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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income $ 78,686 $ 99,658
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Equity in income of unconsolidated entities (178) 0
Distributions of earnings from unconsolidated entities 129 0
Depreciation and amortization 348 288
Gain on disposal of assets (1,564) 0
Compensation expense for equity awards 3,570 3,422
Deferred income taxes 3,264 3,636
Changes in assets and liabilities:    
Accounts receivable 9,420 56,710
Real estate inventory (251,612) (41,692)
Pre-acquisition costs and deposits 1,531 (2,276)
Other assets 362 (4,192)
Accounts payable 7,793 27,876
Accrued expenses and other liabilities 10,464 17,256
Net cash provided by (used in) operating activities (137,787) 160,686
Cash flows from investing activities:    
Purchases of property and equipment (993) (1,279)
Investment in unconsolidated entity (380) (977)
Return of capital from unconsolidated entities 0 2,660
Net cash provided by (used in) investing activities (1,373) 404
Cash flows from financing activities:    
Proceeds from notes payable 197,617 104,844
Payments on notes payable 0 (230,000)
Proceeds from sale of stock, net of offering expenses 2,013 2,108
Stock repurchase (57,659) (25,827)
Net cash provided by (used in) financing activities 141,971 (148,875)
Net increase in cash and cash equivalents 2,811 12,215
Cash and cash equivalents, beginning of period 50,514 35,942
Cash and cash equivalents, end of period $ 53,325 $ 48,157