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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Operating Activities:        
Net income $ 98,938 $ 50,580 $ 220,094 $ 145,723
Adjustments to reconcile net income to net cash provided by operating activities:        
Stock-based compensation expense     18,536 18,178
Depreciation and amortization     18,881 15,478
Inventory impairments     0 610
Net (gain) loss on marketable equity securities 0 (767) 8,285 (7,934)
Deferred income tax expense     8,493 9,488
Net changes in assets and liabilities:        
Trade and other receivables     (17,512) (4,682)
Mortgage loans held-for-sale, net     36,515 32,191
Prepaid and other assets     (20,314) (3,889)
Accounts payable and accrued and other liabilities     35,023 23,929
Net Cash Provided by (Used in) Operating Activities     29,442 (33,118)
Investing Activities:        
Purchases of marketable securities     (10,804) (10,340)
Sales of marketable securities     59,266 6,277
Purchases of property and equipment     (20,885) (20,128)
Net cash provided by (used in) investing activities     27,577 (24,191)
Financing Activities:        
Repayment of senior notes     (250,000) 0
Proceeds from issuance of senior notes     298,050 0
Dividend payments     (63,056) (54,337)
Issuance of shares under stock-based compensation programs, net     29,974 16,304
Net cash used in financing activities     (8,787) (64,377)
Net increase (decrease) in cash, cash equivalents and restricted cash     48,232 (121,686)
Cash, cash equivalents and restricted cash:        
Beginning of period     474,212 470,139
End of period 522,444 348,453 522,444 348,453
Reconciliation of cash, cash equivalents and restricted cash:        
Total cash, cash equivalents and restricted cash 522,444 348,453 522,444 348,453
Mortgage Repurchase Facility        
Financing Activities:        
Payments on homebuilding line of credit, net     (18,755) (26,344)
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 432,277 285,338 432,277 285,338
Restricted cash 19,732 16,325 19,732 16,325
Financial Services:        
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents $ 70,435 $ 46,790 70,435 46,790
Housing Completed or Under Construction        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     (387,269) (251,749)
Land and Land Under Development        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     $ 108,710 $ (10,461)