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 $ (422,868) $ (301,122)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 19,468 4,374
Amortization of operating lease right-of-use assets 5,095 3,531
Amortization of premium (discount) on marketable securities (3,952) 1,111
Loss on marketable securities 7,774 0
Change in fair value of private warrants (1,345) (6,645)
Vendor stock-in-lieu of cash program 31,487 32,487
Amortization of debt discount and issuance costs 2,427 2,427
Inventory write-offs and write-downs 17,343 8,750
Share-based compensation 160,031 117,874
Loss on investment in non-marketable securities 2,141 0
Product warranty and other 4,273 (623)
Changes in operating assets and liabilities:    
Accounts receivable (7,729) 6,457
Inventories (25,249) (6,648)
Prepaid expenses and other current assets 10,858 (4,685)
Other non-current assets (3,458) (1,371)
Accounts payable 4,018 8,379
Accrued and other current liabilities 14,379 5,716
Other non-current liabilities (9,219) (3,571)
Net cash used in operating activities (194,526) (133,559)
Cash flows from investing activities:    
Purchases of marketable securities (269,164) (363,906)
Proceeds from maturities of marketable securities 390,836 254,068
Proceeds from sales/redemptions of marketable securities 51,569 68,804
Purchases of property and equipment (21,129) (11,277)
Advances for capital projects and equipment 0 (2,009)
Net cash provided by (used in) investing activities 139,504 (59,080)
Cash flows from financing activities:    
Proceeds from exercise of stock options 2,560 2,891
Proceeds from sale of Class A common stock under ESPP 1,406 0
Payments of employee taxes related to stock-based awards (572) (2,773)
Repurchase of common stock 0 (80,878)
Net cash provided by (used in) financing activities 62,105 (80,760)
Net increase (decrease) in cash, cash equivalents and restricted cash 7,083 (273,399)
Beginning cash, cash equivalents and restricted cash 71,105 330,702
Ending cash, cash equivalents and restricted cash 78,188 57,303
Supplemental disclosures of cash flow information:    
Cash paid for interest 3,906 3,863
Supplemental disclosures of noncash investing and financing activities:    
Issuance of Class A common stock upon exercise of warrants 0 19,003
Operating lease right-of-use assets obtained in exchange for lease obligations 3,335 16,749
Purchases of property and equipment recorded in accounts payable and accrued liabilities 2,194 1,663
Vendor stock-in-lieu of cash program—advances for capital projects and equipment 7,411 21,024
Investment in Plus 10,000 0
Equity Financing Program    
Cash flows from financing activities:    
Proceeds from issuance of class A common stock 38,711 0
TPK Universal Solutions Limited    
Cash flows from financing activities:    
Proceeds from issuance of class A common stock 20,000 0
Freedom Photonics    
Cash flows from investing activities:    
Acquisition of Freedom Photonics LLC (net of cash acquired) 0 (2,759)
Solfice Research, Inc.    
Cash flows from investing activities:    
Acquisitions 0 (2,001)
Seagate    
Cash flows from investing activities:    
Acquisitions $ (12,608) $ 0

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