Financial Highlights

As Reported Financials

Source Document Currency Code (in thousands) 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD
Source Document Currency Code 2014 Y 12/31/2016 USD 2015 Y 12/31/2017 USD 2016 Y 12/31/2017 USD 2017 Y 12/31/2017 USD

Cash flows from operating activities

Net income before noncontrolling interests 51,422 82,595 114,311 211,834

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 (96,515) (133,631) (192,825) (193,886)
Change in the fair value of premiums and origination fees 2,059 1,959 (10,796) 5,781
Amortization and depreciation 80,138 98,173 111,427 131,246
Stock compensation-equity and liability classified 9,994 14,084 18,477 21,134
Provision (benefit) for credit losses 2,206 1,644 (612) (243)
Deferred tax expense (benefit) 10,260 16,919 37,595 (30,961)
Originations of loans held for sale (8,103,452) (12,111,553) (12,040,559) (17,018,424)
Sales of loans to third parties 7,326,908 10,688,356 12,697,209 17,937,915
Amortization of deferred loan fees and costs (1,273) (1,775) (1,578) (2,298)
Amortization of debt issuance costs and debt discount 4,174 3,756 5,581 4,886
Origination fees received from loans held for investment 2,145 1,429 2,104 1,109
Tax shortfall (benefit) from vesting of equity awards 38 (1,410) 0 0
Cash paid to settle risk-sharing obligations (2,138) (795) (1,613) 0
Changes in
Servicing fees and other receivables 1,943 (623) (5,744) (12,234)
Other assets (11,759) 2,974 (1,014) (7,064)
Accounts payable and other liabilities 12,415 7,739 22,035 22,866
Performance deposits from borrowers 8,434 (8,556) 5,368 (4,019)
Net cash provided by (used in) operating activities (703,001) (1,338,715) 759,366 1,067,642

Cash flows from investing activities

Capital expenditures (2,525) (1,413) (2,478) (5,207)
Purchase of equity-method investments 0 (5,000) 0 0
Funding of preferred equity investments 0 0 (24,835) (16,884)
Capital invested in Interim Program JV NA 0 0 (6,342)
Net cash paid to increase ownership interest in a previously held equity-method investment 0 0 (1,058) 0
Acquisitions, net of cash received (23,417) (12,767) (6,350) (15,000)
Purchase of mortgage servicing rights 0 0 (43,097) (7,781)
Originations of loans held for investment (339,802) (180,375) (414,763) (183,916)
Principal collected on loans held for investment upon payoff 250,104 172,323 425,820 219,516
Transfer of loans held for investment upon formation of Interim Program JV NA 0 0 119,750
Net cash provided by (used in) investing activities (115,640) (27,232) (66,761) 104,136

Cash flows from financing activities

Borrowings (repayments) of warehouse notes payable, net 774,935 1,423,911 (649,845) (955,040)
Borrowings of interim warehouse notes payable 248,024 137,397 325,828 140,341
Repayments of interim warehouse notes payable (179,941) (125,542) (355,738) (237,912)
Repayments of note payable (1,750) (4,819) (1,104) (1,104)
Repayments of secured borrowings (22,050) NA NA NA
Proceeds from issuance of common stock 7,756 7,553 3,765 3,013
Repurchase of common stock (37,593) (50,261) (12,893) (34,899)
Debt issuance costs (1,416) (4,145) (3,630) (3,890)
Distributions to noncontrolling interests 0 0 (5) 0
Tax benefit from vesting of equity awards (38) 1,410 0 0
Net cash provided by (used in) financing activities 787,927 1,385,504 (693,622) (1,089,491)
Net increase (decrease) in cash, cash equivalents, restricted cash, and restricted cash equivalents (30,714) 19,557 (1,017) 82,287
Cash, cash equivalents, restricted cash, and restricted cash equivalents at beginning of period 225,641 194,927 214,484 213,467
Total of cash, cash equivalents, restricted cash, and restricted cash equivalents at end of period 194,927 214,484 213,467 295,754

Supplemental Disclosure of Cash Flow Information

Cash paid to third parties for interest 23,950 32,854 39,311 56,267
Cash paid for income taxes 18,481 34,832 34,432 45,524
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.