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Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Operating Activities:        
Net income $ 189,542 $ 154,352 $ 337,963 $ 265,042
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Stock-based compensation expense     24,793 18,867
Depreciation and amortization     13,903 16,178
Inventory Impairments     660 0
Deferred income tax expense (benefit)     1,207 (3,339)
Net changes in assets and liabilities:        
Trade and other receivables     (22,332) (57,105)
Mortgage loans held-for-sale, net     92,459 46,470
Prepaids and other assets     (5,775) 4,695
Accounts payable and accrued and other liabilities     70,183 70,595
Net cash provided by operating activities     171,060 12,084
Investing Activities:        
Purchases of property and equipment     (13,698) (13,447)
Net cash (used in) investing activities     (13,698) (13,447)
Financing Activities:        
Proceeds from (payments on) mortgage repurchase facility, net     (80,735) (37,709)
Proceeds from issuance of senior notes     0 347,725
Dividend payments     (71,163) (54,913)
Payments of deferred financing costs     0 (819)
Issuance of shares under stock-based compensation programs, net     (12,686) (15,534)
Net cash provided by (used in) financing activities     (164,584) 238,750
Net increase (decrease) in cash, cash equivalents and restricted cash     (7,222) 237,387
Cash, cash equivalents and restricted cash:        
Beginning of period     603,459 503,972
End of period 596,237 741,359 596,237 741,359
Reconciliation of cash, cash equivalents and restricted cash:        
Total cash, cash equivalents and restricted cash 596,237 741,359 596,237 741,359
Homebuilding:        
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Inventory Impairments 0 0 660 0
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 475,254 638,547 475,254 638,547
Restricted cash 5,994 14,158 5,994 14,158
Financial Services:        
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents $ 114,989 $ 88,654 114,989 88,654
Housing Completed or Under Construction        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     (468,301) (385,698)
Land and Land Under Development        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     $ 126,300 $ 36,379