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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Finance Lease, Principal Payments $ (200) $ 0
Cash flows from operating activities:    
Net income 175,703 188,406
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 5,622 5,062
Equity-based compensation expense 7,492 19,333
Contract land deposit and other impairments, net 36,336 542
Gain on sale of loans, net (18,400) (34,957)
Mortgage loans closed (1,133,283) (1,141,720)
Mortgage loans sold and principal payments on mortgage loans held for sale 1,228,025 1,204,898
Distribution of earnings from unconsolidated joint ventures 0 608
Net change in assets and liabilities:    
Increase in inventory (168,352) (28,059)
Decrease in contract land deposits 8,259 6,303
Increase in receivables (33,190) (12,005)
(Decrease) increase in accounts payable and accrued expenses (39,438) 21,152
Increase in customer deposits 15,275 4,388
Other, net (15,608) (6,096)
Net Cash Provided by (Used in) Operating Activities 68,441 227,855
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures 0 (335)
Distribution of capital from unconsolidated joint ventures 0 3,257
Purchase of property, plant and equipment (3,510) (5,285)
Proceeds from the sale of property, plant and equipment 252 484
Net Cash Provided by (Used in) Investing Activities (3,258) (1,879)
Cash flows from financing activities:    
Purchase of treasury stock (216,582) (216,499)
Proceeds from the exercise of stock options 109,062 98,974
Net Cash Provided by (Used in) Financing Activities (107,720) (117,525)
Net (decrease) increase in cash, restricted cash, and cash equivalents (42,537) 108,451
Cash, restricted cash, and cash equivalents, beginning of the period 1,160,804 732,248
Cash, restricted cash, and cash equivalents, end of the period 1,118,267 840,699
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 12,174 11,910
Income taxes paid during the period, net of refunds $ 2,438 $ 2,316