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
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:        
Net income (loss) $ 3,137 $ (27,723) $ 10,212 $ (36,940)
Adjustments to reconcile net income (loss) to net cash from operating activities:        
Provision for losses on receivables 33,431 25,562 53,661 42,073
Depreciation and amortization expense 6,331 6,113 12,543 12,297
Change in deferred fees and costs, net 322 782 678 1,398
Change in fair value of warrants 81 (162)   (13)
Change in fair value of contingent consideration from mergers and acquisitions   (6,367)   (6,613)
Loss (gain) on foreign currency translation 44 (171) (53) (178)
Goodwill impairment loss   26,721   26,721
Stock compensation expense 7,531 5,250 14,028 10,955
Deferred income taxes 235 (400) 471 (493)
Changes in assets and liabilities:        
Accrued interest receivable (38) (211) (76) (238)
Enterprise receivables, net (5,527) 1,708 (7,067) (2,422)
Other assets 3,117 5,610 1,753 4,360
Accounts payable and accrued liabilities (1,103) 1,156 (3,359) (8,649)
Other liabilities 237 (2,505) (1,354) (4,215)
Net cash provided by operating activities 47,798 35,363 81,437 38,043
Cash flows from investing activities:        
Net originations and collections of finance receivables (41,676) (33,185) (69,398) (52,832)
Purchase of property and equipment and software development (2,244) (1,638) (4,401) (2,675)
Settlement of contingent consideration related to mergers and acquisitions   (766)   (1,116)
Net cash used in investing activities (43,920) (35,589) (73,799) (56,623)
Cash flows from financing activities:        
Net proceeds from (repayments to) special purpose vehicle credit facilities     4,000 (24,000)
Repayments to secured/senior lenders   (5,000)   (5,000)
Payment of deferred financing costs   (154)   (154)
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 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 (2,670) (183) (3,007) (782)
Other   (12)   (12)
Net cash (used in) provided by financing activities (2,670) (8,356) 993 (32,955)
Net change in cash and restricted cash 1,208 (8,582) 8,631 (51,535)
Cash and restricted cash, beginning of period 101,902 110,756 94,479 153,709
Cash and restricted cash, end of period 103,110 102,174 103,110 102,174
Supplemental disclosure of cash flow information:        
Cash paid for interest $ 6,400 7,043 12,848 14,508
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   690
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
Equity issued as settlement of contingent consideration related to Malka Acquisition   1   1,914
Equity issued as settlement of contingent consideration related to Engine Acquisition   $ 1,440   $ 1,440
Lease liabilities incurred in exchange for operating right-of-use assets     $ 8,885