2022 Q4 Form 10-K Financial Statement

#000095017023004711 Filed on February 27, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021
Revenue $123.0M $571.0M $2.085B
YoY Change -57.44% -72.61% -17.95%
Cost Of Revenue $97.00M $405.0M $977.0M
YoY Change -42.6% -58.55% 3.17%
Gross Profit $26.00M $166.0M $1.108B
YoY Change -78.33% -85.02% -30.49%
Gross Profit Margin 21.14% 29.07% 53.14%
Selling, General & Admin $108.0M $370.0M $1.261B
YoY Change -18.8% -70.66% -37.04%
% of Gross Profit 415.38% 222.89% 113.81%
Research & Development $40.00M $194.0M $208.0M
YoY Change -21.57% -6.73% -6.31%
% of Gross Profit 153.85% 116.87% 18.77%
Depreciation & Amortization $1.000M $6.000M $9.000M
YoY Change -50.0% -33.33% -25.0%
% of Gross Profit 3.85% 3.61% 0.81%
Operating Expenses $148.0M $564.0M $208.0M
YoY Change -19.57% 171.15% -90.65%
Operating Profit -$122.0M -$398.0M $900.0M
YoY Change 90.63% -144.22% -242.63%
Interest Expense $5.000M $15.00M $16.00M
YoY Change 0.0% -6.25% -900.0%
% of Operating Profit 1.78%
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change -100.0%
Pretax Income -$112.0M -$383.0M -$351.0M
YoY Change 89.83% 9.12% -52.76%
Income Tax -$2.000M $1.000M $10.00M
% Of Pretax Income
Net Earnings -$110.0M -$384.0M -$361.0M
YoY Change 89.66% 6.37% -51.54%
Net Earnings / Revenue -89.43% -67.25% -17.31%
Basic Earnings Per Share -$0.57 -$0.57
Diluted Earnings Per Share -$0.16 -$0.57 -$573.9K
COMMON SHARES
Basic Shares Outstanding 677.0M 672.0M 629.0M
Diluted Shares Outstanding 672.0M 629.0M

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $719.0M $719.0M $1.159B
YoY Change -37.96% -37.96% -45.56%
Cash & Equivalents $506.0M $506.0M $1.009B
Short-Term Investments $213.0M $213.0M $150.0M
Other Short-Term Assets $44.00M $44.00M $48.00M
YoY Change -8.33% -8.33% -52.94%
Inventory
Prepaid Expenses
Receivables $14.00M $14.00M $17.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $777.0M $777.0M $1.224B
YoY Change -36.52% -36.52% -47.1%
LONG-TERM ASSETS
Property, Plant & Equipment $9.000M $18.00M $35.00M
YoY Change -47.06% -48.57% -48.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $17.00M
YoY Change -100.0% -100.0% 325.0%
Other Assets $4.000M $4.000M $7.000M
YoY Change -42.86% -42.86% -36.36%
Total Long-Term Assets $22.00M $22.00M $59.00M
YoY Change -62.71% -62.71% -28.92%
TOTAL ASSETS
Total Short-Term Assets $777.0M $777.0M $1.224B
Total Long-Term Assets $22.00M $22.00M $59.00M
Total Assets $799.0M $799.0M $1.283B
YoY Change -37.72% -37.72% -46.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $53.00M $173.0M $252.0M
YoY Change -20.9% -31.35% -71.62%
Accrued Expenses $130.0M $129.0M $165.0M
YoY Change -25.29% -21.82% -50.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.295M
YoY Change 72.51%
Total Short-Term Liabilities $309.0M $309.0M $449.0M
YoY Change -31.18% -31.18% -66.29%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.00M $13.00M $16.00M
YoY Change -18.75% -18.75% -57.89%
Total Long-Term Liabilities $13.00M $13.00M $16.00M
YoY Change -18.75% -18.75% -57.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $309.0M $309.0M $449.0M
Total Long-Term Liabilities $13.00M $13.00M $16.00M
Total Liabilities $322.0M $322.0M $465.0M
YoY Change -30.75% -30.75% -66.06%
SHAREHOLDERS EQUITY
Retained Earnings -$2.929B
YoY Change 15.09%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $477.0M $477.0M $818.0M
YoY Change
Total Liabilities & Shareholders Equity $799.0M $799.0M $1.283B
YoY Change -37.72% -37.72% -46.47%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income -$110.0M -$384.0M -$361.0M
YoY Change 89.66% 6.37% -51.54%
Depreciation, Depletion And Amortization $1.000M $6.000M $9.000M
YoY Change -50.0% -33.33% -25.0%
Cash From Operating Activities -$109.0M -$422.0M -$951.0M
YoY Change 122.45% -55.63%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $2.000M $2.000M
YoY Change -100.0% 0.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $38.00M -$2.000M -$1.000M
YoY Change -311.11% 100.0% -100.6%
Cash From Investing Activities $38.00M -$47.00M -$3.000M
YoY Change -300.0% 1466.67% -101.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.00M -22.00M 7.000M
YoY Change -285.71% -414.29% -99.33%
NET CHANGE
Cash From Operating Activities -109.0M -422.0M -951.0M
Cash From Investing Activities 38.00M -47.00M -3.000M
Cash From Financing Activities -13.00M -22.00M 7.000M
Net Change In Cash -84.00M -505.0M -947.0M
YoY Change 37.7% -46.67% -178.2%
FREE CASH FLOW
Cash From Operating Activities -$109.0M -$422.0M -$951.0M
Capital Expenditures $0.00 $2.000M $2.000M
Free Cash Flow -$109.0M -$424.0M -$953.0M
YoY Change 127.08% -55.51% 47550.0%

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CY2021 us-gaap Share Based Compensation
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CY2020 us-gaap Share Based Compensation
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CY2021 wish Increase Decrease In Funds Receivable
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CY2021 us-gaap Increase Decrease In Accounts Payable
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CY2020 us-gaap Increase Decrease In Accounts Payable
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CY2022 wish Increase Decrease In Merchants Payable
