on a per member or a fixed fee basis as the services are provided. The Company provides customers with Blue Zones solutions, a turnkey program for communities to apply the Blue Zone program principals, enabling community sponsors such as health plans, employers, and health systems, with a way to improve the health of their community in a tangible, measurable way. These contracts generally include two performance obligations, the discovery period and the subsequent content delivery for each year of engagement. The revenue is recognized based on the relative standalone selling price of the performance obligations evenly over time. These contracts do not include termination clauses and often have to year terms. The Company’s doc.ai unlocks the value of health data through licensing artificial intelligence modules and through the creation of products for a portfolio of clients including payors, pharma, and providers. These contracts generally include two performance obligations. The software license and maintenance/support are considered one series of distinct performance obligations and professional services is considered a separate distinct performance obligation. Revenue is recognized for all identified performance obligations as services are delivered. 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 an amount of variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company utilizes customer data in order 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 performance target(s). As of December 31, 2021 and 2020, such fees included within deferred revenue were $3.9 million and $5.9 million, respectively. Customers are generally billed monthly for the entire amount of the fees contractually due for the prior month’s enrollment, which typically includes the amount, if any, that is performance-based and may be subject to refund should performance targets not be met. Fees for participation are typically billed in the month after the services are provided. Deferred revenues arise from contracts that permit upfront billing and collection of fees covering the entire contractual service period, generally six months to a year. A limited number of contracts provide for certain performance-based fees that cannot be billed until after they are reconciled with the customer. In the event performance levels 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 $10.0 million, $12.5 million, and $12.3 million of revenues recognized during the years ended December 31, 2021, 2020 and 2019, respectively, were performance-based. As of December 31, 2021, 2020 and 2019, 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 $5.7 million, $7.3 million and $3.4 million, respectively, all of which were based on actual results. During the year ended December 31, 2021, $3.4 million was recognized in revenue that related to services provided prior to December 31, 2020. Provider Revenue Provider revenue is primarily based on services which provide data and information-driven solutions for healthcare providers that are tailored to improve productivity and efficiency and enhance patient care and management while upholding the latest compliance, security, and privacy standards. Revenue is recognized based on the volume of health document requests fulfilled and recognized upon satisfactory delivery to the customer. In addition, provider revenue is derived from subscription fees for various technology related services that assist providers with efficiency, productivity, quality, performance and risk-adjustment tools, billing contract compliance and enhanced patient care. Subscription fees are recognized ratably over a to year contractual period. Life Sciences Revenue The Company generates life sciences revenue mostly through ad sponsorships and content delivery. Content delivery revenue is recognized when the content is delivered to the customer. Ad sponsorship revenue is recognized when the contractual page views or impressions are delivered and the transaction has met the criteria for revenue recognition. Certain customer transactions may contain multiple performance obligations that may include delivery of content, page views, and ad sponsorship over time. To account for each of these elements separately, the delivered elements must be capable of being distinct and must be distinct in the context of the contract. Revenue is allocated based on the stand-alone selling price for each performance obligation as the services are provided. 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 December 31, 2021, 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 $131.2 million. As of December 31, 2021, the Company expects to recognize revenue on approximately 57% 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):
Foreign Currency The functional currency of the Company’s foreign subsidiaries is the respective local currency. All asset and liability accounts of the Company’s foreign subsidiaries are translated into U.S. dollars using the exchange rate on the balance sheet date. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as a separate component on the Consolidated Statements of Operations and Comprehensive Loss. Equity transactions are translated using historical exchange rates. Expenses are translated using the average exchange rate during the year. Foreign currency transaction gains and losses are included in other expense in the Company’s Consolidated Statements of Operations and Comprehensive Loss. Foreign currency transaction gains (losses) during the years ended December 31, 2021, 2020 and 2019 were immaterial. Advertising expense Advertising costs, which are expensed as incurred, totaled $8.8 million, $6.8 million and $7.3 million in 2021, 2020 and 2019, respectively. Employee Benefit Plan The Company has established a defined contribution savings plan under . This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis, subject to legal limitations. Company contributions to the plan may be made at the discretion of the Company’s board of directors. The Company contributed $1.5 million, $1.0 million and $1.1 million during the years ended December 31, 2021, 2020 and 2019, respectively. Share-Based Payments The Company measures compensation for all share-based payment awards granted to employees, directors, and nonemployees, based on the estimated fair value of the awards on the date of grant. For awards that vest based on continued service, the service-based compensation cost is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For service vesting awards with compensation expense recognized on a straight-line basis, at no point in time does the cumulative grant date value of vested awards exceed the cumulative amount of compensation expense recognized. The grant date fair value of stock options that contain service or performance conditions is estimated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as they occur. For awards that contain performance conditions, compensation cost attributable to the period for which the requisite service has already been rendered is recognized in the period in which it becomes probable that the performance target will be achieved. Compensation cost for which requisite service has not yet been rendered, but for which it is probable that the performance target will be achieved, is recognized prospectively over the remaining requisite service period. In some cases, the period in which the performance target can be achieved is different than the requisite services period. Performance awards, for which the performance target is not achieved upon the date the employee stops rendering services, are forfeited. For awards that vest upon a liquidity event or a change in control, the performance condition is not probable of being achieved until the event occurs. As a result, no compensation expense is recognized until the performance-based vesting condition is achieved, at which time the cumulative compensation expense will be recognized. Net Loss Per Share The Company follows the two-class method when computing net loss per share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income or loss available to common stockholders for the period to be allocated between common and other participating securities based upon their respective rights to receive dividends as if all income or losses for the period had been distributed. However, the Company’s redeemable convertible preferred stock contractually entitles the holders of such shares to participate in dividends, but contractually does not require the holders of such shares to participate in losses of the Company. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued, as their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the years ended December 31, 2021, 2020, and 2019. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net losses attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares. Other Income (Expense) For the years ended December 31, 2021, 2020, and 2019, other income (expense) consisted of the following (in thousands):
Accounting Standards Not Yet Adopted 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. Leases. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Lessees will need to recognize most leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model and the revenue recognition guidance in ASC 606. The lease standard is effective for fiscal years beginning after December 15, 2021. Early adoption is permitted. In July 2018, the FASB approved an additional optional transition method by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company will adopt the standard using this optional transition method. The Company has conducted an evaluation of this new standard and its impact to the consolidated financial statements. Based on our evaluation to date, we expect the adoption will not have a material impact on our consolidated financial statements. The most significant impact will be the recognition of right-of-use assets and lease liabilities for operating leases. Our accounting for capital leases will remain substantially unchanged. 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, 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 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. The Company is currently evaluating this new standard and the impact it will have on its consolidated financial statements. Recently Adopted Accounting Standards In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The standard largely aligns the accounting for share-based payment awards issued to employees and non-employees by expanding the scope of ASC 718 to apply to non-employee share-based transactions, as long as the transaction is not effectively a form of financing. The Company adopted ASU 2018-07 on January 1, 2020, and the adoption did not have a material impact on the Company’s consolidated financial statements. In November 2019, the FASB issued ASU No. 2019-08, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements – Share Based Consideration Issued to a Customer. The update requires that an entity measure and classify share-based payment awards to a customer by applying the guidance in Topic ASC 718. The Company adopted ASU 2019-08 on January 1, 2020, and the adoption did not have a material impact on the Company’s consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combination (Topic 805): Accounting for Contracts Assets and Contract Liabilities from Contracts with Customers. The update requires acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities, such as deferred revenue, in a business combination and eliminates the requirement to recognize such items at fair value as of the acquisition date. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in an interim period. The Company elected to early adopt ASU No. 2021-08 during the fourth quarter of 2021. As such, the Company retrospectively applied the update to all business combinations for which the acquisition date occurred on or after January 1, 2021. The adoption did not have a material impact on the Company’s consolidated financial statements.
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Business Combination |
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| Reverse Recapitalization [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Combination | Business Combination As discussed in Note 1, on June 29, 2021, FCAC held a special meeting of stockholders (the “Special Meeting”) at which the FCAC stockholders considered and adopted, among other matters, the Merger Agreement. On July 1, 2021, the parties to the Merger Agreement consummated the Transactions, with Legacy Sharecare surviving the merger as a wholly owned subsidiary of the Company. Shares of Legacy Sharecare common stock issued and outstanding were canceled and converted into the right to receive 71.26 shares of common stock. Unless otherwise stated, the Exchange Ratio has been applied to the number of shares and share prices of Legacy Sharecare throughout these consolidated financial statements. Prior to the Special Meeting, holders of 19,864,030 shares of FCAC’s Class A common stock sold in FCAC’s initial public offering exercised their right to redeem those shares for cash at a price of approximately $10.00 per share, for an aggregate redemption price of approximately $198.6 million. Immediately after giving effect to the Business Combination (including as a result of the redemptions described above), there were 333,875,179 issued and outstanding shares of the Company’s common stock (excluding the Earnout Shares (as defined herein)). In addition, at the closing of the Business Combination, the Company issued 5,000,000 shares of Series A Convertible Preferred Stock (the “Series A Preferred Stock”) upon exchange of the shares of Series D Preferred Stock held by one investor in accordance with the terms of the Merger Agreement. Pursuant to the Merger Agreement, 1,713,000 shares of common stock are held in escrow and shall be released to the sponsor of FCAC (the “Sponsor Earnout Shares”). In addition, 1,500,000 shares of common stock are held in escrow and shall be released to Legacy Sharecare stockholders and option holders (the “Sharecare Earnout Shares” and, together with the Sponsor Earnout Shares, the “Earnout Shares”). The Earnout Shares are subject to release upon achieving certain triggering events as defined in the Merger Agreement. The earnout conditions have not been satisfied as of December 31, 2021. The Earnout Shares allocated to Legacy Sharecare shareholders are accounted for as liability instruments and classified as level 3 instruments that are marked-to-market each reporting period (see Note 3). The Earnout Shares allocated to the Legacy Sharecare option holders are classified as equity instruments and accounted for under ASC 718. The Business Combination was accounted for as a Reverse Recapitalization, with no goodwill or other intangible assets recorded, in accordance with GAAP. Under this method of accounting, FCAC was treated as the “acquired” company for financial reporting purposes. Accordingly, for accounting purposes, the Business Combination was treated as the equivalent of Legacy Sharecare issuing stock for the net assets of FCAC, accompanied by a recapitalization. The cash of $146.4 million, which included cash previously held in the FCAC trust (net of redemptions), and working capital accounts of FCAC were recorded at historical cost, which approximates fair value. The Company also assumed the private placement warrants and public warrants (each as defined herein) from FCAC, which were recorded based on the acquisition date fair value (see Note 3). Cash paid for issuance costs and advisory fees were approximately $54.0 million. Additionally, in connection with the Business Combination, the Company made one-time bonus payments of $11.6 million to certain executives which has been recorded in General and Administrative expense, and resulted in a reduction in operating cash flows. Upon the closing of the Business Combination, the Company’s certificate of incorporation was amended and restated to, among other things, increase the total number of authorized shares of all classes of capital stock to 615,000,000 shares, of which 600,000,000 shares are designated as common stock, par value of $0.0001 per share, and 15,000,000 shares are designated as preferred stock, par value of $0.0001 per share, including 5,000,000 shares of Series A Preferred Stock. In connection with the Business Combination, FCAC entered into subscription agreements, each dated as of February 12, 2021, with certain investors (the “Investors”), pursuant to which, among other things, FCAC issued and sold, in private placements, an aggregate of 42,560,000 shares of FCAC Class A common stock for $10.00 per share (the “Private Placement”). The Private Placement closed immediately prior to the Business Combination. The shares of FCAC Class A common stock issued to the Investors became shares of the Company’s common stock upon consummation of the Business Combination. The following table reconciles the elements of the Business Combination to the net proceeds from Reverse Recapitalization with FCAC, as set forth in the Consolidated Statement of Cash Flows for the year ended December 31, 2021 (in thousands):
The following table reconciles the number of shares of common stock of FCAC to common stock of the Company immediately following the consummation of the Business Combination, as reflected on the Consolidated Statement of Redeemable Noncontrolling Interest, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit) (share numbers are not in thousands):
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Fair Value Measurements |
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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. 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 relate to previous acquisitions and the Business Combination. The following tables present the fair value hierarchy for assets and liabilities measured at fair value as of (in thousands):
The warrants included in the units issued in FCAC’s initial public offering, each of which is exercisable for one share of common stock at an exercise price of $11.50 (the “public warrants”), were classified within Level 1 as they are publicly traded and had an observable market price in an active market. The warrants issued by FCAC simultaneously with its initial public offering in a private placement, each of which is exercisable for one share of common stock at an exercise price of $11.50 (the “private placement warrants”), and contingent consideration were classified within Level 3 as they were valued using certain unobservable inputs, such as expected volatility estimated based on the average historical stock price volatility of comparable companies. As of December 31, 2021, all private placement warrants were subsequently registered and reclassified to Level 1 measurement as they are now publicly traded and have an observable market price in an active market. The fair value of the private placement warrants was estimated using the Black-Scholes model with inputs based on the Company’s stock price, the exercise price, expected volatility, and expected term. The fair value of the contingent consideration was estimated based on the Company’s stock price and number of shares expected to be issued from acquisitions in prior years. The fair value of the Earnout Shares allocated to Legacy Sharecare shareholders and FCAC Sponsors were included in contingent consideration 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 private placement warrant liabilities balance (Level 3 measurements) during 2021 and 2020 (in thousands):
The following is a schedule of changes to the contingent consideration - other liabilities 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 Property and Equipment As of December 31, 2021 and 2020, property and equipment, net consisted of the following (in thousands):
Depreciation expense during the years ended December 31, 2021, 2020 and 2019 totaled $2.7 million and $2.8 million and $2.9 million, respectively. Accrued Expenses and Other Current Liabilities As of December 31, 2021 and 2020, accrued expenses and other current liabilities consisted of the following (in thousands):
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Acquisitions |
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| Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Acquisitions | Acquisitions 2021 doc.ai On February 22, 2021, the Company acquired all outstanding equity interests of doc.ai Incorporated. The total purchase price in connection with the acquisition was $120.6 million, consisting of $29.0 million of cash (comprised of $15.0 million due upon closing and $14.0 million paid via a note payable), $10.3 million of contingent consideration (comprised of up to 1,145,790 shares of common stock and up to 485,922 stock options), and $81.3 million in the form of 9,039,117 shares of common stock (8,435,301 issued at closing and 603,816 shares to be issued at the first anniversary of the acquisition) and 2,444,361 stock options. The note payable and contingent consideration was settled on July 1, 2021 in connection with the Business Combination. The fair value of the assets acquired and liabilities assumed in connection with the acquisition are as follows (in thousands):
