Annual report pursuant to Section 13 and 15(d)

ACQUISITION (Tables)

v3.22.4
ACQUISITION (Tables)
 12 Months Ended
Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Purchase Price Allocation Reflect Final Determination of Fair Value of Assets Acquired and Liabilities Assumed
Measurement period adjustments were recorded in the second quarter of 2022 and resulted in an immaterial decrease to goodwill and increase to income tax receivable (see Note 10). The following summarizes the estimated fair values of the identifiable assets acquired and liabilities assumed as of the acquisition date, including measurement period adjustments:

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 36,923 
Total assets acquired 644,357 
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 154,431 
Goodwill $ 110,600 
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination 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 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, 2021:
Year Ended December 31, 2021
Net revenues $ 1,721,597 
Net income $ 307,854