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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2021
Mar. 31, 2020
Cash flows from operating activities:    
Net income (loss) $ 39,008 $ (105,891)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 29,201 20,061
Non-cash interest and other 5,207 12,411
Loss on extinguishment of long-term debt 0 990
Share-based compensation 118,623 77,303
Loss on revaluation of equity investment 28,900 0
Bitcoin impairment losses 19,860 0
Non-cash lease expense 20,432 15,125
Transaction and loan losses 20,395 108,883
Change in deferred income taxes (60) (984)
Changes in operating assets and liabilities:    
Settlements receivable (114,458) 60,248
Customer funds (1,007,144) (210,201)
Purchases and originations of loans held for sale (812,492) (573,502)
Sales and principal payments of loans held for sale 531,716 555,584
Customers payable 1,018,906 212,929
Settlements payable 24,564 (6,684)
Charge-offs to accrued transaction losses (15,193) (17,413)
Other assets and liabilities (5,206) (27,563)
Net cash provided by (used in) operating activities (97,741) 121,296
Cash flows from investing activities:    
Purchase of marketable debt securities (401,161) (363,874)
Proceeds from maturities of marketable debt securities 139,353 98,146
Proceeds from sale of marketable debt securities 249,342 247,027
Purchase of marketable debt securities from customer funds (119,411) (144,494)
Proceeds from maturities of marketable debt securities from customer funds 187,500 65,000
Proceeds from sale of marketable debt securities from customer funds 0 22,457
Purchase of property and equipment (34,149) (26,137)
Purchase of bitcoin investments (170,000) 0
Purchase of other investments (28,470) 0
Proceeds from sale of equity investments 18,973 0
Business combinations, net of cash acquired 0 (12,742)
Net cash used in investing activities (158,023) (114,617)
Cash flows from financing activities:    
Proceeds from issuance of convertible senior notes, net 0 986,241
Purchase of convertible senior note hedges 0 (149,200)
Proceeds from issuance of warrants 0 99,500
Proceeds from PPP Liquidity Facility advances 494,300 0
Repayments of PPP Liquidity Facility advances (194,186) 0
Payments for tax withholding related to vesting of restricted stock units (152,013) (48,772)
Proceeds from the exercise of stock options and purchases under the employee stock purchase plan 32,891 31,406
Other financing activities 0 (1,055)
Net cash provided by financing activities 180,992 918,120
Effect of foreign exchange rate on cash and cash equivalents (8,206) (13,588)
Net increase (decrease) in cash, cash equivalents, and restricted cash (82,978) 911,211
Cash, cash equivalents, and restricted cash, beginning of period 3,201,863 1,098,706
Cash, cash equivalents, and restricted cash, end of period $ 3,118,885 $ 2,009,917