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Consolidated Statements of Cash Flows
$ in Thousands
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Operating Activities:      
Net Income $ 562,139 $ 573,657 $ 367,582
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Stock-based compensation expense 60,985 39,655 30,062
Depreciation and amortization 27,751 31,666 27,166
Inventory impairments 121,875 1,600 0
Net loss on marketable equity securities 0 0 8,285
Gain on sale of other assets 0 (2,014) 0
Amortization of discount of marketable debt securities (4,290) 0 0
Impairment of Long-Lived Assets to be Disposed of 33,129 5,417 5,233
Loss on debt retirement 0 23,571 0
Deferred income tax expense (31,310) (6,488) 10,688
Net changes in assets and liabilities:      
Trade and other receivables (21,784) (25,334) (12,815)
Mortgage loans held-for-sale, net 53,016 (49,973) (35,535)
Prepaids and other assets 31,736 8,545 (44,932)
Accounts payable and accrued liabilities (18,464) 126,415 91,318
Net cash provided by (used in) operating activities 905,646 (207,990) (23,095)
Investing Activities:      
Purchases of marketable securities (656,810) 0 (10,804)
Sales of marketable securities 0 0 59,266
Maturities of marketable securities 100,000 0 0
Proceeds from sale of other assets 0 2,014 0
Purchases of property and equipment (29,075) (29,693) (26,777)
Net cash provided by (used in) investing activities (585,885) (27,679) 21,685
Financing Activities:      
Advances on mortgage repurchase facility, net (80,548) 53,910 52,774
Payments on homebuilding line of credit, net 0 0 (5,000)
Payments of senior notes 0 (276,951) (250,000)
Proceeds from issuance of senior notes 0 694,662 298,050
Dividend payments (142,417) (118,529) (89,008)
Payments of deferred debt issuance costs 0 (1,720) (4,471)
Issuance of shares under stock-based compensation programs, net 16,840 (16,216) 28,825
Net cash provided by (used in) financing activities (206,125) 335,156 31,170
Net increase in cash, cash equivalents and restricted cash 113,636 99,487 29,760
Cash, cash equivalents and restricted cash:      
Beginning of year 603,459 503,972 474,212
End of year 717,095 603,459 503,972
Reconciliation of cash, cash equivalents and restricted cash:      
Total cash, cash equivalents and restricted cash 717,095 603,459 503,972
Homebuilding:      
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Inventory impairments 121,875 1,600 0
Loss on debt retirement 0 23,571 0
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 696,075 485,839 411,362
Restricted cash 3,143 12,799 15,343
Financial Services:      
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 17,877 104,821 77,267
Housing completed or under construction      
Net changes in assets and liabilities:      
Housing completed or under construction and land under development 186,265 (431,926) (449,882)
Land and land under development      
Net changes in assets and liabilities:      
Housing completed or under construction and land under development $ (95,402) $ (502,781) $ (20,265)