| Dec'19 | Dec'18 | Dec'17 | Dec'16 | |||
|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||
Consolidated net income | ||||||
161,712 | 191,898 | 145,096 | 167,212 | |||
Adjustments to reconcile net income to net cash (used in) provide by operating activities: | ||||||
Gain on originated mortgage servicing rights | ||||||
103,160 | 95,284 | 120,970 | 126,547 | |||
Depreciation and amortization | ||||||
131,144 | 97,733 | 95,815 | 72,197 | |||
Nasdaq recognition | ||||||
98,580 | 85,135 | 76,969 | - | |||
Equity based compensation and allocation of net income to limited partnership units and FPUs | ||||||
258,836 | 224,644 | 10,000 | - | |||
Equity-based compensation and allocations of net income to limited partnership units and FPUs | ||||||
258,836 | 224,644 | 10,000 | - | |||
Employee loan amortization | ||||||
38,987 | 27,743 | 34,420 | 25,791 | |||
Deferred tax provision/(benefit) | ||||||
-27,852 | 16,387 | 44,383 | -1,141 | |||
Change in fair value of contingent consideration | ||||||
728 | 374 | 2,675 | -17,348 | |||
Loss on non-marketable investments | ||||||
12,159 | 17,899 | 0 | - | |||
Unrealized (gains) loss on loans held for sale | ||||||
5,174 | 18,430 | 2,194 | -1,537 | |||
Income from an equity method investment | ||||||
7,300 | 2,700 | 1,600 | - | |||
Accounts Receivable, Credit Loss Expense (Reversal) | ||||||
1,817 | 3,530 | 6,099 | -1,099 | |||
Realized (gains) loss on marketable securities | ||||||
4,100 | 3,300 | 0 | - | |||
Unrealized (gains) loss on marketable securities | ||||||
11,300 | -1,200 | 0 | - | |||
Change in valuation of derivative asset | ||||||
-51,117 | 19,002 | -636 | - | |||
Loan originations—loans held for sale | ||||||
8,783,225 | 8,612,671 | 8,844,768 | 7,691,573 | |||
Loan sales—loans held for sale | ||||||
9,563,973 | 8,002,872 | 9,556,163 | 6,977,308 | |||
Other | ||||||
4,260 | 1,586 | 1,367 | 1,237 | |||
Consolidated net income (loss), adjusted for non-cash and non-operating items | ||||||
1,159,815 | -286,467 | 850,191 | 592,426 | |||
Changes in operating assets and liabilities: | ||||||
Receivables, net | ||||||
52,021 | 129,490 | 57,175 | -9,462 | |||
Loans, forgivable loans and other receivables from employees and partners | ||||||
161,897 | 109,569 | 34,321 | 118,222 | |||
Other assets | ||||||
113,241 | 9,924 | -36,086 | 7,643 | |||
Accrued compensation | ||||||
39,959 | 50,198 | 45,753 | 29,751 | |||
Accounts payable, accrued expenses and other liabilities | ||||||
90,712 | 152,885 | 13,103 | 34,925 | |||
Payables to related parties | ||||||
23,433 | 0 | 0 | - | |||
Net cash (used in) provide by operating activities | ||||||
986,760 | -332,367 | 853,637 | -644,153 | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||
Payments to Acquire Businesses, Net of Cash Acquired | ||||||
33,939 | 34,513 | -2,793 | - | |||
Distributions from equity method investment | ||||||
8,560 | 0 | 0 | - | |||
Payments for acquisitions, net of cash acquired and repurchase of noncontrolling interests | ||||||
- | - | - | -518 | |||
Proceeds from the sale of marketable securities | ||||||
32,600 | 95,900 | 18,710 | - | |||
Purchase of non-marketable investments | ||||||
28,000 | 29,500 | 0 | - | |||
Purchases of fixed assets | ||||||
34,526 | 21,016 | 19,069 | 27,260 | |||
Payments to related parties | ||||||
0 | 0 | 375,000 | 175,000 | |||
Borrowings from related parties | ||||||
0 | 0 | 375,000 | 175,000 | |||
Purchase of mortgage servicing rights | ||||||
1,489 | 3,107 | 2,055 | 7,676 | |||
Net cash (used in) provided by investing activities | ||||||
-56,788 | 7,742 | 379 | -34,418 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||
Proceeds from warehouse facilities | ||||||
8,783,225 | 8,612,671 | 8,844,768 | 7,691,573 | |||
Principal payments on warehouse facilities | ||||||
9,545,964 | 8,000,725 | 8,742,295 | 7,793,238 | |||
Proceeds from BGC's purchase of exchangeable limited partnership units in Newmark Holdings | ||||||
0 | 241,960 | 0 | - | |||
Proceeds from issuance of EPUs | ||||||
0 | 262,169 | 0 | - | |||
Payments to related parties | ||||||
0 | 858,428 | 1,445,838 | 1,186,910 | |||
Borrowings from related parties | ||||||
0 | 372,950 | 698,919 | 1,937,601 | |||
Settlement of pre-Spin-Off related party receivables | ||||||
33,892 | 0 | 0 | - | |||
Proceeds from the IPO, net of underwriting discounts | ||||||
0 | -8,870 | 304,290 | - | |||
Borrowing of debt | ||||||
155,000 | 537,575 | 0 | - | |||
Repayment of debt | ||||||
105,000 | 670,710 | 304,290 | - | |||
Distributions of earnings to BGC | ||||||
0 | 0 | 101,731 | - | |||
Pre-acquisition distributions relating to BPF acquisitions | ||||||
0 | 0 | 89,146 | - | |||
Capital contribution | ||||||
0 | 9,189 | 0 | - | |||
Securities loaned | ||||||
36,735 | -57,623 | 57,623 | - | |||
Treasury stock repurchases | ||||||
37,368 | 486 | 0 | - | |||
Earnings distributions to limited partnership interests and noncontrolling interests | ||||||
140,576 | 46,490 | 71 | 311 | |||
Dividends to stockholders | ||||||
69,245 | 41,787 | 0 | - | |||
Prepayment penalty on debt | ||||||
0 | 6,954 | 0 | - | |||
Payments on acquisition earn-outs | ||||||
4,837 | 4,476 | 18,940 | 11,433 | |||
Payment of deferred financing costs | ||||||
1,368 | 1,308 | 1,485 | 1,329 | |||
Net cash (used in) provided by financing activities | ||||||
-895,506 | 338,657 | -798,196 | 635,953 | |||
Net increase (decrease) in cash and cash equivalents and restricted cash | ||||||
34,466 | 14,032 | 55,820 | -42,618 | |||
Supplemental disclosures of cash flow information: | ||||||
Cash paid during the period for: | ||||||
Interest | ||||||
36,959 | 81,838 | 21,003 | 11,693 | |||
Taxes | ||||||
95,089 | 1,165 | 46 | 79 | |||
Supplemental disclosure of non-cash operating, investing and financing activities: | ||||||
Right-of-use assets and liabilities | ||||||
182,180 | - | - | - | |||
Treasury stock repurchase | ||||||
4,732 | 0 | 0 | - | |||
Debt assumed from BGC | ||||||
0 | 0 | 1,387,500 | - | |||
Accrued offering costs | ||||||
0 | 0 | 8,870 | - | |||