beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 1,905,871	$ 1,541,889	$ 1,092,673
Cost of revenue	408,549	339,404	352,547
Gross profit	1,497,322	1,202,485	740,126
Operating expenses:
Sales and marketing	702,511	614,512	683,701
Research and development	359,679	387,487	560,660
General and administrative	596,333	611,532	669,444
Total operating expenses	1,658,523	1,613,531	1,913,805
Loss from operations	(161,201)	(411,046)	(1,173,679)
Interest income	20,309	1,607	4,680
Interest expense	(4,058)	(3,640)	(14,139)
Other income (expense), net	(216,077)	(75,415)	4,111
Loss before provision for (benefit from) income taxes	(361,027)	(488,494)	(1,179,027)
Provision for (benefit from) income taxes	10,067	31,885	(12,636)
Net loss	(371,094)	(520,379)	(1,166,391)
Less: Net income attributable to noncontrolling interests	2,611	0	0
Net loss attributable to common stockholders	$ (373,705)	$ (520,379)	$ (1,166,391)
Net loss per share attributable to common stockholders, basic (in dollars per share)	$ (0.18)	$ (0.27)	$ (1.19)
Net loss per share attributable to common stockholders, diluted (in dollars per share)	$ (0.18)	$ (0.27)	$ (1.20)
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, basic (in shares)	2,063,793	1,923,617	977,722
Weighted-average shares of common stock outstanding used in computing net loss per share attributable to common stockholders, diluted (in shares)	2,063,793	1,923,617	979,330

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (371,094)	$ (520,379)	$ (1,166,391)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	22,522	14,897	13,871
Stock-based compensation	564,798	778,215	1,270,702
Deferred income taxes	(174)	43,316	(20,385)
Non-cash operating lease expense	40,309	33,821	35,049
Unrealized and realized (gain) loss from marketable securities, net	272,108	73,311	0
Gain from step acquisition	(44,306)	0	0
Other operating activities	6,677	2,722	4,280
Changes in operating assets and liabilities, net of effect of acquisitions:
Accounts receivable, net	(77,519)	(35,237)	(108,476)
Prepaid expenses and other current assets	(25,997)	(10,929)	(18,565)
Other assets	6,033	(3,345)	(8,605)
Accounts payable	(29,859)	57,767	(34,681)
Accrued liabilities	5,527	15,245	38,505
Deferred revenue, current and noncurrent	(61,154)	24,732	(30,905)
Customer deposits, current and noncurrent	(49,471)	(104,944)	(230,873)
Operating lease liabilities, current and noncurrent	(34,590)	(32,156)	(43,639)
Other noncurrent liabilities	(73)	(3,185)	3,505
Net cash provided by (used in) operating activities	223,737	333,851	(296,608)
Investing activities
Purchases of property and equipment	(40,027)	(12,627)	(12,236)
Purchases of marketable securities	(124,500)	(308,315)	0
Proceeds from sales and redemption of marketable securities	52,319	851	0
Business combinations, net of cash acquired	66,708	0	0
Purchases of alternative investments	0	(50,941)	0
Purchases of privately-held securities	0	(23,009)	0
Other investing activities	73	(3,871)	(2,684)
Net cash used in investing activities	(45,427)	(397,912)	(14,920)
Financing activities
Proceeds from the issuance of common stock, net of issuance costs	0	0	942,529
Proceeds from issuance of debt, net of borrowing costs	0	0	199,369
Principal payments on borrowings	0	(200,000)	(400,000)
Proceeds from the exercise of common stock options	86,089	507,455	298,829
Other financing activities	(93)	(708)	(4,274)
Net cash provided by financing activities	85,996	306,747	1,036,453
Effect of foreign exchange on cash, cash equivalents, and restricted cash	(3,885)	(3,918)	1,259
Net increase in cash, cash equivalents, and restricted cash	260,421	238,768	726,184
Cash, cash equivalents, and restricted cash - beginning of period	2,366,914	2,128,146	1,401,962
Cash, cash equivalents, and restricted cash - end of period	2,627,335	2,366,914	2,128,146
Supplemental disclosures of cash flow information
Cash paid for income taxes	2,904	4,131	14,283
Cash paid for interest	5	2,774	11,432
Conversion of redeemable convertible and convertible preferred stock to common stock
Supplemental disclosures of non-cash investing and financing information:
Conversion of stock	0	0	2,138,988
Conversion of convertible preferred stock warrants to common stock warrants
Supplemental disclosures of non-cash investing and financing information:
Conversion of stock	0	0	31,007
Cashless net exercise of warrants for convertible preferred stock
Supplemental disclosures of non-cash investing and financing information:
Conversion of stock	$ 0	$ 0	$ 10,810

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,598,540	$ 2,290,674
Restricted cash	16,244	36,628
Accounts receivable, net	258,346	190,923
Marketable securities	35,135	234,153
Prepaid expenses and other current assets	133,312	110,872
Total current assets	3,041,577	2,863,250
Property and equipment, net	69,170	31,304
Restricted cash, noncurrent	12,551	39,612
Operating lease right-of-use assets	200,240	216,898
Other assets	137,701	96,386
Total assets	3,461,239	3,247,450
Current liabilities:
Accounts payable	44,788	74,907
Accrued liabilities	172,715	155,806
Deferred revenue	183,350	227,816
Customer deposits	141,989	161,605
Operating lease liabilities	45,099	39,927
Total current liabilities	587,941	660,061
Deferred revenue, noncurrent	9,965	40,217
Customer deposits, noncurrent	3,936	33,699
Operating lease liabilities, noncurrent	204,305	220,146
Other noncurrent liabilities	12,655	2,297
Total liabilities	818,802	956,420
Commitments and Contingencies (Note 8)
Stockholders’ equity:
Common stock	2,099	2,027
Additional paid-in capital	8,427,998	7,777,085
Accumulated other comprehensive loss	(5,333)	(2,349)
Accumulated deficit	(5,859,438)	(5,485,733)
Total stockholders’ equity	2,565,326	2,291,030
Noncontrolling interests	77,111	0
Total equity	2,642,437	2,291,030
Total liabilities and equity	$ 3,461,239	$ 3,247,450
Common stock, shares authorized (in shares)	22,701,005,000	22,701,005,000
Common stock, shares issued (in shares)	2,099,075,000	2,027,474,000
Common stock, shares outstanding (in shares)	2,099,075,000	2,027,474,000
Class B Common Stock
Stockholders’ equity:
Common stock, shares authorized (in shares)	2,700,000,000	2,700,000,000
Common stock, shares issued (in shares)	102,656,000	99,880,000
Common stock, shares outstanding (in shares)	102,656,000	99,880,000
Class A Common Stock
Stockholders’ equity:
Common stock, shares authorized (in shares)	20,000,000,000	20,000,000,000
Common stock, shares issued (in shares)	1,995,414,000	1,926,589,000
Common stock, shares outstanding (in shares)	1,995,414,000	1,926,589,000
Class F Common Stock
Stockholders’ equity:
Common stock, shares authorized (in shares)	1,005,000	1,005,000
Common stock, shares issued (in shares)	1,005,000	1,005,000
Common stock, shares outstanding (in shares)	1,005,000	1,005,000