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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Operating activities    
Net earnings (loss) $ (237,557) $ 94,489
Depreciation and amortization 145,094 125,906
Settlement of long-term incentive arrangement (note 21) 375,742 0
Gains attributable to mortgage servicing rights (29,214) (17,065)
Gains attributable to the fair value of mortgage premiums and origination fees (48,839) (38,531)
Deferred tax (37,538) (13,184)
Earnings from equity accounted investments (6,190) (2,919)
Stock option expense (note 20) 14,349 9,628
Non-cash lease expense 18,516 5,159
Allowance for credit losses 8,699 15,275
Amortization of advisor loans 22,678 20,871
Contingent consideration (note 6) 47,978 29,679
Other (97) 2,804
(Increase) decrease in accounts receivable, prepaid expenses and other assets (322,331) 49,039
Increase (decrease) in accounts payable, accrued expenses and other liabilities 153,119 (13,901)
Increase (decrease) in accrued compensation 246,278 (78,591)
Contingent acquisition consideration paid (18,017) (18,224)
Proceeds from sale of mortgage loans 2,577,283 1,226,041
Origination of mortgage loans (2,467,733) (1,395,734)
(Decrease) increase in warehouse credit facilities (55,107) 193,168
Repurchases from AR Facility, net (note 15) (98,133) (27,431)
Net cash provided by operating activities 288,980 166,479
Investing activities    
Acquisitions of businesses, net of cash acquired (note 4) (60,832) (205,608)
Purchases of fixed assets (57,951) (40,353)
Advisor loans issued (35,563) (14,695)
Purchase of held for sale real estate assets (31,074) (84,382)
Proceeds from sale of held for sale real estate assets 10,080 178,604
Collections of AR facility deferred purchase price (note 15) 151,202 51,994
Other investing activities (25,276) 982
Net cash used in investing activities (49,414) (113,458)
Financing activities    
Increase in long-term debt 597,328 616,121
Repayment of long-term debt (819,914) (779,185)
Issuance of senior notes (note 12) 294,649 0
Issuance of convertible notes (note 13) 0 230,000
Purchases of non-controlling interests' subsidiary shares, net (5,534) (19,791)
Contingent acquisition consideration paid (5,276) (11,181)
Proceeds received on exercise of stock options 14,441 12,343
Dividends paid to common shareholders (4,209) (3,992)
Distributions paid to non-controlling interests (51,508) (35,698)
Financing fees paid (1,376) (7,568)
Net cash provided by financing activities 18,601 1,049
Effect of exchange rate changes on cash (10,429) 8,470
Net change in cash, cash equivalents and restricted cash 247,738 62,540
Cash, cash equivalents and restricted cash, beginning of year 177,533 114,993
Cash, cash equivalents and restricted cash, end of year $ 425,271 $ 177,533