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Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities    
Net loss $ (48,438) $ (53,471)
Adjustments to reconcile net loss to net cash used in operating activities:    
Allowance for credit losses (3) 1
Inventory write-down 27 37
Depreciation and amortization expenses 3,458 3,012
Amortization of deferred income (1,331) (840)
Share-based compensation 15,800 17,980
Loss (gain) from fair value changes of equity investment with readily determinable fair value 1,912 (4,889)
Losses on disposal of property and equipment 0 407
Noncash lease expenses 2,466 2,069
Debt issuance costs 0 700
Foreign currency remeasurement impact (651) 2,068
Changes in operating assets and liabilities:    
Accounts receivable 8,737 (1,328)
Notes receivable (6,885) (9,239)
Inventories (13,198) 6,818
Prepayments and other current assets (1,601) (1,253)
Other non-current assets 1,401 (271)
Accounts payable 2,720 (13,370)
Other current liabilities (23,275) (34,204)
Operating lease liabilities (2,827) (2,783)
Deferred income (11) (1,550)
Net cash used in operating activities (61,699) (90,106)
Cash flows from investing activities    
Proceeds from maturity of short-term investment 330,000 16,300
Purchases of property and equipment (1,534) (974)
Acquisition of intangible assets (2,333) (12,034)
Net cash provided by investing activities 326,133 3,292
Cash flows from financing activities    
Proceeds from short-term debt 101,890 48,248
Repayment of short-term bank borrowings (60,904) 0
Payments of debt issuance costs 0 (700)
Proceeds from exercises of stock options 3,009 0
Payments of public offering costs (854) 0
Net cash provided by financing activities 43,141 47,548
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash 20 (104)
Net increase (decrease) in cash, cash equivalents and restricted cash 307,595 (39,370)
Cash, cash equivalents and restricted cash - beginning of period 550,781 791,264
Cash, cash equivalents and restricted cash - end of period 858,376 751,894
Supplemental disclosure on non-cash investing and financing activities    
Payables for purchase of property and equipment 2,645 2,481
Payables for acquisition of intangible assets 2,075 78
Payables for public offering costs 168 0
Right-of-use asset acquired under operating leases 0 2,395
Receivable from sales of equity investments 1,203 0
Receivables for stock option exercise under equity incentive plans 794 0
Supplemental disclosure of cash flow information    
Cash paid for interest $ 1,101 $ 45