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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Operating activities:    
Net income $ 64,270 $ 267,682
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 32,768 35,134
Other non-cash interest expense, net 12,526 11,984
Stock-based compensation expense 11,017 12,231
Deferred income taxes 952 2,127
Changes in recoveries 30,054 (179,293)
Other, net (1,958) 14,319
Changes in operating assets and liabilities    
Other assets (21,820) 36,768
Accounts payable, accrued liabilities and other liabilities (11,598) (46,076)
Net cash provided by operating activities 116,211 154,876
Investing activities:    
Purchases of receivable portfolios, net of put-backs (772,101) (569,032)
Collections applied to investment in receivable portfolios 504,672 567,775
Purchases of asset held for sale (24,645) (38,604)
Purchases of property and equipment (16,765) (21,068)
Other, net 38,113 20,257
Net cash used in investing activities (270,726) (40,672)
Financing activities:    
Payment of loan and debt refinancing costs (8,224) (1,659)
Proceeds from credit facilities 630,079 637,342
Repayment of credit facilities (446,724) (432,424)
Repayment of senior secured notes (29,310) (29,310)
Proceeds from issuance of convertible senior notes 230,000 0
Repayment of convertible and exchangeable senior notes (212,480) (221,153)
Proceeds from convertible hedge instruments, net 12,421 0
Repurchase and retirement of common stock 0 (76,753)
Other, net (16,890) (16,735)
Net cash provided by (used in) financing activities 158,872 (140,692)
Net increase (decrease) in cash and cash equivalents 4,357 (26,488)
Effect of exchange rate changes on cash and cash equivalents (3,558) (16,122)
Cash and cash equivalents, beginning of period 143,912 189,645
Cash and cash equivalents, end of period 144,711 147,035
Supplemental disclosure of cash information:    
Cash paid for interest 120,113 94,828
Cash paid for taxes, net of refunds $ 50,605 $ 63,710