ContextLogic 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Apr. 30, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Registrant Name	ContextLogic Inc.
Entity Central Index Key	0001822250
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A Common Stock, $0.0001 par value
Trading Symbol	WISH
Security Exchange Name	NASDAQ
Entity File Number	001-39775
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-2930953
Entity Address, Address Line One	One Sansome Street 33rd Floor
Entity Address, City or Town	San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94104
City Area Code	415
Local Phone Number	432-7323
Document Quarterly Report	true
Document Transition Report	false
Class A Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		599
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		66

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 760	$ 1,009
Marketable securities	260	150
Funds receivable	14	17
Prepaid expenses and other current assets	45	48
Total current assets	1,079	1,224
Property and equipment, net	15	17
Right-of-use assets	14	18
Marketable securities	9	17
Other assets	4	7
Total assets	1,121	1,283
Current liabilities:
Accounts payable	40	67
Merchants payable	150	185
Refunds liability	12	23
Accrued liabilities	150	174
Total current liabilities	352	449
Lease liabilities, non-current	14	16
Total liabilities	366	465
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.0001 par value: 100 shares authorized as of March 31, 2022 and December 31, 2021; No shares issued and outstanding as of March 31, 2022 and December 31, 2021
Additional paid-in capital	3,358	3,360
Accumulated other comprehensive income	2	3
Accumulated deficit	(2,605)	(2,545)
Total stockholders’ equity	755	818
Total liabilities and stockholders’ equity	$ 1,121	$ 1,283

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	3,500,000,000	3,500,000,000
Common stock, shares issued	664,000,000	658,000,000
Common stock, shares outstanding	664,000,000	658,000,000
Class A Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	3,000,000,000	3,000,000,000
Common stock, shares issued	598,000,000	593,000,000
Common stock, shares outstanding	598,000,000	593,000,000
Class B Common Stock
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	66,000,000	65,000,000
Common stock, shares outstanding	66,000,000	65,000,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue	$ 189	$ 772
Cost of revenue	125	335
Gross profit	64	437
Operating expenses:
Sales and marketing	45	470
Product development	66	51
General and administrative	15	42
Total operating expenses	126	563
Loss from operations	(62)	(126)
Other income, net:
Interest and other income, net	2
Loss before provision for income taxes	(60)	(126)
Provision for income taxes		2
Net loss	$ (60)	$ (128)
Net loss per share, basic and diluted	$ (0.09)	$ (0.21)
Weighted-average shares used in computing net loss per share, basic and diluted	661	619

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (60)	$ (128)
Other comprehensive loss:
Net unrealized holding losses on derivatives and marketable securities	(1)	(2)
Comprehensive loss	$ (61)	$ (130)

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2020	$ 1,027		$ 3,210	$ 1	$ (2,184)
Beginning balance, Shares at Dec. 31, 2020		587
Issuance of common stock upon exercise of options for cash	1		1
Issuance of common stock upon exercise of options for cash, Shares		2
Issuance of common stock upon settlement of restricted stock units	(5)		(5)
Issuance of common stock upon settlement of restricted stock units , Shares		29
Stock-based compensation	37		37
Other comprehensive loss, net	(2)			(2)
Net loss	(128)				(128)
Ending balance at Mar. 31, 2021	930		3,243	(1)	(2,312)
Ending balance, Shares at Mar. 31, 2021		618
Beginning balance at Dec. 31, 2021	$ 818		3,360	3	(2,545)
Beginning balance, Shares at Dec. 31, 2021	658	658
Issuance of common stock upon exercise of options for cash, Shares	1	1
Issuance of common stock upon settlement of restricted stock units , Shares		5
Stock-based compensation	$ (2)		(2)
Other comprehensive loss, net	(1)			(1)
Net loss	(60)				(60)
Ending balance at Mar. 31, 2022	$ 755		$ 3,358	$ 2	$ (2,605)
Ending balance, Shares at Mar. 31, 2022	664	664

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (60)	$ (128)
Adjustments to reconcile net loss to net cash used in operating activities:
Noncash inventory write-downs	3
Depreciation and amortization	2	2
Noncash lease expense	2	4
Impairment of lease assets and property and equipment	4
Stock-based compensation expense	(2)	37
Other	2	(3)
Changes in operating assets and liabilities:
Funds receivable	3	18
Prepaid expenses, other current and noncurrent assets	(1)	16
Accounts payable	(27)	(143)
Merchants payable	(35)	(73)
Accrued and refund liabilities	(33)	(69)
Lease liabilities	(2)	(4)
Other current and noncurrent liabilities	(2)	(11)
Net cash used in operating activities	(146)	(354)
Cash flows from investing activities:
Purchases of property and equipment and development of internal-use software	(2)
Purchases of marketable securities	(153)	(53)
Maturities of marketable securities	50	67
Net cash (used in) provided by investing activities	(105)	14
Cash flows from financing activities:
Payment of taxes related to RSU settlement		(5)
Net cash used in financing activities		(5)
Net decrease in cash, cash equivalents and restricted cash	(251)	(345)
Cash, cash equivalents and restricted cash at beginning of period	1,018	1,965
Cash, cash equivalents and restricted cash at end of period	767	1,620
Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets:
Cash and cash equivalents	760	1,620
Restricted cash included within prepaid expenses and other current assets in the condensed consolidated balance sheets	7
Cash, cash equivalents and restricted cash at end of period	767	1,620
Supplemental cash flow disclosures:
Cash paid for income taxes, net of refunds	$ 3	$ 2

Overview, Basis of Presentation

Overview, Basis of Presentation and Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Overview, Basis of Presentation and Significant Accounting Policies	NOTE 1. OVERVIEW, BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES ContextLogic Inc. (“Wish” or the “Company”) is an ecommerce company that provides a shopping experience that is mobile-first and discovery-based, which connects merchants’ products to users based on user preferences. The Company generates revenue from marketplace and logistics services provided to merchants. The Company was incorporated in the state of Delaware in June 2010 Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements are unaudited, but include all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s quarterly results. The consolidated balance sheet as of December 31, 2021 is derived from audited financial statements, however, it does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 14, 2022 (the “2021 Form 10-K”). Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. 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 condensed 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 available from other sources. These estimates include, but are not limited to, fair value of financial instruments, useful lives 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 March 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. Segments The Company manages its operations and allocates resources as a single Concentrations of Risk Credit Risk — 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 condensed 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. 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 15% of the Company’s total cash and cash equivalents as of March 31, 2022 and December 31, 2021. 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. The Company is exposed to credit risk in the event of a default by its Payment Service Providers (“PSPs”) The following PSPs each represented 10% or more of the Company’s funds receivable balance: March 31, December 31, 2022 2021 PSP 1 64 % 62 % PSP 2 25 % 32 % Services Risk — 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 three months ended March 31, 2022 and 2021. Summary of Significant Accounting Policies There have been no changes to the Company’s significant accounting policies described in its 2021 Form 10-K, filed with the SEC on March 14, 2022, that have had a material impact on its condensed consolidated financial statements. Accounting Pronouncements The Company has reviewed recent accounting pronouncements and concluded they are either not applicable to the business or no material impact is expected on the condensed consolidated financial statements as a result of future adoption.

