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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Operating activities    
Net earnings $ 144,691 $ 194,544
Depreciation and amortization 202,536 177,421
Loss on disposal of operations (note 5) 2,282 26,834
Gains attributable to mortgage servicing rights (17,722) (17,385)
Gains attributable to the fair value of mortgage premiums and origination fees (16,335) (16,582)
Deferred tax (9,924) (25,997)
Earnings from equity accounted investments (5,078) (6,677)
Stock option expense (note 21) 27,087 21,853
Amortization of advisor loans 33,844 27,408
Contingent consideration (note 7) 32,948 53,869
Other 23,649 19,498
Increase in accounts receivable, prepaid expenses and other assets (203,727) (469,062)
Increase in accounts payable, accrued expenses and other liabilities 9,036 39,166
Decrease in accrued compensation (70,395) (85,547)
Contingent acquisition consideration paid (39,115) (69,224)
Proceeds received on sale of mortgage loans 1,138,535 1,137,730
Principal funded on originated mortgage loans (1,262,361) (973,466)
Increase (decrease) in warehouse credit facilities 144,493 (138,625)
Sales to AR Facility, net (note 16) 31,217 171,273
Net cash provided by operating activities 165,661 67,031
Investing activities    
Acquisitions of businesses, net of cash acquired (note 4) (60,343) (1,007,297)
Purchases of fixed assets (84,524) (67,681)
Advisor loans issued (75,243) (55,610)
Purchases of warehouse fund assets (122,604) (161,042)
Proceeds from disposal of warehouse fund assets 74,627 137,578
Collections of AR facility deferred purchase price (note 16) 124,313 288,004
Other investing activities 9,791 (6,796)
Net cash used in investing activities (133,983) (872,844)
Financing activities    
Increase in long-term debt 924,980 1,629,242
Repayment of long-term debt (832,934) (700,201)
Purchases of non-controlling interests' subsidiary shares, net (32,661) (31,622)
Contingent acquisition consideration paid (17,415) (56,290)
Proceeds received on exercise of stock options 42,058 16,779
Dividends paid to common shareholders (13,517) (13,100)
Distributions paid to non-controlling interests (77,400) (62,926)
Repurchases of Subordinate Voting Shares 0 (165,728)
Other financing activities (917) (3,237)
Net cash provided by (used in) financing activities (7,806) 612,917
Effect of exchange rate changes on cash, cash equivalents and restricted cash (3,839) (33,333)
Net change in cash, cash equivalents and restricted cash 20,033 (226,229)
Cash, cash equivalents and restricted cash, beginning of year 199,042 425,271
Cash, cash equivalents and restricted cash, end of year $ 219,075 $ 199,042