General form of registration statement for all companies including face-amount certificate companies

Consolidated Statements of Cash Flows (Unaudited)

v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:        
Net loss $ (6,000) $ (73,406) $ (164,875) $ (41,587)
Adjustments to reconcile net loss to net cash provided by operating activities:        
Provision for credit losses on consumer receivables 23,044 5,708 60,749 21,294
Depreciation and amortization expense 3,421 514 2,392 1,108
Change in deferred fees and costs, net 259 1,694 1,827 1,103
Change in fair value of warrants (3,910) 31,230 39,629 14,419
Change in fair value of subordinated convertible notes 39,939 41,877 4,000
Change in fair value of contingent consideration from mergers and acquisitions 682 6,229
Gain on PPP Loan forgiveness     (3,207)
Losses (gains) on foreign currency translation 29 (4) (431) (179)
Expenses related to debt modification and prepayments 730    
Stock compensation expense 3,268 518 5,039 1,650
Deferred income taxes (28,442) 56 6
Changes in assets and liabilities, net of effects of business combination:        
Enterprise receivables 1,658 71    
Other liabilities (1,672)    
Accrued interest receivable (34) (83) (449) 231
Other assets 666 11 (17,050) (4,199)
Accounts payable and accrued liabilities (2,350) (2,901) 19,701 5,188
Net cash (used in) provided by operating activities (8,651) 3,291 (8,569) 3,028
Cash flows from investing activities:        
Net originations and collections of finance receivables (22,872) (15,110) (131,737) (41,562)
Purchase of property, equipment and software (823) (35) (479) (1,185)
Acquisition of Even Financial, net of cash acquired (18,584) (12,145)
Net cash used in investing activities (42,279) (15,145) (144,361) (42,747)
Cash flows from financing activities:        
Repayments to secured/senior lenders (24,028) (1,127) (798) (18,333)
Fees related to debt prepayment (375)    
Repayment of related party loan     (5,000)
Proceeds from issuance of related party loan     5,000
Proceeds from special purpose vehicle credit facilities 10,000 146,000
Proceeds from issuance of subordinated convertible notes 36,750 36,750 10,000
Borrowings from secured lenders 69,300 20,000 16,697
Payment of deferred financing costs (1,625) (5,147)
Redemption of founders common stock     (9,700)
Payment of redeemed stock options     (12,741)
Proceeds from issuance of common stock related to exercise of stock options and warrants 421 245 252 134
Proceeds from reverse capitalization, net of transaction costs     293,239
Issuance of Series C-1 preferred stock     12,025
Contributions from redeemable noncontrolling interests 16,844 53,000 10,750
Redemptions by redeemable noncontrolling interests     (127,391) (17,645)
Distributions to noncontrolling interests (1,969) (10,237) (3,795)
Net cash provided by financing activities 53,693 50,743 378,227 14,833
Net change in cash and restricted cash 2,763 38,889 225,297 (24,886)
Cash and restricted cash, beginning of period 246,224 20,927 20,927 45,813
Cash and restricted cash, end of period 248,987 59,816 246,224 20,927
Supplemental disclosure of cash flow information:        
Cash paid for interest 4,990 569 4,378 3,090
Supplemental disclosure of non-cash investing and financing activities:        
Accrued dividends on preferred stock 1,028 4,842    
Lease liabilities incurred in exchange for operating right-of-use assets $ 6,578    
Accrued dividends on redeemable convertible preferred stock   $ (4,842) (14,292) (17,209)
Series C-1 redeemable convertible preferred stock issued to acquire WTI     27,929
Conversion of preferred stock to common stock     302,475
Issuance of common stock related to convertible debt     92,627
Issuance of common stock related to warrants exercised     85,502
Acquisition of private warrants     $ 29,466