| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | |||||||||
Net income | |||||||||
5,406 | 14,862 | 3,765 | 29,300 | 34,681 | 29,516 | 21,005 | 69,408 | -14,460 | -33,177 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Accretion of deferred acquisition fees | |||||||||
- | - | - | - | - | 16,213 | -20,565 | -15,957 | -9,821 | - |
Accretion of purchase discount on receivables measured at fair value | |||||||||
- | - | - | - | - | 283 | - | - | - | - |
Accretion of deferred acquisition fees and origination costs | |||||||||
1,757 | 2,655 | 1,305 | -2,980 | -8,954 | - | - | - | - | - |
Net interest income accretion on fair value receivables | |||||||||
-90,383 | -26,162 | 0 | - | - | - | - | - | - | - |
Net interest income accretion on fair value receivables | |||||||||
- | - | - | 20 | - | - | - | - | - | - |
Accretion of deferred acquisition fees | |||||||||
- | - | - | - | - | - | - | - | - | -5,954 |
Accretion of purchase discount on receivables measured at fair value | |||||||||
- | - | - | - | - | - | -1,421 | -4,144 | -5,979 | - |
Amortization of discount on securitization trust debt | |||||||||
- | - | - | - | 62 | 130 | 600 | 1,913 | 5,772 | 5,654 |
Amortization of discount on senior secured debt, related party | |||||||||
- | - | - | - | - | 623 | 1,992 | 2,296 | 2,271 | 1,109 |
Accretion of premium on debt secured by receivables measured at fair value | |||||||||
- | - | - | - | - | 712 | - | - | - | - |
Mark to fair value on debt secured by receivables at fair value | |||||||||
- | - | - | - | - | 123 | - | - | - | - |
Accretion of premium on debt secured by receivables measured at fair value | |||||||||
- | - | - | - | - | - | -2,726 | -4,579 | 5,606 | - |
Mark to fair value of receivables at fair value | |||||||||
- | - | - | - | - | -27 | -747 | 7,113 | -801 | - |
Mark to fair value of receivables measured at fair value | |||||||||
- | - | - | - | - | - | 595 | -6,634 | -174 | - |
Depreciation and amortization | |||||||||
1,076 | 992 | 934 | 777 | 637 | 428 | 437 | 543 | 672 | - |
Depreciation and amortization | |||||||||
- | - | - | - | - | - | - | - | - | 649 |
Amortization of deferred financing costs | |||||||||
8,281 | 8,453 | 8,738 | 8,389 | 7,017 | 6,767 | 6,803 | 5,954 | 4,588 | 4,584 |
Mark to fair value of finance receivables measured at fair value | |||||||||
2,109 | 0 | 0 | - | - | - | - | - | - | - |
Provision for credit losses | |||||||||
85,773 | 133,080 | 186,713 | 178,511 | 142,618 | 108,228 | 76,869 | 33,495 | 15,508 | 29,921 |
Provision for contingent liabilities | |||||||||
- | - | - | - | - | - | 7,841 | 0 | - | - |
Stock-based compensation expense | |||||||||
2,072 | 3,515 | 5,715 | 5,553 | 5,024 | 3,835 | 3,864 | 1,134 | 1,530 | 1,598 |
Interest income on residual assets | |||||||||
- | - | - | - | 92 | 372 | 0 | 410 | - | - |
Gain on cancellation of debt | |||||||||
- | - | - | - | - | - | 10,947 | 0 | - | - |
Change in fair value of warrants | |||||||||
- | - | - | - | - | - | - | 695 | - | - |
Changes in assets and liabilities: | |||||||||
Net change in residual assets | |||||||||
- | - | - | - | - | - | - | - | -573 | - |
Change in fair value of warrants | |||||||||
- | - | - | - | - | - | - | - | 0 | - |
Interest income on residual assets | |||||||||
- | - | - | - | - | - | - | - | - | -1,039 |
Accrued interest receivable | |||||||||
-20,324 | -14,784 | 10,520 | 4,686 | 8,175 | 4,702 | 8,259 | 3,979 | -267 | 2,409 |
Deferred tax assets, net | |||||||||
-3,708 | -13,258 | -10,399 | 5,248 | -5,250 | -16,368 | -16,425 | 60,640 | - | - |
Other assets | |||||||||
