| Mar'20 | Dec'19 | Sep'19 | Jun'19 | Mar'19 | Dec'18 | Sep'18 | Jun'18 | Mar'18 | Mar'17 |
|---|---|---|---|---|---|---|---|---|---|
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||
Consolidated net income | |||||||||
14,238 | -16,327 | 122,569 | 32,064 | 23,406 | 39,559 | 115,558 | 4,294 | 32,487 | 37,007 |
Adjustments to reconcile net income to net cash (used in) provide by operating activities: | |||||||||
Gain on originated mortgage servicing rights | |||||||||
38,967 | 29,287 | 35,186 | 21,433 | 17,254 | 29,652 | 33,901 | 25,342 | 6,389 | 28,806 |
Depreciation and amortization | |||||||||
46,039 | 32,634 | 36,781 | 33,425 | 28,304 | 29,146 | 25,873 | 20,201 | 22,513 | 18,237 |
Provision for credit losses on the financial guarantee liability | |||||||||
14,480 | - | - | - | 0 | - | - | - | - | - |
Equity based compensation and allocation of net income to limited partnership units and FPUs | |||||||||
12,914 | - | - | - | 13,871 | - | - | - | - | - |
Equity-based compensation and allocations of net income to limited partnership units and FPUs | |||||||||
12,914 | 148,964 | 56,648 | 39,353 | 13,871 | 99,085 | 40,776 | 67,367 | 17,416 | - |
Employee loan amortization | |||||||||
14,468 | 7,299 | 13,184 | 11,067 | 7,437 | 7,039 | 9,099 | 5,596 | 6,009 | 1,974 |
Non-cash changes in acquisition related earnouts | |||||||||
-12,813 | - | - | - | 193 | - | - | - | - | - |
Change in fair value of contingent consideration | |||||||||
- | - | - | - | - | 236 | -215 | 219 | 134 | - |
Loss on non-marketable investments | |||||||||
-16,837 | -8,801 | 17,033 | 3,927 | 0 | - | - | - | - | - |
Unrealized (gains) loss on loans held for sale | |||||||||
36,061 | -17,348 | -3,176 | 12,422 | 13,276 | 17,969 | -6,827 | -7,838 | 15,126 | 2,102 |
Income from an equity method investment | |||||||||
- | - | - | - | - | -2,300 | -19 | 1,843 | 3,176 | - |
Accounts Receivable, Credit Loss Expense (Reversal) | |||||||||
2,800 | 242 | -70 | 689 | 956 | 1,154 | 159 | 1,077 | 1,140 | -211 |
Amortization of deferred financing costs | |||||||||
- | - | - | - | - | - | - | - | - | 259 |
Realized (gains) loss on marketable securities | |||||||||
-2,200 | 0 | 2,300 | 1,900 | -100 | 1,800 | 0 | -900 | 2,400 | - |
Unrealized (gains) loss on marketable securities | |||||||||
0 | 6,855 | -665 | 1,110 | 4,000 | -2,097 | -547 | 648 | 796 | - |
Change in valuation of derivative asset | |||||||||
21,173 | -13,936 | -8,214 | -15,638 | -13,329 | - | - | - | - | - |
Loan originations—loans held for sale | |||||||||
2,545,715 | 1,271,991 | 4,012,751 | 1,944,040 | 1,554,443 | 2,674,707 | 3,278,137 | 1,249,137 | 1,410,690 | 1,842,357 |
Loan sales—loans held for sale | |||||||||
2,057,684 | 1,743,710 | 4,124,128 | 2,010,574 | 1,685,561 | 2,834,478 | 2,686,613 | 1,658,970 | 822,811 | 2,139,634 |
Other | |||||||||
2,971 | 1,026 | 1,189 | 878 | 1,167 | 919 | 158 | 254 | 255 | - |
Consolidated net income (loss), adjusted for non-cash and non-operating items | |||||||||
470,140 | 1,700,102 | -199,648 | -155,297 | -185,342 | -846,254 | 520,930 | -496,955 | 535,812 | -323,635 |
Changes in operating assets and liabilities: | |||||||||
Receivables, net | |||||||||
-62,000 | 27,728 | 9,416 | 19,586 | -4,709 | 62,237 | 22,766 | 25,113 | 19,374 | -4,340 |
Loans, forgivable loans and other receivables from employees and partners | |||||||||
105,274 | 59,152 | 48,936 | 13,814 | 39,995 | 24,442 | 35,217 | 25,327 | 24,583 | 6,226 |
Other assets | |||||||||
28,253 | 50,358 | 19,392 | 24,889 | 18,602 | -17,168 | 2,418 | 10,611 | 14,063 | -10,498 |
Accrued compensation | |||||||||
-89,742 | 26,633 | 54,949 | 20,428 | -62,051 | 16,663 | 36,455 | 23,756 | -26,676 | -33,599 |
Accounts payable, accrued expenses and other liabilities | |||||||||
-6,730 | 66,598 | -7,657 | 61,741 | -29,970 | 83,521 | 29,505 | 9,745 | 30,114 | -2,237 |
Payables to related parties | |||||||||
