| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | ||
|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Net (loss) income | ||||||
32,183 | 12,509 | -6,916 | -22,373 | -19,911 | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||
Depreciation and amortization | ||||||
17,380 | 12,988 | 10,272 | 10,906 | 8,898 | ||
Provision for loan losses | ||||||
364,241 | 411,979 | 357,574 | 317,821 | 232,650 | ||
Share-based compensation | ||||||
9,940 | 8,233 | 6,318 | 1,707 | 847 | ||
Amortization of debt issuance costs | ||||||
600 | 371 | 500 | 300 | 199 | ||
Amortization of loan premium | ||||||
5,998 | 6,200 | 5,360 | 2,700 | 454 | ||
Amortization of Debt Discount (Premium) | ||||||
0 | 138 | 3,637 | 448 | 0 | ||
Amortization of derivative assets | ||||||
108 | 1,259 | 0 | 0 | - | ||
Amortization of operating leases | ||||||
4 | - | - | - | - | ||
Deferred income tax expense, net | ||||||
11,583 | 1,148 | 9,729 | -3,386 | -5,173 | ||
Unrealized loss from foreign currency transactions | ||||||
334 | -1,409 | 2,900 | -8,809 | -2,385 | ||
Non-operating loss | ||||||
-681 | -350 | 2,295 | -43 | 5,523 | ||
Changes in operating assets and liabilities: | ||||||
Prepaid expenses and other assets | ||||||
25 | 1,374 | 4,803 | 280 | 1,023 | ||
Reserve deposits | ||||||
- | - | - | -9,287 | 9,287 | ||
Receivables from payment processors | ||||||
-11,134 | 735 | 1,708 | 6,131 | 6,837 | ||
Receivables from CSO lenders | ||||||
-7,487 | -6,896 | -2,987 | 16,433 | 2,267 | ||
Interest receivable | ||||||
85,269 | 106,119 | 93,532 | 83,859 | 70,859 | ||
State and other taxes payable | ||||||
-94 | -160 | 58 | 76 | 178 | ||
Deferred revenue | ||||||
-11,434 | 5,819 | 15,116 | 27,241 | - | ||
Deferred revenue | ||||||
- | - | - | - | -963 | ||
Accounts payable and accrued liabilities | ||||||
6,121 | 1,386 | 9,266 | 1,770 | 6,541 | ||
Net cash provided by operating activities | ||||||
370,344 | 362,276 | 308,688 | 248,633 | 130,309 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Loans receivable originated or participations purchased | ||||||
1,276,484 | 1,357,866 | 1,196,723 | 914,304 | 667,433 | ||
Principal collections and recoveries on loans receivable | ||||||
- | - | - | - | 381,044 | ||
Principal collections and recoveries on loans receivable | ||||||
979,514 | 999,931 | 794,717 | 550,141 | - | ||
Participation premium paid | ||||||
5,861 | 6,393 | 5,680 | 3,539 | 1,019 | ||
Change in restricted cash | ||||||
- | - | - | - | -6,357 | ||
Purchases of property and equipment | ||||||
24,690 | 27,490 | 16,755 | 8,313 | 9,272 | ||
Net cash used in investing activities | ||||||
-327,521 | -391,818 | -424,441 | -376,015 | -290,323 | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Proceeds from notes payable | ||||||
64,000 | 49,824 | 103,560 | 155,500 | 165,000 | ||
Repayments of Long-term Debt | ||||||
70,000 | 0 | 84,950 | 0 | 0 | ||
Cash paid for interest rate caps | ||||||
0 | 1,367 | 0 | 0 | - | ||
Settlement of derivative liability | ||||||
0 | -2,010 | 0 | 0 | - | ||
Payment of capital lease obligation | ||||||
0 | 0 | 21 | 242 | 228 | ||
Debt issuance costs paid | ||||||
