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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income $ 1,725,575 $ 1,236,719 $ 901,248
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 17,396 19,463 21,992
Equity-based compensation expense 82,537 58,234 50,794
Contract land deposit impairments (recoveries) and other impairments, net 28,466 (20,827) 28,079
Gain on sale of loans, net (152,668) (205,582) (168,720)
Deferred tax benefit (11,101) (234) (17,565)
Mortgage loans closed (6,314,514) (6,079,454) (5,323,932)
Mortgage loans sold and principal payments on mortgage loans held for sale 6,471,270 6,424,204 5,536,568
Distribution of earnings from unconsolidated joint ventures 9,000 9,500 1,432
Net change in assets and liabilities:      
Decrease (increase) in inventory 159,091 (238,284) (362,384)
(Increase) decrease in contract land deposits (26,407) (87,374) 519
(Increase) decrease in receivables (27,384) 1,956 (1,675)
(Decrease) increase in accounts payable and accrued expenses (13,777) (19,954) 168,667
Increase (Decrease) in Contract with Customer, Liability (103,659) 176,705 108,872
Other, net 26,276 (32,679) (18,626)
Operating activities 1,870,101 1,242,393 925,269
Net cash provided by operating activities 1,870,101 1,242,393 925,269
Cash flows from investing activities:      
Investments in and advances to unconsolidated joint ventures (9,735) (1,282) (435)
Distribution of capital from unconsolidated joint ventures 0 0 11,625
Purchase of property, plant and equipment (18,428) (17,875) (16,119)
Proceeds from the sale of property, plant and equipment 732 978 996
Net Cash Provided by (Used in) Investing Activities (27,431) (18,179) (3,933)
Cash flows from financing activities:      
Purchase of treasury stock (1,500,358) (1,538,019) (371,078)
Proceeds from the issuance of senior notes 0 0 923,905
Redemption of senior notes (600,000) 0 0
Debt issuance costs 0 0 (5,062)
Principal payments on finance lease liabilities (1,495) (1,363) (989)
Proceeds from the exercise of stock options 196,717 142,370 180,866
Net cash (used in) provided by financing activities (1,905,136) (1,397,012) 727,642
Net (decrease) increase in cash, restricted cash, and cash equivalents (62,466) (172,798) 1,648,978
Cash, restricted cash, and cash equivalents, beginning of the year 2,636,984 2,809,782 1,160,804
Cash, restricted cash, and cash equivalents, end of the year 2,574,518 2,636,984 2,809,782
Supplemental disclosures of cash flow information:      
Interest paid during the year, net of interest capitalized 47,502 53,680 36,805
Income taxes paid during the year, net of refunds $ 529,820 $ 389,383 $ 163,076