| Summary of Impact to the Consolidated Statements of Stockholders' Equity Isolated to Net Income and Accumulated Deficit as Revised in the Other Statements |
The impact to the Consolidated Statements of Stockholders' Equity was isolated to net income and accumulated deficit as revised in the other statements.
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Consolidated Statements of Operations and Comprehensive Loss |
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For the Year Ended December 31, 2022 |
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As Previously Reported |
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Adjustments |
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As Revised |
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(in thousands) |
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Cost of revenues - Subscription |
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$ |
257,513 |
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|
$ |
(6,239 |
) |
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$ |
251,274 |
|
Total cost of revenues |
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|
314,259 |
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(6,239 |
) |
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|
308,020 |
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Gross profit |
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1,416,710 |
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|
6,239 |
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1,422,949 |
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Loss from operations |
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(109,101 |
) |
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|
6,239 |
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(102,862 |
) |
Loss before income tax expense |
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(104,692 |
) |
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6,239 |
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(98,453 |
) |
Income tax expense |
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(8,057 |
) |
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(837 |
) |
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(8,894 |
) |
Net loss |
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(112,749 |
) |
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5,402 |
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(107,347 |
) |
Comprehensive loss |
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(124,300 |
) |
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5,402 |
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(118,898 |
) |
Net loss per common share, basic and diluted |
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$ |
(2.35 |
) |
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$ |
0.12 |
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$ |
(2.23 |
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For the Year Ended December 31, 2023 |
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As Previously Reported |
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Adjustments |
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As Revised |
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(in thousands) |
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Cost of revenues - Subscription |
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$ |
290,802 |
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|
$ |
(7,127 |
) |
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$ |
283,675 |
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Total cost of revenues |
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345,489 |
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(7,127 |
) |
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338,362 |
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Gross profit |
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1,824,741 |
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7,127 |
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1,831,868 |
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Loss from operations |
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(208,056 |
) |
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7,127 |
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(200,929 |
) |
Loss before income tax expense |
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(157,702 |
) |
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7,127 |
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(150,575 |
) |
Income tax expense |
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(18,593 |
) |
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4,658 |
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(13,935 |
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Net loss |
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(176,295 |
) |
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11,785 |
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(164,510 |
) |
Comprehensive loss |
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(161,578 |
) |
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11,785 |
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(149,793 |
) |
Net loss per common share, basic and diluted |
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$ |
(3.53 |
) |
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$ |
0.23 |
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$ |
(3.30 |
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Consolidated Balance Sheets |
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December 31, 2022 |
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As Previously Reported |
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Adjustments |
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As Revised |
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(in thousands) |
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Total assets |
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$ |
2,544,738 |
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$ |
- |
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$ |
2,544,738 |
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Accrued expenses and other current liabilities |
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102,122 |
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(7,112 |
) |
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95,010 |
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Total current liabilities |
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761,653 |
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(7,112 |
) |
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754,541 |
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Other long-term liabilities |
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14,546 |
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4,658 |
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19,204 |
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Total liabilities |
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1,552,514 |
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(2,454 |
) |
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1,550,060 |
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Accumulated deficit |
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(642,381 |
) |
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2,454 |
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(639,927 |
) |
Total stockholders’ equity |
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992,224 |
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2,454 |
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994,678 |
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December 31, 2023 |
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As Previously Reported |
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Adjustments |
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As Revised |
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(in thousands) |
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Total assets |
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$ |
3,071,392 |
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$ |
- |
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$ |
3,071,392 |
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Accrued expenses and other current liabilities |
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108,313 |
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(14,239 |
) |
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94,074 |
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Total current liabilities |
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956,247 |
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(14,239 |
) |
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942,008 |
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Total liabilities |
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1,751,283 |
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(14,239 |
) |
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1,737,044 |
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Accumulated deficit |
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(818,676 |
) |
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14,239 |
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(804,437 |
) |
Total stockholders’ equity |
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1,320,109 |
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14,239 |
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1,334,348 |
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| Summary of Reconciliation of Denominator Used in Calculation of Basic and Diluted Income (Loss) Per Share |
A reconciliation of the denominator used in the calculation of basic and diluted income (loss) per share is as follows:
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Year Ended December 31, |
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2024 |
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2023 |
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2022 |
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(in thousands, except per share amounts) |
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Net income (loss) |
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$ |
4,628 |
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$ |
(164,510 |
) |
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$ |
(107,347 |
) |
Weighted-average common shares outstanding—basic |
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51,178 |
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49,877 |
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48,065 |
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Dilutive effect of share equivalents resulting from stock
options, RSUs, ESPP, PSUs, warrants and the Conversion
Options |
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|
641 |
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— |
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— |
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Weighted-average common shares outstanding-diluted |
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51,819 |
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49,877 |
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48,065 |
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Net income (loss) per share, basic |
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$ |
0.09 |
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$ |
(3.30 |
) |
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$ |
(2.23 |
) |
Net income (loss) per share, diluted |
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$ |
0.09 |
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$ |
(3.30 |
) |
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$ |
(2.23 |
) |
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| Schedule of Roll Forward of Company's Allowance for Doubtful Accounts |
The following is a roll-forward of the Company’s allowance for credit losses (in thousands):
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Balance
Beginning
of Period |
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Charged to
Statement of
Operations |
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Deductions (1) |
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Balance at
End of
Period |
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Allowance for credit losses |
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Year ended December 31, 2024 |
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$ |
5,516 |
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$ |
19,862 |
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$ |
(19,290 |
) |
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$ |
6,088 |
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Year ended December 31, 2023 |
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$ |
3,266 |
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$ |
18,887 |
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$ |
(16,637 |
) |
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$ |
5,516 |
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Year ended December 31, 2022 |
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$ |
1,768 |
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$ |
11,549 |
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$ |
(10,051 |
) |
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$ |
3,266 |
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(1) Deductions include actual accounts written-off, net of recoveries.
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