v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:
Net loss $ (122,380) $ (243,174)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization 79,315 82,195
Non-cash interest 2,057 2,057
Amortization of debt discount and debt issuance costs 908 863
Losses from investments in investees 99 359
Equity-based compensation – employees and non-employees 8,746 15,315
Realized loss on disposal of fixed assets and sales of equity securities 1,444 (814)
Change in fair value of equity securities and derivative instruments 14,406 104,126
Contingent consideration (1,023) (685)
Gain on sale of GeneDx 0 (15,365)
Deferred income tax benefit 7,307 (48,883)
Changes in assets and liabilities:
Accounts receivable, net 8,741 130,052
Inventory, net 4,082 11,314
Other current assets and prepaid expenses 10,220 (3,977)
Other assets (2,666) 211
Accounts payable 191 (25,000)
Foreign currency measurement 24 10,541
Contract liabilities (2) (73)
Accrued expenses and other liabilities (1,372) (82,631)
Net cash provided by (used in) operating activities 10,097 (63,569)
Cash flows from investing activities:
Investments in investees (5,000) 0
Proceeds from sale of equity securities 364 0
Proceeds from sale of GeneDx 0 115,423
Acquisition of businesses, net of cash 0 228
Proceeds from the sale of property, plant and equipment 1,109 1,501
Capital expenditures (13,253) (18,242)
Net cash provided by (used in) investing activities (16,780) 98,910
Cash flows from financing activities:
Proceeds from the exercise of common stock options (273) (688)
Borrowings on lines of credit 515,318 893,548
Repayments of lines of credit (519,597) (880,033)
Redemption of 2033 Senior Notes (3,000) 0
Net cash provided by (used in) financing activities (7,552) 12,827
Effect of exchange rate changes on cash and cash equivalents (335) (2,040)
Net increase (decrease) in cash and cash equivalents (14,570) 46,128
Cash and cash equivalents at beginning of period 153,191 134,710
Cash and cash equivalents at end of period 138,621 180,838
SUPPLEMENTAL INFORMATION:
Interest paid 10,748 7,019
Income taxes paid, net of refunds (823) 4,471
Assets acquired by finance leases 713 0
Operating lease right-of-use assets obtained in exchange for lease obligations 5,966 0
Non-cash financing:
Common stock options, warrants, and restricted stock units surrendered in net exercise 301 1,182
Issuance of common stock for acquisition of ModeX 0 221,662
Fair value of shares received included in consideration from GeneDx Holdings $ 6,689 $ 172,000

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