Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 21, 2022 | Jun. 30, 2021 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2021 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Registrant Name | ENJOY TECHNOLOGY, INC./DE | ||
Entity Central Index Key | 0001830180 | ||
Entity Tax Identification Number | 98-1566891 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-39800 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Address, Address Line One | 3240 Hillview Avenue | ||
Entity Address, City or Town | Palo Alto | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94304 | ||
City Area Code | 888 | ||
Local Phone Number | 463-6569 | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding | 120,018,911 | ||
Entity Public Float | $ 370 | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Firm ID | 238 | ||
Auditor Location | San Francisco, California | ||
Common Stock [Member] | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Trading Symbol | ENJY | ||
Security Exchange Name | NASDAQ | ||
Warrants to purchase redeemable convertible preferred stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Warrants to purchase common stock | ||
Trading Symbol | ENJYW | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 85,836 | $ 58,452 |
Restricted cash | 1,710 | 5,494 |
Accounts receivable, net | 9,977 | 4,544 |
Prepaid expenses and other current assets | 4,159 | 2,774 |
Total current assets | 101,682 | 71,264 |
Property and equipment, net | 15,945 | 14,074 |
Intangible assets, net | 867 | 967 |
Other assets | 6,631 | 4,905 |
Total assets | 125,125 | 91,210 |
Current liabilities: | ||
Accounts payable | 6,102 | 3,222 |
Accrued expenses and other current liabilities | 20,110 | 17,897 |
Short-term debt | 0 | 2,105 |
Total current liabilities | 26,212 | 23,224 |
Long-term debt, net of discount | 0 | 41,578 |
Long-term convertible loan, at fair value (related party carrying value of $20.0 million) | 0 | 86,357 |
Derivative warrant liabilities | 6,577 | 806 |
Total liabilities | 32,789 | 151,965 |
COMMITMENTS AND CONTINGENCIES | ||
Temporary equity shares subject to possible redemption | 353,692 | |
Shareholders' Deficit | ||
Common stock, $0.0001 par value, 500,000,000 shares authorized; 119,624,679 and 21,416,436 shares issued and outstanding at December 31, 2021 and 2020, respectively | 12 | 1 |
Additional paid-in capital | 734,142 | 6,601 |
Accumulated other comprehensive income | 724 | 884 |
Accumulated deficit | (642,542) | (421,933) |
Total shareholders' deficit | 92,336 | (414,447) |
Total liabilities, redeemable convertible preferred stock and stockholders' deficit | 125,125 | 91,210 |
Redeemable Convertible Preferred Stock [Member] | ||
Current liabilities: | ||
Temporary equity shares subject to possible redemption | $ 0 | $ 353,692 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Preference shares par value | $ 0.00001 | $ 0.00001 |
Preference shares authorized | 51,634,130 | 51,634,130 |
Preference shares issued | 0 | 51,518,255 |
Preference shares outstanding | 0 | 51,518,255 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock authorized | 500,000,000 | 500,000,000 |
Common stock issued | 119,624,679 | 21,416,436 |
Common stock outstanding | 119,624,679 | 21,416,436 |
Long-term convertible loan, at fair value (related party carrying value) | $ 20 | $ 20 |
Preferred stock, liquidation preference, value | $ 0 | $ 362.1 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue | $ 80,998 | $ 60,323 |
Operating expenses: | ||
Cost of revenue | 112,910 | 71,872 |
Operations and technology | 92,017 | 65,804 |
General and administrative | 57,915 | 34,274 |
Total operating expenses | 262,842 | 171,950 |
Loss from operations | (181,844) | (111,627) |
Loss on convertible loans | (27,338) | (42,907) |
Interest expense | (8,522) | (2,003) |
Interest income | 6 | 276 |
Other expense, net | (2,993) | (1,426) |
Loss before provision for income taxes | (220,691) | (157,687) |
Provision/(benefit) for income taxes | (82) | 97 |
Net loss | (220,609) | (157,784) |
Other comprehensive loss, net of tax | ||
Cumulative translation adjustment | (160) | 695 |
Total comprehensive loss | $ (220,769) | $ (157,089) |
Net loss per share, basic and diluted | $ (4.65) | $ (7.40) |
Weighted average shares used in computing net loss per share, basic and diluted | 47,449,095 | 21,311,844 |
Consolidated Statements of Rede
Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income | Accumulated Deficit | Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred StockPreferred Stock | |||
Beginning balance at Dec. 31, 2019 | $ 353,692 | |||||||||
Beginning balance (in shares) at Dec. 31, 2019 | [1] | 51,518,255 | ||||||||
Beginning balance at Dec. 31, 2019 | $ (260,797) | $ 1 | $ 3,162 | $ 189 | $ (264,149) | |||||
Beginning balance (in shares) at Dec. 31, 2019 | 21,140,014 | |||||||||
Issuance of common stock upon exercise of stock options | 333 | 333 | ||||||||
Issuance of common stock upon exercise of stock options (Shares) | 276,422 | |||||||||
Issuance of warrants | 1,357 | 1,357 | ||||||||
Stock-based compensation | 1,749 | 1,749 | ||||||||
Foreign currency translation adjustments | 695 | 695 | ||||||||
Net loss | (157,784) | (157,784) | ||||||||
Ending balance at Dec. 31, 2020 | $ 353,692 | $ 353,692 | ||||||||
Ending balance (in shares) at Dec. 31, 2020 | 51,518,255 | 51,518,255 | [1] | |||||||
Ending balance at Dec. 31, 2020 | $ (414,447) | $ 1 | 6,601 | 884 | (421,933) | |||||
Ending balance (in shares) at Dec. 31, 2020 | 21,416,436 | |||||||||
Issuance of common stock upon exercise of stock options | $ 1,799 | 1,799 | ||||||||
Issuance of common stock upon exercise of stock options (Shares) | 28,793,750 | 1,207,353 | ||||||||
Issuance of Series C redeemable convertible preferred stock (net of issuance costs) | $ 15,000 | |||||||||
Issuance of Series C redeemable convertible preferred stock (net of issuance costs) (Shares) | [1] | 1,362,099 | ||||||||
Conversion of redeemable convertible preferred stock into common stock in connection with the reverse recapitalization | $ 368,692 | $ 5 | 368,687 | $ (368,692) | ||||||
Conversion of redeemable convertible preferred stock into common stock in connection with the reverse recapitalization (Shares) | 52,880,354 | (52,880,354) | [1] | |||||||
Conversion of convertible notes into common stock upon the reverse recapitalization | 152,113 | $ 2 | 152,111 | |||||||
Conversion of convertible notes into common stock upon the reverse recapitalization (Shares) | 15,163,809 | |||||||||
Conversion of warrants into common stock upon the reverse capitalization (Shares) | 162,977 | |||||||||
Reclassification of preferred stock warrant liability upon the reverse recapitalization | 450 | 450 | ||||||||
Recapitalization, backstop financing and PIPE financing, net of issuance costs | 137,158 | $ 4 | 137,154 | |||||||
Recapitalization, backstop financing and PIPE financing, net of issuance costs (Shares) | 28,793,750 | |||||||||
Stockholder contribution of stock for inducement in connection with the reverse recapitalization (Shares) | (689,113) | |||||||||
Stock issuance for inducement in connection with the reverse recapitalization | 20,000 | 20,000 | ||||||||
Stock issuance for inducement in connection with the reverse recapitalization (Shares) | 689,113 | |||||||||
Gain on extinguishment of convertible loan | 36,782 | 36,782 | ||||||||
Stock-based compensation | 10,558 | 10,558 | ||||||||
Foreign currency translation adjustments | (160) | (160) | ||||||||
Net loss | (220,609) | (220,609) | ||||||||
Ending balance at Dec. 31, 2021 | $ 0 | |||||||||
Ending balance (in shares) at Dec. 31, 2021 | 0 | |||||||||
Ending balance at Dec. 31, 2021 | $ 92,336 | $ 12 | $ 734,142 | $ 724 | $ (642,542) | |||||
Ending balance (in shares) at Dec. 31, 2021 | 119,624,679 | |||||||||
[1] | The shares of the Company’s common and redeemable convertible preferred stock, prior to the Merger (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 0.34456 established in the Merger as described in Note 3. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net loss | $ (220,609) | $ (157,784) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation and amortization | 4,028 | 3,138 |
Loss on asset disposal | 201 | 320 |
Stock-based compensation | 10,558 | 1,749 |
Accretion of debt discount | 1,025 | 293 |
Loss on extinguishment of debt related to derecognition of unamortized debt discount | 3,293 | |
Inducement expense in connection with the reverse recapitalization | 20,000 | |
Revaluation of warrants | (17,269) | 469 |
Foreign currency transaction (gain) loss | (134) | 687 |
Revaluation of convertible debt | 27,338 | 42,907 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (5,440) | 8,417 |
Prepaid expenses and other current assets | (1,382) | (115) |
Other assets | (1,524) | (2,850) |
Accounts payable | 3,249 | (136) |
Accrued expenses and other current liabilities | 2,048 | 7,563 |
Net cash used in operating activities | (174,618) | (95,342) |
Cash Flows from Investing Activities: | ||
Purchases of property and equipment | (6,403) | (8,012) |
Maturities of short-term investments | 22,510 | |
Net cash (used in) provided by investing activities | (6,403) | 14,498 |
Cash Flows from Financing Activities: | ||
Proceeds from convertible loan | 75,200 | 43,451 |
Proceeds from issuance of redeemable convertible preferred stock | 15,000 | |
Proceeds from reverse recapitalization, backstop financing and PIPE financing | 171,062 | |
Proceeds from exercises of stock options | 1,799 | 333 |
Repayment of Blue Torch and PPP loans | (48,000) | |
Payment Of Transaction Costs Related To The Transactions | (10,413) | |
Payment of deferred financing costs | (884) | |
Proceeds from issuance of Blue Torch loan and warrants | 35,790 | |
Proceeds from Issuance of Other Long-term Debt | 10,000 | |
Payment of TriplePoint loan | (10,263) | |
Net cash provided by financing activities | 204,648 | 78,427 |
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | (27) | 349 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 23,600 | (2,068) |
Cash, cash equivalents and restricted cash, beginning of year | 63,946 | 66,014 |
Cash, cash equivalents and restricted cash, end of year | 87,546 | 63,946 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the year for interest | 4,155 | 2,003 |
Cash paid during the year for income taxes | 18 | 97 |
Supplemental disclosure of non-cash financing activity: | ||
Conversion of redeemable preferred stock to common stock | 368,692 | |
Issuance of common stock related to convertible debt | 152,113 | |
Reclassification of redeemable convertible preferred stock warrant liability to equity | 450 | |
Deferred success fee | 1,000 | |
Property and equipment, net included in accounts payable | 118 | |
Non-cash interest | 4,367 | $ 565 |
Gain on extinguishment of convertible loan | 36,782 | |
Derivative warrant liabilities recognized upon closing of the transaction. | $ 23,491 |
Description of Business And Bas
Description of Business And Basis Of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business And Basis Of Presentation | 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Enjoy Technology, Inc. (“Enjoy” or the “Company”) was incorporated in the state of Delaware in May 2014, and is headquartered in Palo Alto, California. Enjoy operates mobile stores providing in home delivery, set up and a full shopping experience for technology and telecom companies in the United States of America, United Kingdom, and Canada. References herein to Enjoy or the Company mean Enjoy Technology, Inc., and its consolidated subsidiaries. Reorganization Marquee Raine Acquisition Corp. Merger See Note 3, “Reverse Recapitalization” for further details of the Merger. Basis of Presentation Reclassifications Going Concern recoverability and classification of assets, or the amounts and classification of liabilities that may result from the outcome of this uncertainty. Since inception, the Company has incurred losses and cash outflows from operations. During the years ended December 31, 2021 and 2020 the Company incurred net losses of $220.6 million and $157.8 million, respectively and cash outflows from operations of $174.6 million and $95.3 million, respectively. As of December 31, 2021, and 2020, the Company had accumulated deficits of approximately $642.5 million and $421.9 million, respectively. The Company has historically financed its operations through the issuance and sale of redeemable convertible preferred stock and through issuance of debt. Management expects that operating losses and negative cash flows from operating activities will continue in the foreseeable future as the Company continues to invest in the expansion of its operations. The Company’s ongoing operations are dependent on its ability to obtain additional financing and generate sufficient cash flow to meet its obligations on a timely basis. The Company’s business will require significant amounts of capital to sustain operations and the Company will need to make the investments it needs to execute its long-term business plans. The Company will need to obtain debt or equity financing, especially if the Company experiences downturns in its business that are more severe or longer than expected. Such additional debt or equity financing may not be available to the Company on favorable terms, if at all. Management believes there is substantial doubt about the Company’s ability to continue as a going concern as the Company’s present cash flows from operations will not enable it to meet its obligations for the twelve months from the date these consolidated financial statements are available to be issued. Management is actively seeking new sources of financing at favorable terms and conditions that will enable the Company to meet its obligations for the twelve months from the date these consolidated financial statements are available to be issued. There is no assurance that management will be successful in raising additional funds. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates Risks and Uncertainties • Impact of LIBOR Phase-Out phase-out • Impact of COVID-19 COVID-19 COVID-19 COVID-19 in-home in-home in-home pre-COVID The Company has applied for loans under programs offered by the governmental agencies in the United States and in the United Kingdom. In addition, the Company furloughed employees in the U.K. beginning in April through August 2020 and again starting January 2021 through August 2021. See Note 8 for additional information on the Paycheck Protection Program offered by the Small Business Administration under the CARES Act established by the United States federal government. For the U.K. operations, during the year ended December 31, 2021 and 2020 the Company recorded reimbursed costs of approximately £0.3 million ($0.4 million) and £0.8 million ($1.1 million), respectively, under the Coronavirus Job Retention Scheme (“CJRS”) set up by the U.K. government to help employers pay the wages of those employees who would otherwise have been laid off during the coronavirus outbreak but under the CJRS were furloughed instead. This program reimbursed the Company for 80% of the compensation expense plus national insurance and certain benefits paid to the furloughed employees, resulting in lower salary expense for the Company. The Company recorded the reimbursed amounts as reductions to the associated expenses. The Company expects to receive tax-related COVID-19 The Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 COVID-19 Foreign Currency Segment Information Segment Reporting are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our chief operating decision maker (“CODM”) is our Chief Executive Officer. The Company has two operating and reportable segments: North America and Europe. Segment information is presented in the same manner that the CODM reviews the operating results in assessing performance and allocating resources. Cash and Cash Equivalents Restricted Cash The reconciliation of cash and cash equivalents and restricted cash is as follows (in thousands): December 31, 2021 2020 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 85,836 $ 58,452 Restricted cash 1,710 5,494 Total cash, cash equivalents and restricted cash $ 87,546 $ 63,946 Accounts Receivable and Allowance for Doubtful Accounts Property and Equipment, Net Property and Equipment Useful Life Office equipment 3 years Computer equipment 3 years Vehicles 3 years Vehicle equipment 4 years Leasehold improvements Shorter of estimated life of the asset or remaining lease term Furniture and fixtures 5 years Intangible Assets, Net Debt Issuance Costs Impairment of Long-Lived Assets Property, Plant and Equipment Classification of Redeemable Convertible Preferred Stock Revenue Recognition set-up, Revenue from Contracts with Customers, • Identification of the contract with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the Company satisfies a performance obligation. Each customer contract contains only one performance obligation, which is a stand-ready obligation for the Company’s Experts to provide visits to Consumers throughout the Company’s contractual