(UNAUDITED)
(in thousands)
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
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|
|
2023 |
|
2022 |
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Cash flows from operating activities: |
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|
|
|
|
|
Net loss |
|
$ |
(52,642) |
|
$ |
(69,944) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
13,433 |
|
|
12,883 |
Stock‑based compensation |
|
|
9,313 |
|
|
9,912 |
Amortization (accretion) of discount on investments |
|
|
(382) |
|
|
413 |
Amortization of deferred costs on convertible notes |
|
|
183 |
|
|
— |
Provision for bad debt |
|
|
179 |
|
|
419 |
Loss on disposal of property and equipment |
|
|
519 |
|
|
2 |
Net increase (decrease) in accrued interest related to marketable securities |
|
|
(8) |
|
|
949 |
Net unrealized (gain) loss on equity investment |
|
|
402 |
|
|
1,700 |
Deferred tax benefit |
|
|
(557) |
|
|
(1,256) |
| Change in fair value of contingent consideration |
|
|
— |
|
|
(114) |
| Foreign currency transaction (gain) loss |
|
|
(25) |
|
|
195 |
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
| Accounts receivable |
|
|
2,792 |
|
|
9,489 |
| Inventory |
|
|
(6,892) |
|
|
(15,506) |
| Prepaid expenses and other current assets |
|
|
(4,664) |
|
|
(4,087) |
| Other assets |
|
|
991 |
|
|
(210) |
| Accounts payable |
|
|
(3,011) |
|
|
(1,333) |
| Accrued expenses and other current liabilities |
|
|
878 |
|
|
(3,391) |
| Customer deposits |
|
|
705 |
|
|
2,980 |
| Current portion of deferred revenue |
|
|
1,127 |
|
|
721 |
| Change in right of use assets and lease liabilities, net |
|
|
(1,493) |
|
|
(108) |
| Other liabilities |
|
|
1,806 |
|
|
12 |
| Net cash used in operating activities |
|
|
(37,346) |
|
|
(56,274) |
| Cash flows from investing activities: |
|
|
|
|
|
|
| Purchases of property and equipment |
|
|
(1,011) |
|
|
(4,074) |
| Proceeds from sale of property and equipment |
|
|
3,071 |
|
|
6 |
| Purchase of marketable securities |
|
|
(4,973) |
|
|
— |
| Proceeds from sales and maturities of marketable securities |
|
|
64,840 |
|
|
98,625 |
| Cash paid for acquisitions, net of cash acquired |
|
|
(500) |
|
|
(23) |
| Net cash provided by investing activities |
|
|
61,427 |
|
|
94,534 |
| Cash flows from financing activities: |
|
|
|
|
|
|
| Proceeds from the exercise of stock options |
|
|
597 |
|
|
900 |
| Payment of taxes related to net share settlement upon vesting of restricted stock units |
|
|
(99) |
|
|
(158) |
| Repayment of loans |
|
|
(250) |
|
|
(43) |
| Net cash provided by financing activities |
|
|
248 |
|
|
699 |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
217 |
|
|
(349) |
| Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
24,546 |
|
|
38,610 |
| Cash, cash equivalents, and restricted cash at beginning of period |
|
|
81,913 |
|
|
68,258 |
| Cash, cash equivalents, and restricted cash at end of period |
|
$ |
106,459 |
|
$ |
106,868 |
|
|
|
|
|
|
|
|
| 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 |
|
$ |
101,252 |
|
$ |
103,590 |
| Restricted cash included in other current assets |
|
|
4,595 |
|
|
2,166 |
| Restricted cash included in other noncurrent assets |
|
|
612 |
|
|
1,112 |
| Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows |
|
$ |
106,459 |
|
$ |
106,868 |
|
|
|
|
|
|
|
|
| Supplemental cash flow information: |
|
|
|
|
|
|
| Interest paid |
|
$ |
— |
|
$ |
— |
| Taxes paid |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
| Non‑cash investing and financing activities: |
|
|
|
|
|
|
| Net unrealized (gain) loss on investments |
|
$ |
(189) |
|
$ |
(12) |
| Additions to right of use assets and lease liabilities |
|
$ |
1,531 |
|
$ |
7,784 |
| Purchase of property and equipment included in accounts payable |
|
$ |
183 |
|
$ |
313 |
| Purchase of property and equipment included in accrued expense |
|
$ |
32 |
|
$ |
— |
| Transfers from property and equipment to inventory |
|
$ |
275 |
|
$ |
1,721 |
| Transfers from PP&E to Asset Held-For-Sale |
|
$ |
6,040 |
|
$ |
— |
| Transfers from inventory to property and equipment |
|
$ |
1,067 |
|
$ |
605 |
