Restatement of Quarterly Results - CONSOLIDATED BALANCE SHEETS (Unaudited) (Details) $ in Thousands |
Sep. 20, 2023 |
Dec. 31, 2023
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Sep. 30, 2023
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Jun. 30, 2023
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Mar. 31, 2023
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Dec. 31, 2022
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Sep. 30, 2022
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Jun. 30, 2022
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Mar. 31, 2022
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Dec. 31, 2021
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Dec. 31, 2020
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Current assets: | |||||||||||||||
Cash and cash equivalents | $ 95,763 | $ 166,045 | $ 177,444 | $ 217,968 | $ 246,624 | $ 317,324 | $ 359,500 | $ 406,348 | $ 69,726 | ||||||
Restricted cash | 40,734 | 41,188 | 42,069 | 28,436 | 42,562 | 1,131 | 1,244 | 683 | 215 | ||||||
Total cash, cash equivalents and restricted cash | 136,497 | 207,233 | 219,513 | 246,404 | 289,186 | 318,455 | 360,744 | 407,031 | 69,941 | $ 123,108 | |||||
Accounts receivable, net of allowance of $6,196 and $972 at December 31, 2023 and 2022, respectively | 7,999 | 9,356 | 14,216 | 7,164 | 6,462 | 6,389 | 7,784 | 1,494 | |||||||
Prepaid rent | 0 | 0 | |||||||||||||
Prepaid expenses | 5,366 | 7,098 | 9,496 | 5,838 | 8,776 | 8,121 | 10,445 | 11,367 | |||||||
Other current assets | 11,345 | 10,529 | 11,084 | 12,067 | 9,424 | 9,797 | 11,628 | 8,884 | |||||||
Total current assets | 161,207 | 234,216 | 254,309 | 271,473 | 313,848 | 342,762 | 390,601 | 428,776 | |||||||
Property and equipment, net | 22,775 | 26,473 | 29,158 | 32,485 | 32,606 | 35,922 | 35,625 | 34,869 | |||||||
Operating lease ROU assets | 1,322,135 | 1,386,753 | 1,267,955 | 1,151,755 | 1,136,647 | 1,240,500 | 1,223,692 | 1,129,166 | |||||||
Other non-current assets | 15,150 | 14,868 | 13,591 | 13,046 | 15,525 | 14,527 | 14,639 | 14,861 | |||||||
Total assets | 1,521,267 | 1,662,310 | 1,565,013 | 1,468,759 | 1,498,626 | 1,633,711 | 1,664,557 | 1,607,672 | |||||||
Current liabilities: | |||||||||||||||
Accounts payable | 23,560 | 20,514 | 19,878 | 14,093 | 16,471 | 10,266 | 18,111 | 17,511 | |||||||
Accrued liabilities | 38,626 | 29,114 | 35,337 | 33,312 | 33,896 | 35,473 | 31,426 | 13,839 | |||||||
Taxes payable | 14,005 | 15,391 | 15,453 | 16,656 | 14,608 | 15,352 | 13,494 | 12,294 | |||||||
Deferred revenue | 61,971 | 67,896 | 59,858 | 58,424 | 41,664 | 51,511 | 44,364 | 41,642 | |||||||
Current portion of long-term debt, net | 168,710 | 1,000 | 0 | ||||||||||||
Current operating lease liabilities | 199,364 | 189,238 | 176,511 | 166,895 | 153,789 | 137,330 | 115,655 | 137,642 | |||||||
Other current liabilities | 269 | ||||||||||||||
Total current liabilities | 506,236 | 323,153 | 307,037 | 289,380 | 260,428 | 250,201 | 223,050 | 222,928 | |||||||
Non-current operating lease liabilities | 1,389,580 | 1,406,441 | 1,285,178 | 1,173,558 | 1,163,233 | 1,183,744 | 1,187,142 | 1,059,064 | |||||||
Long-term debt, net | 1,500 | 196,398 | 186,884 | 179,665 | 172,950 | 166,707 | 161,285 | 156,722 | |||||||
Other non-current liabilities | 652 | 739 | 1,176 | 2,111 | 3,500 | 6,424 | 3,918 | 35,441 | |||||||
Total liabilities | 1,897,968 | 1,926,731 | 1,780,275 | 1,644,714 | 1,600,111 | 1,607,076 | 1,575,395 | 1,474,155 | |||||||