The fair value assigned to the developed technology was determined using the relief from royalty method. The fair value of the customer relationships was determined using the multi-period excess earnings method, which estimates the direct cash flow expected to be generated from the existing customers acquired. The Company incurred transaction-related expenses of $0.8 million which were recorded under general and administrative expenses in the Consolidated Statement of Operations and Comprehensive Loss. The Company also incurred compensation expenses of $8.8 million through the issuance of replacement stock options which were recorded under general and administrative expenses and product and technology expenses in the Consolidated Statement of Operations and Comprehensive Loss. Goodwill represents the excess of the purchase consideration over the estimated acquisition date fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed. Goodwill also represents the future benefits as a result of the acquisition that will enhance the Company’s products available to both new and existing customers and increase the Company’s competitive position. The goodwill resulting from this acquisition is not tax deductible. The Company finalized its purchase accounting for the doc.ai acquisition during the fourth quarter of 2021. The results of operations of doc.ai have been included in the Company’s Consolidated Statements of Operations and Comprehensive Loss from the acquisition date. Revenue and net loss from the acquisition date through December 31, 2021 were approximately $17.3 million and $3.9 million, respectively. CareLinx On August 11, 2021, the Company acquired all outstanding equity interests of CareLinx Inc. (“CareLinx”). The total preliminary purchase price in connection with the acquisition is $65.6 million, consisting of $55.2 million of cash and $10.4 million equity-based consideration, comprised of 1,262,475 shares of common stock and 295,758 stock options. The preliminary fair value of the assets acquired and liabilities assumed in connection with the acquisition are as follows (in thousands):
The fair value assigned to the developed technology was determined using the relief from royalty method. The fair value of customer relationships was determined using the multi-period excess earnings method, which estimates the direct cash flow expected to be generated from the existing customers acquired. The Company incurred transaction-related expenses of $1.1 million which were recorded under general and administrative expenses in the Consolidated Statement of Operations and Comprehensive Loss. Goodwill represents the excess of the purchase consideration over the estimated acquisition date fair value of the net tangible and identifiable intangible assets acquired and liabilities assumed. Goodwill also represents the future benefits as a result of the acquisition that will enhance the Company’s services available to both new and existing customers and increase the Company’s competitive position. The goodwill resulting from this acquisition is not tax deductible. The purchase accounting for the CareLinx business combination remains preliminary, with respect to acquired tangible and intangible assets and liabilities assumed as management continues to gather and evaluate information about circumstances that existed as of the acquisition date as well as the completing the assessment of the related income tax attributes of the transaction which are still in process. Additionally, the assignment of the goodwill recognized to its related reporting unit is still in process. The Company will update its disclosures in subsequent financial statements as additional progress is made to account for the transaction. The results of operations of the CareLinx acquisition have been included in the Company’s Consolidated Statements of Operations and Comprehensive Loss from the acquisition date. Revenue and net loss since the acquisition date through December 31, 2021 were approximately $12.1 million and $4.2 million, respectively. Other Prior Year Acquisitions On February 12, 2020, the Company acquired Visualize Health (“VH”) in order to obtain its software platform. The selling owners of VH contributed the assets of the business to HDS-VH Holdings, Inc. (“HDS-VH”), a subsidiary of Sharecare, in exchange for $2.0 million of cash, $1.9 million of contingent consideration and $5.0 million in redeemable stock of HDS-VH. After the combination, the Company owned all of the voting interests and approximately 97% of the equity interests of HDS-VH and consolidated its results of operations. The former owners of VH had the ability to sell their shares in HDS-VH to the Company at a stated value (a put feature); therefore, the noncontrolling interest in HDS-VH was recorded as Contingently Redeemable Noncontrolling Interests in the Company’s financial statements. Subsequently, the shares were redeemed (see Note 11). The Company initially estimated the fair value of contingently redeemable noncontrolling interests based on (1) selling owners’ interest in the estimated fair value of VH at the transaction and the book value of HDS-VH immediately prior to the transaction and (2) the estimated fair value of the put feature. The Company estimated the fair value of the contingent consideration as of the acquisition date. The contingent consideration is subject to remeasurement at each reporting date until December 31, 2023, with the remeasurement adjustment reported in the Consolidated Statements of Operations and Comprehensive Loss within the Other income (expense) line item. The assets acquired and liabilities assumed in connection with the VH acquisition were recorded at their fair value on the date of acquisition as follows (in thousands):
The fair value assigned to the developed technology was determined using the relief from royalty method. The customer relationships were determined primarily using the multi-period excess earnings method, which estimates the direct cash flow expected to be generated from the existing customers acquired. The Company incurred transaction related expenses of $0.2 million which were recorded under general and administrative expenses in the Consolidated Statement of Operations and Comprehensive Loss. Goodwill of $0.7 million resulting from this acquisition is tax deductible and $4.5 million is not tax deductible. On May 13, 2020, the Company acquired all outstanding equity interests of Mindsciences, Inc. in order to acquire its digital platform and software. The total purchase price consideration in connection with the acquisition was $7.6 million, consisting of 440,316 shares of common stock reflecting the retroactive restatement of the Series C redeemable convertible preferred stock for the effect of the Business Combination (initially issued 6,179 shares of Series C redeemable convertible preferred stock) totaling $1.7 million and 2,946,744 shares of common stock and 1,092,558 options totaling $5.9 million. The assets acquired and liabilities assumed in connection with the Mindsciences acquisition were recorded at their fair value on the date of acquisition as follows (in thousands):
The fair value assigned to the developed technology was determined using the relief from royalty method. The customer relationships were determined primarily using the multi-period excess earnings method, which estimates the direct cash flow expected to be generated from the existing customers acquired. The Company incurred transaction related expenses of $0.3 million which were recorded under general and administrative expenses in the Consolidated Statement of Operations and Comprehensive Loss. The goodwill resulting from this acquisition is not tax deductible. On July 2, 2020, the Company acquired all outstanding equity interests of WhiteHatAI in order to acquire its digital platform and software. The total consideration transferred in connection with the acquisition was $2.7 million, consisting of 1,425,200 shares of common stock totaling $2.2 million, and contingent consideration estimated to be $0.5 million (comprised of up to 1,487,553 shares of common stock). The Company estimated the fair value of the contingent consideration as of the acquisition date. The contingent consideration is subject to remeasurement at each reporting date until July 2023, with the remeasurement adjustment reported in the Consolidated Statements of Operations and Comprehensive Loss within the Other income (expense) line item. The assets acquired and liabilities assumed in connection with the WhiteHatAI acquisition were recorded at their fair value on the date of acquisition as follows (in thousands):
The fair value assigned to the developed technology was determined using the relief from royalty method. Other identifiable assets acquired were immaterial. The Company incurred transaction related expenses of $0.3 million which were recorded under general and administrative expenses in the Consolidated Statement of Operations and Comprehensive Loss. The goodwill resulting from this acquisition is not tax deductible. The results of operations of each acquisition have been included in the Company’s Consolidated Statements of Operations and Comprehensive Loss from the respective acquisition date. Actual revenue and losses of the entities since the acquisition date as well as pro forma combined results of operations for these acquisitions have not been presented because the effect of the acquisitions was not material to the Company’s consolidated financial results for the periods presented. For each acquisition, goodwill represents the excess of the purchase consideration over the estimated acquisition date fair value of the net tangible and intangible assets acquired and liabilities assumed. Goodwill also represents the future benefits as a result of the acquisitions that will enhance the Company’s products available to both new and existing customers and increase the Company’s competitive position. Changes in the contingent consideration recognized in connection with the above acquisitions have been summarized in Note 3 above. The Company had finalized the purchase accounting for all of its 2020 acquisitions in 2020.
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Other Intangible Assets | Goodwill and Other Intangible AssetsIntangible assets and the related accumulated amortization for each class of intangible assets as of December 31, 2021 and 2020 were as follows (in thousands):
The following tables set forth the changes in the carrying amount of the Company’s goodwill during the years ended December 31, 2021 and 2020 (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 discounted cash flow analysis. There have been no impairments of goodwill since the Company’s inception. Amortization expense on intangible assets totaled $29.9 million, $21.9 million and $20.9 million for the years ended December 31, 2021, 2020 and 2019, respectively, and 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 December 31, 2021 (in thousands):
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| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | Debt Debt is comprised of the following as of the periods presented (in thousands):
The Company’s debt is stated at its carrying amount. In July 2021, the Company settled substantially all of its existing indebtedness, totaling $178.4 million in connection with the consummation of the Business Combination and pursuant to the terms of the Merger Agreement. The Company’s Series B, Series B-3 and Series B-4 Convertible Notes were fully converted into 37,695,910 shares of common stock, adjusted by the Exchange Ratio of 71.26. The Company recognized a loss on conversion of debt of $12.1 million related to the write-off of the deferred beneficial conversion feature and warrant costs within interest expense in the Consolidated Statement of Operations and Comprehensive Loss. The Company also repaid in full and terminated its Second Lien Credit Agreement and recognized a loss on extinguishment of debt of $1.1 million related to unamortized discounts as separately disclosed within the Consolidated Statement of Operations and Comprehensive Loss. Senior Secured Credit Agreement In March 2017, the Company refinanced its existing debt through the execution of that certain Credit Agreement, dated as of March 9, 2017 (as amended, the “Senior Secured Credit Agreement”), among Legacy Sharecare, certain subsidiaries of Legacy Sharecare (together with Legacy Sharecare, the “Borrowers”), the lenders named therein (the “Lenders”) and Wells Fargo Bank, National Association, as administrative agent (the “Administrative Agent”). The Senior Secured Credit Agreement provides for a senior secured revolving credit facility with total commitments of $60.0 million (the “Revolving Facility”). Availability under the Revolving Facility is generally subject to a borrowing base based on a percentage of applicable eligible receivables. Borrowings under the Revolving Facility generally bear interest at a rate equal to, at the applicable Borrower’s option, either (a) a base rate or (b) a rate based on LIBOR, in each case, plus an applicable margin. The applicable margin is based on a fixed charge coverage ratio and ranges from (i) 1.75% to 2.25% for U.S. base rate loans and (ii) 2.75% to 3.25% for LIBOR. The Senior Secured Credit Agreement matures on February 10, 2023. Borrowings under the Senior Secured Credit Agreement are secured by all assets of the Company. In connection with the consummation of the Business Combination, Legacy Sharecare, the other Borrowers, the Lenders and the Administrative Agent, entered into an Amendment Number Six to the Senior Secured Credit Agreement (the “Sixth Amendment”). Pursuant to the Sixth Amendment, the Administrative Agent and Lenders provided certain consents with respect to the consummation of the Transactions and certain amendments were made to the terms of the Senior Secured Credit Agreement to reflect the Transactions. The Company and certain other subsidiaries of Legacy Sharecare executed joinders to become a party to the Senior Secured Credit Agreement as required by the Sixth Amendment in July 2021. The Senior Secured Credit Agreement contains a number of customary affirmative and negative covenants and the Company in compliance with those covenants as of December 31, 2021. As of December 31, 2021, $50.7 million was available for borrowing under the Revolving Facility net of the letters of credit (Note 12) and associated miscellaneous fees.
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| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes Components of the income tax expense during the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands):
Income tax expense (benefit) differs from the amount that would be calculated by applying federal statutory rates to loss before income taxes primarily because of the valuation allowance on deferred tax assets. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:
The components of the deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2021 and 2020 were as follows (in thousands):
The components of loss from operations, before income taxes, are as follows (in thousands):
The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets. Management has considered the Company’s history of cumulative net losses incurred since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a valuation allowance has been established against the net deferred tax assets. Therefore, no federal tax benefit has been recorded for the net operating losses and the research tax credits during the years ended December 31, 2021, 2020 and 2019. As of December 31, 2021 and 2020, net operating loss carryforwards are as follows (in thousands):
The state and pre-2018 federal net operating loss carryforwards will start to expire in 2023 (through 2037), while the foreign and post-2017 federal net operating loss carryforwards are indefinite. Of the estimated $310.4 million in federal net operating losses that existed on December 31, 2021, $112.3 million were generated after 2017 and will not expire. The realization of the Company’s existing net operating losses was analyzed to determine if any of the losses would be limited under Section 382. It was determined, based on historical ownership changes and acquisitions through the date of the Business Combination, that of the $255.3 million in net operating losses that existed on July 1, 2021, $1.5 million will be limited indefinitely, and the remaining $46.8 million in net operating losses are 382 limited and will become available ratably through 2032. Of the $580.0 million in federal and state net operating loss carryforwards, an estimated $56.2 million relates to the acquisition of CareLinx. The Company will continue to refine the estimate through the measurement period, as provided under ASC 805. Federal net operating losses generated in taxable years beginning after December 31, 2017 can be carried forward indefinitely but are limited to 80% of taxable income in any year. Therefore, taxable temporary differences related to indefinite-lived intangibles may now be used as a source of future taxable income in assessing the realizability of post-2017 federal loss carryforwards. The realization of the Company’s deferred tax assets (including its net operating loss carryforwards) has been analyzed and a valuation allowance established where it is not more-likely-than-not to be realized based on positive and negative evidence. The valuation allowance increased $22.1 million during the year ended December 31, 2021. Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2021 and 2020 are as follows (in thousands):
The Tax Cuts and Jobs Act of 2017 (“TCJA”), as signed by the President of the United States on December 31, 2017, significantly revised U.S. tax law, including the reduction of the U.S. federal corporate tax rate from 35% to 21%, and created a modified territorial taxing system for international operations. Among the various foreign income inclusion provisions enacted, the Company is directly impacted by the “global intangible low taxed income” (“GILTI”). The Company’s accounting policy election is to treat the GILTI tax as a period cost. Under this provision, foreign income generated by its controlled foreign corporations is subject to U.S. tax; GILTI tax for 2021 totaled $0.4 million. The Company has not recognized income tax on the basis difference inherent in its foreign subsidiaries, as these amounts continue to be permanently reinvested in foreign operations. Foreign income will be subject to U.S. income tax upon repatriation. No determination has been made on the basis difference of foreign operations or amount of any unrecognized deferred income tax liability related to the basis difference. Determination of the amount is not practical because of the complexities of the hypothetical calculation. The Company evaluates tax positions for recognition using a more-likely-than-not recognition threshold, and those tax positions eligible for recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon the effective settlement with a taxing authority that has full knowledge of all relevant information. The Company recognizes accrued interest and penalties associated with uncertain tax positions as part of the tax provision. As of December 31, 2021, the Company’s uncertain tax positions were not material and, therefore, accrued interest or penalties related to uncertain tax positions were also not material. No Federal income taxes were paid in 2021, 2020 and 2019.
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Redeemable Convertible Preferred Stock |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Temporary Equity Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred Stock The following is a schedule of authorized, issued and outstanding shares and amounts of each series of redeemable convertible preferred stock as of December 31, 2021 (in thousands, except share amounts):
On April 7, 2021, the Company issued and sold 62,500 shares of Series D Preferred Stock (subject to the potential issuance of additional shares of Series D Preferred Stock pursuant to certain anti-dilution rights of the holders of the Series D Preferred Stock) for an aggregate cash purchase price of $50.0 million. The Company recorded the Series D Preferred Stock at fair value of $51.8 million and contingent consideration related to the anti-dilution provision of $6.4 million. The amount recorded in excess of cash received represents a non-cash payment for up front research and development costs of $8.2 million, which is recorded in prepaid assets and other long-term assets. The Series D Preferred Stock had substantially similar terms as the Company’s other redeemable convertible preferred stock that was outstanding prior to the Business Combination, except that the Series D Preferred Stock (i) was senior in right of liquidation to all other classes of the Company’s outstanding preferred stock, (ii) was entitled to the same accruing dividends as the Company’s senior Series B-2 and B-4 Preferred Stock and (iii) was not subject to certain mandatory conversion provisions applicable to the other series of the Company’s redeemable convertible preferred stock (including mandatory conversion in connection with the Business Combination). Upon consummation of the Business Combination, all of the outstanding shares of the Series D Preferred Stock were exchanged for 5,000,000 shares of Series A Preferred Stock (which exchange reflected the application of the anti-dilution rights noted above). As a result of the Business Combination, all other redeemable convertible preferred stock outstanding prior to the Business Combination was converted into 63,885,490 shares of the Company’s common stock and retroactively adjusted for all periods presented using the Exchange Ratio of 71.26, with a one-to-one share conversion rate. The Series A Preferred Stock is convertible one-to-one (subject to customary adjustments) into the Company’s common stock at any time by the holder. Beginning three years after the issuance date, the Company will be entitled to force the conversion of the Series A Preferred Stock into common stock if the closing price of the Company’s common stock exceeds 130% of the issue price for 20 out of 30 consecutive trading days. On the fifth anniversary of the issue date, the Company will be required to redeem any outstanding Series A Preferred Stock at the issue price. The Series A Preferred Stock will vote on an as-converted basis with all other shares of the Company’s common stock. Classification of Redeemable Convertible Preferred Stock The deemed liquidation preference provisions of the redeemable convertible preferred stock are considered contingent redemption provisions that are not solely within the Company’s control. Accordingly, the redeemable convertible preferred stock has been presented outside of permanent equity in the mezzanine section of the Consolidated Balance Sheets. Because the occurrence of a deemed liquidation event is not currently probable, the carrying values of the convertible preferred stock are not being accreted to their redemption values. Subsequent adjustments to the carrying values to the convertible preferred stock would be made only when a deemed liquidation event becomes probable.
