Financial Highlights

As Reported Financials

Source Document Currency Code (in thousands) 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q2 YTD 6/30/2017 USD
Source Document Currency Code 2013 Y 12/31/2015 USD 2014 Y 12/31/2016 USD 2015 Y 12/31/2016 USD 2016 Y 12/31/2016 USD 2017 Q2 YTD 6/30/2017 USD

Cash flows from operating activities

Net income before noncontrolling interests 41,530 51,422 82,595 114,311 77,572

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 (91,972) (96,515) (133,631) (192,825) (90,204)
Change in the fair value of premiums and origination fees 9,457 2,059 1,959 (10,796) 1,921
Amortization and depreciation 75,955 80,138 98,173 111,427 65,198
Stock compensation-equity and liability classified 9,194 9,994 14,084 18,477 NA
Provision (benefit) for credit losses 1,322 2,206 1,644 (612) (225)
Deferred tax expense 18,211 10,260 16,919 37,595 NA
Originations of loans held for sale (5,818,792) (8,103,452) (12,111,553) (12,040,559) NA
Sales of loans to third parties 6,616,515 7,326,908 10,688,356 12,697,209 NA
Amortization of deferred loan fees and costs (200) (1,273) (1,775) (1,578) NA
Amortization of debt issuance costs and debt discount 3,036 4,174 3,756 5,581 NA
Origination fees received from loans held for investment 691 2,145 1,429 2,104 NA
Tax shortfall (benefit) from vesting of equity awards (1,257) 38 (1,410) 0 NA
Cash paid to settle risk-sharing obligations (5,290) (2,138) (795) (1,613) NA
Changes in
Restricted cash and pledged securities (14,467) NA NA NA NA
Servicing fees and other receivables 9,746 1,943 (623) (5,744) NA
Other assets 6,755 (11,759) 2,974 (1,014) NA
Accounts payable and other liabilities (19,257) 12,415 7,739 22,035 NA
Performance deposits from borrowers (4,269) 8,434 (8,556) 5,368 NA
Other operating activities, net NA NA NA NA 365,842
Net cash provided by (used in) operating activities 836,908 (703,001) (1,338,715) 759,366 420,104

Cash flows from investing activities

Capital expenditures (4,519) (2,525) (1,413) (2,478) (2,049)
Purchase of equity-method investments NA 0 (5,000) 0 NA
Funding of preferred equity investments NA 0 0 (24,835) (11,385)
Net cash paid to increase ownership interest in a previously held equity-method investment NA 0 0 (1,058) 0
Acquisitions, net of cash received 0 (23,417) (12,767) (6,350) (15,000)
Purchase of mortgage servicing rights NA 0 0 (43,097) 0
Originations of loans held for investment (147,820) (339,802) (180,375) (414,763) (167,079)
Principal collected on loans held for investment 21,700 250,104 172,323 425,820 100,980
Net cash provided by (used in) investing activities (130,639) (115,640) (27,232) (66,761) (94,533)

Cash flows from financing activities

Borrowings (repayments) of warehouse notes payable, net (797,275) 774,935 1,423,911 (649,845) (414,266)
Borrowings of interim warehouse notes payable 102,755 248,024 137,397 325,828 128,660
Repayments of interim warehouse notes payable (16,912) (179,941) (125,542) (355,738) (75,615)
Borrowings of note payable 173,258 NA NA NA NA
Repayments of note payable (80,925) (1,750) (4,819) (1,104) (552)
Secured borrowings 22,050 NA NA NA NA
Repayments of secured borrowings 0 (22,050) 0 0 NA
Proceeds from issuance of common stock 1,139 7,756 7,553 3,765 2,885
Repurchase of common stock (3,025) (37,593) (50,261) (12,893) (17,590)
Debt issuance costs (3,055) (1,416) (4,145) (3,630) (1,053)
Distributions to noncontrolling interests NA 0 0 (5) 0
Tax benefit from vesting of equity awards 1,257 (38) 1,410 0 NA
Net cash provided by (used in) financing activities (600,733) 787,927 1,385,504 (693,622) (377,531)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents 105,536 (30,714) 19,557 (1,017) (51,960)
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 65,027 225,641 194,927 214,484 213,467
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period 170,563 194,927 214,484 213,467 161,507

Supplemental Disclosure of Cash Flow Information

Cash paid to third parties for interest 14,813 23,950 32,854 39,311 22,513
Cash paid for income taxes 881 18,481 34,832 34,432 27,748
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.