2022 Q4 Form 10-Q Financial Statement

#000156319022000189 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $1.107B $1.494B $1.744B
YoY Change -31.32% -14.33% 46.71%
Cost Of Revenue $918.8M $1.218B $1.431B
YoY Change -31.8% -14.86% 46.07%
Gross Profit $188.4M $275.7M $313.0M
YoY Change -28.85% -11.92% 49.69%
Gross Profit Margin 17.02% 18.46% 17.95%
Selling, General & Admin $244.9M $294.4M $282.2M
YoY Change -19.09% 4.32% 60.61%
% of Gross Profit 129.99% 106.78% 90.16%
Research & Development $63.40M $81.50M $89.70M
YoY Change -39.91% -9.14% 166.17%
% of Gross Profit 33.65% 29.56% 28.66%
Depreciation & Amortization $21.20M $21.00M $16.70M
YoY Change 9.84% 25.75% 28.46%
% of Gross Profit 11.25% 7.62% 5.34%
Operating Expenses $329.5M $1.646B $388.6M
YoY Change -22.92% 323.44% 74.73%
Operating Profit -$141.1M -$151.8M -$75.60M
YoY Change -13.28% 100.79% 468.42%
Interest Expense $0.00 $900.0K -$600.0K
YoY Change -100.0% -250.0% 200.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$152.8M -$151.6M -$101.1M
YoY Change -11.52% 49.95% 648.89%
Income Tax $500.0K $0.00 -$1.300M
% Of Pretax Income
Net Earnings -$158.1M -$154.2M -$99.80M
YoY Change -9.55% 54.51% 639.26%
Net Earnings / Revenue -14.28% -10.32% -5.72%
Basic Earnings Per Share -$0.36 -$0.25
Diluted Earnings Per Share -$0.36 -$0.36 -$254.0K
COMMON SHARES
Basic Shares Outstanding 435.5M shares 432.2M shares 393.0M shares
Diluted Shares Outstanding 432.5M shares 393.0M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $361.9M $354.9M $791.4M
YoY Change -41.47% -55.16%
Cash & Equivalents $361.9M $354.9M $791.4M
Short-Term Investments
Other Short-Term Assets $76.50M $92.50M $84.40M
YoY Change -19.39% 9.6%
Inventory
Prepaid Expenses
Receivables $36.60M $34.20M $104.9M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $517.9M $541.8M $980.7M
YoY Change -34.82% -44.75%
LONG-TERM ASSETS
Property, Plant & Equipment $192.5M $196.7M $610.2M
YoY Change 22.3% -67.76%
Goodwill $198.4M $198.5M
YoY Change 5.36%
Intangibles $99.30M $107.7M
YoY Change -21.93%
Long-Term Investments
YoY Change
Other Assets $41.80M $54.30M $46.20M
YoY Change -13.64% 17.53%
Total Long-Term Assets $1.015B $1.047B $966.5M
YoY Change 0.91% 8.36%
TOTAL ASSETS
Total Short-Term Assets $517.9M $541.8M $980.7M
Total Long-Term Assets $1.015B $1.047B $966.5M
Total Assets $1.533B $1.589B $1.947B
YoY Change -14.86% -18.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.10M $44.70M $35.30M
YoY Change -18.79% 26.63%
Accrued Expenses $259.5M $296.6M $295.9M
YoY Change -19.51% 0.24%
Deferred Revenue
YoY Change
Short-Term Debt $181.9M $36.50M $18.70M
YoY Change 1022.84% 95.19%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $517.5M $443.9M $422.9M
YoY Change 18.39% 4.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.400M $9.300M $494.4M
YoY Change -74.47% -98.12%
Total Long-Term Liabilities $8.400M $9.300M $494.4M
YoY Change -74.47% -98.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $517.5M $443.9M $422.9M
Total Long-Term Liabilities $8.400M $9.300M $494.4M
Total Liabilities $1.012B $947.5M $922.0M
YoY Change 6.23% 2.77%
SHAREHOLDERS EQUITY
Retained Earnings -$2.197B -$2.038B
YoY Change 37.71%
Common Stock $2.714B $2.676B
YoY Change 11.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $517.1M $637.9M $1.025B
YoY Change
Total Liabilities & Shareholders Equity $1.533B $1.589B $1.947B
YoY Change -14.86% -18.39%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$158.1M -$154.2M -$99.80M
YoY Change -9.55% 54.51% 639.26%
Depreciation, Depletion And Amortization $21.20M $21.00M $16.70M
YoY Change 9.84% 25.75% 28.46%
Cash From Operating Activities -$117.8M -$53.60M $4.200M
YoY Change 53.19% -1376.19%
INVESTING ACTIVITIES
Capital Expenditures $13.20M -$15.50M -$13.50M
YoY Change -180.0% 14.81%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$2.500M -$23.50M
YoY Change -100.0% -89.36%
Cash From Investing Activities -$13.20M -$18.00M -$37.00M
YoY Change -58.23% -51.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.900M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 138.0M -4.000M 13.50M
YoY Change -313.62% -129.63%
NET CHANGE
Cash From Operating Activities -117.8M -53.60M 4.200M
Cash From Investing Activities -13.20M -18.00M -37.00M
Cash From Financing Activities 138.0M -4.000M 13.50M
Net Change In Cash 7.000M -75.60M -19.30M
YoY Change -104.04% 291.71%
FREE CASH FLOW
Cash From Operating Activities -$117.8M -$53.60M $4.200M
Capital Expenditures $13.20M -$15.50M -$13.50M
Free Cash Flow -$131.0M -$38.10M $17.70M
YoY Change 116.89% -315.25%

