Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net loss $ (46,266) $ (204,141)
Loss from discontinued operations, net of income taxes 0 (1,022)
Loss from continuing operations (46,266) (203,119)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 16,568 6,301
Bad debt expense (1) 4
Stock-based compensation expense 13,226 772
Loss on issuance of 2021 convertible Bridge Notes 0 96,476
Loss on issuance of 2021 convertible Bridge Notes Rights Offering 0 3,193
Issuance costs for derivative liabilities and debt carried at fair value 0 47,718
Amortization of debt discount and issuance costs 1,018 823
Gain on equity method investment (1,470) (963)
Loss on disposal of property and equipment 0 24
(Loss) gain on derivatives (3,494) 14,975
Satellite impairment loss 0 18,407
Other, net 16 0
Changes in operating assets and liabilities:    
Accounts receivable (787) (1,293)
Contract assets (3,824) 1,151
Prepaid expenses and other current assets 1,914 (405)
Other assets (30) (150)
Accounts payable and accrued liabilities 389 (2,604)
Other current liabilities 16 (2,067)
Contract liabilities - current and long-term (6,903) (952)
Liability for estimated contract losses (2,670) (1,047)
Other liabilities 4,509 1,644
Net cash used in operating activities (27,789) (21,112)
Cash flows from investing activities:    
Purchase of property and equipment (5,289) (207)
Satellite procurement work in process (20,208) (11,205)
Purchase of short-term investments (43,774) 0
Purchase of domain name 0 (7)
Proceeds from equity method investment 313 0
Net cash used in investing activities (68,958) (11,419)
Cash flows from financing activities:    
Proceeds from issuance of debt 0 58,573
Proceeds from options exercised 25 7
Proceeds from warrants exercised 0 120
Debt payments 0 (750)
Payments for deferred offering costs 0 (3,487)
Payments for debt issuance costs 0 (646)
Withholding tax payments on vesting of restricted stock units (4,037) 0
Net cash (used in) provided by financing activities (4,012) 53,817
Net (decrease) increase in cash, cash equivalents, and restricted cash (100,759) 21,286
Cash, cash equivalents, and restricted cash – beginning of year 168,104 10,573
Cash, cash equivalents, and restricted cash – end of period 67,345 31,859
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 64,827 26,384
Restricted cash 2,518 5,475
Total cash, cash equivalents, and restricted cash 67,345 31,859
Supplemental disclosures of cash flow information:    
Cash paid for interest 2 286
Supplemental disclosures of non-cash financing and investing information:    
Capitalized stock-based compensation 1,001 0
Capitalized interest for property and equipment placed into service 220 135
Accretion of short-term investments' discounts and premiums 59 0
Withholding of stock units to satisfy tax withholding obligations upon the exercise of stock options 23 0
Debt issuance costs expensed for debt carried at fair value accrued but not paid 0 3,129
Issuance of common stock due to Bridge Notes, net of issuance costs 0 106,353
Issuance of common stock warrants due to Bridge Notes 0 18,800
Consent fees payable in common stock or cash recorded as a derivative 0 2,715
Contingent liability for working capital adjustment and use taxes to M&Y Space Co. Ltd 0 1,022
Internet Domain Names    
Supplemental disclosures of non-cash financing and investing information:    
Property and equipment additions accrued but not paid 0 3,663
Property, Plant and Equipment    
Supplemental disclosures of non-cash financing and investing information:    
Property and equipment additions accrued but not paid $ 3,798 $ 10,837