XML 21 R7.htm IDEA: XBRL DOCUMENT v3.4.0.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income before allocation to non-controlling interests $ 26,104 $ 96,844
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in income of unconsolidated entities (782) (303)
Stock compensation expense 2,720 1,558
Distributions of earnings from unconsolidated entities 111 507
Depreciation and amortization 1,078 861
Net income from discontinued operations 0 (56,662)
Gain on foreign currency forward 0 (29,983)
Contingent consideration 1,097 1,676
Deferred income taxes (261) 6,798
Changes in operating assets and liabilities:    
Real estate inventory and land deposits (108,979) (246,993)
Mortgages held for sale, prepaid expenses and other assets 75,650 67,888
Customer deposits 30,492 14,495
Accounts payable, accrued expenses and other liabilities (14,965) (15,952)
Income taxes payable (28,848) (10,912)
Net cash used in operating activities (16,583) (170,178)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (705) (317)
Payments for business acquisitions (52,819) 0
Decrease in restricted cash 0 655
Investments of capital into unconsolidated entities (15,159) (2,726)
Proceeds from sale of discontinued operations 0 268,853
Proceeds from settlement of foreign currency forward 0 29,983
Net cash (used in) provided by investing activities (68,683) 296,448
CASH FLOWS FROM FINANCING ACTIVITIES:    
Borrowings on mortgage warehouse 23,659 0
Repayment on mortgage warehouse (21,558) (20,167)
Borrowings on revolving credit facility 230,000 0
Payments on revolving credit facility (35,000) (40,000)
Borrowings on revolving credit facility 211,350 158,638
Payments on revolving credit facility (302,798) (264,143)
Repurchase of common stock, net (4,993) 0
Payment of contingent consideration (384) (3,050)
Distributions to non-controlling interests of consolidated joint ventures (74) (272)
Net cash provided by (used in) financing activities 100,202 (168,994)
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS 0 (19,944)
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS 14,936 (62,668)
CASH AND CASH EQUIVALENTS - Beginning of period [1] 126,188 462,205
CASH AND CASH EQUIVALENTS — End of period 141,124 399,537
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid, net (42,184) (40,067)
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Change in loans payable issued to sellers in connection with land purchase contracts 16,931 (21,400)
Accrual of contingent consideration $ 380 $ 0
[1] Cash and cash equivalents shown here includes the cash of Monarch Corporation. At December 31, 2014, cash held at Monarch was $227,988.