Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.10.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2018
Dec. 31, 2017
Dec. 31, 2016
Cash flows from operating activities      
Net income (loss) $ 41,798 $ 31,035 $ 14,756
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 15,253 13,171 7,658
Equity-based compensation 10,066 11,304 10,054
Equity method investments 4,312 (7,746) 781
Non-cash gain on securitization (25,728) (28,915) (10,912)
Gain on sale of receivables and investments 0 2,137 (2,015)
Changes in receivables held-for-sale 12,685 (3,338) 46,204
Loss on debt extinguishment 9,245 0 0
Changes in accounts payable and accrued expenses 6,882 (327) 3,312
Other (15,720) (5,604) (12,983)
Net cash provided by operating activities 58,793 11,717 56,855
Cash flows from investing activities      
Equity method investments (76,349) (232,811) (60,774)
Equity method distributions received 88,160 75,114 48,870
Proceeds from sales of equity method investments 35,849 6,044 0
Purchases of receivables (292,834) (111,161) (300,511)
Principal collections from receivables 345,956 98,482 116,432
Proceeds from sales of receivables 0 78,857 39,978
Purchases of real estate (27,549) (170,982) (17,693)
Purchases of investments (25,308) (22,115) (31,335)
Principal collections from investments 5,252 3,733 1,768
Proceeds from sales of investments 0 0 13,914
Funding of escrow accounts (34,980) (37,613) 0
Withdrawal from escrow accounts 33,108 15,986 0
Other (505) (1,414) (1,280)
Net cash provided by (used in) investing activities 50,800 (297,880) (190,631)
Cash flows from financing activities      
Proceeds from credit facilities 171,783 302,612 307,900
Principal payments on credit facilities (46,604) (515,777) (271,968)
Proceeds from issuance of non-recourse debt 69,255 609,332 97,660
Principal payments on non-recourse debt (390,537) (79,459) (69,097)
Proceeds from issuance of convertible notes 0 150,000 0
Payments on deferred funding obligations (73,946) (124,785) (65,741)
Net proceeds of common stock issuances 187,265 96,899 177,294
Payments of dividends and distributions (70,989) (68,234) (49,481)
Other (14,644) (25,392) (12,863)
Net cash provided by (used in) financing activities (168,417) 345,196 113,704
Increase (decrease) in cash, cash equivalents, and restricted cash (58,824) 59,033 (20,072)
Cash, cash equivalents, and restricted cash at beginning of period 118,177 59,144 79,216
Cash, cash equivalents, and restricted cash at end of period 59,353 118,177 59,144
Interest paid 72,078 48,865 37,858
Non-cash changes in deferred funding obligations (financing activity) (6,973) 107,283 127,630
Non-cash changes in non-recourse debt (financing activity) 0 (5,959) 0
Non-cash changes in receivables and investments (investing activity) (248) (85,933) (142,551)
Non-cash changes in residual assets (investing activity) $ (25,827) $ (28,777) $ (10,912)