Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:    
Net loss $ (45,245) $ (189,066)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Provision for losses on receivables 93,418 99,753
Depreciation and amortization expense 24,826 21,673
Change in deferred fees and costs, net 2,119 2,017
Change in fair value of warrants 473 (7,923)
Change in fair value of contingent consideration from mergers and acquisitions (6,613) (41,254)
Gain (loss) on foreign currency translation (60) 18
Expenses related to debt modification and prepayments   730
Goodwill impairment loss 26,721 136,760
Stock compensation expense 22,896 19,603
Deferred income taxes (2,091) (26,020)
Changes in assets and liabilities, net of effects of business combination:    
Accrued interest receivable (234) 4
Enterprise receivables, net 2,853 (3,152)
Other assets 1,098 (14,908)
Accounts payable and accrued liabilities 819 5,059
Other liabilities (4,634) 67
Net cash provided by operating activities 116,346 3,361
Cash flows from investing activities:    
Net originations and collections of finance receivables (120,441) (114,072)
Purchase of property and equipment and software develpment (6,008) (8,890)
Acquisition of Engine, net of cash acquired   (18,584)
Settlement of contingent consideration related to mergers and acquisitions (1,116)  
Net cash used in investing activities (127,565) (141,546)
Cash flows from financing activities:    
Repayments to secured/senior lenders (25,000) (24,029)
Fees related to debt prepayment   (375)
Net repayments to special purpose vehicle credit facilities (19,000)  
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 (860) 2,399
Other (12)  
Net cash (used in) provided by financing activities (48,011) 45,670
Net change in cash and restricted cash (59,230) (92,515)
Cash and restricted cash, beginning of period 153,709 246,224
Cash and restricted cash, end of period 94,479 153,709
Supplemental disclosure of cash flow information:    
Cash paid for interest 27,578 27,521
Supplemental disclosure of non-cash investing and financing activities:    
Voluntary conversion of preferred stock to common stock 45 20,257
Automatic conversion of redeemable convertible preferred stock (Series A) to common stock 174,849  
Reversal of previously accrued / (accrued) dividends on preferred stock 690 (6,880)
Issuance of common stock to settle accrued dividends on preferred stock and Preferred Stock Equivalents 3,280 81
Equity issued as consideration for mergers and acquisitions 1,864 202,425
Equity issued as settlement of contingent consideration related to Malka Acquisition 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