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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (26.0) $ (414.0)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash used in operating activities:    
Depreciation and amortization  38.0 20.0
Amortization of right of use asset 4.0 4.0
Stock-based compensation 126.0 403.0
Warrant fair value adjustment 0.0 (9.0)
Gain on settlement of lease liabilities 0.0 (5.2)
Inventory valuation adjustment 90.0 1.0
Changes in fair value of equity securities 25.0 0.0
Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale (1.0) (2.0)
Origination of mortgage loans held for sale (108.0) (83.0)
Proceeds from sale and principal collections of mortgage loans held for sale 106.0 68.0
Changes in operating assets and liabilities:    
Escrow receivable 28.0 (32.0)
Real estate inventory (622.0) (2,249.0)
Other assets (80.0) (38.0)
Accounts payable and other accrued liabilities 79.0 34.0
Lease liabilities (2.0) (10.0)
Net cash used in operating activities (343.0) (2,312.0)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (20.0) (11.0)
Purchase of marketable securities (28.0) (239.0)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities 250.0 86.0
Purchase of non-marketable equity securities (25.0) (10.0)
Proceeds from sale of non-marketable equity securities 3.0 0.0
Capital returns from non-marketable equity securities 3.0 0.0
Net cash provided by (used in) investing activities 183.0 (174.0)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of stock options 3.0 7.0
Proceeds from warrant exercise 0.0 5.0
Proceeds from the February 2021 Offering 0.0 886.0
Issuance cost of common stock 0.0 (29.0)
Proceeds from non-recourse asset-backed debt 6,608.0 3,160.0
Principal payments on non-recourse asset-backed debt (6,162.0) (1,374.0)
Proceeds from other secured borrowings 105.0 82.0
Principal payments on other secured borrowings (100.0) (65.0)
Payment of loan origination fees and debt issuance costs (18.0) (2.0)
Net cash provided by financing activities 436.0 2,670.0
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH 276.0 184.0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 2,578.0 1,506.0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period 2,854.0 1,690.0
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest 145.0 21.0
DISCLOSURES OF NONCASH ACTIVITIES:    
Stock-based compensation expense capitalized for internally developed software 8.0 6.0
RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 2,239.0 1,558.0
Restricted cash 615.0 132.0
Cash, cash equivalents, and restricted cash $ 2,854.0 $ 1,690.0