2023 Q1 Form 10-Q Financial Statement

#000177947423000035 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q1
Revenue $48.01M
YoY Change -16.44%
Cost Of Revenue $3.494M
YoY Change -6.58%
Gross Profit $44.51M
YoY Change -17.13%
Gross Profit Margin 92.72%
Selling, General & Admin $34.56M
YoY Change -32.15%
% of Gross Profit 77.64%
Research & Development $10.93M
YoY Change -16.47%
% of Gross Profit 24.56%
Depreciation & Amortization $3.167M
YoY Change -19.72%
% of Gross Profit 7.11%
Operating Expenses $45.49M
YoY Change -28.95%
Operating Profit -$4.148M
YoY Change -70.91%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$446.0K
YoY Change -11.16%
Pretax Income -$3.969M
YoY Change -87.97%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.475M
YoY Change -82.19%
Net Earnings / Revenue -5.16%
Basic Earnings Per Share
Diluted Earnings Per Share -$0.03
COMMON SHARES
Basic Shares Outstanding 92.32M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.90M
YoY Change -53.63%
Cash & Equivalents $25.90M
Short-Term Investments
Other Short-Term Assets $6.866M
YoY Change -42.93%
Inventory
Prepaid Expenses
Receivables $15.40M
Other Receivables $0.00
Total Short-Term Assets $48.17M
YoY Change -47.38%
LONG-TERM ASSETS
Property, Plant & Equipment $25.56M
YoY Change 47.39%
Goodwill $68.37M
YoY Change 4.03%
Intangibles $9.784M
YoY Change -27.46%
Long-Term Investments
YoY Change
Other Assets $8.504M
YoY Change -20.43%
Total Long-Term Assets $142.5M
YoY Change -54.58%
TOTAL ASSETS
Total Short-Term Assets $48.17M
Total Long-Term Assets $142.5M
Total Assets $190.6M
YoY Change -52.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.731M
YoY Change -57.18%
Accrued Expenses $30.01M
YoY Change 38.63%
Deferred Revenue $6.400M
YoY Change -18.96%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.71M
YoY Change 7.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.900M
YoY Change 78.24%
Total Long-Term Liabilities $2.900M
YoY Change 78.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.71M
Total Long-Term Liabilities $2.900M
Total Liabilities $75.39M
YoY Change -70.58%
SHAREHOLDERS EQUITY
Retained Earnings -$57.10M
YoY Change -220.26%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.36M
YoY Change
Total Liabilities & Shareholders Equity $190.6M
YoY Change -52.96%

Cashflow Statement

Concept 2023 Q1
OPERATING ACTIVITIES
Net Income -$2.475M
YoY Change -82.19%
Depreciation, Depletion And Amortization $3.167M
YoY Change -19.72%
Cash From Operating Activities $2.157M
YoY Change -130.85%
INVESTING ACTIVITIES
Capital Expenditures $3.226M
YoY Change -23.21%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$3.226M
YoY Change -34.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.612M
YoY Change 12300.0%
NET CHANGE
Cash From Operating Activities $2.157M
Cash From Investing Activities -$3.226M
Cash From Financing Activities -$1.612M
Net Change In Cash -$2.681M
YoY Change -77.51%
FREE CASH FLOW
Cash From Operating Activities $2.157M
Capital Expenditures $3.226M
Free Cash Flow -$1.069M
YoY Change -90.45%

Facts In Submission

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CY2022Q1 maps Holdback Liability Recognized In Connection With Acquisition
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98000 usd
CY2023Q1 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
0 usd
CY2022Q1 us-gaap Business Combination Consideration Transferred Liabilities Incurred
BusinessCombinationConsiderationTransferredLiabilitiesIncurred
586000 usd
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
Business and Organization<div style="margin-bottom:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Founded in 2008, and headquartered in Irvine, California, WM Technology, Inc. (the “Company”) operates a leading online cannabis marketplace for consumers together with a comprehensive set of eCommerce and compliance software solutions for cannabis businesses, which are sold to both storefront locations and delivery operators (“retailers”) and brands in the U.S. states, U.S. territories and Canadian legalized cannabis markets. The Company’s comprehensive business-to-consumer (“B2C”) and business-to-business (“B2B”) suite of products afford cannabis retailers and brands of all sizes integrated tools to compliantly run their businesses and to reach, convert, and retain consumers. </span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s business primarily consists of its commerce-driven marketplace (“Weedmaps”), and its fully integrated suite of end-to-end Software-as-a-Service (“SaaS”) solutions software offering (“Weedmaps for Business”). The Weedmaps marketplace provides cannabis consumers with information regarding cannabis retailers and brands. In addition, the Weedmaps marketplace aggregates data from a variety of sources including retailer point-of-sale solutions to provide consumers with the ability to browse by strain, price, cannabinoids and other information regarding locally available cannabis products, through the Company’s website and mobile apps. The marketplace provides consumers with product discovery, access to deals and discounts, and reservation of products for pickup by consumers or delivery to consumers by participating retailers (retailers complete orders and process payments outside of the Weedmaps marketplace as Weedmaps serves only as a portal, passing a consumer’s inquiry to the dispensary). The marketplace also provides education and learning information to help newer consumers learn about the types of products to purchase. The Company believes the size, loyalty and engagement of its user base and the frequency of consumption of cannabis of its user base is highly valuable to the Company’s clients and results in clients paying for its services.