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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Operating Activities:      
Net Income $ 401,005 $ 562,139 $ 573,657
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Stock-based compensation expense 23,468 60,985 39,655
Depreciation and amortization 25,553 27,751 31,666
Inventory impairments 29,700 121,875 1,600
Project abandonment costs (45) 33,129 5,417
Gain on sale of other assets 0 0 (2,014)
Amortization of discount of marketable debt securities (29,673) (4,290) 0
Loss on debt retirement 0 0 23,571
Deferred income tax expense 10,408 (31,310) (6,488)
Net changes in assets and liabilities:      
Trade and other receivables 21,986 (21,784) (25,334)
Mortgage loans held-for-sale, net (28,699) 53,016 (49,973)
Prepaids and other assets (3,886) 31,736 8,545
Accounts payable and accrued liabilities (74,093) (18,464) 126,415
Net cash provided by (used in) operating activities 561,630 905,646 (207,990)
Investing Activities:      
Purchases of marketable securities (1,166,412) (656,810) 0
Maturities of marketable securities 1,679,000 100,000 0
Proceeds from sale of other assets 0 0 2,014
Purchases of property and equipment (43,145) (29,075) (29,693)
Net cash provided by (used in) investing activities 469,443 (585,885) (27,679)
Financing Activities:      
Advances on mortgage repurchase facility, net 29,229 (80,548) 53,910
Payments of senior notes 0 0 (276,951)
Proceeds from issuance of senior notes 0 0 694,662
Dividend payments (155,237) (142,417) (118,529)
Payments of deferred debt issuance costs (36) 0 (1,720)
Issuance of shares under stock-based compensation programs, net 20,773 16,840 (16,216)
Net cash provided by (used in) financing activities (105,271) (206,125) 335,156
Net increase in cash, cash equivalents and restricted cash 925,802 113,636 99,487
Cash, cash equivalents and restricted cash:      
Beginning of year 717,095 603,459 503,972
End of year 1,642,897 717,095 603,459
Reconciliation of cash, cash equivalents and restricted cash:      
Total cash, cash equivalents and restricted cash 1,642,897 717,095 603,459
Homebuilding:      
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Inventory impairments 29,700 121,875 1,600
Loss on debt retirement 0 0 23,571
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 1,475,964 696,075 485,839
Restricted cash 4,094 3,143 12,799
Financial Services:      
Reconciliation of cash, cash equivalents and restricted cash:      
Cash and cash equivalents 162,839 17,877 104,821
Housing completed or under construction      
Net changes in assets and liabilities:      
Housing completed or under construction and land under development (163,877) 186,265 (431,926)
Land and land under development      
Net changes in assets and liabilities:      
Housing completed or under construction and land under development $ 349,783 $ (95,402) $ (502,781)