v3.23.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities    
Net income (loss) $ (55,688) $ 36,578
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Stock-based compensation (2,296) 3,042
Depreciation and amortization 59,340 14,245
Amortization of license fee revenue (24) (24)
Amortization of right of use assets 586 357
Deferred income tax expense (benefit) (5,045)
Impairment of Bitcoin 4,472 25,870
Change in fair value of derivative asset 5,778 (43,683)
Change in fair value of contingent consideration 176
Realized gain on sale of Bitcoin (13,775) (9,665)
Unrealized loss on marketable equity securities 1,611
Casualty-related charges 1,526
Bitcoin Mining revenue (48,023) (57,945)
Changes in assets and liabilities:    
(Increase)/decrease in operating assets 91,398 (1,549)
Increase/(decrease) in operating liabilities (5,886) (14,331)
Net cash provided by (used in) operating activities 32,363 (45,318)
Investing activities    
Deposits on equipment (103,161)
Security deposits (23,000)
Purchases of property and equipment, including construction in progress (50,955) (37,079)
Patent costs incurred (33) (26)
Net cash provided by (used in) investing activities (73,988) (140,266)
Financing activities    
Payments on contingent consideration liability - future power credits (4,843)
Proceeds from Credit and Security Facility 880
Repayments of Credit and Security Facility (500)
Repurchase of common shares to pay employee withholding taxes (1,313) (8,307)
Net cash provided by (used in) financing activities (933) (13,150)
Net increase (decrease) in cash, cash equivalents, and restricted cash (42,558) (198,734)
Cash, cash equivalents, and restricted cash, beginning of the period 230,328 312,315
Cash, cash equivalents, and restricted cash at end of period 187,770 113,581
Supplemental disclosure of noncash investing and financing activities:    
Reclassification of deposits to property and equipment 33,273 38,965
Construction in progress included in accrued expenses 11,850 946
Bitcoin exchanged for employee compensation 459 1,283
Conversion of preferred stock to common stock   $ 11
Right of use assets exchanged for new operating lease liabilities $ 682  

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