Disaggregation of Revenue

Disaggregation of Revenue	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Disaggregation of Revenue	NOTE 2. DISAGGREGATION OF REVENUE The Company generates revenue from marketplace and logistics services provided to its customers. Revenue is recognized as the Company transfers control of promised goods or services to its customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company considers both the merchant and the user to be customers. The Company evaluates whether it is appropriate to recognize revenue on a gross or net basis based upon its evaluation of whether the Company obtains control of the specified goods or services by considering if it is primarily responsible for fulfillment of the promise, has inventory risk and has latitude in establishing pricing and selecting suppliers, among other factors. Based on these factors, marketplace revenue is generally recognized on a net basis and logistics revenue is generally recognized on a gross basis. Revenue excludes any amounts collected on behalf of third parties, including indirect taxes. Marketplace Revenue The Company provides a mix of marketplace services to its customers. The Company provides merchants access to its marketplace where merchants display and sell their products to users. The Company also provides ProductBoost services to help merchants promote their products within the Company’s marketplace. Marketplace revenue includes commission fees collected in connection with user purchases of the merchants’ products. The commission fees vary depending on factors such as user location, demand, product type, and dynamic pricing. The Company recognizes revenue when a user’s order is processed and the related order information has been made available to the merchant. Commission fees are recognized net of estimated refunds and chargebacks. Marketplace revenue also includes ProductBoost revenue for displaying a merchant’s selected products in preferential locations within the Company’s marketplace. The Company recognizes revenue when the merchants’ selected products are displayed. The Company refers to its marketplace revenue, excluding ProductBoost revenue, as its core marketplace revenue. Logistics Revenue The Company’s logistics offering for merchants is designed for direct end-to-end single order shipment from a merchant’s location to the user. Logistics services include transportation and delivery of the merchant’s products to the user. Merchants are required to prepay for logistics services on a per order basis. The Company recognizes revenue over time as the merchant simultaneously receives and consumes the logistics services benefit as the logistics services are performed. The Company uses an output method of progress based on days in transit as it best depicts the Company’s progress toward complete satisfaction of the performance obligation. The following table shows the disaggregated revenue for the applicable periods: Three Months Ended March 31, 2022 2021 (in millions) Core marketplace revenue $ 90 $ 477 ProductBoost revenue 14 50 Marketplace revenue 104 527 Logistics revenue 85 245 Revenue $ 189 $ 772 Refer to Note 11 – Geographical Information for the disaggregated revenue by geographical location.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurement	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Financial Instruments and Fair Value Measurement	NOTE 3. FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENT The Company’s financial instruments consist of cash equivalents, marketable securities, funds receivable, derivative instruments, accounts payable, accrued liabilities and merchants payable. Cash equivalents’ carrying value approximates fair value at the balance sheet dates, due to the short period of time to maturity. Marketable securities and derivative instruments are recognized at fair value. Funds receivable, accounts payable, accrued liabilities and merchants payable carrying values approximate fair value due to the short time to the expected receipt or payment date. Assets and liabilities recognized at fair value on a recurring basis in the condensed consolidated balance sheets consisting of cash equivalents, marketable securities and derivative instruments are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows: March 31, 2022 Total Level 1 Level 2 Level 3 (in millions) Financial assets: Cash equivalents: Money market funds $ 10 $ 10 $ — $ — Marketable securities: U.S. Treasury bills $ 195 $ — $ 195 $ — Commercial paper 21 — 21 — Corporate bonds 41 — 41 — Certificates of deposit 3 3 Non-U.S. government 9 — 9 — Total marketable securities $ 269 $ — $ 269 $ — Prepaid and other current assets: Derivative assets $ 4 $ — $ 4 $ — Total financial assets $ 283 $ 10 $ 273 $ — Financial liabilities: Accrued liabilities: Derivative liabilities $ 2 $ — $ 2 $ — Total financial liabilities $ 2 $ — $ 2 $ — December 31, 2021 Total Level 1 Level 2 Level 3 (in millions) Financial assets: Cash equivalents: Money market funds $ 13 $ 13 $ — $ — Marketable securities: U.S. Treasury bills $ 53 $ — $ 53 $ — Commercial paper 39 — 39 — Corporate bonds 57 — 57 — Certificates of deposit 5 — 5 — Non-U.S. government 13 — 13 — Total marketable securities $ 167 $ — $ 167 $ — Prepaid and other current assets: Derivative assets $ 4 $ — $ 4 $ — Total financial assets $ 184 $ 13 $ 171 $ — Financial liabilities: Accrued liabilities: Derivative liabilities $ 1 $ — $ 1 $ — Total financial liabilities $ 1 $ — $ 1 $ — The Company classifies cash equivalents and marketable securities within Level 1 or Level 2 because the Company uses quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. The derivative asset and liability related to the Company’s foreign currency derivative contracts are classified within Level 2 of the fair value hierarchy as the valuation inputs are based on quoted prices and market observable data of similar instruments in active markets, including currency spot and forward rates. The following table summarizes the contractual maturities of the Company’s marketable securities: March 31, December 31, 2022 2021 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (in millions) Due within one year $ 260 $ 260 $ 150 $ 150 Due after one year through five years 9 9 17 17 Total marketable securities $ 269 $ 269 $ 167 $ 167 All of the Company’s available-for-sale marketable securities are subject to a periodic evaluation for a credit loss allowance and impairment review. The Company did not identify any of its available-for-sale marketable securities requiring an allowance for credit loss or as other-than-temporarily impaired in any of the periods presented. Additionally, the unrealized net gain and net loss on available-for-sale marketable securities as of March 31, 2022 and December 31, 2021 were immaterial.

Balance Sheet Components

Balance Sheet Components	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Balance Sheet Components	NOTE 4. BALANCE SHEET COMPONENTS Accrued Liabilities Accrued liabilities consist of the following: March 31, December 31, 2022 2021 (1) (in millions) Logistics costs ( 2) $ 43 $ 56 Deferred revenue and customer deposits 22 25 Wish Cash liability ( 3) 19 20 Sales and indirect taxes ( 4) 20 26 Others 46 47 Total accrued liabilities $ 150 $ 174 (1) The amounts previously disclosed in the Company’s 2021 Form 10-K were realigned to ensure consistency with the amounts reflected as of March 31, 2022. (2) Logistics costs decreased by $13 million or 23% primarily due to lower shipping volumes during the first quarter of 2022 compared to the fourth quarter of 2021. (3) While the Company will continue to honor all Wish Cash presented for payment, it may determine the likelihood of redemption to be remote for certain Wish Cash liability balances due to, among other things, long periods of inactivity. In these circumstances, to the extent the Company determines there is no requirement for remitting Wish Cash balances to government agencies under unclaimed property laws, the portion of Wish Cash liability balances not expected to be redeemed are recognized in core marketplace revenue. The Company recognized approximately $1 and $3 million of Wish Cash liability breakage in core marketplace revenue during the first quarter of 2022 and the fourth quarter of 2021, respectively. (4) Sales and indirect taxes decreased by $6 million or 23% primarily due to less taxes collected in connection with lower order volumes during the first quarter of 2022 compared to the fourth quarter of 2021.