</span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Weedmaps for Business, the Company’s SaaS offering, is a comprehensive set of eCommerce and compliance software solutions catered towards cannabis retailers, delivery services and brands that streamline front and back-end operations and help manage compliance needs. These tools support cannabis businesses at every stage in the consumer funnel, enabling them to:</span></div><div style="margin-bottom:3pt;margin-top:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Strategically reach prospective cannabis consumers;</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Manage pickup, delivery and inventory in compliance with local regulations;</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Help improve the customer experience by creating online browsing and ordering functionality on a brand or retailer (including delivery) operator’s website and by extending that functionality in-store with kiosks;</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Foster customer loyalty and re-engage with segments of consumers;</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Leverage the Weedmaps for Business products in conjunction with any other preferred software solutions via integrations and application programming interfaces (“APIs”); and</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">Make informed marketing and merchandising decisions using performance analytics and consumer and brand insights to promote products to specific consumer groups.</span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s solutions are designed to address these challenges facing cannabis consumers and businesses. The Weedmaps marketplace allows cannabis users to search for and browse cannabis products from retailers and brands, and ultimately reserve products from certain local retailers, in a manner similar to other technology platforms with breadth and depth of product, brand and retailer selection. With the development of Weedmaps for Business, the Company offers an end-to-end platform for licensed cannabis retailers to comply with state law. The Company sells a monthly subscription offering to storefront, delivery and brand clients as well as upsell and add-on offerings to licensed clients. The Company’s current subscription package includes: </span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">WM Listings: A listing page with product menu for a retailer or brand on the Weedmaps marketplace, enabling the Company’s clients to be discovered by the marketplace’s users. This also allows clients to disclose their license information, hours of operation, contact information, discount policies and other information that may be required under applicable state law;</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">WM Orders: Software for retailers to receive pickup and delivery orders directly from a Weedmaps listing and connect orders directly with a client’s POS system (for certain POS systems). The marketplace also enables brands to route customer purchase interest to a retailer that carries the brand’s product. After a dispensary receives the order request from the consumer, the dispensary and the consumer can continue to communicate, adjust items in the request, and handle any stock issues, prior to and while the dispensary processes and fulfills the order;</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">WM Store: Customizable online store which allows retailers and brands to import their Weedmaps listing menu or product reservation functionality to their own white-labeled WM Store website or separately owned website. WM Store facilitates customer pickup or delivery orders and enables retailers to reach more customers by bringing the breadth of the Weedmaps marketplace to a client’s own website;</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">WM Connectors: A centralized integration platform, including API tools, for easier menu management, automatic inventory updates and streamlined order fulfillment to enable clients to save time and more easily integrate into the WM Technology ecosystem and integrate with disparate software systems. This creates business efficiencies and improves the accuracy and timeliness of information across Weedmaps, creating a more positive experience for consumers and businesses; and</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">WM Insights: An insights and analytics platform for clients leveraging data across the Weedmaps marketplace and software solutions. WM Insights provides data and analytics on user engagement and traffic trends to a client’s listing page. For Brand clients, WM Insights allows them to monitor their brand and product rankings, identify retailers not carrying products and keep track of top brands and products by category and state.