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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___________ to ___________
Commission File Number 001-39050
OPORTUN FINANCIAL CORPORATION
(Exact Name of Registrant as Specified in its Charter)
|
| | | |
Delaware | | 45-3361983 |
State or Other Jurisdiction of Incorporation or Organization | | I.R.S. Employer Identification No. |
| | | |
2 Circle Star Way | | |
San Carlos, | CA | | 94070 |
Address of Principal Executive Offices | | Zip Code |
(650) 810-8823
Registrant’s Telephone Number, Including Area Code
Securities registered pursuant to Section 12(b) of the Act:
|
| | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock, $0.0001 par value per share | OPRT | Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
| | | |
Large accelerated filer | ☐ | Smaller reporting company | ☐ |
Accelerated filer | ☐ | Emerging growth company | ☐ |
Non-accelerated filer | ☒ | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
The number of shares of registrant’s common stock outstanding as of November 8, 2019 was 27,001,251.
|
| | |
TABLE OF CONTENTS |
|
|
PART I ‑ FINANCIAL INFORMATION |
Item 1. | | |
| | |
| | |
| | |
| | |
| | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
| | |
PART II ‑ OTHER INFORMATION |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 3. | | |
Item 4. | | |
Item 5. | | |
Item 6. | | |
| | |
SIGNATURE | |
GLOSSARY
Terms and abbreviations used in this report are defined below.
|
| | |
Term or Abbreviation | | Definition |
30+ day delinquency rate |
| Unpaid principal balance for our loans that are 30 or more calendar days contractually past due as of the end of the period divided by owned principal balance as of such date |
Active customers |
| Number of customers with an outstanding loan serviced by us at the end of a period. Active customers includes customers whose loans are owned by us and loans that have been sold that we continue to service. Customers with charged-off accounts are excluded from active customers |
Adjusted EPS |
| Adjusted EPS is a non-GAAP financial measure calculated by dividing Fair Value Pro Forma Adjusted Net Income by adjusted weighted-average diluted common shares outstanding. Weighted-average diluted common shares outstanding have been adjusted to reflect the conversion of all preferred shares as of the beginning of each annual period |
Aggregate originations |
| Aggregate amount disbursed to borrowers during a specific period. Aggregate originations excludes any fees in connection with the origination of a loan |
Annualized net charge-off rate |
| Annualized loan principal losses (net of recoveries) divided by the Average daily principal balance of owned loans for the period |
AOCI |
| Accumulated other comprehensive income (loss) |
APR |
| Annual Percentage Rate |
Average daily debt balance |
| Average of outstanding debt principal balance at the end of each calendar day during the period |
Average daily principal balance |
| Average of outstanding principal balance of owned loans at the end of each calendar day during the period |
Board |
| Oportun’s Board of Directors |
Cost of debt |
| Interest expense divided by average daily debt balance |
Customer acquisition cost |
| Sales and marketing expenses, which include the costs associated with various paid marketing channels, including direct mail, digital marketing and brand marketing and the costs associated with our telesales and retail operations divided by number of loans originated to new and returning customers during a period |
Fair value pro forma adjusted operating efficiency |
| Fair value pro forma total operating expenses (excluding stock-based compensation expense and litigation reserve) divided by fair value pro forma total revenue |
Fair value pro forma return on equity |
| Annualized fair value pro forma adjusted net income divided by average fair value pro forma total stockholders’ equity |
FICO® score or FICO® |
| A credit score created by Fair Issac Corporation |
Leverage |
| Average daily debt divided by average daily principal balance |
