Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows

v3.23.2
Condensed Consolidated Statements of Cash Flows
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
Jun. 30, 2022
USD ($)
Operating activities      
Net Income (Loss) $ (353,559) $ (83,375) $ (316,981)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Stock-based compensation   1,133 3,743
Depreciation and amortization 20,562 125,502 34,807
Amortization of license fee revenue   (48) (48)
Noncash lease expense   1,134 807
Deferred income tax expense (benefit)   (5,045) (6,626)
Impairment of Bitcoin 101,419 10,110 127,289
Impairment of goodwill 335,648 335,648
Change in fair value of derivative asset   (7,331) (104,614)
Change in fair value of contingent consideration   176
Realized loss on sale of marketable equity securities   1,624
Realized gain on sale of Bitcoin (15,260) (33,603) (24,925)
Unrealized loss on marketable equity securities 4,837 6,448
Gain (loss) on sale/exchange of equipment (8,614) 30 (8,614)
Casualty-related charges   1,526
Bitcoin Mining revenue   (97,765) (104,096)
Proceeds from sale of Bitcoin   89,162 33,116
Changes in assets and liabilities:      
(Increase)/decrease in operating assets   29,226 18,983
Increase/(decrease) in operating liabilities   (36,440) (11,130)
Net cash provided by (used in) operating activities   (5,784) (14,393)
Investing activities      
Proceeds from the sale of marketable equity securities   704
Deposits on equipment   (192,485)
Security deposits   (709)
Purchases of property and equipment, including construction in progress   (107,424) (77,403)
Patent costs incurred   (34) (28)
Net cash provided by (used in) investing activities   (107,458) (269,921)
Financing activities      
Proceeds from the issuance of common stock / At-the-market offering   188,430 272,737
Offering costs for the issuance of common stock / At-the-market offering   (3,769) (5,715)
Payments on contingent consideration liability - future power credits   (15,725)
Proceeds from Credit and Security Facility   880
Repayments of Credit and Security Facility   (500)
Repurchase of common shares to pay employee withholding taxes   (12,951) (8,815)
Net cash provided by (used in) financing activities   172,090 242,482
Net increase (decrease) in cash and cash equivalents   58,848 (41,832)
Cash and cash equivalents at beginning of period   230,328 312,315
Cash and cash equivalents at end of period 270,483 289,176 270,483
Supplemental information:      
Cash paid for interest   17  
Non-cash transactions      
Reclassification of deposits to property and equipment   33,273 96,348
Construction in progress included in accrued expenses   7,353 2,020
Bitcoin exchanged for employee compensation 1,362 585 1,362
Conversion of preferred stock to common stock     11
Right of use assets exchanged for new operating lease liabilities $ 8,784 $ 682 8,784
Property and equipment obtained in exchange transaction     $ 10,409