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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Operating activities    
Net income $ 64,576 $ 32,612
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 6,842 6,196
Stock-based compensation expense 8,588 7,468
Fair value of loans held for sale and other (6,175) (1,012)
Loss on debt extinguishment   10,832
Inventory impairment and other 1,691  
Deferred income taxes (1,322) 428
Loss on disposition of assets 914 526
Changes in assets and liabilities:    
Cash held in escrow (11,311) (1,495)
Accounts receivable 4,592 (2,535)
Inventories 138,049 (121,734)
Mortgage loans held for sale (30,990) (9,152)
Prepaid expenses and other assets 13,229 (4,296)
Accounts payable (35,158) 7,137
Accrued expenses and other liabilities 20,259 (17,974)
Net cash provided by (used in) operating activities 173,784 (92,999)
Investing activities    
Purchases of property and equipment (4,913) (6,274)
Other investing activities 62 59
Net cash used in investing activities (4,851) (6,215)
Financing activities    
Borrowings under revolving credit facilities 678,000 767,600
Payments on revolving credit facilities (746,700) (758,100)
Proceeds from issuance senior notes due 2027   500,000
Extinguishment of senior notes due 2022   (391,942)
Proceeds from issuance of insurance premium notes and other 4,542 9,301
Principal payments on insurance notes payable (4,220) (17,586)
Debt issuance costs   (5,728)
Net proceeds from mortgage repurchase facilities 23,374 (3,805)
Net proceeds from issuances of common stock   2,663
Withholding of common stock upon vesting of restricted stock units (5,145) (3,434)
Repurchases of common stock under stock repurchase program   (1,439)
Other (345)  
Net cash provided by (used by) financing activities (50,494) 97,530
Net increase (decrease) 118,439 (1,684)
Cash and cash equivalents and Restricted cash, Beginning of period 58,521 36,441
Cash and cash equivalents and Restricted cash, End of period 176,960 34,757
Supplemental cash flow disclosure    
Cash paid for income taxes 410 13,111
Cash and cash equivalents and Restricted cash    
Cash and cash equivalents 173,521 31,704
Restricted cash (Note 5) $ 3,439 $ 3,053