term. The stand-ready obligation consists of a series of distinct services that are substantially the same and have the same pattern of transfer, represented as visits provided to Consumers satisfied over time. Customer payments are due when control of services is transferred to the customer and are not conditional on anything other than payment terms, which typically are less than 60 days. No material contract asset or liabilities exist for any period reported within these consolidated financial statements. The transaction prices of the Company’s contracts are entirely variable, as the number of visits and the specific services provided at each visit are unknown at contract inception. Each contract includes pricing whereby the Company and the customer agree to payments for various elements of a visit, which generally include the base fee for conducting the visit and delivering product, as well as incremental amounts for add-ons From time to time, the Company’s Experts sell a Consumer incremental services on behalf of the customer during a visit. Certain of the Company’s contracts contain provisions that allow for a chargeback by the customer of the Company’s fee for selling the incremental service if the Consumer cancels such services within a specified period from the visit. Chargebacks are recognized as a reduction of revenue, in the period such visit occurs, using an estimate derived from historical information regarding Consumer cancelations of specific services as well as real-time information provided by the customer. As of December 31, 2021 and 2020, the Company has recorded $8.6 million and $5.4 million, respectively, in chargeback estimates related to such services, which are presented as a reduction of revenue in the consolidated statements of operations and comprehensive loss and as a reduction to accounts receivable, net, in the consolidated balance sheets, as the contractual right of offset exists. Changes in the chargeback accounts were as follows (in thousands): Chargebacks Balance as of January 1, 2020 $ 2,178 Provision 8,981 Credits/payments made (5,763 ) Balance as of December 31, 2020 5,396 Provision 16,841 Credits/payments made (13,646 ) Balance as of December 31, 2021 $ 8,591 The Company applies the practical expedient to not disclose information about its remaining performance obligations in contracts with original expected durations of one year or less or amounts attributable to the variable consideration that solely relate to future services. Revenue is recognized net of any taxes collected from customers that are subsequently remitted to governmental authorities. The Company disaggregates its revenue from contracts with customers by reportable segment, as it believes this best depicts how the nature, amount, timing, and uncertainty of its revenues and cash flows are affected by economic factors, as well as company expansion into international markets. The Company’s revenue is attributable to its operations in North America and Europe. Refer to Note 15 for revenue disaggregated by reportable segment. Cost of Revenue Operations and Technology General and Administrative Stock Based Compensation Compensation—Stock Compensation non-cash The weighted-average assumptions used to estimate the fair value of stock options granted during the year is as follows: Years Ended December 31, 2021 2020 Risk-free interest rate 0.86 % 1.18 % Expected term (in years) 5.95 6.01 Expected volatility 59.5 % 48.4 % Expected dividend yield — % — % Fair value of common stock $ 9.02 $ 2.59 Leases Income Taxes The Company records a valuation allowance to reduce its deferred tax assets to the net amount that the Company believes is more-likely-than-not and ongoing tax planning strategies. If in the future, the Company determines that it would be able to realize the deferred tax assets, the Company may reduce its valuation allowance, which may result in income tax benefits to be recognized in the Company’s consolidated statement of operations and comprehensive loss. The Company accounts for uncertain tax positions using a two-step more-likely-than-not more-likely-than-not The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of the provision for income tax expense in the consolidated statement of operations and comprehensive loss. Regarding the Global Intangible Low Taxed Income (“GILTI”) rules enacted as part of the Tax Cuts and Jobs Act of 2017, the Company is required to make an accounting policy election to either treat taxes due on future GILTI inclusions in U.S. taxable income as a current period expense when incurred or reflect such portion of the future GILTI inclusions in U.S. taxable income that relate to existing basis differences in the Company’s current measurement of deferred taxes. The Company has made a policy election to treat GILTI taxes as a current period expense. Net Loss Per Share two-class Under the two-class Fair Value Measurements Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 Level 2 Level 3 The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety. The Company’s consolidated financial instruments consist of accounts receivable, accounts payable and accrued expenses and are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The consolidated financial statements also include fair value level 1, 2 and 3 measurements of cash and cash equivalents, investments, debt and warrant liabilities. Derivative Warrant Liabilities 815-15. re-assessed The Company assumed 9,343,750 public warrants and 6,316,667 private placement warrants issued to MRAC’s sponsor upon the Merger, all of which were issued in connection with MRAC’s initial public offering. Subsequent to the Merger and as of December 31, 2021, all of these warrants remained outstanding. All of the Company’s outstanding warrants are recognized as derivative liabilities in accordance with ASC 815-40. re-measurement Related Parties members of the Company’s Board of Directors serve as directors, executive officers, or are investors in, companies that are customers or vendors of the Company. With the exception of the Backstop Agreements and the LCH Transaction as defined and discussed in Note 3, and the 2020 Convertible Loan and 2021 Convertible Loan as defined and discussed in Note 8, related party transactions Concentrations of Credit Risk The Company generally does not require collateral to secure accounts receivable. The risk with respect to accounts receivable is mitigated by credit evaluations the Company performs on its customers and by the short duration of its payment terms for the majority of the Company’s customer contracts. Additionally, the Company factors a substantial portion of its accounts receivable for certain customers, such that the Company sells these receivables balances to a third-party banking institution at a discount without further recourse to the Company, thereby reducing the risk related to these receivables even further. These receivable balances which are transferred to a third party are accounted for under ASC 860, Transfers and Servicing (“ASC 860”) Transaction costs paid-in Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use 350-40): 2018-15 Recently Issued Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases right-of-use 2020-05, 2016-02 As such, the Company has elected the following: • the package of practical expedients which allows for not reassessing (1) whether existing contracts contain leases, (2) the lease classification for existing leases, and (3) whether existing initial direct costs meet the new definition; • the practical expedient to not separate non-lease non-lease • the practical expedient not to recognize right-of-use The Company has not elected the hindsight practical expedient. We expect the adoption on January 1, 2022 will result in the recognition of total righ asset lease liabilitie s million, primarily related to real estate. The recognition, measurement, and presentation of expenses and cash flows by a lessee will not significantly change from previous guidance; accordingly, the impact on our results of operations as reflected in our Consolidated Statements of Operations is not expected to be material. Accordingly, the Company does not expect the adoption of Topic 842 to have a material impact to the consolidated statements of operations or on its cash flows from operating, investing or financing activities. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, 2016-13 In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) 2019-12 In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) 815-40): 2020-06 2020-06 ASU 2020-06 In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Company for the year beginning after December 15, 2023, with early adoption permitted. The Company will apply the guidance in ASU 2021-08 |
Reverse Recapitalization
Reverse Recapitalization | 12 Months Ended |
Dec. 31, 2021 | |
Reverse Recapitalization [Abstract] | |
Reverse Recapitalization | 3. REVERSE RECAPITALIZATION Merger Transaction In connection with the execution of the Merger Agreement, MRAC entered into subscription agreements (the “Subscription Agreements”) with certain investors (collectively, the “PIPE Investors”) pursuant to which the PIPE Investors agreed to purchase, in the aggregate, approximately 8 million shares of New Enjoy common stock at $10.00 per share for an aggregate commitment amount of approximately $80 million (the “PIPE Shares”). Pursuant to the Subscription Agreements, New Enjoy agreed to provide the PIPE Investors with certain registration rights with respect to the PIPE Shares. The PIPE investment was consummated substantially concurrently with the closing of the Merger. On the Closing Date, the Backstop Investors purchased, in the aggregate, 5,500,906 shares of New Enjoy common stock (the “Backstop Shares”), for a purchase price of $10.00 per share and an aggregate purchase price of approximately $55,009,060, pursuant to the Backstop Agreements. Pursuant to the Backstop Agreements, New Enjoy agreed to provide certain registration rights to the Backstop Investors with respect to the Backstop Shares. Immediately prior to the effective time of the Merger, (1) each share of Legacy Legacy At the time of the Merger, eligible Legacy As a result of the Merger transaction, the Company raised gross proceeds of $171.0 million, including the contribution of net of $36.0 million 2 The number of shares of common stock issued immediately following the consummation of the Transactions were as follows: Number of Shares Common stock of MRAC, outstanding prior to Merger 46,718,750 Less redemption of MRAC shares (31,875,906 ) Common stock of MRAC 14,842,844 Shares issued in PIPE financing 8,000,000 Shares issued in Backstop financing 5,500,906 Shares issued for deferred underwriting fees 450,000 Merger, PIPE financing, and Backstop financing shares 28,793,750 Legacy Enjoy shares 90,828,116 Total shares of common stock immediately after Merger 119,621,866 The merger transaction with MRAC represents a reverse merger and was accounted for as a reverse recapitalization in accordance with U.S. GAAP. Under this method of accounting, MRAC was treated as the “acquired” company for financial reporting purposes. This determination is primarily based on the fact that subsequent to the merger transaction, Enjoy stockholders have a majority of the voting power of New Enjoy, Enjoy comprises all of the ongoing operations of New Enjoy, Enjoy controls a majority of the governing body of New Enjoy, and Enjoy’s senior management comprises all of the senior management of New Enjoy. Accordingly, for accounting purposes, the merger transaction was treated as the equivalent of Enjoy issuing shares for the net assets of MRAC, accompanied by a recapitalization. The net assets of Enjoy were stated at historical cost. No goodwill or other intangible assets were recorded. LCH Transaction paid-in |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. FAIR VALUE MEASUREMENTS The following tables summarize the Company’s assets and liabilities that are measured at fair value on a recurring basis in the consolidated financial statements (in thousands): Fair Value Measurements at December 31, 2021 Using: Level 1 Level 2 Level 3 Total Liabilities: Derivative warrant liabilities—Public $ 3,924 $ — $ — $ 3,924 Derivative warrants liabilities—Private — 2,653 — 2,653 Total financial liabilities $ 3,924 $ 2,653 $ — $ 6,577 Fair Value Measurements at December 31, 2020 Using: Level 1 Level 2 Level 3 Total Liabilities: Redeemable convertible preferred stock warrant liability $ — $ — $ 806 $ 806 Convertible loan — — 86,357 86,357 Total financial liabilities $ — $ — $ 87,163 $ 87,163 The estimated fair value of the public warrants is measured at Level 1 fair value measurement as the public warrants are publicly traded. The estimated fair value of the private warrants measured at Level 2 fair value measurement as the key inputs to the valuation model are observable from the public warrants’ listed price. The carrying amounts of the Company’s cash and cash equivalents, accounts receivable and accounts payable approximate their fair values due to their short maturities. The Company’s Blue Torch and PPP loans are recorded at their net carrying value, which approximates fair value. During the years ended December 31, 2021 and 2020, the Company had no transfers in or out of Level 3 of the fair value hierarchy of its assets measured at fair value. The following table provides a reconciliation of activity and changes in fair value for the Company’s convertible loans and redeemable convertible preferred stock warrant liability using inputs classified as Level 3 (in thousands): Convertible Redeemable Balance at January 1, 2020 $ — $ 337 Issuance of convertible loan 43,450 — Change in fair value 42,907 469 Balance at December 31, 2020 86,357 806 Debt extinguishment of convertible loans (36,782 ) — Proceeds from issuance of convertible loans 75,200 — Change in fair value 27,338 (356 ) Warrant reclassification to equity — (450 ) Conversion of convertible loans (152,113 ) — Balance at December 31, 2021 $ — $ — The estimated fair values of the convertible loans and the redeemable convertible preferred stock warrant liability were determined utilizing the Probability-Weighted, Expected Return Method and is considered a Level 3 fair value measurement. The fair values of the convertible loans and the redeemable convertible preferred stock warrant liability were based on the values of the loans and warrants upon conversion due to the high probability associated with a certain event, which in the Company’s case, becoming a public company through a SPAC Transaction. The probability-weighted, present value of the convertible loans was determined using an estimated discount rate of as of December 31, 2020. The fair value of the redeemable convertible preferred stock warrant liability was estimated based on the Company’s common stock valued at as of December 31, 2020. Upon consummation of the Merger, the convertible loans were converted to common stock, and the redeemable convertible preferred stock warrant liability were converted into a warrant to purchase common stock and reclassified to equity. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 5. PROPERTY AND EQUIPMENT, NET Property and equipment, net consists of the following (in thousands): December 31, 2021 2020 Leasehold improvements $ 20,446 $ 16,512 Furniture and fixtures 2,173 1,438 Office equipment 591 356 Computer equipment 107 81 Vehicles 66 66 Vehicle equipment 283 — 23,666 18,453 Less: accumulated depreciation (7,721 ) (4,379 ) Property and equipment, net $ 15,945 $ 14,074 Total depreciation expense related to property and equipment, net was $3.9 million and $3.1 million for the years ended December 31, 2021 and 2020, respectively. |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets, Net | 6. INTANGIBLE ASSETS, NET Intangible assets, net consist of the following (in thousands): December 31, 2021 2020 Domain Name $ 1,500 1,500 Less: accumulated amortization (633 ) (533 ) Intangible assets, net $ 867 $ 967 Total amortization expense was $0.1 million for both years ended December 31, 2021 and 2020, respectively. The following table summarizes estimated future amortization expense of intangible assets for the years ending December 31 (in thousands): Years Ending December 31, 2022 $ 100 2023 100 2024 100 2025 100 2026 100 Thereafter 367 Total estimated future amortization expense $ 867 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following (in thousands): December 31, 2021 2020 Accrued salaries and wages $ 8,677 $ 8,088 Deferred rent 3,552 3,876 Accrued payables 5,296 2,774 Accrued tax 1,259 2,210 Accrued vacation and benefits 1,181 813 Accrued other 145 136 Total accrued expenses and other current liabilities $ 20,110 $ 17,897 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | 8. DEBT TriplePoint Venture Growth BDC Corporation Loan The TriplePoint Loan had an effective interest rate of 13.9% for the year ended December 31, 2020. Interest expense for the year ended December 31, 2020 was $1.1 million. Paycheck Protection Program Loan The Company used all proceeds from the PPP Loan to maintain payroll and make payments for lease obligations and utilities. For the years ended December 31, 2021 and 2020, the Company recognized interest expense of $0.1 million and $0.1 million, respectively, in the consolidated statement of operations and comprehensive loss. The PPP Loan was repaid in full on the Closing Date. Convertible Loan non-qualified 2020 Convertible Loan Restructuring paid-in 2021 Convertible Loan Blue Torch Loan— The Blue Torch Loan could outstanding principal, (ii) if prepaid during the second year after the effective date, 2.0% of the outstanding principal, (iii) if prepaid during the third year after the effective date, 1.0% of the outstanding principal, and (iv) thereafter, 0%. In connection with the Merger, the Company repaid the Blue Torch Loan in full on the Closing Date. The Company recognized a $4.0 million loss on extinguishment of debt, which consisted of unamortized debt discount of $3.3 million and a make-whole amount of $0.7 million. The loss on extinguishment of debt is recorded as interest expense on the consolidated statements of operations and comprehensive loss. Voting and Election of Directors Redemption |
