beatandraise : Equity Research with AI and ChatGPT on SEC Edgar

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Revenue	$ 526,916	$ 271,878	$ 148,757
Cost of revenue	118,194	67,384	39,307
Gross profit	408,722	204,494	109,450
Operating expenses:
Marketing	272,587	135,902	58,989
Operations and support	77,403	47,593	28,336
Technology and development	29,237	22,379	11,238
General and administrative	98,192	113,662	26,031
Total operating expenses	477,419	319,536	124,594
Loss from operations	(68,697)	(115,042)	(15,144)
Other income (expense):
Change in fair value of liabilities	70	3,802	(3,101)
Other income, net	2,918	445	258
Total other income (expense), net	2,988	4,247	(2,843)
Loss before income taxes	(65,709)	(110,795)	(17,987)
Benefit (provision) for income taxes	31	3,136	(127)
Net loss	(65,678)	(107,659)	(18,114)
Other comprehensive loss	(140)	(126)	(13)
Total comprehensive loss	$ (65,818)	$ (107,785)	$ (18,127)
Net loss per share attributable to common stockholders:
Basic (in USD per share)	$ (0.32)	$ (0.58)	$ (0.51)
Diluted (in USD per share)	$ (0.32)	$ (0.58)	$ (0.51)
Weighted average shares outstanding:
Basic (in shares)	204,516,120	186,781,537	35,353,809
Diluted (in shares)	204,516,120	186,781,537	35,353,809

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (65,678,000)	$ (107,659,000)	$ (18,114,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	7,474,000	4,075,000	1,057,000
Stock-based compensation	42,817,000	67,211,000	5,831,000
Change in fair value of liabilities	(70,000)	(3,802,000)	3,101,000
Warrant expense in connection with Merger	0	154,000	0
Lease termination expense	0	0	754,000
Amortization of debt issuance costs	0	144,000	322,000
Net amortization on securities	146,000	2,166,000	325,000
Benefit for deferred taxes	(594,000)	(3,388,000)	0
Impairment of long-lived assets	1,127,000	0	0
Non-cash operating lease cost	1,605,000	1,510,000	0
Non-cash acquisition-related costs	837,000	1,182,000	0
Non-cash other	0	540,000	59,000
Changes in operating assets and liabilities:
Inventory	(8,004,000)	(9,628,000)	674,000
Prepaid expenses and other current assets	(6,335,000)	3,200,000	(645,000)
Other long-term assets	17,000	(58,000)	8,000
Accounts payable	12,723,000	9,853,000	826,000
Accrued liabilities	909,000	197,000	2,423,000
Deferred revenue	(1,716,000)	1,412,000	519,000
Operating lease liabilities	(1,605,000)	(1,521,000)	0
Earn-out payable	(10,184,000)	0	0
Other long-term liabilities	0	0	381,000
Net cash used in operating activities	(26,531,000)	(34,412,000)	(2,479,000)
Investing activities
Purchases of investments	(187,700,000)	(266,633,000)	(95,008,000)
Maturities of investments	194,259,000	158,375,000	47,990,000
Proceeds from sales of investments	35,846,000	3,465,000	11,550,000
Investment in website and mobile application development and internal-use software	(4,533,000)	(4,175,000)	(2,496,000)
Purchases of property, equipment, and intangible assets	(2,714,000)	(832,000)	(1,737,000)
Deferred consideration paid for acquisitions	(459,000)	0	0
Acquisition of businesses, net of cash acquired	0	(46,468,000)	0
Net cash provided by (used in) investing activities	34,699,000	(156,268,000)	(39,701,000)
Financing activities
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs	0	0	51,900,000
Pre-closing stock repurchase	0	(22,027,000)	0
Proceeds from issuance of common stock upon Merger	0	197,686,000	0
Proceeds from PIPE	0	75,000,000	0
Payments for transaction costs related to securities issuances	0	(12,851,000)	(3,356,000)
Proceeds from repayment of promissory notes associated with vested and unvested shares	0	1,193,000	0
Proceeds from exercise of Series C preferred stock warrants	0	0	29,000
Proceeds from exercise of Class A common stock warrants, net of redemption payments	0	787,000	561,000
Proceeds from exercise of vested and unvested stock options, net of repurchases and cancelations	2,246,000	1,253,000	123,000
Repayments of principal on term loan	0	0	(1,515,000)
Payments for taxes related to net share settlement of equity awards	(3,901,000)	(5,998,000)	0
Payments for earn-out consideration for acquisitions	(32,650,000)	0	0
Proceeds from employee stock purchase plan	1,178,000	0	0
Net cash (used in) provided by financing activities	(33,127,000)	235,043,000	47,742,000
Foreign currency effect on cash and cash equivalents	(53,000)	(73,000)	(9,000)
(Decrease) increase in cash, cash equivalents, and restricted cash	(25,012,000)	44,290,000	5,553,000
Cash, cash equivalents, and restricted cash at beginning of period	72,640,000	28,350,000	22,797,000
Cash, cash equivalents, and restricted cash at end of period	47,628,000	72,640,000	28,350,000
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	46,772,000	71,784,000	27,344,000
Restricted cash	856,000	856,000	1,006,000
Total cash, cash equivalents, and restricted cash	47,628,000	72,640,000	28,350,000
Supplemental disclosures of cash flow information
Cash paid for taxes	636,000	338,000	221,000
Cash paid for interest	0	0	10,000
Non-cash investing and financing activities
Expiration of Class A common stock redemption right	0	0	4,500,000
Exercise of convertible preferred stock warrants	0	0	11,292,000
Recapitalization of redeemable convertible preferred stock from pre-closing stock repurchase	0	125,000	0
Conversion of redeemable convertible preferred stock to common stock	0	249,837,000	0
Assumption of Merger warrants liability	0	51,814,000	0
Redemption/exercise of Class A common stock warrants	0	37,834,000	0
Conversion of Series D preferred stock warrants to Class A common warrants	0	1,160,000	0
Right-of-use asset obtained in exchange for lease liability	1,206,000	0	0
Vesting of early-exercised stock options, net of cancelations	197,000	227,000	31,000
Common stock issued, contingent consideration, and liabilities assumed in acquisition of businesses	$ 0	$ 99,958,000	$ 0

