XML 18 R7.htm IDEA: XBRL DOCUMENT v3.21.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash Flows from Operating Activities:    
Consolidated net loss [1] $ (37,713) $ (126,558)
Adjustments to reconcile consolidated net loss to net cash provided by (used for) operating activities:    
Net fair value adjustments [1] 9,419 95,818
Provision for credit losses [1],[2] 56,127 7,469
Change in fair value of loan servicing assets [1] 24,600 34,670
Stock-based compensation, net [1] 32,511 32,333
Depreciation, amortization, and accretion [1] 13,144 30,916
Gain on sales of loans [1] (27,640) (15,985)
Other, net [1] 5,643 7,385
Net change to loans held for sale [1] (51,821) (34,773)
Net change in operating assets and liabilities:    
Other assets [1] (5,296) 43,658
Other liabilities [1] 13,646 (129,300)
Net cash provided by (used for) operating activities [1] 32,620 (54,367)
Cash Flows from Investing Activities:    
Acquisition of company [1] (145,344) 0
Cash received from acquisition [1] 668,236 0
Net change in loans and leases [1] (792,234) 4,583
Net decrease in retail and certificate loans [1] 258,785 248,320
Purchases of securities available for sale [1] (50,526) (47,443)
Proceeds from sales of securities available for sale [1] 106,192 2,396
Proceeds from maturities and paydowns of securities available for sale [1] 73,504 126,945
Purchases of property, equipment and software, net [1] (14,984) (19,583)
Other investing activities [1] 1,465 200
Net cash provided by investing activities [1] 105,094 315,418
Cash Flows from Financing Activities:    
Net change in demand deposits and savings accounts [1] 510,364 0
Principal payments on advances from PPPLF [1] (225,481) 0
Proceeds from issuance of retail notes and certificates [1] 0 159,894
Net decrease in retail notes and certificates [1] (258,918) (409,904)
Principal payments on Structured Program borrowings [1] (46,818) (1,152,798)
Proceeds from issuance of notes and certificates from Structured Program transactions [1] 0 186,190
Principal payments on short-term borrowings [1] (46,352) (28,398)
Principal payments on long-term debt [1] (2,834) (5,298)
Proceeds from short-term borrowings [1] 0 1,050,551
Deemed dividend paid to preferred stockholder [1] 0 (50,204)
Other financing activities [1] (3,618) (25,467)
Net cash used for financing activities [1] (73,657) (275,434)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 64,057 (14,383)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 628,485 487,122
Cash, Cash Equivalents and Restricted Cash, End of Period 692,542 472,739
Supplemental Cash Flow Information:    
Cash paid for interest 45,631 38,791
Cash paid for operating leases included in the measurement of lease liabilities 10,368 7,951
Non-cash investing activity (2):    
Loans and leases held for investment transferred to loans held for sale [3] 90,399 0
Net securities retained from Structured Program transactions [3] 0 43,883
Accruals for property, equipment and software [3] 0 1,023
Non-cash investing and financing activity:    
Transfer of whole loans to redeem certificates 0 17,414
Net issuances of stock related to acquisition 41,462 [4] 0
Non-cash financing activity:    
Exchange of common stock for preferred stock $ 0 $ 207,244
[1] Prior period amounts have been reclassified to conform to the current period presentation. See “Notes to Condensed Consolidated Financial Statements Note 1. Summary of Significant Accounting Policies” for additional information.
[2] Prior period amounts have been reclassified to conform to the current period presentation. See “Notes to Condensed Consolidated Financial Statements Note 1. Summary of Significant Accounting Policies” for additional information.
[3] See “Notes to Condensed Consolidated Financial Statements Note 8. Fair Value of Assets and Liabilities” for other non-cash investing activity.
[4] Stock issued as part of the consideration paid related to the acquisition of Radius. See “Note 2. Business Acquisition.