Quarterly report pursuant to Section 13 or 15(d)

Balance Sheet Components

v3.24.3
Balance Sheet Components
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Balance Sheet Components Balance Sheet Components
Property and Equipment, Net
Property and equipment, net consists of the following (in thousands):
September 30,
2024		 December 31,
2023
Equipment $ 99,752  $ 84,639 
Buildings 22,186  21,384 
Leasehold improvements 20,226  18,771 
Molds and tooling 19,291  16,306 
Computer software 17,803  15,114 
Land 6,270  6,270 
Vehicles and aircraft 2,486  1,617 
Furniture and fixtures 892  640 
Construction in-progress 11,372  6,055 
Gross property and equipment 200,278  170,796 
Accumulated depreciation and amortization (88,290) (67,366)
Property and equipment, net $ 111,988  $ 103,430 
Depreciation and amortization expense of property and equipment for the three and nine months ended September 30, 2024 was $7.5 million and $21.7 million, respectively and $6.2 million and $17.7 million for the three and nine months ended September 30, 2023, respectively. Vehicles and aircraft includes utility automobiles used at the Company’s various facilities and purchased aircraft to support the Company’s air operations and training.
Intangible Assets, Net
The intangible assets consist of the following (in thousands):
September 30,
2024		 December 31,
2023
Automation platform software $ 7,200  $ 7,200 
Multimodal software technology —  4,900 
System simulation software technology 4,600  4,600 
Developed Technology 6,900  — 
Other intangibles 3,140  5,328 
Gross intangible assets 21,840  22,028 
Accumulated amortization (12,279) (15,443)
Intangible assets, net $ 9,561  $ 6,585 
Amortization expense related to intangible assets for the three and nine months ended September 30, 2024 was $1.4 million and $4.4 million, respectively and $1.5 million and $4.6 million for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024 the weighted-average amortization period of intangible assets was 2.2 years
The following table presents the estimated future amortization expense of acquired amortizable intangible assets as of September 30, 2024 (in thousands):
Fiscal Year Amount
2024 (remainder)
 $ 1,433 
2025 4,633 
2026 2,467 
2027 1,028 
$ 9,561 
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consist of the following (in thousands):
September 30,
2024		 December 31,
2023
Prepaid equipment $ 4,646  $ 3,471 
Prepaid software 4,430  3,809 
Prepaid taxes 3,029  1,603 
Prepaid insurance 3,198  6,192 
Other 2,113  3,767 
Total $ 17,416  $ 18,842 
Other non-current assets
Other non-current assets consist of the following (in thousands):
September 30,
2024		 December 31,
2023
Contractual agreement asset $ 59,611  $ 59,611 
Long term prepaid insurance 293  413 
Other non-current assets 703  586 
Total $ 60,607  $ 60,610 
Accrued and other current liabilities
Accrued and other current liabilities consist of the following (in thousands):
September 30,
2024		 December 31,
2023
Vendor related accruals $ 14,544  $ 11,391 
Payroll accruals 9,340  16,265 
Contract liabilities under contracts with customers 4,160  2,534 
Deferred research and development credits 2,111  3,633 
Other accruals and current liabilities 5,825  3,995 
Total $ 35,980  $ 37,818