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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
1 Months Ended 3 Months Ended 9 Months Ended 20 Months Ended
Feb. 11, 2021
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES            
Net (loss) income $ 294,598 $ (137,482) $ 154,277 $ (452,623) $ 608,414 $ 313,816
Adjustments to reconcile net (loss) income to net            
Depreciation and amortization expense   10,243 8,688 32,110 25,827  
Amortization of operating lease right-of-use asset       17,107 16,932  
Amortization of debt issuance costs       12,842 9,382  
Gain on origination and sale of loans       (946,506) (2,856,544)  
Gain on sale of servicing rights       (10,548) (1,453)  
Fair value change in trading securities       20,196 0  
Provision for loss obligation on sold loans and servicing rights       125,047 12,400  
(Decrease) increase in provision for deferred income taxes       (62,733) 37,269  
Fair value change in derivative assets       32,223 312,586  
Fair value change in derivative liabilities       112,040 (119,270)  
Premium (paid) received on derivatives       (154,205) 4,376  
Purchase of options contracts       0 (10,383)  
Fair value change in loans held for sale   81,197 33,819 255,716 67,010  
Fair value change in servicing rights       (180,136) 224,812  
Stock-based compensation expense       11,794 64,349  
Change in fair value of contingent consideration       0 (77)  
Originations of loans       (46,842,973) (107,717,154)  
Proceeds from sales of loans       52,732,911 107,911,005  
Proceeds from principal payments       119,708 119,822  
Payments to investors for loan repurchases       (578,010) (818,011)  
Gain on extinguishment of debt       (10,528) 0  
Goodwill impairment   0 0 40,736 0  
Disbursements from joint ventures       8,435 8,765  
Other changes in operating assets and liabilities       132,310 41,105  
Net cash provided by (used in) operating activities       4,414,913 (2,058,838)  
CASH FLOWS FROM INVESTING ACTIVITIES            
Purchase of property and equipment       (37,613) (43,830)  
Proceeds from sale of servicing rights       689,937 332,931  
Cash flows received on trading securities       5,894 617  
Investments in joint ventures       (350) (1,115)  
Return of capital from joint ventures       0 189  
Net cash flows provided by investing activities       657,868 288,792  
CASH FLOWS FROM FINANCING ACTIVITIES            
Proceeds from borrowings on warehouse and other lines of credit       52,089,587 121,009,551  
Repayment of borrowings on warehouse and other lines of credit       (57,017,350) (119,374,838)  
Proceeds from debt obligations       2,106,024 1,179,037  
Payments on debt obligations       (1,442,931) (477,541)  
Payments of debt issuance costs       (4,555) (15,839)  
Payments for contingent consideration       0 (113)  
Payments on financing lease obligation       0 (1,911)  
Treasury stock purchased to net settle and withhold taxes on vested shares       (373) (12,844)  
Dividends and shareholder distributions       (118,905) (419,732)  
Net cash (used in) provided by financing activities       (4,388,503) 1,885,770  
Net change in cash and cash equivalents and restricted cash       684,278 115,724  
Cash and cash equivalents and restricted cash at beginning of the period $ 488,689     620,596 488,689  
Cash and cash equivalents and restricted cash at end of the period   $ 1,304,874 $ 604,413 1,304,874 604,413 $ 1,304,874
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION            
Interest       178,135 180,143  
Income taxes       23,857 1,923  
Supplemental disclosure of noncash investing and financing activities            
Operating leases right-of-use assets obtained in exchange for lease liabilities       14,677 8,501  
Trading securities retained in securitizations       50,426 57,031  
Purchase of equipment under financing leases       $ 0 $ 168