Stock Warrants
Stock Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Warrants and Rights Note Disclosure [Abstract] | |
Stock Warrants | 9. STOCK WARRANTS Warrant liabilities consist of the following (in thousands): December 31, 2021 2020 Public warrants $ 3,924 $ — Private placement warrants 2,653 — Redeemable convertible preferred stock warrant — 806 Total warrant liabilities $ 6,577 $ 806 The Company recognized $17.3 million gain and $0.5 million loss during the years ended December 31, 2021 and 2020, respectively, related to change in fair value of warrant liabilities. The gain (loss) is recorded under other expense, net in the consolidated statements of operations and comprehensive loss. Public Warrants and Private Placement Warrants public warrants and private placement warrants outstanding. The Company’s warrants have an exercise price of $11.50 per share, subject to adjustment, and will expire on October 15, 2026, five years after the completion of the Transactions, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. Redemption of warrants when the price per share equals or exceeds $18.00. The Company may redeem the outstanding warrants (except with respect to the private placement warrants): • in whole and not in part; • at a price of $0.01 per warrant; • upon a minimum of 30 days’ prior written notice of redemption; and • if, and only if, the last reported sale price of our common stock for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders (the “Reference Value”) equals or exceeds $18.00 per share (as adjusted for share splits, share capitalizations, reorganizations, recapitalizations and the like). The Company will not redeem the warrants as described above unless a registration statement under the Securities Act covering the common stock issuable upon exercise of the warrants is effective and a current prospectus relating to that common stock is available throughout the 30-day Except as set forth below, none of the private placement warrants will be redeemable by the Company so long as they are held by the Sponsor or its permitted transferees. Redemption of warrants when the price per share equals or exceeds $10.00. The Company may redeem the outstanding warrants (except as described herein with respect to the private placement warrants): • in whole and not in part; • at $0.10 per warrant upon a minimum of 30 days’ prior written notice of redemption provided that holders will be able to exercise their warrants on a cashless basis prior to redemption and receive that number of shares determined by reference to an agreed table based on the redemption date and the “fair market value” of our common stock; • if, and only if, the Reference Value equals or exceeds $10.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like); and • if the Reference Value is less than $18.00 per share (as adjusted for share splits, share dividends, rights issuances, subdivisions, reorganizations, recapitalizations and the like), the private placement warrants must also concurrently be called for redemption on the same terms (except as described herein with respect to a holders’ ability to cashless exercise its warrants) as the outstanding warrants, as described above. The “fair market value” of our common stock for the above purpose shall mean the volume-weighted average price of our common stock during the 10 trading days immediately following the date on which the notice of redemption is sent to the holders of warrants. In no event will the warrants be exercisable in connection with this redemption feature for more than 0.361 shares of common stock per warrant (subject to adjustment). Series B Redeemable Convertible Preferred Stock Warrants The warrant was recorded at its estimated fair value of $0.2 million at issuance date as a warrant liability. Changes in fair value were recorded to other income (expense) in the consolidated statements of operations. The Series B redeemable convertible preferred stock was converted into common stock as part of the Merger (See Note 3). Consequently, the related redeemable convertible preferred stock warrant was also converted to warrant to purchase common stock. As a result, the warrant liability was reclassified to additional paid-in Balance at January 1, 2020 $ 337 Change in fair value 469 Balance at December 31, 2020 806 Change in fair value (356 ) Reclassification to equity (450 ) Balance at December 31, 2021 $ — Blue Torch Loan Warrants paid-in |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Temporary Equity | 10. REDEEMABLE CONVERTIBLE PREFERRED STOCK In 2021 and prior to the Merger, the Company authorized and issued 1,362,099 shares of Series C convertible preferred stock at a price of $11.0 per share, for gross proceeds of $15.0 million. The Series C convertible preferred stock was converted to common stock upon closing of the Transactions on the Closing Date. At December 31, 2020, redeemable convertible preferred stock consisted of the following (in thousands except share amounts): Preferred Preferred Issuance Conversion Carrying Liquidation Series Seed 3,521,368 3,521,368 $ 1.0367 $ 1.0367 $ 3,651 $ 3,651 Series A 8,027,737 8,027,737 3.3011 3.3011 26,371 26,500 Series B 26,464,034 26,348,159 6.9039 6.9039 181,592 181,906 Series C 13,620,991 13,620,991 11.0124 11.0124 142,078 150,000 Total 51,634,130 51,518,255 $ 353,692 $ 362,057 The shares of the Company’s common and redeemable convertible preferred stock, prior to the Merger (as defined in Note 1) have been retroactively restated to reflect the exchange ratio of approximately 0.34456 established in the Merger as described in Note 3. As of the Closing Date, all redeemable convertible preferred stock had been converted to common stock of the Company. The holders of Preferred Stock have various rights and preferences as follows: Dividends Conversion Each share of Preferred Stock shall automatically be converted into shares of Common Stock at the conversion price at the time in effect for such share immediately upon the earlier of (i) the Corporation’s sale of the Company’s common stock in a firm commitment underwritten public offering pursuant to an effective registration statement filed under the Securities Act of 1933, the offering price of which was not less than $100.0 million in the aggregate and less than $27.54 per share or (ii) the date specified by written consent or agreement of the holders of 50% of the then outstanding shares of Series C Preferred Stock. Liquidation Preference |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Common Stock | 11. COMMON STOCK On October 15, 2021, the Merger was consummated and the Company issued 28,793,750 shares including the PIPE Shares and Backstop Shares. Immediately following the Merger, there were 119,621,866 shares of common stock outstanding with a par value of $0.0001. The holder of each share of common stock is entitled to one vote. The Company has retroactively adjusted the shares issued and outstanding prior to the Closing Date, to give effect to the Exchange Ratio established in the Merger Agreement to determine the number of shares of common stock into which they were converted. As of December 31, 2021, the Company had authorized 500,000,000 shares of common stock. As of December 31, 2021, the Company had 119,624,679 shares of common stock issued and outstanding. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the Board of Directors, subject to the prior rights of holders of all classes of stock outstanding. No such dividends have been declared since the Company’s inception. As of each balance sheet date, the Company had reserved shares of common stock for issuance in connection with the following: December 31, 2021 2020 Conversion of redeemable convertible preferred stock — 51,518,255 Exercise of public warrants and private placement warrants 15,660,417 — Warrants to purchase redeemable convertible and common stock preferred stock 115,875 279,329 Awards outstanding under the equity incentive plans 14,401,983 7,881,625 Awards available for future grant under the equity incentive plans 6,673,256 4,425,966 Awards available for future grant under the employee stock purchase plan 2,383,437 — Total 39,234,968 64,105,175 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 12. STOCK-BASED COMPENSATION 2014 Equity Incentive Plan In June 2014, the Company adopted the 2014 Equity Incentive Plan (the “2014 Plan”), which provided for the issuance of incentive stock options, nonstatutory stock options, stock appreciation rights, and restricted stock to eligible participants. Options granted under the Plan may be either incentive stock options or nonqualified stock options. Incentive stock options (ISO) may be granted only to the Company’s employees (including officers and directors). Nonqualified stock options (NSO) may be granted to the Company’s employees and consultants. Under the Plan, options to purchase common stock awards were granted at no less than 100% of the fair value of the Company’s common stock on the date of the grant, as determined by the board of directors (100% of fair value for incentive stock options and 110% of fair value in certain instances). All options granted through December 31, 2021 and 2020 have been at 100% of the fair value of the Company’s common stock. Options generally vest with respect to 25% of the shares one year after the options’ vesting commencement date, and the remainder vest in equal monthly installments over the following 36 months or the entire options vest in equal monthly installments over 48 months. Options generally vest over a four-year period and must be exercised within ten years after grant. In the event of voluntary or involuntary termination of employment with the Company for any reason, with or without cause, all unvested options are forfeited and all vested options must be exercised within a 90-day Upon adoption of the 2021 Equity Incentive Plan, the 2014 Plan was terminated, and no further grants will be made under the 2014 Plan. Any awards granted under the 2014 Plan will remain subject to the terms of the 2014 Plan and the applicable award agreement. 2021 Equity Incentive Plan In October 2021, the Company adopted the 2021 Equity Incentive Plan, which provided for the issuance of incentive stock options, nonstatutory stock options, stock appreciation rights, and restricted stock awards, restricted stock unit awards, performance awards and other forms of awards to eligible participants. Options granted under the Plan may be either incentive stock options or nonqualified stock options. Incentive stock options (ISO) may be granted only to the Company’s employees (including officers and directors). Nonqualified stock options (NSO) may be granted to the Company’s employees and consultants. As of December 31, 2021, only restricted stock units have been granted under the 2021 Plan. A restricted stock unit award may be settled by cash, delivery of shares of the Company’s common stock, a combination of cash and shares as determined by the board of directors, or in any other form of consideration set forth in the restricted stock unit award agreement. Additionally, dividend equivalents may be credited in respect of shares covered by a restricted stock unit award. Except as otherwise provided in the applicable award agreement or by the board of directors, restricted stock unit awards that have not vested will be forfeited once the participant’s continuous service ends for any reason. 2021 Employee Stock Purchase Plan In October 2021, the Company adopted the 2021 Employee Stock Purchase Plan (the “ESPP”). The ESPP will allow eligible employees to purchase shares of the Company’s common stock at a discounted price, through payroll deductions of up to IRS allowable limit per calendar year. Once an offering date to purchase shares has been established, the purchase price will be set at the lower of (i) an amount equal to 85% of the fair value of the shares of the Company’s common stock on the offering date or (ii) 85% of the fair value of the shares of the Company’s common stock on the applicable purchase date. As of December 31, 2021, the Company has not granted any purchase rights under the ESPP. The Company recognized stock-based compensation expense on all awards in the following categories in the consolidated statement of operations and comprehensive loss for the years ended December 31, 2021 and 2020 (in thousands): Years Ended December 31, 2021 2020 Cost of revenue $ 239 $ 34 Operations and technology 1,248 631 General and administrative 9,071 1,084 Total stock-based compensation expense $ 10,558 $ 1,749 Stock Options A summary of the status of the stock options (retroactively restated to reflect the exchange ratio of as described in Note 3) as of December 31, 2021 and 2020, and changes during the years then ended are presented below (in thousands except share and per share amounts): Number of Weighted Remaining Aggregate Balance at January 1, 2020 7,450,921 $ 1.68 8.49 $ 6,783 Options granted 1,457,219 2.59 Options exercised (276,325 ) 1.19 Options cancelled (751,083 ) 2.15 Balance at December 31, 2020 7,880,732 1.82 7.71 $ 51,134 Options granted 3,524,789 9.02 Options exercised (1,207,353 ) 1.49 Options cancelled (1,354,871 ) 5.84 Balance at December 31, 2021 8,843,297 4.12 6.75 $ 16,632 Options exercisable as of December 31, 2021 5,288,359 2.27 Vested and expected to vest—December 31, 2021 8,843,297 $ 4.12 The weighted-average grant date fair value of options granted during the years ended December 31, 2021 and 2020 was $9.02 and $2.59, respectively. The total intrinsic value of options exercised during the years ended December 31, 2021 and 2020 was $9.5 million and $1.0 million respectively. The Company records compensation expense on a straight-line basis over the vesting period. As of December 31, 2021 and 2020, there was approximately $14.1 million and $3.7 million, respectively, of total unrecognized stock-based compensation expense related to unvested employee options, which is expected to be recognized over a weighted-average period of 2.9 years and 2.5 years, respectively. Restricted Stock Units (RSU) The following table summarizes information pertaining to RSUs during the year-ended December 31, 2021 (in thousands, except for weighted-average grant-date fair value): Number of RSUs Weighted- Balance at December 31, 2020 — $ — Granted 5,651,274 5.58 Released — — Cancelled/forfeited (52,526 ) 10.05 Balance at December 31, 2021 5,598,748 $ 5.54 The fair value of the RSUs is based on the market value of the underlying shares at the date of grant. The RSU grants’ vesting periods are either subject to both a service and performance-based condition or only a service-based condition. The service-based vesting requirements are satisfied either: a) 25% vesting on the first anniversary of the vesting commencement date, and the remaining 75% vesting in substantially equal quarterly installments for three years thereafter; b) one-third vesting on each of the first three The Company recognized stock-based compensation expense related to RSUs amounting to $3.3 million and $0 for the years ended December 31, 2021 and 2020, respectively. As of December 31, 2021, there was a total of $27.3 million of unrecognized stock-based compensation expense related to RSUs as the service-based condition has not been met. