XML 19 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Cash Flows from Operating Activities:    
Consolidated net loss $ (31,180) $ (29,844)
Adjustments to reconcile consolidated net loss to net cash provided by (used for) operating activities:    
Net fair value adjustments [1] 28,713 1,417
Change in fair value of loan servicing liabilities (358) (809)
Change in fair value of loan servicing assets 5,606 4,047
Stock-based compensation, net 17,801 19,498
Depreciation and amortization 11,701 10,254
(Gain) Loss on sales of loans (13,116) (5,043)
Other, net 1,582 352
Purchase of loans held for sale (1,597,816) (1,176,154)
Principal payments received on loans held for sale 58,943 892
Proceeds from sales of whole loans 1,348,092 1,172,161
Purchase of loans held for sale by consolidated VIE (270,770) 0
Proceeds from sale of securities by consolidated VIE, net of underwriting fees and costs 437,969 0
Net change in operating assets and liabilities:    
Accrued interest receivable, net 5,961 4,655
Other assets 57,461 (6,452)
Due from related parties (96) 71
Accounts payable (6,058) (3,833)
Accrued interest payable (7,482) (5,152)
Accrued expenses and other liabilities (33,254) (3,178)
Net cash provided by (used for) operating activities 13,699 (17,118)
Cash Flows from Investing Activities:    
Purchases of loans (293,460) (524,412)
Principal payments received on loans 504,618 640,006
Proceeds from recoveries and sales of charged-off loans 17,658 10,889
Proceeds from sales of whole loans 0 2,118
Purchases of securities available for sale (32,346) (26,430)
Proceeds from sales, maturities, redemptions and paydowns of securities available for sale 40,476 66,817
Proceeds from paydowns of asset-backed securities related to Company- sponsored securitizations and CLUB Certificate transactions 6,339 0
Purchases of property, equipment and software, net (13,607) (7,908)
Net cash provided by investing activities 229,678 161,080
Cash Flows from Financing Activities:    
Change in payable to investors (35,222) (29,753)
Proceeds from issuance of notes and certificates 292,461 523,305
Repayments of secured borrowings (47,545) 0
Principal payments on and retirements of notes and certificates (456,157) (641,103)
Payments on notes and certificates from recoveries/sales of related charged-off loans (17,459) (10,790)
Principal payments on securitization notes (31,729) 0
Proceeds from revolving credit facilities 274,900 0
Principal payments on revolving credit facilities (233,000) 0
Payment for debt issuance costs (1,119) 0
Proceeds from stock option exercises and other 185 4,308
Return of capital to noncontrolling interests in consolidated VIE (1,055) 0
Dividends paid to noncontrolling interests in consolidated VIE (30) 0
Net cash used for financing activities (255,770) (154,033)
Net Decrease in Cash, Cash Equivalents and Restricted Cash (12,393) (10,071)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 644,289 693,412
Cash, Cash Equivalents and Restricted Cash, End of Period 631,896 683,341
Supplemental Cash Flow Information:    
Cash paid for interest 116,273 163,692
Accruals for property, equipment and software 956 905
Beneficial interests retained from securitization and CLUB Certificate transactions $ 26,639 $ 0
[1] Prior period amounts have been reclassified to conform to the current period presentation. See “Notes to Condensed Consolidated Financial Statements – Note 1. Basis of Presentation” for additional information.