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	NOTE 5. DERIVATIVE FINANCIAL INSTRUMENTS The Company conducts business in certain foreign currencies throughout its worldwide operations, and various entities hold monetary assets or liabilities, earn revenues, or incur costs in currencies other than the entity’s functional currency. As a result, the Company is exposed to foreign exchange gains or losses which impact the Company’s operating results. The Company bills its users in their local currencies, primarily in U.S. dollars and Euros, and the Company makes payments to merchants for products sold on the Company’s platforms in various currencies through third party payment service providers, which creates exposure to currency rate fluctuations. The Company hedges these exposures to reduce the risk that its earnings and cash flows will be adversely affected by changes in exchange rates. As part of the Company’s foreign currency risk mitigation strategy, the Company enters into derivative contracts and foreign exchange forward contracts with up to twelve months in duration to hedge exposures for variability in U.S.-dollar equivalent of non-U.S.-dollar denominated cash flows associated with its forecasted revenue related transactions. The Company’s derivatives transactions are not collateralized and do not include collateralization agreements with counterparties. The Company does not use derivative financial instruments for speculative or trading purposes. Volume of Derivative Activity Total gross notional amounts for outstanding derivatives (recognized at fair value) as of the end of period consist of the following: March 31, 2022 December 31, 2021 (in millions) Cash flow hedges $ 310 $ 320 Non-designated hedges (26 ) 54 Total $ 284 $ 374 Fair Value of Derivative Financial Instruments March 31, 2022 December 31, 2021 Assets (1) Liabilities (2) Assets (1) Liabilities (2) (in millions) Derivative designated as hedging instruments Cash flow hedges $ 1 $ — $ 2 $ — Derivative not designated as hedging instruments Foreign currency forward contracts $ 3 $ 2 $ 2 $ 1 Total derivatives $ 4 $ 2 $ 4 $ 1 (1) Derivative assets are included in prepaid and other current assets in the condensed consolidated balance sheets. (2) Derivative liabilities are included in accrued liabilities in the condensed consolidated balance sheets. Derivatives in Cash Flow Hedging Relationships The changes in accumulated other comprehensive income resulting from cash flow hedging were as follows: March 31, 2022 December 31, 2021 (in millions) Balance at the beginning of the period $ 2 $ 2 Other comprehensive income before reclassifications 2 22 Amounts recognized in core marketplace revenue and reclassified out of accumulated other comprehensive income (2) (22 ) Balance at the end of the period $ 2 $ 2 The Company recognizes changes in fair value of the cash flow hedges of foreign currency denominated merchants payable in accumulated other comprehensive loss in its condensed consolidated balance sheets until the forecasted transaction occurs. When the forecasted transaction affects earnings, the Company reclassifies the related gain or loss on the cash flow hedge to core marketplace revenue. All amounts in other comprehensive income at period end are expected to be reclassified to earnings within 12 months. In the event the underlying forecasted transaction does not occur, or it becomes probable that it will not occur, the Company reclassifies the gain or loss on the related cash flow hedge from accumulated other comprehensive loss to core marketplace revenue. For the three months ended March 31, 2022 and 2021, there were no net gains or losses recognized in core marketplace revenue relating to hedges of forecasted transactions that did not occur. The Company classifies cash flows related to its cash flow hedges as operating activities in its condensed consolidated statements of cash flows. Derivatives Not Designated as Hedging Instruments The net gains on the change in fair value of the Company’s foreign exchange forward contracts not designated as hedging instruments were approximately $1 and $4 million for the three months ended March 31, 2022 and 2021, respectively, and were recognized in other income, net in the condensed consolidated statements of operations. The Company classifies cash flows related to its non-designated hedging instruments as operating activities in its condensed consolidated statements of cash flows.

Operating Leases

Operating Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Operating Leases	NOTE 6. OPERATING LEASES The Company leases its facilities and data center colocations under operating leases with various expiration dates through 2025. Total operating lease cost was $2 million and $4 million for the three months ended March 31, 2022 and 2021, respectively. Short-term lease costs and variable lease costs and sublease income were not material. In February 2022, the Company’s Board of Directors approved a restructuring plan, which included exiting various office leases. As a result, the Company ceased using certain office spaces. As the carrying value of the related right-of-use assets and leasehold improvements exceeded the estimated fair value, the Company recognized an impairment loss of $4 million, which is included as part of general and administrative expenses in its condensed consolidated financial statements for the three months ended March 31, 2022. Of the $4 million total impairment loss, approximately $2 million related to the impairment of operating right-of-use assets and approximately $2 million primarily relates to impairment of leasehold improvements. See Note 12. Restructuring Costs for more information about the Company’s restructuring plan. As of March 31, 2022 and December 31, 2021, the Company’s condensed consolidated balance sheets included right-of-use assets in the amount of $14 million and $18 million, respectively, and current lease liabilities in the amount of $9 million in accrued liabilities as of both periods, and $14 million and $16 million in lease liabilities, non-current, respectively. As of March 31, 2022 and December 31, 2021, the weighted-average remaining lease term was 3 years Supplemental cash flow information for the Company’s operating leases were as follows: Three months ended March 31, 2022 2021 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3 $ 4 The maturities of the Company’s operating lease liabilities are as follows: March 31, 2022 Year ending December 31, (in millions) 2022 (remaining nine months) 7 2023 8 2024 7 2025 3 Total lease payments 25 Less: imputed interest (2) Present value of lease liabilities $ 23

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 7. COMMITMENTS AND CONTINGENCIES Revolving Credit Facility In November 2020, the Company entered into a five-year The Revolving Credit Facility contains customary conditions to borrowing, events of default and covenants, including covenants that restrict the Company’s ability (and the ability of certain of the Company’s subsidiaries) to incur indebtedness, grant liens, make certain fundamental changes and asset sales, make distributions to stockholders, make investments or engage in transactions with affiliates. It also contains a minimum liquidity financial covenant of $350 million, which includes unrestricted cash and any available borrowing capacity under the Revolving Credit Facility. The obligations under the Revolving Credit Facility are secured by liens on substantially all of the Company’s domestic assets and are guaranteed by any material domestic subsidiaries, subject to customary exceptions. A standby letter of credit in the amount of approximately $7 million has been issued under the Revolving Credit Facility in conjunction with the lease of the Company’s headquarters in San Francisco, California. Purchase Obligations Effective September 1, 2019, the Company entered into an amendment to a colocation and cloud services arrangement committing the Company to make payments of $120 million for services over 3 years. As of March 31, 2022, the remaining commitment under this amended agreement was approximately $7 million and is payable within the current year. Legal Contingencies Beginning in May 2021, four putative class action lawsuits were filed in the U.S. District Court for the Northern District of California against the Company, its directors, certain of its officers and the underwriters named in its initial public offering (“IPO”) registration statement alleging violations of securities laws based on statements made in its registration statement on Form S-1 filed with the SEC in connection with its IPO and seeking monetary damages. One of these cases has since been dismissed by the plaintiff. The Company believes these lawsuits are without merit and it intends to vigorously defend them. Based on the preliminary nature of the proceedings in these cases, the outcome of these matters remains uncertain. In August 2021, a shareholder derivative action purportedly brought on behalf of the Company, Patel v. Szulczewski, was filed in the U.S. District Court for the Northern District of California alleging that the Company’s directors and officers made or caused the Company to make false and/or misleading statements about the Company’s business operations and financial prospects in various public filings. Plaintiff asserts claims for breach of fiduciary duties, unjust enrichment, abuse of control, gross mismanagement, waste of corporate assets, violations of Section 14(a) of the Exchange Act, and for contribution under Sections 10(b) and 21D of the Exchange Act and is seeking monetary damages. In November 2021, a shareholder derivative action purportedly brought on behalf of the Company, Aviv v. Szulczewski, was filed in the U.S. District Court for the Northern District of California alleging that the Company’s directors breached their fiduciary duties and caused the Company to make misstatements relating to a leased property that allegedly was used for commercial purposes in violation of zoning ordinances. Plaintiff asserts claims for breach of fiduciary duties, unjust enrichment, and violations of Section 14(a) of the Exchange Act, and is seeking monetary damages and restitution. Given that this, and the above described matters, are in the early stages of the litigation process, the Company is unable to estimate the range of potential loss, if any, but the litigation could subject the Company to substantial costs, divert resources and the attention of management from our business, and harm the Company’s business and financial results. In November 2021, France’s Directorate General for Competition, Consumer Affairs and Repression of Fraud (“DGCCRF”) issued an injunction delisting the Wish “App” from Google Play and the Apple App Store, and blocking Wish from appearing in Google, Bing and Qwant search results on the premise that unsafe products or products of poor quality are available for purchase on Wish. The injunction could expose Wish to civil and criminal penalties. The Company has taken immediate measures to challenge the injunction, and to suspend and lift it. In December 2021, the French Administrative Court upheld the injunction, but in so doing noted that the injunction is not permanent and encouraged the Company and DGCCRF to engage with one another directly to develop a timeline and/or plan for the lifting of the injunction. While that decision is the subject of appeals currently pending in French Court, the Company has been in direct contact with DGCCRF as well. In addition to the appeal, the Company has filed other administrative challenges to the injunction and the agency’s interpretation enforcement thereof. In December 2021, the Company became aware that authorities in France charged Wish with legal violations relating to the Company’s former practice and use of strikethrough pricing in France, the Company’s previous failure to translate into French listings and product details on the Company’s app and website, and the Company’s anti-counterfeiting policies and practices. The Company disputes the charges and is preparing to defend itself at a hearing scheduled for June 2022. Any adverse outcome could result in payment of substantial fines, payments to allegedly impacted consumer groups, harm to the Company’s reputation, loss of rights, or adverse changes to the Company’s offerings or business practices in France. Any of these results could adversely affect the Company’s business. In addition, defending claims may be costly and may impose a significant burden on the Company’s management . As of March 31, 2022, in the opinion of management, there were no other legal contingency matters that arose in the ordinary course of business, either individually or in aggregate, that would have a material adverse effect on the financial position, results of operations, or cash flows of the Company. Given the unpredictable nature of legal proceedings, the Company bases its estimate on the information available at the time of the assessment. As additional information becomes available, the Company will reassess the potential liability and may revise the estimate.

