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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Cash flows from operating activities:          
Net income (loss) $ (33,375) $ (57,418) $ (72,135) $ (110,479) $ (207,043)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and amortization 2,858 2,721 5,673 5,443 10,969
Accrued Interest (349) 1,170 1,273 50 (95)
Asset write-downs and impairment of field equipment 140 136 334 262 493
Share-based compensation 31,830 32,740 65,914 71,824 115,608
Foreign currency remeasurement loss (gain) 653 914 1,266 787 161
Decrease (increase) in accounts receivables and prepaid expenses (11,119) 6,941 (14,394) 21,452 29,414
Amortization of discount (premium) (6,854) (5,075) (12,235) (9,131) (23,084)
Decrease (increase) in inventories 1,888 (1,452) (2,762) (4,170) (8,919)
Decrease (increase) in other long-term assets 4,889 (1,920) 6,063 (386) 4,072
Increase (decrease) in accounts payables and accrued expenses 9,548 207 (8,697) (10,257) 14,869
Increase (decrease) in other long-term liabilities (1,829) (1,701) (3,594) (4,859) (9,781)
Net cash provided by (used in) operating activities (1,720) (22,737) (33,294) (39,464) (73,336)
Cash flows from investing activities:          
Purchase of property, equipment and field equipment (11,446) (6,931) (23,230) (13,019) (27,093)
Proceeds from maturity of short-term investments 160,000 314,597 418,000 640,884 1,214,982
Purchase of short-term investments (522,994) (321,563) (522,994) (559,475) (1,003,741)
Net cash provided by (used in) investing activities (374,440) (13,897) (128,224) 68,390 184,148
Cash flows from financing activities:          
Proceeds from issuance of shares, net 2,187 2,883 2,187 2,883 4,416
Proceeds from senior secured credit facility, net 96,922 0 96,922 0 0
Repayment and redemption of long-term debt (12,913) (3) (12,913) (10) (10)
Exercise of options 1,121 4,622 1,334 9,833 11,381
Net cash provided by (used in) financing activities 87,317 7,502 87,530 12,706 15,787
Effect of exchange rate changes on cash, cash equivalents and restricted cash (77) (13) (133) 28 131
Increase (decrease) in cash, cash equivalents and restricted cash (288,920) (29,145) (74,121) 41,660 126,730
Cash, cash equivalents and restricted cash at the beginning of the period 457,363 186,639 242,564 115,834 115,834
Cash, cash equivalents and restricted cash at the end of the period 168,443 157,494 168,443 157,494 242,564
Cash paid during the period for:          
Income taxes paid (refunded), net 7,501 5,831 10,415 7,543 13,665
Interest paid 1,968 0 1,970 1 6
Reconciliation of cash, cash equivalents and restricted cash:          
Cash and cash equivalents 164,796 156,978 164,796 156,978 240,821
Restricted cash 3,647 516 3,647 516 1,743
Total cash, cash equivalents and restricted cash 168,443 157,494 168,443 157,494 242,564
Non-cash activities:          
Right-of-use assets obtained (disposed) in exchange for lease liabilities (1,649) 2,333 (1,367) 5,784 18,063
Purchase of property incurred but unpaid at period end $ 401 $ 0 $ 401 $ 0 $ 1,714