-7,464 | 4,161 | -5,361 | 8,739 | -3,237 | 1,925 | 2,183 | -5,625 | 4,146 | 14,314 |
Deferred tax assets | |||||||||
- | - | - | - | - | - | - | - | 0 | - |
Deferred tax assets | |||||||||
- | - | - | - | - | - | - | - | - | 18,449 |
Accounts payable and accrued expenses | |||||||||
-7,351 | 2,605 | 3,238 | -4,564 | 6,250 | -7,135 | 4,337 | -6,002 | 2,779 | 4,408 |
Net cash provided by operating activities | |||||||||
- | - | - | - | - | 135,827 | 99,372 | 34,989 | - | - |
Net cash provided by operating activities | |||||||||
216,784 | 216,205 | 215,648 | 196,333 | 187,555 | - | - | - | 10,797 | 42,925 |
Cash flows from investing activities: | |||||||||
Originations of finance receivables held for investment | |||||||||
- | - | - | - | - | 944,944 | - | - | - | - |
Originations of finance receivables held for investment | |||||||||
0 | 0 | 859,069 | 1,088,785 | 1,060,538 | - | 764,087 | 551,742 | 284,237 | - |
Purchases of finance receivables held for investment | |||||||||
- | - | - | - | - | - | - | - | - | 113,023 |
Payments received on finance receivables held for investment | |||||||||
-481,289 | -605,353 | -647,619 | -650,379 | -551,880 | -433,870 | -337,095 | -295,734 | -322,273 | -376,695 |
Purchases of finance receivables measured at fair value | |||||||||
1,004,194 | 914,949 | 0 | 0 | - | - | - | - | - | - |
Purchases of receivables portfolio at fair value | |||||||||
- | - | - | - | - | - | - | - | 199,554 | - |
Payments on receivables portfolio at fair value | |||||||||
292,948 | 67,721 | 4 | 58 | 1,603 | 13,122 | 46,018 | 111,363 | 41,926 | - |
Proceeds received on residual interest in securitizations | |||||||||
- | - | - | - | - | 1,158 | 3,970 | 0 | - | - |
Change in repossessions held in inventory | |||||||||
-1,354 | -757 | -1,490 | -1,629 | 2,369 | 441 | 4,246 | 1,237 | -287 | - |
Change in repossessions in inventory | |||||||||
- | - | - | - | - | - | - | - | - | -4,969 |
Change in restricted cash and cash equivalents, net | |||||||||
- | - | - | - | -69,328 | 43,098 | 27,839 | -54,783 | 35,270 | -4,553 |
Purchase of furniture and equipment | |||||||||
751 | 1,077 | 669 | 1,079 | 1,191 | 823 | 477 | 394 | 404 | 283 |
Net cash used in investing activities | |||||||||
- | - | - | - | - | -541,156 | -409,566 | -91,493 | - | - |
Net cash used in investing activities | |||||||||
-229,354 | -242,195 | -210,625 | -437,798 | -441,287 | - | - | - | -154,979 | 272,911 |
Cash flows from financing activities: | |||||||||
Proceeds from issuance of securitization trust debt | |||||||||
1,000,501 | 855,828 | 852,615 | 1,197,515 | 795,000 | 923,000 | 778,000 | 558,500 | 339,524 | 42,465 |
Proceeds from issuance of subordinated renewable notes | |||||||||
5,764 | 3,175 | 4,083 | 2,911 | 1,551 | 579 | 1,276 | 4,957 | 3,646 | 2,685 |
Proceeds from issuance of senior secured debt, related party | |||||||||
- | - | - | - | - | - | 5,284 | 0 | 12,800 | 24,248 |
Proceeds from portfolio acquisition financing | |||||||||
- | - | - | - | - | - | - | - | -197,262 | - |
Payments on subordinated renewable notes | |||||||||
5,520 | 2,451 | 2,466 | 3,100 | 1,646 | 4,488 | 5,415 | 2,426 | 3,233 | 4,313 |
Net advances of warehouse lines of credit | |||||||||
-1,300 | 23,809 | 9,309 | -91,496 | 139,622 | 47,387 | - | - | - | - |
Net repayments of warehouse lines of credit | |||||||||
- | - | - | - | - | - | 12,279 | 3,662 | - | - |
Net proceeds from (repayments of) warehouse lines of credit | |||||||||
- | - | - | - | - | - | - | - | -20,171 | 35,849 |
Repayments of residual interest financing debt | |||||||||