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Common Stock and Stockholders’ Deficit |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Common Stock and Stockholders’ Deficit | Common Stock and Stockholders’ Deficit The Consolidated Statements of Redeemable Noncontrolling Interest, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) reflect the Business Combination as of July 1, 2021. As Legacy Sharecare was deemed the accounting acquirer in the Business Combination with FCAC, all periods prior to the consummation date reflect the balances and activity of Legacy Sharecare. The balances as of December 31, 2020 and 2019 from the consolidated financial statements of Legacy Sharecare as of that date, share activity (redeemable convertible preferred stock, preferred stock, common stock, and additional paid in capital) and per share amounts were retroactively adjusted, where applicable, using the Exchange Ratio of 71.26. Other than the Series D Preferred Stock discussed in Note 9, all convertible redeemable preferred stock classified as mezzanine, was retroactively adjusted, converted into common stock, and reclassified to permanent equity as a result of the Business Combination (as described in Note 9). As of December 31, 2021, the Company was authorized to issue up to 600,000,000 shares of common stock. As of December 31, 2021, there was 66,555 shares of common stock issuable to the former shareholders of entities acquired entities by the Company in prior years. During the fourth quarter of 2021, the Company repurchased 6,002,255 shares of common stock related to withholding tax obligations upon exercise of employee stock options and settlement of the exercise price of the options as reflected on the Consolidated Statements of Redeemable Noncontrolling Interest, Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit) and the Consolidated Statements of Cash Flows. Warrants In connection with debt and equity financings and certain partnership arrangements, the Company may issue warrants. In connection with the consummation of the Business Combination, all vested and exercisable warrants issued by the Company, and outstanding immediately prior to the effective date of the Business Combination, were converted into 10,921,334 shares of common stock pursuant to the Merger Agreement. The number of shares issuable upon conversion of the warrants was determined based on the number of shares of common stock issuable upon exercise of such warrants, on a net exercise basis, and using the Exchange Ratio of 71.26. Certain unvested warrants outstanding immediately prior to the Business Combination were not converted. Liability warrants generally vest immediately and are exercisable upon issuance and have an expiration of seven years from issuance. Equity warrants generally vest after three years from the date of issuance and have an expiration of seven years from issuance. As of December 31, 2021, all private placement warrants were registered as discussed in Note 3. As of December 31, 2021, the following warrants 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 achievement of specified milestones (which, at the consummation of the Business Combination, became obligations of the Company). As of December 31, 2021, these agreements provide for the issuance of up to 7,826,442 shares of common stock (including Earnout Shares in connection with the Business Combination) and 10,173,582 warrants to purchase shares of common stock. With respect to these arrangements, there were 195,650 warrants and 132,594 shares of common stock earned but not issued during the year ended December 31, 2021. Share-based Payments In July 2021, the Board of Directors of the Company adopted the Sharecare, Inc. 2021 Omnibus Incentive Plan (the “2021 Plan”). The 2021 Plan became effective upon consummation of the Business Combination and succeeded the Company’s legacy equity incentive plans. Under the 2021 Plan, the Company may grant stock-based awards to purchase or directly issue shares of common stock to employees, directors, and vendors. Restricted stock units are also granted under the 2021 Plan. The 2021 Plan also permits the Company to grant stock-based awards with performance or market conditions. The maximum number of shares of Company common stock that may be delivered in satisfaction of awards under the 2021 Plan as of December 31, 2021 is 149,040,940 (including 118,803,402 shares of Company common stock issuable upon the exercise of outstanding options to purchase shares of Common stock or settlement of restricted stock units). Awards generally have a maximum life of 10 years. Stock option awards are granted with an exercise price estimated to be greater than or equal to the fair market value on the date of grant. Service-based awards generally vest over a service period of four years and performance-based awards vest upon the satisfaction of various performance targets. As of December 31, 2021, the Company had approximately 30,237,538 shares of its common stock available for issuance in satisfaction of future awards under the 2021 Plan. Stock option and restricted stock unit activity, prices, and values adjusted by the Exchange Ratio, during the year ended December 31, 2021 and 2020 is as follow (share numbers are not in thousands):
(1) Share and per share amounts prior to July 1, 2021 have been retroactively restated to reflect the Reverse Recapitalization as a result of the Business Combination as described in Notes 1 and 2. The intrinsic value is calculated as the difference between the exercise price of the underlying common stock option award and the estimated fair value of the Company’s common stock. The table above includes 1,744,046 and 55,870 options granted to non-employees during the years ended December 31, 2021 and 2020, respectively. Valuation Assumptions The Company’s use of the Black-Scholes option-pricing model to estimate the fair value of stock options granted to employees requires the input of subjective assumptions. These assumptions and estimates are as follows: Expected volatility — Expected volatility is a measure of the amount by which the stock price is expected to fluctuate, Since the Company does not have sufficient trading history of its common stock, it estimates the expected volatility of its stock options at their grant date by taking the weighted-average historical volatility of a group of comparable publicly traded companies over a period of time equal to the expected life of the options. Expected term — The Company determines the expected term based on the average period the stock options are expected to remain outstanding, generally calculated as the midpoint of the stock options vesting term and contractual expiration period, as the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior. The expected term for non-employee stock options is the contractual life, or 10 years. Risk-free rate — The Company uses the U.S. Treasury yield for its risk-free interest rate that corresponds with the expected term. Expected dividend yield — The Company utilizes a dividend yield of zero, as it does not currently issue dividends and does not expect to in the future. The following assumptions were used to calculate the fair value of stock option grants made during the following periods:
Assumptions used in valuing non-employee stock options are generally consistent with those used for employee stock options with the exception of expected term discussed above. Share-based compensation expense for employee and nonemployee options included in the Consolidated Statements of Operations and Comprehensive Loss is as follows during the years ended December 31, 2021, 2020 and 2019 (in thousands):
Included in the share-based compensation table above is $0.8 million of expense related to the Earnout Shares allocated to Legacy Sharecare option holders (see Note 2). The Company’s total unrecognized compensation cost related to options and restricted stock units as of December 31, 2021 was $98.1 million and $13.7 million and is expected to be recognized over a weighted average vesting period of 3.01 and 2.75 years, respectively. The Company’s total unrecognized share-based compensation issued to non-employees as of December 31, 2021 was $1.1 million and is expected to be recognized over a weighted average vesting period of 0.50 years.
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Noncontrolling Interests |
12 Months Ended |
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Dec. 31, 2021 | |
| Noncontrolling Interest [Abstract] | |
| Noncontrolling Interests | Noncontrolling Interests Equity Noncontrolling Interests In connection with the Company’s acquisition of Healthways in 2016, and prior to the Business Combination, the Company acquired a 51% controlling interest in Healthways Brasil Servicos de Consultoria Ltda. (“Healthways Brazil”). The Company consolidates its investment in Healthways Brazil and records the 49% interest as a noncontrolling interest as a component of equity. Redeemable Noncontrolling Interests In conjunction with the VH acquisition, the Company issued 1,068,900 shares of common stock of HDS-VH. to the sellers as part of purchase consideration which resulted in the sellers obtaining a noncontrolling interest. Additionally, the Company issued a put right which gives these shareholders the right to put the 1,068,900 shares back to Sharecare in the future, resulting in the redeemable noncontrolling interests classification outside of permanent equity in the Company’s Consolidated Balance Sheets. During the year ended December 31, 2021, HDS-VH Holdings, Inc. was dissolved and became Visualize Health, LLC, a wholly owned subsidiary of the Company. The outstanding shares of HDS-VH Holdings Inc. were exchanged at a one-to-one ratio for the Company’s common stock. As such, there were no redeemable noncontrolling interests as of December 31, 2021.
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company leases office space in Sao Paulo, Brazil and Berlin, Germany; and the following states: Arizona, California, Florida, Georgia, Maryland, Massachusetts, New York, North Carolina, Oklahoma, Pennsylvania, Tennessee, and Washington under noncancelable operating leases expiring at various dates through July 2024. Total rent expense was $6.2 million, $6.4 million, and $8.8 million during the years ended December 31, 2021, 2020 and 2019, respectively. The following is a schedule of future minimum lease payments under the operating leases (in thousands):
The Company is the lessor in three non-cancelable sub-lease agreements with two companies for the Franklin, Tennessee office space and one company for CareLinx office space in California. The total future minimum rental payments to be received as of December 31, 2021 is $3.1 million. Purchase Commitments The following is a schedule of future non-cancellable purchase obligations with certain service providers as follows (in thousands):
Letters of Credit As of December 31, 2021, the Company had outstanding letters of credit totaling $8.9 million issued in connection with routine business requirements. 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. The Company believes that no amount of losses in excess of amounts accrued are reasonably possible. As of December 31, 2021, the Company has accrued for $8.3 million of estimated contingent liabilities in connection with legal matters related to a sponsorship agreement and a prior acquisition. 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.
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Related-Party Transactions |
12 Months Ended |
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Dec. 31, 2021 | |
| Related Party Transactions [Abstract] | |
| Related-Party Transactions | Related-Party Transactions As discussed in Note 7, the Company settled substantially all of its existing indebtedness in connection with the consummation of the Business Combination. Prior to the Business Combination, certain amounts of the Company’s long-term debt outstanding was due to related parties. As of December 31, 2021 and 2020, $0 and $75.7 million, respectively, of the Company’s Series B, B-3 and B-4 Convertible Notes were due to related parties. See Note 7 for further details regarding the terms of the related debt instruments. The Company previously owned a 50% interest in HICCH-SCL. In 2015, the Company and HCA formed HICCH-SCL, a joint venture with HCA, for the purpose of developing a patient scheduling technology. The Company recorded its investment in HICCH-SCL under the equity method of accounting. In August 2020, the Company initiated discussions with HCA to dissolve HICCH-SCL. In connection with its plans, the Company recorded an impairment loss of $3.9 million included within loss from equity method investment on the Consolidated Statements of Operations and Comprehensive Loss, of which $1.2 million related to its investment in HICCH-SCL and $2.7 million related to a short-term loan receivable from HICCH-SCL. The Company’s largest customer was an investor in $20.0 million of the Series B-3 Convertible Notes, had a designated board representative prior to the Business Combination and thus is a related party for 2021. Subsequent to the Business Combination, the customer no longer was considered a related party due to loss of the board seat. The Company recorded revenues from the customer of $48.0 million, $54.0 million and $56.2 million during the years ended December 31, 2021, 2020 and 2019, respectively. In addition, accounts receivable from the customer were $11.5 million and $9.5 million as of December 31, 2021 and 2020, respectively. The number of warrants earned but not issued were 0, 6,185 and 10,544, and were recorded as a reduction of revenue totaling $0, $1.1 million, and $0.5 million, during the years ended December 31, 2021, 2020 and 2019, respectively. The Company has the exclusive right to license the Dr. Dean Ornish Program for Reversing Heart DiseaseTM, a research-based lifestyle management program developed by Dr. Dean Ornish focusing on nutrition, activity, stress management, and love and support (the “Ornish Program”). A royalty agreement with Dr. Ornish, MD, an employee of the Company, guarantees the greater of $1.2 million or 15% of revenues of the Ornish Program on an annual basis. The royalty earned by the Ornish Program for years ended December 31, 2021, 2020 and 2019 totaled $1.2 million. 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 December 31, 2021 and 2020, $2.0 million and $2.2 million, respectively, in notes receivable were outstanding with Sul América. Revenues recognized during the years ended December 31, 2021, 2020 and 2019 totaled $11.6 million, $12.8 million and $18.7 million, respectively. The Company has a related party that performs sales and sales support services including the collection of outstanding accounts receivable for transactions processed on the Company’s behalf. As of December 31, 2021 and 2020, $0 and $0.6 million, respectively, in receivables were outstanding from this company. Revenues recognized for each of the years ended December 31, 2021, 2020 and 2019 totaled $0.3 million, $3.5 million and $4.1 million, respectively. The Company paid less than $0.1 million, $0.3 million and $0.4 million in 2021, 2020 and 2019, respectively in connection with these services. The Series D Preferred Stock, which converted into Series A Preferred Stock upon consummation of the Business Combination (see Note 9), is held by a customer that also has an employee that sits on our Board of Directors. As of December 31, 2021, $5.0 million in receivables were outstanding from this related party. Additionally, as of December 31, 2021 and 2020, long-term assets included $5.5 million and $0 of a non-cash payment for up front research and development costs related to the issuance of the Series D Preferred Stock and a related commitment of $2.5 million per year through 2025 related to research and development activities. Revenues recognized from the customer for each of the years ended December 31, 2021, 2020 and 2019 totaled, $17.3 million, $3.9 million and $9.2 million, respectively.
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Net Loss Per Share |
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| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Loss Per Share | Net Loss Per Share Net loss per share calculations for all periods prior to the Business Combination have been retrospectively adjusted for the equivalent number of shares outstanding immediately after the Business Combination to effect the Reverse Recapitalization. Subsequent to the Business Combination, net loss per share was calculated based on the weighted average number of common stock then outstanding. Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, expect share and per share amounts):
The Company’s potential dilutive securities, which include stock options, warrants to purchase common stock, and contingently issued shares, have been excluded from the computation of diluted net loss per share as 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 shares 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 |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| 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, March 31, 2022, the date on which the consolidated financial statements were issued, noting no such material events. |
Nature of Business and Significant Accounting Policies (Policies) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||
| Basis of Presentation | Basis of Presentation 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”). Pursuant to the Merger Agreement, the merger between Merger Sub and Legacy Sharecare was accounted for as a reverse recapitalization in accordance with GAAP (the “Reverse Recapitalization”). Under this method of accounting, FCAC was treated as the “acquired” company and Legacy Sharecare was treated as the acquirer for financial reporting purposes. Accordingly, for accounting purposes, the Reverse Recapitalization was treated as the equivalent of Legacy Sharecare issuing stock for the net assets of FCAC, accompanied by a recapitalization. The net assets of FCAC are stated at historical cost, with no goodwill or other intangible assets recorded. Legacy Sharecare was determined to be the accounting acquirer in the Business Combination based on the following predominant factors at the time of the transaction: •Legacy Sharecare’s existing stockholders have the greatest voting interest in the Company; •The largest individual minority stockholder in the Company was a stockholder of Legacy Sharecare; •Legacy Sharecare’s directors represent the majority of the new board of directors of the Company; •Legacy Sharecare’s senior management is the senior management of the Company; and •Legacy Sharecare is the larger entity based on historical revenue and has the larger employee base. The consolidated assets, liabilities and results of operations prior to the Reverse Recapitalization are those of Legacy Sharecare. The shares and corresponding capital amounts and losses per share, prior to the Reverse Recapitalization, have been retroactively restated based on shares reflecting the exchange ratio of 71.26 (the “Exchange Ratio”) established in the Business Combination.
