Annual report pursuant to Section 13 and 15(d)

Acquisition (Tables)

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Acquisition (Tables)
 12 Months Ended
Dec. 31, 2021
Business Combination and Asset Acquisition [Abstract]  
Schedule of Purchase Price Allocation Reflect Final Determination of Fair Value of Assets Acquired and Liabilities Assumed The following summarizes the estimated fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date. These estimates of fair value of identifiable assets acquired and liabilities assumed are preliminary, pending completion of the final purchase price allocation, primarily in the area of accounting for income taxes and therefore are subject to revisions that may result in adjustments to the values presented below:
Purchase price:
Cash paid at closing of the transaction $ 185,786 
Fair value of Class A common stock issued   15,289 
Estimated fair value of contingent consideration 63,956 
Total purchase price 265,031 
Fair value of assets acquired:
Cash, cash equivalents and restricted cash 85,559 
Mortgage loans held for sale 465,020 
Acquired intangible assets 45,000 
Right-of-use assets 11,855 
Other 35,213 
Total assets acquired 642,647 
Fair value of liabilities assumed:
Warehouse lines of credit 431,175 
Accounts payable and accrued expenses 26,960 
Operating lease liabilities 12,959 
Deferred taxes 16,231 
Other 2,601 
Total liabilities assumed 489,926 
Fair value of net identifiable assets acquired 152,721 
Goodwill $ 112,310 
Schedule of Intangible Assets Acquired The following table summarizes the major classes of acquired intangible assets and their respective estimated fair values and estimated useful lives:
Estimated Fair Value Estimated Useful Life (Years)
Acquired intangible assets:  
Referral network $ 42,300  6
Non-compete agreements 2,700  3
Total acquired intangible assets $ 45,000 
Schedule of Results of Operations Included in Consolidated Statements of Income from Acquisition Date
The amount of RMS' net revenue and net income since the July 1, 2021 acquisition date, included in our Consolidated Statement of Income for the year ended December 31, 2021 were as follows:
Net revenue $ 104,557 
Net income $ 12,804 
The following table presents the unaudited pro forma information assuming the acquisition of RMS occurred on January 1, 2020. The unaudited pro forma results reflect after-tax adjustments for amortization of acquired intangible assets and other immaterial adjustments for the effects of purchase accounting. The unaudited pro forma information is presented for information purposes only, and is not necessarily indicative of future operations or results had the acquisition been completed as of January 1, 2020:
Year Ended December 31,
2021 2020
Net revenues $ 1,721,597  $ 1,961,288 
Net income $ 307,854  $ 467,121