Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net loss $ (79,261) $ (22,340)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 5,615 3,861
Stock-based compensation 6,600 1,451
Accretion on carrying value of convertible notes 2,103 3,333
Amortization of debt issuance costs 2,617 158
Change in fair value of warrant liability 23,529  
Change in fair value of contingent earnout liability (1,265)  
Deferred income tax liabilities (47) 193
Loss on extinguishment of debt 2,277  
Loss on impairment of intangible assets 91  
Changes in operating assets and liabilities:    
Accounts receivable (2,905) 534
Contract assets (250) (575)
Other current assets (7,381) (492)
Other long-term assets 213 (152)
Accounts payable 1,118 1,182
Accrued wages and benefits 302 734
Contract liabilities 2,416 3,369
Other accrued expenses 1,536 833
Other long-term liabilities 2,684 (509)
Net cash used in operating activities (40,008) (8,420)
Cash flows from investing activities    
Purchase of property and equipment (9,309) (8,240)
Investment in intangible assets (140) (67)
Net cash used in investing activities (9,449) (8,307)
Cash flows from financing activities    
Proceeds from reverse recapitalization and PIPE financing 264,823  
Payments of transaction costs related to reverse recapitalization (30,600)  
Proceeds from long-term debt 70,000 7,592
Proceeds from issuance of convertible notes payable 20,000 250
Payments on redemption of long-term debt (29,628) (4,500)
Payment of debt issuance costs (4,293) (183)
Proceeds from exercise of stock options 1,065 6
Net cash provided by financing activities 291,367 3,165
Effect of foreign currency translation on cash, cash equivalent and restricted cash 1,071 236
Net increase (decrease) in cash, cash equivalents and restricted cash 242,981 (13,326)
Cash, cash equivalents and restricted cash    
Beginning of period 15,986 24,531
End of period 258,967 11,205
Supplemental disclosure of cash flow information    
Cash paid for interest 1,431 878
Cash paid for income taxes 233  
Noncash financing activities    
Conversion of Series A, B and C preferred stock to common stock upon the reverse recapitalization 154,150  
Contingent earnout liability recognized upon the closing of the reverse recapitalization 78,395  
Conversion of convertible notes to common stock upon the reverse recapitalization 70,933  
Public and private warrants acquired as part of the merger 26,707  
Issuance of shares to FP (Note 6) 22,868  
Capitalized merger and acquisition costs not yet paid 2,146  
Property and equipment purchased but not yet paid 1,924  
Exercise of Series C preferred stock warrants 891  
Issuance of stock warrants with long-term debt $ 308 $ 1,806