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CONDENSED FINANCIAL INFORMATION (Tables) | 12 Months Ended
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Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
CONDENSED BALANCE SHEETS | CONDENSED FINANCIAL INFORMATION CONDENSED BALANCE SHEETS (In millions, except share data)
|  | December 31,
|  | 2022 |  | 2021
ASSETS |  |  |  |
Intangibles - net |  | $ | 1 |  |  | $ | 1 |
Investment in subsidiaries |  | 2,046 |  |  | 3,202 |
TOTAL ASSETS |  | $ | 2,047 |  |  | $ | 3,203 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |
Accounts payable and other accrued liabilities |  | $ | 1 |  |  | $ | — |
Interest payable |  | 1 |  |  | 1 |
Convertible senior notes |  | 959 |  |  | 954 |
Total liabilities |  | 961 |  |  | 955 |
Shareholders’ equity: |  |  |  |
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 637,387,025 and 616,026,565 shares issued, respectively; 637,387,025 and 616,026,565 shares outstanding, respectively |  | — |  |  | — |
Additional paid-in capital |  | 4,148 |  |  | 3,955 |
Accumulated deficit |  | (3,058) |  |  | (1,705) |
Accumulated other comprehensive income (loss) |  | (4) |  |  | (2) |
Total shareholders’ equity |  | 1,086 |  |  | 2,248 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |  | $ | 2,047 |  |  | $ | 3,203 |
CONDENSED STATEMENTS OF OPERATIONS | CONDENSED STATEMENTS OF OPERATIONS (In millions)
| Year Ended December 31, |
| 2022 |  | 2021 |  | 2020 |
Operating expenses: |  |  |  |  |  |
General and administrative | $ | 7 |  |  | $ | 7 |  |  | $ | — |  |
Total operating expenses | 7 |  |  | 7 |  |  | — |  |
Loss from operations | (7) |  |  | (7) |  |  | — |  |
Warrant fair value adjustment | — |  |  | 12 |  |  | 34 |  |
Interest expense | (8) |  |  | (2) |  |  | — |  |
(Loss) income before income taxes | (15) |  |  | 3 |  |  | 34 |  |
Income tax expense | — |  |  | — |  |  | — |  |
Earnings of subsidiaries | (1,338) |  |  | (665) |  |  | (287) |  |
Net loss | $ | (1,353) |  |  | $ | (662) |  |  | $ | (253) |  |
See accompanying note to condensed financial statements.
CONDENSED STATEMENTS OF CASH FLOWS | CONDENSED STATEMENTS OF CASH FLOWS (In millions)
| Year Ended December 31, |
| 2022 |  | 2021 |  | 2020 |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |
Net (loss) income | $ | (1,353) |  |  | $ | (662) |  |  | $ | (253) |  |
Adjustments to reconcile net (loss) income to cash, cash equivalents (used in) provided by operating activities: |  |  |  |  |  |
Earnings of subsidiaries | 1,338 |  |  | 665 |  |  | 287 |  |
Depreciation and amortization, net of accretion | 7 |  |  | 2 |  |  | — |  |
Warrant fair value adjustment | — |  |  | (12) |  |  | (34) |  |
Interest payable | — |  |  | 1 |  |  | — |  |
Other | (2) |  |  | — |  |  | — |  |
Net cash used in operating activities | (10) |  |  | (6) |  |  | — |  |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |  |
Purchase of intangible assets | — |  |  | (1) |  |  | — |  |
Investment in subsidiary | (6) |  |  | (1,860) |  |  | (977) |  |
Distribution from subsidiary | 10 |  |  | 139 |  |  | 6 |  |
Net cash provided by (used in) investing activities | 4 |  |  | (1,722) |  |  | (971) |  |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |  |
Proceeds from issuance of convertible senior notes | — |  |  | 953 |  |  | — |  |
Purchase of capped calls related to convertible senior notes | — |  |  | (119) |  |  | — |  |
Proceeds from exercise of stock options | 4 |  |  | 15 |  |  | — |  |
Proceeds from issuance of common stock for ESPP | 2 |  |  | — |  |  | — |  |
Proceeds from warrant exercises | — |  |  | 22 |  |  | — |  |
Proceeds from Business Combination and PIPE offering | — |  |  | — |  |  | 1,014 |  |
Proceeds from February 2021 Offering | — |  |  | 886 |  |  | — |  |
Issuance of common stock | — |  |  | (29) |  |  | (43) |  |
Net cash provided by financing activities | 6 |  |  | 1,728 |  |  | 971 |  |
NET INCREASE IN CASH AND CASH EQUIVALENTS | — |  |  | — |  |  | — |  |
CASH AND CASH EQUIVALENTS - Beginning of year | — |  |  | — |  |  | — |  |
CASH AND CASH EQUIVALENTS - End of year | $ | — |  |  | $ | — |  |  | $ | — |  |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest | $ | 2 |  |  | $ | — |  |  | $ | — |  |
DISCLOSURES OF NONCASH FINANCING ACTIVITIES: |  |  |  |  |  |
Recognition of warrant liability | $ | — |  |  | $ | — |  |  | $ | 81 |  |
Issuance of common stock in extinguishment of warrant liabilities | $ | — |  |  | $ | (35) |  |  | $ | — |  |
See accompanying note to condensed financial statements.

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