</span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Company also offers other add-on products for additional fees, including:</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">WM Ads: Ad solutions on the Weedmaps marketplace designed for clients to amplify their businesses and reach more highly engaged cannabis consumers throughout their buying journey including:</span></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.46pt">Featured Listings: Premium placement ad solutions on high visibility locations on the Weedmaps marketplace (desktop and mobile) to amplify the Company’s clients’ businesses and maximize clients’ listings and deal presence. </span></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.75pt">WM Deals: Discount and promotion pricing tools that let clients strategically reach prospective price-conscious cannabis customers with deals or discounts to drive conversion. In some jurisdictions, it is required by applicable law to showcase discounts.</span></div><div style="margin-bottom:3pt;padding-left:72pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">◦</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.75pt">Other WM Ads solutions:</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Includes banner ads and promotion tiles on our marketplace as well as banner ads that can be tied to keyword searches. These products provide clients with targeted ad solutions in highly visible slots across our digital surfaces.</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">WM AdSuite: Omni-channel (on and off platform) marketing solution with access to the Weedmaps marketplace and cannabis-friendly off marketplace outlets including certain publishers, out-of-home units in addition to other media solutions. These campaigns leverage proprietary first-party Weedmaps data to target verified cannabis consumers. </span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">WM CRM: Customer relationship management software allowing clients to reach new consumers, build loyalty, and grow revenue with our compliant app, text and marketing tools. The tools also allow for retargeting and re-engagement of cannabis consumers.</span></div><div style="margin-bottom:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">WM Dispatch: Compliant, automated and optimized logistics and fulfillment last-mile delivery software (including driver apps) that helps clients manage their delivery fleets. This product streamlines the delivery experience from in-store to front-door.</span></div><div style="margin-bottom:6pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:12pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:13.8pt">WM Screens: In-store digital menu signage and kiosk solution and media management tool enabling clients to enhance the in-store experience, impact omnichannel retail and centralize operations with revenue-driving and customizable digital signage. </span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company charges a monthly fee to retailer, delivery and brand clients for access to its subscription package, which includes WM Listings, WM Orders, WM Store, WM Connectors and WM Insights. Depending on the market, the other add-on products are available for additional fees.</span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company sells its Weedmaps for Business suite in the United States, and currently offers some of its Weedmaps for Business solutions in Canada and has a limited number of non-monetized listings in several other countries including Austria, Germany, the Netherlands, Spain and Switzerland. The Company operates in the United States, Canada and other foreign jurisdictions where medical and/or adult cannabis use is legal under state or national law. As of March 31, 2023, the Company </span></div><div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">actively operated in over 30 U.S. states and territories that have adult-use and/or medical-use regulations in place. The Company defines actively operated markets as those U.S. states or territories with greater than $1,000 monthly revenue.</span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s mission is to power a transparent and inclusive global cannabis economy. The Company’s technology addresses the challenges facing both consumers seeking to understand cannabis products and businesses who serve cannabis users in a legally compliant fashion. Over the past 14 years, Weedmaps has become a premier destination for cannabis consumers to discover and browse information regarding cannabis and cannabis products, permitting product discovery and order-ahead for pickup or delivery by participating retailers. Weedmaps for Business is a set of eCommerce-enablement tools designed to help retailers and brands get the best out of the Weedmaps’ consumer experience, create labor efficiencies and manage compliance needs.</span></div><div style="margin-bottom:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company holds a strong belief in the importance of enabling safe, legal access to cannabis for consumers worldwide. The Company believes it offers the only comprehensive software platform that allows cannabis retailers to reach their target audience, quickly and cost effectively, addressing a wide range of needs. The Company is committed to building the software solutions that power cannabis businesses compliantly in the industry, to advocating for legalization, licensing and social equity of cannabis and to facilitating further learning through partnership with subject matter experts to provide detailed, accurate information about cannabis. </span></div><div style="text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">WM Technology, Inc. was initially incorporated in the Cayman Islands on June 7, 2019 under the name “Silver Spike Acquisition Corp” (“Silver Spike”). Silver Spike was formed for the purpose of effecting a