XML 16 R6.htm IDEA: XBRL DOCUMENT v3.22.1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Activities:    
Net income $ 148,421 $ 110,690
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Stock-based compensation expense 14,882 9,926
Depreciation and amortization 6,652 7,003
Inventory Impairments 660 0
Deferred income tax expense (benefit) 842 (1,348)
Net changes in assets and liabilities:    
Trade and other receivables (16,677) (40,282)
Mortgage loans held-for-sale, net 94,615 1,767
Prepaids and other assets (20,479) (23,594)
Accounts payable and accrued and other liabilities 57,571 61,558
Net cash provided by (used in) operating activities 118,055 (57,957)
Investing Activities:    
Purchases of property and equipment (6,884) (5,749)
Net cash (used in) investing activities (6,884) (5,749)
Financing Activities:    
Proceeds from (payments on) mortgage repurchase facility, net (78,069) 15,092
Proceeds from issuance of senior notes 0 347,725
Dividend payments (35,583) (26,665)
Payments of deferred financing costs 0 (819)
Issuance of shares under stock-based compensation programs, net (12,628) 1,009
Net cash provided by (used in) financing activities (126,280) 336,342
Net increase (decrease) in cash, cash equivalents and restricted cash (15,109) 272,636
Cash, cash equivalents and restricted cash:    
Beginning of period 603,459 503,972
End of period 588,350 776,608
Reconciliation of cash, cash equivalents and restricted cash:    
Total cash, cash equivalents and restricted cash 588,350 776,608
Homebuilding:    
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Inventory Impairments 660 0
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 474,447 678,194
Restricted cash 6,400 17,314
Financial Services:    
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 107,503 81,100
Housing Completed or Under Construction    
Net changes in assets and liabilities:    
Housing completed or under construction and land under development (277,187) (218,655)
Land and Land Under Development    
Net changes in assets and liabilities:    
Housing completed or under construction and land under development $ 108,755 $ 34,978