Equity Award Activity and Stock

Equity Award Activity and Stock-Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Award Activity and Stock-Based Compensation	NOTE 8. EQUITY Award activity and STOCK-based compensation Equity Award Activity A summary of activity under the equity plans and related information is as follows: Options Outstanding RSUs Outstanding Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In Years) Number of RSUs (in millions) (in millions) Balances at December 31, 2021 (1) 45 $ 0.254 2.5 48 Granted 6 $ 2.860 52 Vested — $ — (4 ) Exercised (1 ) $ 0.138 — Forfeited or cancelled — $ — (16 ) Balances at March 31, 2022 50 $ 0.593 3.3 80 (1) Outstanding restricted stock units (“RSUs”) as of December 31, 2021 include 11 million performance stock units (“PSUs”), which were cancelled in February 2022. The weighted-average grant date fair value of RSUs granted during the three months ended March 31, 2022 and 2021 was $1.86 and $22.01 per share, respectively. As of March 31, 2022, 13 million shares remained available for grant under the Company’s equity incentive plans. Performance Stock Units On January 31, 2022, Piotr Szulczewski stepped down from his position as CEO of the Company. Due to his resignation prior to the second anniversary of the Company’s IPO, Mr. Szulcewski is no longer eligible to vest in his PSUs, and as such, the PSUs were canceled. Consequently, the Company reversed $21 million of previously recognized stock-based compensation expense related to these PSUs in the first quarter of 2022. In February 2022, Jacqueline Reses resigned from her position as Executive Chair. Upon her resignation, Ms. Reses entered into a consulting agreement with the Company and her PSU award was modified to eliminate the market condition, with only continued service until the expiration of the consulting agreement being the sole vesting condition. Consequently, the Company reversed $3 million of previously recognized stock-based compensation expense upon modification and will recognize the modified fair value of approximately $2 million from the modification date to the expiration date of the consulting agreement, which is May 16, 2023. 2022 Inducement Plan In January 2022, the Company’s Board of Directors adopted and approved the 2022 Inducement Plan (“2022 Plan). The Company intends that the 2022 Plan be reserved for persons to whom the Company may issue securities without stockholder approval as an inducement of employment pursuant to Rule 5635(c)(4) of the Marketplace Rules of the Nasdaq Stock Market, LLC. The 2022 Plan provides for the award of options, stock appreciation rights, restricted shares, and RSUs of the Company’s Class A common stock to the Company’s employees. Stock-based awards under the 2022 Plan that expire or are forfeited, cancelled, or repurchased generally are returned to the pool of shares of Class A common stock available for issuance under the 2022 Plan. The aggregate number of shares reserved for issuance under this plan shall not exceed the sum of 12 million shares plus additional common shares returned to the pool of shares available for issuance. As of March 31, 2022, 1 million shares under the 2022 Plan remained available for grant. Stock Option Valuation In January 2022, the Company entered into an employment agreement with Vijay Talwar, as the Company’s new CEO, with employment commencing on February 1, 2022. As an inducement of employment, Mr. Talwar was granted, i) 5 million RSUs with an aggregate grant date fair value of $13 million and ii) options to purchase 6 million shares of the Company’s Class A common stock at an exercise price of $2.86 per share with an aggregate grant date fair value of $12 million. These RSUs and options were granted under the 2022 Plan and will become vested and exercisable, respectively, in periodic installments over a 4-year term, subject to the CEO’s continued employment with the Company. The option award has a term of 10 years. The fair value of options was estimated using the Black-Scholes option pricing model which takes into account inputs such as the exercise price, the value of the underlying shares as of the grant date, expected term, expected volatility, risk free interest rate, and dividend yield. The fair value of the options was determined using the methods and assumptions discussed below: • The expected term of the options was determined using the “simplified” method as prescribed in the SEC’s Staff Accounting Bulletin No. 107, whereby the expected life equals the arithmetic average of the vesting term and the original contractual term of the option due to the Company’s lack of sufficient historical data. • The risk-free interest rate was based on the interest rate payable on the U.S. Treasury securities in effect at the time of grant for a period that is commensurate with the assumed expected term. • The expected volatility was based on the historical volatility of the publicly traded common stock of peer group companies blended with the limited historical volatility of the Company’s own common stock weighted to reflect the short trading period of the Company’s stock since its IPO in December 2020. • The expected dividend yield was zero because the Company has not historically paid and does not expect to pay a dividend on its ordinary shares in the foreseeable future . A summary of the assumptions used in the Black-Scholes option pricing model to determine the fair value of the options is as follows: Black-Scholes Assumptions Expected term (in years) 6.10 Risk free interest rate 1.70 % Volatility 73.20 % Dividend yield — Estimated fair value per share $1.87 Stock-Based Compensation Expense Total stock-based compensation expense included in the condensed consolidated statements of operations is as follows: Three Months Ended March 31, 2022 2021 (in millions) Cost of revenue $ (1) $ 5 Sales and marketing 1 3 Product development 14 15 General and administrative (16) 14 Total stock-based compensation (1) $ (2) $ 37 (1) Total stock-based compensation for the three months ended March 31, 2022 decreased by $39 million compared to the three months ended March 31, 2021 primarily due to forfeitures originating from the resignation of the Company’s former CEO, reductions to the Company’s workforce as part of the Company’s February 2022 Restructuring Plan, and modifications to the Company’s former Executive Chair’s equity awards. The Company will recognize the remaining $12 million and $300 million of unrecognized stock-based compensation expense over a weighted-average period of approximately 3.9 years and 2.8 years related to options and RSUs, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	NOTE 9. INCOME TAXES The Company’s tax provision for the interim periods is determined using an estimate of the annual effective tax rate, adjusted for discrete items, if any, that arise during the period. Each quarter, the Company assesses its estimate of the annual effective tax rate, and if the estimated annual effective tax rate changes, the Company makes a cumulative adjustment in the period of change. The Company’s quarterly tax provision and the estimate of the annual effective tax rate is subject to fluctuation due to several factors, including variability in pre-tax earnings, the geographic distribution of the pre-tax earnings, tax law changes, non-deductible expenses, such as stock-based compensation, and changes in the estimate of the valuation allowance. The provision for income taxes was insignificant and $2 million for the three months ended March 31, 2022 and 2021, respectively. The year-over-year decrease in provision for income taxes was primarily related to a decrease in pre-tax earnings of the Company’s international operations. The Company continues to maintain a valuation allowance on its domestic net deferred tax assets which is excluded from the annual effective tax rate estimate. The Company had $1 million of unrecognized tax benefits as of March 31, 2022 and December 31, 2021. These unrecognized tax benefits, if recognized, would affect the effective tax rate. The interest and penalties associated with the unrecognized tax benefits for the three months ended March 31, 2022 and 2021 were immaterial. The Company files income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions. The Company is not currently under examination by income tax authorities in federal, state or other jurisdictions. All tax returns will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss or credits. Certain tax years are subject to foreign income tax examinations by tax authorities until the statute of limitations expire.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	NOTE 10. Net loss per share The Company computes net loss per share attributable to common stockholders using the two-class method required for multiple classes of common stock and participating securities. The rights, including the liquidation and dividend rights, of the holders of Class A and Class B common stock are identical, except with respect to voting. As the liquidation and dividend rights are identical, the Company’s undistributed earnings or losses are allocated on a proportionate basis among the holders of both Class A and Class B common stock. As a result, the net income (loss) per share attributed to common stockholders will, therefore, be the same for both Class A and Class B common stock on an individual or combined basis. The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended March 31, 2022 2021 (in millions, except per share data) Numerator: Net loss $ (60 ) $ (128 ) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 661 619 Net loss per share, basic and diluted $ (0.09 ) $ (0.21 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect: As of March 31, 2022 2021 (in millions) Warrant to purchase common stock — 1 Common stock options outstanding 50 73 Unvested restricted stock units outstanding ( 1) 80 28 Employee Stock Purchase Plan 3 1 Total 133 103 (1) Unvested RSUs outstanding as of March 31, 2021 included 10 million PSUs, which were cancelled in February 2022.

