XML 50 R5.htm IDEA: XBRL DOCUMENT v2.4.0.8
Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended
Sep. 30, 2013
Sep. 30, 2012
Cash flows from Operating Activities:    
Net income/(loss) $ 4,450 $ (6,030)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
(Benefit) for loan losses   (33)
Fair value adjustments, net 29 230
Change in Loan Servicing Rights carried at fair value 578  
Stock based compensation and warrant expense 3,345 779
Depreciation 907 182
Other, net   (42)
Changes in operating assets and liabilities    
Purchase of Member Loans sold (250,433)  
Proceeds from sale of Member Loans 250,433  
Accrued interest receivable (7,280) (4,123)
Prepaid expenses and other assets (792) (568)
Deposits 442 (513)
Accounts payable 1,120 16
Accrued interest payable 7,871 5,060
Accrued expenses and other liabilities 5,532 1,741
Net cash provided by (used in) operating activities 16,202 (3,301)
Cash flows from Investing Activities:    
Purchase of Member Loans (1,115,774) (454,080)
Repayment of Member Loans 341,256 131,061
Proceeds from recoveries and sale of charged-off Member Loans 1,180 216
Net change in restricted cash (1,264) (1,704)
Purchase of property and equipment, net (7,736) (764)
Net cash used in investing activities (782,338) (325,271)
Cash flows from Financing Activities:    
Payable to member investors (1,593) 2,859
Proceeds from issuance of Notes and Certificates 1,115,694 461,961
Payments on Notes and Certificates (339,048) (131,772)
Payments on charged-off Notes and Certificates from recoveries/sales of related charged off Member Loans (1,139) (219)
Payments on loans payable   (810)
Proceed from issuance of common stock 1,531 487
Net cash provided by financing activities 775,771 356,269
Net increase in cash and cash equivalents 9,635 27,697
Cash and cash equivalents, beginning of period 52,551 24,712
Cash and cash equivalents, end of period 62,186 52,409
Supplemental disclosure of cash flow information:    
Cash paid for interest 116,746 38,092
Non-cash exercise of common stock warrants 137  
Series A Convertible Preferred Stock
   
Cash flows from Financing Activities:    
Proceeds from issuance of convertible preferred stock, net of issuance costs 326 350
Series B Convertible Preferred Stock
   
Cash flows from Financing Activities:    
Proceeds from issuance of convertible preferred stock, net of issuance costs   27
Series D Convertible Preferred Stock
   
Cash flows from Financing Activities:    
Proceeds from issuance of convertible preferred stock, net of issuance costs   6,042
Series E Convertible Preferred Stock
   
Cash flows from Financing Activities:    
Proceeds from issuance of convertible preferred stock, net of issuance costs   $ 17,344