Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.23.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net loss $ (9,217) $ (9,978)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Provision for losses on receivables 16,511 23,044
Depreciation and amortization expense 6,184 3,421
Change in deferred fees and costs, net 616 259
Change in fair value of warrants 149 (3,910)
Change in fair value of contingent consideration from mergers and acquisitions (246) (4,660)
(Gains) losses on foreign currency translation (7) (29)
Expenses related to debt modification and prepayments   730
Stock compensation expense 5,705 3,268
Deferred income taxes (93) (28,442)
Changes in assets and liabilities, net of effects of business combination:    
Accrued interest receivable (27) (34)
Enterprise receivables, net (4,130) 1,658
Other assets (1,250) 666
Accounts payable and accrued liabilities (9,805) (2,350)
Other liabilities (1,710) (1,672)
Net cash provided by (used in) operating activities 2,680 (8,651)
Cash flows from investing activities:    
Net originations and collections of finance receivables (19,647) (22,872)
Purchase of property, equipment and software (1,037) (823)
Acquisition of Engine, net of cash acquired   (18,584)
Settlement of contingent consideration related to mergers and acquisitions (350)  
Net cash used in investing activities (21,034) (42,279)
Cash flows from financing activities:    
Repayments to secured/senior lenders   (24,028)
Fees related to debt prepayment   (375)
Net (repayments to) proceeds from special purpose vehicle credit facilities (24,000) 10,000
Borrowings from secured lenders   69,300
Payment of deferred financing costs   (1,625)
(Payments) proceeds from issuance of common stock related to exercise of stock options and warrants (599) 421
Net cash (used in) provided by financing activities (24,599) 53,693
Net change in cash and restricted cash (42,953) 2,763
Cash and restricted cash, beginning of period 153,709 246,224
Cash and restricted cash, end of period 110,756 248,987
Supplemental disclosure of cash flow information:    
Cash paid for interest 7,465 4,990
Supplemental disclosure of non-cash investing and financing activities:    
Accrued dividends on preferred stock 1,977 1,028
Lease liabilities incurred in exchange for operating right-of-use assets   6,578
Equity issued as consideration for mergers and acquisitions 120 202,610
Equity issued as settlement of contingent consideration related to mergers and acquisitions $ 1,913 10,278
Contingent consideration issued related to mergers and acquisitions   $ 45,336