XML 19 R6.htm IDEA: XBRL DOCUMENT v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities      
Net loss $ (130,026) $ (321,143) $ (109,613)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 62,851 64,907 46,906
Stock-based compensation 70,935 68,257 54,722
Amortization of debt discount and issuance costs 3,620 6,137 4,989
Non-cash lease expense 16,269 16,234 11,630
Impairment costs 1,948 1,136 0
Net (gain) loss on IRLCs, forward sales commitments, and loans held for sale (1,992) 14,427 815
Change in fair value of mortgage servicing rights, net 3,198 (801) 0
Gain on extinguishment of convertible senior notes (94,019) (57,193) 0
Other (2,113) 3,791 (4,227)
Change in assets and liabilities:      
Accounts receivable, net 3,286 24,411 (7,149)
Inventory 114,232 243,948 (309,063)
Prepaid expenses and other assets 6,004 (5,904) (12,248)
Accounts payable (1,323) (2,472) 3,059
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent (19,085) (46,454) 25,791
Lease liabilities (18,998) (18,452) (13,268)
Origination of mortgage servicing rights (565) (3,140) 0
Proceeds from sale of mortgage servicing rights 1,457 1,662 0
Origination of loans held for sale (3,525,987) (3,949,442) (986,982)
Proceeds from sale of loans originated as held for sale 3,567,066 4,000,582 993,070
Net cash provided by (used in) operating activities 56,758 40,491 (301,568)
Investing activities      
Purchases of property and equipment (12,056) (21,531) (27,492)
Purchases of investments (76,866) (182,466) (146,274)
Sales of investments 124,681 17,545 98,687
Maturities of investments 61,723 99,455 106,773
Cash paid for acquisition, net of cash, cash equivalents, and restricted cash acquired 0 (97,341) (608,000)
Net cash provided by (used in) investing activities 97,482 (184,338) (576,306)
Financing activities      
Proceeds from the issuance of common stock pursuant to employee equity plans 9,613 11,528 22,772
Tax payments related to net share settlements on restricted stock units (16,348) (7,498) (27,066)
Borrowings from warehouse credit facilities 3,532,119 3,938,265 942,993
Repayments to warehouse credit facilities (3,570,664) (3,989,407) (948,979)
Borrowings from secured revolving credit facility 0 565,334 624,828
Repayments to secured revolving credit facility 0 (765,114) (448,996)
Cash paid for secured revolving credit facility issuance costs 0 733 527
Proceeds from issuance of convertible senior notes, net of issuance costs 0 0 561,529
Purchases of capped calls related to convertible senior notes 0 0 (62,647)
Conversions of convertible senior notes 0 0 (2,159)
Principal payments under finance lease obligations (89) (855) (796)
Repurchases of convertible senior notes (241,808) (83,614) 0
Repayments of convertible senior notes (23,512) 0 0
Repayment of term loan principal 313 0 0
Extinguishment of convertible senior notes associated with closing of term loan (57,075) 0 0
Payments of debt issuance costs (2,338) 0 0
Proceeds from term loan 125,000 0 0
Other financing payables 0 0 (10,611)
Net cash (used in) provided by financing activities (245,415) (332,094) 650,341
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (71) (94) (6)
Net change in cash, cash equivalents, and restricted cash (91,246) (476,035) (227,539)
Beginning of period 242,246 718,281 945,820
End of period 151,000 242,246 718,281
Supplemental disclosure of cash flow information      
Cash paid for interest 15,589 20,107 7,592
Non-cash transactions      
Stock-based compensation capitalized in property and equipment 4,003 3,660 4,059
Property and equipment additions in accounts payable and accrued liabilities 34 99 659
Leasehold improvements paid directly by lessor 20 118 1,334
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents 151,000 242,246 718,281
Continuing operations      
Cash and cash equivalents 149,759 232,200 571,384
Restricted cash 1,241 2,406 5,244
Total 151,000 234,606 576,628
Discontinued operations      
Total cash, cash equivalents, and restricted cash 151,000 242,246 718,281
Properties Segment | Discontinued Operations, Disposed of by Means Other than Sale      
Supplemental disclosure of cash flow information      
Cash paid for interest 0 7,863 3,946
Non-cash transactions      
Property and equipment additions in accounts payable and accrued liabilities 0 1,213 1,782
Discontinued operations      
Cash and cash equivalents 0 7,640 19,619
Restricted cash 0 0 122,034
Total $ 0 $ 7,640 $ 141,653