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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net loss $ (247,721) $ (139,502)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 55,199 41,728
Share-based compensation expense 96,146 109,756
Amortization of right of use assets 12,731 10,572
Amortization of contract cost assets 17,070 17,880
Amortization of discount and issuance costs on convertible senior notes maturing in 2021, 2023, 2024, 2025 and 2026 47,746 17,799
Gain on partial extinguishment of 2021 Notes (6,391) 0
Impairment costs 76,800 0
Deferred income taxes (8,549) (2,500)
(Gain) loss on disposal of property and equipment and other assets (2,658) 3,878
Credit loss expense 1,614 706
Net loss on investment securities 372 0
Accretion of bond discount (303) (3,695)
Changes in operating assets and liabilities:    
Accounts receivable (1,487) (16,884)
Mortgage loans held for sale (38,514) (3,244)
Inventory 701,145 (389,994)
Prepaid expenses and other assets (771) (2,015)
Lease liabilities (495) (11,946)
Contract cost assets (19,608) (18,332)
Accounts payable 7,504 1,256
Accrued expenses and other current liabilities (8,741) 6,952
Accrued compensation and benefits (3,285) 613
Deferred revenue 4,767 3,000
Other long-term liabilities 10,049 149
Net cash provided by (used in) operating activities 692,620 (373,823)
Investing activities    
Proceeds from maturities of investments 701,266 539,312
Proceeds from sales of investments 116,394 0
Purchases of investments (1,026,233) (302,891)
Purchases of property and equipment (54,653) (29,672)
Purchases of intangible assets (11,408) (8,927)
Proceeds from sale of equity investment 10,000 0
Net cash provided by (used in) investing activities (264,634) 197,822
Financing activities    
Proceeds from issuance of 2025 Notes, net of issuance costs 553,282 0
Proceeds from Issuance of Common Stock 411,522 0
Partial extinguishment of 2021 Notes (194,670) 0
Proceeds from borrowings on credit facilities 43,200 293,099
Repayments of borrowings on credit facilities (617,506) 0
Net borrowings (repayments) on warehouse lines of credit and repurchase agreement 39,387 (2,961)
Proceeds from exercise of stock options 184,984 32,997
Value of equity awards withheld for tax liability 0 3
Net cash provided by financing activities 420,199 323,138
Net increase in cash, cash equivalents and restricted cash during period 848,185 147,137
Cash, cash equivalents and restricted cash at beginning of period 1,230,909 663,443
Cash, cash equivalents and restricted cash at end of period 2,079,094 810,580
Supplemental disclosures of cash flow information    
Cash paid for interest 29,201 16,616
Noncash transactions:    
Capitalized share-based compensation 8,490 5,878
Write-off of fully depreciated property and equipment 6,942 9,867
Write-off of fully amortized intangible assets 0 3,311
Property and equipment purchased on account $ 5,305 $ 2,408