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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Operating activities      
Net income $ 498,504 $ 206,157 $ 112,994
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Depreciation and amortization 10,912 13,141 13,382
Stock-based compensation expense 14,377 18,334 15,316
Fair value of mortgage loans held for sale and other 5 (7,145) (1,566)
Loss on debt extinguishment 14,458   10,832
Inventory impairment and other 41 2,172 4,783
Deferred income taxes (8,701) (1,861) 3,174
Loss on disposition of assets 1,483 1,425 361
Changes in assets and liabilities:      
Cash held in escrow (29,148) 12,159 (10,964)
Accounts receivable (5,763) 5,657 (13,974)
Inventories (580,365) 94,498 (129,024)
Mortgage loans held for sale (72,378) (90,248) (72,853)
Prepaid expenses and other assets (76,478) 3,142 43,108
Accounts payable (23,033) 22,918 (5,113)
Accrued expenses and other liabilities 54,933 60,229 (39,263)
Net cash provided by (used in) operating activities (201,153) 340,578 (68,807)
Investing activities      
Purchases of property and equipment (11,576) (9,004) (16,797)
Proceeds from sale of property and equipment and intangible asset 2,666 482 2,410
Proceeds from secured note receivable and other 2,434 117 104
Net cash used in investing activities (6,476) (8,405) (14,283)
Financing activities      
Borrowings under revolving credit facilities 30,000 678,000 1,548,500
Payments on revolving credit facilities (30,000) (746,700) (1,682,300)
Proceeds from issuance of insurance premium notes and other 21,484 5,778 13,719
Principal payments on insurance premium notes and other (15,532) (8,769) (20,237)
Debt issuance costs (6,159) (392) (6,140)
Net proceeds from mortgage repurchase facilities 72,826 84,955 69,540
Net proceeds from issuances of common stock     79,052
Withholding of common stock upon vesting of restricted stock units (13,726) (5,100) (3,583)
Repurchases of common stock under stock repurchase program     (1,439)
Dividend payments (15,192)    
Other (160) (385)  
Net cash provided by financing activities 131,789 7,387 105,170
Net increase (decrease) (75,840) 339,560 22,080
Cash and cash equivalents and Restricted cash, Beginning of period 398,081 58,521 36,441
Cash and cash equivalents and Restricted cash, End of period 322,241 398,081 58,521
Supplemental cash flow disclosure      
Cash paid for income taxes 155,590 48,789 26,936
Cash and cash equivalents and Restricted cash      
Cash and cash equivalents 316,310 394,001 55,436
Restricted cash (Note 6) 5,931 $ 4,080 3,085
Senior Notes Due 2029 [Member]      
Financing activities      
Proceeds from issuance of senior notes 500,000    
Senior Notes Due 2025 [Member]      
Financing activities      
Extinguishment of senior notes $ (411,752)    
Senior Notes Due 2027 [Member]      
Financing activities      
Proceeds from issuance of senior notes     500,000
Senior Notes Due 2022 [Member]      
Financing activities      
Extinguishment of senior notes     $ (391,942)