Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net loss $ (358,741) $ (214,924) $ (208,733)
Adjustments to reconcile net loss to net cash used in operating activities:      
Issuance of and mark-to-market adjustments of derivative liabilities (134,304) (37,811) 0
Impairment of assets [1] 215,822 0 0
Impairment of product sales inventory 31,769 0 0
Depreciation and amortization 61,713 51,592 32,495
Non-cash vehicle expenses 13,359 7,233 11,998
Stock-based compensation expense 95,335 86,631 6,174
Bad debt expense 2,584 2,766 463
Breakage revenue (31,041) 0 0
Loss on extinguishment of debt 0 2,304 0
Amortization of debt issuance costs and discounts 3,548 1,851 6,042
Other 1,199 392 (300)
Changes in assets and liabilities, net of impact of business acquisitions and disposals:      
Accounts receivable 3,623 (8,372) (662)
Inventory 15,916 (9,331) (901)
Prepaid expenses and other current assets (11,154) (24,827) 7,746
Other assets (3,882) 200 (162)
Accounts payable 15,010 (7,485) (15,096)
Deferred revenue 15,913 14,614 10,699
Accrued expenses and other current liabilities 5,009 3,667 5,122
Other liabilities 1,491 (127) (5,036)
Net cash used in operating activities (56,831) (131,627) (150,151)
Cash flows from investing activities      
Purchases of property and equipment (527) (846) (500)
Purchases of vehicles (88,886) (214,852) (11,862)
Net cash acquired (used) in acquisitions 0 0 68,664
Net cash (used in) provided by investing activities (89,413) (215,698) 56,302
Cash flows from financing activities      
Proceeds from Business Combination and PIPE financing 0 249,611 0
Transaction costs paid in connection with Business Combination and PIPE financing 0 (25,946) 0
Proceeds from issuance of debt, net of issuance costs 107,910 52,680 0
Proceeds from issuance of convertible debt, net of issuance costs 23,386 0 0
Proceeds from issuance of redeemable convertible senior preferred stock and derivatives, net of issuance costs 0 207,814 0
Proceeds from issuance of common stock 1,055 423 933
Payment for settlement of warrants 0 (600) (2,002)
Payment for taxes related to net share settlement (2,172) 0 0
Debt repayments (110,594) (40,610) (18,776)
Net cash provided by financing activities 19,585 443,372 31,866
Effect of exchange rate changes on cash and cash equivalents and restricted cash and cash equivalents 5,802 10,087 (3,590)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents (120,856) 106,134 (65,573)
Beginning of period 159,901 53,767 119,340
End of period 39,045 159,901 53,767
Cash and cash equivalents 33,469 128,556 43,158
Restricted cash and cash equivalents 5,576 31,345 10,609
Total cash and cash equivalents and restricted cash and cash equivalents 39,045 159,901 53,767
Non-cash activities:      
Conversion of redeemable convertible preferred stock to common stock in connection with the Business Combination 0 1,300,121 0
Transaction costs not yet paid 0 6,563 0
Fair value of net asset acquired in non cash acquisition 0 0 190,000
Payment for settlement of debt in exchange for the issuance of common stock under the Purchase Agreement 3,060 0 0
Supplemental disclosures of cash flow information      
Interest 7,102 695 4,278
Income taxes 418 263 214
Proceeds from issuance of redeemable convertible senior preferred stock and derivatives, net of issuance costs $ 0 $ 0 $ 51,711
[1]
(1) Includes stock-based compensation expense as follows:
December 31,
2022 2021 2020
Cost of revenue $ —  $ —  $ 15 
General and administrative 80,148  78,735  4,372 
Selling and marketing 2,352  2,714  895 
Research and development 12,835  5,182  892 
Stock-based compensation expense $ 95,335  $ 86,631  $ 6,174