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| Consolidation Policy | Consolidation Policy The consolidated financial statements include the accounts of Sharecare, Inc. and its wholly owned subsidiaries: Sharecare Operating Company, Inc., Lucid Global, Inc.; Healthways SC LLC; Sharecare Health Data Services, Inc.; HDS; Visualize Health, LLC; MindSciences, Inc.; SC-WHAI, LLC; Sharecare GMBH, a German-based subsidiary; Sharecare Digital Health International Limited; Sharecare SAS, a French-based subsidiary; Sharecare Services GMBH, a German-based subsidiary; Sharecare Australia Pty Limited, an Australian-based subsidiary; and Sharecare NZ Limited, a New Zealand-based subsidiary; doc.ai, Inc.; CareLinx Inc.; as well as Sharecare Brasil Servicos de Consultoria Ltda, a Brazil-based subsidiary in which Sharecare has a controlling interest. The Company entered into a joint venture with HInsight-Customer Care Holdings (HCA) — both the Company and HCA have an ownership in HICCH-SCL, LLC. All intercompany balances and transactions have been eliminated in consolidation.
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| 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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| Reclassifications | Reclassifications Certain prior period amounts previously recorded to long-term debt have been reclassified to other long-term liabilities and accrued expenses in the Consolidated Balance Sheets in order to conform to the current period presentation. Additionally, certain prior period amounts on the Consolidated Statements of Cash Flows previously reported in other have been reclassified to the Change in fair value of warrant liability and contingent consideration line item in order to conform to the current period presentation. These reclassifications had no effect on the previously reported results of operations.
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| Use of Estimates | Use of Estimates The preparation of these 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 period. Significant estimates and assumptions reflected in these consolidated financial statements are revenue recognition, the valuation of assets and liabilities acquired in business combinations, the valuation of common stock prior to the Business Combination, stock-based compensation, 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 during 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, equity method investment, goodwill and other intangible assets. For these assets, the Company does not periodically adjust the carrying value to fair value except in the event of 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 income in the Consolidated Statements of Operations and Comprehensive Loss. Further, in connection with business combinations, 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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| Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and highly liquid investments with original maturities of three months or less from the date of purchase. Cash equivalents generally consist of investments in money market funds.
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| Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable consists of trade accounts receivable which are due under normal trade terms requiring payment typically within 45 days from the invoice date. Bad debts are provided for based on historical experience and management’s evaluation of outstanding accounts receivable at the end of each year. It is reasonably possible that the estimates will change in the near term. Management evaluates whether accounts are delinquent on a case-by-case basis and based on historical experience.
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| Property and Equipment | Property and Equipment Property and equipment are recorded at the original acquisition cost and depreciated over their estimated useful lives using the straight-line method. Repairs and maintenance costs are expensed as incurred.
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| Business Combinations | Business Combinations The Company accounts for business acquisitions in accordance with ASC Topic 805, Business Combinations. The Company measures the cost of an acquisition as the aggregate of the acquisition date fair values of the assets transferred by the acquirer, the liabilities incurred by the acquirer to former owners of the acquiree, the liabilities assumed by the acquirer from the acquiree, and the equity instruments issued by the acquirer. Transaction costs directly attributable to the acquisition are expensed as incurred. The Company records goodwill for the excess of (i) the total costs of acquisition and fair value of any noncontrolling interests over (ii) the fair value of the identifiable net assets of the acquired business.
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| Other Long-Term Assets | Other Long-Term AssetsLong-term other assets include security deposits associated with the leasing of office space of $0.7 million and $0.8 million as of December 31, 2021 and 2020, respectively, as well as tax credits that can be used to reduce the Company’s taxable income in France (or that are receivable in cash if not used within three years) of $1.4 million and $1.5 million as of December 31, 2021 and 2020, respectively. As of December 31, 2021, long-term assets also includes $6.1 million primarily consisting of a non-cash payment for up front research and development costs related to the issuance of Series D redeemable convertible preferred stock (the “Series D preferred Stock") prior to the Business Combination, for which amortization is recorded to Product and technology in the Consolidated Statement of Operations and Comprehensive Loss on a straight-line basis. As of December 31, 2020, long-term assets also included $2.1 million of deferred costs associated with the Business Combination which was reclassified against proceeds and additional paid-in capital during the current year. | ||||||||||||||||||||||||||||||
| Intangible Assets | Intangible Assets The Company amortizes the identified intangible assets with a finite life over their respective useful lives on a straight-line basis which approximates the pattern in which the economic benefits are consumed. Intangible assets deemed to have indefinite lives are not amortized, but are subjected to annual tests of impairment or more frequently if indicators of impairment are identified. Intangible assets have useful lives within the following ranges:
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| Contract Liabilities | Contract Liabilities In connection with acquisitions, the Company recognized current and noncurrent contract liabilities, representing off-market values associated with: (i) certain office lease agreements (amortization will continue through 2024) and (ii) certain wellness program royalty agreements (amortization will continue through 2023). Amortization of these contract liabilities during the year ended December 31, 2021 was $5.6 million. Of that amount, $1.7 million was included within cost of revenues and $3.9 million was included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. Amortization of these contract liabilities during the year ended December 31, 2020 was $5.7 million. Of that amount, $1.7 million was included within cost of revenues and $4.0 million was included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. Amortization of these contract liabilities during the year ended December 31, 2019 was $5.7 million. Of that amount, $1.6 million was included within cost of revenues and $4.1 million was included in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss.
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| Deferred Financing Fees, Net | Deferred Financing Fees, NetIn connection with obtaining loans, the Company incurred and capitalized fees that were settled in cash and warrants. In addition, in connection with the modification of historical convertible debt instruments and through the issuance of convertible debt instruments, the Company had a beneficial conversion feature on its Series B, Series B-3 and Series B-4 Convertible Notes that were outstanding prior to the Business Combination. The financing fees and beneficial conversion features were amortized over the life of the loans as a component of interest expense. In July 2021, the Company’s Series B, Series B-3 and Series B-4 Convertible Notes were fully converted into common stock in connection with the consummation of the Business Combination (see Note 7). During the year ended December 31, 2021, expense recognized in the Consolidated Statement of Operations and Comprehensive Loss related to deferred financing fees totaled $15.5 million, which primarily consisted of the loss on conversion of debt. During the years ended December 31, 2020 and 2019, expense recognized in the Consolidated Statement of Operations and Comprehensive Loss related to deferred financing fees totaled $6.8 million and $6.8 million, respectively, which represented the amortization of financing fees and beneficial conversion features. | ||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities with consideration given to net operating losses and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted tax rates that are expected to be in effect when the differences are expected to reverse. The Company assesses the likelihood that deferred tax assets will be recovered from future taxable income, and a valuation allowance is established when necessary to reduce deferred tax assets to the amounts more likely than not expected to be realized. The Company classifies its deferred income taxes as noncurrent on 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 December 31, 2021 and 2020, such fees were $11.7 million and $9.9 million, respectively. The Company recognized $7.7 million of revenue during the year ended December 31, 2021 that was included in deferred revenue at December 31, 2020. The Company recognized $19.9 million of revenue during the year ended December 31, 2020 that was included in deferred revenue at December 31, 2019. Revenue Recognition Revenue is recognized when control of the promised good or service is transferred to the customer, in an amount that reflects the consideration the Company expects to be entitled to in exchange for that good or service. Sales and usage-based taxes are excluded from revenue. The Company serves a diverse group of clients. We are the principal in all outstanding revenue arrangements except for CareLinx, for which such amounts are not material. CareLinx has B2C and B2B2C service lines for which CareLinx is the agent and we recognize the commission revenue based on the amount billed using the “as-invoiced” practical expedient. Enterprise Revenue The Company provides employers and health plans with health management programs for their employee base or covered population, including digital engagement, telephonic coaching, incentives, biometrics, and patient care managed health. Revenue is recognized on a per member per month (“PMPM”) basis for a portion of revenue and based on individual product offerings being purchased by each individual customer which may vary based on the timing of delivery of services against those performance obligations. Member participation fees are generally determined by multiplying the contractually negotiated member rate by the number of members eligible for services during the month. Member participation rates are established during contract negotiations with customers, often based on a portion of the value the programs are expected to create. Contracts with health plans and integrated health care systems generally range from to five years with several comprehensive strategic agreements extending for longer periods. Contracts with self-insured employers typically have to year terms. Health management program contracts often include a fee for the subscription of the Sharecare digital platform which may also be sold on a stand-alone basis. This service allows members to access the proprietary health engagement mobile application with a comprehensive suite of health and wellness management programs, content, and tools. Revenue is recognized on a per member or a fixed fee basis as the services are provided. The Company provides customers with Blue Zones solutions, a turnkey program for communities to apply the Blue Zone program principals, enabling community sponsors such as health plans, employers, and health systems, with a way to improve the health of their community in a tangible, measurable way. These contracts generally include two performance obligations, the discovery period and the subsequent content delivery for each year of engagement. The revenue is recognized based on the relative standalone selling price of the performance obligations evenly over time. These contracts do not include termination clauses and often have to year terms. The Company’s doc.ai unlocks the value of health data through licensing artificial intelligence modules and through the creation of products for a portfolio of clients including payors, pharma, and providers. These contracts generally include two performance obligations. The software license and maintenance/support are considered one series of distinct performance obligations and professional services is considered a separate distinct performance obligation. Revenue is recognized for all identified performance obligations as services are delivered. 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 an amount of variable consideration only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company utilizes customer data in order 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 performance target(s). As of December 31, 2021 and 2020, such fees included within deferred revenue were $3.9 million and $5.9 million, respectively. Customers are generally billed monthly for the entire amount of the fees contractually due for the prior month’s enrollment, which typically includes the amount, if any, that is performance-based and may be subject to refund should performance targets not be met. Fees for participation are typically billed in the month after the services are provided. Deferred revenues arise from contracts that permit upfront billing and collection of fees covering the entire contractual service period, generally six months to a year. A limited number of contracts provide for certain performance-based fees that cannot be billed until after they are reconciled with the customer. In the event performance levels 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 $10.0 million, $12.5 million, and $12.3 million of revenues recognized during the years ended December 31, 2021, 2020 and 2019, respectively, were performance-based. As of December 31, 2021, 2020 and 2019, 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 $5.7 million, $7.3 million and $3.4 million, respectively, all of which were based on actual results. During the year ended December 31, 2021, $3.4 million was recognized in revenue that related to services provided prior to December 31, 2020. Provider Revenue Provider revenue is primarily based on services which provide data and information-driven solutions for healthcare providers that are tailored to improve productivity and efficiency and enhance patient care and management while upholding the latest compliance, security, and privacy standards. Revenue is recognized based on the volume of health document requests fulfilled and recognized upon satisfactory delivery to the customer. In addition, provider revenue is derived from subscription fees for various technology related services that assist providers with efficiency, productivity, quality, performance and risk-adjustment tools, billing contract compliance and enhanced patient care. Subscription fees are recognized ratably over a to year contractual period. Life Sciences Revenue The Company generates life sciences revenue mostly through ad sponsorships and content delivery. Content delivery revenue is recognized when the content is delivered to the customer. Ad sponsorship revenue is recognized when the contractual page views or impressions are delivered and the transaction has met the criteria for revenue recognition. Certain customer transactions may contain multiple performance obligations that may include delivery of content, page views, and ad sponsorship over time. To account for each of these elements separately, the delivered elements must be capable of being distinct and must be distinct in the context of the contract. Revenue is allocated based on the stand-alone selling price for each performance obligation as the services are provided. 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 December 31, 2021, 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 $131.2 million. As of December 31, 2021, the Company expects to recognize revenue on approximately 57% of these unsatisfied performance obligations over the following 24 months and the remainder thereafter.
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| Foreign Currency | Foreign Currency The functional currency of the Company’s foreign subsidiaries is the respective local currency. All asset and liability accounts of the Company’s foreign subsidiaries are translated into U.S. dollars using the exchange rate on the balance sheet date. Adjustments resulting from translating foreign functional currency financial statements into U.S. dollars are recorded as a separate component on the Consolidated Statements of Operations and Comprehensive Loss. Equity transactions are translated using historical exchange rates. Expenses are translated using the average exchange rate during the year.Foreign currency transaction gains and losses are included in other expense in the Company’s Consolidated Statements of Operations and Comprehensive Loss.
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| Advertising expense | Advertising expense Advertising costs, which are expensed as incurred, totaled $8.8 million, $6.8 million and $7.3 million in 2021, 2020 and 2019, respectively.
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| Employee Benefit Plan | Employee Benefit PlanThe Company has established a defined contribution savings plan under . This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis, subject to legal limitations. Company contributions to the plan may be made at the discretion of the Company’s board of directors. | ||||||||||||||||||||||||||||||
| Share-Based Payments | Share-Based Payments The Company measures compensation for all share-based payment awards granted to employees, directors, and nonemployees, based on the estimated fair value of the awards on the date of grant. For awards that vest based on continued service, the service-based compensation cost is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For service vesting awards with compensation expense recognized on a straight-line basis, at no point in time does the cumulative grant date value of vested awards exceed the cumulative amount of compensation expense recognized. The grant date fair value of stock options that contain service or performance conditions is estimated using the Black-Scholes option-pricing model. The Company accounts for forfeitures as they occur. For awards that contain performance conditions, compensation cost attributable to the period for which the requisite service has already been rendered is recognized in the period in which it becomes probable that the performance target will be achieved. Compensation cost for which requisite service has not yet been rendered, but for which it is probable that the performance target will be achieved, is recognized prospectively over the remaining requisite service period. In some cases, the period in which the performance target can be achieved is different than the requisite services period. Performance awards, for which the performance target is not achieved upon the date the employee stops rendering services, are forfeited. For awards that vest upon a liquidity event or a change in control, the performance condition is not probable of being achieved until the event occurs. As a result, no compensation expense is recognized until the performance-based vesting condition is achieved, at which time the cumulative compensation expense will be recognized.
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| Net Loss Per Share | Net Loss Per Share The Company follows the two-class method when computing net loss per share as the Company has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income or loss available to common stockholders for the period to be allocated between common and other participating securities based upon their respective rights to receive dividends as if all income or losses for the period had been distributed. However, the Company’s redeemable convertible preferred stock contractually entitles the holders of such shares to participate in dividends, but contractually does not require the holders of such shares to participate in losses of the Company. In periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders since dilutive common shares are not assumed to have been issued, as their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the years ended December 31, 2021, 2020, and 2019. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss attributable to common stockholders is computed by adjusting net losses attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the diluted net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares.
