v3.24.0.1
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) $ 261,173 $ (694,022) $ (29,813)
Adjustments to reconcile net income (loss) to net cash used in operating activities:      
Depreciation and amortization 179,513 78,709 14,904
Amortization of prepaid service contract 0 22,781 0
Gain on sale of equipment, net of disposals 0 (83,879) 0
Deferred tax expense (benefit) 15,286 (24,968) 24,968
(Gains) losses on digital assets held within investment fund 0 85,017 (74,696)
(Gains) losses on digital assets and digital assets loan receivable (331,484) 14,460 (2,157)
Impairment of digital assets 0 182,891 22,252
Impairment of mining equipment and advances to vendors 0 332,933 0
Loss on hedge instruments 17,421 0 0
Stock-based compensation 32,644 24,595 160,786
Amortization of debt issuance costs 3,168 3,945 0
Equity in net earnings of unconsolidated affiliate 617 0 0
Impairment of patents 0 919 0
Impairment of deposits due to vendor bankruptcy filing 0 55,674 0
Gain on extinguishment of debt, net (82,267) 0 0
Other adjustments from operations, net 484 1,030 1,069
Changes in operating assets and liabilities:      
Revenues from digital assets production (385,959) (117,747) (150,513)
Deposits (23,777) (24,469) 0
Prepaid expenses and other assets (1,881) (48,887) 987
Accounts payable and accrued expenses 146 13,225 12,382
Legal reserve payable 0 1,171 0
Accrued interest (735) 144 867
Net cash used in operating activities (315,651) (176,478) (18,964)
CASH FLOWS FROM INVESTING ACTIVITIES      
Advances to vendors (158,940) (483,840) (435,065)
Loan receivable 0 0 (30,000)
Purchase of property and equipment (27,611) (41,108) (273,851)
Sale of property and equipment 0 178,371 0
Proceeds from sale of digital assets 264,945 0 0
Payments on hedge settlements (2,004) 0 0
Purchase of digital assets in investment fund 0 0 (150,000)
Investment in joint venture (71,795) 0 0
Purchase of equity investments 0 (44,000) (3,000)
Deconsolidation of fund 0 (500) 0
Sale of digital assets in investment fund 0 849 780
Net cash provided by (used in) investing activities 4,595 (390,228) (891,136)
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from issuance of common stock, net of issuance costs 608,365 361,486 312,196
Proceeds from issuance of Series A preferred stock, net of issuance costs 13,629 0 0
Redemption of Series A preferred stock (15,750) 0 0
Proceeds from term loan borrowings, net of issuance costs 0 49,250 0
Proceeds from issuance of convertible debt, net of issuance costs 0 0 728,406
Borrowings from revolving credit agreement 0 120,000 77,500
Repayments of revolving credit agreement (50,000) (120,000) (77,500)
Value of shares withheld for taxes (380) (81) (4,714)
Proceeds received on exercise of options and warrants 0 0 1,445
Net cash provided by financing activities 555,864 410,655 1,037,333
Net increase (decrease) in cash, cash equivalents and restricted cash 244,808 (156,051) 127,233
Cash, cash equivalents and restricted cash — beginning of period 112,505 268,556 141,323
Cash, cash equivalents and restricted cash — end of period $ 357,313 $ 112,505 $ 268,556

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