XML 28 R6.htm IDEA: XBRL DOCUMENT v3.23.1
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities    
Net loss $ (34,422) $ (110,357)
Adjustments to reconcile net loss to net cash used in operating activities:    
Share-based compensation expense 64,226 77,021
Depreciation and amortization 45,321 30,698
Deferred debt issuance and discount expense 4,852 4,209
Provision for credit losses 8,407 12,961
Deferred income taxes 68 (40)
Fair value changes in residual interests classified as debt 89 2,963
Fair value changes in securitization investments 100 6,545
Other (2,317) 3,219
Changes in operating assets and liabilities:    
Changes in loans held for sale, net (2,301,031) (1,049,913)
Servicing assets 3,340 (5,246)
Other assets 15,823 (13,623)
Accounts payable, accruals and other liabilities (17,216) 30,339
Net cash used in operating activities (2,212,760) (1,011,224)
Investing activities    
Purchases of property, equipment, software and intangible assets (23,720) (25,114)
Capitalized software development costs (2,814) 0
Purchases of available-for-sale investments (260,608) (36,825)
Proceeds from sales of available-for-sale investments 265,634 17,651
Proceeds from maturities and paydowns of available-for-sale investments 20,409 11,964
Changes in loans held for investment, net (29,544) (33,884)
Proceeds from securitization investments 15,999 42,773
Purchases of non-securitization investments (7,563) 0
Acquisition of businesses, net of cash acquired (17,946)  
Acquisition of businesses, net of cash acquired   73,314
Net cash (used in) provided by investing activities (40,153) 49,879
Financing activities    
Net change in deposits 2,754,540 961,834
Net change in debt facilities 444,106 1,049,618
Proceeds from other debt issuances 339,995 0
Repayment of other debt (147,985) (112,283)
Payment of debt issuance costs (3,865) (2,165)
Taxes paid related to net share settlement of share-based awards (2,416) (3,593)
Proceeds from stock option exercises 168 1,867
Finance lease principal payments (125) (120)
Net cash provided by financing activities 3,384,418 1,895,158
Effect of exchange rates on cash and cash equivalents (293) (38)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents 1,131,212 933,775
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 1,846,302 768,437
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 2,977,514 1,702,212
Reconciliation to amounts on condensed consolidated balance sheets (as of period end)    
Cash and cash equivalents 2,487,778 1,325,135
Restricted cash and restricted cash equivalents 489,736 377,077
Total cash, cash equivalents, restricted cash and restricted cash equivalents 2,977,514 1,702,212
Supplemental non-cash investing and financing activities    
Deposits credited but not yet received in cash 39,701 36,072
Share-based compensation capitalized related to internally-developed software 6,427 4,596
Non-cash loan reduction 483 375
Deferred debt issuance costs accrued but unpaid 413 0
Non-cash property, equipment, software and intangible asset additions 82 0
Deposits assumed in acquisition 0 158,016
Loans held for investment received in acquisition 0 84,485
Available-for-sale securities received in acquisition 0 10,014
Property, equipment and software acquired in acquisition 0 3,192
Debt assumed in acquisition $ 0 $ 2,000