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. INCOME TAXES The components of loss before provision for income taxes are as follows (in thousands): Years Ended December 31, 2021 2020 Federal $ (221,614 ) $ (160,042 ) Foreign 923 2,355 Loss before provision for income taxes $ (220,691 ) $ (157,687 ) A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: Years Ended December 31, 2021 2020 Federal statutory rate 21.0 % 21.0 % Effect of: State statutory rate, net of federal tax benefit 3.2 % 3.0 % Foreign tax 0.3 % (2.6 )% Change in valuation allowance (22.1 )% (16.2 )% Loss on convertible loan (2.6 )% (5.0 )% Warrants 1.6 % — Other (1.4 %) (0.3 )% Total 0.0 % (0.1 )% The income tax provision/(benefit) consists of the following (in thousands): Years Ended December 31, 2021 2020 Current provision: Federal $ — $ — State 23 22 Foreign 461 75 Total current provision 484 97 Deferred provision: Federal — — State — — Foreign (566 ) — Total deferred provision/(benefit) (566 ) — Provision/(benefit) for income taxes $ (82 ) $ 97 In evaluating its ability to realize its net deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers projected future taxable income and tax-planning As of December 31, 2021 and 2020, the Company has federal net operating loss carryforwards of $551.0 million and $373.7 million, which will begin to expire in 2034. As of December 31, 2021 and 2020, the Company has state net operating loss carryforwards of $429.1 million and $309.5 million, which will begin to expire beginning in 2024. As of December 31, 2021 and 2020, the Company has federal research and development tax credits carryforwards of $4.2 million and $2.9 million, respectively. Furthermore, the Company has state research and development tax credits carryforwards of $3.7 million and $2.4 million as of December 31, 2021 and 2020, respectively. The federal research and development tax credits will begin to expire 2038, if not utilized. The state research and development tax credits have no expiration date. The CARES Act was enacted in the United States on March 27, 2020. The CARES Act includes several U.S. income tax provisions related to, among other things, net operating loss carrybacks, alternative minimum tax credits, modifications to the net interest deduction limitations, and technical amendments regarding the income tax depreciation of qualified improvement property placed in service after December 31, 2017. The CARES Act does not have a material impact on the Company’s financial results for the years ended December 31, 2021 and 2020. The Consolidated Appropriations Act, 2021 (the “Act”) was enacted in the United States on December 27, 2020. The Act enhances and expands certain provisions of the CARES Act. The Act does not have a material impact on the Company’s financial results for the years ended December 31, 2021 and 2020. The Company attributes net revenue, costs and expenses to domestic and foreign components based on the terms of its agreements with its subsidiaries. The Company does not provide for federal income taxes on the undistributed earnings of its foreign subsidiaries as such earnings are to be reinvested offshore indefinitely. If the Company repatriated these earnings, the resulting income tax liability would be insignificant. On June 29, 2020, Assembly Bill 85 (“A.B. 85”) was signed into California law. A.B. 85 provides for a three-year suspension of the use of net operating losses for medium and large businesses and a three-year cap on the use of business incentive tax credits to offset no more than $5.0 million of tax per year. A.B. 85 suspends the use of net operating losses for taxable years 2020, 2021 and 2022 for certain taxpayers with taxable income of $1.0 million or more. The carryover period for any net operating losses that are suspended under this provision will be extended. A.B. 85 also requires that business incentive tax credits including carryovers may not reduce the applicable tax by more than $5.0 million for taxable years 2020, 2021 and 2022. The Company does not expect the impact of this standard on its consolidated financial statements to be material. California Senate Bill 113 (SB113) was signed into law by Governor Newsom on February 9, 2022, which lifts the suspension of net operating loss deductions and limitations on research and development credits for tax years beginning after December 31, 2021. Under Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), the Company’s ability to utilize net operating loss carryforwards or other tax attributes, such as research tax credits (IRC Section 383 of the Code), in any taxable year may be limited if it experiences an ownership change. As of December 31, 2021, the Company has not completed a formal Section 382 study on the potential limitation of its tax attributes. As any limitation imposed by Section 382 to a tax attribute would result in a corresponding offsetting change in valuation allowance for U.S. federal and state purposes, no impact to the effective tax rate would be required. The Company evaluates tax positions for recognition using a more-likely-than-not A reconciliation of the beginning and ending amount of the gross unrecognized tax benefit for the years ended December 31, 2021 and 2020 are as follows (in thousands): Gross unrecognized tax benefits at January 1, 2020 $ 3,609 Increase for tax positions during 2020 1,763 Gross unrecognized tax benefits at December 31, 2020 5,372 Gross increase for tax positions during 2021 2,864 Gross decrease for tax positions during 2021 (321 ) Gross unrecognized tax benefits at December 31, 2021 $ 7,915 As of December 31, 2021 and 2020, all unrecognized tax benefits are subject to a full valuation allowance and, if recognized, will not affect the Company’s tax rate. The Company does not anticipate that the total amounts of unrecognized tax benefits will significantly increase or decrease in the next 12 months. The Company’s policy is to include interest and penalties related to unrecognized tax benefits within its provision for income taxes. Due to the Company’s net operating loss position, the Company has not recorded an accrual for interest or penalties related to uncertain tax positions for the years ended December 31, 2021 and 2020. The Company files federal and state tax returns in jurisdictions with varying statutes of limitations. Due to the Company’s net operating loss carryforwards, income tax returns generally remain subject to examination by federal and most state tax authorities. All tax years since inception remain subject to examination by major tax jurisdictions. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 14. NET LOSS PER SHARE The following table sets forth the computation of net loss per common share (in thousands except share and per share amounts): Year Ended December 31, 2021 2020 Numerator: Net loss $ (220,609 ) $ (157,784 ) Denominator: Weighted-average common shares 47,449,095 21,311,844 Net loss per share—basic and diluted $ (4.65 ) $ (7.40 ) As a result of the Merger, the weighted-average number of shares of common stock used in the net loss per share have been retroactively converted by applying the Exchange Ratio. The Company’s potentially dilutive securities, which include public warrants, private placement warrants, redeemable convertible preferred stock, restricted stock units, stock options to purchase common stock and warrants to purchase redeemable convertible preferred stock, have been excluded from the computation of diluted net loss per share as the effect would be antidilutive. Therefore, the weighted-average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: December 31, 2021 2020 Conversion of redeemable convertible preferred stock — 51,518,255 Public warrants and private placement warrants 15,660,417 — Warrants to purchase redeemable convertible 115,875 115,875 Options to purchase common stock 8,843,297 7,880,732 Restricted stock units 5,598,748 — Conversion of convertible loan — 4,034,163 Total common stock equivalents 30,218,337 63,549,025 |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information [Abstract] | |
Segment Information | 15. SEGMENT INFORMATION The Company manages its operations through two operating segments that are based on geographic location: North America and Europe. These operating segments also represent the Company’s reportable segments. • North America: The North America segment consists of operations within the United States and Canada. • Europe: The Europe segment consists of operations within the United Kingdom. Separate financial information is available and regularly evaluated by our CODM, who is our president and chief executive officer, in making resource allocation decisions for our segments. The CODM utilizes revenue from external customers and segment income (loss) to measure and assess each segment’s performance. Segment income (loss) is calculated as revenue less cost of revenue, operational expenses directly related to each segment and excludes certain corporate expenses. We view this metric as an important measure of business performance as it captures mobile store and segment profitability and provides comparability across reporting periods. Unallocated corporate operations and technology expenses consist of personnel-related expenses for engineers and the development and maintenance of our technology systems. Unallocated general and administrative expenses consist of personnel-related expenses for executive, finance, legal, human resources, and corporate facilities. Reconciliations of segment revenue to consolidated revenue and segment loss to consolidated loss from operations is shown in the following table for each of the periods presented (in thousands): For the Year Ended December 31, 2021 North America Europe Total Revenue $ 68,460 $ 12,538 $ 80,998 Segment loss (103,334 ) (28,522 ) (131,856 ) Unallocated corporate expenses: Operations and technology (13,783 ) General and administrative (36,205 ) Loss from operations $ (181,844 ) For the Year Ended December 31, 2020 North America Europe Total Revenue $ 46,593 $ 13,730 $ 60,323 Segment loss (64,669 ) (18,167 ) (82,836 ) Unallocated corporate expenses: Operations and technology (12,879 ) General and administrative (15,912 ) Loss from operations $ (111,627 ) The Company’s revenue distribution for its North America segment was as follows: Year Ended December 31, 2021 2020 United States 86 % 90 % Canada 14 % 10 % 100 % 100 % Long-lived assets include property and equipment, net. The following long-lived assets data is based upon the location of the assets (in thousands): As of December 31, 2021 2020 North America $ 11,267 $ 7,920 Europe 4,678 6,154 Total long-lived assets $ 15,945 $ 14,074 As of December 31, 2021, long-lived assets located in the United States and Canada were approximately $9.7 million and $1.5 million, respectively. As of December 31, 2020, long-lived assets located in the United States and Canada were approximately $7.1 million and $0.8 million, respectively. For the year ended December 31, 2021, revenue from external customers for the United States and Canada were approximately $58.7 million and $9.7 million, respectively. For the year ended December 31, 2020, revenue from external customers for the United States and Canada were approximately $41.9 million and $4.7 million, respectively. During the year ended December 31, 2021, there were four customers with revenues individually in excess of 10% of total consolidated net revenues. Net revenues for these customers were approximately $50.4 million, $12.5 million, $9.7 million and $8.4 million in 2021. Three customers are reflected in the North American segment and one customer is reflected in the European segment. During the year ended December 31, 2020, there were two customers with |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2021 | |
EMPLOYEE BENEFIT PLANS [Abstract] | |
Employee Benefit Plans | 16. EMPLOYEE BENEFIT PLANS In January 2016, the Company adopted a 401(k) Plan that qualifies as a deferred salary arrangement under Section 401 of the Internal Revenue Code. Under the 401(k) Plan, participating U.S. employees may defer a portion of their pretax earnings not to exceed the maximum amount allowable. The Company has not made any matching contributions under the 401(k) Plan as of December 31, 2021 and 2020. The Company also maintains a Group Personal Pension Plan (the “GPP Plan”) for all eligible employees in the Company’s United Kingdom offices. The GPP Plan is a defined contribution plan in which employees are eligible to contribute a portion of their salaries, subject to a maximum annual amount as established by Her Majesty’s Revenue and Customs. In 2021 and 2020, the Company matched 3% of employee contributions. The Company contributed $0.4 million and $0.3 million to the GPP Plan in the form of matching contributions for the years ended December 31, 2021 and 2020, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. COMMITMENTS AND CONTINGENCIES Operating Leases— On an ongoing basis, the Company enters into vehicle lease agreements under Fleet Lease Agreements in the US and the U.K., with each vehicle lease having a typical term of 36 months. As part of the Fleet Lease Agreement, upon termination of each vehicle lease the lessor will sell the vehicle and determine a final settlement calculation. This calculation is represented as the difference between the sale price (or “disposal value”) plus the sum of all rental payments made throughout the lease and the initial vehicle value. If the calculation results in a surplus, the Company will receive the balance from the lessor, and if it results in a deficit, the Company will owe the balance to the lessor. However, the US Fleet Lease Agreement includes a lessor guarantee that the disposal value of each vehicle will never be less than a specific percentage of the initial value of the vehicle. This potential deficit is excluded from the straight-line rent charged to expense over the lease term unless and until it becomes probable that it will result in a deficit and deemed a residual value guarantee. As of December 31, 2021, future annual minimum rent payments under noncancelable leases were as follows (in thousands): Years Ending December 31, 2022 $ 16,765 2023 13,352 2024 10,779 2025 7,323 2026 3,410 Thereafter 187 Total minimum lease payments $ 51,816 Rent expense was $16.2 million and $15.3 million for the years ended December 31, 2021 and 2020, respectively. The Company has updated the 2020 rent expense disclosure to include fleet vehicle lease expense that was previously inadvertently omitted. Standby Letters of Credit— Security deposits to landlords totaling $3.7 million and $3.5 million are included in other noncurrent assets in the consolidated balance sheet as of December 31, 2021 and 2020. Legal Matters— Indemnifications— To the extent permitted under Delaware law, the Company has agreements whereby certain officers and directors are indemnified for certain events or occurrences while the director or officer is or was serving in such capacity. The indemnification period covers all pertinent events and so long as such officer or director may be subject to any possible claim. However, the Company maintains director and officer insurance coverage that reduces overall exposure and enables recovery of a portion of any future amounts paid. The estimated fair value of these indemnification agreements in excess of applicable insurance coverage is considered to be immaterial as of December 31, 2021 and 2020. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates |
Risks and Uncertainties | Risks and Uncertainties • Impact of LIBOR Phase-Out phase-out • Impact of COVID-19 COVID-19 COVID-19 COVID-19 in-home in-home in-home pre-COVID The Company has applied for loans under programs offered by the governmental agencies in the United States and in the United Kingdom. In addition, the Company furloughed employees in the U.K. beginning in April through August 2020 and again starting January 2021 through August 2021. See Note 8 for additional information on the Paycheck Protection Program offered by the Small Business Administration under the CARES Act established by the United States federal government. For the U.K. operations, during the year ended December 31, 2021 and 2020 the Company recorded reimbursed costs of approximately £0.3 million ($0.4 million) and £0.8 million ($1.1 million), respectively, under the Coronavirus Job Retention Scheme (“CJRS”) set up by the U.K. government to help employers pay the wages of those employees who would otherwise have been laid off during the coronavirus outbreak but under the CJRS were furloughed instead. This program reimbursed the Company for 80% of the compensation expense plus national insurance and certain benefits paid to the furloughed employees, resulting in lower salary expense for the Company. The Company recorded the reimbursed amounts as reductions to the associated expenses. The Company expects to receive tax-related COVID-19 The Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 COVID-19 |
Foreign Currency | Foreign Currency |
Segment Information | Segment Information Segment Reporting are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. Our chief operating decision maker (“CODM”) is our Chief Executive Officer. The Company has two operating and reportable segments: North America and Europe. Segment information is presented in the same manner that the CODM reviews the operating results in assessing performance and allocating resources. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Restricted Cash | Restricted Cash The reconciliation of cash and cash equivalents and restricted cash is as follows (in thousands): December 31, 2021 2020 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 85,836 $ 58,452 Restricted cash 1,710 5,494 Total cash, cash equivalents and restricted cash $ 87,546 $ 63,946 |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts |
