XML 24 R6.htm IDEA: XBRL DOCUMENT v3.20.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
OPERATING ACTIVITIES:      
Net income $ 239,874 $ 127,587 $ 107,663
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Impairment of inventory and abandoned land transaction write-offs 8,435 5,002 5,809
Equity in income from joint venture arrangements (466) (311) (312)
Mortgage loan originations (1,843,576) (1,382,695) (1,200,474)
Net loss (gain) from property disposals 0 (448) 0
Proceeds from the sale of mortgage loans 1,764,845 1,394,841 1,206,167
Fair value adjustment of mortgage loans held for sale (318) 2,261 (3,764)
Capitalization of originated mortgage servicing rights (6,048) (4,684) (4,550)
Amortization of mortgage servicing rights 2,427 1,547 784
Gain on sale of mortgage servicing rights (33) 0 (1,224)
Depreciation 12,636 11,691 10,956
Amortization of debt discount and debt issue costs 2,515 2,712 2,791
Loss on early extinguishment of debt 950 0 0
Stock-based compensation expense 7,138 5,846 5,974
Deferred Income Tax Expense 3,448 3,851 4,957
Change in assets and liabilities:      
Inventory (134,941) (88,358) (157,573)
Other assets (17,253) (2,072) 2,044
Accounts payable 60,643 (6,485) 3,750
Customer deposits 38,173 2,407 1,521
Accrued compensation 9,420 3,944 3,486
Other liabilities 20,465 (11,005) 9,403
Net cash (used in) provided by operating activities 168,334 65,631 (2,592)
INVESTING ACTIVITIES:      
Purchase of property and equipment (11,677) (4,526) (8,141)
Acquisition 0 0 (100,960)
Return of Capital from Joint Venture Arrangements 2,477 812 676
Investment in and advances to joint venture arrangements (28,539) (30,188) (31,867)
Proceeds from the sale of mortgage servicing rights 3,869 0 6,335
Proceeds from sale of property 0 6,308 0
Net cash provided by (used in) investing activities (33,870) (27,594) (133,957)
FINANCING ACTIVITIES:      
Repayments of Other Debt (300,000) 0 0
Proceeds from issuance of senior notes 400,000 0 0
Proceeds from issuance of convertible senior subordinated notes 0 0 (65,941)
Proceeds from bank borrowings - homebuilding operations 306,800 696,500 666,600
Repayments of bank borrowings - homebuilding operations (372,800) (747,900) (549,200)
(Net repayment of) net proceeds from bank borrowings - financial services operations 88,730 (16,264) (15,027)
Proceeds from (principal repayment of) notes payable-other and community development district bond obligations (1,756) (110) (4,638)
Repurchase of common shares (1,912) (5,150) (25,709)
Debt issue costs (8,705) (203) (248)
Proceeds from exercise of stock options 9,906 19,644 538
Net cash provided (used in) by financing activities 120,263 (53,483) 6,375
Net increase (decrease) in cash, cash equivalents and restricted cash 254,727 (15,446) (130,174)
Cash, Cash Equivalents, and Restricted Cash-Period Start 6,083 21,529 151,703
Cash, Cash Equivalents, and Restricted Cash-Period End 260,810 6,083 21,529
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest — net of amount capitalized 7,811 18,962 17,793
Income taxes 63,666 36,993 25,279
NON-CASH TRANSACTIONS DURING THE PERIOD:      
Community development district infrastructure (5,335) 1,139 (657)
Consolidated inventory not owned 1,980 (11,374) (2,237)
Distribution of single-family lots from unconsolidated LLC's 29,740 27,672 16,158
Common stock issued for conversion of convertible notes $ 0 $ 0 $ 20,309