| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | |
|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||
Net loss | ||||||
375,446 | -38,453 | -62,813 | -171,590 | -179,817 | -154,093 | |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
75,598 | 60,961 | 37,279 | 37,745 | 27,626 | 18,586 | |
Non-cash interest and other | ||||||
34,547 | 31,257 | 14,421 | -49 | 270 | - | |
Loss on extinguishment of long-term debt | ||||||
0 | -5,047 | 0 | 0 | - | - | |
Share-based compensation | ||||||
297,863 | 216,881 | 155,836 | 138,786 | 82,292 | 36,100 | |
Replacement stock awards issued in connection with acquisition | ||||||
0 | 899 | 0 | 0 | - | - | |
Gain on sale of asset group | ||||||
373,445 | 0 | 0 | - | - | - | |
Loss on revaluation of equity investment | ||||||
-12,326 | 20,342 | 0 | 0 | - | - | |
Non-cash lease expense | ||||||
29,696 | 0 | 0 | - | - | - | |
Recovery of common stock in connection with indemnification settlement agreement | ||||||
1,069 | 2,745 | 0 | 0 | - | - | |
Transaction and loan losses | ||||||
126,959 | 88,077 | 67,018 | - | - | - | |
Excess tax benefit from share-based payment activity | ||||||
- | - | - | - | 1,101 | 1,348 | |
Loss Contingency Accrual, Provision | ||||||
- | - | - | 51,235 | 54,009 | 18,478 | |
Provision for uncollectible receivables related to merchant cash advances | ||||||
- | - | - | - | - | 2,431 | |
Change in deferred income taxes | ||||||
-1,376 | -646 | -1,385 | 58 | 26 | -2,664 | |
Gain on sale of property and equipment | ||||||
- | - | - | - | - | -133 | |
Changes in operating assets and liabilities: | ||||||
Settlements receivable | ||||||
248,271 | -245,795 | 305,831 | 177,662 | 31,810 | 50,361 | |
Customer funds | ||||||
204,208 | 131,004 | 59,468 | 34,128 | 6,462 | 2,985 | |
Purchase of loans held for sale | ||||||
2,266,738 | 1,609,611 | 1,184,630 | 668,976 | 816 | 0 | |
Sales and principal payments of loans held for sale | ||||||
-2,168,682 | -1,579,834 | -1,145,314 | -627,627 | -21 | 0 | |
Merchant cash advance receivable | ||||||
- | - | - | - | - | 31,733 | |
Other current assets | ||||||
- | - | - | -16,116 | 25,841 | 14,323 | |
Other non-current assets | ||||||
- | - | - | -631 | -1,220 | 636 | |
Accounts payable | ||||||
- | - | - | - | 7,831 | 179 | |
Customers payable | ||||||
523,795 | 15,597 | 301,778 | 206,574 | 76,009 | 49,971 | |
Settlements payable | ||||||
41,697 | -60,651 | 63,637 | 38,046 | 13,105 | - | |
Customer funds obligation | ||||||
- | - | - | - | - | 2,985 | |
Charge-offs to accrued transaction losses | ||||||
78,325 | 58,192 | 46,148 | 47,931 | 34,655 | 17,514 | |
Other assets and liabilities | ||||||
47,478 | 27,624 | -2,703 | - | - | - | |
Accrued expenses | ||||||
- | - | - | -409 | 21,450 | 8,113 | |
Other current liabilities | ||||||
- | - | - | 3,909 | 6,655 | 3,007 | |
Other non-current liabilities | ||||||
- | - | - | 3,149 | 11,111 | 23,295 | |
Net cash provided by operating activities | ||||||
465,699 | 295,080 | 127,711 | 23,131 | 21,123 | -112,379 | |
Cash flows from investing activities: | ||||||
Purchase of marketable debt securities | ||||||
992,583 | 1,000,346 | 544,910 | 164,766 | 0 | 0 | |
Proceeds from maturities of marketable debt securities | ||||||
430,888 | 197,454 | 168,224 | 43,200 | 0 | 0 | |
Proceeds from sale of marketable debt securities | ||||||