Geographical Information

Geographical Information	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Geographical Information	NOTE 11. GEOGRAPHICAL INFORMATION The Company believes it is relevant to disclose geographical revenue information on both a demand basis, determined by the ship-to address of the user, and on a supply basis, determined by the location of the merchants’ operations. Core marketplace revenue by geographic area based on the ship-to address of the user is as follows: Three Months Ended March 31, 2022 2021 (in millions) Europe $ 34 38 % $ 235 49 % North America ( 1) 43 48 % 186 39 % South America 3 3 % 18 4 % Other 10 11 % 38 8 % Core marketplace revenue ( 2) $ 90 100 % $ 477 100 % (1) The United States accounted for $35 million and $156 million of core marketplace revenue for the three months ended March 31, 2022 and 2021, respectively. China accounted for substantially all of marketplace and logistics revenue during the three months ended March 31, 2022 and 2021 based on the location of the merchants’ operations. The Company’s long-lived tangible assets, which consist of property and equipment, net and operating lease right-of-use assets, net, located in the United States were 85% of the total long-lived tangible assets as of March 31, 2022 and December 31, 2021. The long-lived tangible assets outside the United States were located in China, Canada and the Netherlands.

Restructuring Costs

Restructuring Costs	3 Months Ended
	Mar. 31, 2022
Restructuring And Related Activities [Abstract]
Restructuring Costs	NOTE 12. Restructuring Costs In February 2022, the Company’s Board of Directors approved the February 2022 Restructuring Plan (“Restructuring Plan”) to refocus the Company’s operations to support sustainable long-term growth, better align resources, and improve operational efficiencies. The Restructuring Plan includes i) reducing the Company’s headcount by approximately 15% (or approximately 190 positions), ii) exiting various office leases, and iii) reducing and realigning vendor expenditures. The Company expects the Restructuring Plan to be substantially implemented by the end of fiscal year 2022. During the three months ended March 31, 2022, the Company recorded charges of approximately $3 million in severance and other personnel reductions costs for terminated employees and $4 million in impairments of lease assets and property and equipment. The Company anticipates that related severance payments will continue to occur into the second quarter of 2022.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	NOTE 13. SUBSEQUENT EVENTS In May 2022, the Company filed a Form S-8 to register an additional 15 million shares towards its 2022 Plan. The Company intends the additional shares to be used exclusively for grants of equity as an inducement to individuals who were not previously employees or directors of the Company. As of the filing date of this Quarterly Report on Form 10-Q, 16 million shares under the 2022 Plan remained available for grant.

Overview, Basis of Presentati_2

Overview, Basis of Presentation and Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”). The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements are unaudited, but include all adjustments of a normal recurring nature necessary for a fair presentation of the Company’s quarterly results. The consolidated balance sheet as of December 31, 2021 is derived from audited financial statements, however, it does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 14, 2022 (the “2021 Form 10-K”).
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in accordance with U.S. 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 condensed 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 available from other sources. These estimates include, but are not limited to, fair value of financial instruments, useful lives 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 March 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.
Segments	Segments The Company manages its operations and allocates resources as a single
Concentration of Risk	Concentrations of Risk Credit Risk — 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 condensed 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. 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 15% of the Company’s total cash and cash equivalents as of March 31, 2022 and December 31, 2021. 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. The Company is exposed to credit risk in the event of a default by its Payment Service Providers (“PSPs”) The following PSPs each represented 10% or more of the Company’s funds receivable balance: March 31, December 31, 2022 2021 PSP 1 64 % 62 % PSP 2 25 % 32 % Services Risk — 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 three months ended March 31, 2022 and 2021.
Accounting Pronouncements	Accounting Pronouncements The Company has reviewed recent accounting pronouncements and concluded they are either not applicable to the business or no material impact is expected on the condensed consolidated financial statements as a result of future adoption.

Overview, Basis of Presentati_3

Overview, Basis of Presentation and Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Schedule of PSPs Each Represented 10% or More of Funds Receivable Balance	The following PSPs each represented 10% or more of the Company’s funds receivable balance: March 31, December 31, 2022 2021 PSP 1 64 % 62 % PSP 2 25 % 32 %

Disaggregation of Revenue (Tabl

Disaggregation of Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Summary of Disaggregated Revenue	The following table shows the disaggregated revenue for the applicable periods: Three Months Ended March 31, 2022 2021 (in millions) Core marketplace revenue $ 90 $ 477 ProductBoost revenue 14 50 Marketplace revenue 104 527 Logistics revenue 85 245 Revenue $ 189 $ 772

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2022
Fair Value Disclosures [Abstract]
Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis	Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows: March 31, 2022 Total Level 1 Level 2 Level 3 (in millions) Financial assets: Cash equivalents: Money market funds $ 10 $ 10 $ — $ — Marketable securities: U.S. Treasury bills $ 195 $ — $ 195 $ — Commercial paper 21 — 21 — Corporate bonds 41 — 41 — Certificates of deposit 3 3 Non-U.S. government 9 — 9 — Total marketable securities $ 269 $ — $ 269 $ — Prepaid and other current assets: Derivative assets $ 4 $ — $ 4 $ — Total financial assets $ 283 $ 10 $ 273 $ — Financial liabilities: Accrued liabilities: Derivative liabilities $ 2 $ — $ 2 $ — Total financial liabilities $ 2 $ — $ 2 $ — December 31, 2021 Total Level 1 Level 2 Level 3 (in millions) Financial assets: Cash equivalents: Money market funds $ 13 $ 13 $ — $ — Marketable securities: U.S. Treasury bills $ 53 $ — $ 53 $ — Commercial paper 39 — 39 — Corporate bonds 57 — 57 — Certificates of deposit 5 — 5 — Non-U.S. government 13 — 13 — Total marketable securities $ 167 $ — $ 167 $ — Prepaid and other current assets: Derivative assets $ 4 $ — $ 4 $ — Total financial assets $ 184 $ 13 $ 171 $ — Financial liabilities: Accrued liabilities: Derivative liabilities $ 1 $ — $ 1 $ — Total financial liabilities $ 1 $ — $ 1 $ —
Schedule of Contractual Maturities of Marketable Securities	The following table summarizes the contractual maturities of the Company’s marketable securities: March 31, December 31, 2022 2021 Amortized Cost Estimated Fair Value Amortized Cost Estimated Fair Value (in millions) Due within one year $ 260 $ 260 $ 150 $ 150 Due after one year through five years 9 9 17 17 Total marketable securities $ 269 $ 269 $ 167 $ 167

