v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (335) $ (114)
Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash (used in) provided by operating activities:    
Depreciation and amortization  16 22
Amortization of right of use asset 1 1
Stock-based compensation 239 27
Inventory valuation adjustment 23 34
Changes in fair value of equity securities 0 3
Loss (gain) on extinguishment of debt 1 (10)
Other 5 4
Origination of mortgage loans held for sale (5) 0
Proceeds from sale and principal collections of mortgage loans held for sale 5 0
Changes in operating assets and liabilities:    
Escrow receivable (9) (4)
Real estate inventory (932) 593
Other assets 37 (11)
Accounts payable and other accrued liabilities (11) (2)
Interest payable 2 2
Lease liabilities (1) (1)
Net cash (used in) provided by operating activities (964) 544
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (9) (6)
Proceeds from sales, maturities, redemptions and paydowns of marketable securities 0 6
Purchase of non-marketable equity securities (5) 0
Net cash (used in) provided by investing activities (14) 0
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from issuance of convertible senior notes, net of discount 0 75
Proceeds from issuance of common stock for ESPP 1 1
Proceeds from non-recourse asset-backed debt 781 671
Principal payments on non-recourse asset-backed debt (143) (853)
Payment of loan origination fees and debt issuance costs 0 (16)
Net cash provided by (used in) financing activities 639 (122)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (339) 422
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – Beginning of period 1,301 763
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH – End of period 962 1,185
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION – Cash paid during the period for interest 46 62
DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES:    
Stock-based compensation expense capitalized for internally developed software 5 2
Principal value of 2026 Notes extinguished in Debt Exchange 0 (246)
Principal value of 2030 Notes issued in Debt Exchange 0 246
RECONCILIATION TO CONDENSED CONSOLIDATED BALANCE SHEETS:    
Cash and cash equivalents 896 789
Restricted cash 66 396
Cash, cash equivalents, and restricted cash $ 962 $ 1,185