Stockholders’ deficit: | |||||||||||||||
Common stock | 1 | [1] | 1 | 1 | 1 | 1 | [1] | 1 | 1 | 1 | |||||
Additional paid-in capital | 977,503 | [1] | 972,991 | 968,067 | 959,809 | 949,001 | [1] | 940,518 | 934,757 | 929,553 | |||||
Cumulative translation adjustment | 4,976 | 9,779 | 6,232 | 9,613 | 13,026 | 19,216 | 14,383 | 9,298 | |||||||
Accumulated deficit | (1,359,181) | (1,247,192) | (1,189,562) | (1,145,378) | (1,063,513) | (933,100) | (859,979) | (805,335) | (818,482) | (524,527) | |||||
Total Equity | (376,701) | (264,421) | (215,262) | (175,955) | (101,485) | 26,635 | 89,162 | 133,517 | (768,076) | (504,962) | |||||
Total liabilities and stockholders’ deficit | $ 1,521,267 | 1,662,310 | 1,565,013 | 1,468,759 | 1,498,626 | 1,633,711 | 1,664,557 | 1,607,672 | |||||||
Conversion ratio | 0.05 | ||||||||||||||
As Previously Reported | |||||||||||||||
Current assets: | |||||||||||||||
Cash and cash equivalents | 166,045 | 177,444 | 217,968 | 246,624 | 317,324 | 359,500 | 406,348 | ||||||||
Restricted cash | 41,188 | 42,069 | 28,436 | 42,562 | 1,131 | 1,244 | 683 | ||||||||
Total cash, cash equivalents and restricted cash | 207,233 | 219,513 | 246,404 | 289,186 | 318,455 | 360,744 | 407,031 | 69,941 | 123,108 | ||||||
Accounts receivable, net of allowance of $6,196 and $972 at December 31, 2023 and 2022, respectively | 9,105 | 14,042 | 6,990 | 5,613 | 5,658 | 7,307 | 1,336 | ||||||||
Prepaid rent | 2,316 | 3,380 | |||||||||||||
Prepaid expenses | 6,388 | 8,786 | 5,128 | 8,066 | 7,530 | 9,854 | 14,435 | ||||||||
Other current assets | 10,532 | 11,516 | 12,708 | 10,065 | 10,435 | 18,996 | 18,518 | ||||||||
Total current assets | 233,258 | 253,857 | 271,230 | 312,930 | 342,078 | 399,217 | 444,700 | ||||||||
Property and equipment, net | 28,462 | 31,616 | 35,432 | 34,926 | 35,469 | 35,605 | 35,243 | ||||||||
Operating lease ROU assets | 1,439,572 | 1,308,719 | 1,201,007 | 1,209,486 | 1,139,713 | 1,109,208 | 1,133,809 | ||||||||
Other non-current assets | 15,045 | 13,667 | 13,791 | 16,270 | 15,272 | 15,384 | 15,606 | ||||||||
Total assets | 1,716,337 | 1,607,859 | 1,521,460 | 1,573,612 | 1,532,532 | 1,559,414 | 1,629,358 | ||||||||
Current liabilities: | |||||||||||||||
Accounts payable | 20,514 | 19,878 | 14,093 | 16,082 | 9,236 | 15,423 | 16,109 | ||||||||
Accrued liabilities | 24,694 | 18,555 | 18,230 | 20,131 | 16,504 | 25,780 | 25,313 | ||||||||
Taxes payable | 15,894 | 15,476 | 16,497 | 14,418 | 14,368 | 12,533 | 11,366 | ||||||||
Deferred revenue | 67,819 | 59,858 | 58,424 | 41,664 | 49,431 | 37,749 | 34,068 | ||||||||
Current portion of long-term debt, net | 1,000 | ||||||||||||||
Current operating lease liabilities | 199,345 | 183,487 | 172,422 | 158,346 | 146,550 | 152,064 | 143,014 | ||||||||
Other current liabilities | 2,349 | ||||||||||||||
Total current liabilities | 329,266 | 297,254 | 279,666 | 250,641 | 238,438 | 243,549 | 229,870 | ||||||||
Non-current operating lease liabilities | 1,382,693 | 1,259,207 | 1,156,913 | 1,166,538 | 1,082,412 | 1,050,285 | 1,070,896 | ||||||||
Long-term debt, net | 196,398 | 186,884 | 179,665 | 172,950 | 166,707 | 161,285 | 156,722 | ||||||||
Other non-current liabilities | 668 | 1,106 | 2,043 | 3,430 | 6,204 | 3,203 | 35,882 | ||||||||
Total liabilities | 1,909,025 | 1,744,451 | 1,618,287 | 1,593,559 | 1,493,761 | 1,458,322 | 1,493,370 | ||||||||
Stockholders’ deficit: | |||||||||||||||
Common stock | 1 | 1 | 1 | 1 | 1 | 1 | 1 | ||||||||