Balance Sheet Components (Table

Balance Sheet Components (Tables)	3 Months Ended
	Mar. 31, 2022
Balance Sheet Related Disclosures [Abstract]
Schedule of Accrued Liabilities	Accrued liabilities consist of the following: March 31, December 31, 2022 2021 (1) (in millions) Logistics costs ( 2) $ 43 $ 56 Deferred revenue and customer deposits 22 25 Wish Cash liability ( 3) 19 20 Sales and indirect taxes ( 4) 20 26 Others 46 47 Total accrued liabilities $ 150 $ 174 (1) The amounts previously disclosed in the Company’s 2021 Form 10-K were realigned to ensure consistency with the amounts reflected as of March 31, 2022. (2) Logistics costs decreased by $13 million or 23% primarily due to lower shipping volumes during the first quarter of 2022 compared to the fourth quarter of 2021. (3) While the Company will continue to honor all Wish Cash presented for payment, it may determine the likelihood of redemption to be remote for certain Wish Cash liability balances due to, among other things, long periods of inactivity. In these circumstances, to the extent the Company determines there is no requirement for remitting Wish Cash balances to government agencies under unclaimed property laws, the portion of Wish Cash liability balances not expected to be redeemed are recognized in core marketplace revenue. The Company recognized approximately $1 and $3 million of Wish Cash liability breakage in core marketplace revenue during the first quarter of 2022 and the fourth quarter of 2021, respectively. (4) Sales and indirect taxes decreased by $6 million or 23% primarily due to less taxes collected in connection with lower order volumes during the first quarter of 2022 compared to the fourth quarter of 2021.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2022
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Summary of Total Gross Notional Amounts of Outstanding Derivatives	Total gross notional amounts for outstanding derivatives (recognized at fair value) as of the end of period consist of the following: March 31, 2022 December 31, 2021 (in millions) Cash flow hedges $ 310 $ 320 Non-designated hedges (26 ) 54 Total $ 284 $ 374
Schedule of Fair Value of Derivative Financial Instruments	Fair Value of Derivative Financial Instruments March 31, 2022 December 31, 2021 Assets (1) Liabilities (2) Assets (1) Liabilities (2) (in millions) Derivative designated as hedging instruments Cash flow hedges $ 1 $ — $ 2 $ — Derivative not designated as hedging instruments Foreign currency forward contracts $ 3 $ 2 $ 2 $ 1 Total derivatives $ 4 $ 2 $ 4 $ 1 (1) Derivative assets are included in prepaid and other current assets in the condensed consolidated balance sheets. (2) Derivative liabilities are included in accrued liabilities in the condensed consolidated balance sheets.
Schedule of Changes in Accumulated Other Comprehensive Income	The changes in accumulated other comprehensive income resulting from cash flow hedging were as follows: March 31, 2022 December 31, 2021 (in millions) Balance at the beginning of the period $ 2 $ 2 Other comprehensive income before reclassifications 2 22 Amounts recognized in core marketplace revenue and reclassified out of accumulated other comprehensive income (2) (22 ) Balance at the end of the period $ 2 $ 2

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Supplemental Cash Flow Information for Operating Leases	Supplemental cash flow information for the Company’s operating leases were as follows: Three months ended March 31, 2022 2021 (in millions) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 3 $ 4
Maturities of Operating Lease Liabilities	The maturities of the Company’s operating lease liabilities are as follows: March 31, 2022 Year ending December 31, (in millions) 2022 (remaining nine months) 7 2023 8 2024 7 2025 3 Total lease payments 25 Less: imputed interest (2) Present value of lease liabilities $ 23

Equity Award Activity and Sto_2

Equity Award Activity and Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Activity Under Equity Plans and Related Information	A summary of activity under the equity plans and related information is as follows: Options Outstanding RSUs Outstanding Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (In Years) Number of RSUs (in millions) (in millions) Balances at December 31, 2021 (1) 45 $ 0.254 2.5 48 Granted 6 $ 2.860 52 Vested — $ — (4 ) Exercised (1 ) $ 0.138 — Forfeited or cancelled — $ — (16 ) Balances at March 31, 2022 50 $ 0.593 3.3 80 (1) Outstanding restricted stock units (“RSUs”) as of December 31, 2021 include 11 million performance stock units (“PSUs”), which were cancelled in February 2022.
Summary of Assumptions Used in Black-Scholes Option Pricing Model	A summary of the assumptions used in the Black-Scholes option pricing model to determine the fair value of the options is as follows: Black-Scholes Assumptions Expected term (in years) 6.10 Risk free interest rate 1.70 % Volatility 73.20 % Dividend yield — Estimated fair value per share $1.87
Summary of Stock-Based Compensation Expense	Total stock-based compensation expense included in the condensed consolidated statements of operations is as follows: Three Months Ended March 31, 2022 2021 (in millions) Cost of revenue $ (1) $ 5 Sales and marketing 1 3 Product development 14 15 General and administrative (16) 14 Total stock-based compensation (1) $ (2) $ 37 (1) Total stock-based compensation for the three months ended March 31, 2022 decreased by $39 million compared to the three months ended March 31, 2021 primarily due to forfeitures originating from the resignation of the Company’s former CEO, reductions to the Company’s workforce as part of the Company’s February 2022 Restructuring Plan, and modifications to the Company’s former Executive Chair’s equity awards.

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended March 31, 2022 2021 (in millions, except per share data) Numerator: Net loss $ (60 ) $ (128 ) Denominator: Weighted-average shares used in computing net loss per share, basic and diluted 661 619 Net loss per share, basic and diluted $ (0.09 ) $ (0.21 )
Summary of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share	The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share because including them would have had an anti-dilutive effect: As of March 31, 2022 2021 (in millions) Warrant to purchase common stock — 1 Common stock options outstanding 50 73 Unvested restricted stock units outstanding ( 1) 80 28 Employee Stock Purchase Plan 3 1 Total 133 103 (1) Unvested RSUs outstanding as of March 31, 2021 included 10 million PSUs, which were cancelled in February 2022.

Geographical Information (Table

Geographical Information (Tables)	3 Months Ended
	Mar. 31, 2022
Segment Reporting [Abstract]
Summary of Revenue by Geographic Area	Core marketplace revenue by geographic area based on the ship-to address of the user is as follows: Three Months Ended March 31, 2022 2021 (in millions) Europe $ 34 38 % $ 235 49 % North America ( 1) 43 48 % 186 39 % South America 3 3 % 18 4 % Other 10 11 % 38 8 % Core marketplace revenue ( 2) $ 90 100 % $ 477 100 % (1) The United States accounted for $35 million and $156 million of core marketplace revenue for the three months ended March 31, 2022 and 2021, respectively.