- | - | - | 9,042 | 3,285 | 6,769 | - | - | - | - |
Net advances of residual interest financing debt | |||||||||
0 | 40,000 | 0 | 0 | - | - | - | - | - | - |
Net proceeds from (repayments of) residual interest financing debt | |||||||||
- | - | - | - | - | - | 5,323 | -8,111 | -17,556 | -17,490 |
Repayment of securitization trust debt | |||||||||
966,144 | 876,094 | 851,193 | 834,880 | 661,960 | 502,193 | 382,591 | 350,981 | 329,953 | 385,231 |
Repayment of debt secured by receivables measured at fair value | |||||||||
- | - | - | - | 1,250 | 12,456 | - | - | - | - |
Repayment of senior secured debt, related party | |||||||||
- | - | - | - | - | 39,182 | - | - | - | - |
Payment of financing costs | |||||||||
8,921 | 8,039 | 8,104 | 9,367 | 8,637 | 8,058 | - | - | 6,939 | 3,782 |
Repayment of debt secured by receivables measured at fair value | |||||||||
- | - | - | - | - | - | 45,969 | 121,413 | - | - |
Repayment of debt secured by receivables measured at fair value | |||||||||
- | - | - | - | - | - | - | - | 35,240 | - |
Repayment of senior secured debt, related party | |||||||||
- | - | - | - | - | - | -18,852 | -11,200 | -1,600 | -5,000 |
Payment of financing costs | |||||||||
- | - | - | - | - | - | 8,734 | 7,059 | - | - |
Purchase of common stock | |||||||||
1,440 | 5,307 | 12,346 | 10,468 | 5,926 | 0 | 0 | 435 | 523 | 1,448 |
Exercise of options and warrants | |||||||||
352 | 483 | 1,085 | 706 | 1,726 | 3,256 | 3,297 | 1,206 | 7 | - |
Net cash provided by financing activities | |||||||||
- | - | - | - | - | 401,076 | 319,340 | 59,376 | - | - |
Net cash provided by (used in) financing activities | |||||||||
23,292 | 31,404 | -7,017 | 242,779 | 255,195 | - | - | - | 138,024 | -312,017 |
Increase in cash and cash equivalents | |||||||||
10,722 | 5,414 | -1,994 | 1,314 | 1,463 | -4,253 | 9,146 | 2,872 | -6,158 | 3,819 |
Supplemental disclosure of cash flow information: | |||||||||
Cash paid (received) during the period for: | |||||||||
Interest | |||||||||
101,812 | 92,405 | 83,110 | 71,077 | 50,019 | 45,914 | 50,663 | 75,654 | 69,699 | 74,188 |
Income taxes | |||||||||
-5,156 | 417 | 9,319 | 32,909 | 13,690 | 6,520 | 2,277 | 1,139 | 200 | -9,252 |
Non-cash financing activities: | |||||||||
Right-of-use asset, net | |||||||||
-21,869 | 0 | 0 | - | - | - | - | - | - | - |
Lease liability | |||||||||
23,327 | 0 | 0 | - | - | - | - | - | - | - |
Deferred office rent | |||||||||
-1,458 | 0 | 0 | - | - | - | - | - | - | - |
Pension benefit obligation, net | |||||||||
- | - | - | - | 1,599 | 3,956 | - | - | - | - |
Pension benefit obligation, net | |||||||||
- | - | - | - | - | - | 4,542 | 2,898 | - | - |
Derivative warrants reclassified from liabilities to common stock upon amendment | |||||||||
- | - | - | - | - | - | 583 | 1,307 | - | - |
Pension benefit obligation, net | |||||||||
- | - | - | - | - | - | - | - | 3,181 | - |
Derivative warrants reclassified from liabilities to common stock upon amendment | |||||||||
- | - | - | - | - | - | - | - | 0 | - |
Common stock issued for convertible preferred stock | |||||||||
- | - | - | - | - | - | - | - | 1,601 | - |
Pension benefit obligation, net | |||||||||
- | - | - | - | - | - | - | - | - | -282 |
Common stock issued in connection with new senior secured debt, related party | |||||||||
- | - | - | - | - | - | - | - | - | 753 |
Preferred stock issued in connection with new senior secured debt, related party | |||||||||
- | - | - | - | - | - | - | - | - | 1,601 |
Warrants issued in connection with warehouse line of credit | |||||||||
- | - | - | - | - | - | - | - | - | 770 |