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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Operating Activities:        
Net income $ 84,396 $ 54,593 $ 121,156 $ 95,143
Adjustments to reconcile net income to net cash provided by operating activities:        
Stock-based compensation expense     9,928 8,383
Depreciation and amortization     11,527 9,941
Inventory impairments     0 610
Net (gain) loss on marketable equity securities (4,983) (2,327) 8,285 (7,167)
Deferred income tax expense     1,962 7,759
Net changes in assets and liabilities:        
Trade and other receivables     (23,445) (36)
Mortgage loans held-for-sale, net     23,454 39,874
Prepaid and other assets     1,209 (4,206)
Accounts payable and accrued and other liabilities     40,539 (546)
Net Cash Provided by (Used in) Operating Activities     55,704 55,665
Investing Activities:        
Purchases of marketable securities     (10,804) (5,116)
Sales of marketable securities     59,266 5,057
Purchases of property and equipment     (12,968) (13,860)
Net cash provided by (used in) investing activities     35,494 (13,919)
Financing Activities:        
Repayment of senior notes     (250,000) 0
Proceeds from issuance of senior notes     298,050 0
Dividend payments     (41,682) (35,636)
Issuance of shares under stock-based compensation programs, net     1,332 17,328
Net cash used in financing activities     (4,822) (52,084)
Net increase (decrease) in cash, cash equivalents and restricted cash     86,376 (10,338)
Cash, cash equivalents and restricted cash:        
Beginning of period     474,212 470,139
End of period 560,588 459,801 560,588 459,801
Reconciliation of cash, cash equivalents and restricted cash:        
Total cash, cash equivalents and restricted cash 560,588 459,801 560,588 459,801
Mortgage Repurchase Facility        
Financing Activities:        
Payments on homebuilding line of credit, net     (7,522) (33,776)
Homebuilding Line of Credit Facility        
Financing Activities:        
Payments on homebuilding line of credit, net     (5,000) 0
Homebuilding:        
Adjustments to reconcile net income to net cash provided by operating activities:        
Inventory impairments 0 0 0 610
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 482,702 390,061 482,702 390,061
Restricted cash 15,668 12,911 15,668 12,911
Financial Services:        
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents $ 62,218 $ 56,829 62,218 56,829
Housing Completed or Under Construction        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     (233,829) (118,528)
Land and Land Under Development        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     $ 94,918 $ 24,438