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Business and Basis of Presentation <div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Description of the Business </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Compass, Inc. (the “Company”) was incorporated in Delaware on October 4, 2012 under the name Urban Compass, Inc. On January 8, 2021, the board of directors approved a change to the Company’s name from Urban Compass, Inc. to Compass, Inc. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company provides an end-to-end platform that empowers its residential real estate agents to deliver exceptional service to seller and buyer clients. The Company’s platform includes an integrated suite of cloud-based software for customer relationship management, marketing, client service and other critical functionality, all custom-built for the real estate industry, which enables the Company’s core brokerage services. The platform also uses proprietary data, analytics, artificial intelligence, and machine learning to deliver high value recommendations and outcomes for Compass agents and their clients. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s agents are independent contractors who affiliate their real estate licenses with the Company, operating their businesses on the Company’s platform and under the Compass brand. The Company generates revenue from clients through its agents by assisting home sellers and buyers in listing, marketing, selling and finding homes as well as through the provision of services adjacent to the transaction, like title and escrow services, which comprise a smaller portion of the Company’s revenue to date. The Company currently generates substantially all of its revenue from commissions paid by clients at the time that a home is transacted. </span></div><div style="margin-top:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Initial Public Offering</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On April 6, 2021, the Company completed its initial public offering (“IPO”) and the Company’s Class A common stock began trading on the New York Stock Exchange on April 1, 2021 under the symbol “COMP”. In connection with the IPO, the Company issued and sold 26.3 million shares of its common stock at a public offering price of $18.00 per share. The Company received aggregate proceeds of $438.7 million from the IPO, net of the underwriting discount and offering costs of approximately $11.0 million (of which $0.9 million were paid in 2020). Offering costs, including the legal, accounting, printing and other IPO-related costs have been recorded in Additional paid-in capital against the proceeds from the offering. During April 2021, also in connection with the IPO, all series of the Company’s convertible preferred stock then outstanding were converted into 223.0 million shares of common stock and the Company reclassified $1.4 billion of Convertible preferred stock to Additional paid-in-capital.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 31, 2021, in connection with the effectiveness of the Company’s IPO registration statement, the Company recognized $148.5 million in stock-based compensation expense for (i) certain RSUs that contained both service-based and liquidity event-based vesting conditions as the liquidity event-based vesting condition was satisfied upon effectiveness of the registration statement and (ii) certain stock options and RSU awards with service, performance and market-based vesting conditions that include stock price targets to be met after the listing of the Company’s stock on a public exchange.</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%"> </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Basis of Presentation </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company’s condensed consolidated financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and include the assets, liabilities, revenues and expenses of all controlled subsidiaries. The condensed consolidated statements of operations include the results of entities acquired from the date of each respective acquisition. Interests held by third parties in consolidated subsidiaries are presented as non-controlling interests, which represents the non-controlling stockholders’ interests in the underlying net assets of the Company’s consolidated subsidiaries. For entities where the Company does not have a controlling interest (financial or operating), the investments in such entities are accounted for using the equity method. The Company applies the equity method of accounting when it has the ability to exercise significant influence over the operating and financial policies of an investee. The Company measures all other investments at fair value with changes in fair value recognized in net income or in the case that an equity </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">investment does not have readily determinable fair values, at cost minus impairment (if any) plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited interim condensed consolidated financial statements and related disclosures have been prepared by management on a basis consistent with the annual consolidated financial statements and, in the opinion of management, include all adjustments necessary for a fair statement of the interim periods presented. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The results of the interim periods presented are not necessarily indicative of the results expected for the full year. Certain information and notes normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted under the SEC’s rules and regulations. Accordingly, the unaudited condensed consolidated financial statements and notes included herein should be read in conjunction with the Company’s audited consolidated financial statements and the related notes for the year ended December 31, 2021, included in the 2021 Form 10-K.