2,606 | 200 | 788 | 178 | 489 | ||
Payment for Debt Extinguishment or Debt Prepayment Cost | ||||||
850 | 0 | 0 | - | - | ||
Equity issuance costs paid | ||||||
0 | 0 | 1,731 | 2,114 | 2,863 | ||
ESPP shares issued | ||||||
1,149 | 844 | 511 | - | - | ||
Common stock repurchased | ||||||
3,344 | 0 | 0 | - | - | ||
ESPP shares granted | ||||||
- | - | - | 0 | 0 | ||
Proceeds from issuance of stock | ||||||
0 | 0 | 86,699 | 0 | 0 | ||
Proceeds from stock option exercises | ||||||
122 | 997 | 593 | 40 | 436 | ||
Taxes paid related to net share settlement of equity awards | ||||||
- | - | - | - | 1,877 | ||
Taxes paid related to net share settlement of equity awards | ||||||
1,391 | 246 | 1,178 | 784 | - | ||
Net cash (used in) provided by financing activities | ||||||
-12,920 | 47,842 | 102,695 | 152,222 | 159,979 | ||
Effect of exchange rates on cash | ||||||
400 | -133 | 436 | -527 | - | ||
Net increase in cash, cash equivalents and restricted cash | ||||||
30,303 | 18,167 | -12,622 | 24,313 | - | ||
Effect of exchange rates on cash | ||||||
- | - | - | - | -712 | ||
Net increase (decrease) in cash and cash equivalents | ||||||
- | - | - | - | -747 | ||
Supplemental cash flow information: | ||||||
Interest paid | ||||||
66,003 | 79,059 | 68,925 | 61,347 | - | ||
Interest paid | ||||||
- | - | - | - | 34,476 | ||
Taxes paid | ||||||
535 | 359 | 442 | 549 | 458 | ||
Non-cash activities: | ||||||
CSO fees charged-off included in Deferred revenues and Loans receivable | ||||||
4,754 | 10,605 | 11,063 | 5,174 | 0 | ||
CSO fees on loans paid-off prior to maturity included in Receivable from CSO lenders and Deferred revenue | ||||||
181 | 268 | 256 | 99 | 0 | ||
Annual membership fee included in Deferred revenues and Loans receivable | ||||||
195 | 0 | 0 | - | - | ||
Derivative debt discount on convertible term notes | ||||||
0 | 0 | 2,517 | 1,707 | 0 | ||
Property and equipment accrued but not yet paid | ||||||
579 | 445 | 1,158 | 1,227 | 0 | ||
Prepaid expenses accrued but not yet paid | ||||||
0 | 0 | 832 | 0 | 0 | ||
Impact on deferred tax assets of adoption of ASU 2016-09 | ||||||
0 | 0 | 3,347 | 0 | 0 | ||
Impact on OCI and retained earnings of adoption of ASU 2018-02 | ||||||
0 | 920 | 0 | 0 | - | ||
Changes in fair value of interest rate caps | ||||||
304 | 304 | 0 | 0 | - | ||
Deferred IPO costs included in Additional paid-in capital | ||||||
0 | 0 | 6,708 | 0 | 0 | ||
Tax benefit of equity issuance costs included in Additional paid-in capital | ||||||
2 | 674 | 1,196 | 0 | 0 | ||
Impact of deferred tax asset included in Other comprehensive income (loss) | ||||||
95 | 0 | 0 | - | - | ||
Leasehold improvements included in Accounts payable and accrued liabilities | ||||||
0 | 2,717 | 0 | 0 | - | ||
Leasehold improvements allowance included in Property and equipment, net | ||||||
439 | 0 | 0 | - | - | ||
Lease incentives allowance included in Accounts payable and accrued expenses | ||||||
3,720 | 0 | 0 | - | - | ||
Operating lease right of use assets recognized | ||||||
13,399 | 0 | 0 | - | - | ||
Operating lease liabilities recognized | ||||||
17,556 | 0 | 0 | - | - | ||