v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:
Net loss $ (188,863) $ (328,405) $ (30,143)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization 105,297 108,655 78,716
Non-cash interest 2,750 2,750 9,389
Amortization of debt discount and debt issuance costs 1,222 1,161 785
Losses from investments in investees 107 383 629
Equity-based compensation – employees and non-employees 11,413 18,509 13,632
Non-cash revenue from the transfer of intellectual property 0 0 (3,801)
Realized loss (gain) on disposal of fixed assets and sales of equity securities 1,321 (455) (33,922)
Loss on conversion of the 2025 Notes 0 0 11,111
Change in fair value of equity securities and derivative instruments 17,647 153,835 3,967
Contingent consideration (1,036) (1,312) (1,703)
Gain on sale of GeneDx 0 (18,559) 0
Deferred income tax provision 146 (74,405) 10,159
Changes in assets and liabilities, net of the effects of acquisitions:
Accounts receivable, net 3,411 128,602 5,232
Inventory, net 15,197 13,662 30,684
Other current assets and prepaid expenses 7,164 (3,416) 1,478
Other assets (288) 1,935 260
Accounts payable 2,828 (9,388) (10,847)
Foreign currency measurement (1,036) 2,369 2,345
Contract liabilities (131) (329) (15,911)
Accrued expenses and other liabilities (5,346) (90,781) (33,723)
Net cash (used in) provided by operating activities (28,197) (95,189) 38,337
Cash flows from investing activities:
Investments in investees (5,000) 0 (2,000)
Proceeds from sale of investments 364 115,423 8,079
Acquisition of businesses, net of cash acquired 0 (1,758) (4,000)
Proceeds from the sale of property, plant and equipment 2,713 1,951 66,026
Capital expenditures (16,275) (24,578) (32,156)
Net cash (used in) provided by investing activities (18,198) 91,038 35,949
Cash flows from financing activities:
Debt issuance costs 0 0 (188)
Net activity from the exercise of common stock options and warrants (272) (774) 1,081
Borrowings on lines of credit 671,678 1,059,519 1,684,713
Repayments of lines of credit (679,709) (1,035,774) (1,695,956)
Redemption of 2033 Senior Notes (3,000) 0 0
Net cash (used in) provided by financing activities (11,303) 22,971 (10,350)
Effect of exchange rate changes on cash and cash equivalents 388 (339) (1,437)
Net increase (decrease) in cash and cash equivalents (57,310) 18,481 62,499
Cash and cash equivalents at beginning of period 153,191 134,710 72,211
Cash and cash equivalents at end of period 95,881 153,191 134,710
SUPPLEMENTAL INFORMATION:
Interest paid 8,135 7,420 8,515
Income taxes paid, net of refunds 3,712 8,037 5,969
Operating lease right-of-use assets obtained in exchange for lease obligations 29,363 0 6,493
Assets acquired by finance leases 203 4,717 0
Non-cash financing:
2025 convertible Notes 0 0 68,775
Common Stock options and warrants, surrendered in net exercise 301 1,268 0
Issuance of common stock for acquisition of ModeX 0 221,662 0
Fair value of shares included in consideration from GeneDx Holdings $ 6,689 $ 172,000 $ 0

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