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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Operating activities    
Net income (loss) $ (57) $ 24
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 85 87
Share-based compensation 233 193
Amortization of right of use assets 12 11
Amortization of contract cost assets 11 16
Amortization of debt discount and debt issuance costs 3 24
Loss on extinguishment of debt 0 21
Amortization of Debt Discount (20) (11)
Other adjustments to reconcile net income (loss) to net cash provided by operating activities 1 11
Changes in operating assets and liabilities:    
Accounts receivable (19) 81
Mortgage loans held for sale (32) 46
Inventory 0 3,881
Prepaid expenses and other assets (30) 4
Contract cost assets (11) (8)
Lease liabilities (15) (8)
Accounts payable 0 (1)
Accrued expenses and other current liabilities 27 (69)
Accrued compensation and benefits 2 (47)
Deferred revenue 5 1
Other long-term liabilities (2) (1)
Net cash provided by operating activities 193 4,255
Investing activities    
Proceeds from maturities of investments 806 160
Purchases of investments (638) (1,023)
Purchases of property and equipment (66) (60)
Purchases of intangible assets (18) (11)
Net cash provided by (used in) investing activities 84 (934)
Financing activities    
Repayments of borrowings on credit facilities 0 (2,205)
Net borrowings (repayments) on warehouse line of credit and repurchase agreements 29 (58)
Repurchases of Class A common stock and Class C capital stock (236) (597)
Settlement of long-term debt 0 (1,158)
Proceeds from exercise of stock options 30 42
Net cash used in financing activities (177) (3,976)
Net increase (decrease) in cash, cash equivalents and restricted cash during period 100 (655)
Cash, cash equivalents and restricted cash at beginning of period 1,468 2,838
Cash, cash equivalents and restricted cash at end of period 1,568 2,183
Noncash transactions:    
Capitalized share-based compensation 38 20
Write-off of fully depreciated property and equipment 16 33
Write-off of fully amortized intangible assets 2 196
Recognition of operating right of use assets and lease liabilities 0 14
Settlement of beneficial interests in securitizations $ 0 $ 79