Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Consolidated Statement of Cash Flows

v3.22.1
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities      
Loss for the year $ (374,511) $ (188,030) [1] $ (140,287) [1]
Adjustments to reconcile Loss for the year to net cash used in operating activities:      
Recapitalization transaction expense 148,722 0 0
Share-based compensation 46,307 9,557 7,966
Depreciation and amortization 35,004 14,487 2,496
Change in fair value of warrant liabilities (27,811) 0 0
Gain on remeasurement of equity interest (10,495) 0 0
Finance costs 14,291 4,530 1,116
Gain on sale of subsidiary (3,917) 0 0
Share of loss of equity-accounted investees 2,602 1,124 0
Taxation (1,474) 4,639 (5,559)
Impairment expense 941 6,436 0
Exchange (gain) / loss (868) 2,836 (17,075)
Finance income (326) (610) (1,015)
Cash flows from (used in) operations before changes in working capital (171,535) (145,031) (152,358)
Working capital adjustments      
(Increase) / Decrease in trade and other receivables (21,829) 738 (9,308)
Increase / (Decrease) in trade and other payables 47,496 2,323 18,052
(Increase) / Decrease in assets held for sale 0 (3,282) 0
Increase / (Decrease) liabilities directly associated with the assets held for sale 0 1,822 0
Net cash used in operating activities (145,868) (143,430) (143,614)
Cash flows from investing activities      
Development costs capitalized (32,120) (36,509) (36,036)
Acquisitions, net of cash acquired (13,798) (25,671) 0
Capital expenditure (8,103) (719) (1,915)
Purchase of shares in associates and joint ventures (5,000) (10,000) 0
Cash assumed upon consolidation through control 3,792 0 0
Proceeds from sale of investment in subsidiary 2,213 0 0
Payment of lease deposit (2,105) 0 0
Interest received 326 673 1,015
Net cash used in investing activities (54,795) (72,226) (36,936)
Cash flows from financing activities      
Proceeds from issuance of notes and warrants 270,563 0 0
Proceeds from issuance of share capital 229,311 12,096 320,334
Repayment of cash loan (82,000) 0 (1,231)
Payment of equity and debt issuance costs (36,043) (10,245) (773)
Repayments of borrowings (7,431) 0 0
Interest paid (5,219) (252) (851)
Principal payments on leases (4,156) (1,541) (1,228)
Payments to acquire non-controlling interests (2,352) 0 0
Proceeds from issuance of convertible loan notes 0 100,000 51,064
Repayment of convertible loan notes 0 0 (14,794)
Other financing activities, net (470) 0 0
Net cash provided by financing activities 362,203 100,058 352,521
Net increase / (decrease) in cash and cash equivalents 161,540 (115,598) 171,971
Cash and cash equivalents at January 1, 101,757 214,888 46,031
Effect of movements in exchange rate on cash held (716) 2,467 (3,114)
Cash and cash equivalents at December 31, 262,581 101,757 214,888
Non-cash financing and investing activities:      
Acquisition date fair value of Higi upon consolidation 86,043 0 0
Conversion of borrowings 70,000 0 0
Acquisitions of non-controlling interests (54,662) 0 0
Fair value of warrants issued in Merger (31,009) 0 0
Fair value of warrants issued in connection with Loans and borrowings (16,930) 0 0
Equity and debt issuance costs in accruals and provisions (4,521) 0 0
Equity issued as consideration for acquisitions (2,349) 0 0
Share-based compensation expense capitalized in development costs $ (1,879) $ (7,616) $ 0
[1] Restated to reflect reclassification of certain expense items described in Note 2.