XML 23 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1Close
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities      
Net income (loss) $ 94,871 $ (2,624,949) $ 3,624,120
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 139,642 154,069 63,651
Other impairment expense 18,793 26,518 500
Investment impairment expense 29,375 101,445 0
Stock-based compensation expense 780,668 1,565,823 820,685
Restructuring stock-based compensation expense 84,042 0 0
Provision for transaction losses and doubtful accounts 11,059 (13,051) 22,390
Deferred income taxes (216,334) (468,035) (558,329)
Unrealized loss (gain) on foreign exchange 17,190 28,516 (14,944)
Non-cash lease expense 40,429 31,123 34,542
(Gain) loss on investments (50,121) 3,056 (20,138)
Fair value (gain) loss on derivatives (41,033) 7,410 (32,056)
Gain on extinguishment of long-term debt, net (117,383) 0 0
Crypto asset impairment expense 96,783 757,257 329,152
Crypto assets received as revenue (460,878) (470,591) (1,015,920)
Crypto asset payments for expenses 298,255 383,221 815,783
Realized gain on crypto assets (145,594) (36,666) (178,234)
Other operating activities, net 16,981 883 5,532
Net changes in operating assets and liabilities 326,206 (1,031,448) 141,438
Net cash provided by (used in) operating activities 922,951 (1,585,419) 4,038,172 Close
Cash flows from investing activities      
Capitalized internal-use software development costs (63,202) (61,038) (22,073)
Business combinations, net of cash acquired (30,730) (186,150) (70,911)
Purchase of investments (11,822) (63,048) (326,513)
Purchase of assembled workforce 0 0 (60,800)
Loans originated (586,691) (207,349) (336,189)
Proceeds from repayment of loans 513,698 327,539 124,520
Assets pledged as collateral (27,899) (41,630) 0
Assets pledged as collateral returned 68,338 0 0
Settlement of crypto futures contract (43,339) 0 0
Purchase of crypto assets held (277,367) (1,400,032) (3,009,086)
Disposal of crypto assets held 461,325 969,185 2,574,032
Other investing activities, net 3,081 (1,299) 2,280
Net cash provided by (used in) investing activities 5,392 (663,822) (1,124,740) Close
Cash flows from financing activities      
Issuance of common stock upon exercise of stock options, net of repurchases 47,944 51,497 217,064
Taxes paid related to net share settlement of equity awards (277,798) (351,867) (262,794)
Proceeds received under the ESPP 16,297 20,848 19,889
Customer custodial cash liabilities (274,822) (5,562,558) 6,691,859
Issuance of convertible senior notes, net 0 0 1,403,753
Issuance of senior notes, net 0 0 1,976,011
Purchase of capped calls 0 0 (90,131)
Repayment of long-term debt (303,533) 0 0
Assets received as collateral 66,014 0 0
Assets received as collateral returned (64,952) 0 0
Proceeds from short-term borrowings 31,640 190,956 20,000
Repayments of short-term borrowings (52,122) (191,073) 0
Other financing activities 0 3,679 433
Net cash (used in) provided by financing activities (811,332) (5,838,518) 9,976,084 Close
Net increase (decrease) in cash, cash equivalents, and restricted cash 117,011 (8,087,759) 12,889,516 Close
Effect of exchange rates on cash, cash equivalents, and restricted cash 8,772 (163,257) (64,883)
Cash, cash equivalents, and restricted cash, beginning of period 9,429,646 17,680,662 4,856,029
Cash, cash equivalents, and restricted cash, end of period 9,555,429 9,429,646 17,680,662
Supplemental disclosure of cash flow information      
Cash paid during the period for interest 76,142 82,399 3,793
Cash paid during the period for income taxes 39,122 35,888 68,614
Operating cash outflows for amounts included in the measurement of operating lease liabilities $ 14,730 $ 14,528 $ 20,061