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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Operating activities:    
Net loss $ (89,175) $ (94,906)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 37,762 25,375
Stock-based compensation 34,282 40,656
Amortization of debt discount and debt issuance costs 2,119 1,710
Amortization of right-of-use assets 2,225 1,689
Write-down for excess and obsolete inventories 6,857 6,734
Loss on disposal of assets 2,151 1,402
Other 4,988 860
Changes in operating assets and liabilities:    
Accounts receivable (15,293) 98
Inventories (42,857) (22,046)
Prepaid expenses and other current assets (119) (9,271)
Other assets (785) (45)
Accounts payable 22,162 10,324
Accrued expenses (10,676) 4,361
Lease liabilities (2,439) (1,570)
Contract liabilities (2,017) 1,839
Other long-term liabilities 983 (3,406)
Net cash used in operating activities (49,832) (36,196)
Investing activities:    
Purchase of property and equipment (65,412) (35,417)
Purchase of intangible assets (4,100) (1,962)
Acquisition of business   (55,000)
Net cash used in investing activities (69,512) (92,379)
Financing activities:    
Proceeds from revolving credit facility 88,400 55,000
Repayment of revolving credit facility (84,000) (47,500)
Net cash paid for common stock exercises (5,023) (1,551)
Proceeds from financed insurance 1,156 1,328
Proceeds from term loan, net of debt discount   98,473
Payment of debt issuance costs   (3,321)
Proceeds from common stock offering   57,511
Repayment of OCEANES   (13,315)
Other (1,661) (1,602)
Net cash (used in) provided by financing activities (1,128) 145,023
Effect of exchange rate changes on cash (670) (124)
Net change in cash and cash equivalents (121,142) 16,324
Cash and cash equivalents at beginning of period 220,970 84,696
Cash and cash equivalents at end of period 99,828 101,020
Supplemental disclosure of cash flow information:    
Cash paid for interest 9,758 6,840
Cash paid for income taxes 275 206
Supplemental disclosure of noncash activities:    
Financed insurance 1,156 1,328
Purchases of property and equipment in accounts payable and accrued expenses 3,310 $ 2,233
Recognition of lease liabilities $ 11,517