Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:        
Net (loss) income $ (2,792) $ (4,110) $ 7,420 $ (41,050)
Adjustments to reconcile net (loss) income to net cash from operating activities:        
Provision for losses on receivables 26,833 25,121 80,494 67,194
Loss on sale of consumer receivables 3,271   3,271  
Depreciation and amortization expense 6,509 6,106 19,052 18,403
Change in deferred fees and costs, net 314 380 992 1,778
Change in fair value of warrants (405) 81 (405) 68
Change in fair value of contingent consideration from mergers and acquisitions       (6,613)
Loss (gain) on foreign currency translation 497   444 (178)
Goodwill impairment loss       26,721
Stock compensation expense 7,282 5,702 21,310 16,657
Deferred income taxes (131) (17) 340 (510)
Changes in assets and liabilities:        
Accrued interest receivable (112) (166) (188) (404)
Enterprise receivables, net (1,234) 2,144 (8,301) (278)
Other assets 15,985 (733) 17,738 3,627
Accounts payable and accrued liabilities 4,048 2,771 689 (5,878)
Other liabilities 277 (1,207) (1,077) (5,422)
Net cash provided by operating activities 60,342 36,072 141,779 74,115
Cash flows from investing activities:        
Net originations and collections of finance receivables (11,745) (26,448) (81,143) (79,280)
Originations of finance receivables held for sale (46,681)   (46,681)  
Proceeds from the sale of consumer receivables 39,009   39,009  
Purchase of property and equipment and software development (3,388) (1,527) (7,789) (4,202)
Settlement of contingent consideration related to mergers and acquisitions       (1,116)
Net cash used in investing activities (22,805) (27,975) (96,604) (84,598)
Cash flows from financing activities:        
Net repayments to special purpose vehicle credit facilities (23,600)   (19,600) (24,000)
Repayments to secured/senior lenders   (10,000)   (15,000)
Repurchases of Class A Common Stock (976)   (976)  
Payment of deferred financing costs (70)   (70) (132)
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 358 723 (2,649) (59)
Other   22   (12)
Net cash used in financing activities (24,288) (9,255) (23,295) (42,210)
Net change in cash and restricted cash 13,249 (1,158) 21,880 (52,693)
Cash and restricted cash, beginning of period 103,110 102,174 94,479 153,709
Cash and restricted cash, end of period 116,359 101,016 116,359 101,016
Supplemental disclosure of cash flow information:        
Cash paid for interest $ 6,310 $ 6,738 19,158 21,246
Supplemental disclosure of non-cash investing and financing activities:        
Voluntary conversion of preferred stock to common stock       45
Automatic conversion of redeemable convertible preferred stock (Series A) to common stock       174,849
Reversal of previously accrued / (accrued) dividends on preferred stock       690
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       1,864
Equity issued as settlement of contingent consideration related to Malka Acquisition       1,914
Equity issued as settlement of contingent consideration related to Engine Acquisition       $ 1,440
Lease liabilities incurred in exchange for operating right-of-use assets     $ 8,885