| Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|
Operating activities | |||||||||
Net income | |||||||||
115,988 | 94,960 | 77,195 | 83,963 | 61,286 | 51,426 | 44,105 | 42,050 | 16,989 | 1,779 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||
Stock based compensation | |||||||||
25,161 | 17,385 | 12,310 | 8,579 | 9,820 | 8,302 | 3,442 | 2,053 | 970 | 1,137 |
Incremental tax adjustment from share-based award activities | |||||||||
- | - | -581 | 465 | 979 | 494 | - | - | - | - |
Deferred taxes | |||||||||
9,667 | 61,683 | 16,534 | 16,173 | 15,049 | 8,830 | -7,659 | 14,426 | 8,239 | 1,670 |
Increase (decrease) in payable under the tax receivable agreement | |||||||||
-1,226 | 39,212 | -1,025 | 2,143 | 800 | -1,040 | 17,358 | -3,890 | 813 | 2,258 |
Payable under the tax receivable agreement | |||||||||
- | - | - | - | - | - | - | - | - | 1,889 |
Depreciation | |||||||||
4,640 | 4,307 | 3,268 | 2,522 | 2,061 | 1,752 | 1,917 | 1,730 | 1,263 | 1,444 |
Amortization | |||||||||
19,293 | 12,694 | 8,565 | 6,678 | 5,769 | 5,048 | 3,850 | 2,888 | 2,393 | 2,079 |
Gain on sale and initial recording of mortgage servicing rights | |||||||||
32,023 | 29,935 | 16,033 | 16,761 | 8,069 | 8,018 | 10,772 | 8,918 | 5,713 | 4,966 |
Mortgage service rights assumed | |||||||||
4,525 | 4,425 | 4,420 | 4,090 | 4,089 | 2,133 | -2,373 | -1,932 | -993 | -762 |
Proceeds from sale of mortgage servicing rights | |||||||||
- | - | 2,612 | 6,096 | 2,546 | 6,215 | 4,576 | 5,344 | 3,093 | 2,030 |
Other | |||||||||
345 | - | - | - | - | - | - | - | - | - |
Increase (decrease) in cash from changes in: | |||||||||
Restricted cash | |||||||||
- | - | - | - | - | - | -80 | - | -63 | -47 |
Accounts receivable | |||||||||
3,271 | -765 | -1,879 | 2,541 | 369 | -691 | 373 | 382 | 460 | -416 |
Payable to/ (receivable from) affiliate | |||||||||
- | - | - | 2 | 2 | -124 | -99 | 204 | 73 | 38 |
Payable under the tax receivable agreement | |||||||||
11,875 | 11,241 | 10,824 | 10,822 | 10,660 | 10,368 | 17,741 | -6,289 | - | - |
Mortgage notes receivable | |||||||||
-101,877 | 159,275 | -27,638 | 133,490 | 91,541 | -167,685 | 106,823 | 79,855 | 35,794 | 22,500 |
Deferred taxes, net | |||||||||
- | - | - | - | - | - | - | - | - | 1 |
Net borrowings on warehouse line of credit | |||||||||
101,877 | -159,275 | 27,638 | -133,490 | -91,541 | 167,685 | -106,823 | -79,855 | -35,794 | -22,500 |
Prepaid taxes, prepaid expenses and other current assets | |||||||||
-3,861 | 3,434 | 4,791 | 4,526 | 515 | 918 | 293 | 935 | -151 | -5,213 |
Other noncurrent assets | |||||||||
-2,474 | 3,250 | 3,044 | 1,152 | 449 | -205 | -526 | 593 | 292 | -47 |
Accrued compensation and related taxes | |||||||||
18,295 | 11,248 | -7,431 | 10,163 | 11,316 | 13,691 | 4,913 | 15,452 | 9,011 | -209 |
Accounts payable | |||||||||
-323 | 1,455 | -53 | 31 | 709 | 34 | -326 | 599 | 205 | 371 |
Other current liabilities | |||||||||
-3,370 | 6,135 | 332 | - | - | - | - | - | - | - |
Deferred rent and other noncurrent liabilities | |||||||||
875 | -1,215 | -1,611 | - | - | - | - | - | - | - |
Other accrued liabilities | |||||||||
- | - | - | -17,115 | 25,486 | 3,092 | 2,699 | 3,862 | 646 | 406 |
Other long-term liabilities | |||||||||
- | - | - | 3,102 | 1,503 | 1,285 | 1,043 | 618 | -370 | -657 |
Net cash provided by operating activities | |||||||||
143,998 | 120,350 | 79,316 | 77,690 | 109,613 | 79,804 | 45,071 | 73,659 | 34,309 | 5,860 |
Investing activities | |||||||||
Purchases of property and equipment | |||||||||
3,959 | 6,579 | 5,254 | 5,897 | 5,004 | 3,323 | 2,132 | -2,003 | 357 | 47 |
Purchase of securities and other investments | |||||||||
26,688 | - | - | - | - | - | - | - | - | - |
Purchase of businesses | |||||||||
- | 6,198 | - | - | - | - | - | - | - | - |
Net cash used in investing activities | |||||||||
-30,647 | -12,777 | -5,254 | -5,897 | -5,004 | -3,323 | -2,132 | -2,003 | -357 | -47 |
Financing activities | |||||||||
Payments on long-term debt | |||||||||
241 | 302 | 555 | 439 | 349 | 339 | 340 | 234 | 260 | 173 |
Proceeds from stock options exercised | |||||||||
45 | - | 93 | 229 | - | - | - | - | - | - |
Incremental tax adjustment from share-based award activities | |||||||||
- | - | 581 | -465 | 979 | - | - | - | - | - |
Dividends paid | |||||||||
67,772 | 60,017 | 68,362 | 67,821 | 68,166 | - | 56,337 | - | - | - |
Excess tax benefits from share-based award activities | |||||||||
- | - | - | - | - | 494 | - | - | - | - |
Treasury stock | |||||||||
14,169 | 5,933 | 2,979 | 2,376 | 6,282 | 1,705 | 565 | 94 | 223 | 173 |
Net cash used in financing activities | |||||||||
-82,137 | -66,252 | -72,384 | -69,942 | -73,818 | -1,550 | -58,371 | -3,232 | -1,544 | -1,910 |
Effects of exchange rate changes on cash and cash equivalents and restricted cash | |||||||||
-738 | -101 | - | - | - | - | - | - | - | - |
Distributions to noncontrolling interest holder | |||||||||
- | - | - | - | - | - | -1,129 | -2,904 | 1,061 | 1,564 |
Net decrease in cash and cash equivalents and restricted cash | |||||||||
30,476 | 41,220 | 1,678 | 1,851 | 30,791 | 74,931 | -15,432 | 68,424 | 32,408 | 3,903 |
Supplemental disclosure of cash flow information | |||||||||
Cash paid for income taxes | |||||||||
29,911 | 41,889 | 34,601 | 43,311 | 26,438 | 23,054 | 14,167 | 3,545 | 52 | 104 |
Cash paid for interest | |||||||||
22,412 | 14,614 | 9,258 | 5,328 | 2,472 | 1,471 | 3,908 | 1,997 | 1,374 | 2,413 |
Supplemental disclosure of non-cash financing activities | |||||||||
Property acquired under capital leases | |||||||||
33 | 154 | 249 | 801 | 561 | 204 | 353 | 491 | 227 | 292 |
Dividends on unissued restricted stock units | |||||||||
3,614 | 2,931 | 1,995 | 1,817 | 1,027 | - | 986 | - | - | - |