XML 19 R6.htm IDEA: XBRL DOCUMENT v3.22.2.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net (loss) income $ 8,539 $ 72,763
Adjustments to reconcile net income to net cash provided by operating activities:    
Change in fair value of finance receivables 162,280 52,635
Provisions for credit losses on finance receivables 2,043 181
Depreciation and amortization 10,056 7,289
Debt issuance cost amortization 1,626 1,735
Profit interest and stock-based compensation expense 2,391 1,172
Amortization of operating lease, net 8 0
Loss on disposition of equipment 2 5
Deferred income taxes 1,475 445
Change in tax receivable agreement liability 625 7
Change in fair value of warrant units 0 4,208
Change in fair value of warrant liabilities (7,024) (13,139)
Gain on forgiveness of Paycheck Protection Program loan 0 (6,444)
Changes in assets and liabilities:    
Accrued interest and fees receivable (4,637) (1,346)
Other assets 1,131 (4,230)
Accounts payable 580 954
Accrued expenses (6,832) 3,855
Net cash provided by operating activities 172,263 120,090
Cash flows from investing activities:    
Finance receivables originated and acquired (556,441) (402,835)
Finance receivables repayments and recoveries 323,146 303,419
Purchases of equipment and capitalized technology (10,150) (10,563)
Net cash used in investing activities (243,445) (109,979)
Cash flows from financing activities:    
Member distributions (1,315) (51,008)
Member contributions 0 200
Payments to Opportunity Financial, LLC unit holders 0 (91,646)
Cash received in reverse capitalization 0 91,857
Payment of capitalized transaction costs 0 (21,591)
Net (payments) advances of secured borrowing payable (20,685) 3,767
Net advances of senior debt 86,464 75,443
Payment of note payable (735) 0
Payment of subordinated debt - related party 0 (4,000)
Payment for debt issuance costs (2,105) (1,988)
Proceeds from employee stock purchase plan 125 0
Repurchases of common stock (2,460) 0
Net cash provided by financing activities 59,289 1,034
Net (decrease) increase in cash and restricted cash (11,893) 11,145
Cash and restricted cash    
Beginning 62,362 45,657
Ending 50,469 56,802
Supplemental disclosure of cash flow information:    
Interest paid on borrowed funds 22,296 16,046
Income taxes paid 337 0
Supplemental disclosure of non-cash activities:    
Non-cash change from adopting the fair value option on finance receivables 0 69,435
Increase in additional paid-in capital as a result of tax receivable agreement 292 0
Operating lease right of use asset recognized from adoption of ASU 2016-02 15,459 0
Operating lease liability recognized from adoption of ASU 2016-02 17,972 0
Non-cash investing and financing activities:    
Prepaid insurance financed with promissory notes 3,243 0
Warrant liabilities recognized in the reverse recapitalization 0 37,645
Additional paid-in capital recognized in the reverse capitalization 0 78,468
Conversion of warrant unit liability to additional paid-in capital 0 5,517
Forgiveness of Paycheck Protection Program loan $ 0 $ 6,444