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Condensed Consolidated Statements of Cash Flows
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2023
USD ($)
Sep. 30, 2023
USD ($)
Sep. 30, 2022
USD ($)
Cash flows from operating activities:      
Net Loss $ (330,071) $ (631,270) $ (260,810)
Adjustments to reconcile net loss to net cash from operating activities:      
Depreciation and amortization   53,047 36,415
Stock-based compensation expense   277,356 255,654
Amortization of right-of-use assets   45,137 40,354
Amortization of content assets 52,487 154,801 163,121
Foreign currency remeasurement (gains) losses   3,469 (12,152)
Change in fair value of the Strategic Investment (600) (3,734) (3,556)
Impairment of assets 230,800 235,165 0
Provision for doubtful accounts   1,977 469
Other items, net   (872) (258)
Changes in operating assets and liabilities:      
Accounts receivable   38,416 32,186
Inventories   1,373 (68,976)
Prepaid expenses and other current assets   16,003 5,221
Content assets and liabilities, net   (191,481) (229,745)
Other non-current assets   5,448 (2,118)
Accounts payable   174,784 29,550
Accrued liabilities   70,217 27,254
Operating lease liabilities   (14,301) (20,516)
Other long-term liabilities   (910) 465
Deferred revenue   4,904 11,884
Net cash provided by operating activities   239,529 4,442
Cash flows from investing activities:      
Purchases of property and equipment   (79,099) (96,318)
Purchase of Strategic Investment   (10,000) (40,000)
Net cash used in investing activities   (89,099) (136,318)
Cash flows from financing activities:      
Repayments of borrowings   (80,000) (7,500)
Proceeds from equity issued under incentive plans   14,699 17,592
Net cash provided by (used in) financing activities   (65,301) 10,092
Net increase (decrease) in cash, cash equivalents and restricted cash   85,129 (121,784)
Effect of exchange rate changes on cash, cash equivalents and restricted cash   (2,964) (5,535)
Cash, cash equivalents and restricted cash —beginning of period   1,961,956 2,147,670
Cash, cash equivalents and restricted cash —end of period 2,044,121 2,044,121 2,020,351
Cash, cash equivalents and restricted cash at end of period:      
Cash and cash equivalents 2,003,408 2,003,408 2,018,616
Restricted cash, current 40,713 40,713 0
Restricted cash, non-current 0 0 1,735
Cash, cash equivalents and restricted cash —end of period $ 2,044,121 2,044,121 2,020,351
Supplemental disclosures of cash flow information:      
Cash paid for interest   886 2,537
Cash paid for income taxes   5,027 6,644
Supplemental disclosures of non-cash investing and financing activities:      
Unpaid portion of property and equipment purchases   $ 1,129 $ 23,410