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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (954) $ (471)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities:    
Depreciation and amortization  59 30
Amortization of right of use asset 6 6
Stock-based compensation 178 465
Warrant fair value adjustment 0 (12)
Gain on settlement of lease liabilities 0 (5)
Inventory valuation adjustment 663 32
Changes in fair value of equity securities 36 (51)
Net fair value adjustments and loss on sale of mortgage loans held for sale (1) (3)
Origination of mortgage loans held for sale (118) (154)
Proceeds from sale and principal collections of mortgage loans held for sale 128 142
Changes in operating assets and liabilities:    
Escrow receivable (70) (120)
Real estate inventory (663) (5,806)
Other assets 0 (50)
Accounts payable and other accrued liabilities 73 102
Interest payable 4 3
Lease liabilities (6) (12)
Net cash used in operating activities (665) (5,904)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (33) (23)
Purchase of intangible assets 0 (1)
Purchase of marketable securities (28) (459)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities 293 86
Purchase of non-marketable equity securities (25) (15)
Proceeds from sale of non-marketable equity securities 3 0
Capital returns from non-marketable equity securities 3 0
Acquisitions, net of cash acquired (3) (20)
Net cash provided by (used in) investing activities 210 (432)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible senior notes, net of issuance costs 0 953
Purchase of capped calls related to the convertible senior notes 0 (119)
Proceeds from exercise of stock options 4 11
Proceeds from issuance of common stock for ESPP 2 0
Proceeds from warrant exercise 0 22
Proceeds from the February 2021 Offering 0 886
Issuance cost of common stock 0 (29)
Proceeds from non-recourse asset-backed debt 9,160 7,782
Principal payments on non-recourse asset-backed debt (8,179) (2,837)
Proceeds from other secured borrowings 114 151
Principal payments on other secured borrowings (121) (138)
Payment of loan origination fees and debt issuance costs (24) (9)
Net cash provided by financing activities 956 6,673
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 501 337
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 2,578 1,506
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period 3,079 1,843
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest 248 57
DISCLOSURES OF NONCASH ACTIVITIES:    
Stock-based compensation expense capitalized for internally developed software 13 9
Issuance of common stock in extinguishment of warrant liabilities 0 (35)
RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 1,327 1,359
Restricted cash 1,752 484
Cash, cash equivalents, and restricted cash $ 3,079 $ 1,843