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| Accounting Standards Not Yet Adopted and Recently Adopted Accounting Standards | Accounting Standards Not Yet Adopted 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. Leases. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). Lessees will need to recognize most leases on their balance sheet as a right-of-use asset and a lease liability. For income statement purposes, the FASB retained a dual model, requiring leases to be classified as either operating or finance. Classification will be based on criteria that are largely similar to those applied in current lease accounting, but without explicit bright lines. Lessor accounting is similar to the current model but updated to align with certain changes to the lessee model and the revenue recognition guidance in ASC 606. The lease standard is effective for fiscal years beginning after December 15, 2021. Early adoption is permitted. In July 2018, the FASB approved an additional optional transition method by allowing entities to initially apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. The Company will adopt the standard using this optional transition method. The Company has conducted an evaluation of this new standard and its impact to the consolidated financial statements. Based on our evaluation to date, we expect the adoption will not have a material impact on our consolidated financial statements. The most significant impact will be the recognition of right-of-use assets and lease liabilities for operating leases. Our accounting for capital leases will remain substantially unchanged. 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, 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 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. The Company is currently evaluating this new standard and the impact it will have on its consolidated financial statements. Recently Adopted Accounting Standards In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The standard largely aligns the accounting for share-based payment awards issued to employees and non-employees by expanding the scope of ASC 718 to apply to non-employee share-based transactions, as long as the transaction is not effectively a form of financing. The Company adopted ASU 2018-07 on January 1, 2020, and the adoption did not have a material impact on the Company’s consolidated financial statements. In November 2019, the FASB issued ASU No. 2019-08, Compensation-Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Codification Improvements – Share Based Consideration Issued to a Customer. The update requires that an entity measure and classify share-based payment awards to a customer by applying the guidance in Topic ASC 718. The Company adopted ASU 2019-08 on January 1, 2020, and the adoption did not have a material impact on the Company’s consolidated financial statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combination (Topic 805): Accounting for Contracts Assets and Contract Liabilities from Contracts with Customers. The update requires acquiring entities to apply Topic 606 to recognize and measure contract assets and contract liabilities, such as deferred revenue, in a business combination and eliminates the requirement to recognize such items at fair value as of the acquisition date. For public business entities, the amendments in this update are effective for fiscal years beginning after December 15, 2022. Early adoption of the amendments is permitted, including adoption in an interim period. The Company elected to early adopt ASU No. 2021-08 during the fourth quarter of 2021. As such, the Company retrospectively applied the update to all business combinations for which the acquisition date occurred on or after January 1, 2021. The adoption did not have a material impact on the Company’s consolidated financial statements.
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Nature of Business and Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of changes in the allowance for doubtful accounts | The changes in the allowance for doubtful accounts are as follows (in thousands):
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| Schedule of intangible assets with finite life | Intangible assets have useful lives within the following ranges:
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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 income (expense) | For the years ended December 31, 2021, 2020, and 2019, other income (expense) consisted of the following (in thousands):
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Business Combination (Tables) |
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| Reverse Recapitalization [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Business Combination | The following table reconciles the elements of the Business Combination to the net proceeds from Reverse Recapitalization with FCAC, as set forth in the Consolidated Statement of Cash Flows for the year ended December 31, 2021 (in thousands):
The following table reconciles the number of shares of common stock of FCAC to common stock of the Company immediately following the consummation of the Business Combination, as reflected on the Consolidated Statement of Redeemable Noncontrolling Interest, Redeemable Convertible Preferred Stock, and Stockholders’ Equity (Deficit) (share numbers are not in thousands):
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Fair Value Measurements (Tables) |
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| 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 (in thousands):
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| Schedule of changes to the private warrant liabilities and contingent consideration | The following is a schedule of changes to the private placement warrant liabilities balance (Level 3 measurements) during 2021 and 2020 (in thousands):
The following is a schedule of changes to the contingent consideration - other liabilities for the periods presented (in thousands):
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Balance Sheet Components (Tables) |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of property and equipment | As of December 31, 2021 and 2020, property and equipment, net consisted of the following (in thousands):
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| Schedule of accrued expense and other current liabilities | As of December 31, 2021 and 2020, accrued expenses and other current liabilities consisted of the following (in thousands):
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Acquisitions (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| doc.ai Incorporated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of preliminary fair value of assets acquired and liabilities assumed | The fair value of the assets acquired and liabilities assumed in connection with the acquisition are as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| CareLinx Inc | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of preliminary fair value of assets acquired and liabilities assumed | The preliminary fair value of the assets acquired and liabilities assumed in connection with the acquisition are as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Visualize Health | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of preliminary fair value of assets acquired and liabilities assumed | The assets acquired and liabilities assumed in connection with the VH acquisition were recorded at their fair value on the date of acquisition as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Mindsciences | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of preliminary fair value of assets acquired and liabilities assumed | The assets acquired and liabilities assumed in connection with the Mindsciences acquisition were recorded at their fair value on the date of acquisition as follows (in thousands):
|
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| WhitehatAI | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Business Acquisition [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of preliminary fair value of assets acquired and liabilities assumed | The assets acquired and liabilities assumed in connection with the WhiteHatAI acquisition were recorded at their fair value on the date of acquisition as follows (in thousands):
|
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Goodwill and Other Intangible Assets (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of intangible assets, definite-lived | Intangible assets and the related accumulated amortization for each class of intangible assets as of December 31, 2021 and 2020 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of intangible assets, not subject to amortization | Intangible assets and the related accumulated amortization for each class of intangible assets as of December 31, 2021 and 2020 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of carrying amount of goodwill | The following tables set forth the changes in the carrying amount of the Company’s goodwill during the years ended December 31, 2021 and 2020 (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 December 31, 2021 (in thousands):
|
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Debt (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of debt | Debt is comprised of the following as of the periods presented (in thousands):
|
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of components of income tax expense (benefit) | Components of the income tax expense during the years ended December 31, 2021, 2020 and 2019 were as follows (in thousands):
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of reconciliation of the U.S. federal statutory income tax rate to effective income tax rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows:
|
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| Schedule of components of deferred tax assets and liabilities | The components of the deferred tax assets and liabilities recognized in the Company’s Consolidated Balance Sheets as of December 31, 2021 and 2020 were as follows (in thousands):
|
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| Schedule of components of loss from operations before income taxes | The components of loss from operations, before income taxes, are as follows (in thousands):
|
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| Summary of net operating loss carryforwards | As of December 31, 2021 and 2020, net operating loss carryforwards are as follows (in thousands):
|
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| Schedule of changes in valuation allowance for deferred tax assets | Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2021 and 2020 are as follows (in thousands):
|
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Redeemable Convertible Preferred Stock (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Temporary Equity Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of authorized, issued and outstanding shares and amounts of redeemable convertible preferred stock | The following is a schedule of authorized, issued and outstanding shares and amounts of each series of redeemable convertible preferred stock as of December 31, 2021 (in thousands, except share amounts):
|
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Common Stock and Stockholders’ Deficit (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of warrants issued and outstanding | As of December 31, 2021, the following warrants were issued and outstanding:
|
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| Schedule of stock option activity | Stock option and restricted stock unit activity, prices, and values adjusted by the Exchange Ratio, during the year ended December 31, 2021 and 2020 is as follow (share numbers are not in thousands):
(1) Share and per share amounts prior to July 1, 2021 have been retroactively restated to reflect the Reverse Recapitalization as a result of the Business Combination as described in Notes 1 and 2.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of restricted stock unit activity | Stock option and restricted stock unit activity, prices, and values adjusted by the Exchange Ratio, during the year ended December 31, 2021 and 2020 is as follow (share numbers are not in thousands):
(1) Share and per share amounts prior to July 1, 2021 have been retroactively restated to reflect the Reverse Recapitalization as a result of the Business Combination as described in Notes 1 and 2.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of assumptions used to calculate fair value of stock option grants | The following assumptions were used to calculate the fair value of stock option grants made during the following periods:
|
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| Schedule of share-based compensation expense for employee and nonemployee options | Share-based compensation expense for employee and nonemployee options included in the Consolidated Statements of Operations and Comprehensive Loss is as follows during the years ended December 31, 2021, 2020 and 2019 (in thousands):
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Commitment and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of future minimum lease payments for under operating leases | The following is a schedule of future minimum lease payments under the operating leases (in thousands):
|
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| Schedule of future non-cancellable purchase obligations | The following is a schedule of future non-cancellable purchase obligations with certain service providers as follows (in thousands):
|
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Net Loss Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 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, expect share and per share amounts):
|
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| Schedule of potential common shares equivalents excluded from computation of diluted net loss per share do to anti-dilutive effect | The Company excluded the following potential common shares 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 - SPAC Transaction and Basis of Presentation (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | |||
|---|---|---|---|---|
|
Jul. 01, 2021
USD ($)
$ / shares
shares
|
Jul. 31, 2021
USD ($)
|
Dec. 31, 2021
$ / shares
|
Dec. 31, 2020
$ / shares
|
|
| Accounting Policies [Abstract] | ||||
| Business combination transaction value | $ 3,820,000 | |||
| Legacy Sharecare shares converted to common stock | shares | 271,051,959 | |||
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
| Cash paid to Legacy Sharecare stockholders | $ 91,698 | |||
| Gross proceeds from Business Combination | $ 571,000 | |||
| Settlement of debt | $ 178,400 | |||
| Exchange ratio | 71.26 |
Nature of Business and Significant Accounting Policies - Concentration Risk (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Revenue | Geographic concentration risk | Domestic | |||
| Concentration Risk [Line Items] | |||
| Concentration risk (percent) | 95.00% | 95.00% | 94.00% |
| Revenue | Customer concentration risk | One customer | |||
| Concentration Risk [Line Items] | |||
| Concentration risk (percent) | 11.00% | 16.00% | 17.00% |
| Accounts receivable | Credit concentration risk | One customer | |||
| Concentration Risk [Line Items] | |||
| Concentration risk (percent) | 11.00% | 14.00% | |
Nature of Business and Significant Accounting Policies - Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Allowance for Doubtful Accounts | ||
| Allowance for doubtful accounts – beginning balance | $ 5,707 | $ 3,874 |
| Provision for doubtful accounts | 3,029 | 5,473 |
| Amounts written off and other adjustments | (2,524) | (3,640) |
| Allowance for doubtful accounts – ending balance | $ 6,212 | $ 5,707 |
Nature of Business and Significant Accounting Policies - Other Long-Term Assets (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Other Long-Term Assets | ||
| Security deposits | $ 0.7 | $ 0.8 |
| Tax credit term (in years) | 3 years | |
| Foreign tax credits | $ 1.4 | 1.5 |
| Upfront research and development cost asset | $ 6.1 | |
| Deferred costs associated with Business Combination | $ 2.1 |
Nature of Business and Significant Accounting Policies - Intangible Assets (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2021 | |
| Trade name | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets, useful life (in years) | 4 years |
| Minimum | Internal use software | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets, useful life (in years) | 3 years |
