XML 21 R8.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES      
Net (loss) income $ (235,512) $ (610,385) $ 623,146
Adjustments to reconcile net loss to net cash (used in) provided by operating activities      
Depreciation and amortization expense 41,261 42,195 35,541
Amortization of debt issuance costs 7,392 15,160 12,633
Amortization of operating lease right-of-use asset 14,162 20,776 22,613
Gain on origination and sale of loans (503,190) (1,203,521) (3,633,452)
Fair value change in trading securities (4,151) 21,573 836
Provision for loss obligation on sold loans and servicing rights 8,560 151,211 18,403
(Decrease) increase in provision for deferred income taxes (43,175) (80,276) 31,315
Fair value change in derivative assets 33,755 333,786 460,264
Fair value change in derivative liabilities 17,470 29,695 (130,372)
Premium (paid) received on derivatives (87,918) (178,532) 3,393
Purchase of options contracts 0 0 (10,383)
Fair value change in loans held for sale (64,940) 185,111 104,715
Fair value change in servicing rights 136,118 (143,168) 351,767
Stock-based compensation expense 21,993 20,583 67,063
Originations of loans (22,393,729) (53,094,767) (136,606,028)
Proceeds from sales of loans 23,239,202 59,681,043 138,027,936
Proceeds from principal payments 129,752 132,322 182,883
Payments to investors for loan repurchases (491,852) (742,911) (965,933)
Gain on extinguishment of debt (1,690) (10,528) 0
Goodwill impairment 0 40,736 0
Disbursements from joint ventures 18,968 12,128 11,749
Other changes in operating assets and liabilities (16,691) (161,485) (73,774)
Net cash (used in) provided by operating activities (174,215) 4,460,746 (1,465,685)
CASH FLOWS FROM INVESTING ACTIVITIES      
Purchase of property and equipment (20,612) (43,211) (54,124)
Proceeds from sale of servicing rights 180,687 703,812 349,528
Cash flows received on trading securities 5,492 7,484 2,268
Investment in joint ventures 0 (325) (1,115)
Return of capital from joint ventures 92 0 221
Net cash provided by investing activities 165,659 667,760 296,778
CASH FLOWS FROM FINANCING ACTIVITIES      
Proceeds from borrowings on warehouse and other lines of credit 20,515,015 58,014,318 154,391,100
Repayment of borrowings on warehouse and other lines of credit (20,714,561) (63,324,914) (153,511,330)
Proceeds from debt obligations 402,834 2,124,401 1,401,782
Payments on debt obligations (417,879) (1,456,888) (479,778)
Payments of debt issuance costs (5,307) (5,824) (21,185)
Payments on financing lease obligation 0 0 (3,610)
Treasury stock purchased to net settle and withhold taxes on vested shares (3,211) (430) (12,852)
Dividends and shareholder distributions (2,980) (119,264) (463,313)
Net cash (used in) provided by financing activities (226,089) (4,768,601) 1,300,814
Net change in cash and cash equivalents and restricted cash (234,645) 359,905 131,907
Cash and cash equivalents and restricted cash at beginning of the period 980,501 620,596 488,689
Cash and cash equivalents and restricted cash at end of the period 745,856 980,501 620,596
SUPPLEMENTAL DISCLOSURES:      
Cash paid during the period for interest 321,626 253,728 270,471
Cash paid during the period for income taxes (8,870) 26,730 3,329
Supplemental disclosure of noncash investing and financing activities      
Trading securities retained in securitizations 0 50,426 75,979
Purchase of equipment under financing leases $ 0 $ 0 $ 168