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CONDENSED FINANCIAL INFORMATION (Tables)
 12 Months Ended
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,
20222021
ASSETS
Intangibles - net$1 $1 
Investment in subsidiaries2,046 3,202 
TOTAL ASSETS$2,047 $3,203 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other accrued liabilities$1 $— 
Interest payable1 1 
Convertible senior notes959 954 
Total liabilities961 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 capital4,148 3,955 
Accumulated deficit(3,058)(1,705)
Accumulated other comprehensive income (loss)(4)(2)
Total shareholders’ equity1,086 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,
202220212020
Operating expenses:
General and administrative$7 $7 $— 
Total operating expenses7 7 — 
Loss from operations(7)(7)— 
Warrant fair value adjustment— 12 34 
Interest expense(8)(2)— 
(Loss) income before income taxes(15)3 34 
Income tax expense— — — 
Earnings of subsidiaries(1,338)(665)(287)
Net loss$(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,
202220212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net (loss) income$(1,353)$(662)$(253)
Adjustments to reconcile net (loss) income to cash, cash equivalents (used in) provided by operating activities:
Earnings of subsidiaries1,338 665 287 
Depreciation and amortization, net of accretion7 2 — 
Warrant fair value adjustment— (12)(34)
Interest payable— 1 — 
Other(2)— — 
Net cash used in operating activities(10)(6)— 
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of intangible assets— (1)— 
Investment in subsidiary(6)(1,860)(977)
Distribution from subsidiary10 139 6 
Net cash provided by (used in) investing activities4 (1,722)(971)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes— 953 — 
Purchase of capped calls related to convertible senior notes— (119)— 
Proceeds from exercise of stock options4 15 — 
Proceeds from issuance of common stock for ESPP2 — — 
Proceeds from warrant exercises— 22 — 
Proceeds from Business Combination and PIPE offering— — 1,014 
Proceeds from February 2021 Offering— 886 — 
Issuance of common stock— (29)(43)
Net cash provided by financing activities6 1,728 971 
NET INCREASE IN CASH AND CASH EQUIVALENTS— — — 
CASH AND CASH EQUIVALENTS - Beginning of year— — — 
CASH AND CASH EQUIVALENTS - End of year$— $— $— 
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.