| Minimum | Technology – features/content | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets, useful life (in years) | 7 years |
| Minimum | Customer relationships | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets, useful life (in years) | 9 years |
| Maximum | Internal use software | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets, useful life (in years) | 5 years |
| Maximum | Technology – features/content | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets, useful life (in years) | 15 years |
| Maximum | Customer relationships | |
| Finite-Lived Intangible Assets [Line Items] | |
| Intangible assets, useful life (in years) | 16 years |
Nature of Business and Significant Accounting Policies - Contract Liabilities, Deferred Financing Fees, and Deferred Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Disaggregation of Revenue [Line Items] | |||
| Amortization of contract liabilities | $ 5,616 | $ 5,678 | $ 5,749 |
| Amortization of financing fees and beneficial conversion features | 15,500 | 6,800 | 6,800 |
| Deferred revenue | 11,655 | 9,907 | |
| Revenue recognized that was previously in deferred revenue | $ 7,700 | 19,900 | |
| Minimum | |||
| Disaggregation of Revenue [Line Items] | |||
| Contractual service period (in months) | 6 months | ||
| Maximum | |||
| Disaggregation of Revenue [Line Items] | |||
| Contractual service period (in months) | 12 months | ||
| Cost of revenues | |||
| Disaggregation of Revenue [Line Items] | |||
| Amortization of contract liabilities | $ 1,700 | 1,700 | 1,600 |
| General and administrative | |||
| Disaggregation of Revenue [Line Items] | |||
| Amortization of contract liabilities | $ 3,900 | $ 4,000 | $ 4,100 |
Nature of Business and Significant Accounting Policies - Revenue Recognition (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2021
USD ($)
performance_obligation
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
| Disaggregation of Revenue [Line Items] | |||
| Performance-based fees not recognized as revenue | $ 3.9 | $ 5.9 | |
| Performance-based revenue recognized | 10.0 | 12.5 | $ 12.3 |
| Performance-based revenue recognized but not yet settled with customers | 5.7 | $ 7.3 | $ 3.4 |
| Revenue recognized related to services provided in prior period | $ 3.4 | ||
| 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 | ||
| Health plans and integrated health care systems | Minimum | |||
| Disaggregation of Revenue [Line Items] | |||
| Contractual term | 3 years | ||
| Health plans and integrated health care systems | Maximum | |||
| Disaggregation of Revenue [Line Items] | |||
| Contractual term | 5 years | ||
| Self-insured employers | Minimum | |||
| Disaggregation of Revenue [Line Items] | |||
| Contractual term | 2 years | ||
| Self-insured employers | Maximum | |||
| Disaggregation of Revenue [Line Items] | |||
| Contractual term | 4 years | ||
| Blue Zone solutions | |||
| Disaggregation of Revenue [Line Items] | |||
| Number of performance obligations | performance_obligation | 2 | ||
| Blue Zone solutions | Minimum | |||
| Disaggregation of Revenue [Line Items] | |||
| Contractual term | 2 years | ||
| Blue Zone solutions | Maximum | |||
| Disaggregation of Revenue [Line Items] | |||
| Contractual term | 4 years | ||
| doc.ai | |||
| Disaggregation of Revenue [Line Items] | |||
| Number of performance obligations | performance_obligation | 2 | ||
| Provider | Minimum | |||
| Disaggregation of Revenue [Line Items] | |||
| Contractual term | 1 year | ||
| Provider | Maximum | |||
| Disaggregation of Revenue [Line Items] | |||
| Contractual term | 3 years | ||
Nature of Business and Significant Accounting Policies - Remaining Performance Obligations (Details) $ in Millions |
Dec. 31, 2021
USD ($)
|
|---|---|
| Accounting Policies [Abstract] | |
| Remaining performance obligations | $ 131.2 |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
| Remaining performance obligations percentage to be recognized | 57.00% |
| Unsatisfied performance obligations expected recognition period | 24 months |
Nature of Business and Significant Accounting Policies - Disaggregated Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Disaggregation of Revenue [Line Items] | |||
| Total Revenue | $ 412,815 | $ 328,805 | $ 339,541 |
| Enterprise | |||
| Disaggregation of Revenue [Line Items] | |||
| Total Revenue | 243,404 | 188,339 | 202,641 |
| Provider | |||
| Disaggregation of Revenue [Line Items] | |||
| Total Revenue | 90,921 | 79,324 | 80,726 |
| Life Sciences | |||
| Disaggregation of Revenue [Line Items] | |||
| Total Revenue | $ 78,490 | $ 61,142 | $ 56,174 |
Nature of Business and Significant Accounting Policies - Advertising Expense (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Accounting Policies [Abstract] | |||
| Advertising costs | $ 8.8 | $ 6.8 | $ 7.3 |
Nature of Business and Significant Accounting Policies - Employee Benefit Plan (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Accounting Policies [Abstract] | |||
| Defined contribution plan tax status | Qualified Plan [Member] | ||
| Contributions | $ 1.5 | $ 1.0 | $ 1.1 |
Nature of Business and Significant Accounting Policies - Other Income (Expense) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Accounting Policies [Abstract] | |||
| Re-measurement of contingent consideration | $ 13,447 | $ (6,211) | $ (472) |
| Re-measurement of warrant liabilities | 12,676 | (3,436) | (94) |
| Other | 884 | (62) | (242) |
| Total other income (expense) | $ 27,007 | $ (9,709) | $ (808) |
Business Combination - Narrative (Details) $ / shares in Units, $ in Thousands |
Jul. 01, 2021
USD ($)
$ / shares
shares
|
Dec. 31, 2021
$ / shares
shares
|
Dec. 31, 2020
$ / shares
shares
|
|---|---|---|---|
| Schedule of Reverse Recapitalization [Line Items] | |||
| Exchange ratio | 71.26 | ||
| Redemption of FCAC shares (in shares) | 19,864,030 | ||
| Cash price for redeemed shares (in USD per share) | $ / shares | $ 10.00 | ||
| Aggregate amount for redemption of FCAC shares | $ | $ 198,600 | ||
| Common stock issued, excluding earnout shares (in shares) | 333,875,179 | ||
| Common stock outstanding, excluding earnout shares (in shares) | 333,875,179 | ||
| Issuance of shares (in shares) | 42,560,000 | ||
| Cash received from FCAC trust and cash on hand, net of redemptions | $ | $ 146,363 | ||
| Cash paid for issuance costs and advisory fees | $ | 54,025 | ||
| One-time bonus payments | $ | $ 11,600 | ||
| Capital stock authorized (in shares) | 615,000,000 | ||
| Common stock authorized (in shares) | 600,000,000 | 600,000,000 | 424,353,300 |
| Common stock, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
| Preferred stock authorized (in shares) | 15,000,000 | ||
| Preferred stock, par value (in USD per share) | $ / shares | $ 0.0001 | ||
| Sponsor members | |||
| Schedule of Reverse Recapitalization [Line Items] | |||
| Earnout shares held in escrow | 1,713,000 | ||
| Legacy Sharecare stockholders | |||
| Schedule of Reverse Recapitalization [Line Items] | |||
| Earnout shares held in escrow | 1,500,000 | ||
| Series A Preferred Stock | |||
| Schedule of Reverse Recapitalization [Line Items] | |||
| Issuance of shares (in shares) | 5,000,000 | ||
| Preferred stock authorized (in shares) | 5,000,000 | ||
| Common Class A | |||
| Schedule of Reverse Recapitalization [Line Items] | |||
| Issuance of shares (in shares) | 42,560,000 | ||
| Stock purchase price (in USD per share) | $ / shares | $ 10.00 |
Business Combination - Net Proceeds from Reverse Recapitalization with FCAC (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Jul. 01, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Reverse Recapitalization [Abstract] | ||||
| Cash received from Private Placement financing | $ 425,600 | |||
| Cash paid to Legacy Sharecare stockholders | (91,698) | |||
| Cash received from FCAC trust and cash on hand, net of redemptions | 146,363 | |||
| Cash paid for issuance costs and advisory fees | (54,025) | |||
| Net proceeds from Reverse Recapitalization with FCAC | $ 426,240 | $ 426,240 | $ 0 | $ 0 |
Business Combination - Reconciliation of Number Shares of Common Stock (Details) - shares |
Jul. 01, 2021 |
Dec. 31, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|---|---|
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Earnout Shares | 3,213,000 | |||
| Less: redemption of FCAC shares | (19,864,030) | |||
| Shares issued in Private Placement financing | 42,560,000 | |||
| Legacy Sharecare shares converted to common stock | 271,051,959 | |||
| Common stock outstanding | 337,088,179 | 345,788,707 | 217,106,957 | |
| Sponsor members | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Shares in Business Combination | 5,627,250 | |||
| Common shareholders | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Shares in Business Combination | 43,340,250 | |||
| FCAC | ||||
| Schedule of Reverse Recapitalization [Line Items] | ||||
| Common stock outstanding | 34,500,000 |
Fair Value Measurements - Fair Value Hierarchy for Assets and Liabilities (Details) - Recurring - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Cash equivalents | ||
| Total cash equivalents | $ 10,955 | $ 11,793 |
| Liabilities | ||
| Warrant liabilities | 10,820 | 4,963 |
| Contingent consideration – other liabilities | 13,897 | 9,271 |
| Total liabilities at fair value | 24,717 | 14,234 |
| Money market funds | ||
| Cash equivalents | ||
| Total cash equivalents | 10,955 | 11,793 |
| Level 1 | ||
| Cash equivalents | ||
| Total cash equivalents | 10,955 | 11,793 |
| Liabilities | ||
| Warrant liabilities | 10,820 | 0 |
| Contingent consideration – other liabilities | 0 | 0 |
| Total liabilities at fair value | 10,820 | 0 |
| Level 1 | Money market funds | ||
| Cash equivalents | ||
| Total cash equivalents | 10,955 | 11,793 |
| Level 2 | ||
| Cash equivalents | ||
| Total cash equivalents | 0 | 0 |
| Liabilities | ||
| Warrant liabilities | 0 | 0 |
| Contingent consideration – other liabilities | 0 | 0 |
| Total liabilities at fair value | 0 | 0 |
| Level 2 | Money market funds | ||
| Cash equivalents | ||
| Total cash equivalents | 0 | 0 |
| Level 3 | ||
| Cash equivalents | ||
| Total cash equivalents | 0 | 0 |
| Liabilities | ||
| Warrant liabilities | 0 | 4,963 |
| Contingent consideration – other liabilities | 13,897 | 9,271 |
| Total liabilities at fair value | 13,897 | 14,234 |
| Level 3 | Money market funds | ||
| Cash equivalents | ||
| Total cash equivalents | $ 0 | $ 0 |
Fair Value Measurements - Narrative (Details) |
Dec. 31, 2021
$ / shares
shares
|
|---|---|
| Public warrants | |
| Class of Warrant or Right [Line Items] | |
| Number of securities called by each warrant | shares | 1 |
| Exercise price per share (in USD per share) | $ / shares | $ 11.50 |
| Private warrants | |
| Class of Warrant or Right [Line Items] | |
| Number of securities called by each warrant | shares | 1 |
| Exercise price per share (in USD per share) | $ / shares | $ 11.50 |
Fair Value Measurements - Changes to Private Warrant Liability and Contingent Consideration (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Warrant liabilities - private | ||
| Changes in liability | ||
| Beginning balance | $ 4,963 | $ 1,526 |
| Conversions | (10,761) | |
| Reclassification to Level 1 measurement upon registration of private placement warrants | (3,678) | |
| Assumed in Business Combination | 10,319 | |
| Re-measurement | (843) | 3,437 |
| Ending balance | 0 | 4,963 |
| Contingent consideration | ||
| Changes in liability | ||
| Beginning balance | 9,271 | 702 |
| Contingent consideration from antidilution, acquisition | 10,305 | 2,358 |
| Antidilution provision for Series D Preferred Stock | 6,387 | |
| Settlements | (12,682) | |
| Conversions | (6,451) | |
| Assumed in Business Combination | 21,109 | |
| Settlement upon earnout | (595) | |
| Re-measurement | (13,447) | 6,211 |
| Ending balance | $ 13,897 | $ 9,271 |
Balance Sheet Components - Property and Equipment (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Property and Equipment, Net | ||
| Property and equipment, gross | $ 19,130 | $ 16,388 |
| Less: accumulated depreciation | (14,596) | (12,315) |
| Property and equipment, net | 4,534 | 4,073 |
| Computer hardware | ||
| Property and Equipment, Net | ||
| Property and equipment, gross | $ 14,379 | 11,750 |
| Estimated useful life (years) | 3 years | |
| Furniture/fixtures | ||
| Property and Equipment, Net | ||
| Property and equipment, gross | $ 2,055 | 1,962 |
| Furniture/fixtures | Minimum | ||
| Property and Equipment, Net | ||
| Estimated useful life (years) | 5 years | |
| Furniture/fixtures | Maximum | ||
| Property and Equipment, Net | ||
| Estimated useful life (years) | 7 years | |
| Leasehold improvements | ||
| Property and Equipment, Net | ||
| Property and equipment, gross | $ 2,678 | 2,658 |
| Leasehold improvements | Minimum | ||
| Property and Equipment, Net | ||
| Estimated useful life (years) | 1 year | |
| Leasehold improvements | Maximum | ||
| Property and Equipment, Net | ||
| Estimated useful life (years) | 5 years | |
| Other | ||
| Property and Equipment, Net | ||
| Property and equipment, gross | $ 18 | $ 18 |
Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Depreciation expense | $ 2.7 | $ 2.8 | $ 2.9 |
Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Accrued Expenses and Other Current Liabilities | ||
| Accrued expenses | $ 27,050 | $ 16,243 |
| Accrued compensation | 16,428 | 14,728 |
| Accrued media costs | 4,816 | 5,279 |
| Accrued taxes | 1,396 | 771 |
| Accrued other | 1,963 | 4,648 |
| Total accrued expenses and other current liabilities | $ 51,653 | $ 41,669 |
Acquisitions - Narrative (Details) - USD ($) $ in Thousands |
5 Months Ended | 10 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
Aug. 11, 2021 |
Feb. 22, 2021 |
Jul. 02, 2020 |
May 13, 2020 |
Feb. 12, 2020 |
Dec. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Business Acquisition [Line Items] | ||||||||||
| Compensation expense | $ 46,780 | $ 19,160 | $ 3,532 | |||||||
| HDS-VH | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Controlling interest held by Company | 97.00% | |||||||||
| doc.ai Incorporated | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Consideration transferred | $ 120,600 | |||||||||
| Consideration, cash payable including via note payable | 29,000 | |||||||||
| Cash payment to acquire business | 15,000 | |||||||||
| Consideration payable, note payable | 14,000 | |||||||||
| Contingent consideration | 10,300 | |||||||||
| Equity-based consideration | 81,300 | |||||||||
| Transaction related expenses | 800 | |||||||||
| Compensation expense | $ 8,800 | |||||||||
| Revenue of acquiree since acquisition date | $ 17,300 | |||||||||
| Net loss of acquiree since acquisition date | $ 3,900 | |||||||||
| doc.ai Incorporated | Common stock | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Contingent consideration, instruments issuable, maximum | 1,145,790 | |||||||||
| doc.ai Incorporated | Stock options | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Contingent consideration, instruments issuable, maximum | 485,922 | |||||||||
| doc.ai Incorporated | Common stock | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Equity interest issuable (in shares) | 9,039,117 | |||||||||
| Equity interest issued at closing (in shares) | 8,435,301 | |||||||||
| Equity interest issuable on first anniversary (in shares) | 603,816 | |||||||||
| doc.ai Incorporated | Stock options | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Equity interest issuable (in shares) | 2,444,361 | |||||||||
| CareLinx Inc | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Consideration transferred | $ 65,600 | |||||||||
| Cash payment to acquire business | 55,200 | |||||||||
| Equity-based consideration | 10,400 | |||||||||
| Transaction related expenses | $ 1,100 | |||||||||
| Revenue of acquiree since acquisition date | $ 12,100 | |||||||||
| Net loss of acquiree since acquisition date | $ 4,200 | |||||||||
| CareLinx Inc | Common stock | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Equity interest issuable (in shares) | 1,262,475 | |||||||||
| CareLinx Inc | Stock options | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Equity interest issuable (in shares) | 295,758 | |||||||||
| Visualize Health | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Cash payment to acquire business | $ 2,000 | |||||||||
| Contingent consideration | 1,900 | |||||||||
| Equity-based consideration | 5,000 | |||||||||
| Transaction related expenses | 200 | |||||||||
| Goodwill, tax deductible | 700 | |||||||||
| Goodwill, not tax deductible | $ 4,500 | |||||||||
