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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Operating Activities:        
Net income $ 145,954 $ 98,938 $ 410,996 $ 220,094
Adjustments to reconcile net income to net cash provided by operating activities:        
Stock-based compensation expense     26,832 18,536
Depreciation and amortization     23,930 18,881
Net loss on marketable equity securities 0 0 0 8,285
Gain on sale of other assets     (2,014) 0
Loss on debt retirement 12,150 0 12,150 0
Deferred income tax expense     (4,847) 8,493
Net changes in assets and liabilities:        
Trade and other receivables     (55,529) (17,512)
Mortgage loans held-for-sale, net     (16,365) 36,515
Prepaids and other assets     9,919 (20,314)
Accounts payable and accrued and other liabilities     88,273 35,023
Net cash provided by (used in) operating activities     (86,522) 29,442
Investing Activities:        
Purchases of marketable securities     0 (10,804)
Sales of marketable securities     0 59,266
Proceeds from sale of other assets     2,014 0
Purchases of property and equipment     (23,028) (20,885)
Net cash provided by (used in) investing activities     (21,014) 27,577
Financing Activities:        
Payments on mortgage repurchase facility, net     13,404 (18,755)
Repayment of senior notes     (136,394) (250,000)
Proceeds from issuance of senior notes     694,662 298,050
Dividend payments     (83,189) (63,056)
Payments of deferred financing costs     (1,720) 0
Issuance of shares under stock-based compensation programs, net     (15,553) 29,974
Net cash provided by (used in) financing activities     471,210 (8,787)
Net increase in cash, cash equivalents and restricted cash     363,674 48,232
Cash, cash equivalents and restricted cash:        
Beginning of period     503,972 474,212
End of period 867,646 522,444 867,646 522,444
Reconciliation of cash, cash equivalents and restricted cash:        
Total cash, cash equivalents and restricted cash 867,646 522,444 867,646 522,444
Payments on homebuilding line of credit, net        
Financing Activities:        
Payments on homebuilding line of credit, net     0 (5,000)
Housing completed or under construction        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     (461,105) (387,269)
Land and land under development        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     (118,762) 108,710
Homebuilding:        
Adjustments to reconcile net income to net cash provided by operating activities:        
Loss on debt retirement     12,150  
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 761,715 432,277 761,715 432,277
Restricted cash 12,047 19,732 12,047 19,732
Financial Services:        
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents $ 93,884 $ 70,435 $ 93,884 $ 70,435