Additional paid-in capital | 972,991 | 968,067 | 959,809 | 947,621 | 942,758 | 936,223 | 930,538 | ||||||||
Cumulative translation adjustment | 10,908 | 7,652 | 10,348 | 12,985 | 19,216 | 14,383 | 9,298 | ||||||||
Accumulated deficit | (1,176,588) | (1,112,312) | (1,066,985) | (980,554) | (923,204) | (849,515) | (803,849) | (814,812) | (520,425) | ||||||
Total Equity | (192,688) | (136,592) | (96,827) | (19,947) | 38,771 | 101,092 | 135,988 | (764,406) | (500,860) | ||||||
Total liabilities and stockholders’ deficit | 1,716,337 | 1,607,859 | 1,521,460 | 1,573,612 | 1,532,532 | 1,559,414 | 1,629,358 | ||||||||
Restatement Adjustments | |||||||||||||||
Current assets: | |||||||||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Restricted cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Total cash, cash equivalents and restricted cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Accounts receivable, net of allowance of $6,196 and $972 at December 31, 2023 and 2022, respectively | 251 | 174 | 174 | 849 | 731 | 477 | 158 | ||||||||
Prepaid rent | (2,316) | (3,380) | |||||||||||||
Prepaid expenses | 710 | 710 | 710 | 710 | 591 | 591 | (3,068) | ||||||||
Other current assets | (3) | (432) | (641) | (641) | (638) | (7,368) | (9,634) | ||||||||
Total current assets | 958 | 452 | 243 | 918 | 684 | (8,616) | (15,924) | ||||||||
Property and equipment, net | (1,989) | (2,458) | (2,947) | (2,320) | 453 | 20 | (374) | ||||||||
Operating lease ROU assets | (52,819) | (40,764) | (49,252) | (72,839) | 100,787 | 114,484 | (4,643) | ||||||||
Other non-current assets | (177) | (76) | (745) | (745) | (745) | (745) | (745) | ||||||||
Total assets | (54,027) | (42,846) | (52,701) | (74,986) | 101,179 | 105,143 | (21,686) | ||||||||
Current liabilities: | |||||||||||||||
Accounts payable | 0 | 0 | 0 | 389 | 1,030 | 2,688 | 1,402 | ||||||||
Accrued liabilities | 4,420 | 16,782 | 15,082 | 13,765 | 18,969 | 5,646 | (11,474) | ||||||||
Taxes payable | (503) | (23) | 159 | 190 | 984 | 961 | 928 | ||||||||
Deferred revenue | 77 | 0 | 0 | 0 | 2,080 | 6,615 | 7,574 | ||||||||
Current portion of long-term debt, net | 0 | ||||||||||||||
Current operating lease liabilities | (10,107) | (6,976) | (5,527) | (4,557) | (9,220) | (36,409) | (5,372) | ||||||||
Other current liabilities | (2,080) | ||||||||||||||
Total current liabilities | (6,113) | 9,783 | 9,714 | 9,787 | 11,763 | (20,499) | (6,942) | ||||||||
Non-current operating lease liabilities | 23,748 | 25,971 | 16,645 | (3,305) | 101,332 | 136,857 | (11,832) | ||||||||
Long-term debt, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Other non-current liabilities | 71 | 70 | 68 | 70 | 220 | 715 | (441) | ||||||||
Total liabilities | 17,706 | 35,824 | 26,427 | 6,552 | 113,315 | 117,073 | (19,215) | ||||||||
Stockholders’ deficit: | |||||||||||||||
Common stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Additional paid-in capital | 0 | 0 | 0 | 1,380 | (2,240) | (1,466) | (985) | ||||||||
Cumulative translation adjustment | (1,129) | (1,420) | (735) | 41 | 0 | 0 | 0 | ||||||||
Accumulated deficit | (70,604) | (77,250) | (78,393) | (82,959) | (9,896) | (10,464) | (1,486) | (3,670) | (4,102) | ||||||
Total Equity | (71,733) | (78,670) | (79,128) | (81,538) | (12,136) | (11,930) | (2,471) | $ (3,670) | $ (4,102) | ||||||
Total liabilities and stockholders’ deficit | $ (54,027) | $ (42,846) | $ (52,701) | $ (74,986) | $ 101,179 | $ 105,143 | $ (21,686) | ||||||||
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