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CONDENSED FINANCIAL INFORMATION (Tables)
 12 Months Ended
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
CONDENSED BALANCE SHEETS
CONDENSED FINANCIAL INFORMATION
CONDENSED BALANCE SHEETS
(In millions, except share data)
December 31,
20232022
ASSETS
Intangibles - net$1 $1 
Investment in subsidiaries1,342 2,046 
TOTAL ASSETS$1,343 $2,047 
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable and other accrued liabilities$— $1 
Interest payable— 1 
Convertible senior notes376 959 
Total liabilities376 961 
Shareholders’ equity:
Common stock, $0.0001 par value; 3,000,000,000 shares authorized; 677,636,163 and 637,387,025 shares issued, respectively; 677,636,163 and 637,387,025 shares outstanding, respectively
— — 
Additional paid-in capital4,301 4,148 
Accumulated deficit(3,333)(3,058)
Accumulated other comprehensive income (loss)(1)(4)
Total shareholders’ equity967 1,086 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY$1,343 $2,047 
CONDENSED STATEMENTS OF OPERATIONS
CONDENSED STATEMENTS OF OPERATIONS
(In millions)

Year Ended December 31,
202320222021
Operating expenses:
General and administrative$8 $7 $7 
Total operating expenses8 7 7 
Loss from operations(8)(7)(7)
Warrant fair value adjustment— — 12 
Gain on extinguishment of debt
225 — — 
Interest expense(5)(8)(2)
Income (loss) before income taxes
212 (15)3 
Income tax expense— — — 
Earnings of subsidiaries(487)(1,338)(665)
Net loss$(275)$(1,353)$(662)



See accompanying note to condensed financial statements.
CONDENSED STATEMENTS OF CASH FLOWS
CONDENSED STATEMENTS OF CASH FLOWS
(In millions)
Year Ended December 31,
202320222021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss
$(275)$(1,353)$(662)
Adjustments to reconcile net loss to cash, cash equivalents used in operating activities:
Earnings of subsidiaries487 1,338 665 
Depreciation and amortization, net of accretion3 7 2 
Warrant fair value adjustment— — (12)
Gain on early extinguishment of debt
(225)— — 
Interest payable(1)— 1 
Other2 (2)— 
Net cash used in operating activities(9)(10)(6)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of intangible assets— — (1)
Investment in subsidiary(4)(6)(1,860)
Distribution from subsidiary370 10 139 
Net cash provided by (used in) investing activities366 4 (1,722)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of convertible senior notes— — 953 
Repurchase of convertible senior notes
(362)— — 
Purchase of capped calls related to convertible senior notes— — (119)
Proceeds from exercise of stock options3 4 15 
Proceeds from issuance of common stock for ESPP2 2 — 
Proceeds from warrant exercises— — 22 
Proceeds from February 2021 Offering— — 886 
Issuance of common stock— — (29)
Net cash (used in) provided by financing activities
(357)6 1,728 
NET INCREASE IN CASH AND CASH EQUIVALENTS— — — 
CASH AND CASH EQUIVALENTS - Beginning of year— — — 
CASH AND CASH EQUIVALENTS - End of year$— $— $— 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest$3 $2 $— 
DISCLOSURES OF NONCASH FINANCING ACTIVITIES:
Recognition of warrant liability$— $— $— 
Issuance of common stock in extinguishment of warrant liabilities$— $— $(35)
See accompanying note to condensed financial statements.