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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net (loss) income $ (1,353,000,000) $ (662,000,000) $ (253,000,000)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities:      
Depreciation and amortization 83,000,000 47,000,000 39,000,000
Amortization of right of use asset 7,000,000 8,000,000 24,000,000
Stock-based compensation 171,000,000 536,000,000 38,000,000
Warrant fair value adjustment 0 (12,000,000) (31,000,000)
Gain on settlement of lease liabilities 0 (5,000,000) 0
Inventory valuation adjustment 737,000,000 56,000,000 8,000,000
Changes in fair value of derivative instruments 0 0 23,000,000
Goodwill impairment 60,000,000 0 0
Changes in fair value of equity securities 35,000,000 (35,000,000) 0
Payment-in-kind interest 0 0 4,000,000
Net fair value adjustments and loss on sale of mortgage loans held for sale (1,000,000) (4,000,000) (3,000,000)
Origination of mortgage loans held for sale (118,000,000) (196,000,000) (128,000,000)
Proceeds from sale and principal collections of mortgage loans held for sale 128,000,000 197,000,000 126,000,000
Loss on early extinguishment of debt 25,000,000 0 0
Changes in operating assets and liabilities:      
Escrow receivable 54,000,000 (83,000,000) 12,000,000
Real estate inventory 896,000,000 (5,656,000,000) 834,000,000
Other assets 37,000,000 (52,000,000) 3,000,000
Accounts payable and other accrued liabilities (25,000,000) 76,000,000 (4,000,000)
Interest payable 2,000,000 4,000,000 (3,000,000)
Lease liabilities (8,000,000) (13,000,000) (7,000,000)
Net cash provided by (used in) operating activities 730,000,000 (5,794,000,000) 682,000,000
CASH FLOWS FROM INVESTING ACTIVITIES:      
Purchase of property and equipment (37,000,000) (33,000,000) (17,000,000)
Purchase of intangible assets 0 (1,000,000) 0
Purchase of marketable securities (28,000,000) (486,000,000) (175,000,000)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities 328,000,000 92,000,000 170,000,000
Purchase of non-marketable equity securities (25,000,000) (15,000,000) 0
Proceeds from sale of non-marketable equity securities 3,000,000 0 0
Capital returns from non-marketable equity securities 3,000,000 0 0
Acquisitions, net of cash acquired (10,000,000) (33,000,000) 0
Net cash provided by (used in) investing activities 234,000,000 (476,000,000) (22,000,000)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of convertible senior notes, net of issuance costs 0 953,000,000 0
Purchase of capped calls related to the convertible senior notes 0 (119,000,000) 0
Proceeds from exercise of stock options 4,000,000 15,000,000 8,000,000
Proceeds from issuance of common stock for ESPP 2,000,000 0 0
Proceeds from warrant exercise 0 22,000,000 0
Proceeds from Business Combination and PIPE offering 0 0 1,014,000,000
Proceeds from the February 2021 Offering 0 886,000,000 0
Proceeds from non-recourse asset-backed debt 10,108,000,000 11,499,000,000 1,309,000,000
Principal payments on non-recourse asset-backed debt (11,822,000,000) (5,838,000,000) (2,130,000,000)
Proceeds from other secured borrowings 114,000,000 192,000,000 125,000,000
Principal payments on other secured borrowings (121,000,000) (192,000,000) (121,000,000)
Payment of loan origination fees and debt issuance costs (26,000,000) (47,000,000) (3,000,000)
Payment for early extinguishment of debt (10,000,000) 0 0
Net cash (used in) provided by financing activities (1,751,000,000) 7,342,000,000 161,000,000
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (787,000,000) 1,072,000,000 821,000,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of year 2,578,000,000 1,506,000,000 685,000,000
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of year 1,791,000,000 2,578,000,000 1,506,000,000
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest 355,000,000 122,000,000 57,000,000
DISCLOSURES OF NONCASH FINANCING ACTIVITIES:      
Stock-based compensation expense capitalized for internally developed software 16,000,000 12,000,000 0
Conversion of preferred stock to common stock 0 0 1,386,000,000
Issuance of issuer stock rights in extinguishment of the 2019 Convertible Notes 0 0 213,000,000
Recognition of warrant liability 0 0 81,000,000
Issuance of common stock in extinguishment of warrant liabilities 0 (35,000,000) 0
RECONCILIATION TO CONSOLIDATED BALANCE SHEETS:      
Cash and cash equivalents 1,137,000,000 1,731,000,000 1,413,000,000
Restricted cash 654,000,000 847,000,000 93,000,000
Cash, cash equivalents, and restricted cash 1,791,000,000 2,578,000,000 1,506,000,000
Series E Convertible Preferred Stock      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of Series E preferred stock 0 0 2,000,000
Common Stock      
CASH FLOWS FROM FINANCING ACTIVITIES:      
Issuance cost of common stock $ 0 $ (29,000,000) $ (43,000,000)