Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net loss $ (740,343) $ (240,334) $ (34,015)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 50,767 24,854 8,589
Stock-based compensation 48,001 28,778 8,006
Goodwill impairment 498,800    
Change in fair value of warrant liability   56,576 (56,417)
Change in fair value of subscription agreement   2,920  
Expense related to Common Stock warrants issued     1,915
Amortization (accretion) of discount on investments (888) 3,021 75
Amortization of debt financing cost   9 19
Amortization of deferred costs on convertible notes 453    
Provision for bad debt 975 447 377
Provision for slow-moving, obsolete, and lower of cost or net realizable value inventories, net (45)    
Acquired in-process research and development   25,581  
Loss on disposal of property and equipment 224 74 18
Foreign exchange (gains) losses on intercompany transactions, net 259 182  
Net increase (decrease) in accrued interest related to marketable securities 847 (819) (3)
Net unrealized (gain) loss on equity investment 6,332 9,660  
Net unrealized (gain) loss on other investments 1,595 (130)  
Deferred tax benefit (1,498) (29,668) (940)
Change in fair value of contingent consideration (1,567) (429)  
Foreign currency transaction (gain) loss 44 7  
Changes in operating assets and liabilities:      
Accounts receivable 6,737 (18,299) (2,370)
Inventory (28,183) (16,962) (1,303)
Prepaid expenses and other current assets 1,787 (8,937) 901
Other assets 2,505 (3)  
Accounts payable (6,595) 12,797 (2,637)
Accrued expenses and other current liabilities (10,613) (8,761) (2,391)
Customer deposits (2,037) (2,569) (845)
Current portion of deferred revenue (4,749) 5,989 774
Change in right of use assets and lease liabilities, net (4,298) (641) (328)
Other liabilities (41) 1,609  
Net cash used in operating activities (181,531) (155,048) (80,575)
Cash flows from investing activities:      
Purchases of property and equipment (11,517) (7,683) (1,429)
Purchase of other investments   (3,620) (3,000)
Proceeds from other investments 3,155    
Purchase of equity investment   (20,000)  
Proceeds from sale of property and equipment 6 44  
Proceeds from policy buyout   333  
Purchase of marketable securities (158,404) (330,873) (136,286)
Proceeds from sales and maturities of marketable securities 248,150 243,349 109,016
Proceeds from capital grant 200    
Cash paid to acquire in-process research and development   (21,220)  
Cash paid for acquisitions, net of cash acquired (23) (287,624) (5,284)
Net cash provided by (used in) investing activities 81,567 (427,294) (36,983)
Cash flows from financing activities:      
Proceeds from reverse recapitalization, net of issuance costs     534,597
Proceeds from the exercise of stock options 3,190 6,426 325
Proceeds from the exercise of stock warrants   170,665  
Payment of taxes related to net share settlement upon vesting of restricted stock units (243) (541)  
Repayment of loans (542)    
Proceeds from issuance of convertible notes 115,000    
Costs incurred in connection with the issuance of convertible notes (3,619)    
Proceeds from PPP loan     5,379
Repayment of PPP loan     5,379
Repayment of term loan   (10,000)  
Net cash provided by financing activities 113,786 166,550 534,922
Effect of exchange rate changes on cash, cash equivalents and restricted cash (167) (87)  
Net increase (decrease) in cash, cash equivalents, and restricted cash 13,655 (415,879) 417,364
Cash, cash equivalents, and restricted cash at beginning of period 68,258 484,137 66,773
Cash, cash equivalents, and restricted cash at end of period 81,913 68,258 484,137
Supplemental disclosures of cash flow information      
Cash and cash equivalents 76,291 65,017 483,525
Restricted cash included in other current assets 4,510 2,129  
Restricted cash included in other noncurrent assets 1,112 1,112 612
Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows 81,913 68,258 484,137
Supplemental cash flow information:      
Interest paid 3,488 148 322
Taxes paid   150  
Non-cash investing and financing activities:      
Net liabilities assumed from Trine Business Combination     152,395
Accrued reverse recapitalization transaction costs     1,901
Net unrealized (gain) loss on investments 290 40  
Exercise of private placement warrants   149,904  
Common Stock issued for acquisitions   620,590 500
Common Stock issued for acquisition of in-process research and development   4,300  
Common Stock issued for settlement of contingent consideration 500    
Accrued purchase price related to acquisitions   1,800 200
Additions to right of use assets and lease liabilities 10,812 5,582  
Purchase of property and equipment included in accounts payable 516 90  
Purchase of property and equipment included in accrued expense   38  
Transfers from property and equipment to inventory 4,993 1,068  
Transfers from inventory to property and equipment 4,513 1,435  
Accrued contingent consideration in connection with acquisitions   6,083  
Taxes related to net share settlement upon vesting of restricted stock awards in accrued expense   $ 958  
Tax liabilities related to withholdings on Common Stock issued in connection with acquisitions     $ 102
Deferred contract costs 1,341    
Equipment financing $ 175