Overview, Basis of Presentati_4

Overview, Basis of Presentation and Significant Accounting Policies - Additional Information (Details) - Segment	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Entity Incorporation, State or Country Code	DE
Entity incorporation, date	Jun. 30, 2010
Number of operating segment	1
Number of reportable segment	1
Percentage of concentrations of risk, cash and cash equivalents	15.00%	15.00%

Overview, Basis of Presentati_5

Overview, Basis of Presentation and Significant Accounting Policies - Schedule of PSPs Each Represented 10% or More of Funds Receivable Balance (Details) - Funds Receivable - Credit Concentration Risk	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
PSP 1
Concentration Risk [Line Items]
Percentage of funds receivable balance	64.00%	62.00%
PSP 2
Concentration Risk [Line Items]
Percentage of funds receivable balance	25.00%	32.00%

Disaggregation of Revenue - Sum

Disaggregation of Revenue - Summary of Disaggregated Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Revenue	$ 189	$ 772
Core Marketplace Revenue
Disaggregation Of Revenue [Line Items]
Revenue	90	477
ProductBoost Revenue
Disaggregation Of Revenue [Line Items]
Revenue	14	50
Marketplace Revenue
Disaggregation Of Revenue [Line Items]
Revenue	104	527
Logistics Revenue
Disaggregation Of Revenue [Line Items]
Revenue	$ 85	$ 245

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurement - Schedule of Financial Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Financial assets:
Marketable securities	$ 269	$ 167
Derivative assets	4	4
Total financial assets	283	184
Financial liabilities:
Derivative liabilities	2	1
Total financial liabilities	2	1
Level 1
Financial assets:
Total financial assets	10	13
Level 2
Financial assets:
Marketable securities	269	167
Derivative assets	4	4
Total financial assets	273	171
Financial liabilities:
Derivative liabilities	2	1
Total financial liabilities	2	1
Money Market Funds
Financial assets:
Cash equivalents	10	13
Money Market Funds | Level 1
Financial assets:
Cash equivalents	10	13
U.S. Treasury Bills
Financial assets:
Marketable securities	195	53
U.S. Treasury Bills | Level 2
Financial assets:
Marketable securities	195	53
Commercial Paper
Financial assets:
Marketable securities	21	39
Commercial Paper | Level 2
Financial assets:
Marketable securities	21	39
Corporate Bonds
Financial assets:
Marketable securities	41	57
Corporate Bonds | Level 2
Financial assets:
Marketable securities	41	57
Certificates of Deposit
Financial assets:
Marketable securities	3	5
Certificates of Deposit | Level 2
Financial assets:
Marketable securities	3	5
Non-U.S. government
Financial assets:
Marketable securities	9	13
Non-U.S. government | Level 2
Financial assets:
Marketable securities	$ 9	$ 13

Financial Instruments and Fai_4

Financial Instruments and Fair Value Measurement - Schedule of Contractual Maturities of Marketable Securities (Details) - Recurring - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Amortized Cost
Due within one year	$ 260	$ 150
Due after one year through five years	9	17
Total marketable securities	269	167
Estimated Fair Value
Due within one year	260	150
Due after one year through five years	9	17
Total marketable securities	$ 269	$ 167

Balance Sheet Components - Sche

Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities Current [Abstract]
Logistics costs	$ 43	$ 56
Deferred revenue and customer deposits	22	25
Wish Cash liability	19	20
Sales and indirect taxes	20	26
Others	46	47
Total accrued liabilities	$ 150	$ 174

Balance Sheet Components - Sc_2

Balance Sheet Components - Schedule of Accrued Liabilities (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities Current [Abstract]
Decrease in logistics costs	$ 13
Percentage of decrease in logistics costs due to lower shipping volumes	23.00%
Unredeemable wish cash balances in core marketplace revenue	$ 1	$ 3
Decrease in sales and indirect taxes	$ 6
Percentage of decrease in sales and indirect taxes due to less taxes collected in connection with lower order volumes	23.00%

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Net gains or losses recognized in core marketplace revenue relating to hedges of forecasted transactions	$ 0	$ 0
Net gains on change in fair value of foreign exchange forward contracts	$ 1,000,000	$ 4,000,000
Maximum
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative contract term	12 months
Foreign Exchange Forward Contracts | Maximum
Derivative Instruments And Hedging Activities Disclosures [Line Items]
Derivative contract term	12 months

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Total Gross Notional Amounts of Outstanding Derivatives (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Derivatives Fair Value [Line Items]
Total gross notional amounts of outstanding derivatives	$ 284,000,000	$ 374,000,000
Designated Hedges | Cash Flow Hedges
Derivatives Fair Value [Line Items]
Total gross notional amounts of outstanding derivatives	310,000,000	320,000,000
Non-designated Hedges
Derivatives Fair Value [Line Items]
Total gross notional amounts of outstanding derivatives	$ (26,000,000)	$ 54,000,000

Derivative Financial Instrume_5

Derivative Financial Instruments - Schedule of Fair Value of Derivative Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2022	Dec. 31, 2021
Prepaid and Other Current Assets
Derivatives Fair Value [Line Items]
Derivative assets	$ 4	$ 4
Accrued Liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	2	1
Designated Hedges | Cash Flow Hedges | Prepaid and Other Current Assets
Derivatives Fair Value [Line Items]
Derivative assets	1	2
Non-designated Hedges | Foreign Exchange Forward Contracts | Prepaid and Other Current Assets
Derivatives Fair Value [Line Items]
Derivative assets	3	2
Non-designated Hedges | Foreign Exchange Forward Contracts | Accrued Liabilities
Derivatives Fair Value [Line Items]
Derivative liabilities	$ 2	$ 1

Derivative Financial Instrume_6

Derivative Financial Instruments - Schedule of Changes in Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Balance at the beginning of the period	$ 2	$ 2
Other comprehensive income before reclassifications	2	22
Amounts recognized in core marketplace revenue and reclassified out of accumulated other comprehensive income	(2)	(22)
Balance at the end of the period	$ 2	$ 2

Operating Leases - Additional I

Operating Leases - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Lessee Lease Description [Line Items]
Lessee operating lease expiration date year	2025
Operating lease cost	$ 2	$ 4
Impairment of lease assets and property and equipment	4
Right-of-use assets	14		$ 18
Operating lease, liabilities current	$ 9		$ 9
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued liabilities		Accrued liabilities
Lease liabilities, non-current	$ 14		$ 16
Weighted-average remaining lease term	3 years		3 years
Weighted-average discount rate	6.00%		6.00%
General and Administrative Expenses
Lessee Lease Description [Line Items]
Impairment of lease assets and property and equipment	$ 4
Impairment of operating lease right-of-use assets	2
Impairment of leasehold improvements	$ 2

Operating Leases - Supplemental

Operating Leases - Supplemental Cash Flow Information for Operating Leases (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 3	$ 4

Operating Leases - Maturities o

Operating Leases - Maturities of Operating Lease Liabilities (Details) $ in Millions	Mar. 31, 2022USD ($)
Leases [Abstract]
2022 (remaining nine months)	$ 7
2023	8
2024	7
2025	3
Total lease payments	25
Less: imputed interest	(2)
Present value of lease liabilities	$ 23

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Sep. 01, 2019USD ($)	Nov. 30, 2020USD ($)	Mar. 31, 2022USD ($)	Dec. 31, 2021Case
Commitments And Contingencies Disclosure [Line Items]
Number of putative class action lawsuits				4
Number of cases dismissed by plaintiff | Case				1
Colocation and Cloud Services Arrangement
Commitments And Contingencies Disclosure [Line Items]
Purchase commitment amount	$ 120,000,000
Purchase commitment, period	3 years
Purchase obligations, remaining commitment			$ 7,000,000
Revolving Credit Facility
Commitments And Contingencies Disclosure [Line Items]
Minimum liquidity financial covenant			350,000,000
Standby letter of credit			7,000,000
Borrowings under credit facility			$ 0
Senior Secured Debt | Revolving Credit Facility
Commitments And Contingencies Disclosure [Line Items]
Senior secured revolving credit facility, term		5 years
Senior secured revolving credit facility		$ 280,000,000
Commitment fee percentage on unused portion of aggregate commitments		0.25%
Commitment fee percentage		1.50%
Senior Secured Debt | Revolving Credit Facility | Maximum
Commitments And Contingencies Disclosure [Line Items]
Aggregate commitments		$ 100,000,000
Senior Secured Debt | Revolving Credit Facility | Adjusted LIBOR
Commitments And Contingencies Disclosure [Line Items]
Revolving credit facility, variable interest rate		1.50%
Senior Secured Debt | Revolving Credit Facility | Alternative Base Rate
Commitments And Contingencies Disclosure [Line Items]
Revolving credit facility, variable interest rate		0.50%

