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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Operating activities    
Net income $ 114,340 $ 59,636
Adjustments to reconcile net income to net cash provided by (used in) operating activities:    
Depreciation and amortization 10,088 9,793
Stock-based compensation expense 14,374 11,391
Fair value of loans held for sale and other (9,346) (87)
Loss on debt extinguishment   10,832
Inventory impairment and other 1,691  
Deferred income taxes (2,186) (514)
Loss on disposition of assets 1,213 846
Changes in assets and liabilities:    
Cash held in escrow 9,033 (6,018)
Accounts receivable (1,417) (4,465)
Inventories 160,877 (215,771)
Mortgage loans held for sale (594) 17,073
Prepaid expenses and other assets 18,090 32,386
Accounts payable (36,346) (11,212)
Accrued expenses and other liabilities 35,989 (52,854)
Net cash provided by (used in) operating activities 315,806 (148,964)
Investing activities    
Purchases of property and equipment (6,706) (11,633)
Other investing activities 79 78
Net cash used in investing activities (6,627) (11,555)
Financing activities    
Borrowings under revolving credit facilities 678,000 1,184,800
Payments on revolving credit facilities (746,700) (1,108,500)
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 5,469 12,629
Principal payments on insurance notes payable (7,259) (19,275)
Debt issuance costs   (6,075)
Net payments on mortgage repurchase facilities (680) (26,757)
Net proceeds from issuances of common stock   25,817
Withholding of common stock upon vesting of restricted stock units (5,145) (3,588)
Repurchases of common stock under stock repurchase program   (1,439)
Other (495)  
Net cash (used in) provided by financing activities (76,810) 165,670
Net increase 232,369 5,151
Cash and cash equivalents and Restricted cash, Beginning of period 58,521 36,441
Cash and cash equivalents and Restricted cash, End of period 290,890 41,592
Supplemental cash flow disclosure    
Cash paid for income taxes 30,998 20,722
Cash and cash equivalents and Restricted cash    
Cash and cash equivalents 288,341 38,508
Restricted cash (Note 5) $ 2,549 $ 3,084