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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Operating activities:      
Net loss $ (1,469,797) $ (535,480) $ (7,524)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation and amortization 10,874 11,358 13,332
Reduction in carrying amount of right-of-use assets 8,072 8,189 8,210
Credit losses and sales allowances 939 1,509 2,732
Net realized gain on short-term investments 0 0 (94)
Deferred taxes 131,493 (284,221) (20,830)
Release of liabilities for unrecognized tax benefits (360) (561) 0
Share-based compensation expense 63,619 44,126 11,153
Digital asset impairment losses (gains on sale), net 1,286,286 830,621 70,698
Gain on partial lease termination 0 0 (2,820)
Amortization of issuance costs and debt discount on long-term debt 8,694 7,201 1,543
Changes in operating assets and liabilities:      
Accounts receivable (5,292) 2,618 (774)
Prepaid expenses and other current assets (6,342) (25) 2,346
Deposits and other assets (7,455) (1,713) 416
Accounts payable and accrued expenses (3,521) 3,749 9,174
Accrued compensation and employee benefits (12,344) 2,374 (6,827)
Accrued interest 1,336 1,222 271
Deferred revenue and advance payments 14,839 14,710 (20,223)
Operating lease liabilities (9,634) (10,222) (11,171)
Other long-term liabilities (8,196) (1,622) 4,007
Net cash provided by operating activities 3,211 93,833 53,619
Investing activities:      
Purchases of digital assets (287,921) (2,626,529) (1,125,000)
Proceeds from sale of digital assets 11,817 0 0
Proceeds from redemption of short-term investments 0 0 119,886
Purchases of property and equipment (2,486) (2,706) (3,651)
Purchases of short-term investments 0 0 (9,928)
Net cash used in investing activities (278,590) (2,629,235) (1,018,693)
Financing activities:      
Proceeds from convertible senior notes classified as debt 0 1,050,000 496,473
Proceeds from convertible senior notes classified as equity 0 0 153,527
Proceeds from senior secured notes 0 500,000 0
Proceeds from secured term loan, net of lender fees 204,693 0 0
Issuance costs paid for secured term loan, excluding lender fees (107) 0 0
Proceeds from other long-term secured debt 11,100 0 0
Issuance costs paid for other long-term secured debt (270) 0 0
Repayments of other long-term secured debt (246) 0 0
Proceeds from sale of common stock under public offerings 46,592 1,000,000 0
Issuance costs paid related to sale of common stock under public offerings (358) (9,537) 0
Proceeds from exercise of stock options 1,393 40,651 51,082
Payment of withholding tax on vesting of restricted stock units (2,082) (4,695) 0
Purchases of treasury stock 0 0 (123,224)
Net cash provided by financing activities 265,188 2,541,685 563,233
Effect of foreign exchange rate changes on cash, cash equivalents, and restricted cash (3,375) (2,608) 4,784
Net (decrease) increase in cash, cash equivalents, and restricted cash (13,566) 3,675 (397,057)
Cash, cash equivalents, and restricted cash, beginning of year 64,434 60,759 457,816
Cash, cash equivalents, and restricted cash, end of year 50,868 64,434 60,759
Supplemental disclosure of cash flow information:      
Cash paid during the year for interest 43,448 20,416 178
Cash paid during the year for income taxes, net of tax refunds 21,973 7,010 6,803
Employee Stock Purchase Plan      
Financing activities:      
Proceeds from sales under employee stock purchase plan 4,473 2,854 0
Convertible Senior Notes      
Financing activities:      
Issuance costs paid 0 (24,796) (14,625)
Senior Secured Notes      
Financing activities:      
Issuance costs paid $ 0 $ (12,792) $ 0