Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Cash flows from operating activities:          
Net loss $ (27,723) $ (23,065) $ (36,940) $ (33,043)  
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:          
Provision for credit losses on consumer receivables 25,562 26,981 42,073 50,025  
Depreciation and amortization expense 6,113 6,006 12,297 9,427  
Change in deferred fees and costs, net 782 446 1,398 705  
Change in fair value of warrants (162) (2,951) (13) (6,861)  
Change in fair value of contingent consideration from mergers and acquisitions (6,367) (8,480) (6,613) (3,820)  
Gains on foreign currency translation (171) (87) (178) (58)  
Expenses related to debt modification and prepayments       730  
Goodwill impairment loss 26,721   26,721   $ 136,760
Stock compensation expense 5,250 5,248 10,955 8,516  
Deferred income taxes (400)   (493) (28,442)  
Changes in assets and liabilities, net of effects of business combination:          
Accrued interest receivable (211) 3 (238) (31)  
Enterprise receivables 1,708 (3,310) (2,422) (1,652)  
Other assets 5,610 (3,686) 4,360 (3,020)  
Accounts payable and accrued liabilities 1,156 3,193 (8,649) 843  
Other liabilities (2,505) (1,157) (4,215) (2,829)  
Net cash provided by (used in) operating activities 35,363 (859) 38,043 (9,510)  
Cash flows from investing activities:          
Net originations and collections of finance receivables (33,185) (29,075) (52,832) (51,947)  
Purchase of property and equipment and software development (1,638) (2,189) (2,675) (3,012)  
Acquisition of Even Financial, net of cash acquired       (18,584)  
Settlement of contingent consideration related to mergers and acquisitions (766)   (1,116)    
Net cash used in investing activities (35,589) (31,264) (56,623) (73,543)  
Cash flows from financing activities:          
Repayments to secured/senior lenders (5,000)   (5,000) (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 (154)   (154) (1,625)  
Payments related to the automatic conversion of redeemable convertible preferred stock (Series A) in lieu of fractional shares of common stock and dividends on preferred stock (3,007)   (3,007)    
(Payments) proceeds related to issuance of common stock related to exercise of stock options and warrants, net of tax withholdings related to vesting of stock-based compensation (183) 356 (782) 777  
Other (12)   (12)    
Net cash provided by financing activities (8,356) 356 (32,955) 54,049  
Net change in cash and restricted cash (8,582) (31,767) (51,535) (29,004)  
Cash and restricted cash, beginning of period 110,756 248,987 153,709 246,224 246,224
Cash and restricted cash, end of period 102,174 217,220 102,174 217,220 $ 153,709
Supplemental disclosure of cash flow information:          
Cash paid for interest 7,043 7,272 14,508 12,262  
Supplemental disclosure of non-cash investing and financing activities:          
Voluntary conversion of preferred stock to common stock 45   45    
Automatic conversion of redeemable convertible preferred stock (Series A) to common stock 174,849   174,849    
Reversal of previously accrued / (accrued) dividends on preferred stock 2,667 (2,176) 690 (3,204)  
Issuance of common stock to settle accrued dividends on preferred stock and Preferred Stock Equivalents 3,280   3,280    
Equity issued as consideration for mergers and acquisitions 1,744   1,864 202,610  
Equity issued as settlement of contingent consideration related to Malka Acquisition 1 6,440 1,914 16,718  
Equity issued as settlement of contingent consideration related to Engine Acquisition $ 1,440   $ 1,440    
Contingent consideration issued related to mergers and acquisitions       45,336  
Lease liabilities incurred in exchange for operating right-of-use assets   $ 990   $ 7,568