v3.23.2
Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income (loss) $ (116,989) $ 36,506
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 27,158 22,340
Fair value adjustment, net 322,200 59,513
Origination fees for loans receivable at fair value, net (16,981) (11,351)
Gain on loan sales (3,693) (5,714)
Stock-based compensation expense 9,347 13,702
Other, net (29,910) 20,732
Originations of loans sold and held for sale (25,678) (48,972)
Proceeds from sale of loans 29,096 55,064
Changes in other assets and other liabilities (15,193) (50,178)
Net cash provided by operating activities 179,357 91,642
Cash flows from investing activities    
Originations of loans (780,912) (1,560,495)
Proceeds from loan sales originated as held for investment 1,653 247,230
Repayments of loan principal 694,963 700,968
Capitalization of system development costs (18,731) (23,580)
Other, net (994) (2,147)
Net cash used in investing activities (104,021) (638,024)
Cash flows from financing activities    
Borrowings under secured financing 171,300 1,331,000
Repayments of secured financing (3,140) (1,220,000)
Borrowings under asset-backed notes at fair value 0 404,984
Repayments of asset-backed notes at fair value (330,406) (21,093)
Borrowings under asset-backed borrowings at amortized cost 25,544 0
Borrowings under acquisition and corporate financing 73,355 0
Repayments of acquisition and corporate financing (10,195) 0
Payments of deferred financing costs (1,550) (314)
Net payments related to stock-based activities (1,726) (7,299)
Net cash provided by (used in) financing activities (76,818) 487,278
Net decrease in cash and cash equivalents and restricted cash (1,482) (59,104)
Cash and cash equivalents and restricted cash, beginning of period 203,817 192,960
Cash and cash equivalents and restricted cash, end of period 202,335 133,856
Supplemental disclosure of cash flow information    
Cash and cash equivalents 73,371 66,712
Restricted cash 128,964 67,144
Total cash and cash equivalents and restricted cash 202,335 133,856
Cash paid for income taxes, net of refunds 1,171 (3,377)
Cash paid for interest 77,453 27,032
Cash paid for amounts included in the measurement of operating lease liabilities 7,430 7,772
Supplemental disclosures of non-cash investing and financing activities    
Right of use assets obtained in exchange for operating lease obligations 1,979 1,862
Non-cash investments in capitalized assets (507) 1,852
Non-cash financing activities $ 19,431 $ 0

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