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 46,772	$ 71,784
Short-term investments	132,853	175,490
Inventory	21,562	13,558
Prepaid expenses and other current assets	15,408	9,073
Total current assets	216,595	269,905
Restricted cash	856	856
Goodwill	110,881	110,881
Intangibles, net	21,841	25,890
Operating lease right-of-use assets	4,936	5,111
Other long-term assets	11,232	7,942
Total assets	366,341	420,585
Current liabilities:
Accounts payable	32,363	19,640
Accrued liabilities	12,448	12,194
Deferred revenue	1,472	3,188
Earn-out payable	0	42,834
Operating lease liabilities	1,658	1,365
Total current liabilities	47,941	79,221
Operating lease liabilities	3,649	4,117
Earn-out liabilities	2,975	1,999
Other long-term liabilities	35	629
Total liabilities	54,600	85,966
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock – Class A shares, par value $0.0001, 2,750,000,000 shares authorized and 200,051,689 and 196,414,363 shares issued and outstanding as of December 31, 2022 and 2021, respectively; Class V shares, par value $0.0001, 10,000,000 shares authorized and 8,377,623 shares issued and outstanding as of December 31, 2022 and 2021	21	20
Additional paid-in capital	656,626	613,687
Accumulated other comprehensive loss	(277)	(137)
Accumulated deficit	(344,629)	(278,951)
Total stockholders' equity	311,741	334,619
Total liabilities and stockholders' equity	$ 366,341	$ 420,585