PNC, page-53

To quote Giuliani, here are some other facts.

Cash collected from customers $105m, revenue reported to customers $80m. The so called pull forward revenue is $25m less than cash collected from customers, so much for a 'ponzi scheme' more money is being collected than reported.

Cashflow generated from operations +$49m, cashflow from financimg (inc div) +$40m, cash invested in business -$87m. Net +$2m.
So they invested more money than they generated from operations, that's how they are growing so fast. They borrowed cash to buy assets to generate future profits, how else are they going to finance strong future growth? Or would you rather they issue more shares.
Of course they could not borrow any more money & grow at a lot slower pace but they wouldn't be acting in the best interests of investors if they did that. $7m of dividend payments is immaterial, lots of companies use DRP schemes.
PNC are forecasting $120m of collections this year up $15m because they have invested for the future for sustainable cash generation year on year that will pay the increasing dividends.

Yes PNC has a lot of debt, all businesses that lend money or are heavily capital intenesive have a lot of debt. CCP,CML,MNY all have a lot of debt.
Yes if the credit markets change PNC will struggle to finance such aggressive growth, just like any other company or individual that needs to refinance. I'd rather be a PNC investor than a property investor with interest only mortgage!