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 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Cash flows from operating activities:          
Net loss $ (4,110) $ (21,017) $ (41,050) $ (54,060)  
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:          
Provision for losses on receivables 25,121 27,428 67,194 77,453  
Depreciation and amortization expense 6,106 6,157 18,403 15,584  
Change in deferred fees and costs, net 380 700 1,778 1,405  
Change in fair value of warrants 81 (414) 68 (7,275)  
Change in fair value of contingent consideration from mergers and acquisitions   (10,214) (6,613) (14,034)  
Gains on foreign currency translation   (151) (178) (209)  
Expenses related to debt modification and prepayments       730  
Goodwill impairment loss     26,721   $ 136,760
Stock compensation expense 5,702 5,127 16,657 13,643  
Deferred income taxes (17)   (510) (28,442)  
Changes in assets and liabilities, net of effects of business combination:          
Accrued interest receivable (166) 118 (404) 87  
Enterprise receivables 2,144 (3,308) (278) (4,960)  
Other assets (733) (6,084) 3,627 (9,104)  
Accounts payable and accrued liabilities 2,771 2,270 (5,878) 3,113  
Other liabilities (1,207) (998) (5,422) (3,827)  
Net cash provided by (used in) operating activities 36,072 (386) 74,115 (9,896)  
Cash flows from investing activities:          
Net originations and collections of finance receivables (26,448) (24,612) (79,280) (76,559)  
Purchase of property and equipment and software development (1,527) (3,452) (4,202) (6,464)  
Acquisition of Even Financial, net of cash acquired       (18,584)  
Settlement of contingent consideration related to mergers and acquisitions     (1,116)    
Net cash used in investing activities (27,975) (28,064) (84,598) (101,607)  
Cash flows from financing activities:          
Repayments to secured/senior lenders (10,000) (1) (15,000) (24,029)  
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     (132) (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)    
Proceeds (payments) 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 723 440 (59) 1,217  
Other 22   (12)    
Net cash provided by financing activities (9,255) 439 (42,210) 54,488  
Net change in cash and restricted cash (1,158) (28,011) (52,693) (57,015)  
Cash and restricted cash, beginning of period 102,174 217,220 153,709 246,224 246,224
Cash and restricted cash, end of period 101,016 189,209 101,016 189,209 $ 153,709
Supplemental disclosure of cash flow information:          
Cash paid for interest $ 6,738 7,515 21,246 19,777  
Supplemental disclosure of non-cash investing and financing activities:          
Voluntary conversion of preferred stock to common stock   20,250 45 20,250  
Automatic conversion of redeemable convertible preferred stock (Series A) to common stock     174,849    
Reversal of previously accrued / (accrued) dividends on preferred stock   (1,688) 690 (4,892)  
Issuance of common stock to settle accrued dividends on preferred stock and Preferred Stock Equivalents     3,280    
Equity issued as consideration for mergers and acquisitions   (255) 1,864 202,355  
Equity issued as settlement of contingent consideration related to Malka Acquisition   $ 5,532 1,914 22,250  
Equity issued as settlement of contingent consideration related to Engine Acquisition     $ 1,440    
Contingent consideration issued related to mergers and acquisitions       45,336  
Lease liabilities incurred in exchange for operating right-of-use assets       $ 7,568