XML 15 R5.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 859,414 $ 570,057
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,991 10,038
Equity-based compensation expense 31,755 27,850
Contract land deposit recoveries, net (6,342) (13,355)
Gain on sale of loans, net (94,813) (115,152)
Mortgage loans closed (3,133,046) (2,981,630)
Mortgage loans sold and principal payments on mortgage loans held for sale 3,195,784 3,194,279
Net change in assets and liabilities:    
Increase in inventory (431,379) (264,291)
Increase in contract land deposits (20,917) (24,318)
Increase in receivables (16,394) (4,327)
Increase in accounts payable and accrued expenses 25,716 7,943
Increase in customer deposits 21,656 124,685
Other, net 2,781 (16,259)
Net Cash Provided by (Used in) Operating Activities 447,206 521,020
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures (9,222) (659)
Purchase of property, plant and equipment (8,751) (6,620)
Proceeds from the sale of property, plant and equipment 346 657
Net Cash Provided by (Used in) Investing Activities (17,627) (6,622)
Cash flows from financing activities:    
Purchase of treasury stock (1,015,703) (754,366)
Repayments of Senior Debt (600,000) 0
Principal payments on finance lease liabilities (723) (661)
Proceeds from the exercise of stock options 113,822 95,673
Net Cash Provided by (Used in) Financing Activities (1,502,604) (659,354)
Net decrease in cash, restricted cash, and cash equivalents (1,073,025) (144,956)
Cash, restricted cash, and cash equivalents, beginning of the period 2,636,984 2,809,782
Cash, restricted cash, and cash equivalents, end of the period 1,563,959 2,664,826
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 32,627 26,875
Income taxes paid during the period, net of refunds 291,721 172,563
Distribution of earnings from unconsolidated joint ventures $ 4,000 $ 5,500