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Consolidated Statements of Cash Flows (Unaudited)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Operating Activities:        
Net income $ 144,400 $ 145,954 $ 482,363 $ 410,996
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Stock-based compensation expense     50,348 26,832
Depreciation and amortization     20,663 23,930
Inventory Impairments 28,415   29,075 0
Gain on sale of other assets     0 (2,014)
Amortization of discount of marketable debt securities     (1,082) 0
Loss on debt retirement 0 12,150 0 12,150
Deferred income tax benefit     (4,180) (4,847)
Net changes in assets and liabilities:        
Trade and other receivables     (19,321) (55,529)
Mortgage loans held-for-sale, net     91,696 (16,365)
Prepaids and other assets     (8,050) 9,919
Accounts payable and accrued and other liabilities     12,506 88,273
Net cash provided by (used in) operating activities     343,953 (86,522)
Investing Activities:        
Purchases of marketable securities     (291,126) 0
Proceeds from sale of other assets     0 2,014
Purchases of property and equipment     (21,429) (23,028)
Net cash used in investing activities     (312,555) (21,014)
Financing Activities:        
Proceeds from (payments on) mortgage repurchase facility, net     (60,086) 13,404
Repayments of senior notes     0 (136,394)
Proceeds from issuance of senior notes     0 694,662
Dividend payments     (106,785) (83,189)
Payments of deferred financing costs     0 (1,720)
Issuance of shares under stock-based compensation programs, net     (11,545) (15,553)
Net cash provided by (used in) financing activities     (178,416) 471,210
Net increase (decrease) in cash, cash equivalents and restricted cash     (147,018) 363,674
Cash, cash equivalents and restricted cash:        
Beginning of period     603,459 503,972
End of period 456,441 867,646 456,441 867,646
Reconciliation of cash, cash equivalents and restricted cash:        
Total cash, cash equivalents and restricted cash 456,441 867,646 456,441 867,646
Homebuilding:        
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Inventory Impairments 28,415 0 29,075 0
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 417,298 761,715 417,298 761,715
Restricted cash 4,657 12,047 4,657 12,047
Financial Services:        
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents $ 34,486 $ 93,884 34,486 93,884
Housing Completed or Under Construction        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     (319,083) (461,105)
Land and Land Under Development        
Net changes in assets and liabilities:        
Housing completed or under construction and land under development     $ 9,018 $ (118,762)