XML 20 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash flows from operating activities:      
Net income $ 3,765 $ 29,300 $ 34,681
Adjustments to reconcile net income to net cash provided by operating activities:      
Accretion of deferred acquisition fees 1,305 (2,980) (8,954)
Amortization of discount on securitization trust debt 0 20 62
Depreciation and amortization 934 777 637
Amortization of deferred financing costs 8,738 8,389 7,017
Provision for credit losses 186,713 178,511 142,618
Stock-based compensation expense 5,715 5,553 5,024
Interest income on residual assets 0 0 (92)
Changes in assets and liabilities:      
Accrued interest receivable (10,520) (4,686) (8,175)
Other assets 5,361 (8,739) 3,237
Deferred tax assets, net 10,399 (5,248) 5,250
Accounts payable and accrued expenses 3,238 (4,564) 6,250
Net cash provided by operating activities 215,648 196,333 187,555
Cash flows from investing activities:      
Originations of finance receivables held for investment (859,069) (1,088,785) (1,060,538)
Payments received on finance receivables held for investment 647,619 650,379 551,880
Payments on receivables portfolio at fair value 4 58 1,603
Change in repossessions held in inventory 1,490 1,629 (2,369)
Decreases (increases) in restricted cash and cash equivalents, net 789 (6,700) 69,328
Purchase of furniture and equipment (669) (1,079) (1,191)
Net cash used in investing activities (209,836) (444,498) (441,287)
Cash flows from financing activities:      
Proceeds from issuance of securitization trust debt 852,615 1,197,515 795,000
Proceeds from issuance of subordinated renewable notes 4,083 2,911 1,551
Payments on subordinated renewable notes (2,466) (3,100) (1,646)
Net proceeds from (repayments of) warehouse lines of credit 9,309 (91,496) 139,622
Repayments of residual interest financing debt 0 (9,042) (3,285)
Repayment of securitization trust debt (851,193) (834,880) (661,960)
Repayment of debt secured by receivables measured at fair value 0 0 (1,250)
Payment of financing costs (8,104) (9,367) (8,637)
Repurchase of common stock (12,346) (10,468) (5,926)
Exercise of options and warrants 1,085 706 1,726
Net cash provided by (used in) financing activities (7,017) 242,779 255,195
Increase (decrease) in cash and cash equivalents (1,205) (5,386) 1,463
Cash and cash equivalents at beginning of year 13,936 19,322 17,859
Cash and cash equivalents at end of year 12,731 13,936 19,322
Cash paid during the period for:      
Interest 83,110 71,077 50,019
Income taxes 9,319 32,909 13,690
Non-cash financing activities:      
Pension benefit obligation, net $ 500 $ 32 $ 1,599