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Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities    
Net loss $ (26,439) $ (102,090)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 13,198 13,389
Fair value adjustment, net 116,850 215,710
Origination fees for loans receivable at fair value, net (1,597) (4,743)
Gain on loan sales (1,501) (1,352)
Stock-based compensation expense 3,982 4,878
Other, net (2,693) (34,564)
Originations of loans sold and held for sale (22,235) (10,032)
Proceeds from sale of loans 23,355 11,125
Changes in operating assets and liabilities (17,038) (15,507)
Net cash provided by operating activities 85,882 76,814
Cash flows from investing activities    
Originations and purchases of loans held for investment (298,139) (376,280)
Proceeds from loan sales originated as held for investment 1,393 1,041
Repayments of loan principal 336,428 348,104
Capitalization of system development costs (3,097) (11,743)
Other, net (124) (770)
Net cash provided by (used in) investing activities 36,461 (39,648)
Cash flows from financing activities    
Borrowings under secured financing 0 87,900
Repayments of secured financing (218,246) (2,614)
Repayments of asset-backed notes at fair value (105,273) (136,369)
Borrowings under asset-backed borrowings at amortized cost 260,265 0
Repayments of asset-backed borrowings at amortized cost (48,746) 0
Borrowings under acquisition and corporate financing 0 17,723
Repayments of acquisition and corporate financing (17,147) (10,195)
Payments of deferred financing costs (2,427) (775)
Borrowings allocated to warrants 0 6,632
Net payments related to stock-based activities (232) (1,364)
Net cash used in financing activities (131,806) (39,062)
Net decrease in cash and cash equivalents and restricted cash (9,463) (1,896)
Cash and cash equivalents and restricted cash, beginning of period 206,016 203,817
Cash and cash equivalents and restricted cash, end of period 196,553 201,921
Supplemental disclosure of cash flow information    
Cash and cash equivalents 69,200 74,075
Restricted cash 127,353 127,846
Total cash and cash equivalents and restricted cash 196,553 201,921
Cash paid for income taxes, net of refunds (680) 307
Cash paid for interest 56,657 37,459
Cash paid for amounts included in the measurement of operating lease liabilities 3,328 3,725
Supplemental disclosures of non-cash investing and financing activities    
Right of use assets obtained in exchange for operating lease obligations 164 1,179
Non-cash investments in capitalized assets 739 (1,143)
Non-cash financing activities $ (1,649) $ 6,672

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