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Since inception, the Company has primarily generated negative cash flows from operations and has primarily financed operations from net proceeds from the issuance of convertible preferred stock and common stock. In addition, a number of macroeconomic conditions, including rising inflation and rapidly rising mortgage interest rates, have contributed to a slowdown in the U.S. residential real estate market, which has had an adverse impact on the Company’s business and may continue to adversely impact the Company’s business in the future. </span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has a Revolving Credit Facility, which it can draw upon provided it maintains continued compliance with certain financial and non-financial covenants. As of September 30, 2022, the Company had $318.2 million available to be drawn under the Revolving Credit Facility and was in compliance with each of the financial and non-financial covenants. See Note 5 — "Debt" for further details.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">During the nine months ended September 30, 2022, the Company announced various restructuring actions to improve the alignment between the Company’s organizational structure and its long-term business strategy, drive cost efficiencies enabled by the Company’s technology and other competitive advantages and continue to drive toward profitability and positive free cash flow. The actions are expected to reduce the Company's annual cash operating expense levels to between $1.05 billion to $1.15 billion for the year ended December 31, 2023. This target expense level excludes Commission and other related expense, Depreciation and amortization and stock-based compensation expense. See Note 12 — "Restructuring Activities" for further details.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2022 and December 31, 2021, the Company held cash and cash equivalents of approximately $354.9 million and $618.3 million, respectively. The Company believes that it will have sufficient liquidity from cash on hand, its Revolving Credit Facility, and future operations to sustain its business operations for the next twelve months and beyond.</span></div>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2012-10-04
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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates </span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of revenue and expenses during the reporting periods covered by the condensed consolidated financial statements and accompanying notes. These judgments, estimates and assumptions are used for, but not limited to (i) valuation of the Company’s common stock and stock awards, (ii) fair value of acquired intangible assets and goodwill, (iii) fair value of contingent consideration arrangements in connection with business combinations, (iv) incremental borrowing rate used for the Company’s operating leases, (v) useful lives of long-lived assets, (vi) impairment of intangible assets and goodwill, (vii) allowance for Compass Concierge receivables and (viii) income taxes and certain deferred tax assets. The Company determines its estimates and judgments based on historical experience and on various other assumptions that it believes are reasonable under the circumstances. However, actual results could differ from these estimates and these differences may be material.</span></div>
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BusinessCombinationContingentConsiderationLiability
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BusinessCombinationContingentConsiderationAcquisitionsDuringThePeriod
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BusinessCombinationContingentConsiderationLiability
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BusinessCombinationContingentConsiderationLiability
27100000 usd
CY2022Q3 comp Business Combination Future Compensation To Be Paid To The Acquirees
BusinessCombinationFutureCompensationToBePaidToTheAcquirees
37200000 usd
CY2022Q3 comp Business Acquisition Compensation Expenses
BusinessAcquisitionCompensationExpenses
3200000 usd
CY2021Q3 comp Business Acquisition Compensation Expenses
BusinessAcquisitionCompensationExpenses
7500000 usd
comp Business Acquisition Compensation Expenses
BusinessAcquisitionCompensationExpenses
14600000 usd
comp Business Acquisition Compensation Expenses
BusinessAcquisitionCompensationExpenses
18900000 usd
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities
9500000 usd
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilities
12900000 usd
CY2022Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesOther
6000000.0 usd
CY2021Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Liabilities Other
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentLiabilitiesOther
11500000 usd
CY2022Q3 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
15500000 usd
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
24400000 usd
CY2022Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
49200000 usd
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
54500000 usd
CY2022Q3 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
186100000 usd
CY2021Q4 us-gaap Noninterest Bearing Deposit Liabilities
NoninterestBearingDepositLiabilities
172100000 usd
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2021 comp Common Stock Number Of Classes