Managed principal balance at end of period |
| Total amount of outstanding principal balance for all loans, including loans sold, which we continue to service, at the end of the period |
New products and services |
| New products and services include auto, credit cards and OportunPath |
Operating efficiency |
| Total operating expenses divided by total revenue |
Owned principal balance at end of period |
| Total amount of outstanding principal balance for all loans, excluding loans sold, at the end of the period |
Principal balance |
| Original principal balance reduced by principal payments received to date |
Return on equity |
| Annualized net income divided by average stockholders' equity for a period |
TDR finance receivables |
| Troubled debt restructured finance receivables. Debt restructuring in which a concession is granted to the borrower as a result of economic or legal reasons related to the borrower’s financial difficulties |
Secured financing |
| $400 million asset-backed revolving debt facility issued by Oportun Funding V, LLC |
VIEs |
| Variable interest entities |
Weighted average interest rate |
| Annualized interest expense as a percentage of average debt |
Yield |
| Annualized interest income as a percentage of average daily principal balance |
PART I ‑ FINANCIAL INFORMATION
Item 1. Financial Statements
OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share data)
|
| | | | | | | | |
| | September 30, | | December 31, |
| | 2019 | | 2018 |
Assets | | | | |
Cash and cash equivalents | | $ | 154,512 |
| | $ | 70,475 |
|
Restricted cash | | 65,907 |
| | 58,700 |
|
Loans receivable at fair value | | 1,681,889 |
| | 1,227,469 |
|
Loans receivable at amortized cost | | 76,167 |
| | 323,814 |
|
Less: | | | | |
Unamortized deferred origination costs and fees, net | | (264 | ) | | (1,707 | ) |
Allowance for loan losses | | (6,922 | ) | | (26,326 | ) |
Loans receivable at amortized cost, net | | 68,981 |
| | 295,781 |
|
Loans held for sale | | 4,186 |
| | — |
|
Interest and fees receivable, net | | 14,366 |
| | 13,177 |
|
Right of use assets - operating | | 39,170 |
| | — |
|
Deferred tax asset | | 1,562 |
| | 1,039 |
|
Other assets | | 62,014 |
| | 73,298 |
|
Total assets | | $ | 2,092,587 |
| | $ | 1,739,939 |
|
| | | | |
Liabilities and stockholders' equity | | | | |
Liabilities | | | | |
Secured financing | | $ | — |
| | $ | 85,289 |
|
Asset-backed notes at fair value | | 1,133,095 |
| | 867,278 |
|
Asset-backed notes at amortized cost | | 358,753 |
| | 357,699 |
|
Amount due to whole loan buyer | | 30,100 |
| | 27,941 |
|
Lease liabilities | | 41,844 |
| | — |
|
Deferred tax liabilities | | 19,529 |
| | 13,925 |
|
Other liabilities | | 48,149 |
| | 41,258 |
|
Total liabilities | | 1,631,470 |
| | 1,393,390 |
|
Stockholders' equity | | | | |
Preferred stock, $0.0001 par value - 100,000,000 and 16,550,904 shares authorized at September 30, 2019 (unaudited) and December 31, 2018; 0 and 14,043,977 shares issued and outstanding (liquidation preference of $0 and $261,343) at September 30, 2019 (unaudited) and December 31, 2018, respectively | | — |
| | 16 |
|
Preferred stock, additional paid-in capital | | — |
| | 257,887 |
|
Common stock, $0.0001 par value - 1,000,000,000 and 28,181,818 shares authorized at September 30, 2019 (unaudited) and December 31, 2018; 27,264,754 shares issued and 27,001,251 shares outstanding at September 30, 2019 (unaudited); 3,194,731 shares issued and 2,935,249 shares outstanding at December 31, 2018 | | 6 |
| | 3 |
|
Common stock, additional paid-in capital | | 416,196 |
| | 44,411 |
|
Common and convertible preferred stock warrants | | 63 |
| | 130 |
|
Accumulated other comprehensive loss | | (168 | ) | | (132 | ) |
Retained earnings | | 53,516 |
| | 52,662 |
|
Treasury stock at cost, 263,503 and 259,482 shares at September 30, 2019 (unaudited) and December 31, 2018, respectively | | (8,496 | ) | | (8,428 | ) |
Total stockholders’ equity | | 461,117 |
| | 346,549 |
|
Total liabilities and stockholders' equity | | $ | 2,092,587 |
| | $ | 1,739,939 |
|
See Notes to the Condensed Consolidated Financial Statements.
OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited)
(in thousands, except share and per share data)
|
| | | | | | | | | | | | | | | | |
| | Three Months Ended September 30, |
| Nine Months Ended September 30, |
| | 2019 |
| 2018 |
| 2019 |
| 2018 |
Revenue | | | | |
Interest income | | $ | 139,272 |
| | $ | 115,863 |
| | $ | 395,778 |
| | $ | 323,956 |
|
Non-interest income | | 14,608 |
| | 12,621 |
| | 39,026 |
| | 34,611 |
|
Total revenue | | 153,880 |
| | 128,484 |
| | 434,804 |
| | 358,567 |
|
Less: | | | | | | | | |
Interest expense | | 15,499 |
| | 11,932 |
| | 44,751 |
| | 33,622 |
|
Provision (release) for loan losses | | (426 | ) | | 7,066 |
| | (3,755 | ) | | 19,597 |
|
Net increase (decrease) in fair value | | (24,339 | ) | | (6,869 | ) | | (78,567 | ) | | 34,047 |
|
Net revenue | | 114,468 |
|
| 102,617 |
|
| 315,241 |
|
| 339,395 |
|
| | | | | | | | |
Operating expenses: | | | | | | | | |
Technology and facilities | | 26,772 |
| | 20,879 |
| | 72,849 |
| | 60,410 |
|
Sales and marketing | | 24,717 |
| | 20,855 |
| | 69,084 |
| | 54,084 |
|
Personnel | | 28,637 |
| | 16,005 |
| | 66,414 |
| | 45,997 |
|
Outsourcing and professional fees | | 16,041 |
| | 12,902 |
| | 42,797 |
| | 35,920 |
|
General, administrative and other | | 3,886 |
| | 2,895 |
| | 10,816 |
| | 7,703 |
|
Total operating expenses | | 100,053 |
| | 73,536 |
| | 261,960 |
| | 204,114 |
|
| | | | | | | | |
Income before taxes | | 14,415 |
|
| 29,081 |
|
| 53,281 |
|
| 135,281 |
|
Income tax expense | | 4,386 |
| | 8,242 |
| | 14,846 |
| | 37,160 |
|
Net income | | $ | 10,029 |
|
| $ | 20,839 |
|
| $ | 38,435 |
|
| $ | 98,121 |
|
Change in post-termination benefit obligation, net of tax | | 8 |
| | 2 |
| | (36 | ) | | 7 |
|
Total comprehensive income | | $ | 10,037 |
| | $ | 20,841 |
| | $ | 38,399 |
| | $ | 98,128 |
|
| | | | | | | | |
Net (loss) income attributable to common stockholders | | $ | (27,427 | ) | | $ | 2,565 |
| | $ | — |
| | $ | 12,843 |
|
| | | | | | | | |
Share data: | | | | | | | | |
(Loss) Earnings per Share: | | | | | | | | |
Basic | | $ | (6.39 | ) | | $ | 0.97 |
| | $ | — |
| | $ | 5.20 |
|
Diluted | | $ | (6.39 | ) | | $ | 0.64 |
| | $ | — |
| | $ | 3.42 |
|
Weighted average common shares outstanding: | | | | | | | | |
Basic | | 4,294,107 |
| | 2,631,416 |
| | 3,397,503 |
| | 2,468,792 |
|
Diluted | | 4,294,107 |
| | 3,990,374 |
| | 3,397,503 |
| | 3,750,768 |
|
See Notes to the Condensed Consolidated Financial Statements.
OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Change in Stockholders' Equity (Unaudited)
(in thousands, except share data) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the Nine Months Ended September 30, 2019 |
| | Convertible Preferred Stock | | Preferred and Common Stock Warrants | | Common Stock | | | | | | | | |
| | Shares | | Par Value | | Additional Paid-in Capital | | Shares | | Par Value | | Shares | | Par Value | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings | | Treasury Stock | | Total Stockholders' Equity |
Balance – January 1, 2019 | | 14,043,977 |
| | $ | 16 |
| | $ | 257,887 |
| | 24,959 |
| | $ | 130 |
| | 2,935,249 |
| | $ | 3 |
| | $ | 44,411 |
| | $ | (132 | ) | | $ | 52,662 |
| | $ | (8,428 | ) | | $ | 346,549 |
|
Issuance of common stock upon exercise of stock options | | — |
| | — |
| | — |
| | — |
| | — |
| | 7,317 |
| | — |
| | 142 |
| | — |
| | — |
| | — |
| | 142 |
|
Stock-based compensation expense | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1,980 |
| | — |
| | — |
| | — |
| | 1,980 |
|
Cumulative effect of adoption of ASC 842 | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (125 | ) | | — |
| | (125 | ) |
Change in post-termination benefit obligation | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (3 | ) | | — |
| | — |
| | (3 | ) |
Net income | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 14,614 |
| | — |
| | 14,614 |
|
Balance – March 31, 2019 | | 14,043,977 |
| | $ | 16 |
| | $ | 257,887 |
| | 24,959 |
| | $ | 130 |
| | 2,942,566 |
| | $ | 3 |
| | $ | 46,533 |
| | $ | (135 | ) | | $ | 67,151 |
| | $ | (8,428 | ) | | $ | 363,157 |
|
| | | | | | | | | | | | | | | | | | | | | | | |
|
Issuance of common stock upon exercise of stock options | | — |
| | — |
| | — |
| | — |
| | — |
| | 2,216 |
| | — |
| | 4 |
| | — |
| | — |
| | — |
| | 4 |
|
Stock-based compensation expense | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 2,035 |
| | — |
| | — |
| | — |
| | 2,035 |
|
Change in post-termination benefit obligation | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (41 | ) | | — |
| | — |
| | (41 | ) |
Net income | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 13,792 |
| | — |
| | 13,792 |
|
Balance – June 30, 2019 | | 14,043,977 |
| | $ | 16 |
| | $ | 257,887 |
| | 24,959 |
| | $ | 130 |
| | 2,944,782 |
| | $ | 3 |
| | $ | 48,572 |
| | $ | (176 | ) | | $ | 80,943 |
| | $ | (8,428 | ) | | $ | 378,947 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of common stock upon exercise of stock options | | — |
| | — |
| | — |
| | — |
| | — |
| | 96,371 |
| | — |
| | 645 |
| | — |
| | — |
| | — |
| | 645 |
|
Repurchase of stock options | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | (86 | ) | | — |
| | — |
| | — |
| | (86 | ) |
Issuance of common stock upon initial public offering, net of offering costs | | — |
| | — |
| | — |
| | — |
| | — |
| | 4,873,356 |
| | — |
| | 60,479 |
| | — |
| | — |
| | — |
| | 60,479 |
|
Stock-based compensation expense | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 11,163 |
| | — |
| | — |
| | — |
| | 11,163 |
|
Conversion of convertible preferred stock to common stock in connection with initial public offering | | (14,043,977 | ) | | (16 | ) | | (257,887 | ) | | — |
| | — |
| | 19,075,167 |
| | 3 |
| | 295,356 |
| | — |
| | (37,456 | ) | | — |
| | — |
|
Issuance of preferred stock and conversion to common stock upon exercise of warrants, net | | — |
| | — |
| | — |
| | (9,090 | ) | | (67 | ) | | 3,969 |
| | — |
| | 67 |
| | — |
| | — |
| | — |
| | — |
|
Vesting of restricted stock units | | — |
| | — |
| | — |
| | — |
| | — |
| | 11,627 |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
|
Restricted stock units tax withholding | | — |
| | — |
| | — |
| | — |
| | — |
| | (4,021 | ) | | — |
| | — |
| | — |
| | — |
| | (68 | ) | | (68 | ) |
Change in post-termination benefit obligation | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 8 |
| | — |
| | — |
| | 8 |
|
Net income | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 10,029 |
| | — |
| | 10,029 |
|
Balance – September 30, 2019 | | — |
| | $ | — |
| | $ | — |
| | 15,869 |
| | $ | 63 |
| | 27,001,251 |
| | $ | 6 |
| | $ | 416,196 |
| | $ | (168 | ) | | $ | 53,516 |
| | $ | (8,496 | ) | | $ | 461,117 |
|
See Notes to the Condensed Consolidated Financial Statements.
OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Change in Stockholders' Equity (Unaudited)
(in thousands, except share data) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
For the Nine Months Ended September 30, 2018 |
| | Convertible Preferred Stock | | Preferred and Common Stock Warrants | | Common Stock | | | | | | | | |
| | Shares | | Par Value | | Additional Paid-in Capital | | Shares | | Par Value | | Shares | | Par Value | | Additional Paid-in Capital | | Accumulated Other Comprehensive Income (Loss) | | Retained Earnings (Deficit) | | Treasury Stock | | Total Stockholders' Equity |
Balance – January 1, 2018 | | 14,460,517 |
| | $ | 16 |
| | $ | 267,974 |
| | 24,959 |
| | $ | 130 |
| | 2,328,278 |
| | $ | 3 |
| | $ | 24,700 |
| | $ | (142 | ) | | $ | (70,732 | ) | | $ | (5,222 | ) | | $ | 216,727 |
|
Issuance of common stock upon exercise of stock options | | — |
| | — |
| | — |
| | — |
| | — |
| | 96,667 |
| | — |
| | 161 |
| | — |
| | — |
| | — |
| | 161 |
|
Stock-based compensation expense | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1,477 |
| | — |
| | — |
| | — |
| | 1,477 |
|
Change in post-termination benefit obligation | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 2 |
| | — |
| | — |
| | 2 |
|
Net income | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 38,369 |
| | — |
| | 38,369 |
|
Balance – March 31, 2018 | | 14,460,517 |
| | $ | 16 |
| | $ | 267,974 |
| | 24,959 |
| | $ | 130 |
| | 2,424,945 |
| | $ | 3 |
| | $ | 26,338 |
| | $ | (140 | ) | | $ | (32,363 | ) | | $ | (5,222 | ) | | $ | 256,736 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of common stock upon exercise of stock options | | — |
| | — |
| | — |
| | — |
| | — |
| | 49,419 |
| | — |
| | 341 |
| | — |
| | — |
| | — |
| | 341 |
|
Stock-based compensation expense | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1,709 |
| | — |
| | — |
| | — |
| | 1,709 |
|
Change in post-termination benefit obligation | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 3 |
| | — |
| | — |
| | 3 |
|
Net income | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 38,913 |
| | — |
| | 38,913 |
|
Balance – June 30, 2018 | | 14,460,517 |
| | $ | 16 |
| | $ | 267,974 |
| | 24,959 |
| | $ | 130 |
| | 2,474,364 |
| | $ | 3 |
| | $ | 28,388 |
| | $ | (137 | ) | | $ | 6,550 |
| | $ | (5,222 | ) | | $ | 297,702 |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Issuance of common stock upon exercise of stock options | | — |
| | — |
| | — |
| | — |
| | — |
| | 32,024 |
| | — |
| | 374 |
| | — |
| | — |
| | — |
| | 374 |
|
Stock-based compensation expense | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 1,850 |
| | — |
| | — |
| | — |
| | 1,850 |
|
Issuance of common stock upon conversion of preferred stock | | (416,540 | ) | | — |
| | (10,087 | ) | | — |
| | — |
| | 444,279 |
| | — |
| | 10,087 |
| | — |
| | — |
| | — |
| | — |
|
Change in post-termination benefit obligation | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 2 |
| | — |
| | — |
| | 2 |
|
Net income | | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | — |
| | 20,839 |
| | — |
| | 20,839 |
|
Balance – September 30, 2018 | | 14,043,977 |
| | $ | 16 |
| | $ | 257,887 |
| | 24,959 |
| | $ | 130 |
| | 2,950,667 |
| | $ | 3 |
| | $ | 40,699 |
| | $ | (135 | ) | | $ | 27,389 |
| | $ | (5,222 | ) | | $ | 320,767 |
|
See Notes to the Condensed Consolidated Financial Statements.