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CY2021 wish Increase Decrease In Merchants Payable
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CY2020 wish Increase Decrease In Merchants Payable
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CY2022 wish Increase Decrease In Accrued And Refund Liabilities
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CY2021 wish Increase Decrease In Accrued And Refund Liabilities
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CY2022 wish Increase Decrease In Lease Liabilities
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CY2021 wish Increase Decrease In Lease Liabilities
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CY2022 us-gaap Increase Decrease In Other Operating Liabilities
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CY2021 us-gaap Increase Decrease In Other Operating Liabilities
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CY2020 us-gaap Increase Decrease In Other Operating Liabilities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2021 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2021 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2020 us-gaap Payments To Acquire Available For Sale Securities Debt
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CY2021 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
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CY2022 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2021 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2020 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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CY2022 us-gaap Payments For Proceeds From Other Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2021 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 wish Proceeds From Sales Of Shares Through Employee Equity Incentive Plans
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CY2021 wish Proceeds From Sales Of Shares Through Employee Equity Incentive Plans
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CY2020 us-gaap Proceeds From Issuance Initial Public Offering
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CY2020 us-gaap Payments For Repurchase Of Redeemable Convertible Preferred Stock
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CY2022 wish Payments Of Taxes Related To Rsu Settlement And Cashless Exercise Of Stock Options
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CY2021 wish Payments Of Taxes Related To Rsu Settlement And Cashless Exercise Of Stock Options
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CY2021 wish Payments Of Deferred Offering Costs And Payments For Proceeds From Other Financing Activities
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CY2020 wish Payments Of Deferred Offering Costs And Payments For Proceeds From Other Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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1211000000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1018000000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1965000000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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754000000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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513000000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1018000000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1965000000
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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506000000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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1009000000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1965000000
CY2022Q4 us-gaap Restricted Cash Noncurrent
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7000000
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
9000000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
513000000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1018000000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1965000000
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
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CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
10000000
CY2020 us-gaap Income Taxes Paid
IncomeTaxesPaid
1000000
CY2021 wish Noncash Or Part Noncash Stock Based Compensation Capitalized In Development Of Internal Use Software
NoncashOrPartNoncashStockBasedCompensationCapitalizedInDevelopmentOfInternalUseSoftware
1000000
CY2020 us-gaap Conversion Of Stock Amount Issued1
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1536000000
CY2020 us-gaap Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
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237000000
CY2020 wish Offering Costs Included In Accounts Payable
OfferingCostsIncludedInAccountsPayable
1000000
CY2022 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2022 us-gaap Common Stock Voting Rights
CommonStockVotingRights
the Company has two classes of authorized common stock, Class A common stock, which entitles holders to one vote per share, and Class B common stock which entitles holders to 20 votes per share.
