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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES:      
Net loss $ (436,373) $ (479,449) $ (654,588)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 42,387 42,881 35,962
Operating lease costs 31,133 29,699 28,585
Contingent consideration 1,010 110 4,305
Stock-based compensation 140,411 90,759 94,685
Amortization of debt issuance costs 2,581 2,575 2,569
Amortization of (discount) premium on marketable debt securities (6,774) (13,552) 4,595
Unrealized and realized losses (gains) on marketable equity securities 44,401 (79,710) 7,793
Impairment of non-marketable equity securities and other related assets 0 29,054 5,261
Fair value adjustments of noncontrolling interest liability 0 0 99,785
Other 2,228 (1,182) 21
Changes in operating assets and liabilities:      
Accounts receivable, net (21,389) 8,378 375
Inventory, net (9,135) (10,350) (20,926)
Prepaid expenses and other current assets, net (7,691) (4,332) 20,444
Other assets, net (2,375) 1,298 11,698
Accounts payable and accrued liabilities (2,820) 5,191 60,328
Other legal liabilities 0 83,400 0
Operating lease liabilities (36,115) (31,478) (20,228)
Deferred revenue 18,663 1,733 9,873
Net cash used in operating activities (239,858) (324,975) (309,463)
INVESTING ACTIVITIES:      
Purchases of marketable debt securities (307,323) (629,902) (303,757)
Maturities of marketable debt securities 35,000 1,494,700 555,000
Sales of marketable equity securities and other related assets 53,600 1,531 0
Purchases of non-marketable equity securities and other related assets (7,500) (5,593) (23,966)
Purchases of property and equipment (35,085) (20,486) (77,461)
Net cash (used in) provided by investing activities (261,308) 840,250 149,816
FINANCING ACTIVITIES:      
Proceeds from issuance of common stock under employee stock purchase plan 11,719 10,154 9,316
Proceeds from issuance of common stock upon exercise of stock options 3,119 405 2,625
Employee taxes paid related to settlement of restricted stock units (15,681) (11,197) (7,878)
Proceeds from equity offerings 0 493,116 0
Payment of equity offering costs 0 (21,131) 0
Joint Venture Acquisition 0 0 (177,785)
Tender offer issued in connection with the Joint Venture Acquisition and acquisition related costs 0 0 (14,235)
Other (153) 6,028 (1,136)
Net cash (used in) provided by financing activities (996) 477,375 (189,093)
Net effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (1,770) (911) (1,600)
Net (decrease) increase in cash, cash equivalents and restricted cash (503,932) 991,739 (350,340)
Cash, cash equivalents and restricted cash – Beginning of period 1,133,687 141,948 492,288
Cash, cash equivalents and restricted cash – End of period 629,755 1,133,687 141,948
Supplemental Disclosures of Cash Flow Information:      
Cash paid for income taxes 1,007 1,969 1,331
Supplemental Disclosures of Noncash Investing and Financing Activities:      
Operating lease liabilities arising from obtaining right-of-use assets 7,899 5,015 4,073
Purchases of property and equipment included in accounts payable and accrued liabilities 3,809 5,279 8,291
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 525,540 1,133,537 141,647
Restricted cash – included in restricted cash 104,215 150 0
Restricted cash – included in other assets, net 0 0 301
Total cash, cash equivalents and restricted cash $ 629,755 $ 1,133,687 $ 141,948