Consolidated Statements 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 |
$ (120,380)
|
|
$ (72,355)
|
|
$ (3,115)
|
| Share-based compensation expense |
32,363
|
|
31,481
|
|
11,974
|
| Allowance for current expected credit losses |
5,391
|
[1] |
4,828
|
[1] |
1,365
|
| Depreciation of property and equipment |
9,497
|
|
8,281
|
|
4,460
|
| Amortization of intangible assets |
2,322
|
|
1,933
|
|
0
|
| Deferred tax expense (benefit) |
(336)
|
|
238
|
|
378
|
| Amortization of right-of-use asset and interest on lease liabilities |
4,064
|
|
3,724
|
|
|
| Change in the fair value of investments |
330
|
|
1,064
|
|
|
| Interest income on debt securities |
(401)
|
|
(295)
|
|
|
| Equity in income of affiliates |
(244)
|
|
(329)
|
|
|
| Impairments of long-term investments |
8,277
|
|
626
|
|
|
| Impairment of goodwill |
11,941
|
|
|
|
|
| Return on investment from equity affiliates |
|
|
329
|
|
|
| Changes in assets and liabilities, net of effect of acquisition: |
|
|
|
|
|
| Accounts receivable |
(8,033)
|
|
(8,513)
|
|
(11,154)
|
| Contract assets |
(564)
|
|
(240)
|
|
|
| Prepayments and other current assets |
(515)
|
|
(907)
|
|
(5,140)
|
| Other non-current assets |
3,146
|
|
(128)
|
|
(692)
|
| Accounts payable |
5,526
|
|
(734)
|
|
1,755
|
| Advances from customers |
1,371
|
|
878
|
|
335
|
| Taxes payable |
(391)
|
|
155
|
|
(450)
|
| Operating lease liabilities |
(4,212)
|
|
(3,995)
|
|
|
| Deferred income |
402
|
|
(102)
|
|
|
| Accrued expenses and other liabilities |
(1,934)
|
|
14,061
|
|
6,848
|
| Net cash (used in) generated from operating activities |
(52,380)
|
|
(20,000)
|
|
6,564
|
| Cash flows from investing activities: |
|
|
|
|
|
| Purchase of short-term investments |
(563,436)
|
|
(504,563)
|
|
(522,730)
|
| Proceeds from sale and maturity of short-term investments |
646,687
|
|
558,618
|
|
|
| Purchase of long-term investments |
(58,818)
|
|
(48,843)
|
|
|
| Purchase of property and equipment |
(4,123)
|
|
(12,211)
|
|
(12,878)
|
| Prepayment for a long-term investment |
(1,949)
|
|
|
|
|
| Withdrawal of long-term investments |
2,113
|
|
|
|
|
| Deposit for land use right purchase |
(34,159)
|
|
|
|
|
| Withdrawal of deposit for land use right purchase |
34,159
|
|
|
|
|
| Prepayment for land use rights purchase |
(171,592)
|
|
|
|
|
| Purchase of intangible assets |
|
|
(263)
|
|
|
| Cash received from (paid for) an acquisition |
|
|
(50,566)
|
|
556
|
| Return of investment from equity affiliates |
56
|
|
138
|
|
|
| Advance payment received for business disposal |
7,000
|
|
|
|
|
| Net cash used in investing activities |
(144,062)
|
|
(57,690)
|
|
(535,052)
|
| Cash flows from financing activities: |
|
|
|
|
|
| Proceeds from the private placement, net of issuance costs paid |
|
|
249,950
|
|
|
| Proceeds from the initial public offering and concurrent private placement, net of underwriter discounts and commissions and other offering costs paid |
|
|
|
|
483,628
|
| Proceeds from exercise of employees' share options |
1,096
|
|
2,042
|
|
10
|
| Payment of financing cost |
(2,111)
|
|
(55)
|
|
|
| Deposits received for business disposal |
1,000
|
|
|
|
|
| Net cash (used in) provided by financing activities |
(41,150)
|
|
251,937
|
|
533,638
|
| Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash |
(918)
|
|
279
|
|
465
|
| Net (decrease) increase in cash, cash equivalents and restricted cash |
(238,510)
|
|
174,526
|
|
5,615
|
| Cash balance recorded in held-for-sale assets |
1,488
|
|
|
|
|
| Cash, cash equivalents and restricted cash at beginning of year |
285,824
|
|
111,298
|
|
105,683
|
| Cash, cash equivalents and restricted cash at end of year |
45,826
|
|
285,824
|
|
111,298
|
| Supplemental disclosure of cash flow information: |
|
|
|
|
|
| Income taxes paid |
55
|
|
966
|
|
742
|
| Cash paid for fixed operating lease costs included in the measurement of lease obligations in operating activities |
4,212
|
|
3,995
|
|
|
| Right-of-use assets obtained in exchange for operating lease obligations |
198
|
|
4,300
|
|
|
| Non-cash financing and investing activities: |
|
|
|
|
|
| Accretion to redemption value of convertible redeemable preferred shares |
0
|
|
0
|
|
193,466
|
| Payables for property and equipment |
227
|
|
373
|
|
2,293
|
| Consideration payable for the acquisition |
|
|
4,603
|
|
3,150
|
| Proceeds receivable from exercise of employees' share options |
90
|
|
329
|
|
612
|
| Deposits utilized for employees' share option exercises |
13
|
|
|
|
(339)
|
| Payables for long-term investment |
|
|
5,490
|
|
|
| Payables for deferred financing cost |
|
|
$ 2,234
|
|
|
| Payables for treasury shares, at cost |
680
|
|
|
|
|
| Class A Ordinary Shares |
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
| Repurchase of Class A ordinary shares |
$ (41,135)
|
|
|
|
|
| Series C+ Preferred Stock |
|
|
|
|
|
| Cash flows from financing activities: |
|
|
|
|
|
| Proceeds from issuance of Series C+ convertible redeemable preferred shares, net of issuance costs of nil |
|
|
|
|
$ 50,000
|
|
|