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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating activities    
Net income $ 142,496 $ 101,652
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,606 2,806
Stock-based compensation expense 4,064 3,019
Fair value of mortgage loans held for sale and other 4,443 (15)
Deferred income taxes (33) (2,763)
Loss on disposition of assets 384 329
Changes in assets and liabilities:    
Cash held in escrow 7,085 (31,071)
Accounts receivable 3,669 (3,075)
Inventories (193,451) 63,586
Mortgage loans held for sale 144,361 (25,662)
Prepaid expenses and other assets (28,084) (14,900)
Accounts payable 8,720 (23,533)
Accrued expenses and other liabilities 13,173 25,747
Net cash provided by operating activities 109,433 96,120
Investing activities    
Purchases of property and equipment (5,841) (2,913)
Other investing activities 750 27
Net cash used in investing activities (5,091) (2,886)
Financing activities    
Borrowings under revolving credit facilities 141,500  
Payments on revolving credit facilities (141,500)  
Proceeds from issuance of insurance premium notes and other 16,863 4,124
Principal payments on insurance premium notes and other (5,235) (1,602)
Net (payments) proceeds for mortgage repurchase facilities (138,848) 26,000
Withholding of common stock upon vesting of stock-based compensation awards (12,138) (12,177)
Repurchases of common stock under stock repurchase program (62,377)  
Dividend payments (6,657)  
Other (34) (30)
Net cash (used in) provided by financing activities (208,426) 16,315
Net (decrease) increase (104,084) 109,549
Cash and cash equivalents and Restricted cash, Beginning of period 322,241 398,081
Cash and cash equivalents and Restricted cash, End of period 218,157 507,630
Supplemental cash flow disclosure    
Income tax expense (893) 10
Cash and cash equivalents and Restricted cash    
Cash and cash equivalents 209,046 502,906
Restricted cash (Note 5) $ 9,111 $ 4,724