merger, amalgamation, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On June 16, 2021 (the “Closing Date”), Silver Spike consummated the business combination (the “Business Combination”), pursuant to that certain Agreement and Plan of Merger, dated December 10, 2020 (the “Merger Agreement”), by and among Silver Spike, Silver Spike Merger Sub LLC, a Delaware limited liability company and a wholly owned direct subsidiary of Silver Spike Acquisition Corp. (“Merger Sub”), WM Holding Company, LLC, a Delaware limited liability company (when referred to in its pre-Business Combination capacity, “Legacy WMH” and following the Business Combination, “WMH LLC”), and Ghost Media Group, LLC, a Nevada limited liability company, solely in its capacity as the initial holder representative (the “Holder Representative”). On the Closing Date, and in connection with the closing of the Business Combination (the “Closing”), Silver Spike was domesticated and continues as a Delaware corporation, changing its name to WM Technology, Inc.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On the Closing Date, the Company was reorganized into an Up-C structure, in which substantially all of the assets and business of the Company are held by WMH LLC and continue to operate through WMH LLC and its subsidiaries, and WM Technology, Inc.’s material assets are the equity interests of WMH LLC indirectly held by it. Legacy WMH was determined to be the accounting acquirer in the Business Combination, which was accounted for as a reverse recapitalization in accordance with accounting principles generally accepted in the United States of America (“GAAP”).</span></div>
CY2023Q1 maps Revenue Requirement For Actively Operated Markets
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CY2023Q1 us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-align:justify"><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;text-align:justify;text-indent:27pt"><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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the interim condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Significant estimates made by management include, among others, the allowance for expected credit losses, the useful lives of long-lived assets, income taxes, website and internal-use software development costs, leases, valuation of goodwill and other intangible assets, valuation of warrant liability, deferred tax assets and the related valuation allowance, tax receivable agreement liability, revenue recognition, stock-based compensation and the recognition and disclosure of contingent liabilities.</span></div>
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
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CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2022Q1 us-gaap Lease Cost
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CY2023Q1 us-gaap Asset Impairment Charges
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CY2022Q1 us-gaap Goodwill And Intangible Asset Impairment
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CY2023Q1 us-gaap Lease Cost
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2200000 usd
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500000 usd
CY2022Q1 maps Operating Leases Contra Rent Expense
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400000 usd
CY2023Q1 maps Tax Receivable Agreement Liabilities As Percent Of Expected Benefit
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0.85
CY2023Q1 maps Tax Receivable Agreement Percent Recorded In Additional Paid In Capital
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0.15
CY2023Q1 maps Tax Receivable Agreement Liability
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1000000 usd
CY2022Q1 us-gaap Advertising Expense
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4900000 usd
CY2023Q1 us-gaap Deferred Compensation Arrangement With Individual Requisite Service Period1
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P2Y
CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
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600000 usd
CY2022Q1 us-gaap Defined Contribution Plan Cost Recognized
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600000 usd
CY2023Q1 maps Tax Receivable Agreement Liability
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600000 usd
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500000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
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CY2022Q1 us-gaap Income Tax Expense Benefit
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1 segment
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1 segment
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s financial instruments are potentially subject to concentrations of credit risk. The Company places its cash with high quality credit institutions. From time to time, the Company maintains cash balances at certain institutions in excess of the Federal Deposit Insurance Corporation limit. As of March 31, 2023, the Company had cash balances that exceeded the FDIC limit with four financial institutions. Management believes that the risk of loss is not significant and has not experienced any losses in such accounts.</span></div>
CY2023Q1 maps Number Of Financial Institutions With Cash Balance Exceeding Fdic Limit
NumberOfFinancialInstitutionsWithCashBalanceExceedingFDICLimit
4 institution
