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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities:    
Net (loss) income $ (1,220,128) $ (445,503)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 6,917 8,639
Reduction in carrying amount of right-of-use assets 6,020 6,190
Credit losses and sales allowances 1,189 748
Deferred taxes 90,166 (221,328)
Release of liabilities for unrecognized tax benefits 0 (152)
Share-based compensation expense 46,587 30,973
Digital asset impairment losses 1,088,656 684,034
Amortization of issuance costs on long-term debt 6,490 5,084
Changes in operating assets and liabilities:    
Accounts receivable 5,586 10,634
Prepaid expenses and other current assets (7,837) (1,693)
Deposits and other assets (8,314) (594)
Accounts payable and accrued expenses (8,880) (10,788)
Accrued compensation and employee benefits (13,105) (1,698)
Accrued interest 9,901 10,182
Deferred revenue and advance payments 25,401 24,385
Operating lease liabilities (7,390) (7,714)
Other long-term liabilities 150 (813)
Net cash provided by operating activities 21,409 90,586
Investing activities:    
Purchases of digital assets (231,478) (2,035,471)
Purchases of property and equipment (1,851) (1,882)
Net cash used in investing activities (233,329) (2,037,353)
Financing activities:    
Proceeds from convertible senior notes 0 1,050,000
Proceeds from senior secured notes 0 500,000
Proceeds from secured term loan, net of lender fees 204,693 0
Issuance costs paid for secured term loan, excluding lender fees (107) 0
Proceeds from other long-term secured debt 11,100 0
Repayments of other long-term secured debt (121) 0
Proceeds from sale of common stock under public offerings 0 403,970
Issuance costs paid related to sale of common stock under public offerings 0 (4,501)
Proceeds from exercise of stock options 1,332 31,380
Payment of withholding tax on vesting of restricted stock units (1,105) 0
Net cash provided by financing activities 220,051 1,946,169
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash (5,597) (2,037)
Net increase (decrease) in cash, cash equivalents, and restricted cash 2,534 (2,635)
Cash, cash equivalents, and restricted cash, beginning of period 64,434 60,759
Cash, cash equivalents, and restricted cash, end of period 66,968 58,124
Employee Stock Purchase Plan    
Financing activities:    
Proceeds from sales under employee stock purchase plan 4,473 2,854
Convertible Senior Notes    
Financing activities:    
Issuance costs paid 0 (24,742)
Senior Secured Notes    
Financing activities:    
Issuance costs paid 0 (12,792)
Other Long-Term Secured Debt    
Financing activities:    
Issuance costs paid $ (214) $ 0