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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Operating activities:    
Net (loss) income $ (445,503) $ (10,185)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 8,639 9,342
Reduction in carrying amount of right-of-use assets 6,190 6,134
Credit losses and sales allowances 748 1,874
Net realized gain on short-term investments 0 (94)
Deferred taxes (221,328) (13,341)
Release of liabilities for unrecognized tax benefits (152) 0
Share-based compensation expense 30,973 7,897
Digital asset impairment losses 684,034 44,242
Amortization of issuance costs on long-term debt 5,084 0
Changes in operating assets and liabilities:    
Accounts receivable 10,634 6,439
Prepaid expenses and other current assets (1,693) 391
Deposits and other assets (594) (175)
Accounts payable and accrued expenses (606) 902
Accrued compensation and employee benefits (1,698) (7,221)
Deferred revenue and advance payments 24,385 (12,385)
Operating lease liabilities (7,714) (7,148)
Other long-term liabilities (813) 1,625
Net cash provided by operating activities 90,586 28,297
Investing activities:    
Purchases of digital assets (2,035,471) (425,000)
Proceeds from redemption of short-term investments 0 119,886
Purchases of property and equipment (1,882) (1,162)
Purchases of short-term investments 0 (9,928)
Net cash used in investing activities (2,037,353) (316,204)
Financing activities:    
Proceeds from convertible senior notes 1,050,000 0
Proceeds from senior secured notes 500,000 0
Proceeds from sale of class A common stock under exercise of employee stock options 31,380 3,616
Purchases of treasury stock 0 (122,480)
Net cash provided by (used in) financing activities 1,946,169 (118,864)
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash (2,037) 2,839
Net decrease in cash, cash equivalents, and restricted cash (2,635) (403,932)
Cash, cash equivalents, and restricted cash, beginning of period 60,759 457,816
Cash, cash equivalents, and restricted cash, end of period 58,124 53,884
Employee Stock Purchase Plan [Member]    
Financing activities:    
Proceeds from issuance of class A common stock under employee stock purchase plan 2,854 0
Class A    
Financing activities:    
Proceeds from sale of class A common stock under public offerings 403,970 0
Issuance costs paid related to sale of class A common stock under public offerings (4,501) 0
Convertible Senior Notes    
Financing activities:    
Issuance costs paid (24,742) 0
Senior Secured Notes    
Financing activities:    
Issuance costs paid $ (12,792) $ 0