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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:          
Consolidated net income $ 24,341 $ 14,153 $ 21,440 $ 9,034  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:          
Gains on originated mortgage servicing rights     (63,798) (54,789)  
Depreciation and amortization 44,576 41,463 129,430 122,327  
Provision (benefit) for credit losses on the financial guarantee liability     (1,317) 3,405  
Provision (reversal) for doubtful accounts     (371) (1,330)  
Equity-based compensation and allocation of net income to limited partnership units and FPUs     125,678 84,805  
Employee loan amortization and other non-cash compensation expense     91,772 78,689  
Deferred tax benefit     (136) 0  
Non-cash changes in acquisition related earn-outs     (4,033) 381  
Unrealized (gains) losses on loans held for sale     (29,937) 550  
Income from an equity method investment   (5,700) 0 (14,221)  
Unrealized (gains) losses on marketable securities     (38) 548  
Unrealized losses (gains) on non-marketable investments     (48) 0  
Loan originations—loans held for sale     (5,291,238) (5,253,690)  
Loan sales—loans held for sale     4,822,339 4,775,065  
Other     (8,988) 11,236  
Consolidated net income (loss), adjusted for non-cash and non-operating items     (209,245) (237,990)  
Changes in operating assets and liabilities:          
Receivables, net     79,990 23,444  
Loans, forgivable loans and other receivables from employees and partners, net     (209,771) (209,591)  
Right-of-use assets     56,290 52,835  
Other assets     (45,242) (13,440)  
Accrued compensation     (98,091) (90,918)  
Right-of-use liability     (64,320) (32,123)  
Accounts payable, accrued expenses and other liabilities     78,475 28,841  
Payables to related parties     (599) (6,996)  
Net cash used in operating activities     (412,513) (485,938)  
CASH FLOWS FROM INVESTING ACTIVITIES:          
Payments for acquisitions, net of cash acquired and proceeds from divestitures     0 (99,885)  
Proceeds from the exercise of redemption option     0 105,501 $ 105,500
Purchase of non-marketable investments 0 0 (312) 0  
Payments for intangible assets     (1,500) 0  
Purchases of fixed assets     (25,490) (43,821)  
Net cash used in investing activities     (27,302) (38,205)  
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from warehouse facilities     5,291,238 5,253,690  
Principal payments on warehouse facilities     (4,804,069) (4,781,639)  
Borrowing of debt     835,000 250,000  
Repayment of debt     (610,000) (195,000)  
Purchase of limited partnership interests     (11,284) 0  
Treasury stock repurchases     (182,219) (32,270)  
Earnings and tax distributions to limited partnership interests and other noncontrolling interests     (32,325) (31,655)  
Dividends to stockholders     (15,526) (15,686)  
Payments on acquisition earn-outs     0 (983)  
Deferred financing costs     (5,368) (1,991)  
Net cash provided by financing activities     465,447 444,466  
Net increase (decrease) in cash and cash equivalents and restricted cash     25,632 (79,677)  
Cash and cash equivalents and restricted cash at beginning of period     258,706 312,952 312,952
Cash and cash equivalents and restricted cash at end of period $ 284,338 $ 233,275 284,338 233,275 $ 258,706
Cash paid during the period for:          
Interest     29,767 24,359  
Taxes     46,601 45,971  
Supplemental disclosure of non-cash operating, investing and financing activities:          
Right-of-use assets and liabilities     $ 42,005 $ 57,688