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SEC Filings

10-Q
GREENSKY, INC. filed this Form 10-Q on 11/09/2018
Entire Document
 


GreenSky, Inc.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Dollars in thousands)
 
Nine Months Ended September 30,
2018
 
2017
Cash flows from operating activities
 
 
 
Net income
$
105,132

 
$
98,766

Adjustments to reconcile net income to net cash provided by/(used in) operating activities
 
 
 
Depreciation and amortization
3,229

 
2,798

Provision for bad debt expense
1,367


802

Share-based compensation expense
4,304


3,032

Equity-based payments to non-employees
12


297

Impairment losses


78

Non-cash rent expense
(293
)

(283
)
Amortization of debt related costs
1,262


270

Loss on extinguishment of debt


254

Fair value change in assets and liabilities
621


800

Original issuance discount on term loan payment
(20
)


Deferred tax expense
4,969

 

Changes in assets and liabilities:
 
 
 
(Increase)/decrease in loan receivables held for sale
58,731

 
(63,582
)
(Increase)/decrease in accounts receivable
(1,521
)
 
(646
)
(Increase)/decrease in related party receivables
96

 
156

(Increase)/decrease in other assets
4,032

 
(1,031
)
Increase/(decrease) in accounts payable
(711
)
 
2,037

Increase/(decrease) in finance charge reversal liability
23,054

 
14,688

Increase/(decrease) in related party liabilities
(933
)
 
(645
)
Increase/(decrease) in other liabilities
90

 
9,794

Net cash provided by operating activities
203,421

 
67,585

 
 
 
 
Cash flows from investing activities
 
 
 
Purchases of property, equipment and software
(4,849
)

(2,575
)
Net cash used in investing activities
(4,849
)
 
(2,575
)
 
 
 
 
Cash flows from financing activities
 
 
 
Proceeds from IPO, net of underwriters discount and commissions
954,845

 

Purchases of GreenSky Holdings, LLC units
(901,833
)
 

Purchases of Class A common stock
(53,012
)
 

Issuances of Class B common stock
129

 

Redemptions of GreenSky Holdings, LLC units prior to Reorganization Transactions
(496
)
 
(249
)
Proceeds from term loan
399,000

 
346,500

Repayments of term loan
(351,105
)
 

Member distributions
(141,019
)
 
(405,653
)
Option and warrant exercises prior to Reorganization Transactions
339

 
15

Payment of equity transaction expenses prior to Reorganization Transactions
(32
)
 

Payment of tax withholdings upon option exercises after Reorganization Transactions
(126
)
 

Payment of IPO related expenses
(3,855
)
 

Payment of debt issuance costs

 
(8,155
)
Net cash used in financing activities
(97,165
)
 
(67,542
)
 
 
 
 
Net increase/(decrease) in cash and restricted cash
101,407

 
(2,532
)
Cash and restricted cash at beginning of period
353,838

 
228,114

Cash and restricted cash at end of period
$
455,245

 
$
225,582

 
 
 
 
Supplemental non-cash investing and financing activities
 
 
 
Leasehold improvements acquired but not paid
$
300

 
$

Distributions accrued but not paid
10,887

 
9,508

The accompanying notes are an integral part of these Unaudited Consolidated Financial Statements.

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