Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
9 Months Ended |
Sep. 30, 2021 |
Sep. 30, 2020 |
| Cash flows from operating activities: |
|
|
| Net loss |
$ (137,240)
|
$ (11,153)
|
| Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
| Provision for losses on receivables |
36,644
|
14,587
|
| Depreciation and amortization expense |
1,502
|
811
|
| Change in deferred fees and costs, net |
2,847
|
553
|
| Change in fair value of warrants |
54,285
|
(228)
|
| Change in fair value of subordinated convertible notes |
41,877
|
|
| Gain on loan forgiveness |
(3,207)
|
|
| Gains on foreign currency translation |
(178)
|
(155)
|
| Stock compensation expense |
2,425
|
1,082
|
| Changes in assets and liabilities, net of effects of business combination: |
|
|
| Accrued interest receivable |
481
|
12
|
| Other assets |
(15,206)
|
(4,217)
|
| Accounts payable and accrued liabilities |
13,708
|
110
|
| Net cash provided by (used in) operating activities |
(2,062)
|
1,402
|
| Cash flows from investing activities: |
|
|
| Net originations and collections on finance receivables |
(90,861)
|
(22,476)
|
| Purchase of property and equipment |
(354)
|
(1,029)
|
| Net cash used in investing activities |
(91,215)
|
(23,505)
|
| Cash flows from financing activities: |
|
|
| Repayments to secured/senior lenders |
(556)
|
(18,333)
|
| Repayment of related party loan |
(5,000)
|
|
| Proceeds from issuance of related party loan |
|
5,000
|
| Proceeds from issuance of subordinated convertible notes |
36,750
|
|
| Borrowings from secured lenders |
20,000
|
16,697
|
| Payment of deferred financing costs |
(2,147)
|
(675)
|
| Redemption of founder’s common stock |
(9,700)
|
|
| Payment of redeemed stock options |
(10,651)
|
|
| Proceeds from issuance of common stock related to exercise of stock options |
265
|
84
|
| Proceeds from reverse capitalization, net of transaction costs |
301,062
|
|
| Issuance of Series C-1 preferred stock |
|
12,025
|
| Contributions from redeemable noncontrolling interests |
53,000
|
300
|
| Redemptions by redeemable noncontrolling interests |
(4,556)
|
(13,050)
|
| Distributions to noncontrolling interests |
(7,115)
|
(2,989)
|
| Net cash provided by financing activities |
371,352
|
(941)
|
| Net change in cash and restricted cash |
278,075
|
(23,044)
|
| Cash and restricted cash, beginning of year |
20,927
|
45,813
|
| Cash and restricted cash, end of year |
299,002
|
22,769
|
| Supplemental disclosure of cash flow information: |
|
|
| Cash paid for interest |
2,878
|
2,460
|
| Accrued redemptions by redeemable noncontrolling interests |
500
|
1,450
|
| Supplemental disclosure of non-cash investing and financing activities: |
|
|
| Conversion of preferred stock to common stock |
302,475
|
|
| Issuance of common stock related to convertible debt |
92,627
|
|
| Issuance of common stock related to warrants exercised |
85,502
|
|
| Acquisition of public and private warrants |
$ 29,466
|
|