CY2020Q4 wish Number Of Authorized Common Stock Classes
NumberOfAuthorizedCommonStockClasses
2
CY2022 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
On December 4, 2020, the Company effected a 10-for-1 stock split of its capital stock. All share and per share information have been retroactively adjusted to reflect the stock split for all periods presented.
CY2022 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:5.667%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. These estimates form the basis for judgments the Company makes about the carrying values of its assets and liabilities that are not readily apparent from other sources. These estimates include, but are not limited to, fair value of financial instruments, useful lives and impairment of long-lived assets, fair value of derivative instruments, incremental borrowing rate applied to lease accounting, contingent liabilities, redemption probabilities associated with Wish Cash, allowances for refunds and chargebacks and uncertain tax positions. As of December 31, 2022, the effects of the ongoing COVID-19 pandemic on the Company’s business, results of operations, and financial condition continue to evolve. As a result, many of the Company’s estimates and assumptions required increased judgment and these estimates may change materially in future periods.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p>
CY2022 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
571000000
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2085000000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2541000000
CY2022 us-gaap Advertising Expense
AdvertisingExpense
195000000
CY2021 us-gaap Advertising Expense
AdvertisingExpense
1000000000.0
CY2020 us-gaap Advertising Expense
AdvertisingExpense
1600000000
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:5.667%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Concentrations of Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Credit Risk </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">— Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, funds receivable and marketable securities. The Company’s cash and cash equivalents are held on deposit with creditworthy institutions. Although the Company’s deposits exceed federally insured limits, the Company has not experienced any losses in such accounts. The Company invests its excess cash in money market accounts, U.S. Treasury notes, U.S. Treasury bills, commercial paper, corporate bonds, and non-U.S. government securities. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents and marketable securities for the amounts reflected on the consolidated balance sheets. The Company’s investment policy limits investments to certain types of debt securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer.</span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:12.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The Company maintains certain bank accounts in China. The Company manages the counterparty risk associated with these funds through diversification with major financial institutions and monitors the concentration of this credit risk on a monthly basis. The total cash balance in these accounts represented approximately </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">24</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">% and </span><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">15</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">% of the Company’s total cash and cash equivalents as of December 31, 2022 and 2021, respectively.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The Company's derivative financial instruments expose it to credit risk to the extent that the counterparties may be unable to meet the terms of the arrangement. The Company seeks to mitigate such risk by limiting its counterparties to, and by spreading the risk across, major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored on a monthly basis. The Company is not required to pledge, nor is it entitled to receive, collateral related to its foreign exchange derivative transactions.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:5.667%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The Company is exposed to credit risk in the event of a default by its PSPs. The Company does not generate revenue from PSPs. Significant changes in the Company’s relationship with its PSPs could adversely affect users’ ability to process transactions on the Company’s marketplaces, thereby impacting the Company’s operating results.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><div style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;"><p style="text-indent:5.733%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The following PSPs each represented 10% or more of the Company’s funds receivable balance:</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="white-space:pre-wrap;font-size:9.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:66.228%;"/> <td style="width:1.002%;"/> <td style="width:1.0%;"/> <td style="width:14.42%;"/> <td style="width:1.0%;"/> <td style="width:1.002%;"/> <td style="width:1.0%;"/> <td style="width:13.347999999999999%;"/> <td style="width:1.0%;"/> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:top;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td colspan="6" style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid rgba(0,0,0,1);text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">December 31,</span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid rgba(255,255,255,0.01);text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:top;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td colspan="2" style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid rgba(0,0,0,1);text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">2022</span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid rgba(255,255,255,0.01);text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td colspan="2" style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid rgba(0,0,0,1);text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">2021</span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;border-bottom:0.5pt solid rgba(255,255,255,0.01);text-align:left;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:top;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">PSP 1</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">56</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">%</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">62</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">%</span></p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:top;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">PSP 2</span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">32</span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">%</span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">32</span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">%</span></p></td> </tr> </table></div><p style="text-indent:5.667%;font-size:10.0pt;margin-top:9.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Services Risk </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">— The Company serves all of its users using third-party data center and hosting providers. The Company has disaster recovery protocols at the third-party service providers. Even with these procedures for disaster recovery in place, access to the Company’s service could be significantly interrupted, resulting in an adverse effect on its operating results and financial position. No significant interruptions of service were known to have occurred during the years ended December 31, 2022, 2021 and 2020.</span></p>
