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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash Flows from Operating Activities    
Net income before allocation to non-controlling interests $ 191,228 $ 178,461
Adjustments to reconcile net income to net cash provided by operating activities:    
Net income from unconsolidated entities (1,929) (1,831)
Stock compensation expense 7,533 6,863
Distributions of earnings from unconsolidated entities 847 2,058
Depreciation and amortization 7,087 8,841
Operating lease expense 7,144 6,913
Debt issuance costs amortization 868 191
Changes in operating assets and liabilities:    
Real estate inventory and land deposits 51,596 (286,828)
Mortgages held for sale, prepaid expenses and other assets 190,202 171,618
Customer deposits 1,993 55,211
Accounts payable, accrued expenses and other liabilities (112,097) 138,247
Income taxes payable 2,977 54,211
Net cash provided by operating activities 347,449 57,461
Cash Flows from Investing Activities:    
Purchase of property and equipment (13,807) (5,389)
Distributions of capital from unconsolidated entities 350 0
Investments of capital into unconsolidated entities (11,123) (2,052)
Net cash used in investing activities (24,580) (7,441)
Cash Flows from Financing Activities    
Increase in loans payable and other borrowings 2,425 18,287
Repayments of loans payable and other borrowings (7,377) (26,688)
Borrowings on revolving credit facility 0 32,548
Repayments on revolving credit facilities 0 (64,077)
Borrowings on mortgage warehouse facilities 634,404 562,024
Repayments on mortgage warehouse facilities (794,142) (775,249)
Proceeds from stock option exercises and issuance of restricted stock units, net 4,493 (1,265)
Payment of principle portion of finance lease (1,305) (1,332)
Repurchase of common stock, net (3,568) (58,029)
Cash and distributions to non-controlling interests of consolidated joint ventures, net 0 (1,752)
Net cash used in financing activities (165,070) (315,533)
Net Increase/Decrease in Cash and Cash Equivalents and Restricted Cash 157,799 (265,513)
Cash, Cash Equivalents, and Restricted Cash - Beginning of period 726,635 836,340
Cash, Cash Equivalents, and Restricted Cash - End of period 884,434 570,827
Supplemental Cash Flow Information    
Income tax refunds/(payments) 1,943 (228)
Supplemental Non-Cash Investing and Financing Activities:    
Change in loans payable issued to sellers in connection with land purchase contracts 39,865 59,830
Change in inventory not owned $ (21,676) $ (11,896)