Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net loss $ (63,229) $ (29,100)
Adjustments to reconcile Net loss to net cash used in operating activities:    
Non-cash interest expense, net 8,658 5,727
Stock-based compensation 2,167 9,174
Depreciation and amortization expenses 1,237 3,078
Exchange loss 27 447
Gain on fair value remeasurement (336) (78,773)
Premium deficiency reserve expense 2,494 6,868
Gain on settlement of warrants (155) 0
Loss on sale of subsidiary 646 0
Taxation 0 9
Working capital adjustments    
Decrease / (Increase) in trade and other receivables 2,886 (3,648)
(Increase) / Decrease in prepayments and contract assets (55) 4,029
(Decrease) / Increase in trade, other and claims payables (3,746) 17,640
Increase / (Decrease) in accruals and other liabilities and due to related parties 1,992 (5,264)
(Decrease) in contract liabilities (2,011) (9,941)
Decrease in assets and liabilities held for sale 11,436 0
(Decrease) / Increase in operating lease liabilities (417) 1,272
Net cash used in operating activities (38,406) (78,482)
Cash flows from investing activities    
Capital expenditure (372) (2,613)
Proceeds from sale of investment in subsidiary 516 0
Net cash provided / (used) in investing activities 144 (2,613)
Cash flows from financing activities    
Proceeds from issuance of notes and warrants 22,000 100,000
Payment of debt issuance costs (3,153) (4,000)
Payment of equity issuance costs 0 (1,002)
Other financing activities, net 42 (1,538)
Net cash provided by financing activities 18,889 93,460
Net (decrease) / increase in cash and cash equivalents (19,373) 12,365
Cash and cash equivalents at January 1, 43,475 262,581
Effect of movements in exchange rate on cash held 1,480 32
Cash and cash equivalents at March 31, 25,582 274,978
Non-cash financing and investing activities:    
Shares issued upon settlement of warrants 772 0
Accrued and unpaid interest within Accruals and other liabilities 6,413 3,978
Receivable from sale of investment in subsidiary 250 0
Fair value of warrants issued 0 (3,418)
Equity and debt issuance costs in Accruals and other liabilities (1,403) 0
Equity issued related to loans and borrowings $ (1,804) $ 0