Quarterly report pursuant to Section 13 or 15(d)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)

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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash flows from operating activities    
Net income (loss) $ (259) $ 266,262
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities:    
Depreciation and amortization 7,399 7,721
Valuation adjustment of mortgage servicing rights 26,981 (205,675)
Valuation adjustment of mortgage loans held for sale 6,106 33,648
Valuation adjustment of reverse mortgage loans held for investment (2,306) 0
Unrealized (gain) loss on derivatives (15,755) 6,924
Amortization of right-of-use assets 10,888 8,531
Provision (relief) for investor reserves 5,018 (896)
(Reversal of) provision for foreclosure losses 470 1,475
Valuation adjustment of contingent liabilities, net due to acquisitions 1,248 (45,402)
Gain on sale of mortgage loans excluding fair value of other financial instruments, net (151,020) (340,002)
Earnings from joint ventures (165) 0
Deferred income taxes (147) 85,257
Other 2,180 (4,938)
Benefit from investor reserves (2,748) (622)
Foreclosure loss reserve (2,509) (833)
Stock-based compensation 4,079 3,000
Changes in operating assets and liabilities:    
Origination of mortgage loans held for sale (7,012,503) (11,908,191)
Proceeds on sale of and payments from mortgage loans held for sale 6,877,200 13,168,952
Accounts, notes and interest receivable 9,618 44,200
Other assets 6,199 2,208
Mortgage servicing rights (71,945) (149,295)
Accounts payable and accrued expenses (2,329) (12,351)
Accrued compensation and benefits 3,939 (28,368)
Income taxes 2,225 7,056
Contingent liability payments 0 (5,241)
Operating lease liabilities (11,579) (8,028)
Deferred compensation plan liability (5,262) 4,035
Real estate owned, net (922) 21
Net cash (used in) provided by operating activities (315,899) 929,448
Cash flows from investing activities    
Acquisition of businesses (5,480) 0
Origination of reverse mortgage loans held for investment (34,402) 0
Investments in joint ventures (854) 0
Issuance of note receivable (11,250) 0
Proceeds from the sale of property and equipment 3 176
Purchases of property and equipment (2,426) (2,546)
Net cash used in investing activities (54,409) (2,370)
Cash flows from financing activities    
Borrowings on warehouse lines of credit 6,954,199 11,756,682
Repayments on warehouse lines of credit (6,614,142) (12,536,045)
Borrowings on MSR notes payable 30,000 0
Repayments on MSR notes payable (32,500) (131,250)
Contingent liability payments 0 (7,300)
Net change in notes payable (530) (1,261)
Taxes paid related to net share settlement of equity awards (524) 0
Repurchases of Class A common stock (1,118) (1,445)
Net cash provided by (used in) financing activities 335,385 (920,619)
(Decrease) increase in cash, cash equivalents and restricted cash (34,923) 6,459
Cash, cash equivalents and restricted cash, beginning of period 146,754 248,120
Cash, cash equivalents and restricted cash, end of period 111,831 254,579
Cash, cash equivalents and restricted cash at end of period are comprised of the following:    
Cash and cash equivalents 105,963 248,987
Restricted cash 5,868 5,592
Total cash, cash equivalents and restricted cash 111,831 254,579
Supplemental information    
Cash paid for interest, net 7,173 19,690
Cash paid for income taxes, net of refunds (2,144) (2,068)
Supplemental disclosure of non-cash investing activities:    
Measurement period adjustments to goodwill $ 760 $ (1,710)