548,619 | 171,992 | 89,087 | 34,222 | - | - | |
Purchase of marketable debt securities from customer funds | ||||||
311,499 | 148,096 | 0 | 0 | - | - | |
Proceeds from maturities of marketable debt securities from customer funds | ||||||
158,055 | 0 | 0 | - | - | - | |
Proceeds from sale of marketable debt securities from customer funds | ||||||
17,493 | 48,334 | 0 | 0 | - | - | |
Proceeds from sale of marketable securities | ||||||
- | - | - | - | 0 | 0 | |
Purchase of property and equipment | ||||||
62,498 | 61,203 | 26,097 | 25,433 | 37,432 | 28,794 | |
Payments for other investments | ||||||
15,250 | 0 | 25,000 | - | - | - | |
Proceeds from sale of equity investment | ||||||
33,016 | 0 | 0 | - | - | - | |
Proceeds from sale of property and equipment | ||||||
- | - | - | 296 | 0 | 0 | |
Purchase of equity investment | ||||||
- | - | - | 0 | 0 | - | |
Purchase of intangible assets | ||||||
0 | 1,584 | 0 | 400 | 1,286 | 400 | |
Proceeds from sale of asset group | ||||||
309,324 | 0 | 0 | - | - | - | |
Increases in restricted cash | ||||||
- | - | - | - | - | 7,075 | |
Business combinations, net of cash acquired | ||||||
20,372 | 112,399 | 1,915 | 1,360 | 4,500 | -11,715 | |
Net cash used in investing activities | ||||||
95,193 | -905,848 | -340,611 | -114,241 | -43,218 | -24,554 | |
Cash flows from financing activities: | ||||||
Proceeds from issuance of convertible senior notes, net | ||||||
0 | 855,663 | 428,250 | 0 | 0 | - | |
Purchase of convertible senior note hedges | ||||||
0 | 172,586 | 92,136 | 0 | 0 | - | |
Proceeds from issuance of warrants | ||||||
0 | 112,125 | 57,244 | 0 | 0 | - | |
Principal payment on conversion of senior notes | ||||||
0 | 219,384 | 0 | 0 | - | - | |
Payment of deferred purchase consideration | ||||||
- | - | - | 0 | - | - | |
Principal payments on finance lease obligation | ||||||
- | - | - | 168 | 0 | 0 | |
Payment for termination of Starbucks warrant | ||||||
0 | 0 | 54,808 | 0 | 0 | - | |
Proceeds from issuance of preferred stock, net | ||||||
- | - | - | - | 29,952 | 148,748 | |
Proceeds from issuance of common stock upon initial public offering, net of offering costs | ||||||
- | - | - | - | 251,257 | 0 | |
Payments of offering costs related to initial public offering | ||||||
- | - | - | 5,530 | 0 | 0 | |
Proceeds from debt | ||||||
- | - | - | - | - | 30,000 | |
Principal payments on debt | ||||||
- | - | - | - | 30,000 | 0 | |
Payments of debt issuance costs | ||||||
- | - | - | - | 1,387 | 0 | |
Proceeds from the exercise of stock options and purchases under the employee stock purchase plan, net | ||||||
118,514 | 133,850 | 162,504 | 96,439 | 13,840 | 14,056 | |
Payments for tax withholding related to vesting of restricted stock units | ||||||
212,264 | 189,124 | 44,682 | 0 | 0 | - | |
Excess tax benefit from share-based payment award | ||||||
- | - | - | - | 1,101 | 1,348 | |
Other financing activities | ||||||
-5,124 | -4,789 | -1,439 | - | - | - | |
Net cash provided by (used in) financing activities | ||||||
-98,874 | 515,755 | 454,933 | 90,741 | 264,763 | 194,152 | |
Effect of foreign exchange rate on cash and cash equivalents | ||||||
3,841 | -7,221 | 4,303 | -438 | -1,775 | -1,080 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | ||||||
465,859 | -102,234 | 246,336 | -807 | 240,893 | 56,139 | |