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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended 12 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Dec. 31, 2020
Dec. 31, 2019
Operating activities:        
Net income $ (1,946,468) $ 5,082 $ 7,449 $ (106,569)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:        
Depreciation and amortization expense 8,694 3,913 9,938 5,444
Provision for credit losses 36,745 23,933 59,134 11,109
Share-based compensation 10,134 3,777 24,330 26,667
Deferred income taxes 1 (88) (261) (665)
Change in fair value of convertible notes and warrant liability 2,020,321 0    
Other 0 19 2,400 834
Changes in operating assets and liabilities:        
Segregated securities under federal and other regulations (214,990) 0 (134,994) 0
Receivables from brokers, dealers and clearing organizations (85,291) (116,703) (103,787) (9,081)
Receivables from users, net (2,104,430) (769,581) (2,771,967) (64,711)
Deposits with clearing organizations (46,690) (113,112) (103,037) (85,547)
Other current and non-current assets (730,233) (156,252) (848,538) (47,758)
Accounts payable and accrued expenses 182,214 18,248 67,117 13,895
Payables to users 1,870,939 2,913,253 3,532,091 802,817
Securities loaned 721,782 91,468 1,247,089 674,029
Other current and non-current liabilities 676,393 159,206 889,290 39,621
Net cash provided by (used in) operating activities 399,121 2,063,163 1,876,254 1,260,085
Investing activities:        
Purchase of property, software and equipment (22,085) (11,689) (24,443) (7,255)
Capitalization of internally developed software (5,777) (4,573) (7,887) (5,198)
Net cash used in investing activities (27,862) (16,262) (32,330) (12,312)
Financing activities:        
Proceeds from issuance of convertible notes and warrants 3,551,975 0    
Draws on credit facilities 1,348,276 907,700 937,700 137,000
Repayments on credit facilities (1,348,276) (892,700) (937,700) (137,000)
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs 0 557,297 1,267,328 372,733
Proceeds from exercise of stock options, net of repurchases 6,690 584 8,555 2,617
Net cash provided by financing activities 3,558,665 572,881 1,275,883 375,350
Effect of foreign exchange rate changes on cash and cash equivalents 52 (174) 284 179
Net increase in cash, cash equivalents, segregated cash and restricted cash 3,929,976 2,619,608 3,120,091 1,623,302
Cash, cash equivalents, segregated cash and restricted cash, beginning of the period 6,189,659 3,069,568 3,069,568 1,446,266
Cash, cash equivalents, segregated cash and restricted cash, end of the period 10,119,635 5,689,176 6,189,659 3,069,568
Cash and cash equivalents, end of the period 5,077,752 794,482 1,402,629 644,050
Segregated cash, end of the period 5,024,610 4,887,330 4,779,666 2,420,354
Restricted cash, end of the period 17,273 7,364 7,364 5,164
Cash, cash equivalents, segregated cash and restricted cash, end of the period 10,119,635 5,689,176 6,189,659 3,069,568
Supplemental disclosures:        
Cash paid for interest 3,083 2,582 3,207 621
Cash paid for income taxes $ 3,128 $ 417 $ 5,689 $ 1,396