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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Finance Lease, Principal Payments $ (665) $ (116)
Cash flows from operating activities:    
Net income 596,244 622,402
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 16,801 15,369
Equity-based compensation expense 35,565 58,680
Contract land deposit and other impairments (recoveries), net 32,751 (456)
Gain on sale of loans, net (100,348) (95,690)
Mortgage loans closed (3,663,220) (3,749,567)
Mortgage loans sold and principal payments on mortgage loans held for sale 3,914,000 3,885,688
Distribution of earnings from unconsolidated joint ventures 0 3,376
Net change in assets and liabilities:    
Increase in inventory (416,488) (243,339)
Decrease (increase) in contract land deposits 4,585 (8,217)
Increase in receivables (3,060) (8,481)
Increase in accounts payable and accrued expenses 109,921 27,995
Increase in customer deposits 79,236 4,691
Other, net (26,647) (3,015)
Net Cash Provided by (Used in) Operating Activities 579,340 509,436
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures (435) (335)
Distribution of capital from unconsolidated joint ventures 0 8,237
Purchase of property, plant and equipment (12,329) (16,740)
Proceeds from the sale of property, plant and equipment 665 1,517
Net Cash Provided by (Used in) Investing Activities (12,099) (7,321)
Cash flows from financing activities:    
Purchase of treasury stock (216,582) (365,542)
Proceeds from the exercise of stock options 162,522 247,355
Net Cash Provided by (Used in) Financing Activities 864,430 (118,303)
Net increase in cash, restricted cash, and cash equivalents 1,431,671 383,812
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 2,592,475 1,116,060
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 24,957 24,040
Income taxes paid during the period, net of refunds 86,214 109,116
Proceeds from Issuance of Senior Long-term Debt 923,905 0
Payments of Debt Issuance Costs $ (4,750) $ 0