Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (unaudited)

v3.22.2
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities    
Net income $ 266,262 $ 169,542
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 7,721 3,262
Valuation adjustment of mortgage servicing rights (205,675) 49,046
Valuation adjustment of mortgage loans held for sale 33,648 36,059
Unrealized loss on derivatives 6,924 48,605
Amortization of right-of-use assets 8,531 7,512
(Relief) provision for investor reserves (896) 5,604
Provision for foreclosure losses 1,475 2,019
Valuation adjustment of contingent liabilities due to acquisitions (45,402) 13,114
Gain on sale of mortgage loans excluding fair value of other financial instruments, net (340,002) (671,268)
Deferred income taxes 85,257 13,690
Other (4,938) 2,580
Benefit from investor reserves (622) (3,312)
Foreclosure loss reserve (833) (1,631)
Stock-based compensation 3,000 3,089
Changes in operating assets and liabilities:    
Origination of mortgage loans held for sale (11,908,191) (18,077,556)
Proceeds on sale of and payments from mortgage loans held for sale 13,168,952 18,927,552
Accounts and interest receivable 44,200 1,746
Other assets 2,208 (4,244)
Mortgage servicing rights (149,295) (180,738)
Accounts payable and accrued expenses (12,351) 4,255
Accrued compensation and benefits (28,368) (37,622)
Income taxes 7,056 (10,737)
Contingent liability payments (5,241) (10,792)
Operating lease liabilities (8,028) (4,324)
Deferred compensation plan liability 4,035 5,392
Real estate owned, net 21 39
Net cash provided by operating activities 929,448 290,882
Cash flows from investing activities    
Proceeds from the sale of property and equipment 176 38
Purchases of property and equipment (2,546) (2,019)
Net cash used in investing activities (2,370) (1,981)
Cash flows from financing activities    
Borrowings on warehouse lines of credit 11,756,682 17,569,580
Repayments on warehouse lines of credit (12,536,045) (17,829,843)
Borrowings on MSR notes payable 0 23,500
Repayments on MSR notes payable (131,250) (4,250)
Contingent liability payments (7,300) 0
Net change in notes payable (1,261) (1,005)
Repurchases of Class A common stock (1,445) 0
Dividends paid 0 (60,000)
Net cash used in financing activities (920,619) (302,018)
Increase (decrease) in cash, cash equivalents and restricted cash 6,459 (13,117)
Cash, cash equivalents and restricted cash, beginning of period 248,120 339,633
Cash, cash equivalents and restricted cash, end of period 254,579 326,516
Cash, cash equivalents and restricted cash at end of period are comprised of the following:    
Cash and cash equivalents 248,987 322,005
Restricted cash 5,592 4,511
Total cash, cash equivalents and restricted cash 254,579 326,516
Supplemental information    
Cash paid for interest, net 19,690 22,819
Cash paid for income taxes, net of refunds (2,068) 55,038
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]    
Measurement period adjustment to goodwill $ (1,710) $ 0