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
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities    
Net income (loss) $ 67,624 $ 36,469
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Provision for loss on receivables 1,411 3,171
Depreciation and amortization 1,839 1,790
Amortization of financing costs 5,579 3,466
Equity-based compensation 9,787 7,524
Equity method investments (62,941) 18,643
Non-cash gain on securitization (26,454) (28,568)
(Gain) loss on sale of receivables and investments (720) 8,654
Loss on debt extinguishment 14,584 0
Changes in receivables held-for-sale (9,190) 0
Changes in accounts payable and accrued expenses (534) 2,006
Change in accrued interest on receivables and investments (893) (13,530)
Other (2,285) (32)
Net cash provided by (used in) operating activities (2,193) 39,593
Cash flows from investing activities    
Equity method investments (136,921) (150,020)
Equity method investment distributions received 7,677 73,766
Purchases of and investments in receivables (197,153) (63,411)
Principal collections from receivables 51,065 60,031
Proceeds from sales of receivables 75,582 52,329
Purchases of investments (4,830) (17,571)
Principal collections from investments 142 1,697
Proceeds from sales of investments and securitization assets 15,197 58,035
Funding of escrow accounts (11,851) (6,563)
Withdrawal from escrow accounts 1,538 5,234
Other 941 421
Net cash provided by (used in) investing activities (198,613) 13,948
Cash flows from financing activities    
Proceeds from credit facilities 25,000 126,000
Principal payments on credit facilities (3,041) (126,795)
Proceeds from issuance of non-recourse debt 0 15,938
Principal payments on non-recourse debt (25,554) (90,960)
Proceeds from issuance of senior unsecured notes 1,000,000 400,000
Redemption of senior unsecured notes (514,101) 0
Net proceeds of common stock issuances 102,727 158,950
Payments of dividends and distributions (55,513) (49,021)
Withholdings on employee share vesting (14,018) (17,283)
Payment of debt issuance costs (15,629) (6,292)
Other (12) (626)
Net cash provided by (used in) financing activities 499,859 409,911
Increase (decrease) in cash, cash equivalents, and restricted cash 299,053 463,452
Cash, cash equivalents, and restricted cash at beginning of period 310,331 106,586
Cash, cash equivalents, and restricted cash at end of period 609,384 570,038
Supplemental Cash Flow Information [Abstract]    
Interest paid 60,082 33,533
Non-cash changes in liabilities (financing activity) (121,512) 0
Non-cash changes in receivables and investments (investing activity) 127,614 0
Non-cash changes in residual assets (investing activity) (34,684) (28,923)
Non-cash changes in other assets (investing activity) $ (1,729) $ 0