Quarterly report pursuant to Section 13 or 15(d)

Segment Information

v3.22.2.2
Segment Information
 9 Months Ended
Sep. 30, 2022
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company determines its operating segments based on how the chief operating decision maker (“CODM”) manages the business, allocates resources, makes operating decisions and evaluates operating performance. The CODM does not evaluate operating segments using asset information and, accordingly, the Company does not report asset information by segment. The Company does not aggregate its operating segments into reportable segments. Accordingly, the Company has identified three reportable segments, which are organized based on the geographic areas in which it conducts business, as follows:
Segment Description
North America Includes Canada and the United States
EMEA Includes all countries within the European Union, the United Kingdom, and all countries within the Middle East
Other Includes South America, China, Mexico, Australia, New Zealand, and Japan
The Company’s segment operating performance measure is gross margin. Gross margin is defined as revenues less cost of revenues.
The following tables provides information about the Company’s segments and a reconciliation of the total segment gross margin to loss before income taxes (in thousands):
Three Months Ended September 30,
2022 2021
North America EMEA Other
Total
Segments
North America EMEA Other
Total
Segments
(Restated) (Restated)
Revenues:
Sharing $ 47,409  $ 21,293  $ 62  $ 68,765  $ 41,785  $ 17,944  $ —  $ 59,729 
Product sales 3,995  99  —  4,094  812  567  —  1,379 
Total revenues 51,404  21,392  62  $ 72,859  42,597  18,511  —  $ 61,108 
Cost of revenues:
Cost of sharing, exclusive of depreciation 20,472  11,443  29  31,944  24,685  9,570  —  34,255 
Depreciation on sharing vehicles 8,540  3,127  14  11,681  6,871  10,382  —  17,253 
Cost of product sales 1,523  —  —  1,523  897  481  —  1,378 
Impairment of product sales inventory —  —  —  —  —  —  —  — 
Total cost of revenues 30,535  14,570  43  $ 45,148  32,453  20,433  —  $ 52,886 
Gross margin:
Sharing 18,397  6,723  19  25,140  10,229  (2,008) —  8,221 
Product sales 2,472  99  —  2,571  (85) 86  —  1 
Total gross margin $ 20,869  $ 6,822  $ 19  $ 27,711  $ 10,144  $ (1,922) $ —  $ 8,222 
Reconciling items:
Total expenses $ 37,088  $ 50,351 
Loss before income taxes $ (9,377) $ (42,129)
Nine Months Ended September 30,
2022 2021
North America EMEA Other Total
 Segments		 North America EMEA Other Total
 Segments
(Restated) (Restated)
Revenues:
Sharing $ 114,736  $ 47,272  $ 229  $ 162,237  $ 98,652  $ 33,550  $ —  $ 132,202 
Product sales 12,196  566  —  12,762  $ 7,274  1,532  —  8,806 
Total revenues 126,932  47,838  229  174,999  105,926  35,082  —  141,008 
Cost of revenues:
Cost of sharing, exclusive of depreciation 59,281  28,034  96  87,411  62,557  16,627  —  79,184 
Depreciation on sharing vehicles 22,361  16,630  54  39,045  14,285  19,526  —  33,811 
Cost of product sales 11,190  290  —  11,480  7,681  1,345  —  9,026 
Impairment of product sales inventory 31,769  —  —  31,769  —  —  —  — 
Total cost of revenues 124,601  44,954  150  169,705  84,523  37,498  $ —  122,021 
Gross margin:
Sharing 33,094  2,608  79  35,781  21,810  (2,603) —  19,207 
Product sales (30,763) 276  —  (30,487) (407) 187  —  (220)
Total gross margin $ 2,331  $ 2,884  $ 79  $ 5,294  $ 21,403  $ (2,416) $ —  $ 18,987 
Reconciling items:
Total expenses $ 327,113  $ 187,075 
Loss before income taxes $ (321,819) $ (168,088)
    In accordance with ASC 280—Segment Reporting, the Company attributes Product Sales (and the related cost of Product Sales) based on the location of the subsidiary that made the sale, as opposed to the location of the customer or point of shipment.