Quarterly report pursuant to Section 13 or 15(d)

Business Combinations (Tables)

v3.22.2
Business Combinations (Tables)
6 Months Ended
Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed
The following table summarizes the preliminary fair value of assets acquired and liabilities assumed as a result of the Bay Equity acquisition and is subject to revision as more detailed analyses are completed and additional information about the fair value of assets acquired and liabilities assumed becomes available:

Cash and cash equivalents $ 39,963 
Restricted cash 2,367 
Accounts receivable 9,697 
Prepaid expenses 1,222 
Other current assets 19,262 
Property and equipment, net 897 
Operating lease right-of-use assets 4,995 
Loans held for sale 213,891 
Mortgage servicing rights, at fair value 33,982 
Other assets, noncurrent 294 
Intangible assets 14,510 
Goodwill 51,967 
Total assets acquired 393,047 
Accounts payable 1,747 
Accrued and other liabilities 38,026 
Lease liabilities 2,848 
Lease liabilities and deposits, noncurrent 2,147 
Warehouse credit facilities 208,608 
Total liabilities assumed 253,376 
Total purchase consideration $ 139,671 
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination The following table provides the preliminary fair values of the Bay Equity intangible assets, along with their estimated useful lives:
Estimated Fair Value Estimated Useful Life (in years)
Trade names $ 11,650  5
Developed technology 2,860  3
Total $ 14,510 
Business Acquisition, Pro Forma Information The pro forma financial information presented below includes adjustments for depreciation and amortization, restructuring costs, and transaction costs:
Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Revenue $ 606,915  $ 560,241  $ 1,260,129  $ 941,990 
Net loss (78,967) (14,538) (165,561) (32,785)