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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Dec. 31, 2024
Cash flows from operating activities:          
Net income (loss) $ (40,139) $ (33,375) $ (74,458) $ (72,135) $ (168,627)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:          
Depreciation and amortization 3,444 2,858 6,769 5,673 11,235
Accrued Interest 5,918 (349) 3,647 1,273 (651)
Asset write-downs and impairment of field equipment 424 140 2,685 334 1,159
Share-based compensation 26,143 31,830 55,695 65,914 160,035
Foreign currency remeasurement loss (gain) 1,371 653 1,322 1,266 (227)
Decrease (increase) in accounts receivables and prepaid expenses (10,447) (11,119) (19,053) (14,394) (26,358)
Amortization of discount (premium) (6,460) (6,854) (13,114) (12,235) (25,644)
Decrease (increase) in inventories (629) 1,888 (4,570) (2,762) 2,568
Decrease (increase) in other long-term assets 1,412 4,889 3,990 6,063 7,395
Increase (decrease) in accounts payables and accrued expenses 2,107 9,548 (14,313) (8,697) 19,106
Increase (decrease) in other long-term liabilities 920 (1,829) (201) (3,594) (6,360)
Net cash provided by (used in) operating activities (15,936) (1,720) (51,601) (33,294) (26,369)
Cash flows from investing activities:          
Purchase of property, equipment and field equipment (5,486) (11,446) (16,097) (23,230) (42,855)
Proceeds from maturity of short-term investments 420,000 160,000 540,000 418,000 778,000
Purchase of short-term investments (378,528) (522,994) (494,389) (522,994) (875,387)
Net cash provided by (used in) investing activities 35,986 (374,440) 29,514 (128,224) (140,242)
Cash flows from financing activities:          
Proceeds from issuance of shares, net 2,136 2,187 2,136 2,187 4,150
Proceeds from senior secured credit facility, net 0 96,922 0 96,922 96,922
Repayment and redemption of long-term debt 0 (12,913) 0 (12,913) (12,913)
Exercise of options 251 1,121 5,498 1,334 2,156
Net cash provided by (used in) financing activities 2,387 87,317 7,634 87,530 90,315
Effect of exchange rate changes on cash, cash equivalents and restricted cash 265 (77) 492 (133) (174)
Increase (decrease) in cash, cash equivalents and restricted cash 22,702 (288,920) (13,961) (74,121) (76,470)
Cash, cash equivalents and restricted cash at the beginning of the period 129,431 457,363 166,094 242,564 242,564
Cash, cash equivalents and restricted cash at the end of the period 152,133 168,443 152,133 168,443 166,094
Cash paid during the period for:          
Income taxes paid (refunded), net 13,838 7,501 18,809 10,415 23,463
Interest paid 2,674 1,968 5,319 1,970 7,714
Reconciliation of cash, cash equivalents and restricted cash:          
Cash and cash equivalents 149,624 164,796 149,624 164,796 163,767
Restricted cash 2,509 3,647 2,509 3,647 2,327
Total cash, cash equivalents and restricted cash 152,133 168,443 152,133 168,443 166,094
Non-cash activities:          
Right-of-use assets obtained (disposed) in exchange for lease liabilities 1,618 (1,649) 25,110 (1,367) 494
Purchase of property incurred but unpaid at period end $ 404 $ 401 $ 404 $ 401 $ 1,619