Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities    
Net loss $ (51,734) $ (71,868)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 11,642 14,056
Stock-based compensation 9,516 8,323
Amortization of operating lease assets 2,185 1,657
Amortization of debt issuance costs 1,595 3,233
Change in fair value of warrant liabilities (984) (11,014)
Change in fair value of contingent earnout liability (217) (9,597)
Loss on decommissioned satellites and impairment of assets 630 0
Loss on extinguishment of debt 0 22,271
Other, net (448) 79
Changes in operating assets and liabilities:    
Accounts receivable, net (4,834) (7,078)
Contract assets (1,146) (1,445)
Other current assets (177) 1,316
Other long-term assets 1,261 1,352
Accounts payable (767) (816)
Accrued wages and benefits 1,249 (185)
Contract liabilities 6,977 6,423
Other accrued expenses (536) 1,636
Operating lease liabilities (1,945) (1,006)
Other long-term liabilities 0 (45)
Net cash used in operating activities (27,733) (42,708)
Cash flows from investing activities    
Purchases of short-term investments (37,752) (29,796)
Maturities of short-term investments 41,500 7,400
Purchase of property and equipment (23,694) (15,946)
Net cash used in investing activities (19,946) (38,342)
Cash flows from financing activities    
Proceeds from long-term debt 19,886 100,360
Proceeds from issuance of common stock under the Equity Distribution Agreement, net 7,866 0
Payments on long-term debt 0 (71,512)
Payment of debt issuance costs 0 (4,611)
Proceeds from exercise of stock options 0 797
Proceeds from employee stock purchase plan 422 335
Net cash provided by financing activities 28,174 25,369
Effect of foreign currency translation on cash, cash equivalents and restricted cash 2,343 5,826
Net (decrease) increase in cash, cash equivalents and restricted cash (17,162) (49,855)
Cash, cash equivalents and restricted cash    
Beginning balance 47,569 109,645
Ending balance 30,407 59,790
Supplemental disclosure of cash flow information    
Cash paid for interest 12,068 5,974
Income taxes paid 585 0
Noncash Investing and financing activities    
Property and equipment purchased but not yet paid 2,603 978
Right-of-use assets obtained in exchange for lease liabilities 4,795 0
Accrued long-term debt issuance costs 1,875 0
Conversion of warrants to Class A common stock 286 0
Issuance of stock warrants with long-term debt (Note 8) $ 2,579 $ 3,579