CommonStockNumberOfClasses
3 stockclass
comp Common Stock Number Of Classes
CommonStockNumberOfClasses
3 stockclass
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
13850000000 shares
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
434068619 shares
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
434068619 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
13850000000 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
409267751 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
409267751 shares
CY2022Q1 comp Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAvailableForGrant
20500000 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
54525539 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.30
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M6D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
221300000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.45
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y2M12D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
8500000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
324128 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.00
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3949244 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
3347152 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.89
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
47553271 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
35623436 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.59
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y7M6D
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8500000 usd
CY2022Q3 us-gaap Share Price
SharePrice
2320000
CY2021Q4 us-gaap Share Price
SharePrice
9090000.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
20100000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
97600000 usd
CY2022Q3 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
100000 shares
comp Early Exercise Of Stock Options Shares Issued
EarlyExerciseOfStockOptionsSharesIssued
0 shares
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50100000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
71100000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
173100000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
292900000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
367200000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M6D
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1400000 usd
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1300000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-3300000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-154200000 usd
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-99800000 usd
us-gaap Net Income Loss
NetIncomeLoss
-443400000 usd
us-gaap Net Income Loss
NetIncomeLoss
-319300000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
432459739 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
432459739 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
392979596 shares
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
392979596 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
425338530 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
425338530 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
300303624 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
300303624 shares
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.36
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.25
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.25
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.06
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.06
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
94935425 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
119727280 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
94935425 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
119727280 shares
CY2022Q3 comp Percentage Of Financing Receivables Relating To Unsold Properties
PercentageOfFinancingReceivablesRelatingToUnsoldProperties
0.98
CY2021Q4 comp Percentage Of Financing Receivables Relating To Unsold Properties
PercentageOfFinancingReceivablesRelatingToUnsoldProperties
0.96
CY2022Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
16300000 usd
CY2021Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
17300000 usd
CY2022Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
200000 usd
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
1800000 usd
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
900000 usd
us-gaap Financing Receivable Allowance For Credit Losses Write Offs
FinancingReceivableAllowanceForCreditLossesWriteOffs
3500000 usd
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
15600000 usd
CY2022Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
15600000 usd
CY2022Q3 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
29900000 usd
CY2022Q3 us-gaap Notes Receivable Gross
NotesReceivableGross
75800000 usd
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
55000000.0 usd
CY2022Q3 us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
29900000 usd
us-gaap Restructuring And Related Cost Incurred Cost
RestructuringAndRelatedCostIncurredCost
55000000.0 usd

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