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt;text-align:justify;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Repayments of insurance premium financing in the amount of $3.1 million for the three months ended March 31, 2022 was previously classified on the condensed consolidated statements of cash flows under operating activities. The Company reclassified the repayments to financing activities in accordance with ASC 230 - Statement of Cash Flows. There is no impact to the total cash flow activities from this reclassification.</span></div>
CY2022Q1 maps Repayments Of Insurance Premium Financing
RepaymentsOfInsurancePremiumFinancing
3100000 usd
CY2023Q1 us-gaap Other Restructuring Costs
OtherRestructuringCosts
465000 usd
CY2023Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
2617000 usd
CY2022Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
2090000 usd
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-725000 usd
CY2023Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
1365000 usd
CY2021Q4 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
27460000 usd
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
18219000 usd
CY2022Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
45679000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
600000 usd
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q1 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y9M18D
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
20572000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10788000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9784000 usd
CY2022 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y9M18D
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
20572000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
10233000 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10339000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
600000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
1614000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1927000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1593000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1346000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
754000 usd
CY2023Q1 maps Finite Lived Intangible Asset Expected Amortization After Year Four
FiniteLivedIntangibleAssetExpectedAmortizationAfterYearFour
2550000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
9784000 usd
CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
1553000 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
2869000 usd
CY2023Q1 maps Prepaid Marketing
PrepaidMarketing
1818000 usd
CY2022Q4 maps Prepaid Marketing
PrepaidMarketing
2321000 usd
CY2023Q1 maps Prepaid Software
PrepaidSoftware
2145000 usd
CY2022Q4 maps Prepaid Software
PrepaidSoftware
2762000 usd
CY2023Q1 maps Prepaid Expense And Other Assets Current Other
PrepaidExpenseAndOtherAssetsCurrentOther
1350000 usd
CY2022Q4 maps Prepaid Expense And Other Assets Current Other
PrepaidExpenseAndOtherAssetsCurrentOther
1010000 usd
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6866000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8962000 usd
CY2023Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
2731000 usd
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
4341000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
19047000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
24074000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4392000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5220000 usd
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
26170000 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
33635000 usd
CY2023Q1 us-gaap Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
11000000 usd
CY2022Q4 us-gaap Accrued Bonuses Current And Noncurrent
AccruedBonusesCurrentAndNoncurrent
9900000 usd
CY2023Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
11.50
CY2021Q3 maps Notice Period To Redeem Warrants
NoticePeriodToRedeemWarrants
P30D
CY2021Q3 maps Class Of Warrant Or Right Threshold Trading Days
ClassOfWarrantOrRightThresholdTradingDays
P20D
CY2023Q1 maps Net Income Loss Attributable To Noncontrolling Interest After Reverse Merger
NetIncomeLossAttributableToNoncontrollingInterestAfterReverseMerger
-1494000 usd
CY2021Q3 maps Class Of Warrant Or Right Trading Period
ClassOfWarrantOrRightTradingPeriod
P30D
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-700000 usd
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
18200000 usd
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
75000000 shares
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q2 maps Reverse Recapitalization Period Of Exchange Agreement
ReverseRecapitalizationPeriodOfExchangeAgreement
P180D
CY2021Q2 maps Exchange Of Stock Exchange Ratio
ExchangeOfStockExchangeRatio
1 shares
CY2022Q1 maps Net Income Loss Attributable To Noncontrolling Interest After Reverse Merger
NetIncomeLossAttributableToNoncontrollingInterestAfterReverseMerger
-17340000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4383000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7517000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
298000 usd
CY2022Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
EmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsCapitalizedAmount
410000 usd
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
4681000 usd
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
7927000 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-3969000 usd
CY2022Q1 us-gaap Profit Loss
ProfitLoss
-31233000 usd

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