XML 20 R9.htm IDEA: XBRL DOCUMENT v3.20.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:          
Consolidated net income $ 644 $ 32,064 $ 14,880 $ 55,470  
Adjustments to reconcile net income to net cash (used in) provided by operating activities:          
Gain on originated mortgage servicing rights     (73,565) (38,687)  
Depreciation and amortization 28,946 33,425 74,986 61,729  
Provision for credit losses on the financial guarantee liability     14,702 0  
Provision for doubtful accounts     2,948 1,645  
Equity-based compensation and allocation of net income to limited partnership units and FPUs     23,774 53,224  
Employee loan amortization     31,926 18,504  
Deferred tax provision (benefit)     (24) 956  
Non-cash changes in acquisition related earnouts     (11,711) 431  
Unrealized loss (gain) on non-marketable investments     26,837 (3,927)  
Unrealized (gains) loss on loans held for sale     (25,158) (25,698)  
(Income) loss from an equity method investment 4,100 (4,800) 4,116 (4,750)  
Realized (gains) loss on marketable securities (2,200) (1,900) 2,204 (1,812)  
Unrealized (gains) loss on marketable securities     0 (5,110)  
Change in valuation of derivative asset     1,339 28,967  
Loan originations—loans held for sale     (5,059,288) (3,498,483)  
Loan sales—loans held for sale     4,210,307 3,696,135  
Other     3,022 2,045  
Consolidated net income (loss), adjusted for non-cash and non-operating items     (758,705) 340,639  
Changes in operating assets and liabilities:          
Receivables, net     98,188 (14,877)  
Loans, forgivable loans and other receivables from employees and partners     (115,783) (53,809)  
Other assets     21,022 (43,491)  
Accrued compensation     (99,807) (41,623)  
Accounts payable, accrued expenses and other liabilities     (73,379) 31,771  
Payables to related parties     (26,631) 0  
Net cash (used in) provided by operating activities     (955,095) 218,610  
CASH FLOWS FROM INVESTING ACTIVITIES:          
Payments for acquisitions, net of cash acquired     (5,850) (16,203)  
Proceeds from the sale of marketable securities 34,600 13,100 34,591 22,204  
Purchase of non-marketable investments     0 (20,100)  
Purchases of fixed assets     (11,977) (10,740)  
Purchase of mortgage servicing rights     (200) (722)  
Net cash (used in) provided by investing activities     16,564 (25,561)  
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from warehouse facilities     5,059,288 3,498,483  
Principal payments on warehouse facilities     (4,204,840) (3,677,675)  
Payments to related parties     0 (3,760)  
Settlement of pre-Spin-Off related party receivables     0 33,892  
Borrowing of debt     365,000 110,000  
Repayment of debt     0 (65,000)  
Securities loaned     (36,735) 33,660  
Treasury stock repurchases     0 (13,896)  
Earnings distributions to limited partnership interests and noncontrolling interests     (74,715) (93,868)  
Dividends to stockholders     (19,563) (33,961)  
Payments on acquisition earn-outs     (1,759) (2,917)  
Payment of deferred financing costs     (2,879) (81)  
Net cash (used in) provided by financing activities     1,083,797 (215,123)  
Net increase (decrease) in cash and cash equivalents and restricted cash     145,266 (22,074)  
Cash and cash equivalents and restricted cash at beginning of period     221,872 187,406 $ 187,406
Cash and cash equivalents and restricted cash at end of period $ 367,138 $ 165,332 367,138 165,332 $ 221,872
Cash paid during the period for:          
Interest     20,466 18,611  
Taxes     58,125 73,950  
Supplemental disclosure of non-cash operating, investing and financing activities:          
Right-of-use assets and liabilities     $ 13,416 $ 32,117