XML 39 R28.htm IDEA: XBRL DOCUMENT v3.21.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2021
Fair Value Disclosures [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
Notional AmountsJune 30, 2021December 31, 2020
Forward sales commitments$110,918 $130,109 
IRLCs115,211 88,923 
Derivative Instruments, Gain (Loss)
The locations and amounts of gains (losses) recognized in income related to our derivatives are as follows:

Three Months Ended June 30,Six Months Ended June 30,
InstrumentClassification2021202020212020
Forward sales commitmentsService revenue$(1,849)$(142)$79 $1,053 
IRLCsService revenue35 1,460 201 (110)
Schedule of Assets, Liabilities, and Equity Measured at Fair Value on a Recurring Basis
A summary of assets and liabilities related to our financial instruments, measured at fair value on a recurring basis and as reflected in our consolidated balance sheets, is set forth below:

Balance at June 30, 2021Quoted Prices in Active Markets for Identical Assets (Level 1)Significant Other Observable Inputs (Level 2)Significant Unobservable Inputs (Level 3)
Assets
Cash equivalents
Money market funds$632,800 $632,800 $— $— 
Total cash equivalents632,800 632,800 — — 
Short-term investments
U.S. treasury securities24,598 24,598 — — 
Agency bonds5,007 5,007 — — 
Loans held for sale51,643 — 51,643 — 
Other current assets
Forward sales commitments36 — 36 — 
IRLCs1,996 — — 1,996 
Total other current assets2,032 — 36 1,996 
Long-term investments
U.S. treasury securities29,178 29,178 — — 
Agency bonds6,907 6,907 — — 
Total assets$752,165 $698,490 $51,679 $1,996 
Liabilities
Accrued liabilities
Forward sales commitments$430 $— $430 $— 
IRLCs24 — — 24 
Total liabilities$454 $— $430 $24 
Balance at December 31, 2020Quoted Prices in Active Markets for Identical Assets
(Level 1)		Significant
Other Observable Inputs
(Level 2)		Significant
Unobservable Inputs
(Level 3)
Assets
Cash equivalents
        Money market funds$886,261 $886,261 $— $— 
U.S. treasury securities6,100 6,100 — — 
Total cash equivalents892,361 892,361 — — 
Short-term investments
   U.S. treasury securities131,561 131,561 — — 
Loans held for sale42,539 — 42,539 — 
Other current assets
Forward sales commitments34 — 34 — 
IRLCs1,781 — — 1,781 
Total other current assets1,815 — 34 1,781 
Long-term investments
Agency bonds11,922 11,922 — — 
Total assets$1,080,198 $1,035,844 $42,573 $1,781 
Liabilities
Accrued liabilities
Forward sales commitments$507 $— $507 $— 
IRLCs10 — — 10 
Total liabilities$517 $— $507 $10 
Summary of Fair Value Measurement Inputs and Valuation Techniques The pull-through rate used to determine the fair value of IRLCs was as follows:
Key InputsValuation TechniqueJune 30, 2021December 31, 2020
Weighted-average pull-through rate
Market pricing
72.3%72.3%
Summary of Changes Fair Value Of Interest Rate Derivatives
The following is a summary of changes in the fair value of IRLCs for the six months ended June 30, 2021:

Balance, net—January 1, 2021$1,771 
Issuances of IRLCs10,674 
Settlements of IRLCs(10,708)
Net loss recognized in earnings235 
Balance, net—June 30, 2021
$1,972 
Changes in fair value recognized during the period relating to assets still held at June 30, 2021
$201 
Schedule of Long-term Debt
The following table presents the carrying amounts and estimated fair values of our convertible senior notes that are not recorded at fair value on our consolidated balance sheets:

June 30, 2021December 31, 2020
IssuanceNet Carrying AmountEstimated Fair ValueNet Carrying AmountEstimated Fair Value
2023 notes$23,428 $50,106 $22,482 $59,894 
2025 notes649,403 747,808 488,268 802,083 
2027 notes562,114 571,107 — — 
The following table summarizes borrowings under these facilities as of the periods presented:
June 30, 2021December 31, 2020
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
Western Alliance Bank$50,000 $17,825 3.25 %$50,000 $18,277 3.25 %
Texas Capital Bank, N.A.40,000 17,398 3.35 %40,000 12,903 3.35 %
Flagstar Bank, FSB
15,000 11,202 3.00 %15,000 7,849 3.00 %
Total$105,000 $46,425 — $105,000 $39,029 — 
The following table summarizes borrowings under this facility as of the periods presented:
June 30, 2021December 31, 2020
LenderBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding BorrowingsBorrowing CapacityOutstanding BorrowingsWeighted-Average Interest Rate on Outstanding Borrowings
Goldman Sachs Bank USA$125,000 $123,770 3.30 %$100,000 $23,949 4.40 %
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets)
The cost or amortized cost, gross unrealized gains and losses, and estimated fair market value of our cash, money market funds, restricted cash, and available-for-sale investments were as follows:

June 30, 2021
Cost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, Restricted CashShort-term InvestmentsLong-term Investments
Cash$102,587 $— $— $102,587 $102,587 $— $— 
Money markets funds632,800 — — 632,800 632,800 — — 
Restricted cash52,295 — — 52,295 52,295 — — 
U.S. treasury securities53,743 45 (12)53,776 — 24,598 29,178 
Agency bonds11,900 14 — 11,914 — 5,007 6,907 
Total$853,325 $59 $(12)$853,372 $787,682 $29,605 $36,085 

December 31, 2020
Cost or Amortized CostUnrealized GainsUnrealized LossesEstimated Fair ValueCash, Cash Equivalents, Restricted CashShort-term InvestmentsLong-term Investments
Cash$32,915 $— $— $32,915 $32,915 $— $— 
Money markets funds886,261 — — 886,261 886,261 — — 
Restricted cash20,544 — — 20,544 20,544 — — 
U.S. treasury securities137,502 159 — 137,661 6,100 131,561 — 
Agency bonds11,900 22 — 11,922 — — 11,922 
Total$1,089,122 $181 $— $1,089,303 $945,820 $131,561 $11,922