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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Operating activities    
Net income $ 301,164 $ 219,562
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 5,352 5,655
Stock-based compensation expense 9,791 7,212
Fair value of mortgage loans held for sale and other 5,322 3,359
Inventory impairment and other 0 41
Deferred income taxes 1,883 (5,942)
Loss on disposition of assets 1,067 804
Changes in assets and liabilities:    
Cash held in escrow (30,197) (14,491)
Accounts receivable (15,624) (8,505)
Inventories (493,618) (56,779)
Mortgage loans held for sale 128,114 42,659
Prepaid expenses and other assets (23,572) (25,694)
Accounts payable 32,466 (27,103)
Accrued expenses and other liabilities (25,035) 2,643
Net cash (used in) provided by operating activities (102,887) 143,421
Investing activities    
Purchases of property and equipment (8,785) (4,405)
Expenditures related to development of rental properties (13,618)  
Other investing activities (2,879) 54
Net cash used in investing activities (25,282) (4,351)
Financing activities    
Borrowings under revolving credit facilities 571,000  
Payments on revolving credit facilities (430,000)  
Proceeds from issuance of insurance premium notes and other 18,031 9,477
Principal payments on insurance premium notes and other (9,043) (3,854)
Net (payments) proceeds for mortgage repurchase facilities (122,875) (99,274)
Withholding of common stock upon vesting of stock-based compensation awards (12,735) (13,726)
Repurchases of common stock under stock repurchase program (98,305)  
Dividend payments (13,225) (5,065)
Other financing activities 879 (34)
Net cash used in financing activities (96,273) (112,476)
Net (decrease) increase (224,442) 26,594
Cash and cash equivalents and Restricted cash, Beginning of period 322,241 398,081
Cash and cash equivalents and Restricted cash, End of period 97,799 424,675
Supplemental cash flow disclosure    
Cash paid for income taxes 117,476 78,909
Cash and cash equivalents and Restricted cash    
Cash and cash equivalents 78,011 419,416
Restricted cash (Note 5) 19,788 5,259
Cash and cash equivalents and Restricted cash $ 97,799 $ 424,675