XML 31 R9.htm IDEA: XBRL DOCUMENT v3.22.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating Activities:      
Net loss $ (657,939) $ (1,743,751) $ (418,259)
Reconciliation of net loss to net cash used in operating activities:      
Depreciation and amortization 29,054 12,661 4,885
Right-of-use assets expensed, net of credits received 18,104 144,433 245,861
Non-cash stock-based compensation 130,300 183,626 128,035
Provision for excess and obsolete inventory 447,597 0 0
Other items, net (21,903) (7,641) (15,080)
Changes in operating assets and liabilities:      
Inventory (477,801) (8,872) 0
Accounts receivable, prepaid expenses, and other assets 249,166 (183,393) (422,689)
Accounts payable, accrued expenses, and other liabilities 913,399 600,326 163,161
Deferred revenue (1,045,914) 1,325,557 271,545
Net cash provided by (used in) operating activities (415,937) 322,946 (42,541)
Investing Activities:      
Capital expenditures (89,056) (54,501) (54,473)
Internal-use software (3,929) (2,985) (149)
Acquisition of Novavax CZ, net of cash acquired 0 0 (165,516)
Purchases of marketable securities 0 (2,167) (363,202)
Proceeds from maturities of marketable securities 0 159,807 205,562
Net cash provided by (used in) investing activities (92,985) 100,154 (377,778)
Financing Activities:      
Net proceeds from sale of preferred stock 0 0 199,822
Net proceeds from sales of common stock 249,230 564,859 875,623
Proceeds from issuance of convertible notes 175,250 0 0
Payments of costs related to issuance of convertible notes (5,258) 0 0
Net proceeds from the exercise of stock-based awards (639) 24,761 5,382
Finance lease payments (93,595) (127,907) (96,065)
Net cash provided by financing activities 324,988 461,713 984,762
Effect of exchange rate on cash, cash equivalents, and restricted cash 4,520 (5,292) 2,115
Net increase in cash, cash equivalents, and restricted cash (179,414) 879,521 566,558
Cash, cash equivalents, and restricted cash at beginning of year 1,528,259 648,738 82,180
Cash, cash equivalents, and restricted cash at end of year 1,348,845 1,528,259 648,738
Supplemental disclosure of non-cash activities:      
Sale of common stock under the Sales Agreement not settled at year-end 0 0 3,227
Capital expenditures included in accounts payable and accrued expenses 17,665 10,338 9,255
Right-of-use assets from new lease agreements 91,855 179,210 247,599
Supplemental disclosure of cash flow information:      
Cash interest payments, net of amounts capitalized 18,035 19,428 13,705
Cash paid for income taxes $ 17,980 $ 12,606 $ 0