XML 18 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2018
Sep. 30, 2017
Operating activities    
Net income $ 70,261 $ 33,100
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 8,803 5,073
Stock-based compensation expense 10,135 6,521
Deferred income taxes (804) (2,766)
Distribution of income from unconsolidated subsidiaries 7,432 5,246
Equity in income of unconsolidated subsidiaries (14,849) (7,648)
(Gain) loss on disposition of assets 1,399 202
Changes in assets and liabilities:    
Cash held in escrow 6,077 (22,218)
Accounts receivable (13,324) (7,493)
Inventories (243,355) (95,065)
Prepaid expenses and other assets (32,640) (11,291)
Accounts payable 3,267 (8,026)
Accrued expenses and other liabilities (9,285) 9,027
Mortgage loans held for sale (10,114) (30,071)
Net cash used in operating activities (216,997) (125,409)
Investing activities    
Purchases of property and equipment (11,893) (5,867)
Business combinations, net of acquired cash (28,036) (77,457)
Proceeds from sale of South Carolina operations   17,074
Other investing activities 272 128
Net cash used in investing activities (39,657) (66,122)
Financing activities    
Borrowings under revolving credit facilities 520,000 75,000
Payments on revolving credit facilities (284,000) (270,000)
Proceeds from issuance of senior notes   523,000
Proceeds from insurance notes payable 11,838  
Extinguishments of debt assumed in business combination (94,231) (151,919)
Principal payments on notes payable (2,173) (4,735)
Debt issuance costs (3,521) (3,731)
Net proceeds from mortgage repurchase facilities 9,008 27,465
Net proceeds from issuances of common stock 31,230 35,010
Repurchases of common stock upon vesting of stock based compensation (5,483) (4,141)
Net cash provided by (used in) financing activities 182,668 225,949
Net increase (decrease) (73,986) 34,418
Cash and cash equivalents and Restricted cash, Beginning of period 93,713 30,954
Cash and cash equivalents and Restricted cash, End of period 19,727 65,372
Supplemental cash flow disclosure    
Cash paid for income taxes 39,326 21,657
Cash and cash equivalents and Restricted cash    
Cash and cash equivalents 15,927 58,522
Restricted cash (Note 6) 3,800 6,850
Cash and cash equivalents and Restricted cash, End of period $ 19,727 $ 65,372