Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net loss $ (59,314) $ (251,038)
Gain (loss) from discontinued operations, net of income taxes 707 (1,022)
Loss from continuing operations (60,021) (250,016)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization expense 26,166 9,804
Loss on debt extinguishment 0 (75)
Bad debt expense 13 4
Stock-based compensation expense 16,389 29,265
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 48,009
Amortization of debt discount and issuance costs 1,549 1,311
Gain on equity method investment (694) (793)
Loss on disposal of property and equipment 0 24
(Gain) loss on derivatives (10,629) 11,162
Satellite impairment loss 0 18,407
Interest income (373) 0
Other, net 106 0
Changes in operating assets and liabilities:    
Accounts receivable (2,485) (2,010)
Contract assets (4,237) 1,487
Prepaid expenses and other current assets 657 (4,428)
Other assets (1,335) (423)
Accounts payable and accrued liabilities 692 (15)
Other current liabilities (581) (2,195)
Contract liabilities - current and long-term (2,774) (1,960)
Liability for estimated contract losses (4,088) 1,385
Other liabilities 2,216 2,496
Net cash used in operating activities (39,429) (38,742)
Cash flows from investing activities:    
Purchase of property and equipment (8,905) (532)
Satellite procurement work in process (25,421) (48,951)
Purchase of short-term investments (50,343) 0
Purchase of domain name 0 (7)
Proceeds from equity method investment 546 0
Net cash used in investing activities (84,123) (49,490)
Cash flows from financing activities:    
Proceeds from recapitalization transaction, net of payment of equity issuance costs 0 245,222
Payments of transaction costs related to Sponsor Shares 0 (291)
Proceeds from issuance of debt 0 58,573
Proceeds from options exercised 37 100
Proceeds from warrants exercised 0 163
Capital lease payments 2 0
Debt payments 0 (22,198)
Payments for debt issuance costs 0 (6,238)
Withholding tax payments on vesting of restricted stock units (4,551) 0
Net cash (used in) provided by financing activities (4,516) 275,331
Net (decrease) increase in cash, cash equivalents, and restricted cash (128,068) 187,099
Cash, cash equivalents, and restricted cash – beginning of year 168,104 10,573
Cash, cash equivalents, and restricted cash – end of period 40,036 197,672
Supplemental Cash Flow Elements [Abstract]    
Cash and cash equivalents 37,201 194,942
Restricted cash 2,835 2,730
Total cash, cash equivalents, and restricted cash 40,036 197,672
Supplemental disclosures of cash flow information:    
Cash paid for interest 5 398
Supplemental disclosures of non-cash financing and investing information:    
Capitalized stock-based compensation 1,261 0
Capitalized interest for property and equipment placed into service 220 735
Accretion of short-term investments' discounts and premiums 357 0
Repurchase and retirement of common stock 30 0
Equity costs accrued but not paid 0 388
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
Net exercise of common stock warrants 0 210
Conversion of Bridge Notes 0 77,097
Net exercise of Bridge Note warrants 0 38,329
Contingent liability for working capital adjustment and use taxes to M&Y Space Co. Ltd 707 1,022
Common Stock warrants    
Supplemental disclosures of non-cash financing and investing information:    
Net exercise of common stock warrants in connection with merger 0 1,324
Property, Plant and Equipment    
Supplemental disclosures of non-cash financing and investing information:    
Property and equipment additions accrued but not paid $ 4,329 $ 1,184