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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Finance Lease, Principal Payments $ (116) $ 0
Cash flows from operating activities:    
Net income 622,402 565,039
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 15,369 15,053
Equity-based compensation expense 58,680 51,690
Contract land deposit and other (recoveries) impairments, net (456) 9,311
Gain on sale of loans, net (95,690) (92,609)
Mortgage loans closed (3,749,567) (3,472,345)
Mortgage loans sold and principal payments on mortgage loans held for sale 3,885,688 3,588,082
Distribution of earnings from unconsolidated joint ventures 3,376 3,863
Net change in assets and liabilities:    
Increase in inventory (243,339) (174,871)
Increase in contract land deposits (8,217) (6,587)
Increase in receivables (8,481) (7,028)
Increase in accounts payable and accrued expenses 27,995 1,201
Increase in customer deposits 4,691 17,643
Other, net (3,015) (6,627)
Net Cash Provided by (Used in) Operating Activities 509,436 491,815
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures (335) (284)
Distribution of capital from unconsolidated joint ventures 8,237 7,873
Purchase of property, plant and equipment (16,740) (14,818)
Proceeds from the sale of property, plant and equipment 1,517 742
Net Cash Provided by (Used in) Investing Activities (7,321) (6,487)
Cash flows from financing activities:    
Purchase of treasury stock (365,542) (657,369)
Payments to Noncontrolling Interests 0 234
Proceeds from the exercise of stock options 247,355 115,268
Net Cash Provided by (Used in) Financing Activities (118,303) (542,335)
Net increase (decrease) in cash, restricted cash, and cash equivalents 383,812 (57,007)
Cash, restricted cash, and cash equivalents, beginning of the period 732,248 689,557
Cash, restricted cash, and cash equivalents, end of the period 1,116,060 632,550
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 24,040 24,066
Income taxes paid during the period, net of refunds $ 109,116 $ 125,762