| Mindsciences | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Consideration transferred | $ 7,600 | |||||||||
| Transaction related expenses | 300 | |||||||||
| Mindsciences | Common stock and options | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Equity-based consideration | $ 5,900 | |||||||||
| Mindsciences | Common stock | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Equity interest issuable (in shares) | 2,946,744 | |||||||||
| Mindsciences | Stock options | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Equity interest issuable (in shares) | 1,092,558 | |||||||||
| Mindsciences | Common stock retroactive restatement | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Equity-based consideration | $ 1,700 | |||||||||
| Equity interest issuable (in shares) | 440,316 | |||||||||
| Mindsciences | Series C redeemable convertible preferred stock | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Equity interest issuable (in shares) | 6,179 | |||||||||
| WhitehatAI | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Consideration transferred | $ 2,700 | |||||||||
| Contingent consideration | 500 | |||||||||
| Equity-based consideration | 2,200 | |||||||||
| Transaction related expenses | $ 300 | |||||||||
| WhitehatAI | Common stock | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Contingent consideration, instruments issuable, maximum | 1,487,553 | |||||||||
| WhitehatAI | Common stock | ||||||||||
| Business Acquisition [Line Items] | ||||||||||
| Equity interest issuable (in shares) | 1,425,200 | |||||||||
Acquisitions - Preliminary Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Aug. 11, 2021 |
Feb. 22, 2021 |
Dec. 31, 2020 |
Jul. 02, 2020 |
May 13, 2020 |
Feb. 12, 2020 |
Dec. 31, 2019 |
|---|---|---|---|---|---|---|---|---|
| Business Acquisition [Line Items] | ||||||||
| Goodwill | $ 192,442 | $ 75,736 | $ 62,939 | |||||
| doc.ai Incorporated | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Cash and cash equivalents | $ 12,217 | |||||||
| Prepaid expenses | 244 | |||||||
| Other current assets | 400 | |||||||
| Goodwill | 85,811 | |||||||
| Accounts payable and other accrued liabilities | (5,965) | |||||||
| Deferred revenue | (2,274) | |||||||
| Debt | (904) | |||||||
| Deferred tax liability | (1,688) | |||||||
| Other long-term liabilities | (302) | |||||||
| Total | 120,596 | |||||||
| doc.ai Incorporated | Developed technology | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Intangibles assets | 15,668 | |||||||
| doc.ai Incorporated | Customer relationships | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Intangibles assets | $ 17,389 | |||||||
| CareLinx Inc | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Cash and cash equivalents | $ 445 | |||||||
| Accounts receivable | 4,006 | |||||||
| Other receivables | 59 | |||||||
| Prepaid expenses | 234 | |||||||
| Other current assets | 344 | |||||||
| Other long-term assets | 1,789 | |||||||
| Goodwill | 31,510 | |||||||
| Accrued expenses | (1,371) | |||||||
| Contract liabilities - current | (45) | |||||||
| Non-current contract liabilities | (53) | |||||||
| Other long-term liabilities | (2,048) | |||||||
| Total | 65,570 | |||||||
| CareLinx Inc | Developed technology | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Intangibles assets | 14,800 | |||||||
| CareLinx Inc | Customer relationships | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Intangibles assets | 13,300 | |||||||
| CareLinx Inc | Trade name | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Intangibles assets | $ 2,600 | |||||||
| Visualize Health | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Accounts receivable | $ 650 | |||||||
| Goodwill | 5,223 | |||||||
| Accounts payable and other accrued liabilities | (47) | |||||||
| Deferred tax liability | (1,122) | |||||||
| Total | 9,509 | |||||||
| Visualize Health | Developed technology | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Intangibles assets | 4,385 | |||||||
| Visualize Health | Customer relationships | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Intangibles assets | $ 420 | |||||||
| Mindsciences | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Cash and cash equivalents | $ 140 | |||||||
| Accounts receivable | 99 | |||||||
| Prepaid expenses | 12 | |||||||
| Goodwill | 5,692 | |||||||
| Accounts payable and other accrued liabilities | (185) | |||||||
| Deferred tax liability | (287) | |||||||
| Total | 7,590 | |||||||
| Mindsciences | Developed technology | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Intangibles assets | 1,731 | |||||||
| Mindsciences | Customer relationships | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Intangibles assets | $ 388 | |||||||
| WhitehatAI | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Prepaid expenses | $ 10 | |||||||
| Goodwill | 1,165 | |||||||
| Accounts payable and other accrued liabilities | (241) | |||||||
| Deferred tax liability | (465) | |||||||
| Total | 2,723 | |||||||
| WhitehatAI | Developed technology | ||||||||
| Business Acquisition [Line Items] | ||||||||
| Intangibles assets | $ 2,254 |
Goodwill and Other Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Definite-lived, intangible assets | ||
| Cost | $ 274,522 | $ 171,247 |
| Accumulated Amortization | (128,730) | (99,099) |
| Net | 145,792 | 72,148 |
| Intangible assets not subject to amortization | ||
| Intangible assets not subject to amortization | 9,294 | 6,099 |
| Total intangible assets | ||
| Total intangible assets, cost | 283,816 | 177,346 |
| Total intangible assets, accumulated amortization | (128,730) | (99,099) |
| Total intangible assets, net | 155,086 | 78,247 |
| Internal use software projects in process | ||
| Intangible assets not subject to amortization | ||
| Intangible assets not subject to amortization | 4,264 | 1,069 |
| Trade name | ||
| Intangible assets not subject to amortization | ||
| Intangible assets not subject to amortization | 5,030 | 5,030 |
| Technology – features/content | ||
| Definite-lived, intangible assets | ||
| Cost | 69,063 | 38,803 |
| Accumulated Amortization | (24,950) | (20,721) |
| Net | $ 44,113 | $ 18,082 |
| Weighted Average Remaining Life | 9 years 2 months 12 days | 7 years 8 months 12 days |
| Total intangible assets | ||
| Total intangible assets, accumulated amortization | $ (24,950) | $ (20,721) |
| Trade name | ||
| Definite-lived, intangible assets | ||
| Cost | 6,392 | 3,792 |
| Accumulated Amortization | (3,932) | (3,739) |
| Net | $ 2,460 | $ 53 |
| Weighted Average Remaining Life | 5 years 6 months | 4 years 4 months 24 days |
| Total intangible assets | ||
| Total intangible assets, accumulated amortization | $ (3,932) | $ (3,739) |
| Customer relationships | ||
| Definite-lived, intangible assets | ||
| Cost | 77,849 | 47,160 |
| Accumulated Amortization | (27,468) | (22,340) |
| Net | $ 50,381 | $ 24,820 |
| Weighted Average Remaining Life | 9 years 10 months 24 days | 7 years 6 months |
| Total intangible assets | ||
| Total intangible assets, accumulated amortization | $ (27,468) | $ (22,340) |
| Internal use software | ||
| Definite-lived, intangible assets | ||
| Cost | 121,218 | 81,492 |
| Accumulated Amortization | (72,380) | (52,299) |
| Net | $ 48,838 | $ 29,193 |
| Weighted Average Remaining Life | 2 years 4 months 24 days | 2 years 3 months 18 days |
| Total intangible assets | ||
| Total intangible assets, accumulated amortization | $ (72,380) | $ (52,299) |
Goodwill and Other Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Goodwill | ||
| Beginning balance | $ 75,736 | $ 62,939 |
| Additions | 117,320 | 12,080 |
| Foreign currency translation adjustment | (614) | 717 |
| Ending balance | $ 192,442 | $ 75,736 |
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Goodwill and Intangible Assets Disclosure [Abstract] | |||
| Amortization expense for intangible assets | $ 29.9 | $ 21.9 | $ 20.9 |
Goodwill and Other Intangible Assets - Estimated Future Amortization Expense (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Estimated future amortization expense: | ||
| 2022 | $ 34,699 | |
| 2023 | 30,094 | |
| 2024 | 20,580 | |
| 2025 | 11,720 | |
| 2026 | 11,367 | |
| Thereafter | 37,332 | |
| Net | $ 145,792 | $ 72,148 |
Debt - Debt Balances (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Debt Instrument [Line Items] | ||
| Total debt | $ 419 | $ 172,224 |
| Less current portion | 0 | (400) |
| Total long-term debt | 419 | 171,824 |
| Senior Secured Credit Agreement, due February 2023 | Secured debt | ||
| Debt Instrument [Line Items] | ||
| Total debt | 419 | 13,059 |
| Senior Secured Credit Agreement, due February 2023 | Secured debt | Other long term assets | ||
| Debt Instrument [Line Items] | ||
| Debt issuance fees | $ 313 | 595 |
| Senior Secured Credit Agreement, due February 2023 | Secured debt | Prime | ||
| Debt Instrument [Line Items] | ||
| Basis spread on variable interest rate | 2.00% | |
| Senior Secured Credit Agreement, due February 2023 | Secured debt | LIBOR | ||
| Debt Instrument [Line Items] | ||
| Basis spread on variable interest rate | 2.75% | |
| Second Lien Credit Agreement, due May 2023 | Secured debt | ||
| Debt Instrument [Line Items] | ||
| Total debt | $ 0 | $ 39,920 |
| Interest rate | 12.375% | |
| Principal amount | $ 40,000 | |
| Paid-in-kind interest | 1,374 | |
| Series B-3 Convertible Notes, due August 2023 | Convertible debt | ||
| Debt Instrument [Line Items] | ||
| Total debt | 0 | $ 89,037 |
| Interest rate | 10.00% | |
| Principal amount | $ 95,000 | |
| Paid-in-kind interest | 7,176 | |
| Series B-4 Convertible Notes, due August 2023 | Convertible debt | ||
| Debt Instrument [Line Items] | ||
| Total debt | 0 | $ 24,884 |
| Interest rate | 10.00% | |
| Principal amount | $ 25,000 | |
| Paid-in-kind interest | 1,549 | |
| Series B Convertible Notes, due August 2023 | Convertible debt | ||
| Debt Instrument [Line Items] | ||
| Total debt | 0 | $ 4,924 |
| Interest rate | 10.00% | |
| Principal amount | $ 5,000 | |
| Paid-in-kind interest | 371 | |
| Note payable | Note payable | ||
| Debt Instrument [Line Items] | ||
| Total debt | $ 0 | $ 400 |
Debt - Narrative (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Jul. 01, 2021 |
Jul. 31, 2021
USD ($)
shares
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
| Debt Instrument [Line Items] | |||||
| Settlement of debt | $ 178,400 | ||||
| Exchange ratio | 71.26 | ||||
| Write-off of deferred beneficial conversion feature and warrant costs | $ 12,063 | $ 0 | $ 0 | ||
| Loss on extinguishment of debt | 1,100 | 1,148 | $ 0 | $ 0 | |
| Series B, Series B-3 and Series B-4 Convertible Notes | Convertible debt | |||||
| Debt Instrument [Line Items] | |||||
| Write-off of deferred beneficial conversion feature and warrant costs | $ 12,100 | ||||
| Series B, Series B-3 and Series B-4 Convertible Notes | Convertible debt | Common stock | |||||
| Debt Instrument [Line Items] | |||||
| Shares issued in debt conversion | shares | 37,695,910 | ||||
| Senior Secured Credit Agreement, due February 2023 | Secured debt | |||||
| Debt Instrument [Line Items] | |||||
| Borrowing capacity | 60,000 | ||||
| Available for borrowing | $ 50,700 | ||||
| Senior Secured Credit Agreement, due February 2023 | Secured debt | Base Rate | Minimum | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable interest rate | 1.75% | ||||
| Senior Secured Credit Agreement, due February 2023 | Secured debt | Base Rate | Maximum | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable interest rate | 2.25% | ||||
| Senior Secured Credit Agreement, due February 2023 | Secured debt | LIBOR | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable interest rate | 2.75% | ||||
| Senior Secured Credit Agreement, due February 2023 | Secured debt | LIBOR | Minimum | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable interest rate | 2.75% | ||||
| Senior Secured Credit Agreement, due February 2023 | Secured debt | LIBOR | Maximum | |||||
| Debt Instrument [Line Items] | |||||
| Basis spread on variable interest rate | 3.25% | ||||
Income Taxes - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Current expense (benefit): | |||
| Foreign | $ 133 | $ 0 | $ 436 |
| Federal | 0 | 0 | (35) |
| State | 42 | 47 | 102 |
| Current income tax expense (benefit) | 175 | 47 | 503 |
| Deferred expense (benefit): | |||
| Foreign | (84) | 154 | (427) |
| Federal | (1,469) | (1,404) | 114 |
| State | (643) | (354) | 23 |
| Deferred income tax expense (benefit) | (2,196) | (1,604) | (290) |
| Total income tax expense (benefit) | $ (2,021) | $ (1,557) | $ 213 |
Income Taxes - Reconciliation of Effective Income Tax Rate (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Reconciliation of Effective Income Tax Rate | |||
| Income tax benefit at the federal statutory rate | 21.00% | 21.00% | 21.00% |
| Change in valuation allowance | (22.43%) | (23.36%) | (27.11%) |
| State income tax | 10.43% | 5.60% | 6.04% |
| Permanent: fair market value adjustments | 6.29% | (3.05%) | (0.30%) |
| Deferred: stock compensation | (12.65%) | 0.00% | 0.00% |
| Transaction costs | 1.80% | 0.00% | 0.00% |
| Research and development credits | 1.20% | 0.00% | 0.00% |
| Legal settlement | (1.20%) | 0.00% | 0.00% |
| Other | (2.12%) | 2.49% | 0.00% |
| Effective income tax rate | 2.32% | 2.68% | (0.37%) |
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|
| Deferred tax assets: | |||
| Net operating losses | $ 82,115 | $ 58,376 | |
| Share-based compensation expense | 10,798 | 13,119 | |
| Accrued expenses | 2,787 | 2,264 | |
| Property and equipment and internal use software | 515 | 461 | |
| Contract liabilities | 1,705 | 2,852 | |
| Interest expense | 14,999 | 12,220 | |
| Tax credits | 4,518 | 488 | |
| Deferred revenue | 814 | 989 | |
| Intangible assets | 12,961 | 10,754 | |
| Intangible assets (indefinite life) | 816 | 963 | |
| Other | 3,522 | 4,185 | |
| Valuation allowance | (112,146) | (90,010) | $ (83,218) |
| Total deferred tax assets | 23,404 | 16,661 | |
| Deferred tax liabilities: | |||
| Intangible assets | (19,762) | (11,243) | |
| Intangible assets (indefinite life) | (1,953) | (1,955) | |
| Beneficial conversion feature | 0 | (2,945) | |
| Other | (1,929) | (1,007) | |
| Total deferred tax liabilities | (23,644) | (17,150) | |
| Net deferred tax liability | $ (240) | $ (489) |
Income Taxes - Loss from Operations Before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Components of Loss from Operations Before Income Taxes | |||
| Domestic | $ (91,261) | $ (55,889) | $ (40,106) |
| Foreign | 4,111 | (2,227) | 882 |
| Loss before income tax benefit (expense) and loss from equity method investment | $ (87,150) | $ (58,116) | $ (39,224) |
Income Taxes - Net Operating Loss Carryforwards (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Jul. 01, 2021 |
Dec. 31, 2020 |
|---|---|---|---|
| Operating Loss Carryforwards [Line Items] | |||
| Total net operating losses | $ 583,480 | $ 255,300 | $ 397,416 |
| Net Operating Losses – Federal | |||
| Operating Loss Carryforwards [Line Items] | |||
| Total net operating losses | 310,429 | 226,749 | |
| Net Operating Losses – State | |||
| Operating Loss Carryforwards [Line Items] | |||
| Total net operating losses | 269,521 | 165,719 | |
| Net Operating Losses – International | |||
| Operating Loss Carryforwards [Line Items] | |||
| Total net operating losses | $ 3,530 | $ 4,948 |
Income Taxes - Changes in Valuation Allowance for Deferred Tax Assets (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Changes in Valuation Allowances for Deferred Tax Assets | ||
| Valuation allowance as of beginning of the year | $ 90,010 | $ 83,218 |
| Increases to valuation allowance during the year | 22,136 | 6,792 |
| Valuation allowance as of end of year | $ 112,146 | $ 90,010 |
Income Taxes - Narrative (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Jul. 01, 2021 |
|
| Operating Loss Carryforwards [Line Items] | ||||
| Net operating losses | $ 583,480,000 | $ 397,416,000 | $ 255,300,000 | |
| Net operating losses limited indefinitely | 1,500,000 | |||
| Net operating losses, Section 382 limited and available ratably | $ 46,800,000 | |||
| Valuation allowance increase | 22,100,000 | |||
| GILTI tax | 400,000 | |||
| Income taxes paid | 52,000 | 162,000 | $ 653,000 | |
| Federal and state | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Net operating losses | 580,000,000 | |||
| Federal and state | CareLinx Inc | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Net operating losses | 56,200,000 | |||
| Federal | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Net operating losses | 310,429,000 | 226,749,000 | ||
| Net operating losses not subject to expiration | 112,300,000 | |||
