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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Operating activities    
Net earnings (loss) $ 194,544 $ (237,557)
Depreciation and amortization 177,421 145,094
Settlement of long-term incentive arrangement (note 22) 0 375,742
Loss on disposal of operations (note 5) 26,834 0
Gains attributable to mortgage servicing rights (17,385) (29,214)
Gains attributable to the fair value of mortgage premiums and origination fees (16,582) (48,839)
Deferred tax (25,997) (37,538)
Earnings from equity accounted investments (6,677) (6,190)
Stock option expense (note 21) 21,853 14,349
Non-cash lease expense 5,047 18,516
Allowance for credit losses 5,489 8,699
Amortization of advisor loans 27,408 22,678
Contingent consideration (note 7) 53,869 47,978
Other 8,962 (97)
Increase in accounts receivable, prepaid expenses and other assets (469,062) (322,331)
Increase in accounts payable, accrued expenses and other liabilities 39,166 153,119
Increase (decrease) in accrued compensation (85,547) 246,278
Contingent acquisition consideration paid (69,224) (18,017)
Proceeds received on sale of mortgage loans 1,137,730 2,577,283
Principal funded on originated mortgage loans (973,466) (2,467,733)
Decrease in warehouse credit facilities (138,625) (55,107)
Sales to (repurchases from) AR Facility, net (note 16) 171,273 (98,133)
Net cash provided by operating activities 67,031 288,980
Investing activities    
Acquisitions of businesses, net of cash acquired (note 4) (1,007,297) (60,832)
Purchases of fixed assets (67,681) (57,951)
Advisor loans issued (55,610) (35,563)
Purchase of held for sale real estate assets (161,042) (31,074)
Proceeds from sale of held for sale real estate assets 137,578 10,080
Collections of AR facility deferred purchase price (note 16) 288,004 151,202
Other investing activities (6,796) (25,276)
Net cash used in investing activities (872,844) (49,414)
Financing activities    
Increase in long-term debt 1,629,242 597,328
Repayment of long-term debt (700,201) (819,914)
Issuance of senior notes (note 13) 0 294,649
Purchases of non-controlling interests' subsidiary shares, net (31,622) (5,534)
Contingent acquisition consideration paid (56,290) (5,276)
Proceeds received on exercise of stock options 16,779 14,441
Dividends paid to common shareholders (13,100) (4,209)
Distributions paid to non-controlling interests (62,926) (51,508)
Repurchases of Subordinate Voting Shares (165,728) 0
Other financing activities (3,237) (1,376)
Net cash provided by financing activities 612,917 18,601
Effect of exchange rate changes on cash (33,333) (10,429)
Net change in cash, cash equivalents and restricted cash (226,229) 247,738
Cash, cash equivalents and restricted cash, beginning of year 425,271 177,533
Cash, cash equivalents and restricted cash, end of year $ 199,042 $ 425,271