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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Thousands
9 Months Ended
Sep. 30, 2019
USD ($)
Sep. 30, 2018
USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income before allocation to non-controlling interests $ 200,205 $ 201,265
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:    
Equity in income of unconsolidated entities (7,983) (9,777)
Stock compensation expense 10,936 9,881
Loss on extinguishment of debt 5,806 0
Distributions of earnings from unconsolidated entities 8,633 4,168
Depreciation and amortization 22,087 17,606
Operating lease expense 6,689 0
Debt issuance costs/premium amortization 325 2,442
Contingent consideration 0 146
Deferred income taxes 524 12,782
Changes in operating assets and liabilities:    
Real estate inventory and land deposits (244,276) (296,678)
Mortgages held for sale, prepaid expenses and other assets 45,788 81,769
Customer deposits 19,543 56,587
Accounts payable, accrued expenses and other liabilities 77,502 (19,670)
Income taxes payable 7,598 (4,525)
Net cash provided by operating activities 153,377 55,996
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (18,675) (14,454)
Distributions of capital from unconsolidated entities 21,694 22,271
Investments of capital into unconsolidated entities (10,166) (3,547)
Net cash (used in)/provided by investing activities (7,147) 4,270
CASH FLOWS FROM FINANCING ACTIVITIES:    
Increase in loans payable and other borrowings 13,909 27,158
Repayments of loans payable and other borrowings (24,664) (14,942)
Borrowings on revolving credit facility 95,000 0
Repayments on revolving credit facility (95,000) 0
Borrowings on mortgage warehouse 752,501 552,908
Repayment on mortgage warehouse (826,803) (617,273)
Proceeds from the issuance of senior notes 950,000 0
Repayments on senior notes (963,252) 0
Payment of deferred financing costs (11,802) 0
Payment of contingent consideration 0 (265)
Proceeds from stock option exercises 12,746 1,887
Proceeds from issuance of shares from public offerings 0 767,116
TMHC repurchase and cancellation of New TMM Units from Former Principal Equityholders 0 (201,775)
Repurchase of shares from Former Principal Equityholders 0 (768,125)
Repurchase of common stock, net (157,439) 0
Payment of taxes related to net share settlement of equity awards (1,511) (1,498)
Changes and distributions to non-controlling interests of consolidated joint ventures, net 2,022 2,413
Net cash used in financing activities (254,293) (252,396)
NET DECREASE IN CASH AND CASH EQUIVALENTS (108,063) (192,130)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period 331,859 575,503
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period 223,796 383,373
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income taxes paid, net (20,605) (44,569)
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Change in loans payable issued to sellers in connection with land purchase contracts 84,535 53,099
Change in inventory not owned 8,444 11,284
Change in Prepaid expenses and other assets, net due to adoption of ASU 2014-09 0 (32,004)
Change in Property and equipment, net due to adoption of ASU 2014-09 0 32,004
Operating lease right of use assets 37,751  
Beginning Operating lease right of use liabilities due to adoption of ASU 2016-02 $ 30,331 $ 0