OPORTUN FINANCIAL CORPORATION
Condensed Consolidated Statements of Cash Flow (Unaudited)
(in thousands)
|
| | | | | | | | |
| | Nine Months Ended September 30, |
| | 2019 |
| 2018 |
Cash flows from operating activities | | |
Net income | | $ | 38,435 |
| | $ | 98,121 |
|
Adjustments to reconcile net income to net cash provided by operating activities: | | | | |
Depreciation and amortization | | 9,658 |
| | 8,698 |
|
Fair value adjustment, net | | 78,567 |
| | (34,047 | ) |
Origination fees for loans receivable at fair value, net | | (2,172 | ) | | (14,032 | ) |
Gain on loans sale | | (25,291 | ) | | (23,371 | ) |
Stock-based compensation expense | | 15,178 |
| | 5,036 |
|
Provision (release) for loan losses | | (3,755 | ) | | 19,597 |
|
Deferred tax provision | | 5,082 |
| | 20,891 |
|
Other, net | | 6,557 |
| | 5,071 |
|
Originations of loans sold and held for sale | | (248,441 | ) | | (201,271 | ) |
Proceeds from sale of loans | | 269,546 |
| | 224,982 |
|
Changes in operating assets and liabilities: | | | | |
Interest and fee receivable, net | | (3,407 | ) | | (3,793 | ) |
Other assets | | (23,283 | ) | | (6,191 | ) |
Amount due to whole loan buyer | | 2,159 |
| | 1,664 |
|
Other liabilities | | 48,408 |
| | (921 | ) |
Net cash provided by operating activities | | 167,241 |
| | 100,434 |
|
Cash flows from investing activities | | | | |
Originations of loans | | (1,035,536 | ) | | (938,957 | ) |
Repayments of loan principal | | 753,072 |
| | 647,421 |
|
Purchase of fixed assets | | (5,765 | ) | | (7,631 | ) |
Capitalization of system development costs | | (11,734 | ) | | (2,145 | ) |
Net cash used in investing activities | | (299,963 | ) | | (301,312 | ) |
Cash flows from financing activities | | | | |
Borrowings under secured financing | | 82,000 |
| | 207,000 |
|
Proceeds from initial public offering, net of offering costs | | 60,479 |
| | — |
|
Borrowings under asset-backed notes | | 249,951 |
| | 413,163 |
|
Payments of secured financing | | (169,000 | ) | | (145,049 | ) |
Repayment of asset-backed notes | | — |
| | (274,836 | ) |
Repayments of capital lease obligations | | (102 | ) | | (173 | ) |
Net payments related to stock-based activities | | 638 |
| | 876 |
|
Net cash provided by financing activities | | 223,966 |
| | 200,981 |
|
Net increase in cash and cash equivalents and restricted cash | | 91,244 |
| | 103 |
|
Cash and cash equivalents and restricted cash, beginning of period | | 129,175 |
| | 94,155 |
|
Cash and cash equivalents and restricted cash, end of period | | $ | 220,419 |
| | $ | 94,258 |
|
| |