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Balance Sheet Components
 3 Months Ended
Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Cash and cash equivalents consisted of the following (in thousands):
March 31, 2023December 31, 2022
Cash
$35,891 $58,754 
Cash equivalents
132,014 14,941 
Total cash and cash equivalents
$167,905 $73,695 
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets to the total of such amounts shown on the statements of cash flows. The restricted cash is primarily collateral for performance bonds issued to certain customers. The collateral is provided in the form of a cash deposit to either support the bond directly or to collateralize a letter of credit that supports the performance bonds.
March 31, 2023December 31, 2022
Cash and cash equivalents
$167,905 $73,695 
Restricted cash, current portion
12,565 12,565 
Total cash and cash equivalents, and restricted cash
$180,470 $86,260 
Inventories consisted of the following (in thousands):
March 31, 2023December 31, 2022
Raw materials
$163,327 $127,199 
Work in progress
22,419 21,153 
Finished goods
11,123 13,518 
Service parts
8,620 7,697 
Total inventories
$205,489 $169,567 
The write-down of excess or obsolete inventories to cost of goods sold were immaterial for the three months ended March 31, 2023 and 2022, respectively.
Property, plant, and equipment, net, consisted of the following (in thousands):
March 31, 2023December 31, 2022
Computer hardware
$6,020 $5,465 
Computer software
12,813 11,012 
Internally used vehicles and charging systems
15,177 15,177 
Leased vehicles and batteries
5,142 5,142 
Leasehold improvements
30,883 10,716 
Machinery and equipment
54,195 28,942 
Office furniture and equipment
3,282 2,523 
Tooling
23,971 22,430 
Finance lease right-of-use assets
878 179 
Construction in progress
29,209 72,505 
181,570 174,091 
Less: Accumulated depreciation and amortization
(71,145)(66,539)
Total
$110,425 $107,552 
Construction in progress was comprised of various assets that are not available for their intended use as of the balance sheet date, and mainly related to the equipment and facility build out at the battery manufacturing facility (Powered 1) in Greer, South Carolina.
For the three months ended March 31, 2023 and 2022, depreciation and amortization expense were $4.7 million and $3.4 million, respectively.
Accrued liabilities consisted of the following (in thousands):
March 31, 2023December 31, 2022
Accrued payroll and related expenses
$6,493 $8,647 
Accrued sales and use tax
1,284 1,784 
Warranty reserve
8,229 8,406 
Accrued supplier liability4,059 7,699 
Insurance related1,764 4,445 
Other accrued expenses
3,433 2,570 
Total
$25,262 $33,551 
Other long-term liabilities consisted of the following (in thousands):
March 31, 2023December 31, 2022
Warranty reserve$20,020 $17,107 
Finance lease liabilities, non-current512 57 
Total$20,532 $17,164 
Balance Sheet Components
Cash and cash equivalents consisted of the following (in thousands):
December 31,
20222021
Cash$58,754 $17,065 
Cash equivalents14,941 152,974 
Total cash and cash equivalents$73,695 $170,039 
The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets to the total of such amounts shown on the statements of cash flows. The restricted cash is primarily collateral for performance bonds issued to certain customers. The collateral is provided in the form of a cash deposit to either support the bond directly or to collateralize a letter of credit that supports the performance bonds.
December 31,
20222021
Cash and cash equivalents$73,695 $170,039 
Restricted cash, current portion12,565 12,105 
Restricted cash, net of current portion— 460 
Total restricted cash12,565 12,565 
Total cash and cash equivalents, and restricted cash$86,260 $182,604 
Inventories consisted of the following (in thousands):
December 31,
20222021
Raw materials$127,199 $65,225 
Work in progress21,153 25,062 
Finished goods13,518 18,269 
Service parts7,697 6,000 
Total inventories$169,567 $114,556 
The Company recorded a write-down of excess or obsolete inventories to cost of goods sold of $0.8 million, $1.9 million and $3.0 million in the years ended December 31, 2022, 2021 and 2020, respectively. For the year ended December 31, 2022, the Company recorded $7.7 million purchase commitment shortfall penalty to cost of goods sold associated with bus body inventory purchases.
Property, plant, and equipment, net, consisted of the following (in thousands):
December 31,
20222021
Computer hardware$5,465 $5,195 
Computer software11,012 9,561 
Internally used vehicles and charging systems15,177 16,459 
Leased vehicles and batteries5,142 6,863 
Leasehold improvements10,716 10,516 
Machinery and equipment28,942 28,302 
Office furniture and equipment2,523 1,861 
Tooling22,430 21,726 
Finance lease right-of-use assets179 179 
Construction in progress72,505 20,243 
174,091 120,905 
Less: Accumulated depreciation and amortization(66,539)(58,659)
Total$107,552 $62,246 
Construction in progress was comprised of various assets that are not available for their intended use as of the balance sheet date, and mainly related to the equipment and facility build out at the Powered 1 battery factory in Greer, South Carolina.
Depreciation and amortization expense were $12.6 million, $15.7 million and $15.5 million for the years ended December 31, 2022, 2021 and 2020, respectively.
Accrued liabilities consisted of the following (in thousands):
December 31,
20222021
Accrued payroll and related expenses$8,647 $8,069 
Accrued sales and use tax1,784 885 
Warranty reserve8,406 8,116 
Accrued supplier liability7,699 — 
Insurance related liability4,445 — 
Other accrued expenses2,570 3,564 
Total$33,551 $20,634 
Other long-term liabilities consisted of the following (in thousands):
December 31,
20222021
Warranty reserve$17,107 $15,158 
Finance lease liabilities, non-current57 87 
Total$17,164 $15,245