Cash Flow

Unaudited Condensed Consolidated Statements of Cash Flows for the Six months ended June 30, 2022 and 2021

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net Income (Loss) $ (85,607) $ (25,842)
Adjustments to reconcile net loss to net cash used in operating activities    
Equity-based compensation 2,682 2,166
Change in fair value of warrants 13,944 4,835
Depreciation expense 9,256 1,294
Amortization of debt issuance costs and debt discounts 2,538 265
Accretion of discount on debt securities (318) (138)
Operating lease amortization expense 767 926
Loss on extinguishment of debt 21,214 0
Changes in operating assets and liabilities    
Prepaid expenses and other current assets (340) (1,148)
Prepaid expenses and other non-current assets 83 (174)
Accounts payable 1,196 1,218
Accrued expenses 214 2,116
Accrued interest (4,151) 324
Operating right-of-use liabilities (656) (597)
Net cash used in operating activities (39,178) (14,755)
Cash flows from investing activities    
Purchase of property, plant & equipment (14,348) (46,632)
Purchase of debt securities, available for sale (30,586) 0
Sale and maturity of debt securities, available for sale 76,961 99,371
Net cash provided by investing activities 32,027 52,739
Cash flows from financing activities    
Payment to purchase revenue bonds (253,230) 0
Debt issuance costs (1,119) (1,344)
Payments to repurchase shares (598) (277)
Other payments for financing activities (476) (11)
Net cash used in financing activities (255,423) (1,632)
Net (decrease) increase in cash and restricted cash (262,574) 36,352
Cash and restricted cash, beginning of period 302,514 227,523
Cash and restricted cash, end of period 39,940 263,875
Non-cash operating activities    
Interest paid during the period, net of capitalized interest  16,383 0
Non-cash investing activities    
Additions to property, plant, and equipment in accrued expenses 15,656 30,809
Additions to property, plant, and equipment in accounts payable 5,903 20,509
Additions to property, plant, and equipment in accrued interest 0 4,271
Non-cash financing activities    
PIK interest on related party note payable 1,441 0
Reconciliation of cash, cash equivalents reported in the consolidated balance sheet    
Cash and cash equivalents 25,021 38,381
Restricted cash and cash equivalents - current 7,566 68,028
Restricted cash and cash equivalents - non-current 7,353 157,466
Total cash, cash equivalents and restricted cash $ 39,940 $ 263,875

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