XML 23 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (275,000,000) $ (1,353,000,000) $ (662,000,000)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities:      
Depreciation and amortization 65,000,000 83,000,000 47,000,000
Amortization of right of use asset 7,000,000 7,000,000 8,000,000
Stock-based compensation 126,000,000 171,000,000 536,000,000
Warrant fair value adjustment 0 0 (12,000,000)
Inventory valuation adjustment 65,000,000 737,000,000 56,000,000
Goodwill impairment 0 60,000,000 0
Changes in fair value of equity securities 1,000,000 35,000,000 (35,000,000)
Other 13,000,000 (1,000,000) (9,000,000)
Origination of mortgage loans held for sale 0 (118,000,000) (196,000,000)
Proceeds from sale and principal collections of mortgage loans held for sale 1,000,000 128,000,000 197,000,000
(Gain) loss on early extinguishment of debt (216,000,000) 25,000,000 0
Changes in operating assets and liabilities:      
Escrow receivable 21,000,000 54,000,000 (83,000,000)
Real estate inventory 2,613,000,000 896,000,000 (5,656,000,000)
Other assets (19,000,000) 37,000,000 (52,000,000)
Accounts payable and other accrued liabilities (38,000,000) (25,000,000) 76,000,000
Interest payable (10,000,000) 2,000,000 4,000,000
Lease liabilities (10,000,000) (8,000,000) (13,000,000)
Net cash provided by (used in) operating activities 2,344,000,000 730,000,000 (5,794,000,000)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (37,000,000) (37,000,000) (33,000,000)
Purchase of intangible assets 0 0 (1,000,000)
Purchase of marketable securities 0 (28,000,000) (486,000,000)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities 80,000,000 328,000,000 92,000,000
Purchase of non-marketable equity securities 0 (25,000,000) (15,000,000)
Proceeds from sale of non-marketable equity securities 1,000,000 3,000,000 0
Capital returns from non-marketable equity securities 0 3,000,000 0
Acquisitions, net of cash acquired 0 (10,000,000) (33,000,000)
Net cash provided by (used in) investing activities 44,000,000 234,000,000 (476,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of convertible senior notes, net of issuance costs 0 0 953,000,000
Repurchase of convertible senior notes (362,000,000) 0 0
Purchase of capped calls related to the convertible senior notes 0 0 (119,000,000)
Proceeds from exercise of stock options 3,000,000 4,000,000 15,000,000
Proceeds from issuance of common stock for ESPP 2,000,000 2,000,000 0
Proceeds from warrant exercise 0 0 22,000,000
Proceeds from the February 2021 Offering 0 0 886,000,000
Proceeds from non-recourse asset-backed debt 238,000,000 10,108,000,000 11,499,000,000
Principal payments on non-recourse asset-backed debt (2,515,000,000) (11,822,000,000) (5,838,000,000)
Proceeds from other secured borrowings 0 114,000,000 192,000,000
Principal payments on other secured borrowings 0 (121,000,000) (192,000,000)
Payment of loan origination fees and debt issuance costs (1,000,000) (26,000,000) (47,000,000)
Payment for early extinguishment of debt (4,000,000) (10,000,000) 0
Net cash (used in) provided by financing activities (2,639,000,000) (1,751,000,000) 7,342,000,000
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (251,000,000) (787,000,000) 1,072,000,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of year 1,791,000,000 2,578,000,000 1,506,000,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of year 1,540,000,000 1,791,000,000 2,578,000,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest 203,000,000 355,000,000 122,000,000
DISCLOSURES OF NONCASH FINANCING ACTIVITIES:      
Stock-based compensation expense capitalized for internally developed software 23,000,000 16,000,000 12,000,000
Issuance of common stock in extinguishment of warrant liabilities 0 0 (35,000,000)
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS:      
Cash and cash equivalents 999,000,000 1,137,000,000 1,731,000,000
Restricted cash 541,000,000 654,000,000 847,000,000
Cash, cash equivalents, and restricted cash 1,540,000,000 1,791,000,000 2,578,000,000
Common Stock      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Issuance cost of common stock $ 0 $ 0 $ (29,000,000)