As Reported Financial Statements

As Reported Financials

Document Name As Of Date Currency Code (in thousands) 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD
Document Name As Of Date Currency Code 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD

Cash flows from operating activities

Net income 15,966 17,279 25,292 24,980 18,702

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

Depreciation and amortization 1,684 1,823 2,964 3,146 3,632
Stock-based compensation 2,736 1,837 2,738 3,394 2,745
Excess tax (benefits) deficit from stock-based payment arrangements (333) 24 0 0 NA
Change in fair value of equity securities NA NA NA 75 (121)
Provision for credit losses 9,995 12,414 18,394 19,522 17,781
Net deferred income taxes (382) (1,746) 1,598 5,821 6,883
Amortization of deferred initial direct costs and fees 7,530 8,694 11,375 13,361 11,008
Loss on equipment disposed 537 846 1,070 1,219 1,331
Gain on leases sold (76) (473) (2,876) (8,364) (13,400)
Leases originated for sale (3,589) (1,226) (4,669) (17,436) (46,038)
Proceeds from sale of leases originated for sale 3,665 1,234 4,727 18,069 47,771
Operating lease liability payments NA NA NA NA (303)
Effect of changes in other operating items
Other assets (3,598) (2,657) (19,026) 16,942 (3,465)
Other liabilities 1,001 (587) 11,284 3,652 (1,982)
Net cash provided by operating activities 35,136 37,462 52,871 84,381 44,544

Cash flows from investing activities

Net change in time deposits with banks (7,368) (2,237) 1,495 (1,549) (5,260)
Purchases of equipment for direct financing lease contracts and funds used to originate loans (389,810) (515,237) (634,709) (722,745) NA
Funds used to originate leases and loans NA NA NA NA (594,831)
Principal collections on leases and loans 315,847 359,273 426,482 476,533 380,345
Proceeds from sale of leases originated for investment 0 17,371 64,895 129,290 161,566
Security deposits collected, net of refunds (392) (715) (448) (210) (175)
Proceeds from the sale of equipment 3,368 3,533 3,415 3,120 2,065
Acquisitions of property and equipment (2,350) (1,019) (1,854) (1,836) (3,492)
Acquisition of intangible assets 0 NA NA NA NA
Change in restricted interest-earning deposits with banks 495 NA NA NA NA
Business combinations NA 0 (2,500) (10,000) 0
Principal payments received on securities available for sale (858) 504 (5,601) 465 1,015
Net cash (used in) investing activities (81,068) (138,527) (148,825) (126,932) (58,767)

Cash flows from financing activities

Net change in deposits 37,821 109,417 111,958 (53,539) 113,481
Term securitization advances NA 0 0 201,650 0
Term securitization repayments NA 0 0 (50,417) (58,887)
Business combinations earn-out consideration payments NA NA NA NA (349)
Issuances of common stock 234 259 356 401 240
Repurchases of common stock (11,320) (345) (4,501) (2,908) (6,257)
Dividends paid (32,249) (6,907) (6,958) (6,936) (5,169)
Exercise of stock options 586 77 488 23 0
Excess tax benefits (deficit) from stock-based payment arrangements 333 (24) 0 0 NA
Debt issuance costs NA 0 0 (1,668) 0
Net cash provided by financing activities (4,595) 102,477 101,343 86,606 43,059
Net increase in total cash, cash equivalents and restricted cash (50,527) 1,412 5,389 44,055 28,836
Total cash, cash equivalents and restricted cash, beginning of period 110,656 60,345 61,757 67,146 111,201
Total cash, cash equivalents and restricted cash, end of period 60,129 61,757 67,146 111,201 140,037

Supplemental disclosures of cash flow information

Cash paid for interest on deposits and borrowings 5,118 7,145 10,329 16,130 17,610
Net cash paid (refunds received) for income taxes 13,309 8,185 10,195 (12,634) 2,736
Leases transferred into held for sale from investment 0 16,884 62,077 121,559 149,895

Supplemental disclosures of non cash investing activities

Acquisition of property and equipment through capital lease arrangements 0 0 385 0 NA
Business combinations assets acquired NA 0 0 3,376 146
Purchase of equipment for lease contracts and loans originated 0 0 10,681 8,588 8,432

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

Cash and cash equivalents NA 61,757 67,146 97,156 132,461
Restricted Cash NA 0 0 14,045 7,576
Cash, cash equivalents and restricted cash at end of period NA 61,757 67,146 111,201 140,037
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.