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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities:    
Net income (loss) $ 157 $ (511)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Depreciation and amortization 17 20
Provision for credit losses 16 9
Share-based compensation 62 598
Other 0 5
Changes in operating assets and liabilities:    
Securities segregated under federal and other regulations (692) 0
Receivables from brokers, dealers, and clearing organizations (118) (36)
Receivables from users, net (796) 57
Securities borrowed (505) (327)
Deposits with clearing organizations (247) (61)
Current and non-current prepaid expenses 0 2
Other current and non-current assets (157) (8)
Accounts payable and accrued expenses (46) 18
Payables to users 977 285
Securities loaned 668 775
Other current and non-current liabilities 41 2
Net cash provided by (used in) operating activities (623) 828
Investing activities:    
Purchases of property, software, and equipment (2) 0
Capitalization of internally developed software (7) (5)
Proceeds from sales and maturities of available-for-sale investments 0 9
Purchases of held-to-maturity investments (171) (487)
Proceeds from maturities of held-to-maturity investments 154 2
Purchases of credit card receivables (29) 0
Collections of purchased credit card receivables 11 0
Asset acquisition, net of cash acquired (3) 0
Net cash used in investing activities (47) (481)
Financing activities:    
Taxes paid related to net share settlement of equity awards (40) (2)
Payments of debt issuance costs (14) (10)
Borrowings on Credit Card Funding Trust 17 0
Change in principal collected from customers due to Coastal Bank 3 0
Proceeds from exercise of stock options, net of repurchases 4 1
Net cash used in financing activities (30) (11)
Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash (700) 336
Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period 9,346 9,357
Cash, cash equivalents, segregated cash, and restricted cash, end of the period 8,646 9,693
Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:    
Cash and cash equivalents, end of the period 4,717 5,459
Segregated cash and cash equivalents, end of the period 3,829 4,213
Restricted cash in other current assets, end of the period 83 1
Restricted cash in other non-current assets, end of the period 17 20
Cash, cash equivalents, segregated cash, and restricted cash, end of the period 8,646 9,693
Supplemental disclosures:    
Cash paid for interest 7 3
Cash paid for income taxes, net of refund received $ 2 $ 0