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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating Activities      
Net loss $ (164,801) $ (130,026) $ (321,143)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Depreciation and amortization 42,768 62,851 64,907
Stock-based compensation 71,159 70,935 68,257
Amortization of debt discount and issuance costs 3,116 3,620 6,137
Non-cash lease expense 11,815 16,269 16,234
Impairment costs 0 1,948 1,136
Net (gain) loss on IRLCs, forward sales commitments, and loans held for sale (19) (1,992) 14,427
Change in fair value of mortgage servicing rights, net (892) 3,198 (801)
Gain on extinguishment of convertible senior notes (12,000) (94,019) (57,193)
Other 644 (2,113) 3,791
Change in assets and liabilities:      
Accounts receivable, net 2,864 3,286 24,411
Inventory 0 114,232 243,948
Prepaid expenses and other assets (8,229) 6,004 (5,904)
Accounts payable 6,371 (1,323) (2,472)
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent (5,401) (19,085) (46,454)
Lease liabilities (15,682) (18,998) (18,452)
Origination of mortgage servicing rights (255) (565) (3,140)
Proceeds from sale of mortgage servicing rights 30,582 1,457 1,662
Origination of loans held for sale (3,979,765) (3,525,987) (3,949,442)
Proceeds from sale of loans originated as held for sale 3,985,418 3,567,066 4,000,582
Net cash (used in) provided by operating activities (32,307) 56,758 40,491
Investing activities      
Purchases of property and equipment (11,209) (12,056) (21,531)
Purchases of investments 0 (76,866) (182,466)
Sales of investments 39,225 124,681 17,545
Maturities of investments 6,395 61,723 99,455
Cash paid for acquisition, net of cash, cash equivalents, and restricted cash acquired 0 0 (97,341)
Net cash provided by (used in) investing activities 34,411 97,482 (184,338)
Financing activities      
Redemption of convertible preferred stock, net of issuance costs (40,000) 0 0
Payment of dividends on convertible preferred stock (367) 0 0
Proceeds from the issuance of common stock pursuant to employee equity plans 6,558 9,613 11,528
Tax payments related to net share settlements on restricted stock units (2,284) (16,348) (7,498)
Borrowings from warehouse credit facilities 4,016,909 3,532,119 3,938,265
Repayments to warehouse credit facilities (4,022,245) (3,570,664) (3,989,407)
Borrowings from secured revolving credit facility 0 0 565,334
Repayments to secured revolving credit facility 0 0 (765,114)
Cash paid for secured revolving credit facility issuance costs 0 0 733
Principal payments under finance lease obligations (56) (89) (855)
Repurchases of convertible senior notes (106,953) (241,808) (83,614)
Repayments of convertible senior notes 0 (23,512) 0
Repayment of term loan principal 2,188 313 0
Extinguishment of convertible senior notes associated with closing of term loan 0 (57,075) 0
Payments of debt issuance costs (2,482) (2,338) 0
Proceeds from term loan 125,000 125,000 0
Net cash used in financing activities (28,108) (245,415) (332,094)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (24) (71) (94)
Net change in cash, cash equivalents, and restricted cash (26,028) (91,246) (476,035)
Beginning of period 151,000 242,246 718,281
End of period 124,972 151,000 242,246
Supplemental disclosure of cash flow information      
Cash paid for interest 36,121 15,589 20,107
Non-cash transactions      
Stock-based compensation capitalized in property and equipment 4,302 4,003 3,660
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents 124,972 151,000 242,246
Continuing operations      
Cash and cash equivalents 124,743 149,759 232,200
Restricted cash 229 1,241 2,406
Total 124,972 151,000 234,606
Discontinued operations      
Total cash, cash equivalents, and restricted cash 124,972 151,000 242,246
Properties Segment | Discontinued Operations, Disposed of by Means Other than Sale      
Supplemental disclosure of cash flow information      
Cash paid for interest 0 0 7,863
Non-cash transactions      
Property and equipment additions in accounts payable and accrued liabilities 0 0 1,213
Discontinued operations      
Cash and cash equivalents 0 0 7,640
Restricted cash 0 0 0
Total $ 0 $ 0 $ 7,640