Financial Highlights

As Reported Financials

Document Name As Of Date Currency Code (in thousands) 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD
Document Name As Of Date Currency Code 2015 Y 10-K 12/31/2015 USD 2016 Y 10-K 12/31/2016 USD 2017 Y 10-K 12/31/2017 USD 2018 Y 10-K 12/31/2018 USD 2019 Q3 YTD 10-Q 9/30/2019 USD

Cash flows from operating activities

Net income before noncontrolling interests 82,595 114,311 211,834 160,942 130,275

Adjustments to reconcile net income to net cash provided by (used in) operating activities

Gains attributable to the fair value of future servicing rights, net of guaranty obligation (133,631) (192,825) (193,886) (172,401) (132,995)
Change in the fair value of premiums and origination fees 1,959 (10,796) 5,781 (5,037) 920
Amortization and depreciation 98,173 111,427 131,246 142,134 112,920
Stock compensation-equity and liability classified 14,084 18,477 21,134 23,959 NA
Provision (benefit) for credit losses 1,644 (612) (243) 808 2,864
Deferred tax expense (benefit) 16,919 37,595 (30,961) 17,483 NA
Originations of loans held for sale (12,111,553) (12,040,559) (17,018,424) (15,153,003) (12,098,180)
Sales of loans to third parties 10,688,356 12,697,209 17,937,915 15,050,932 11,910,016
Amortization of deferred loan fees and costs (1,775) (1,578) (2,298) (1,742) NA
Amortization of debt issuance costs and debt discount 3,756 5,581 4,886 7,509 NA
Origination fees received from loans held for investment 1,429 2,104 1,109 3,968 NA
Tax shortfall (benefit) from vesting of equity awards (1,410) NA NA NA NA
Cash paid to settle risk-sharing obligations (795) (1,613) 0 0 NA
Changes in
Servicing fees and other receivables (623) (5,744) (12,234) (4,532) NA
Other assets 2,974 (916) (7,064) (6,861) NA
Accounts payable and other liabilities 7,739 22,035 22,866 (13,957) NA
Performance deposits from borrowers (8,556) 5,368 (4,019) 13,874 NA
Other operating activities, net NA NA NA NA (18,848)
Net cash provided by (used in) operating activities (1,338,715) 759,464 1,067,642 64,076 (93,028)

Cash flows from investing activities

Capital expenditures (1,413) (2,478) (5,207) (4,722) (4,166)
Purchase of equity-method investments (5,000) NA NA NA NA
Proceeds from the sale of equity-method investments NA 0 0 4,993 NA
Purchases of pledged available-for-sale ("AFS") securities NA 0 (6,966) (98,442) (25,611)
Proceeds from prepayment of pledged debt AFS securities NA NA NA NA 18,116
Funding of preferred equity investments 0 (24,835) (16,884) (41,100) 0
Repayments of preferred equity investments NA 0 0 82,819 NA
Proceeds from the payoff of preferred equity investments NA NA NA NA 0
Distributions from (investments in) joint ventures, net 0 0 (6,342) (4,137) (10,377)
Net cash paid to increase ownership interest in a previously held equity-method investment 0 (1,058) 0 0 NA
Acquisitions, net of cash received (12,767) (6,350) (15,000) (53,249) (7,180)
Purchase of mortgage servicing rights 0 (43,097) (7,781) (1,814) 0
Originations of loans held for investment (180,375) (414,763) (183,916) (597,889) (154,302)
Principal collected on loans held for investment upon payoff 172,323 425,820 219,516 161,303 200,315
Sales of loans held for investment 0 0 119,750 0 NA
Net cash provided by (used in) investing activities (27,232) (66,761) 97,170 (552,238) 16,795

Cash flows from financing activities

Borrowings (repayments) of warehouse notes payable, net 1,423,911 (649,845) (955,040) 139,298 53,372
Borrowings of interim warehouse notes payable 137,397 325,828 140,341 145,043 85,678
Repayments of interim warehouse notes payable (125,542) (355,738) (237,912) (61,050) (38,527)
Repayments of note payable (4,819) (1,104) (1,104) (166,223) (2,250)
Borrowings of note payable NA 0 0 298,500 NA
Proceeds from issuance of common stock 7,553 3,765 3,013 8,949 4,453
Repurchase of common stock (50,261) (12,893) (34,899) (68,832) (29,850)
Cash dividends paid NA 0 0 (31,445) (27,936)
Payment of contingent consideration NA 0 0 (5,150) (6,450)
Debt issuance costs (4,145) (3,630) (3,890) (7,312) (2,465)
Distributions to noncontrolling interest holders 0 (5) 0 0 NA
Tax benefit from vesting of equity awards 1,410 NA NA NA NA
Secured borrowings NA 0 0 70,052 0
Net cash provided by (used in) financing activities 1,385,504 (693,622) (1,089,491) 321,830 36,025
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 19,557 (919) 75,321 (166,332) (40,208)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 194,927 212,278 211,359 286,680 120,348
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period 214,484 211,359 286,680 120,348 80,140

Supplemental Disclosure of Cash Flow Information

Cash paid to third parties for interest 32,854 39,311 56,267 56,430 51,085
Cash paid for income taxes 34,832 34,432 45,524 45,728 33,665
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.