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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Operating activities      
Net income $ 206,157 $ 112,994 $ 96,455
Adjustments to reconcile net income to net cash used in operating activities:      
Depreciation and amortization 13,141 13,382 12,031
Stock-based compensation expense 18,334 15,316 13,743
Fair value of mortgage loans held for sale (7,145) (1,566) (2,697)
Loss on debt extinguishment   10,832  
Inventory impairment and other 2,172 4,783  
Deferred income taxes (1,861) 3,174 (4,155)
Distributions from unconsolidated subsidiaries     7,432
Equity in income of unconsolidated subsidiaries     (14,849)
Loss on disposition of assets 1,425 361 1,979
Changes in assets and liabilities:      
Cash held in escrow 12,159 (10,964) 13,640
Accounts receivable 5,657 (13,974) 1,227
Inventories 94,498 (129,024) (284,977)
Mortgage loans held for sale (90,248) (72,853) (61,747)
Prepaid expenses and other assets 3,142 43,108 (24,558)
Accounts payable 22,918 (5,113) 52,560
Accrued expenses and other liabilities 60,229 (39,263) (1,662)
Net cash provided by (used in) operating activities 340,578 (68,807) (195,578)
Investing activities      
Purchases of property and equipment (8,522) (16,117) (15,803)
Business combinations, net of acquired cash     (28,036)
Proceeds from sale of intangible asset   1,730  
Other investing activities 117 104 303
Net cash used in investing activities (8,405) (14,283) (43,536)
Financing activities      
Borrowings under revolving credit facilities 678,000 1,548,500 721,000
Payments on revolving credit facilities (746,700) (1,682,300) (518,500)
Proceeds from issuance of senior notes due 2027   500,000  
Extinguishment of senior notes due 2022   (391,942)  
Proceeds from issuance of insurance premium notes and other 5,778 13,719 11,839
Principal payments on insurance notes payable and other (8,769) (20,237) (5,371)
Extinguishments of debt assumed in business combination     (94,231)
Debt financing costs (392) (6,140) (3,642)
Net proceeds from mortgage repurchase facilities 84,955 69,540 56,236
Net proceeds from issuances of common stock   79,052 30,947
Withholding of common stock upon vesting of restricted stock units (5,100) (3,583) (5,484)
Repurchases of common stock under stock repurchase program   (1,439) (10,952)
Other (385)    
Net cash provided by financing activities 7,387 105,170 181,842
Net increase (decrease) 339,560 22,080 (57,272)
Cash and cash equivalents and Restricted cash, Beginning of period 58,521 36,441 93,713
Cash and cash equivalents and Restricted cash, End of period 398,081 58,521 36,441
Supplemental cash flow disclosure      
Cash paid for income taxes 48,789 26,936 39,656
Cash and cash equivalents and Restricted cash      
Cash and cash equivalents 394,001 55,436 32,902
Restricted cash (Note 7) $ 4,080 $ 3,085 $ 3,539