Annual report pursuant to Section 13 and 15(d)

Consolidated Statement of Cash Flows

v3.22.4
Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net loss $ (221,449) $ (83,438) $ (213,028)
Adjustments to reconcile Net loss to net cash used in operating activities:      
Non-cash interest expense, net 31,695 12,743 3,419
Non-cash restructuring and other termination benefits 5,071 0 0
Stock-based compensation 34,556 48,186 9,557
Depreciation and amortization expenses 12,050 9,185 3,955
Exchange loss / (gain) 10,420 (783) 7,318
Gain on fair value remeasurement [1] (192,749) (239,195) 0
Premium deficiency reserve (income) / expense (31,311) 46,533 5,639
Loss on settlement of warrants 2,397 0 0
Taxation (66) (1,443) 4,639
Impairment expense 64,066 0 0
Share of net loss of equity method investments 0 3,339 1,124
Gain on sale of subsidiary 0 (3,917) 0
Working capital adjustments      
(Increase) / Decrease in trade and other receivables (19,643) (4,868) 1,668
Decrease / (Increase) in prepayments and contract assets 6,186 (15,864) (2,454)
Increase in trade, other and claims payables 27,036 27,364 6,614
Decrease in accruals and other liabilities and due to related parties (18,729) (3,447) (1,470)
(Decrease) / Increase in contract liabilities (21,937) 17,404 (5,566)
Increase / (Decrease) in operating lease liabilities 999 (1,245) (1,898)
Net cash used in operating activities (311,408) (189,446) (180,483)
Cash flows from investing activities      
Capital expenditure (8,514) (8,103) (719)
Acquisitions, net of cash acquired 0 (22,843) (25,671)
Purchase of shares in equity method investments and joint ventures 0 (5,000) (10,000)
Proceeds from sale of investment in subsidiary 0 2,213 0
Net cash used in investing activities (8,514) (33,733) (36,390)
Cash flows from financing activities      
Proceeds from issuance of notes and warrants 100,000 270,563 0
Proceeds from the issuance of shares 80,000 229,311 12,096
Payment of debt issuance costs (4,256) (1,446) (10,245)
Payment of equity issuance costs (2,210) (31,239) 0
Other financing activities, net (359) (470) 0
Repayment of cash loan 0 (82,000) 0
Proceeds from issuance of convertible loan notes 0 0 100,000
Net cash provided by financing activities 173,175 384,719 101,851
Less: Cash and cash equivalents classified as held for sale (61,000) 0 (577)
Net increase / (decrease) in cash and cash equivalents (207,747) 161,540 (115,599)
Cash and cash equivalents at January 1, 262,581 101,757 214,888
Effect of movements in exchange rate on cash held (11,359) (716) 2,468
Cash and cash equivalents at December 31, 43,475 262,581 101,757
Non-cash financing and investing activities:      
Issuance of Loans and borrowings upon conversion of interest 10,466 1,431 0
Shares issued upon settlement of warrants 4,626 0 0
Impairment expense recognized due to restructuring 4,247 0 0
Accrued and unpaid interest within Accruals and other liabilities (3,911) (2,519) 0
Fair value of warrants issued (3,418) (47,939) 0
Capital expenditures in trade payables (521) (1,706) 0
Fair value of Earnout liabilities issued in connection with Loans and borrowings 0 381,693 0
Conversion of borrowings 0 70,000 0
Acquisition date fair value of Higi upon consolidation 0 59,986 0
Acquisitions of non-controlling interests 0 (7,260) 0
Equity and debt issuance costs in Accruals and other liabilities 0 (4,521) 0
Equity issued as consideration for acquisitions $ 0 $ (2,349) $ 0
[1] Gain / (loss) on fair value remeasurement includes Gain / (loss) on warrant liabilities of $18.2 million (2021: $27.8 million, 2020: zero) and Gain / (loss) on earnout liabilities of $174.3 million (2021: $206.7 million, 2020: zero). See Note 20 for more details. Within Gain / (loss) on fair value measurement for the year ended December 31, 2021 includes a gain of $4.6 million for the fair value remeasurement of existing equity interest in Higi upon acquisition. See Note 4 for more details.