| Dec'19 | Dec'18 | |||||
|---|---|---|---|---|---|---|
Operating activities: | ||||||
Net income | ||||||
28,844 | 21,513 | |||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation expense | ||||||
1,014 | 838 | |||||
Provision for loan loss—consumer loans | ||||||
769 | 851 | |||||
Deferred income taxes | ||||||
-76 | 1,842 | |||||
Share based payment expense | ||||||
630 | - | |||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | ||||||
-826 | -839 | |||||
Consumer loans originations | ||||||
18,961 | 19,615 | |||||
Consumer loans principal collections | ||||||
9,729 | 9,455 | |||||
Notes receivable MHP originations | ||||||
60,969 | 37,893 | |||||
Notes receivable MHP principal collections | ||||||
26,561 | 29,459 | |||||
Inventories | ||||||
-10,275 | 2,493 | |||||
Prepaid expenses and other current assets | ||||||
1,876 | 1,138 | |||||
Other assets | ||||||
1,712 | 382 | |||||
Accounts payable | ||||||
2,340 | -3,452 | |||||
Accrued liabilities | ||||||
-348 | 4,335 | |||||
Customer deposits | ||||||
-655 | -681 | |||||
Dealer incentive liability | ||||||
-584 | -658 | |||||
Net cash provided by (used in) operating activities | ||||||
-4,193 | 2,820 | |||||
Investing activities: | ||||||
Purchases of property, plant and equipment | ||||||
4,206 | 6,137 | |||||
Issuance of notes receivable | ||||||
11,875 | 1,231 | |||||
Notes receivable collections | ||||||
372 | 4,146 | |||||
Purchases of consumer loans | ||||||
359 | 1,443 | |||||
Collections from purchased consumer loans | ||||||
955 | 212 | |||||
Net cash used in investing activities | ||||||
-15,113 | -4,453 | |||||
Financing activities: | ||||||
Proceeds from sale of over-allotment common stock in initial public offering | ||||||
7,200 | 48,000 | |||||
Offering cost for over-allotment of initial public offering | ||||||
505 | 4,504 | |||||
Treasury stock purchase | ||||||
3,060 | - | |||||
Escrow liability, net | ||||||
1,579 | 1,444 | |||||
Principal payments on affiliate note payable | ||||||
- | -1,500 | |||||
Principal payments on note payable | ||||||
3,965 | 221 | |||||
Proceeds from lines of credit | ||||||
65,686 | 63,052 | |||||
Payments on lines of credit | ||||||
48,504 | 102,467 | |||||
Net cash provided by (used in) financing activities | ||||||
18,431 | 3,804 | |||||
Net increase in cash and cash equivalents | ||||||
-875 | 2,171 | |||||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest | ||||||
722 | 2,746 | |||||
Cash paid for taxes | ||||||
9,306 | 5,153 | |||||
Supplemental disclosure of non-cash transactions: | ||||||
Asset received in exchange of accounts receivable | ||||||
422 | - | |||||
Asset received in exchange of note receivable | ||||||
254 | - | |||||