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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Operating activities    
Net income $ 445,637 $ 333,538
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 8,207 8,324
Stock-based compensation expense 14,950 10,760
Fair value of mortgage loans held for sale and other 12,174 3,529
Loss on debt extinguishment   14,458
Inventory impairment and other 0 41
Deferred income taxes (12,634) (10,336)
Loss on disposition of assets 1,504 1,267
Changes in assets and liabilities:    
Cash held in escrow (31,655) (6,034)
Accounts receivable (14,499) (12,353)
Inventories (597,539) (267,282)
Mortgage loans held for sale 142,283 53,132
Prepaid expenses and other assets (25,740) (68,622)
Accounts payable 10,605 (5,385)
Accrued expenses and other liabilities (20,400) 27,743
Net cash (used in) provided by operating activities (67,107) 82,780
Investing activities    
Purchases of property and equipment (15,395) (6,763)
Expenditures related to development of rental properties (18,082)  
Other investing activities (3,853) 2,434
Net cash used in investing activities (37,330) (4,329)
Financing activities    
Borrowings under revolving credit facilities 968,000  
Payments on revolving credit facilities (803,000)  
Proceeds from issuance of senior notes due 2029   500,000
Extinguishment of senior notes due 2025   (411,752)
Proceeds from issuance of insurance premium notes and other 25,070 19,580
Principal payments on insurance premium notes and other (11,627) (9,683)
Debt issuance costs   (6,155)
Net payments for mortgage repurchase facilities (136,829) (47,451)
Withholding of common stock upon vesting of stock-based compensation awards (12,735) (13,726)
Repurchases of common stock under stock repurchase program (120,646)  
Dividend payments (19,680) (10,127)
Other financing activities 2,941 (133)
Net cash used in financing activities (108,506) 20,553
Net (decrease) increase (212,943) 99,004
Cash and cash equivalents and Restricted cash, Beginning of period 322,241 398,081
Cash and cash equivalents and Restricted cash, End of period 109,298 497,085
Supplemental cash flow disclosure    
Cash paid for income taxes 151,079 116,182
Cash and cash equivalents and Restricted cash    
Cash and cash equivalents 98,203 491,879
Restricted cash (Note 5) 11,095 5,206
Cash and cash equivalents and Restricted cash $ 109,298 $ 497,085