Property and Equipment, Net | Property and Equipment, Net Property and Equipment Useful Life Office equipment 3 years Computer equipment 3 years Vehicles 3 years Vehicle equipment 4 years Leasehold improvements Shorter of estimated life of the asset or remaining lease term Furniture and fixtures 5 years |
Intangible Assets, Net | Intangible Assets, Net |
Debt Issuance Costs | Debt Issuance Costs |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Property, Plant and Equipment |
Classification of Redeemable Convertible Preferred Stock | Classification of Redeemable Convertible Preferred Stock |
Revenue Recognition | Revenue Recognition set-up, Revenue from Contracts with Customers, • Identification of the contract with a customer; • Identification of the performance obligations in the contract; • Determination of the transaction price; • Allocation of the transaction price to the performance obligations in the contract; and • Recognition of revenue when, or as, the Company satisfies a performance obligation. Each customer contract contains only one performance obligation, which is a stand-ready obligation for the Company’s Experts to provide visits to Consumers throughout the Company’s contractual term. The stand-ready obligation consists of a series of distinct services that are substantially the same and have the same pattern of transfer, represented as visits provided to Consumers satisfied over time. Customer payments are due when control of services is transferred to the customer and are not conditional on anything other than payment terms, which typically are less than 60 days. No material contract asset or liabilities exist for any period reported within these consolidated financial statements. The transaction prices of the Company’s contracts are entirely variable, as the number of visits and the specific services provided at each visit are unknown at contract inception. Each contract includes pricing whereby the Company and the customer agree to payments for various elements of a visit, which generally include the base fee for conducting the visit and delivering product, as well as incremental amounts for add-ons From time to time, the Company’s Experts sell a Consumer incremental services on behalf of the customer during a visit. Certain of the Company’s contracts contain provisions that allow for a chargeback by the customer of the Company’s fee for selling the incremental service if the Consumer cancels such services within a specified period from the visit. Chargebacks are recognized as a reduction of revenue, in the period such visit occurs, using an estimate derived from historical information regarding Consumer cancelations of specific services as well as real-time information provided by the customer. As of December 31, 2021 and 2020, the Company has recorded $8.6 million and $5.4 million, respectively, in chargeback estimates related to such services, which are presented as a reduction of revenue in the consolidated statements of operations and comprehensive loss and as a reduction to accounts receivable, net, in the consolidated balance sheets, as the contractual right of offset exists. Changes in the chargeback accounts were as follows (in thousands): Chargebacks Balance as of January 1, 2020 $ 2,178 Provision 8,981 Credits/payments made (5,763 ) Balance as of December 31, 2020 5,396 Provision 16,841 Credits/payments made (13,646 ) Balance as of December 31, 2021 $ 8,591 The Company applies the practical expedient to not disclose information about its remaining performance obligations in contracts with original expected durations of one year or less or amounts attributable to the variable consideration that solely relate to future services. Revenue is recognized net of any taxes collected from customers that are subsequently remitted to governmental authorities. The Company disaggregates its revenue from contracts with customers by reportable segment, as it believes this best depicts how the nature, amount, timing, and uncertainty of its revenues and cash flows are affected by economic factors, as well as company expansion into international markets. The Company’s revenue is attributable to its operations in North America and Europe. Refer to Note 15 for revenue disaggregated by reportable segment. |
Cost of Revenue | Cost of Revenue |
Operations and Technology | Operations and Technology |
General and Administrative | General and Administrative |
Stock Based Compensation | Stock Based Compensation Compensation—Stock Compensation non-cash The weighted-average assumptions used to estimate the fair value of stock options granted during the year is as follows: Years Ended December 31, 2021 2020 Risk-free interest rate 0.86 % 1.18 % Expected term (in years) 5.95 6.01 Expected volatility 59.5 % 48.4 % Expected dividend yield — % — % Fair value of common stock $ 9.02 $ 2.59 |
Leases | Leases |
Income Taxes | Income Taxes The Company records a valuation allowance to reduce its deferred tax assets to the net amount that the Company believes is more-likely-than-not and ongoing tax planning strategies. If in the future, the Company determines that it would be able to realize the deferred tax assets, the Company may reduce its valuation allowance, which may result in income tax benefits to be recognized in the Company’s consolidated statement of operations and comprehensive loss. The Company accounts for uncertain tax positions using a two-step more-likely-than-not more-likely-than-not The Company recognizes interest and penalties accrued on any unrecognized tax benefits as a component of the provision for income tax expense in the consolidated statement of operations and comprehensive loss. Regarding the Global Intangible Low Taxed Income (“GILTI”) rules enacted as part of the Tax Cuts and Jobs Act of 2017, the Company is required to make an accounting policy election to either treat taxes due on future GILTI inclusions in U.S. taxable income as a current period expense when incurred or reflect such portion of the future GILTI inclusions in U.S. taxable income that relate to existing basis differences in the Company’s current measurement of deferred taxes. The Company has made a policy election to treat GILTI taxes as a current period expense. |
Net Loss Per Share | Net Loss Per Share two-class Under the two-class |
Fair Value Measurements | Fair Value Measurements Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The authoritative guidance establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to measurements involving significant unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are as follows: Level 1 Level 2 Level 3 The level in the fair value hierarchy within which a fair value measurement in its entirety falls is based on the lowest-level input that is significant to the fair value measurement in its entirety. The Company’s consolidated financial instruments consist of accounts receivable, accounts payable and accrued expenses and are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date. The consolidated financial statements also include fair value level 1, 2 and 3 measurements of cash and cash equivalents, investments, debt and warrant liabilities. |
Derivative Warrant Liabilities | Derivative Warrant Liabilities 815-15. re-assessed The Company assumed 9,343,750 public warrants and 6,316,667 private placement warrants issued to MRAC’s sponsor upon the Merger, all of which were issued in connection with MRAC’s initial public offering. Subsequent to the Merger and as of December 31, 2021, all of these warrants remained outstanding. All of the Company’s outstanding warrants are recognized as derivative liabilities in accordance with ASC 815-40. re-measurement |
Related Parties | Related Parties members of the Company’s Board of Directors serve as directors, executive officers, or are investors in, companies that are customers or vendors of the Company. With the exception of the Backstop Agreements and the LCH Transaction as defined and discussed in Note 3, and the 2020 Convertible Loan and 2021 Convertible Loan as defined and discussed in Note 8, related party transactions |
Concentrations of Credit Risk | Concentrations of Credit Risk The Company generally does not require collateral to secure accounts receivable. The risk with respect to accounts receivable is mitigated by credit evaluations the Company performs on its customers and by the short duration of its payment terms for the majority of the Company’s customer contracts. Additionally, the Company factors a substantial portion of its accounts receivable for certain customers, such that the Company sells these receivables balances to a third-party banking institution at a discount without further recourse to the Company, thereby reducing the risk related to these receivables even further. These receivable balances which are transferred to a third party are accounted for under ASC 860, Transfers and Servicing (“ASC 860”) |
Transaction costs | Transaction costs paid-in |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-15, Intangibles—Goodwill and Other—Internal-Use 350-40): 2018-15 |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases right-of-use 2020-05, 2016-02 As such, the Company has elected the following: • the package of practical expedients which allows for not reassessing (1) whether existing contracts contain leases, (2) the lease classification for existing leases, and (3) whether existing initial direct costs meet the new definition; • the practical expedient to not separate non-lease non-lease • the practical expedient not to recognize right-of-use The Company has not elected the hindsight practical expedient. We expect the adoption on January 1, 2022 will result in the recognition of total righ asset lease liabilitie s million, primarily related to real estate. The recognition, measurement, and presentation of expenses and cash flows by a lessee will not significantly change from previous guidance; accordingly, the impact on our results of operations as reflected in our Consolidated Statements of Operations is not expected to be material. Accordingly, the Company does not expect the adoption of Topic 842 to have a material impact to the consolidated statements of operations or on its cash flows from operating, investing or financing activities. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, 2016-13 In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes (Topic 740) 2019-12 In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) 815-40): 2020-06 2020-06 ASU 2020-06 In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805)—Accounting for Contract Assets and Contract Liabilities from Contracts with Customers Company for the year beginning after December 15, 2023, with early adoption permitted. The Company will apply the guidance in ASU 2021-08 |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Reconciliation of Cash And Cash Equivalents And Restricted Cash | The reconciliation of cash and cash equivalents and restricted cash is as follows (in thousands): December 31, 2021 2020 Reconciliation of cash, cash equivalents and restricted cash: Cash and cash equivalents $ 85,836 $ 58,452 Restricted cash 1,710 5,494 Total cash, cash equivalents and restricted cash $ 87,546 $ 63,946 |
Schedule Of Useful Lives Of Property And Equipment | The estimated useful lives of the Company’s property and equipment are as follows: Property and Equipment Useful Life Office equipment 3 years Computer equipment 3 years Vehicles 3 years Vehicle equipment 4 years Leasehold improvements Shorter of estimated life of the asset or remaining lease term Furniture and fixtures 5 years |
Schedule of Charge back charges For Account Receivable | Changes in the chargeback accounts were as follows (in thousands): Chargebacks Balance as of January 1, 2020 $ 2,178 Provision 8,981 Credits/payments made (5,763 ) Balance as of December 31, 2020 5,396 Provision 16,841 Credits/payments made (13,646 ) Balance as of December 31, 2021 $ 8,591 |
Schedule of the Weighted-Average Assumptions Used to Estimate The Fair Value | The weighted-average assumptions used to estimate the fair value of stock options granted during the year is as follows: Years Ended December 31, 2021 2020 Risk-free interest rate 0.86 % 1.18 % Expected term (in years) 5.95 6.01 Expected volatility 59.5 % 48.4 % Expected dividend yield — % — % Fair value of common stock $ 9.02 $ 2.59 |
Reverse Recapitalization (Table
Reverse Recapitalization (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Reverse Recapitalization [Abstract] | |
Disclosure Of Share Transaction During Merger [Table Text Block] | The number of shares of common stock issued immediately following the consummation of the Transactions were as follows: Number of Shares Common stock of MRAC, outstanding prior to Merger 46,718,750 Less redemption of MRAC shares (31,875,906 ) Common stock of MRAC 14,842,844 Shares issued in PIPE financing 8,000,000 Shares issued in Backstop financing 5,500,906 Shares issued for deferred underwriting fees 450,000 Merger, PIPE financing, and Backstop financing shares 28,793,750 Legacy Enjoy shares 90,828,116 Total shares of common stock immediately after Merger 119,621,866 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables summarize the Company’s assets and liabilities that are measured at fair value on a recurring basis in the consolidated financial statements (in thousands): Fair Value Measurements at December 31, 2021 Using: Level 1 Level 2 Level 3 Total Liabilities: Derivative warrant liabilities—Public $ 3,924 $ — $ — $ 3,924 Derivative warrants liabilities—Private — 2,653 — 2,653 Total financial liabilities $ 3,924 $ 2,653 $ — $ 6,577 Fair Value Measurements at December 31, 2020 Using: Level 1 Level 2 Level 3 Total Liabilities: Redeemable convertible preferred stock warrant liability $ — $ — $ 806 $ 806 Convertible loan — — 86,357 86,357 Total financial liabilities $ — $ — $ 87,163 $ 87,163 |
Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table provides a reconciliation of activity and changes in fair value for the Company’s convertible loans and redeemable convertible preferred stock warrant liability using inputs classified as Level 3 (in thousands): Convertible Redeemable Balance at January 1, 2020 $ — $ 337 Issuance of convertible loan 43,450 — Change in fair value 42,907 469 Balance at December 31, 2020 86,357 806 Debt extinguishment of convertible loans (36,782 ) — Proceeds from issuance of convertible loans 75,200 — Change in fair value 27,338 (356 ) Warrant reclassification to equity — (450 ) Conversion of convertible loans (152,113 ) — Balance at December 31, 2021 $ — $ — |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): December 31, 2021 2020 Leasehold improvements $ 20,446 $ 16,512 Furniture and fixtures 2,173 1,438 Office equipment 591 356 Computer equipment 107 81 Vehicles 66 66 Vehicle equipment 283 — 23,666 18,453 Less: accumulated depreciation (7,721 ) (4,379 ) Property and equipment, net $ 15,945 $ 14,074 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Intangible assets, net | Intangible assets, net consist of the following (in thousands): December 31, 2021 2020 Domain Name $ 1,500 1,500 Less: accumulated amortization (633 ) (533 ) Intangible assets, net $ 867 $ 967 |
Summary of estimated future amortization expense | The following table summarizes estimated future amortization expense of intangible assets for the years ending December 31 (in thousands): Years Ending December 31, 2022 $ 100 2023 100 2024 100 2025 100 2026 100 Thereafter 367 Total estimated future amortization expense $ 867 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Payables and Accruals [Abstract] | |
Summary of accrued expenses and other current liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): December 31, 2021 2020 Accrued salaries and wages $ 8,677 $ 8,088 Deferred rent 3,552 3,876 Accrued payables 5,296 2,774 Accrued tax 1,259 2,210 Accrued vacation and benefits 1,181 813 Accrued other 145 136 Total accrued expenses and other current liabilities $ 20,110 $ 17,897 |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Summary of computation of net loss per common share | The following table sets forth the computation of net loss per common share (in thousands except share and per share amounts): Year Ended December 31, 2021 2020 Numerator: Net loss $ (220,609 ) $ (157,784 ) Denominator: Weighted-average common shares 47,449,095 21,311,844 Net loss per share—basic and diluted $ (4.65 ) $ (7.40 ) |
Summary of Antidilutive Securities Excluded From Computation Of Earning Per Share | the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: December 31, 2021 2020 Conversion of redeemable convertible preferred stock — 51,518,255 Public warrants and private placement warrants 15,660,417 — Warrants to purchase redeemable convertible 115,875 115,875 Options to purchase common stock 8,843,297 7,880,732 Restricted stock units 5,598,748 — Conversion of convertible loan — 4,034,163 Total common stock equivalents 30,218,337 63,549,025 |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Information [Abstract] | |
