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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net income before allocation to non-controlling interests $ 399,665 $ 152,865
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:    
Equity in income of unconsolidated entities (9,269) (8,878)
Stock compensation expense 15,128 27,260
Loss on extinguishment of debt 0 10,247
Distributions of earnings from unconsolidated entities 9,050 9,251
Depreciation and amortization 29,726 26,939
Operating lease expense 12,167 12,918
Debt issuance costs/(premium) amortization 355 (1,970)
Land held for sale write-downs 4,590 4,347
Deferred income taxes 0 11,696
Changes in operating assets and liabilities:    
Real estate inventory and land deposits (678,809) 439,842
Mortgages held for sale, prepaid expenses and other assets (216,121) 20,129
Customer deposits 209,290 84,475
Accounts payable, accrued expenses and other liabilities 97,129 (31,303)
Income taxes payable 23,554 40,211
Net cash (used in)/provided by operating activities (103,545) 798,029
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchase of property and equipment (15,698) (25,276)
Payments for business acquisitions, net of cash acquired 0 (279,048)
Distributions of capital from unconsolidated entities 14,237 30,853
Investments of capital into unconsolidated entities (31,843) (24,011)
Investments in equity securities (10,000) 0
Net cash used in investing activities (43,304) (297,482)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Increase in loans payable and other borrowings 103,805 72,848
Repayments on loans payable and other borrowings (89,635) (110,177)
Borrowings on revolving credit facilities 126,692 830,000
Repayments on revolving credit facilities 0 (545,000)
Borrowings on mortgage warehouse facilities 2,287,791 1,750,669
Repayments on mortgage warehouse facilities (2,179,395) (1,809,252)
Proceeds from the issuance of senior notes 0 500,000
Repayments on senior notes 0 (861,775)
Payment of deferred financing costs 0 (6,202)
Proceeds from stock option exercises 18,212 7,877
Payment of principle portion of finance lease (1,325) (1,325)
Repurchase of common stock, net (236,831) (90,163)
Payment of taxes related to net share settlement of equity awards (5,494) (8,654)
Cash and distributions to non-controlling interests of consolidated joint ventures, net (36,095) (8,905)
Net cash used in financing activities (12,275) (280,059)
NET (DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (159,124) 220,488
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period 534,109 328,572
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period 374,985 549,060
SUPPLEMENTAL CASH FLOW INFORMATION:    
Income tax payments, net (96,753) (2,490)
SUPPLEMENTAL NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Change in loans payable issued to sellers in connection with land purchase contracts 174,297 136,803
Change in inventory not owned (64,344) (86,390)
Issuance of common stock in connection with business acquisition 0 797,970
Net non-cash (distributions)/contributions from non-controlling interests (3,060) 5,784
Non-cash portion of loss on debt extinguishment 0 1,723
Common stock surrendered in connection with warrant exercises 32,587 0
Common stock issued in connection with warrant exercises $ (32,584) $ 0