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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities    
Net loss $ (175,419) $ (239,191)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for credit losses (3) 1
Inventory write-down 814 746
Depreciation and amortization expenses 8,824 6,570
Amortization of deferred income (2,518) (2,547)
Share-based compensation 53,413 59,164
Loss from fair value changes of equity investment with readily determinable fair value 6,067 1,965
Losses on disposal of property and equipment 451 139
Gain on disposal of land use right 0 (408)
Noncash lease expenses 6,104 6,630
Gain on sale of intellectual property 0 (10,000)
Debt issuance costs 700 0
Foreign currency remeasurement impact (8,281) 26,315
Changes in operating assets and liabilities:    
Accounts receivable 9,712 (2,823)
Notes receivable (12,901) (15,563)
Inventories 4,403 (14,408)
Prepayments and other current assets (10,767) 5,126
Long-term deposits 234 140
Value added tax recoverable (1,223) 0
Accounts payable 6,545 (9,494)
Other current liabilities (36,854) 227
Operating lease liabilities (6,853) (5,794)
Deferred income (1,548) 9,619
Other non-current liabilities 0 325
Net cash used in operating activities (159,100) (183,261)
Cash flows from investing activities    
Purchases of short-term investments 0 (134,000)
Proceeds from maturity of short-term investment 16,300 102,400
Purchases of property and equipment (3,057) (6,990)
Proceeds from the sale of property and equipment 29 122
Acquisition of intangible assets (40,711) (658)
Proceeds from sale of intellectual property 0 10,000
Proceeds from disposal of land use right 0 3,893
Net cash used in investing activities (27,439) (25,233)
Cash flows from financing activities    
Proceeds from short-term debt 111,738 0
Repayment of short-term bank borrowings (282) 0
Payments of debt issuance costs (700) 0
Proceeds from exercises of stock options 1,321 1,899
Taxes paid related to settlement of equity awards 0 (8,725)
Net cash provided by (used in) financing activities 112,077 (6,826)
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 402 (3,355)
Net decrease in cash, cash equivalents and restricted cash (74,060) (218,675)
Cash, cash equivalents and restricted cash - beginning of period 791,264 1,009,273
Cash, cash equivalents and restricted cash - end of period 717,204 790,598
Supplemental disclosure on non-cash investing and financing activities    
Payables for purchase of property and equipment 2,612 2,625
Payables for acquisition of intangible assets 11,358 98
Payables for treasury stock 0 31
Right-of-use asset acquired under operating leases 3,945 3,296
Receivables for stock option exercise under equity incentive plans 1,593 0
Supplemental disclosure of cash flow information    
Cash paid for interest $ 1,169 $ 0