v3.24.2.u1
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities    
Net loss $ (57,464) $ (116,989)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 26,204 27,158
Fair value adjustment, net 252,969 322,200
Origination fees for loans receivable at fair value, net (10,140) (16,981)
Gain on loan sales (3,608) (3,693)
Stock-based compensation expense 6,924 9,347
Other, net (14,191) (29,910)
Originations of loans sold and held for sale (50,664) (25,678)
Proceeds from sale of loans 53,816 29,096
Changes in operating assets and liabilities (10,237) (15,193)
Net cash provided by operating activities 193,609 179,357
Cash flows from investing activities    
Originations and purchases of loans held for investment (679,738) (780,912)
Proceeds from loan sales originated as held for investment 2,240 1,653
Repayments of loan principal 659,232 694,963
Capitalization of system development costs (8,351) (18,731)
Other, net (361) (994)
Net cash used in investing activities (26,978) (104,021)
Cash flows from financing activities    
Borrowings under secured financing 89,940 171,300
Repayments of secured financing (224,193) (3,140)
Repayments of asset-backed notes at fair value (225,950) (330,406)
Borrowings under asset-backed borrowings at amortized cost 397,907 25,544
Repayments of asset-backed borrowings at amortized cost (136,785) 0
Borrowings under acquisition and corporate financing 0 73,355
Repayments of acquisition and corporate financing (34,271) (10,195)
Payments of deferred financing costs (2,427) (1,550)
Net payments related to stock-based activities (232) (1,726)
Net cash used in financing activities (136,011) (76,818)
Net increase (decrease) in cash and cash equivalents and restricted cash 30,620 (1,482)
Cash and cash equivalents and restricted cash, beginning of period 206,016 203,817
Cash and cash equivalents and restricted cash, end of period 236,636 202,335
Supplemental disclosure of cash flow information    
Cash and cash equivalents 72,871 73,371
Restricted cash 163,765 128,964
Total cash and cash equivalents and restricted cash 236,636 202,335
Cash paid for income taxes, net of refunds 826 1,171
Cash paid for interest 106,940 77,453
Cash paid for amounts included in the measurement of operating lease liabilities 6,463 7,430
Supplemental disclosures of non-cash investing and financing activities    
Right of use assets obtained in exchange for operating lease obligations (6,511)  
Right of use assets obtained in exchange for operating lease obligations   1,979
Non-cash investments in capitalized assets 801 (507)
Non-cash financing activities $ 16,603 $ 19,431

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