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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
12 Months Ended
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Cash flows from operating activities      
Net loss $ (142,125) $ (70,596) $ (128,457)
Adjustments to reconcile net loss to net cash provided by operating activities:      
MSR valuation adjustments, net 120,876 153,457 52,962
Gain on sale of MSRs, net (453) (1,325) (10,537)
Provision for bad debts 34,867 49,180 76,828
Depreciation 31,911 27,202 26,886
Loss on write-off of fixed assets, net 0 0 8,502
Amortization of debt issuance costs 3,170 2,921 2,738
Gain on repurchase of senior secured notes (5,099) 0 0
Provision for (reversal of) valuation allowance on deferred tax assets 32,470 (23,347) (29,979)
Decrease (increase) in deferred tax assets other than provision for valuation allowance (29,350) 20,058 30,710
Equity-based compensation expense 2,697 2,366 5,624
(Gain) loss on valuation of financing liability 152,986 (19,269) 41,282
(Gain) loss on trading securities (215) (527) 6,756
Net gain on valuation of mortgage loans held for investment and HMBS-related borrowings (55,869) (18,698) (23,733)
Bargain purchase gain 381 (64,036) 0
Gain on loans held for sale, net (38,300) (32,722) (53,209)
Origination and purchase of loans held for sale (1,488,974) (1,715,190) (3,695,163)
Proceeds from sale and collections of loans held for sale 1,380,138 1,625,116 3,662,065
Changes in assets and liabilities:      
Decrease in advances and match funded advances 105,052 258,899 330,052
Decrease in receivables and other assets, net 126,881 144,310 199,209
Decrease in other liabilities (72,182) (69,207) (100,650)
Other, net (6,922) 3,986 7,135
Net cash provided by operating activities 151,940 272,578 409,021
Cash flows from investing activities      
Origination of loans held for investment (1,026,154) (920,476) (1,277,615)
Principal payments received on loans held for investment 558,720 400,521 444,388
Net cash acquired in the acquisition of PHH 0 64,692 0
Restricted cash acquired in the acquisition of PHH 0 38,813 0
Purchase of MSRs (145,668) (5,433) (1,658)
Proceeds from sale of MSRs 4,984 7,276 4,234
Acquisition of advances in connection with the purchase of MSRs (1,457)    
Proceeds from sale of advances and match funded advances 14,186 33,792 9,446
Issuance of automotive dealer financing notes 0 (19,642) (174,363)
Collections of automotive dealer financing notes 0 52,598 162,965
Additions to premises and equipment (1,954) (9,016) (9,053)
Proceeds from sale of real estate 7,548 9,546 3,147
Other, net 2,357 2,464 (707)
Net cash used in investing activities (587,438) (344,865) (839,216)
Cash flows from financing activities      
Repayment of match funded liabilities, net (99,175) (220,334) (282,379)
Proceeds from mortgage loan warehouse facilities and other secured borrowings 3,137,326 2,991,261 7,215,264
Repayments of mortgage loan warehouse facilities and other secured borrowings (2,875,377) (3,350,648) (7,395,013)
Repayment and repurchase of senior notes (131,791) (18,482) 0
Proceeds from issuance of additional senior secured term loan (SSTL) 119,100    
Repayment of SSTL borrowing (25,433) (66,750) (36,750)
Payment of debt issuance costs (2,813)   (841)
Proceeds from sale of MSRs accounted for as a financing 0 279,586 54,601
Proceeds from sale of Home Equity Conversion Mortgages (HECM, or reverse mortgages) accounted for as a financing (HMBS-related borrowings) 962,113 948,917 1,281,543
Repayment of HMBS-related borrowings (549,600) (391,985) (418,503)
Issuance of common stock 0 0 13,913
Capital distribution to non-controlling interest 0 (822) 0
Purchase of non-controlling interest 0 (1,188) 0
Other, net (3,522) (2,818) (1,478)
Net cash provided by financing activities 530,828 166,737 430,357
Net increase in cash, cash equivalents and restricted cash 95,330 94,450 162
Cash, cash equivalents and restricted cash at beginning of year 397,010 302,560 302,398
Cash, cash equivalents and restricted cash at end of year 492,340 397,010 302,560
Supplemental cash flow information      
Interest paid 111,144 100,165 128,391
Income tax payments (refunds), net 4,075 10,957 (23,501)
Supplemental non-cash investing and financing activities      
Loans held for investment 0 28,373 0
Other financing liabilities 0 26,643 0
Transfers from loans held for investment to loans held for sale 1,892 1,038 3,803
Transfers of loans held for sale to real estate owned (REO) 6,636 4,241 875
Issuance of common stock in connection with litigation settlement 0 5,719 1,937
Cumulative effect adjustment for election of fair value for MSRs previously accounted for using the amortization method 16 82,043  
Lease liability 66,247    
Supplemental business acquisition information      
Fair value of assets acquired 262 1,192,155 0
Fair value of liabilities assumed 643 769,723 0
Total identifiable net assets acquired (381) 422,432 0
Bargain purchase gain (381) 64,036 0
Total consideration 0 358,396 0
Less: Cash consideration paid by PHH 0 (325,000) 0
Cash consideration paid by Ocwen 0 33,396 0
Cash acquired from PHH 0 98,088 0
Net cash acquired in the acquisition of PHH 0 64,692 0
Restricted cash and equivalents:      
Cash and cash equivalents 428,339 329,132 259,655
Debt service accounts 23,276 26,626 33,726
Other restricted cash 40,725 41,252 9,179
Property, Plant and Equipment      
Supplemental non-cash investing and financing activities      
Right-of-use asset 66,231    
Fair Value Election For Assets Previously Using Amortization Method      
Supplemental non-cash investing and financing activities      
Cumulative effect adjustment for election of fair value for MSRs previously accounted for using the amortization method $ 0 $ 82,043 $ 0