Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:    
Net loss $ (189,066) $ (169,484)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Provision for losses on receivables 99,753 60,749
Depreciation and amortization expense 21,673 2,392
Change in deferred fees and costs, net 2,017 1,827
Change in fair value of warrants (7,923) 39,629
Change in fair value of subordinated convertible notes 41,877
Change in fair value of contingent consideration from mergers and acquisitions (41,254) 10,838
Gain on loan forgiveness (3,207)
Gains on foreign currency translation 18 (431)
Expenses related to debt modification and prepayments 730
Goodwill impairment loss 136,760  
Stock compensation expense 19,603 5,039
Deferred income taxes (26,020)
Changes in assets and liabilities, net of effects of business combination:    
Accrued interest receivable 4 (449)
Enterprise receivables (3,152) (5,489)
Other assets (14,908) (11,561)
Accounts payable and accrued liabilities 5,059 11,127
Other liabilities 67 8,574
Net cash provided by (used in) operating activities 3,361 (8,569)
Cash flows from investing activities:    
Net originations and collections of finance receivables (114,072) (131,737)
Purchase of property, equipment and software (8,890) (479)
Acquisition of Malka Media Group LLC, net of cash acquired (12,145)
Acquisition of ML Enterprise, net of cash acquired (18,584)
Net cash used in investing activities (141,546) (144,361)
Cash flows from financing activities:    
Repayments to secured/senior lenders (24,029) (798)
Repayment of related party loan (5,000)
Fees related to debt prepayment (375)
Net proceeds from special purpose vehicle credit facilities 146,000
Proceeds from issuance of subordinated convertible notes 36,750
Borrowings from secured lenders 69,300 20,000
Payment of deferred financing costs (1,625) (5,147)
Redemption of founder's 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 2,399 252
Proceeds from reverse capitalization, net of transaction costs 293,239
Contributions from redeemable noncontrolling interests 53,000
Redemptions by redeemable noncontrolling interests (127,391)
Distributions to noncontrolling interests (10,237)
Net cash provided by financing activities 45,670 378,227
Net change in cash and restricted cash (92,515) 225,297
Cash and restricted cash, beginning of period 246,224 20,927
Cash and restricted cash, end of period 153,709 246,224
Supplemental disclosure of cash flow information:    
Cash paid for interest 27,521 4,378
Supplemental disclosure of non-cash investing and financing activities:    
Conversion of preferred stock to common stock 20,257 302,475
Issuance of common stock to settle accrued dividends 81
Issuance of common stock related to convertible debt 92,627
Issuance of common stock related to warrants exercised 85,502
Acquisition of public and private warrants 29,466
Accrued dividends on preferred stock (6,880) (14,292)
Lease liabilities incurred in exchange for operating right-of-use assets 7,568
Equity issued as consideration for mergers and acquisitions 202,425 21,766
Contingent consideration issued related to mergers and acquisitions $ 45,336 $ 22,652