(UNAUDITED)
(in thousands)
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
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|
|
2022 |
|
2021 |
||
Cash flows from operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(69,944) |
|
$ |
(59,108) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
12,883 |
|
|
3,892 |
Stock‑based compensation |
|
|
9,912 |
|
|
2,217 |
Change in fair value of warrant liability |
|
|
— |
|
|
56,576 |
Amortization (accretion) of discount on investments |
|
|
413 |
|
|
406 |
Amortization of debt financing cost |
|
|
— |
|
|
4 |
Provision for bad debt |
|
|
419 |
|
|
72 |
Loss on disposal of property and equipment |
|
|
2 |
|
|
— |
Foreign exchange (gains) losses on intercompany transactions, net |
|
|
185 |
|
|
— |
Net increase (decrease) in accrued interest related to marketable securities |
|
|
949 |
|
|
(240) |
| Net unrealized (gain) loss on marketable securities |
|
|
— |
|
|
(25) |
| Net unrealized (gain) loss on equity investment |
|
|
1,700 |
|
|
— |
| Deferred tax benefit |
|
|
(1,256) |
|
|
(27,921) |
| Change in fair value of contingent consideration |
|
|
(114) |
|
|
— |
| Foreign currency transaction (gain) loss |
|
|
10 |
|
|
— |
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
| Accounts receivable |
|
|
9,489 |
|
|
(61) |
| Inventory |
|
|
(15,506) |
|
|
(2,381) |
| Prepaid expenses and other current assets |
|
|
(4,087) |
|
|
(4,276) |
| Other assets |
|
|
(210) |
|
|
(30) |
| Accounts payable |
|
|
(1,333) |
|
|
(3,856) |
| Accrued expenses and other current liabilities |
|
|
(3,391) |
|
|
(5,247) |
| Customer deposits |
|
|
2,980 |
|
|
(1,234) |
| Current portion of deferred revenue |
|
|
721 |
|
|
105 |
| Change in right of use assets and lease liabilities, net |
|
|
(108) |
|
|
(22) |
| Other liabilities |
|
|
12 |
|
|
— |
| Net cash used in operating activities |
|
|
(56,274) |
|
|
(41,129) |
| Cash flows from investing activities: |
|
|
|
|
|
|
| Purchases of property and equipment |
|
|
(4,074) |
|
|
(262) |
| Proceeds from sale of property and equipment |
|
|
6 |
|
|
— |
| Purchase of marketable securities |
|
|
— |
|
|
(92,386) |
| Proceeds from sales and maturities of marketable securities |
|
|
98,625 |
|
|
48,241 |
| Cash paid for acquisitions, net of cash acquired |
|
|
(23) |
|
|
(137,646) |
| Net cash provided by (used in) investing activities |
|
|
94,534 |
|
|
(182,053) |
| Cash flows from financing activities: |
|
|
|
|
|
|
| Proceeds from reverse recapitalization, net of issuance costs |
|
|
— |
|
|
(1,239) |
| Proceeds from the exercise of stock options |
|
|
900 |
|
|
180 |
| Proceeds from the exercise of stock warrants |
|
|
— |
|
|
158,308 |
| Payment of taxes related to net share settlement upon vesting of restricted stock units |
|
|
(158) |
|
|
(54) |
| Repayment of term loan |
|
|
(43) |
|
|
— |
| Net cash provided by financing activities |
|
|
699 |
|
|
157,195 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(349) |
|
|
26 |
| Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
38,610 |
|
|
(65,961) |
| Cash, cash equivalents, and restricted cash at beginning of period |
|
|
68,258 |
|
|
484,137 |
| Cash, cash equivalents, and restricted cash at end of period |
|
$ |
106,868 |
|
$ |
418,176 |
|
|
|
|
|
|
|
|
| Supplemental disclosures of cash flow information |
|
|
|
|
|
|
| Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows: |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ |
103,590 |
|
|
416,379 |
| Restricted cash included in other current assets |
|
|
2,166 |
|
|
1,021 |
| Restricted cash included in other noncurrent assets |
|
|
1,112 |
|
|
776 |
| Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows |
|
$ |
106,868 |
|
$ |
418,176 |
|
|
|
|
|
|
|
|
| Supplemental cash flow information: |
|
|
|
|
|
|
| Interest paid |
|
$ |
— |
|
$ |
73 |
|
|
|
|
|
|
|
|
| Non‑cash investing and financing activities: |
|
|
|
|
|
|
| Net unrealized (gain) loss on investments |
|
$ |
(12) |
|
$ |
(1) |
| Exercise of private placement warrants |
|
$ |
— |
|
$ |
149,904 |
| Common Stock issued for acquisitions |
|
$ |
— |
|
$ |
159,847 |
| Additions to right of use assets and lease liabilities |
|
$ |
7,784 |
|
$ |
364 |
| Purchase of property and equipment included in accounts payable |
|
$ |
313 |
|
$ |
50 |
| Transfers from property and equipment to inventory |
|
$ |
1,721 |
|
$ |
— |
| Transfers from inventory to property and equipment |
|
$ |
605 |
|
$ |
— |
| Receivable for warrants exercised |
|
$ |
— |
|
$ |
12,357 |
