Condensed Consolidating Financial Statements (Tables)

3 Months Ended

Mar. 31, 2016

CONDENSED CONSOLIDATING BALANCE SHEETS

As of March 31, 2016

(dollars in thousands)

			Guarantor			Non-Guarantor
	Parent		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	—	$	110,721		$	1,490		$	—		$	112,211
Restricted cash		—		7,191			13,717			—			20,908
Loans and finance receivables, net		—		285,172			143,030			—			428,202
Income taxes receivable		42,513		(35,073	)		(4	)		—			7,436
Other receivables and prepaid expenses		131		18,487			192			—			18,810
Property and equipment, net		—		45,404			336			—			45,740
Goodwill		—		267,012			—			—			267,012
Intangible assets, net		—		6,214			7			—			6,221
Investment in subsidiaries		248,576		13,769			—			(262,345	)		—
Intercompany receivable		426,183		—			—			(426,183	)		—
Other assets		767		7,869			—			—			8,636
Total assets	$	718,170	$	726,766		$	158,768		$	(688,528	)	$	915,176
Liabilities and Stockholders' Equity
Accounts payable and accrued expenses	$	16,349	$	56,572		$	1,357		$	—		$	74,278
Intercompany payables		—		384,495			41,688			(426,183	)		—
Deferred tax liabilities, net		—		29,146			(267	)		—			28,879
Long-term debt		484,216		—			110,198			—			594,414
Total liabilities		500,565		470,213			152,976			(426,183	)		697,571
Commitments and contingencies
Stockholders' equity		217,605		256,553			5,792			(262,345	)		217,605
Total liabilities and stockholders' equity	$	718,170	$	726,766		$	158,768		$	(688,528	)	$	915,176

CONDENSED CONSOLIDATING BALANCE SHEETS

As of December 31, 2015

(dollars in thousands)

			Guarantor			Non-Guarantor
	Parent		Subsidiaries			Subsidiaries			Eliminations			Consolidated
Assets
Cash and cash equivalents	$	—	$	40,927		$	1,139		$	—		$	42,066
Restricted cash		—		7,379			—			—			7,379
Loans and finance receivables, net		—		430,862			3,771			—			434,633
Income taxes receivable		37,201		(31,709	)		11			—			5,503
Other receivables and prepaid expenses		162		19,791			96			—			20,049
Property and equipment, net		—		47,821			234			—			48,055
Goodwill		—		267,008			—			—			267,008
Intangible assets, net		—		6,532			8			—			6,540
Investment in subsidiaries		233,632		14,177			—			(247,809	)		—
Intercompany receivable		480,112		—			794			(480,906	)		—
Other assets		2,284		7,020			—			—			9,304
Total assets	$	753,391	$	809,808		$	6,053		$	(728,715	)	$	840,537
Liabilities and Stockholders' Equity
Accounts payable and accrued expenses	$	5,514	$	66,220		$	407		$	—		$	72,141
Intercompany payables		—		480,906			—			(480,906	)		—
Deferred tax liabilities, net		—		20,562			(43	)		—			20,519
Long-term debt		541,909		—			—			—			541,909
Total liabilities		547,423		567,688			364			(480,906	)		634,569
Commitments and contingencies
Stockholders' equity		205,968		242,120			5,689			(247,809	)		205,968
Total liabilities and stockholders' equity	$	753,391	$	809,808		$	6,053		$	(728,715	)	$	840,537

CONDENSED CONSOLIDATING STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

For the Three Months Ended March 31, 2016

(in thousands)

				Guarantor			Non-Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Revenue	$	—		$	173,136		$	2,206		$	(689	)	$	174,653
Cost of Revenue		—			66,445			3,132			—			69,577
Gross Profit		—			106,691			(926	)		(689	)		105,076
Expenses
Marketing		—			20,782			399			—			21,181
Operations and technology		—			19,183			951			—			20,134
General and administrative		43			27,442			1,129			(689	)		27,925
Depreciation and amortization		—			3,968			19			—			3,987
Total Expenses		43			71,375			2,498			(689	)		73,227
Income (Loss) from Operations		(43	)		35,316			(3,424	)		—			31,849
Interest expense, net		(13,272	)		425			(3,068	)		—			(15,915	)
Foreign currency transaction gain		1,568			—			—			—			1,568
Income (Loss) before Income Taxes and Equity in Net Earnings of Subsidiaries		(11,747	)		35,741			(6,492	)		—			17,502
Provision for income taxes		(5,127	)		15,600			(2,834	)		—			7,639
Income (loss) before Equity in Net Earnings of Subsidiaries		(6,620	)		20,141			(3,658	)		—			9,863
Net earnings of subsidiaries		16,483			(3,658	)		—			(12,825	)		—
Net Income (Loss)	$	9,863		$	16,483		$	(3,658	)	$	(12,825	)	$	9,863
Other comprehensive (loss) gain, net of tax:
Foreign currency translation (loss) gain		(136	)		(648	)		511			137			(136	)
Total other comprehensive (loss) gain, net of tax		(136	)		(648	)		511			137			(136	)
Comprehensive Income (Loss)	$	9,727		$	15,835		$	(3,147	)	$	(12,688	)	$	9,727

CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS

For the Three Months Ended March 31, 2016

(in thousands)

				Guarantor			Non-Guarantor
	Parent			Subsidiaries			Subsidiaries			Eliminations			Consolidated
Cash Flows from Operating Activities	$	75,286		$	(3,466	)	$	39,942		$	(13,170	)	$	98,592
Cash Flows from Investing Activities
Loans and finance receivables originated or acquired		—			(138,592	)		(138,255	)		—			(276,847	)
Loans and finance receivables repaid		—			212,682			(1,505	)		—			211,177
Change in restricted cash		—			—			(13,717	)		—			(13,717	)
Purchases of property and equipment		—			(2,140	)		(90	)		—			(2,230	)
Capital contributions to subsidiaries		(16,828	)		(3,250	)		—			20,078			—
Other investing activities		—			58			—			—			58
Net cash used in investing activities		(16,828	)		68,758			(153,567	)		20,078			(81,559	)
Cash Flows from Financing Activities
Payments for (proceeds from) member's equity		—			3,658			3,250			(6,908	)		—
Debt issuance costs paid		—			—			(3,271	)		—			(3,271	)
Treasury shares purchased		(58	)		—			—			—			(58	)
Borrowings under revolving line of credit		10,000			—			—			—			10,000
Repayments under revolving line of credit		(68,400	)		—			—			—			(68,400	)
Borrowings under securitization facility		—			—			135,061			—			135,061
Repayments under securitization facility		—			—			(21,148	)		—			(21,148	)
Net cash provided by (used in) financing activities		(58,458	)		3,658			113,892			(6,908	)		52,184
Effect of exchange rates on cash		—			844			84			—			928
Net decrease in cash and cash equivalents		—			69,794			351			—			70,145
Cash and cash equivalents at beginning of year		—			40,927			1,139			—			42,066
Cash and cash equivalents at end of period	$	—		$	110,721		$	1,490		$	—		$	112,211