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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 $ (334,620) $ (443,286) $ (704,471)
Adjustments to reconcile net loss to net cash used in operating activities:      
Allowance for credit loss 6 1 10
Inventory write-down 973 477 1,368
Depreciation and amortization expenses 9,029 8,227 6,487
Impairment of property and equipment 57 0 0
Amortization of deferred income (3,383) (2,602) (521)
Share-based compensation 79,634 61,302 40,714
Noncash research and development expenses 0 0 62,250
Share of loss from equity method investment 0 221 1,057
(Gain) loss from fair value changes of equity investment with readily determinable fair value (2,789) 8,952 14,617
Loss on disposal of property and equipment 159 560 29
Gain on disposal of land use right (408) 0 0
Noncash lease expenses 8,708 8,350 6,119
Gain from sale of intellectual property (10,000) 0 0
Foreign currency remeasurement loss (gain) 14,850 56,403 (10,679)
Changes in operating assets and liabilities:      
Accounts receivable (20,040) 4,330 (42,319)
Notes receivable 2,352 (1,976) (7,335)
Inventories (14,907) (15,382) (7,174)
Prepayments and other current assets 12,246 (19,258) (7,086)
Long-term deposits 187 (527) (8)
Value added tax recoverable 0 22,781 (1,717)
Accounts payable 36,803 (53,773) 63,522
Other current liabilities 19,810 7,392 30,142
Operating lease liabilities (8,351) (8,455) (5,385)
Deferred income 11,181 (1,379) 11,149
Other non-current Liabilities 325 0 0
Net cash provided by (used in) operating activities (198,178) (367,642) (549,231)
Cash flows from investing activities      
Purchase of short-term investments (134,000) (260,274) (445,000)
Proceeds from maturity of short-term investments 117,700 705,274 743,902
Purchase of investment in equity investee 0 0 (30,000)
Purchase of property and equipment (7,212) (24,585) (18,295)
Proceeds from the sale of property and equipment 122 0 3
Acquisition of intangible assets (1,279) (399) (653)
Proceeds from sale of intellectual property 10,000 0 0
Proceeds from disposal of land use right 3,893 0 0
Net cash (used in) provided by investing activities (10,776) 420,016 249,957
Cash flows from financing activities      
Proceeds from exercises of stock options 2,369 5,870 7,417
Proceeds from issuance of ordinary shares upon public offerings 0 0 818,875
Payment of public offering costs 0 0 (1,837)
Taxes paid related to settlement of equity awards (8,802) (7,600) (4,253)
Net cash (used in) provided by financing activities (6,433) (1,730) 820,202
Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash (2,622) (6,274) 1,116
Net (decrease) increase in cash, cash equivalents and restricted cash (218,009) 44,370 522,044
Cash, cash equivalents and restricted cash — beginning of the year 1,009,273 964,903 442,859
Cash, cash equivalents and restricted cash — end of the year 791,264 1,009,273 964,903
Supplemental disclosure on non-cash investing and financing activities      
Payables for purchase of property and equipment 2,474 5,269 2,568
Payables for acquisition of intangible assets 11,516 163 191
Payables for treasury stock 0 2 26
Right-of-use asset acquired under operating leases 3,668 14,801 2,183
Receivables for disposal of property and equipment 0 64 0
Supplemental disclosure of cash flow information      
Cash and cash equivalents 790,151 1,008,470 964,100
Restricted cash, non-current 1,113 803 803
Total cash and cash equivalents and restricted cash $ 791,264 $ 1,009,273 $ 964,903