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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
OPERATING ACTIVITIES:    
Net income $ 283,485 $ 159,791
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in loss (income) from joint venture arrangements (145) (307)
Mortgage loan originations (1,630,588) (1,287,426)
Proceeds from the sale of mortgage loans 1,647,062 1,301,713
Fair value adjustment of mortgage loans held for sale 1,962 911
Fair value adjustment of mortgage servicing rights (162) 507
Servicing Asset at Fair Value, Additions (13,596) (4,119)
Amortization of mortgage servicing rights 1,106 1,847
Depreciation 9,494 9,298
Amortization of debt issue costs 1,937 1,869
Loss (Gain) on sale of mortgage servicing rights 177 0
Loss on Extinguishment of Debt 2,040 950
Stock-based compensation expense 6,199 4,915
Deferred income tax expense 0 426
Change in assets and liabilities:    
Inventory (412,179) (62,524)
Other assets (5,787) (18,493)
Accounts payable 41,642 51,555
Customer deposits 42,653 32,170
Accrued compensation (3,413) (4,990)
Other liabilities (6,228) 9,133
Net cash (used in) provided by operating activities (34,341) 197,226
INVESTING ACTIVITIES:    
Purchase of property and equipment (2,559) (8,465)
Return of capital from joint venture arrangements 1,050 1,213
Investment in joint venture arrangements (34,738) (24,075)
Net proceeds from sale of mortgage servicing rights 4,324 0
Net cash provided by (used in) investing activities (31,923) (31,327)
FINANCING ACTIVITIES:    
Repayments of senior notes (250,000) (300,000)
Proceeds from issuance of senior notes 300,000 400,000
Proceeds from bank borrowings - homebuilding operations 0 306,800
Principal repayments of bank borrowings - homebuilding operations 0 (372,800)
Net repayment of bank borrowings - financial services operations (14,353) (785)
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations 1,466 (503)
Payments for repurchase of common stock (15,494) (1,912)
Debt issue costs (6,249) (8,524)
Proceeds from exercise of stock options 11,241 8,254
Net cash (used in) provided by financing activities 26,611 30,530
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total (39,653) 196,429
Cash, cash equivalents and restricted cash-Period Start 260,810 6,083
Cash, cash equivalents and restricted cash-Period End 221,157 202,512
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest — net of amount capitalized 9,167 15,644
Income taxes 91,546 39,510
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure 7,779 (3,639)
Consolidated inventory not owned (5,511) (7,570)
Distribution of single-family lots from joint venture arrangements $ 26,040 $ 27,016