Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities    
Net loss $ (71,868) $ (102,668)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 14,056 5,615
Stock-based compensation 8,323 6,600
Amortization of operating lease assets 1,657 0
Accretion on carrying value of convertible notes 0 2,103
Amortization of debt issuance costs 3,233 2,617
Change in fair value of warrant liability (11,014) 23,529
Change in fair value of contingent earnout liability (9,597) 22,142
Deferred income tax liabilities 0 (47)
Loss on extinguishment of debt 22,271 2,277
Other 79 91
Changes in operating assets and liabilities:    
Accounts receivable, net (7,078) (2,905)
Contract assets (1,445) (250)
Other current assets 1,316 (7,381)
Other long-term assets 1,352 213
Accounts payable (816) 1,118
Accrued wages and benefits (185) 302
Contract liabilities 6,423 2,416
Other accrued expenses 1,636 1,536
Operating lease liabilities (1,006) 0
Other long-term liabilities (45) 2,684
Net cash used in operating activities (42,708) (40,008)
Cash flows from investing activities    
Purchases of short-term investments (29,796) 0
Maturities of short-term investments 7,400 0
Purchase of property and equipment (15,946) (9,309)
Investment in intangible assets 0 (140)
Net cash used in investing activities (38,342) (9,449)
Cash flows from financing activities    
Proceeds from reverse recapitalation and PIPE financing 0 264,823
Payments of transaction costs related to reverse recapitalization 0 (30,600)
Proceeds from long-term debt 100,360 70,000
Payments on long-term debt (71,512) 0
Proceeds from issuance of convertible notes payable 0 20,000
Payments of redemption of long-term debt 0 (29,628)
Payment of debt issuance costs (4,611) (4,293)
Proceeds from exercise of stock options 797 1,065
Proceeds from employee stock purchase plan 335 0
Net cash provided by financing activities 25,369 291,367
Effect of foreign currency translation on cash, cash equivalent and restricted cash 5,826 1,071
Net (decrease) increase in cash, cash equivalents and restricted cash (49,855) 242,981
Cash, cash equivalents and restricted cash    
Beginning of year 109,645 15,986
End of period 59,790 258,967
Supplemental disclosure of cash flow information    
Cash paid for interest 5,974 1,431
Cash paid for income taxes 0 233
Noncash Investing and financing activities    
Conversion of Series A, B and C preferred stock into common stock upon the reverse recapitalization   154,150
Contingent earnout liability recognized upon the closing of the reverse recapitalization   58,274
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 Credit Partners, L.P. ("FP") (Note 6)   22,868
Capitalized Merger Costs Not Yet Paid   2,146
Exercise of Series C preferred stock warrants   891
Property and equipment purchased but not yet paid 978 1,924
Issuance of stock warrants with long-term debt (Note 6) $ 3,579 $ 308