As Reported Financial Statements

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD 2018 Q3 YTD 9/30/2018 USD

Cash flows from operating activities

Net income 19,350 15,966 17,279 25,292 18,558

Adjustments to reconcile net income to net cash provided by operating activities

Depreciation and amortization 1,612 1,684 1,823 2,964 2,060
Stock-based compensation 1,964 2,736 1,837 2,738 2,594
Excess tax (benefits) deficit from stock-based payment arrangements (754) (333) 24 0 NA
Change in fair value of equity securities NA NA NA NA 108
Provision for credit losses 9,116 9,995 12,414 18,394 13,761
Net deferred income taxes (848) (382) (1,746) 1,598 1,028
Amortization of deferred initial direct costs and fees 7,263 7,530 8,694 11,375 9,915
Deferred initial direct costs and fees (7,096) NA NA NA NA
Loss on equipment disposed 1,405 537 846 1,070 893
Gain on leases sold 0 (76) (473) (2,876) (4,859)
Leases originated for sale 0 (3,589) (1,226) (4,669) (5,722)
Proceeds from sale of leases originated for sale 0 3,665 1,234 4,727 5,848
Effect of changes in other operating items
Other assets 1,682 (3,598) (2,657) (19,026) 15,432
Other liabilities (1,025) 1,001 (587) 11,284 1,367
Net cash provided by operating activities 32,669 35,136 37,462 52,871 60,983

Cash flows from investing activities

Net change in time deposits with banks 0 (7,368) (2,237) 1,495 (1,300)
Purchases of equipment for direct financing lease contracts and funds used to originate loans (335,272) (389,810) (515,237) (634,709) (515,050)
Principal collections on leases and loans 288,864 315,847 359,273 426,482 358,765
Proceeds from sale of leases originated for investment NA 0 17,371 64,895 79,868
Security deposits collected, net of refunds (31) (392) (715) (448) (210)
Proceeds from the sale of equipment 3,319 3,368 3,533 3,415 2,437
Acquisitions of property and equipment (1,614) (2,350) (1,019) (1,854) (979)
Acquisition of intangible assets NA 0 0 (2,500) NA
Change in restricted interest-earning deposits with banks 562 495 216 0 NA
Business combinations NA NA NA NA (10,000)
Principle payments received on (purchases of) securities available for sale 53 (858) 504 (5,601) 277
Net cash (used in) investing activities (44,119) (81,068) (138,311) (148,825) (86,192)

Cash flows from financing activities

Net change in deposits 47,081 37,821 109,417 111,958 (109,208)
Term securitization advances NA NA NA NA 201,650
Term securitization repayments NA NA NA NA (27,131)
Issuances of common stock 253 234 259 356 211
Repurchases of common stock (5,727) (11,320) (345) (4,501) (2,099)
Dividends paid (6,062) (32,249) (6,907) (6,958) (5,220)
Exercise of stock options 154 586 77 488 23
Excess tax benefits (deficit) from stock-based payment arrangements 754 333 (24) 0 NA
Debt issuance costs NA NA NA NA (1,666)
Net cash provided by financing activities 36,453 (4,595) 102,477 101,343 56,560
Net increase in total cash, cash equivalents and restricted cash 25,003 (50,527) 1,628 5,389 31,351
Total cash, cash equivalents and restricted cash, beginning of period 85,653 110,656 60,129 61,757 67,146
Total cash, cash equivalents and restricted cash, end of period 110,656 60,129 61,757 67,146 98,497

Supplemental disclosures of cash flow information

Cash paid for interest on deposits and borrowings 4,258 5,118 7,145 10,329 11,266
Net cash paid (refunds received) for income taxes 10,243 13,309 8,185 10,195 (8,052)
Leases transferred into held for sale from investment NA 0 16,884 62,077 75,138

Supplemental disclosures of non cash investing activities

Business combinations assets acquired NA NA NA NA 3,376
Acquisition of property and equipment through capital lease arrangements NA 0 0 385 NA
Purchase of equipment for direct financing lease contracts and loans originated NA 0 0 10,681 10,993

Reconciliation of cash, cash equivalents and restricted cash to the condensed consolidated balance sheets

Cash and cash equivalents NA NA NA NA 88,448
Restricted Cash NA NA NA NA 10,049
Cash, cash equivalents and restricted cash at end of period NA NA NA NA 98,497
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.