Equity Award Activity and Sto_3

Equity Award Activity and Stock-Based Compensation - Summary of Activity Under Equity Plans and Related Information (Details) - $ / shares shares in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options, Beginning balance	45
Number of Options, Granted	6
Number of Options, Exercised	(1)
Number of Options, Ending balance	50	45
Weighted-Average Exercise Price, Beginning balance	$ 0.254
Weighted-Average Exercise Price, Granted	2.860
Weighted-Average Exercise Price, Exercised	0.138
Weighted-Average Exercise Price, Ending balance	$ 0.593	$ 0.254
Weighted-Average Remaining Contractual Term	3 years 3 months 18 days	2 years 6 months
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock Units, Beginning balance	48
Number of Restricted Stock Units, Granted	52
Number of Restricted Stock Units, Vested	(4)
Number of Restricted Stock Units, Forfeited or cancelled	(16)
Number of Restricted Stock Units, Ending balance	80	48

Equity Award Activity and Sto_4

Equity Award Activity and Stock-Based Compensation - Summary of Activity Under Equity Plans and Related Information (Parenthetical) (Details) shares in Millions	12 Months Ended
	Dec. 31, 2021shares
Performance-Based Units (PSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock Units, Granted	11

Equity Award Activity and Sto_5

Equity Award Activity and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Jan. 31, 2022	Jan. 01, 2022	Feb. 28, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant				13
2022 Inducement Plan | Class A Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant				1
Aggregate number of shares reserved for issuance		12
Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Exercise price per share		$ 2.86
Vesting period		4 years
Term of option award		10 years
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted average grant date fair value, granted				$ 1.86	$ 22.01
Number of Restricted Stock Units, Granted				52
Unrecognized compensation expenses				$ 300
Unrecognized compensation expenses, recognition period				2 years 9 months 18 days
Restricted Stock Units (RSUs) | Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock Units, Granted		5
Restricted stock units, granted date fair value		$ 13
Performance-Based Units (PSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Restricted Stock Units, Granted						11
Performance-Based Units (PSUs) | Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense reversal amount	$ 21
Performance-Based Units (PSUs) | Executive Chair
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense reversal amount			$ 3
Performance stock units, modified fair value			$ 2
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expenses				$ 12
Unrecognized compensation expenses, recognition period				3 years 10 months 24 days
Stock Options | Chief Executive Officer
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options to purchase of common stock		6
Options to purchase of common stock grant date fair value		$ 12

Equity Award Activity and Sto_6

Equity Award Activity and Stock-Based Compensation - Summary of Assumptions Used in Black-Scholes Option Pricing Model (Details)	3 Months Ended
	Mar. 31, 2022$ / shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected term (in years)	6 years 1 month 6 days
Risk free interest rate	1.70%
Volatility	73.20%
Estimated fair value per share	$ 1.87

Equity Award Activity and Sto_7

Equity Award Activity and Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ (2)	$ 37
Cost of Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	(1)	5
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	1	3
Product Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	14	15
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation	$ (16)	$ 14

Equity Award Activity and Sto_8

Equity Award Activity and Stock Based Compensation - Summary of Stock-Based Compensation Expense (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Decrease in stock-based compensation expense	$ 39

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Income Taxes [Line Items]
Provision for income taxes		$ 2
Unrecognized tax benefits would affect effective tax rate	$ 1		$ 1
Federal
Income Taxes [Line Items]
Open for examination tax period	3 years
State
Income Taxes [Line Items]
Open for examination tax period	4 years

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net loss	$ (60)	$ (128)
Denominator:
Weighted-average shares used in computing net loss per share, basic and diluted	661	619
Net loss per share, basic and diluted	$ (0.09)	$ (0.21)

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares shares in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	133	103
Warrant to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share		1
Common Stock Options Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	50	73
Unvested Restricted Stock Units Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	80	28
Employee Stock Purchase Plan
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti-dilutive securities excluded from computation of earnings per share	3	1

Net Loss Per Share - Summary _2

Net Loss Per Share - Summary of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Parenthetical) (Details) shares in Millions	Mar. 31, 2021shares
PSUs
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Unvested share outstanding	10

Geographical Information - Summ

Geographical Information - Summary of Revenue by Geographic Area (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 189	$ 772
Core Marketplace Revenue
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 90	$ 477
Core Marketplace Revenue | Revenue | Geographic Concentration Risk
Entity Wide Revenue Major Customer [Line Items]
Revenue percentage	100.00%	100.00%
Core Marketplace Revenue | Europe
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 34	$ 235
Core Marketplace Revenue | Europe | Revenue | Geographic Concentration Risk
Entity Wide Revenue Major Customer [Line Items]
Revenue percentage	38.00%	49.00%
Core Marketplace Revenue | North America
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 43	$ 186
Core Marketplace Revenue | North America | Revenue | Geographic Concentration Risk
Entity Wide Revenue Major Customer [Line Items]
Revenue percentage	48.00%	39.00%
Core Marketplace Revenue | South America
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 3	$ 18
Core Marketplace Revenue | South America | Revenue | Geographic Concentration Risk
Entity Wide Revenue Major Customer [Line Items]
Revenue percentage	3.00%	4.00%
Core Marketplace Revenue | Other
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 10	$ 38
Core Marketplace Revenue | Other | Revenue | Geographic Concentration Risk
Entity Wide Revenue Major Customer [Line Items]
Revenue percentage	11.00%	8.00%

Geographical Information - Su_2

Geographical Information - Summary of Revenue by Geographic Area (Parenthetical) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 189	$ 772
Core Marketplace Revenue
Entity Wide Revenue Major Customer [Line Items]
Revenue	90	477
Core Marketplace Revenue | United States
Entity Wide Revenue Major Customer [Line Items]
Revenue	$ 35	$ 156

Geographical Information - Addi

Geographical Information - Additional Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
United States | Long-lived Tangible Assets | Geographic Concentration Risk
Entity Wide Revenue Major Customer [Line Items]
Long-lived tangible assets percentage	85.00%	85.00%

Restructuring Costs - Additiona

Restructuring Costs - Additional Information (Details) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2022Employee	Mar. 31, 2022USD ($)
Restructuring And Related Activities [Abstract]
Restructuring plan, number of positions reduced, percentage	15.00%
Restructuring plan, number of positions reduced | Employee	190
Severance and other personnel reduction costs		$ 3
Impairments of lease assets and property and equipment		$ 4

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - shares shares in Millions	May 31, 2022	May 05, 2022	Mar. 31, 2022	Jan. 01, 2022
Subsequent Event [Line Items]
Number of shares available for grant			13
2022 Inducement Plan | Class A Common Stock
Subsequent Event [Line Items]
Aggregate number of shares reserved for issuance				12
Number of shares available for grant			1
Subsequent Event | 2022 Inducement Plan | Class A Common Stock
Subsequent Event [Line Items]
Aggregate number of shares reserved for issuance	15
Number of shares available for grant		16