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PercentageOfConcentrationsOfRiskCashAndCashEquivalents
0.24
CY2021 wish Percentage Of Concentrations Of Risk Cash And Cash Equivalents
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0.15
CY2022Q4 wish Number Of Finance Leases Outstanding
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0
CY2022Q4 wish Percentage Of Merchants Payable Amount Denominated In Other Than Functional Currency
PercentageOfMerchantsPayableAmountDenominatedInOtherThanFunctionalCurrency
0.70
CY2021Q4 wish Percentage Of Merchants Payable Amount Denominated In Other Than Functional Currency
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0.76
CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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10000000
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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-15000000
CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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-26000000
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-7000000
CY2021Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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2000000
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
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-1000000
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44000000
CY2021Q4 wish Accrued Logistics Costs Current
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56000000
CY2022Q4 wish Deferred Revenue And Customer Deposits Current
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18000000
CY2021Q4 wish Deferred Revenue And Customer Deposits Current
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25000000
CY2022Q4 wish Accrued Wish Cash Liability Current
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14000000
CY2021Q4 wish Accrued Wish Cash Liability Current
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20000000
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15000000
CY2021Q4 us-gaap Sales And Excise Tax Payable Current
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26000000
CY2022Q4 us-gaap Other Accrued Liabilities Current
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39000000
CY2021Q4 us-gaap Other Accrued Liabilities Current
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47000000
CY2022Q4 us-gaap Accrued Liabilities Current
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130000000
CY2021Q4 us-gaap Accrued Liabilities Current
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174000000
CY2022Q4 wish Increase Decrease In Logistics Costs
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12000000
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0.21
CY2022Q4 wish Increase Decrease In Deferred Revenue And Customer Deposits
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7000000
CY2022Q4 wish Percentage Of Decrease In Deferred Revenue And Customer Deposits Due To Lower Logistics Volumes
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0.28
CY2022 wish Unredeemable Cash Balances In Core Marketplace Revenue
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4000000
CY2021 wish Unredeemable Cash Balances In Core Marketplace Revenue
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29000000
CY2022Q4 wish Increase Decrease In Sales And Indirect Taxes
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11000000
CY2022Q4 wish Percentage Of Decrease In Sales And Indirect Taxes Due To Less Taxes Collected In Connection With Lower Order Volumes
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0.42
CY2022Q4 us-gaap Derivative Notional Amount
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179000000
CY2021Q4 us-gaap Derivative Notional Amount
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374000000
CY2022Q4 us-gaap Derivative Assets
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CY2022Q4 us-gaap Derivative Liabilities
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CY2021Q4 us-gaap Derivative Assets
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CY2021Q4 us-gaap Derivative Liabilities
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1000000
CY2021Q4 wish Unrealized Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification
UnrealizedOtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassification
2000000
CY2020Q4 wish Unrealized Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification
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CY2022 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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CY2021 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Before Reclassification After Tax
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CY2022 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
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CY2021 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss Reclassification After Tax
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CY2022Q4 wish Unrealized Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification
UnrealizedOtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassification
2000000
CY2021Q4 wish Unrealized Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification
UnrealizedOtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassification
2000000
CY2022 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
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7000000
CY2021 us-gaap Gain Loss On Foreign Currency Derivative Instruments Not Designated As Hedging Instruments
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21000000
CY2022 us-gaap Operating Lease Cost
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CY2021 us-gaap Operating Lease Cost
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13000000
CY2020 us-gaap Operating Lease Cost
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13000000
CY2022 us-gaap Short Term Lease Cost
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CY2020 us-gaap Short Term Lease Cost
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CY2022 us-gaap Variable Lease Cost
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1000000
CY2021 us-gaap Variable Lease Cost
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CY2020 us-gaap Variable Lease Cost
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CY2022 us-gaap Lease Cost
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10000000
CY2021 us-gaap Lease Cost
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15000000
CY2020 us-gaap Lease Cost
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15000000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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9000000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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18000000
CY2022Q4 us-gaap Operating Lease Liability Current
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7000000
CY2021Q4 us-gaap Operating Lease Liability Current
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9000000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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13000000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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16000000
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.06
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.06
CY2022 us-gaap Operating Lease Payments
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9000000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
15000000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
14000000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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