-14,262 | - | - | - | 0 | - | - | - | - | - |
Net cash (used in) provide by operating activities | |||||||||
-652,401 | 593,345 | 174,805 | 179,177 | 39,433 | 303,993 | -515,371 | 469,405 | -590,394 | 296,411 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||
Payments to Acquire Businesses, Net of Cash Acquired | |||||||||
5,850 | 15,727 | 2,009 | 16,203 | 0 | - | - | - | - | - |
Proceeds from the sale of marketable securities | |||||||||
34,600 | 0 | 10,400 | 13,100 | 9,100 | 44,500 | 0 | -796 | 52,196 | - |
Payments for acquisitions, net of cash acquired and repurchases of noncontrolling interests | |||||||||
- | - | - | - | - | - | - | - | - | 997 |
Purchase of non-marketable investments | |||||||||
- | - | - | - | - | - | - | - | 7,500 | - |
Purchases of fixed assets | |||||||||
9,849 | 11,079 | 12,707 | 4,804 | 5,936 | 10,230 | 1,658 | 7,414 | 1,714 | 3,053 |
Purchase of mortgage servicing rights | |||||||||
92 | 644 | 123 | 424 | 298 | 983 | 516 | 1,099 | 509 | - |
Net cash (used in) provided by investing activities | |||||||||
18,800 | -26,183 | -5,044 | -28,433 | 2,872 | 24,252 | -29,452 | -29,531 | 42,473 | -4,050 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||
Proceeds from warehouse facilities | |||||||||
2,545,715 | 1,271,991 | 4,012,751 | 1,944,040 | 1,554,443 | 2,674,707 | 3,278,137 | 1,249,137 | 1,410,690 | 1,842,357 |
Principal payments on warehouse facilities | |||||||||
2,052,041 | 1,743,203 | 4,125,086 | 2,010,591 | 1,667,084 | 2,834,113 | 2,686,916 | 1,659,045 | 820,651 | - |
Principal payments on warehouse notes payable | |||||||||
- | - | - | - | - | - | - | - | - | 1,879,963 |
Proceeds from BGC's purchase of exchangeable limited partnership units in Newmark Holdings | |||||||||
- | - | - | - | - | 0 | 0 | 0 | 241,960 | - |
Payments to related parties | |||||||||
- | - | - | - | - | 727,928 | 112,500 | 5,000 | 13,000 | 578,263 |
Borrowings from related parties | |||||||||
- | - | - | - | - | 4,455 | 117,268 | 74,211 | 177,016 | 354,493 |
Settlement of pre-Spin-Off related party receivables | |||||||||
0 | 0 | 0 | 6,848 | 27,044 | - | - | - | - | - |
Fees relating to the IPO | |||||||||
- | - | - | - | - | - | 0 | 0 | 8,870 | - |
Borrowing of debt | |||||||||
365,000 | 0 | 45,000 | 60,000 | 50,000 | - | - | - | - | - |
Repayment of debt | |||||||||
0 | 10,000 | 30,000 | 15,000 | 50,000 | 133,950 | 113,200 | 152,850 | 270,710 | - |
Securities loaned | |||||||||
-36,735 | 11,897 | -8,822 | -10,085 | 43,745 | -8,580 | -547 | 505 | -49,001 | - |
Earnings distributions to limited partnership interests and noncontrolling interests | |||||||||
36,749 | 27,885 | 18,823 | 59,917 | 33,951 | 23,351 | 23,039 | 0 | 100 | 71 |
Dividends to stockholders | |||||||||
17,773 | 17,586 | 17,698 | 17,918 | 16,043 | - | - | - | - | - |
Payments on acquisition earn-outs | |||||||||
1,759 | 1,430 | 490 | 2,917 | 0 | 976 | 245 | 2,497 | 758 | 10,513 |
Payment of deferred financing costs | |||||||||
2,340 | 5 | 1,282 | 49 | 32 | 156 | 1,096 | 40 | 16 | 9 |
Net cash (used in) provided by financing activities | |||||||||
763,318 | -519,606 | -160,777 | -123,245 | -91,878 | -527,897 | 556,616 | -356,622 | 666,560 | -271,969 |
Net increase (decrease) in cash and cash equivalents and restricted cash | |||||||||
129,717 | 47,556 | 8,984 | 27,499 | -49,573 | -199,652 | 11,793 | 83,252 | 118,639 | 20,392 |
Supplemental disclosures of cash flow information: | |||||||||
Cash paid during the period for: | |||||||||
Interest | |||||||||
1,122 | 17,630 | 718 | 18,323 | 288 | 27,938 | 20,534 | 20,444 | 12,922 | 2,969 |
Taxes | |||||||||
56,544 | 12,150 | 8,989 | 14,671 | 59,279 | 262 | 869 | 15 | 19 | 18 |
Supplemental disclosure of non-cash operating, investing and financing activities: | |||||||||
Right-of-use assets and liabilities | |||||||||
12,245 | - | - | - | 182,180 | - | - | - | - | - |