v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities      
Net income $ (2,624,949) $ 3,624,120 $ 322,317
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:      
Depreciation and amortization 154,069 63,651 30,962
Crypto asset impairment expense 757,257 329,152 8,355
Investment impairment expense 101,445 0 0
Other impairment expense 26,518 500 0
Stock-based compensation expense 1,565,823 820,685 70,548
Provision for transaction losses and doubtful accounts (13,051) 22,390 (2,966)
(Gain) loss on disposal of property and equipment (58) 1,425 355
Deferred income taxes (468,035) (558,329) 474
Unrealized loss (gain) on foreign exchange 28,516 (14,944) 1,057
Non-cash lease expense 31,123 34,542 25,012
Change in fair value of contingent consideration (8,312) (924) 3,281
Realized gain on crypto assets (36,666) (178,234) (23,682)
Crypto assets received as revenue (470,591) (1,015,920) (94,158)
Crypto asset payments for expenses 383,221 815,783 40,205
Fair value loss (gain) on derivatives 7,410 (32,056) 5,254
Amortization of debt discount and issuance costs 9,253 5,031 0
Loss (gain) on investments 3,056 (20,138) 150
Changes in operating assets and liabilities:      
USDC (848,138) (77,471) 37,936
Accounts and loans receivable (141,023) 28,511 (117,167)
Deposits in transit 28,952 (36,527) (39,989)
Income taxes, net 1,906 (62,145) 86,791
Other current and non-current assets 19,237 (20,060) (48,677)
Accounts payable 18,612 27,330 6,090
Lease liabilities (10,223) (20,596) (24,998)
Other current and non-current liabilities (100,771) 302,396 6,398
Net cash (used in) provided by operating activities (1,585,419) 4,038,172 293,548
Cash flows from investing activities      
Purchase of property and equipment (2,933) (2,910) (9,913)
Proceeds from sale of property and equipment 83 31 0
Capitalized internal-use software development costs (61,038) (22,073) (8,889)
Business combinations, net of cash acquired (186,150) (70,911) 33,615
Purchase of investments (63,048) (326,513) (10,329)
Purchase of assembled workforce 0 (60,800) 0
Proceeds from settlement of investments 1,551 5,159 303
Purchase of crypto assets held (1,400,032) (3,009,086) (528,080)
Disposal of crypto assets held 969,185 2,574,032 574,115
Loans originated (207,349) (336,189) 0
Proceeds from repayment of loans 327,539 124,520 0
Assets pledged as collateral (41,630) 0 0
Net cash (used in) provided by investing activities (663,822) (1,124,740) 50,822
Cash flows from financing activities      
Issuance of common stock upon exercise of stock options, net of repurchases 51,497 217,064 20,731
Taxes paid related to net share settlement of equity awards (351,867) (262,794) 0
Proceeds received under the ESPP 20,848 19,889 0
Other financing activities 3,679 0 0
Customer custodial cash liabilities (5,562,558) 6,691,859 2,710,522
Cash paid to repurchase equity awards 0 0 (1,930)
Issuance of shares from exercise of warrants 0 433 0
Issuance of convertible senior notes, net 0 1,403,753 0
Issuance of senior notes, net 0 1,976,011 0
Purchase of capped calls 0 (90,131) 0
Proceeds from short-term borrowings 190,956 20,000 0
Repayment of short-term borrowings (191,073) 0 0
Net cash (used in) provided by financing activities (5,838,518) 9,976,084 2,729,323
Net (decrease) increase in cash, cash equivalents, and restricted cash (8,087,759) 12,889,516 3,073,693
Effect of exchange rates on cash, cash equivalents, and restricted cash (163,257) (64,883) (2,081)
Cash, cash equivalents, and restricted cash, beginning of period 17,680,662 4,856,029 1,784,417
Cash, cash equivalents, and restricted cash, end of period 9,429,646 17,680,662 4,856,029
Cash, cash equivalents, and restricted cash consisted of the following:      
Cash and cash equivalents 4,425,021 7,123,478 1,061,850
Restricted cash 25,873 30,951 30,787
Customer custodial funds 4,978,752 10,526,233 3,763,392
Total cash, cash equivalents, and restricted cash 9,429,646 17,680,662 4,856,029
Supplemental disclosure of cash flow information      
Cash paid during the period for interest 82,399 3,793 0
Cash paid during the period for income taxes 35,888 68,614 62,060
Operating cash outflows for amounts included in the measurement of operating lease liabilities 14,528 20,061 40,011
Supplemental schedule of non-cash investing and financing activities      
Unsettled purchases of property and equipment 0 808 0
Right-of-use assets obtained in exchange for operating lease obligations 3,059 27,286 2,146
Non-cash consideration paid for business combinations 324,925 571,196 0
Purchase of crypto assets and investments with non-cash consideration 19,967 13,511 662
Redemption of investments with non-cash consideration 5,000 0 0
Disposal of crypto assets for non-cash consideration 617 0 0
Crypto assets borrowed 920,379 1,134,876 194,696
Crypto assets borrowed repaid with crypto assets 1,432,688 609,600 59,171
Non-cash assets pledged as collateral 58,377 0 0
Non-cash assets received as collateral $ 26,874 $ 0 $ 0