v3.22.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities:    
Net loss $ (392) $ (1,445)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization 12 4
Provision for credit losses 8 16
Share-based compensation 220 9
Change in fair value of convertible notes and warrant liability 0 1,492
Changes in operating assets and liabilities:    
Segregated securities under federal and other regulations 0 135
Receivables from brokers, dealers, and clearing organizations (36) (51)
Receivables from users, net 1,417 (2,029)
Deposits with clearing organizations 34 (97)
Operating lease right-of-use assets (26) (6)
Current and non-current prepaid expenses 26 (20)
Other current and non-current assets 2 616
Accounts payable and accrued expenses (2) 126
Payables to users 673 (56)
Securities loaned (1,500) 110
Current and non-current operating lease liabilities 32 7
Other current and non-current liabilities (31) (693)
Net cash provided by (used in) operating activities 437 (1,882)
Investing activities:    
Purchase of property, software, and equipment (13) (9)
Capitalization of internally developed software (8) (2)
Purchase of investments (14) 0
Sales of investments 1 0
Net cash used in investing activities (34) (11)
Financing activities:    
Taxes paid related to net share settlement of equity awards (3) 0
Proceeds from issuance of convertible notes and warrants 0 3,552
Draws on credit facilities 11 1,000
Repayments on credit facilities (11) (1,000)
Proceeds from exercise of stock options, net of repurchases 3 6
Net cash provided by financing activities 0 3,558
Net increase in cash, cash equivalents, segregated cash and restricted cash 403 1,665
Cash, cash equivalents, segregated cash and restricted cash, beginning of the period 10,270 6,190
Cash, cash equivalents, segregated cash and restricted cash, end of the period 10,673 7,855
Cash and cash equivalents, end of the period 6,191 4,795
Segregated cash, end of the period 4,458 3,050
Restricted cash, end of the period 24 10
Cash, cash equivalents, segregated cash and restricted cash, end of the period 10,673 7,855
Supplemental disclosures:    
Cash paid for interest 3 1
Cash paid for income taxes, net of refund received $ 1 $ 3