XML 18 R8.htm IDEA: XBRL DOCUMENT v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Consolidated net income $ 9,034 $ 100,420
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Gains on originated mortgage servicing rights (54,789) (98,378)
Depreciation and amortization 122,327 118,758
Provision for credit losses on the financial guarantee liability 3,405 588
Provision for doubtful accounts (1,330) 5,538
Equity-based compensation and allocation of net income to limited partnership units and FPUs 84,805 102,974
Employee loan amortization 78,689 60,974
Deferred tax (benefit) provision 0 (94)
Non-cash changes in acquisition related earn-outs 381 1,173
Unrealized (gains)/losses on loans held for sale 550 36,271
Loss (income) from an equity method investment (14,221) (100)
Realized losses on marketable securities 0 7,470
Unrealized losses on marketable securities 548 80,413
Unrealized losses (gains) on non-marketable investments 0 13,944
Loan originations—loans held for sale (5,253,690) (5,803,501)
Loan sales—loans held for sale 4,775,065 5,858,850
Other 11,236 1,750
Consolidated net income (loss), adjusted for non-cash and non-operating items (237,990) 487,050
Changes in operating assets and liabilities:    
Receivables, net 23,444 59,518
Loans, forgivable loans and other receivables from employees and partners (209,591) (100,591)
Right-of-use asset 52,835 (1,743)
Receivable from related parties 0 8,262
Other assets (13,440) (53,238)
Accrued compensation (90,918) (102,376)
Right-of-use liability (32,123) 11,713
Accounts payable, accrued expenses and other liabilities 28,841 (40,793)
Payables to related parties (6,996) (3,067)
Net cash provided by (used in) operating activities (485,938) 264,735
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments for acquisitions, net of cash acquired and proceeds from divestitures (99,885) (64,247)
Proceeds from the sale of marketable securities 0 437,820
Proceeds from the exercise of redemption option 105,501 0
Purchase of marketable securities 0 (32)
Purchase of non-marketable investments 0 (2,723)
Purchases of fixed assets (43,821) (40,015)
Net cash provided by (used in) investing activities (38,205) 330,803
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from warehouse facilities 5,253,690 5,803,501
Principal payments on warehouse facilities (4,781,639) (5,837,842)
Borrowing of debt 250,000 0
Repayment of debt (195,000) 0
Repurchase agreements and securities loaned 0 (140,007)
Treasury stock repurchases (32,270) (281,193)
Earnings and tax distributions to limited partnership interests and other noncontrolling interests (31,655) (74,713)
Dividends to stockholders (15,686) (12,753)
Payments on acquisition earn-outs (983) (6,453)
Deferred financing costs (1,991) (5,040)
Net cash provided by (used in) financing activities 444,466 (554,500)
Net increase (decrease) in cash and cash equivalents and restricted cash (79,677) 41,038
Cash and cash equivalents and restricted cash at beginning of period 312,952 266,500
Cash and cash equivalents and restricted cash at end of period 233,275 307,538
Cash paid during the period for:    
Interest 24,359 20,642
Taxes 45,971 86,513
Supplemental disclosure of non-cash operating, investing and financing activities:    
Right-of-use assets and liabilities $ 57,688 $ 87,449