v3.23.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
OPERATING ACTIVITIES          
Net income (loss) $ 64,137 $ (72,462) $ 37,769 $ (302,424)  
Adjustments to reconcile net income (loss) to net cash used in operating activities:          
Depreciation and amortization     108,556 64,882  
Amortization of prepaid service contract     22,781  
Deferred tax expense     351 (908)  
Losses on digital assets held within investment fund     85,017  
(Gains) on digital assets and (gains) losses on digital assets loan receivables     (72,689) 14,460  
Impairment of digital assets     26,399 156,500  
Gain on sale of equipment, net of disposals     (83,879)  
Stock-based compensation     13,907 18,876  
Amortization of debt issuance costs     2,780 2,956  
Equity in net earnings of unconsolidated affiliate     647  
Impairment of patents 919  
Impairment of assets related to vendor bankruptcy filing     39,000  
Gain on extinguishment of debt, net (82,600) (82,267)  
Other adjustments from operations, net     609 1,406  
Changes in operating assets and liabilities:          
Revenues from digital asset production     (230,740) (89,330)  
Deposits     (21,671) (13,629)  
Prepaid expenses and other assets     (11,588) (31,434)  
Accounts payable and accrued expenses     3,359 7,888  
Legal reserve payable     21,200  
Accrued interest     91 1,976  
Net cash used in operating activities     (224,487) (83,743)  
INVESTING ACTIVITIES          
Advances to vendors     (87,315) (482,098)  
Purchase of property and equipment     (25,813) (19,829)  
Sale of property and equipment     177,371  
Proceeds from sale of digital assets     179,509  
Investments in joint venture     (66,754)  
Purchase of equity investments     (44,000)  
Sale of digital currencies in investment fund     483  
Deconsolidation of fund     (500)  
Net cash used in investing activities     (373) (368,573)  
FINANCING ACTIVITIES          
Proceeds from issuance of common stock, net of issuance costs     265,786 198,701  
Proceeds from issuance of preferred stock, net of issuance costs     13,629  
Redemption of preferred stock     (15,750)  
Net change in revolving credit agreement borrowings      
Proceeds from term loan borrowings, net of issuance costs     49,250  
Repayment of term loan borrowings     (50,000)    
Value of shares withheld for taxes     (100) (52)  
Net cash provided by financing activities     213,565 247,899  
Net decrease in cash, cash equivalents and restricted cash     (11,295) (204,417)  
Cash, cash equivalents and restricted cash — beginning of period     112,505 268,556 $ 268,556
Cash, cash equivalents and restricted cash — end of period $ 101,210 $ 64,139 $ 101,210 $ 64,139 $ 112,505

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