Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows

v3.22.2
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating Activities    
Net loss $ (168,952) $ (63,662)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:    
Depreciation and amortization 31,140 18,018
Stock-based compensation 33,601 26,327
Amortization of debt discount and issuance costs 2,899 2,203
Non-cash lease expense 7,096 5,448
Net loss on IRLCs, forward sales commitments, and loans held for sale 2,721 238
Other 3,170 169
Change in assets and liabilities:    
Accounts receivable, net (6,791) (22,312)
Inventory (19,297) (199,845)
Prepaid expenses and other assets (2,852) (7,137)
Accounts payable 5,964 15,766
Accrued and other liabilities, deferred tax liabilities, and payroll tax liabilities, noncurrent 5,529 26,915
Lease liabilities (8,042) (6,144)
Origination of mortgage servicing rights (964) 0
Change in fair value of mortgage servicing rights, net (878) 0
Proceeds from sale of mortgage servicing rights 774 0
Origination of loans held for sale (1,641,377) (488,274)
Proceeds from sale of loans originated as held for sale 1,587,759 478,652
Net cash used in operating activities (168,500) (213,638)
Investing activities    
Purchases of property and equipment (12,131) (13,580)
Purchases of investments (82,184) (104,877)
Sales of investments 12,946 89,536
Maturities of investments 19,425 92,843
Cash paid for acquisition, net of cash acquired (97,341) (608,000)
Net cash used in investing activities (159,285) (544,078)
Financing activities    
Proceeds from the issuance of common stock pursuant to employee equity plans 9,258 12,496
Tax payments related to net share settlements on restricted stock units (3,743) (16,530)
Borrowings from warehouse credit facilities 1,628,684 464,250
Repayments to warehouse credit facilities (1,572,033) (456,854)
Borrowings from secured revolving credit facility 326,025 230,608
Repayments to secured revolving credit facility (369,266) (130,788)
Proceeds from issuance of convertible senior notes, net of issuance costs 0 561,529
Purchases of capped calls related to convertible senior notes 0 (62,647)
Payments for repurchases and conversions of convertible senior notes 0 (1,925)
Other financing payables 0 97
Principal payments under finance lease obligations (414) (353)
Cash paid for secured revolving credit facility issuance costs (764) (305)
Net cash provided by financing activities 17,747 599,578
Effect of exchange rate changes on cash, cash equivalents, and restricted cash (42) 0
Net change in cash, cash equivalents, and restricted cash (310,080) (158,138)
Cash, cash equivalents, and restricted cash:    
Beginning of period 718,281 945,820
End of period 408,201 787,682
Supplemental disclosure of cash flow information    
Cash paid for interest 6,581 2,038
Non-cash transactions    
Stock-based compensation capitalized in property and equipment 2,053 1,717
Property and equipment additions in accounts payable and accrued liabilities 69 1,013
Leasehold improvements paid directly by lessor $ 77 $ 1,334