XML 25 R10.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Consolidated net income $ 62,375,000 $ 112,545,000 $ 978,134,000
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Gains on originated mortgage servicing rights (75,704,000) (130,301,000) (147,789,000)
Depreciation and amortization 166,221,000 165,816,000 121,729,000
Lease impairment 7,563,000 14,363,000 0
Nasdaq Earn-out recognition 0 0 (1,108,012,000)
Provision for credit losses on the financial guarantee liability 2,634,000 1,740,000 (3,592,000)
Provision for doubtful accounts (2,201,000) 6,645,000 6,338,000
Equity-based compensation and allocation of net income to limited partnership units and FPUs 139,747,000 138,312,000 356,345,000
Employee loan amortization 92,935,000 84,116,000 79,418,000
Deferred tax (benefit) provision (5,195,000) (24,499,000) 118,649,000
Non-cash changes in acquisition related earn-outs 5,170,000 (1,325,000) 415,000
Unrealized (gains) losses on loans held for sale (26,662,000) (712,000) (21,259,000)
Unrealized (gains) on investments 0 0 27,825,000
Income from an equity method investment (14,221,000) (2,842,000) 0
Realized losses on marketable securities 0 7,470,000 (24,468,000)
Unrealized losses on marketable securities 689,000 80,657,000 (77,266,000)
Unrealized loss (gain) on non-marketable investments 3,786,000 12,888,000 (1,590,000)
Change in valuation of derivative asset 0 0 (12,475,000)
Loan originations—loans held for sale (6,913,075,000) (7,823,204,000) (9,142,148,000)
Loan sales—loans held for sale 6,549,138,000 8,758,049,000 9,177,733,000
Other 1,735,000 2,172,000 3,610,000
Consolidated net income (loss), adjusted for non-cash and non-operating items (5,065,000) 1,401,890,000 300,897,000
Changes in operating assets and liabilities:      
Receivables, net (69,309,000) 42,444,000 (191,271,000)
Loans, forgivable loans and other receivables from employees and partners (243,258,000) (131,604,000) (78,493,000)
Right-of-use asset 54,141,000 (42,005,000) 41,508,000
Receivable from related parties 0 8,262,000 (8,262,000)
Other assets (9,036,000) 8,714,000 8,858,000
Accrued compensation (22,262,000) (102,333,000) (83,237,000)
Right-of-use liability (39,746,000) 51,602,000 (34,676,000)
Accounts payable, accrued expenses and other liabilities 71,675,000 (35,333,000) (4,399,000)
Payables to related parties (3,101,000) (5,294,000) 366,000
Net cash provided by (used in) operating activities (265,961,000) 1,196,343,000 (48,709,000)
CASH FLOWS FROM INVESTING ACTIVITIES:      
Payments for acquisitions, net of cash acquired and proceeds from divestitures (99,885,000) (64,247,000) (69,755,000)
Proceeds from the sale of marketable securities 0 437,820,000 551,064,000
Proceeds from the exercise of redemption option 105,501,000 0 0
Purchase of marketable securities 0 (32,000) 0
Purchase of non-marketable investments 0 (2,723,000) (8,500,000)
Purchases of fixed assets (55,361,000) (62,189,000) (19,721,000)
Net cash provided by (used in) investing activities (49,745,000) 308,629,000 453,088,000
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from warehouse facilities 6,913,075,000 7,823,204,000 9,142,148,000
Principal payments on warehouse facilities (6,551,850,000) (8,736,491,000) (9,152,656,000)
Proceeds from the sale of limited partnership interests 0 0 6,898,000
Borrowing of debt 930,000,000 0 55,000,000
Repayment of debt (930,000,000) 0 (195,000,000)
Repurchase agreements and securities loaned 0 (140,007,000) 106,729,000
Redemption and repurchase of limited partnership interests 0 0 (2,000,000)
Treasury stock repurchases (37,428,000) (294,802,000) (290,538,000)
Earnings and tax distributions to limited partnership interests and other noncontrolling interests (35,375,000) (80,984,000) (14,907,000)
Dividends to stockholders (20,905,000) (17,933,000) (7,631,000)
Payments on acquisition earn-outs (983,000) (6,453,000) (42,842,000)
Deferred financing costs (5,074,000) (5,054,000) (1,479,000)
Net cash provided by (used in) financing activities 261,460,000 (1,458,520,000) (396,278,000)
Net increase (decrease) in cash and cash equivalents and restricted cash (54,246,000) 46,452,000 8,101,000
Cash and cash equivalents and restricted cash at beginning of period 312,952,000 266,500,000 258,399,000
Cash and cash equivalents and restricted cash at end of period 258,706,000 312,952,000 266,500,000
Cash paid during the period for:      
Interest 45,434,000 37,814,000 36,271,000
Taxes 57,181,000 99,551,000 99,381,000
Supplemental disclosure of non-cash operating, investing and financing activities:      
Right-of-use assets and liabilities $ 80,088,000 $ 138,799,000 $ 497,865,000