Reconciliation of segment results to Consolidated Results | Reconciliations of segment revenue to consolidated revenue and segment loss to consolidated loss from operations is shown in the following table for each of the periods presented (in thousands): For the Year Ended December 31, 2021 North America Europe Total Revenue $ 68,460 $ 12,538 $ 80,998 Segment loss (103,334 ) (28,522 ) (131,856 ) Unallocated corporate expenses: Operations and technology (13,783 ) General and administrative (36,205 ) Loss from operations $ (181,844 ) For the Year Ended December 31, 2020 North America Europe Total Revenue $ 46,593 $ 13,730 $ 60,323 Segment loss (64,669 ) (18,167 ) (82,836 ) Unallocated corporate expenses: Operations and technology (12,879 ) General and administrative (15,912 ) Loss from operations $ (111,627 ) |
Summary of revenue distribution for its North America segment | The Company’s revenue distribution for its North America segment was as follows: Year Ended December 31, 2021 2020 United States 86 % 90 % Canada 14 % 10 % 100 % 100 % |
Summary of net long-lived assets by geographic area | Long-lived assets include property and equipment, net. The following long-lived assets data is based upon the location of the assets (in thousands): As of December 31, 2021 2020 North America $ 11,267 $ 7,920 Europe 4,678 6,154 Total long-lived assets $ 15,945 $ 14,074 |
Stock Warrants (Tables)
Stock Warrants (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Warrants and Rights Note Disclosure [Abstract] | |
Schedule of Warrant Liabilities | Warrant liabilities consist of the following (in thousands): December 31, 2021 2020 Public warrants $ 3,924 $ — Private placement warrants 2,653 — Redeemable convertible preferred stock warrant — 806 Total warrant liabilities $ 6,577 $ 806 |
Summary of Reconciliation of Changes in Fair Value for the Company's Warrant Liability Using Inputs Classified As Level 3 | As a result, the warrant liability was reclassified to additional paid-in Balance at January 1, 2020 $ 337 Change in fair value 469 Balance at December 31, 2020 806 Change in fair value (356 ) Reclassification to equity (450 ) Balance at December 31, 2021 $ — |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Redeemable Convertible Preferred Stock | At December 31, 2020, redeemable convertible preferred stock consisted of the following (in thousands except share amounts): Preferred Preferred Issuance Conversion Carrying Liquidation Series Seed 3,521,368 3,521,368 $ 1.0367 $ 1.0367 $ 3,651 $ 3,651 Series A 8,027,737 8,027,737 3.3011 3.3011 26,371 26,500 Series B 26,464,034 26,348,159 6.9039 6.9039 181,592 181,906 Series C 13,620,991 13,620,991 11.0124 11.0124 142,078 150,000 Total 51,634,130 51,518,255 $ 353,692 $ 362,057 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Summary Of Stock-Based Compensation Expense | The Company recognized stock-based compensation expense on all awards in the following categories in the consolidated statement of operations and comprehensive loss for the years ended December 31, 2021 and 2020 (in thousands): Years Ended December 31, 2021 2020 Cost of revenue $ 239 $ 34 Operations and technology 1,248 631 General and administrative 9,071 1,084 Total stock-based compensation expense $ 10,558 $ 1,749 |
Summary Of The Status Of The Stock Options | A summary of the status of the stock options (retroactively restated to reflect the exchange ratio of as described in Note 3) as of December 31, 2021 and 2020, and changes during the years then ended are presented below (in thousands except share and per share amounts): Number of Weighted Remaining Aggregate Balance at January 1, 2020 7,450,921 $ 1.68 8.49 $ 6,783 Options granted 1,457,219 2.59 Options exercised (276,325 ) 1.19 Options cancelled (751,083 ) 2.15 Balance at December 31, 2020 7,880,732 1.82 7.71 $ 51,134 Options granted 3,524,789 9.02 Options exercised (1,207,353 ) 1.49 Options cancelled (1,354,871 ) 5.84 Balance at December 31, 2021 8,843,297 4.12 6.75 $ 16,632 Options exercisable as of December 31, 2021 5,288,359 2.27 Vested and expected to vest—December 31, 2021 8,843,297 $ 4.12 |
Summary of Restricted Stock Units | The following table summarizes information pertaining to RSUs during the year-ended December 31, 2021 (in thousands, except for weighted-average grant-date fair value): Number of RSUs Weighted- Balance at December 31, 2020 — $ — Granted 5,651,274 5.58 Released — — Cancelled/forfeited (52,526 ) 10.05 Balance at December 31, 2021 5,598,748 $ 5.54 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Loss Before Income Tax Benefits | The components of loss before provision for income taxes are as follows (in thousands): Years Ended December 31, 2021 2020 Federal $ (221,614 ) $ (160,042 ) Foreign 923 2,355 Loss before provision for income taxes $ (220,691 ) $ (157,687 ) |
Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate | A reconciliation of the federal statutory income tax rate to the effective tax rate is as follows: Years Ended December 31, 2021 2020 Federal statutory rate 21.0 % 21.0 % Effect of: State statutory rate, net of federal tax benefit 3.2 % 3.0 % Foreign tax 0.3 % (2.6 )% Change in valuation allowance (22.1 )% (16.2 )% Loss on convertible loan (2.6 )% (5.0 )% Warrants 1.6 % — Other (1.4 %) (0.3 )% Total 0.0 % (0.1 )% |
Schedule of Current and Deferred Portions of Income Tax Benefits | The income tax provision/(benefit) consists of the following (in thousands): Years Ended December 31, 2021 2020 Current provision: Federal $ — $ — State 23 22 Foreign 461 75 Total current provision 484 97 Deferred provision: Federal — — State — — Foreign (566 ) — Total deferred provision/(benefit) (566 ) — Provision/(benefit) for income taxes $ (82 ) $ 97 |
Summary of Net Deferred Tax Assets | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The approximate amount of the Company’s deferred tax assets are as follows (in thousands): December 31, 2021 2020 Deferred tax assets: Net operating loss carryforwards $ 141,216 $ 96,646 Stock-based compensation 1,597 139 Accruals and reserves 947 323 Property and equipment 977 568 163(j) interest limitation 2,125 — Total deferred tax asset before valuation allowance 146,862 97,676 Valuation allowance (146,308 ) (97,676 ) Deferred tax assets, net of valuation allowance $ 554 $ — |
Summary of Gross Unrecognized Tax Benefit | A reconciliation of the beginning and ending amount of the gross unrecognized tax benefit for the years ended December 31, 2021 and 2020 are as follows (in thousands): Gross unrecognized tax benefits at January 1, 2020 $ 3,609 Increase for tax positions during 2020 1,763 Gross unrecognized tax benefits at December 31, 2020 5,372 Gross increase for tax positions during 2021 2,864 Gross decrease for tax positions during 2021 (321 ) Gross unrecognized tax benefits at December 31, 2021 $ 7,915 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Summary Of Reserved Shares Of Common Stock | As of each balance sheet date, the Company had reserved shares of common stock for issuance in connection with the following: December 31, 2021 2020 Conversion of redeemable convertible preferred stock — 51,518,255 Exercise of public warrants and private placement warrants 15,660,417 — Warrants to purchase redeemable convertible and common stock preferred stock 115,875 279,329 Awards outstanding under the equity incentive plans 14,401,983 7,881,625 Awards available for future grant under the equity incentive plans 6,673,256 4,425,966 Awards available for future grant under the employee stock purchase plan 2,383,437 — Total 39,234,968 64,105,175 |
COMMITMENTS & CONTINGENCIES (Ta
COMMITMENTS & CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of future annual minimum rent payments under noncancelable leases were as follows : | As of December 31, 2021, future annual minimum rent payments under noncancelable leases were as follows (in thousands): Years Ending December 31, 2022 $ 16,765 2023 13,352 2024 10,779 2025 7,323 2026 3,410 Thereafter 187 Total minimum lease payments $ 51,816 Rent expense was $16.2 million and $15.3 million for the years ended December 31, 2021 and 2020, respectively. The Company has updated the 2020 rent expense disclosure to include fleet vehicle lease expense that was previously inadvertently omitted. |
Description of Business And B_2
Description of Business And Basis Of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Net income loss | $ (220,609) | $ (157,784) |
Net cash flows operating activities | (174,618) | (95,342) |
Retained earnings accumulated deifict | $ (642,542) | $ (421,933) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands, € in Millions | 12 Months Ended | |||
Dec. 31, 2021EUR (€)segment | Dec. 31, 2021USD ($)segment | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | |
Allowance for doubtful accounts | $ 0 | $ 0 | ||
Finite-Lived Intangible Asset, Useful Life | 15 years | 15 years | ||
impairment charges | $ 0 | 0 | ||
Revenue from contract with customer | 8,600 | 5,400 | ||
Operations and technology expenses | 13,800 | 12,400 | ||
Related Party Transaction, Amounts of Transaction | $ 0 | 0 | ||
Contract with customer timing of satisfaction of performance obligation and payment | Customer payments are due when control of services is transferred to the customer and are not conditional on anything other than payment terms, which typically are less than 60 days | Customer payments are due when control of services is transferred to the customer and are not conditional on anything other than payment terms, which typically are less than 60 days | ||
Threshold minimum percentage for recognition of tax benefit | 50.00% | 50.00% | ||
Reimbursed costs under the coronavirus job retention scheme | € 0.3 | $ 400 | € 0.8 | 1,100 |
Number of Operating Segments | segment | 2 | 2 | ||
Number of Reportable Segments | segment | 2 | 2 | ||
Lease liabilities | $ 46,000 | $ 51,000 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Lease liabilities | Lease liabilities | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Right-of-use assets | Right-of-use assets | ||
Recognition of Right of use assets [Member] | ||||
Right-of-use assets | $ 42,000 | $ 47,000 | ||
First Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk, Percentage | 47.00% | 47.00% | 57.00% | 57.00% |
Second Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk, Percentage | 29.00% | 29.00% | 27.00% | 27.00% |
Third Customer [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk, Percentage | 16.00% | 16.00% | ||
Maximum [Member] | Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk, Percentage | 10.00% | 10.00% | 10.00% | 10.00% |
Public Warrant [Member] | ||||
Warrants and Rights Outstanding | $ 9,343,750 | |||
Private Placement Warrants [Member] | ||||
Warrants and Rights Outstanding | $ 6,316,667 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Reconciliation of Cash And Cash Equivalents And Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents | $ 85,836 | $ 58,452 | |
Restricted cash | 1,710 | 5,494 | |
Total cash, cash equivalents and restricted cash | $ 87,546 | $ 63,946 | $ 66,014 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule Of Useful Lives Of Property And Equipment (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Office Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Vehicle Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 4 years |
Land Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Lease Term | Shorter of estimated life of the asset or remaining lease term |
Furniture and Fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule Of Charge Back Charges For Account Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Balance | $ 5,396 | $ 2,178 |
Provision | 16,841 | 8,981 |
Credits/payments made | (13,646) | (5,763) |
Balance | $ 8,591 | $ 5,396 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule Of The Weighted-Average Assumptions Used To Estimate The Fair Value (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||
Risk-free interest rate | 0.86% | 1.18% |
Expected term (in years) | 5 years 11 months 12 days | 6 years 3 days |
Expected volatility | 59.50% | 48.40% |
Expected dividend yield | 0.00% | |
Fair value of common stock | $ 9.02 | $ 2.59 |
Reverse Recapitalization - Summ
Reverse Recapitalization - Summary of Share Transaction During Merger (Detail) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Share Transaction During Merger [Line Items] | ||
Common stock of MRAC | 119,624,679 | 21,416,436 |
Shares issued | 28,793,750 | |
Enjoy Technology Inc [Member] | ||
Disclosure Of Share Transaction During Merger [Line Items] | ||
Common stock of MRAC | 90,828,116 | |
PIPE Financing [Member] | ||
Disclosure Of Share Transaction During Merger [Line Items] | ||
Shares issued | 8,000,000 | |
Back stop Financing [Member] | ||
Disclosure Of Share Transaction During Merger [Line Items] | ||
Shares issued | 5,500,906 | |
Over-Allotment Option [Member] | ||
Disclosure Of Share Transaction During Merger [Line Items] | ||
Shares issued | 450,000 | |
Marquee Raine Acquisition Corp [Member] | ||
Disclosure Of Share Transaction During Merger [Line Items] | ||
Common stock of MRAC | 14,842,844 | |
Less redemption of MRAC shares | (31,875,906) | |
Prior To Merger [Member] | Marquee Raine Acquisition Corp [Member] | ||
Disclosure Of Share Transaction During Merger [Line Items] | ||
Common stock of MRAC | 46,718,750 | |
After Merger [Member] | ||
Disclosure Of Share Transaction During Merger [Line Items] | ||
Common stock of MRAC | 119,621,866 |
Reverse Recapitalization - Add
Reverse Recapitalization - Additional Information (Detail) | Oct. 15, 2021USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |
Shares issued price per share | $ 10 | ||
Common stock outstanding | shares | 119,624,679 | 21,416,436 | |
Stock issued during the period shares | shares | 28,793,750 | ||
Stock issued during period value | $ | $ 1,799,000 | $ 333,000 | |
Preferred stock par or stated valued per share | $ 0.00001 | $ 0.00001 | |
Proceeds from merger, Gross | $ | $ 171,000,000 | ||
Proceeds from merger, Net | $ | 112,600,000 | ||
Payments for merger related costs | $ | $ 10,400,000 | ||
Inducement expense in connection with the reverse recapitalization | $ | $ 20,000,000 | ||
Conversion of Stock, Amount Issued | $ | $ 152,113,000 | ||
Common Stock [Member] | |||
Stock issued during the period shares | shares | 1,207,353 | 276,422 | |
Merger BackstopInvestment And PIPEInvestment [Member] | |||
Common stock outstanding | shares | 119,621,866 | ||
Class of warrant or right, Outstanding | shares | 15,776,292 | ||
Backstop Investors [Member] | |||
Stock issued during the period shares | shares | 5,500,906 | ||
Stock issued during period value | $ | $ 55,009,060 | ||
PIPE Investors [Member] | |||
Stock issued during period value issued for services | $ | $ 80,000,000 | ||
Stock issued during the period shares | shares | 8,000,000 | ||
Merger Agreement [Member] | |||
Exchange ratio | 0.34456 | ||
Marquee Raine Acquisition Corp [Member] | |||
Common Stock, Par or Stated Value Per Share | $ 10 | ||
Class of warrant or right, Outstanding | shares | 336,304 | ||
Preferred stock convertible conversion price | $ 0.00001 | ||
Preferred stock converted into warrants | shares | 115,875 | ||
Class of warrants exercise price per share | $ 6.90 | ||
Marquee Raine Acquisition Corp [Member] | Class A [Member] | Merger Agreement [Member] | |||
Shares issued price per share | 10 | ||
Marquee Raine Acquisition Corp [Member] | Series A Preferred Stock [Member] | |||
Preferred stock par or stated valued per share | 0.00001 | ||
Marquee Raine Acquisition Corp [Member] | Series B Preferred Stock [Member] | |||
Preferred stock par or stated valued per share | 0.00001 | ||
Marquee Raine Acquisition Corp [Member] | Series C Preferred Stock [Member] | |||
Preferred stock par or stated valued per share | $ 0.00001 | ||
Lch Transaction [Member] | |||
Inducement expense in connection with the reverse recapitalization | $ | $ 20,000,000 | ||
Lch Transaction [Member] | Common Stock [Member] | |||
Shares issued price per share | $ 10 | ||
Conversion of Stock, Amount Issued | $ | $ 20,000,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities: | ||
Total financial liabilities | $ 6,577 | $ 87,163 |
Level 1 [Member] | ||
Liabilities: | ||
Total financial liabilities | 3,924 | |
Level 2 [Member] | ||
Liabilities: | ||
Total financial liabilities | 2,653 | |
Level 3 [Member] | ||
Liabilities: | ||
Total financial liabilities | 87,163 | |
Recurring [Member | Redeemable Convertible Preferred Stock Warrant Liability [Member] | ||
Liabilities: | ||
Total financial liabilities | 806 | |
Recurring [Member | Convertible loan [Member] | ||
Liabilities: | ||
Total financial liabilities | 86,357 | |
Recurring [Member | Level 1 [Member] | ||
Liabilities: | ||
Total financial liabilities | 0 | |
Recurring [Member | Level 1 [Member] | Redeemable Convertible Preferred Stock Warrant Liability [Member] | ||
