Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Cash flows from operating activities    
Net income (loss) $ 64,525 $ 57,746
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for loss on receivables 2,896 5,629
Depreciation and amortization 2,811 2,685
Amortization of financing costs 8,445 5,824
Equity-based compensation 13,503 11,615
Equity method investments (45,684) 14,024
Non-cash gain on securitization (37,521) (36,866)
(Gain) loss on sale of receivables and investments (720) 8,671
Loss on debt extinguishment 14,584 0
Changes in accounts payable and accrued expenses 11,606 5,906
Change in accrued interest on receivables and investments (9,516) (21,925)
Other (3,243) (1,447)
Net cash provided by (used in) operating activities 21,686 51,862
Cash flows from investing activities    
Equity method investments (155,461) (322,948)
Equity method investment distributions received 10,936 90,920
Proceeds from sales of equity method investments 300 0
Purchases of and investments in receivables (407,517) (92,232)
Principal collections from receivables 87,548 94,780
Proceeds from sales of receivables 75,582 52,329
Purchases of investments (4,830) (22,777)
Principal collections from investments 256 1,981
Proceeds from sales of investments and securitization assets 15,197 58,018
Funding of escrow accounts (12,069) (7,783)
Withdrawal from escrow accounts 1,538 6,300
Other 290 3,200
Net cash provided by (used in) investing activities (388,230) (138,212)
Cash flows from financing activities    
Proceeds from credit facilities 25,000 126,000
Principal payments on credit facilities (22,441) (134,594)
Proceeds from issuance of non-recourse debt 0 15,938
Principal payments on non-recourse debt (29,900) (118,623)
Proceeds from issuance of senior unsecured notes 1,000,000 771,250
Proceeds from issuance of convertible notes 0 143,750
Redemption of senior unsecured notes (500,000) 0
Net proceeds of common stock issuances 151,501 188,197
Payments of dividends and distributions (83,354) (74,295)
Withholdings on employee share vesting (14,018) (17,287)
Redemption premium paid (14,101) 0
Payment of debt issuance costs (17,672) (14,382)
Other (13) (623)
Net cash provided by (used in) financing activities 495,002 885,331
Increase (decrease) in cash, cash equivalents, and restricted cash 128,458 798,981
Cash, cash equivalents, and restricted cash at beginning of period 310,331 106,586
Cash, cash equivalents, and restricted cash at end of period 438,789 905,567
Supplemental Cash Flow Information [Abstract]    
Interest paid 74,962 57,310
Residual assets retained from securitization transactions 45,578 38,081
Right-of-use asset obtained in exchange for lease liability 4,628 0
Issuance of common stock from conversion of convertible notes 135,800 0
Deconsolidation of non-recourse debt 126,139 0
Deconsolidation of assets pledged for non-recourse debt $ 130,513 $ 0