XML 24 R6.htm IDEA: XBRL DOCUMENT v3.21.2
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Operating Activities:        
Net income $ 154,352 $ 84,396 $ 265,042 $ 121,156
Adjustments to reconcile net income to net cash provided by operating activities:        
Stock-based compensation expense     18,867 9,928
Depreciation and amortization     16,178 11,527
Net loss on marketable equity securities 0 (4,983) 0 8,285
Deferred income tax expense     (3,339) 1,962
Net changes in assets and liabilities:        
Trade and other receivables     (57,105) (23,445)
Mortgage loans held-for-sale, net     46,470 23,454
Prepaids and other assets     4,695 1,209
Accounts payable and accrued and other liabilities     70,595 40,539
Net cash provided by operating activities     12,084 55,704
Investing Activities:        
Purchases of marketable securities     0 (10,804)
Sales of marketable securities     0 59,266
Purchases of property and equipment     (13,447) (12,968)
Net cash provided by (used in) investing activities     (13,447) 35,494
Financing Activities:        
Payments on mortgage repurchase facility, net     (37,709) (7,522)
Repayment of senior notes     0 (250,000)
Proceeds from issuance of senior notes     347,725 298,050
Dividend payments     (54,913) (41,682)
Payments of deferred financing costs     (819) 0
Issuance of shares under stock-based compensation programs, net     (15,534) 1,332
Net cash provided by (used in) financing activities     238,750 (4,822)
Net increase (decrease) in cash, cash equivalents and restricted cash     237,387 86,376
Cash, cash equivalents and restricted cash:        
Beginning of period     503,972 474,212
End of period 741,359 560,588 741,359 560,588
Reconciliation of cash, cash equivalents and restricted cash:        
Total cash, cash equivalents and restricted cash 741,359 560,588 741,359 560,588
Homebuilding Line of Credit Facility        
Financing Activities:        
Payments on homebuilding line of credit, net     0 (5,000)
Homebuilding:        
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 638,547 482,702 638,547 482,702
Restricted cash 14,158 15,668 14,158 15,668
Financial Services:        
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents $ 88,654 $ 62,218 88,654 62,218
Housing Completed or Under Construction        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     (385,698) (233,829)
Land and Land Under Development        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     $ 36,379 $ 94,918