Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (15,542) $ (17,678)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 4,466 3,785
Non-cash lease expense 1,291 1,565
Deferred financing costs amortization 46 0
Other non-cash 200 0
Gain on sale of mortgages (2,778) (3,443)
Stock-based compensation 9,325 6,470
Deferred income taxes 14 0
Change in operating assets and liabilities:    
Accounts receivable (1,050) (672)
Derivative assets 0 (241)
Prepaid and other current assets (136) (2,128)
Other assets (7) 43
Accounts payable 59 (382)
Accrued and other current liabilities (3) (284)
Operating lease liabilities (1,412) (1,540)
Mortgage loans held for sale originations (111,722) (205,137)
Proceeds from sale and principal payments on mortgage loans held for sale 111,043 213,172
Net cash used in operating activities (6,206) (6,470)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (21) (981)
Amounts paid for business and asset acquisitions, net of cash acquired 0 (2,479)
Purchase of intangible assets (1,337) (2,473)
Net cash used in investing activities (1,358) (5,933)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from debt 3,768 554
Principal payments on debt (566) (846)
Cash paid for debt issuance costs (200) 0
Borrowings from warehouse lines of credit 108,398 177,581
Repayment on warehouse lines of credit (105,088) (182,080)
Deferred acquisition consideration payments (366) 0
Repurchase of common stock 0 (6,045)
Net cash provided by (used in) financing activities 5,946 (10,836)
Net decrease in cash, cash equivalents, and restricted cash (1,618) (23,239)
Cash, cash equivalents, and restricted cash at beginning of period 8,380 37,921
Cash, cash equivalents, and restricted cash at end of period 6,762 14,682
Supplemental disclosure of cash and non-cash transactions:    
Cash paid for interest 188 23
Income taxes paid 50 111
Amounts due to sellers 0 1,100
Capitalized stock-based compensation 0 0
Right of use assets obtained in exchange for new lease liabilities 175 2,219
Issuance of common stock for purchase of business 0 6,168
Reconciliation of cash and restricted cash:    
Cash and cash equivalents 6,616 14,543
Restricted cash 146 139
Total cash, cash equivalents, and restricted cash shown in statement of cash flows $ 6,762 $ 14,682