| Income taxes paid | 0 | 0 | $ 0 | |
| State | ||||
| Operating Loss Carryforwards [Line Items] | ||||
| Net operating losses | $ 269,521,000 | $ 165,719,000 | ||
Redeemable Convertible Preferred Stock - Authorized, Issued and Outstanding Shares and Amounts (Details) - USD ($) $ in Thousands |
Dec. 31, 2021 |
Dec. 31, 2020 |
||
|---|---|---|---|---|
| Temporary Equity [Line Items] | ||||
| Net carrying amount | [1] | $ 58,205 | $ 0 | |
| Series A Preferred Stock | ||||
| Temporary Equity [Line Items] | ||||
| Shares authorized | 5,000,000 | 0 | ||
| Shares issued | 5,000,000 | 0 | ||
| Shares outstanding | 5,000,000 | 0 | ||
| Net carrying amount | $ 58,205 | |||
| Aggregate liquidation preference | $ 50,000 | $ 0 | ||
| ||||
Redeemable Convertible Preferred Stock - Narrative (Details) $ in Thousands |
6 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
|
Jul. 01, 2021
shares
|
Apr. 07, 2021
USD ($)
shares
|
Dec. 31, 2021
d
shares
|
Dec. 31, 2021
USD ($)
shares
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
| Temporary Equity [Line Items] | ||||||
| Aggregate purchase price received | $ 50,000 | $ 6,774 | $ 25,251 | |||
| Exchange ratio | 71.26 | |||||
| Series D Preferred Stock | ||||||
| Temporary Equity [Line Items] | ||||||
| Issuance of shares | shares | 62,500 | |||||
| Aggregate purchase price received | $ 50,000 | |||||
| Issuance of Series D stock | 51,800 | |||||
| Contingent consideration related to anti-dilution provision | 6,400 | |||||
| Non-cash payment for up front research and development costs | $ 8,200 | |||||
| Series A Preferred Stock | ||||||
| Temporary Equity [Line Items] | ||||||
| Stock issued upon conversion of convertible securities (in shares) | shares | 5,000,000 | |||||
| Number of shares issued upon conversion | shares | 1 | 1 | ||||
| Period until entitlement of forced conversion option | 3 years | |||||
| Conversion metric, common stock closing price as percentage of issue price | 130.00% | |||||
| Conversion metric, threshold trading days | d | 20 | |||||
| Conversion metric, threshold consecutive trading days | d | 30 | |||||
| Common stock | ||||||
| Temporary Equity [Line Items] | ||||||
| Stock issued upon conversion of convertible securities (in shares) | shares | 63,885,490 | |||||
Common Stock and Stockholders’ Deficit - Narrative (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
|
Jul. 01, 2021
shares
|
Dec. 31, 2021
USD ($)
shares
|
Dec. 31, 2021
USD ($)
shares
|
Dec. 31, 2020
USD ($)
shares
|
Dec. 31, 2019
USD ($)
|
|
| Class of Stock [Line Items] | |||||
| Exchange ratio | 71.26 | ||||
| Common stock authorized (in shares) | 600,000,000 | 600,000,000 | 600,000,000 | 424,353,300 | |
| Shares repurchased (in shares) | 6,002,255 | ||||
| Share-based Payments | |||||
| Number of shares authorized for awards | 149,040,940 | 149,040,940 | |||
| Common stock issuable upon the exercise of outstanding options or settlement of restricted stock units (in shares) | 118,803,402 | 118,803,402 | |||
| Awards maximum life (in years) | 10 years | ||||
| Number of shares available for stock option grants | 30,237,538 | 30,237,538 | |||
| Stock options granted (in shares) | 27,779,908 | 49,009,272 | |||
| Compensation expense | $ | $ 46,780 | $ 19,160 | $ 3,532 | ||
| Unrecognized compensation cost | $ | $ 98,100 | $ 98,100 | |||
| Common stock | |||||
| Class of Stock [Line Items] | |||||
| Common stock issuable to former shareholders of acquired entities (in shares) | 66,555 | 66,555 | |||
| Warrants | |||||
| Stock issued upon conversion of convertible securities (in shares) | 63,885,490 | ||||
| Convertible warrants | Common stock | |||||
| Warrants | |||||
| Stock issued upon conversion of convertible securities (in shares) | 10,921,334 | ||||
| Liability warrants | |||||
| Warrants | |||||
| Warrants expiration period (in years) | 7 years | 7 years | |||
| Warrants vesting period (in years) | 3 years | ||||
| Equity warrants | |||||
| Warrants | |||||
| Warrants expiration period (in years) | 7 years | 7 years | |||
| Contractual and earnout arrangements | |||||
| Warrants | |||||
| Common stock reserved for future issuance (in shares) | 7,826,442 | 7,826,442 | |||
| Warrants reserved for future issuance (in shares) | 10,173,582 | 10,173,582 | |||
| Warrants earned but not issued (in shares) | 195,650 | 195,650 | |||
| Common stock earned but not issued (in shares) | 132,594 | 132,594 | |||
| Non-employees | |||||
| Share-based Payments | |||||
| Stock options granted (in shares) | 1,744,046 | 55,870 | |||
| Unrecognized compensation cost | $ | $ 1,100 | $ 1,100 | |||
| Recognition period for unrecognized compensation cost (in years) | 6 months | ||||
| Stock options | |||||
| Share-based Payments | |||||
| Service-based awards vesting period (in years) | 4 years | ||||
| Expected dividend yield (percent) | 0.00% | 0.00% | 0.00% | ||
| Recognition period for unrecognized compensation cost (in years) | 3 years 3 days | ||||
| Stock options | Non-employees | |||||
| Share-based Payments | |||||
| Expected term (in years) | 10 years | 10 years | 10 years | ||
| Earnout Shares | |||||
| Share-based Payments | |||||
| Compensation expense | $ | $ 800 | ||||
| Restricted stock units | |||||
| Share-based Payments | |||||
| Unrecognized compensation cost | $ | $ 13,700 | $ 13,700 | |||
| Recognition period for unrecognized compensation cost (in years) | 2 years 9 months | ||||
Common Stock and Stockholders’ Deficit - Warrants (Details) |
Dec. 31, 2021
$ / shares
shares
|
|---|---|
| Equity | |
| Class of Warrant or Right [Line Items] | |
| Warrants outstanding (in shares) | shares | 890,732,000 |
| Exercise price per share (in USD per share) | $ / shares | $ 5.61 |
| Liability - Warrants | |
| Class of Warrant or Right [Line Items] | |
| Warrants outstanding (in shares) | shares | 17,433,334,000 |
| Exercise price per share (in USD per share) | $ / shares | $ 11.50 |
Common Stock and Stockholders’ Deficit - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Options Outstanding - Number of Options | |||
| Outstanding, beginning (in shares) | 107,824,289 | 72,820,028 | |
| Granted (in shares) | 27,779,908 | 49,009,272 | |
| Exercised (in shares) | (15,788,241) | (352,659) | |
| Cancelled/Forfeited (in shares) | (3,192,495) | (13,652,352) | |
| Outstanding, ending (in shares) | 116,623,461 | 107,824,289 | 72,820,028 |
| Vested and exercisable (in shares) | 73,712,795 | 71,937,052 | |
| Options Outstanding - Weighted Average Exercise Price | |||
| Outstanding, beginning (in USD per share) | $ 1.25 | $ 1.09 | |
| Granted (in USD per share) | 7.85 | 1.43 | |
| Exercised (in USD per share) | 1.04 | 0.94 | |
| Cancelled/Forfeited (in USD per share) | 2.51 | 0.96 | |
| Outstanding, ending (in USD per share) | 2.81 | 1.25 | $ 1.09 |
| Vested and exercisable (in USD per share) | $ 1.33 | $ 1.20 | |
| Options Outstanding - Additional Disclosures | |||
| Outstanding, Weighted average remaining contractual term | 7 years 7 months 20 days | 7 years 3 months 18 days | 5 years 9 months 18 days |
| Vested and exercisable, Weighted average remaining contractual term | 6 years 10 months 28 days | 6 years 3 months 18 days | |
| Outstanding, Aggregate intrinsic value | $ 300,125 | $ 341,623 | $ 25,328 |
| Exercised, Aggregate intrinsic value | 54,446 | 1,217 | |
| Vested and exercisable, Aggregate intrinsic value | $ 233,440 | $ 231,621 | |
Common Stock and Stockholders’ Deficit - Restricted Stock Units (Details) - Restricted stock units - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
|
| Restricted Stock Units - Number of Plan shares outstanding | ||
| Outstanding, beginning (in shares) | 0 | |
| Granted (in shares) | 2,492,323,000 | |
| Released (in shares) | (31,250,000) | |
| Cancelled/Forfeited (in shares) | (281,132,000) | |
| Outstanding, ending (in shares) | 2,179,941,000 | |
| Vested and/or exercisable (in shares) | 0 | 0 |
| Restricted Stock Units - Weighted-Average Grant Date Fair Value per share | ||
| Granted (in USD per share) | $ 7.39 | |
| Released (in USD per share) | 7.42 | |
| Cancelled/Forfeited (in USD per share) | 7.39 | |
| Outstanding (in USD per share) | 7.39 | |
| Vested and/or exercisable (in USD per share) | $ 0 | $ 0 |
Common Stock and Stockholders’ Deficit - Valuation Assumptions (Details) - Stock options |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Value Assumptions | |||
| Expected volatility, minimum (percent) | 55.00% | ||
| Expected volatility, maximum (percent) | 57.00% | ||
| Expected volatility (percent) | 55.00% | 60.00% | |
| Risk-free interest rate, minimum (percent) | 0.40% | 0.27% | 1.65% |
| Risk-free interest rate, maximum (percent) | 1.54% | 0.61% | 1.75% |
| Expected dividend yield (percent) | 0.00% | 0.00% | 0.00% |
| Minimum | |||
| Value Assumptions | |||
| Expected term (in years) | 5 years | 5 years | 5 years |
| Maximum | |||
| Value Assumptions | |||
| Expected term (in years) | 10 years | 7 years | 6 years 10 months 24 days |
Common Stock and Stockholders’ Deficit - Share-Based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Total share-based compensation | $ 46,780 | $ 19,160 | $ 3,532 |
| Cost of revenues | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Total share-based compensation | 44 | 30 | 76 |
| Sales and marketing | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Total share-based compensation | 1,835 | 484 | 680 |
| Product and technology | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Total share-based compensation | 12,502 | 431 | 324 |
| General and administrative | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Total share-based compensation | $ 32,399 | $ 18,215 | $ 2,452 |
Noncontrolling Interests (Details) - USD ($) |
Feb. 12, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
||
|---|---|---|---|---|---|---|---|
| Noncontrolling Interest [Line Items] | |||||||
| Redeemable noncontrolling interest | [1] | $ 0 | $ 4,000,000 | $ 0 | $ 0 | ||
| Healthways Brazil | |||||||
| Noncontrolling Interest [Line Items] | |||||||
| Controlling interest held by Company | 51.00% | ||||||
| Noncontrolling interest | 49.00% | ||||||
| Visualize Health | Common stock of HDS-VH Holdings, Inc | |||||||
| Noncontrolling Interest [Line Items] | |||||||
| Number of shares issued (in shares) | 1,068,900 | ||||||
| |||||||
Commitments and Contingencies - Narrative (Details) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2021
USD ($)
company
sublease
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
| Other Commitments [Line Items] | |||
| Rent expense | $ 6.2 | $ 6.4 | $ 8.8 |
| Number of non-cancellable sublease agreements | sublease | 3 | ||
| Future minimum sublease rental payments to be received | $ 3.1 | ||
| Outstanding letters of credit | 8.9 | ||
| Accrued estimated contingent legal liabilities | $ 8.3 | ||
| Tennessee | |||
| Other Commitments [Line Items] | |||
| Number of companies associated with sublease agreements | company | 2 | ||
| California | |||
| Other Commitments [Line Items] | |||
| Number of companies associated with sublease agreements | company | 1 | ||
Commitments and Contingencies - Future Minimum Lease Payments (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
|---|---|
| Future Minimum Lease Payments Under Operating Leases | |
| 2022 | $ 4,417 |
| 2023 | 1,785 |
| 2024 | 418 |
| 2025 | 0 |
| 2026 | 0 |
| Thereafter | 0 |
| Future minimum lease payments | $ 6,620 |
Commitments and Contingencies - Future Non-cancellable Purchase Obligations (Details) $ in Thousands |
Dec. 31, 2021
USD ($)
|
|---|---|
| Future Non-cancellable Purchase Obligations | |
| 2022 | $ 9,725 |
| 2023 | 8,280 |
| 2024 | 2,558 |
| 2025 | 1,500 |
| 2026 | 1,500 |
| Thereafter | 6,500 |
| Future non-cancellable purchase obligations | $ 30,063 |
Related-Party Transactions (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Aug. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
Jul. 01, 2021 |
Dec. 31, 2015 |
|
| Related Party Transaction [Line Items] | ||||||
| Upfront research and development cost asset | $ 6,100 | |||||
| HICCH-SCL | ||||||
| Related Party Transaction [Line Items] | ||||||
| Equity method investment ownership (percent) | 50.00% | |||||
| Equity method investment impairment | $ 3,900 | |||||
| Equity method investment impairment, investment component | 1,200 | |||||
| Equity method investment impairment, short-term receivable component | $ 2,700 | |||||
| Sharecare Brasil Servicios de Consultoria, Ltda | Sul América | ||||||
| Related Party Transaction [Line Items] | ||||||
| Noncontrolling interest | 49.00% | |||||
| Largest customer and investor in convertible notes | ||||||
| Related Party Transaction [Line Items] | ||||||
| Related party investment in convertible notes | $ 20,000 | |||||
| Revenue from related parties | $ 48,000 | $ 54,000 | $ 56,200 | |||
| Accounts receivable, related parties | 11,500 | 9,500 | ||||
| Reduction to revenue for warrants earned but not issued | $ 0 | $ 1,100 | $ 500 | |||
| Warrants earned but not issued during period (in shares) | 0 | 6,185 | 10,544 | |||
| Dr. Ornish, MD | Royalty agreement | ||||||
| Related Party Transaction [Line Items] | ||||||
| Royal fee guaranteed amount | $ 1,200 | |||||
| Royal fee guaranteed percentage of revenue | 15.00% | |||||
| Expenses, related party transactions | $ 1,200 | $ 1,200 | $ 1,200 | |||
| Sul América | ||||||
| Related Party Transaction [Line Items] | ||||||
| Revenue from related parties | 11,600 | 12,800 | 18,700 | |||
| Accounts receivable, related parties | 2,000 | 2,200 | ||||
| Sales and sales support services entity | ||||||
| Related Party Transaction [Line Items] | ||||||
| Revenue from related parties | 300 | 3,500 | 4,100 | |||
| Accounts receivable, related parties | 0 | 600 | ||||
| Sales and sales support services entity | Sales and sales support services | ||||||
| Related Party Transaction [Line Items] | ||||||
| Expenses, related party transactions | 100 | 300 | 400 | |||
| Board of Directors related customer | ||||||
| Related Party Transaction [Line Items] | ||||||
| Revenue from related parties | 17,300 | 3,900 | $ 9,200 | |||
| Accounts receivable, related parties | 5,000 | |||||
| Upfront research and development cost asset | 5,500 | 0 | ||||
| Annual commitment through 2025 related to research and development activities | 2,500 | |||||
| Convertible debt | Series B, B-3 and B-4, convertible debt | ||||||
| Related Party Transaction [Line Items] | ||||||
| Due to related parties | $ 0 | $ 75,700 | ||||
Net Loss Per Share - Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|||||
| Numerator | |||||||
| Net loss | $ (85,129) | $ (60,461) | $ (39,437) | ||||
| Less: Redeemable noncontrolling interest remeasurement | 0 | (804) | 0 | ||||
| Less: (Income) loss attributable to noncontrolling interests in subsidiaries | [1] | 129 | 443 | (543) | |||
| Net loss available to common stockholders, basic | (85,000) | (60,822) | (39,980) | ||||
| Net loss available to common stockholders, diluted | $ (85,000) | $ (60,822) | $ (39,980) | ||||
| Denominator | |||||||
| Weighted-average common shares outstanding, basic (in shares) | [2] | 281,026,365 | 215,094,037 | 205,888,637 | |||
| Weighted-average common shares outstanding, diluted (in shares) | [2] | 281,026,365 | 215,094,037 | 205,888,637 | |||
| Net loss per share attributable to common stockholders, basic (in USD per share) | [2] | $ (0.30) | $ (0.28) | $ (0.19) | |||
| Net loss per share attributable to common stockholders, diluted (in USD per share) | [2] | $ (0.30) | $ (0.28) | $ (0.19) | |||
| |||||||
Net Loss Per Share - Anti-dilutive Common Stock Equivalents (Details) - shares |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2019 |
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Potential common stock equivalents (in shares) | 91,441,041 | 127,710,803 | 102,958,042 |
| Convertible debt | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Potential common stock equivalents (in shares) | 18,796,999 | 35,783,839 | 33,700,921 |
| Stock options | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Potential common stock equivalents (in shares) | 61,896,591 | 82,154,207 | 63,242,655 |
| Warrants to purchase common stock | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Potential common stock equivalents (in shares) | 5,665,985 | 8,507,552 | 5,505,342 |
| Redeemable convertible preferred stock | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Potential common stock equivalents (in shares) | 3,544,003 | 0 | 0 |
| Contingently issuable shares | |||
| Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
| Potential common stock equivalents (in shares) | 1,537,463 | 1,265,205 | 509,124 |