XML 25 R6.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Operating activities    
Net income (loss) $ 88,043,000 $ (34,422,000)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Share-based compensation expense 55,082,000 64,226,000
Depreciation and amortization 48,539,000 45,321,000
Deferred debt issuance and discount expense 4,232,000 4,852,000
Gain on extinguishment of convertible debt (59,194,000) 0
Provision for credit losses 7,182,000 8,407,000
Deferred income taxes (967,000) 68,000
Fair value changes in loans held for investment (33,257,000) 0
Fair value changes in securitization investments (1,711,000) 100,000
Other (1,713,000) (2,228,000)
Changes in operating assets and liabilities:    
Changes in loans held for sale, net 244,672,000 (2,301,031,000)
Changes in loans previously classified as held for sale, net 492,226,000 0
Servicing assets (60,283,000) 3,340,000
Other assets (37,192,000) 15,823,000
Accounts payable, accruals and other liabilities (7,411,000) (17,216,000)
Net cash provided by (used in) operating activities 738,248,000 (2,212,760,000)
Investing activities    
Purchases of property, equipment and software (31,984,000) (23,720,000)
Capitalized software development costs (2,128,000) (2,814,000)
Purchases of available-for-sale investments (368,569,000) (260,608,000)
Proceeds from sales of available-for-sale investments 0 265,634,000
Proceeds from maturities and paydowns of available-for-sale investments 131,317,000 20,409,000
Changes in loans held for investment, net (990,605,000) (29,544,000)
Proceeds from securitization investments 9,483,000 15,999,000
Proceeds from non-securitization investments 2,517,000 0
Purchases of non-securitization investments (11,215,000) (7,563,000)
Acquisition of businesses, net of cash acquired 0 (17,946,000)
Net cash used in investing activities (1,261,184,000) (40,153,000)
Financing activities    
Net change in deposits 2,896,894,000 2,754,540,000
Net change in debt facilities (2,427,339,000) 444,106,000
Proceeds from other debt issuances 845,250,000 339,995,000
Repayment of other debt (170,447,000) (147,985,000)
Payment of debt issuance costs (5,020,000) (3,865,000)
Purchase of capped calls (90,649,000) 0
Unwind of capped calls 10,180,000 0
Taxes paid related to net share settlement of share-based awards (3,760,000) (2,416,000)
Proceeds from stock option exercises 466,000 168,000
Finance lease principal payments (130,000) (125,000)
Net cash provided by financing activities 1,055,445,000 3,384,418,000
Effect of exchange rates on cash and cash equivalents (179,000) (293,000)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents 532,330,000 1,131,212,000
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period 3,615,578,000 1,846,302,000
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period 4,147,908,000 2,977,514,000
Reconciliation to amounts on condensed consolidated balance sheets (as of period end)    
Cash and cash equivalents 3,693,390,000 2,487,778,000
Restricted cash and restricted cash equivalents 454,518,000 489,736,000
Total cash, cash equivalents, restricted cash and restricted cash equivalents 4,147,908,000 2,977,514,000
Supplemental non-cash investing and financing activities    
Extinguishment of convertible notes by issuance of common stock 593,910,000 0
Deposits credited but not yet received in cash 87,038,000 39,701,000
Share-based compensation capitalized related to internally-developed software $ 8,306,000 $ 6,427,000