Liabilities: | ||
Total financial liabilities | 0 | |
Recurring [Member | Level 1 [Member] | Convertible loan [Member] | ||
Liabilities: | ||
Total financial liabilities | 0 | |
Recurring [Member | Level 2 [Member] | ||
Liabilities: | ||
Total financial liabilities | 0 | |
Recurring [Member | Level 2 [Member] | Redeemable Convertible Preferred Stock Warrant Liability [Member] | ||
Liabilities: | ||
Total financial liabilities | 0 | |
Recurring [Member | Level 2 [Member] | Convertible loan [Member] | ||
Liabilities: | ||
Total financial liabilities | 0 | |
Recurring [Member | Level 3 [Member] | ||
Liabilities: | ||
Total financial liabilities | 0 | |
Recurring [Member | Level 3 [Member] | Redeemable Convertible Preferred Stock Warrant Liability [Member] | ||
Liabilities: | ||
Total financial liabilities | 806 | |
Recurring [Member | Level 3 [Member] | Convertible loan [Member] | ||
Liabilities: | ||
Total financial liabilities | $ 86,357 | |
Recurring [Member | Public Warrant [Member] | ||
Liabilities: | ||
Total financial liabilities | 3,924 | |
Recurring [Member | Public Warrant [Member] | Level 1 [Member] | ||
Liabilities: | ||
Total financial liabilities | 3,924 | |
Recurring [Member | Public Warrant [Member] | Level 2 [Member] | ||
Liabilities: | ||
Total financial liabilities | 0 | |
Recurring [Member | Public Warrant [Member] | Level 3 [Member] | ||
Liabilities: | ||
Total financial liabilities | 0 | |
Recurring [Member | Private Warrant [Member] | ||
Liabilities: | ||
Total financial liabilities | 2,653 | |
Recurring [Member | Private Warrant [Member] | Level 1 [Member] | ||
Liabilities: | ||
Total financial liabilities | 0 | |
Recurring [Member | Private Warrant [Member] | Level 2 [Member] | ||
Liabilities: | ||
Total financial liabilities | 2,653 | |
Recurring [Member | Private Warrant [Member] | Level 3 [Member] | ||
Liabilities: | ||
Total financial liabilities | $ 0 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Detail) - Level 3 [Member] - Financial Liabilities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Convertible Loans [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | $ 86,357 | $ 0 |
Debt extinguishment of convertible loans | (36,782) | |
Issuance of convertible loan | 75,200 | 43,450 |
Change in fair value | 27,338 | 42,907 |
Warrant reclassification to equity | 0 | |
Conversion of convertible loans | (152,113) | |
Ending balance | 0 | 86,357 |
Redeemable Convertible Preferred Stock Warrant Liability [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning balance | 806 | 337 |
Debt extinguishment of convertible loans | 0 | |
Issuance of convertible loan | 0 | 0 |
Change in fair value | (356) | 469 |
Warrant reclassification to equity | (450) | |
Conversion of convertible loans | 0 | |
Ending balance | $ 0 | $ 806 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Dec. 31, 2020d |
Discount Rate [Member] | Convertible Loans [Member] | |
Debt instrument, Measurement input | 11.7 |
Stock price [Member] | Redeemable Convertible Preferred Stock Warrant Liability [Member] | |
Warrants and rights outstanding, Measurement input | 2.86 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 23,666 | $ 18,453 |
Less: accumulated depreciation | (7,721) | (4,379) |
Property and equipment, net | 15,945 | 14,074 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 20,446 | 16,512 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 2,173 | 1,438 |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 591 | 356 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 107 | 81 |
Vehicles | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 66 | $ 66 |
Vehicle equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 283 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 3.9 | $ 3.1 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary of Intangible Assets, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Domain Name | $ 1,500 | $ 1,500 |
Less: accumulated amortization | (633) | (533) |
Intangible assets, net | $ 867 | $ 967 |
Intangible Assets, Net - Summ_2
Intangible Assets, Net - Summary of Estimated Future Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-Lived Intangible Assets, Amortization Expense, Maturity Schedule [Abstract] | ||
2022 | $ 100 | |
2023 | 100 | |
2024 | 100 | |
2025 | 100 | |
2026 | 100 | |
Thereafter | 367 | |
Intangible assets, net | $ 867 | $ 967 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 0.1 | $ 0.1 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Accrued salaries and wages | $ 8,677 | $ 8,088 |
Deferred rent | 3,552 | 3,876 |
Accrued payables | 5,296 | 2,774 |
Accrued tax | 1,259 | 2,210 |
Accrued vacation and benefits | 1,181 | 813 |
Accrued other | 145 | 136 |
Total accrued expenses and other current liabilities | $ 20,110 | $ 17,897 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 30, 2021 | Oct. 31, 2020 | Apr. 30, 2020 | Sep. 30, 2018 | |
Debt Instrument [Line Items] | |||||||
Interest expense | $ 8,522,000 | $ 2,003,000 | |||||
Long term debt net of unamortized debt issuance costs and including unamortized premium | $ 41,578,000 | 0 | 41,578,000 | ||||
Gain on extinguishment of convertible loan | $ 36,800,000 | ||||||
Convertible Subordinated Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt month of maturity | April 2022 | ||||||
Newtek Business Finance LLC [Member] | Paycheck Protection Programme Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 10,000,000 | ||||||
Long term debt month of maturity | July 2023 | ||||||
Interest expense | $ 100,000 | $ 100,000 | |||||
Long term debt bearing fixed interest rate percentage | 1.00% | ||||||
Long term debt moratorium period | 6 months | ||||||
Blue Torch [Member] | First Lien Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt month of maturity | November 2023 | ||||||
Long term debt effective interest rate percentage over time | 14.90% | 14.90% | |||||
Interest expense | $ 4,200 | $ 700 | |||||
Long term debt net of unamortized debt issuance costs and including unamortized premium | 37,000,000 | ||||||
Gain on extinguishment of convertible loan | 700,000 | ||||||
Unamortized debt issuance costs | $ 1,200,000 | ||||||
Factor used in determining base rate percentage | 100.00% | ||||||
Gain loss on extinguishment of debt, Gross | $ 4,000,000 | ||||||
Debt instrument, Unamortized discount | $ 3,300,000 | ||||||
Blue Torch [Member] | First Lien Term Loan [Member] | Prepayment Year One [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt prepayment amount as a percentage of principal | 3.00% | ||||||
Blue Torch [Member] | First Lien Term Loan [Member] | Prepayment Year Two [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt prepayment amount as a percentage of principal | 2.00% | ||||||
Blue Torch [Member] | First Lien Term Loan [Member] | Prepayment Year Three [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt prepayment amount as a percentage of principal | 1.00% | ||||||
Blue Torch [Member] | First Lien Term Loan [Member] | After Prepayment Year Three [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt prepayment amount as a percentage of principal | 0.00% | ||||||
Blue Torch [Member] | First Lien Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument variable interest rate spread | 10.00% | ||||||
Debt instrument base rate percentage | 1.00% | ||||||
Debt instrument base rate spread percentage | 1.00% | ||||||
Blue Torch [Member] | First Lien Term Loan [Member] | Reference Rate [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument variable interest rate spread | 9.00% | ||||||
Debt instrument base rate percentage | 2.00% | 2.00% | |||||
Debt instrument base rate spread percentage | 0.50% | ||||||
Loan And Security Agreement [Member] | Triple Point Venture Growth BDC Corporation [Member] | Term Loan [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 10,000,000 | ||||||
Debt instrument variable interest rate spread | 5.25% | ||||||
Long term debt month of maturity | September 2021 | ||||||
Long term debt effective interest rate percentage over time | 13.90% | ||||||
Interest expense | $ 1,100,000 | ||||||
Convertible Unsecured Subordinated Debt Agreement [Member] | Convertible Subordinated Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long term debt bearing fixed interest rate percentage | 90.00% | 90.00% | |||||
Long term debt other than line of credit maximum borrowing limits | $ 75,000,000 | $ 50,000,000 | |||||
Convertible Unsecured Subordinated Debt Agreement Amendment [Member] | Convertible Subordinated Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Face Amount | $ 75,000,000 | ||||||
Long term debt month of maturity | May 2024 | ||||||
Long term debt bearing fixed interest rate percentage | 14.00% | 8.00% | 14.00% | ||||
Long term debt other than line of credit maximum borrowing limits | $ 70,000,000 | $ 70,000,000 | |||||
Long term debt net of unamortized debt issuance costs and including unamortized premium | $ 43,500,000 | 43,500,000 | |||||
Convertible Unsecured Subordinated Debt Agreement Amendment [Member] | Convertible Subordinated Debt [Member] | Prospective Qualified Financing [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from stock issuance | $ 75,000,000 | ||||||
Series Seed Preferred Stock [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Temporary Equity Dividend Per Share | $ 0.0621 | ||||||
Series A Preferred Stock [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Temporary Equity Dividend Per Share | 0.1979 | ||||||
Series B Preferred Stock [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Temporary Equity Dividend Per Share | 0.4142 | ||||||
Series C Preferred Stock [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Temporary Equity Dividend Per Share | 0.6608 | ||||||
Sale of stock issue price per share | $ 27.54 | ||||||
Percentage shares outstanding | 50.00% | ||||||
Series C Preferred Stock [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Sale of Stock, Number of Shares Issued in Transaction | 100 |
Stock Warrants - Schedule of Wa
Stock Warrants - Schedule of Warrant Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Warrants Liabilities [Line Items] | ||
Total warrant liabilities | $ 6,577 | $ 806 |
Public Warrants [Member] | ||
Disclosure Of Warrants Liabilities [Line Items] | ||
Total warrant liabilities | 3,924 | 0 |
Private Placement Warrants [Member] | ||
Disclosure Of Warrants Liabilities [Line Items] | ||
Total warrant liabilities | 2,653 | 0 |
Redeemable Convertible Preferred Stock Warrant Liability [Member] | ||
Disclosure Of Warrants Liabilities [Line Items] | ||
Total warrant liabilities | $ 0 | $ 806 |
Stock Warrants - Summary of Rec
Stock Warrants - Summary of Reconciliation of Changes in Fair Value for the Company's Warrant Liability Using Inputs Classified As Level 3 (Detail) - Warrants To Purchase Series B Redeemable Convertible Preferred Stock [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Warrant or Right [Line Items] | ||
Beginning balance | $ 806 | $ 337 |
Change in fair value | (356) | 469 |
Reclassification to equity | (450) | |
Ending balance | $ 0 | $ 806 |
Stock Warrants - Additional Inf
Stock Warrants - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Class of warrants or rights expiry date | Oct. 15, 2026 | |
Financial liabilities at fair value | $ 6,577,000 | $ 87,163,000 |
Class of warrants or rights term | 5 years | |
Class of warrants redemption price per unit | $ 10 | |
Change in fair value of derivative warrant liabilities | $ (17,269,000) | 469,000 |
Other Nonoperating Income (Expense) [Member] | ||
Change in fair value of derivative warrant liabilities | $ 17,300,000 | $ 500,000 |
Warrant [Member] | ||
Warrants exercise price | $ 11.50 | |
Common Stock [Member] | ||
Number of days determining fair market value of the ClassA ordinary shares | 10 days | |
Securities called by each warrant | 0.361 | |
Share Price Equals Or Exceeds 10 USD [Member] | ||
Class of warrants redemption price per unit | $ 0.10 | |
Class of warrants redemption notice period | 30 days | |
Share Price | $ 10 | |
Share Price More Than Or Equals To USD Eighteen [Member] | ||
Class of warrants redemption price per unit | $ 0.01 | |
Class of warrants redemption notice period | 30 days | |
Share Price | $ 18 | |
Number of trading days for determining share price | 30 days | |
Number of consecutive trading days determining warrants redeemable | 20 days | |
Share Price Less Than Or Equals To USD Eighteen [Member] | ||
Class of warrants redemption price per unit | $ 18 | |
Public Warrants [Member] | ||
Warrants outstandings | 9,343,750 | |
Private Warrant [Member] | ||
Warrants outstandings | 6,316,667 | |
Triple Point Venture Growth BDC Corporation [Member] | Warrants To Purchase Series B Redeemable Convertible Preferred Stock [Member] | ||
Class of warrants or rights number of securities covered by the warrants or rights | 115,875 | |
Warrants exercise price | $ 6.90 | |
Class of warrants or rights expiry date | Nov. 13, 2030 | |
Financial liabilities at fair value | $ 200 | |
Blue Torch [Member] | Warrants To Purchase Common Stock [Member] | ||
Class of warrants or rights number of securities covered by the warrants or rights | 163,454 | |
Warrants exercise price | $ 0.03 | |
Class of warrants or rights term | 10 years | |
Warrants at fair value | $ 1,400 |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock - Summary of Redeemable Convertible Preferred Stock (Detail) $ / shares in Units, $ in Thousands | Dec. 31, 2020USD ($)$ / sharesshares |
Temporary Equity [Line Items] | |
Preferred Shares Authorized | 51,634,130 |
Preferred Shares Issued | 51,518,255 |
Preferred Shares Outstanding | 51,518,255 |
Carrying Value | $ | $ 353,692 |
Liquidation Preference | $ | $ 362,057 |
Series Seed Preferred Stock [Member] | |
Temporary Equity [Line Items] | |
Preferred Shares Authorized | 3,521,368 |
Preferred Shares Issued | 3,521,368 |
Preferred Shares Outstanding | 3,521,368 |
Issuance Price Per Share | $ / shares | $ 1.0367 |
Conversion Price Per Share | $ / shares | $ 1.0367 |
Carrying Value | $ | $ 3,651 |
Liquidation Preference | $ | $ 3,651 |
Series A Redeemable Convertible Preferred Stock [Member] | |
Temporary Equity [Line Items] | |
Preferred Shares Authorized | 8,027,737 |
Preferred Shares Issued | 8,027,737 |
Preferred Shares Outstanding | 8,027,737 |
Issuance Price Per Share | $ / shares | $ 3.3011 |
Conversion Price Per Share | $ / shares | $ 3.3011 |
Carrying Value | $ | $ 26,371 |
Liquidation Preference | $ | $ 26,500 |
Series B Redeemable Convertible Preferred Stock [Member] | |
Temporary Equity [Line Items] | |
Preferred Shares Authorized | 26,464,034 |
Preferred Shares Issued | 26,348,159 |
Preferred Shares Outstanding | 26,348,159 |
Issuance Price Per Share | $ / shares | $ 6.9039 |
Conversion Price Per Share | $ / shares | $ 6.9039 |
Carrying Value | $ | $ 181,592 |
Liquidation Preference | $ | $ 181,906 |
Series C Redeemable Convertible Preferred Stock [Member] | |
Temporary Equity [Line Items] | |
Preferred Shares Authorized | 13,620,991 |
Preferred Shares Issued | 13,620,991 |
Preferred Shares Outstanding | 13,620,991 |
Issuance Price Per Share | $ / shares | $ 11.0124 |
Conversion Price Per Share | $ / shares | $ 11.0124 |
Carrying Value | $ | $ 142,078 |
Liquidation Preference | $ | $ 150,000 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock - Additional Information (Detail) $ / shares in Units, $ in Thousands | Oct. 15, 2021 | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020$ / shares |
Temporary Equity [Line Items] | |||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ | $ 15,000 | ||
Merger Agreement [Member] | |||
Temporary Equity [Line Items] | |||
Exchange ratio | 0.34456 | ||
Series C Redeemable Convertible Preferred Stock [Member] | |||
Temporary Equity [Line Items] | |||
Temporary Equity Issue Price Per Share | $ / shares | $ 11.0124 | ||
Series C Redeemable Convertible Preferred Stock [Member] | Prior To Merger [Member] | |||
Temporary Equity [Line Items] | |||
Temporary Equity Stock Shares Issued During The Period Shares New Issues | shares | 1,362,099 | ||
Temporary Equity Issue Price Per Share | $ / shares | $ 11 | ||
Proceeds from Issuance of Redeemable Convertible Preferred Stock | $ | $ 15,000 |
Common Stock - Summary of Reser
Common Stock - Summary of Reserved Shares of Common Stock (Detail) - shares | Dec. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Reserved shares of common stock | 39,234,968 | 64,105,175 |
Redeemable Convertible Preferred Stock | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock | 0 | 51,518,255 |
Exercise of public warrants and private placement warrants | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock | 15,660,417 | 0 |
Warrants to purchase redeemable convertible and common stock preferred stock | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock | 115,875 | 279,329 |
Awards outstanding under the equity incentive plans | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock | 14,401,983 | 7,881,625 |
Awards available for future grant under the equity incentive plans | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock | 6,673,256 | 4,425,966 |
Awards available for future grant under the employee stock purchase plan | ||
Class of Stock [Line Items] | ||
Reserved shares of common stock | 2,383,437 | 0 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - $ / shares | Oct. 15, 2021 | Dec. 31, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 28,793,750 | ||
Common Stock, Shares, Outstanding | 119,624,679 | 21,416,436 | |
Common Stock, Par or Stated Value Per Share | $ 0.0001 | $ 0.0001 | |
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | |
Common Stock, Shares, Issued | 119,624,679 | 21,416,436 | |
Common Stock, Voting Rights | one vote | ||
PIPE Shares And Back stop Shares [Member] | |||
Class of Stock [Line Items] | |||
Stock Issued During Period, Shares, New Issues | 28,793,750 | ||
Common Stock, Shares, Outstanding | 119,621,866 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary Of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 10,558 | $ 1,749 |
Cost of Revenue [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 239 | 34 |
Operations and Technology [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 1,248 | 631 |
General and Administrative [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 9,071 | $ 1,084 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary Of The Status Of The Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Balance at the beginning (Number of Shares) | 7,880,732 | 7,450,921 | |
Options granted (Number of Shares) | 3,524,789 | 1,457,219 | |
Options exercised (Number of Shares) | (1,207,353) | (276,325) | |
Options cancelled (Number of Shares) | (1,354,871) | (751,083) | |
Balance at the end (Number of Shares) | 8,843,297 | 7,880,732 | 7,450,921 |
Options exercisable (Number of Shares) | 5,288,359 | ||
Vested and expected to vest (Number of Shares) | 8,843,297 | ||
Balance at the beginning (Weighted Average Exercise Price) | $ 1.82 | $ 1.68 | |
Options granted (Weighted Average Exercise Price) | 9.02 | 2.59 | |
Options exercised (Weighted Average Exercise Price) | 1.49 | 1.19 | |
Options cancelled (Weighted Average Exercise Price) | 5.84 | 2.15 | |
Balance at the end (Weighted Average Exercise Price) | 4.12 | $ 1.82 | $ 1.68 |
Options exercisable (Weighted Average Exercise Price) | 2.27 | ||
Vested and expected to vest (Weighted Average Exercise Price) | $ 4.12 | ||
Remaining Contractual Term In Years | 6 years 9 months | 7 years 8 months 15 days | 8 years 5 months 26 days |
Aggregate Intrinsic Value | $ 16,632 | $ 51,134 | $ 6,783 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Restricted Stock Units (Detail) - Restricted Stock Units (RSUs) [Member] | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of RSUs, Beginning balance | shares | 0 |
Number of RSUs, Granted | shares | 5,651,274 |
Number of RSUs, Released | shares | 0 |
Number of RSUs, Cancelled/Forfeited | shares | (52,526) |
Number of RSUs, Ending balance | shares | 5,598,748 |
Weighted-Average Grant Date Fair Value per Share, Beginning balance | $ / shares | $ 0 |
Weighted-Average Grant Date Fair Value per Share, Granted | $ / shares | 5.58 |
Weighted-Average Grant Date Fair Value per Share, Released | $ / shares | 0 |
Weighted-Average Grant Date Fair Value per Share, Cancelled/Forfeited | $ / shares | 10.05 |
Weighted-Average Grant Date Fair Value per Share, Ending balance | $ / shares | $ 5.54 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 10,558 | $ 1,749 | |
Share based compensation by share based award weighted average grant date fair value of options granted | $ 9.02 | $ 2.59 | |
Share based compensation by share based award intrinsic value of options excercised during the period | $ 9,500 | $ 1,000 | |
Share based compensation by share based payment award purchase price of common stock as a percentage of fair value | 100.00% | ||
2014 Equity Incentive Plan [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation by share based payment award vesting rights percentage | 25.00% | ||
Share based compensation arrangement by share based payment award, Award vesting period | 4 years | ||
Share based compensation by share based payment award expiration period | 10 years | ||
Share based compensation by share based award exercise period | 90 days | ||
2014 Equity Incentive Plan [Member] | Incentive Stock Options [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation by share based payment award purchase price of common stock as a percentage of fair value | 100.00% | ||
Two Thousand And Twenty One Employee Stock Purchase Plan [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation by share based payment award purchase price of common stock as a percentage of fair value | 85.00% | ||
Stock issued during period, Shares, Employee stock purchase plans | 0 | ||
Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation by share based payment award purchase price of common stock as a percentage of fair value | 110.00% | ||
Share Based Compensation Remaining Three Tranches Twenty Five Percent Each To Be Vested In Monthly Instalments [Member] | 2014 Equity Incentive Plan [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation by share based payment award vesting rights percentage | 25.00% | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based Payment Arrangement, Expense | $ 3,300 | $ 0 | |
unrecognized stock-based compensation expense related to Equity statements othee than Stock options | $ 27,300 | ||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation by share based payment award vesting rights percentage | 75.00% | ||
Restricted Stock Units (RSUs) [Member] | Share Based Compensation Award Remaining Tranche [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation by share based payment award vesting rights percentage | 25.00% | ||
Share based compensation arrangement by share based payment award, Award vesting period | 3 years | ||
Share based compensation arrangement by share based payment award, Award vesting rights | one-third vesting on each of the first three anniversaries of the vesting commencement date | ||
Restricted Stock Units (RSUs) [Member] | Share Based Compensation Remaining Three Tranches Twenty Five Percent Each To Be Vested In Monthly Instalments [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation arrangement by share based payment award, Award vesting period | 4 years | ||
Share based compensation arrangement by share based payment award, Award vesting rights | awards vest in substantially equal quarterly installments for four years following the vesting start date, all subject to continued service through each vesting date. | ||
Share-based Payment Arrangement, Option [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based payment award non vested cost not yet recognized recognition period | 2 years 10 months 24 days | 2 years 6 months | |
Share based arrangement non vested award options costs not yet recognized amount | $ 14,100 | $ 3,700 | |
Share-based Payment Arrangement, Option [Member] | 2014 Equity Incentive Plan [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share based compensation by share based payment award vesting rights percentage | 25.00% |
Income Taxes - Schedule of Loss
Income Taxes - Schedule of Loss Before Income Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal | $ (221,614) | $ (160,042) |
Foreign | 923 | 2,355 |
Loss before provision for income taxes | $ (220,691) | $ (157,687) |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory rate | 21.00% | 21.00% |
Effect of: | ||
State statutory rate, net of federal tax benefit | 3.20% | 3.00% |
Foreign tax | 0.30% | (2.60%) |
Change in valuation allowance | (22.10%) | (16.20%) |
Loss on Convertible Loan | (2.6) | (5) |
Warrants | 0.016 | 0 |
Other | (1.40%) | (0.30%) |
Total | 0.00% | (0.10%) |
Income Taxes - Schedule of Curr
Income Taxes - Schedule of Current and Deferred Portions of Income Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Current provision: | ||
Federal | $ 0 | $ 0 |
State | 23 | 22 |
Foreign | 461 | 75 |
Total current provision | 484 | 97 |
Deferred provision: | ||
Federal | 0 | 0 |
State | 0 | 0 |
Foreign | (566) | 0 |
Total deferred provision/(benefit) | (566) | 0 |
Provision/(benefit) for income taxes | $ (82) | $ 97 |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 141,216 | $ 96,646 |
Stock-based compensation | 1,597 | 139 |
Accruals and reserves | 947 | 323 |
Property and equipment | 977 | 568 |
163(j) interest limitation | 2,125 | 0 |
Total deferred tax asset before valuation allowance | 146,862 | 97,676 |
Valuation allowance | (146,308) | (97,676) |
Deferred tax assets, net of valuation allowance | $ 554 | $ 0 |
Income Taxes - Summary of Gross
Income Taxes - Summary of Gross Unrecognized Tax Benefit (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Gross unrecognized tax benefits , Beginning balance | $ 5,372 | $ 3,609 |
Increase for tax positions | 2,864 | 1,763 |
Gross decrease for tax positions | (321) | |
Gross unrecognized tax benefits, Ending balance | $ 7,915 | $ 5,372 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | Jun. 29, 2020 | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Line Items] | |||
Valuation allowance deferred tax asset increase decrease amount | $ 48.6 | $ 29.9 | |
Threshold minimum percentage for recognition of tax benefit | 50.00% | ||
Unrecognized tax benefits income tax penalties and interest expense | $ 0 | 0 | |
Assembly Bill Eighty Five [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards, Limitations on use | three-year suspension of the use of net operating losses for medium and large businesses | ||
Tax credit carryforward, Limitations on use | three-year cap on the use of business incentive tax credits | ||
Operating loss carryforwards, Years under limitations on use | taxable years 2020, 2021 and 2022 | ||
Tax credit carryforward, Years under limitations on use | taxable years 2020, 2021 and 2022. | ||
Maximum [Member] | Assembly Bill Eighty Five [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforward, Amount allowed to offset under limitations on use, Per year | $ 5 | ||
Minimum [Member] | Assembly Bill Eighty Five [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards, Taxable income limit set for limitations on use | $ 1 | ||
Domestic Tax Authority [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | $ 551 | 373.7 | |
Operating loss carryforwards expiration year | 2034 | ||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |||
Income Tax Disclosure [Line Items] | |||
Research and development tax credit carryforward expiration year | 2038 | ||
Domestic Tax Authority [Member] | Tax Period Two Thousand And Thirty Eight [Member] | Research Tax Credit Carryforward [Member] | |||
Income Tax Disclosure [Line Items] | |||
Research and development tax credit carryforward, amount | $ 4.2 | 2.9 | |
State and Local Jurisdiction [Member] | |||
Income Tax Disclosure [Line Items] | |||
Operating loss carryforwards | $ 429.1 | 309.5 | |
Operating loss carryforwards expiration year | 2024 | ||
State and Local Jurisdiction [Member] | Indefinite Tax Year [Member] | Research Tax Credit Carryforward [Member] | |||
Income Tax Disclosure [Line Items] | |||
Research and development tax credit carryforward, amount | $ 3.7 | $ 2.4 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of computation of net loss per common share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Numerator: | ||
Net loss | $ (220,609) | $ (157,784) |
Denominator: | ||
Weighted-average common shares outstanding—basic and diluted | 47,449,095 | 21,311,844 |
Net loss per share—basic and diluted | $ (4.65) | $ (7.40) |
Net Loss Per Share - Summary _2
Net Loss Per Share - Summary of Antidilutive Securities Excluded From Computation Of Earning Per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 30,218,337 | 63,549,025 |
Conversion of redeemable convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 51,518,255 | |
Public warrants and private placement warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 15,660,417 | |
Warrants to purchase redeemable convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 115,875 | 115,875 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,843,297 | 7,880,732 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,598,748 | |
Conversion of convertible loan | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 4,034,163 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)Customers | Dec. 31, 2020USD ($)Customers | |
Long-Lived Assets | $ 15,945 | $ 14,074 |
Revenue | $ 80,998 | $ 60,323 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Number of major customers | Customers | 4 | 2 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer One [Member] | ||
Revenue | $ 50,400 | $ 41,300 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Two [Member] | ||
Revenue | 12,500 | 13,700 |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Three [Member] | ||
Revenue | 9,700 | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Customer Four [Member] | ||
Revenue | 8,400 | |
North America Segment [Member] | ||
Long-Lived Assets | 11,267 | 7,920 |
Revenue | $ 68,460 | $ 46,593 |
North America Segment [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Entity Wide Revenue Major Customer Number | Customers | 3 | 1 |
Europe Segment [Member] | ||
Long-Lived Assets | $ 4,678 | $ 6,154 |
Revenue | $ 12,538 | 13,730 |
Europe Segment [Member] | Customer Concentration Risk [Member] | Revenue Benchmark [Member] | ||
Entity Wide Revenue Major Customer Number | Customers | 1 | |
UNITED STATES | North America Segment [Member] | ||
Long-Lived Assets | $ 9,700 | 7,100 |
Revenue | 58,700 | 41,900 |
CANADA | North America Segment [Member] | ||
Long-Lived Assets | 1,500 | 800 |
Revenue | $ 9,700 | $ 4,700 |
Segment Information - Reconcili
Segment Information - Reconciliation of segment results to Consolidated Results (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | $ 80,998 | $ 60,323 |
Segment loss | (181,844) | (111,627) |
Unallocated corporate expenses: | ||
Operations and technology expenses | 13,800 | 12,400 |
General and administrative | 57,915 | 34,274 |
Loss from operations | (181,844) | (111,627) |
Segment Reconciling Items [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 80,998 | 60,323 |
Segment loss | (131,856) | (82,836) |
Unallocated corporate expenses: | ||
Operations and technology expenses | (13,783) | (12,879) |
General and administrative | (36,205) | (15,912) |
Loss from operations | (131,856) | (82,836) |
North America Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 68,460 | 46,593 |
North America Segment [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment loss | (103,334) | (64,669) |
Unallocated corporate expenses: | ||
Loss from operations | (103,334) | (64,669) |
Europe Segment [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Revenue | 12,538 | 13,730 |
Europe Segment [Member] | Segment Reconciling Items [Member] | ||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||
Segment loss | (28,522) | (18,167) |
Unallocated corporate expenses: | ||
Loss from operations | $ (28,522) | $ (18,167) |
Segment Information - Summary o
Segment Information - Summary of revenue distribution for its North America segment (Detail) - North America Segment [Member] - Geographic Concentration Risk [Member] - Revenue Benchmark [Member] | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
UNITED STATES | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 86.00% | 90.00% |
CANADA | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 14.00% | 10.00% |
Segment Information - Summary_2
Segment Information - Summary of net long-lived assets by geographic area (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Geographic Areas Long Lived Assets [Line Items] | ||
Long-Lived Assets | $ 15,945 | $ 14,074 |
North America Segment [Member] | ||
Geographic Areas Long Lived Assets [Line Items] | ||
Long-Lived Assets | 11,267 | 7,920 |
Europe Segment [Member] | ||
Geographic Areas Long Lived Assets [Line Items] | ||
Long-Lived Assets | $ 4,678 | $ 6,154 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - Group Personal Pension Plan [Member] - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Maximum percentage of employee contribute to a defined contribution plan | 3.00% | 3.00% |
Maximum amount the employee may contribute to a defined contribution plan | $ 0.4 | $ 0.3 |
Commitments & Contingencies - A
Commitments & Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Leases, Rent Expense | $ 16,200,000 | $ 15,300,000 |
Loss Contingency Accrual, Payments | 0 | 0 |
Indemnification loss reserve | 0 | 0 |
Other Noncurrent Assets [Member] | ||
Security Deposit | 3,700,000 | 3,500,000 |
Standby Letters of Credit [Member] | ||
Letters of Credit Outstanding, Amount | $ 1,700,000 | $ 5,500,000 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Future Annual Minimum Rent Payments Under Noncancelable Leases Were as Follows (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2022 | $ 16,765 |
2023 | 13,352 |
2024 | 10,779 |
2025 | 7,323 |
2026 | 3,410 |
Thereafter | 187 |
Total minimum lease payments | $ 51,816 |