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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 $ 91,839 $ 84,866
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in loss (income) from joint venture arrangements (16) (160)
Mortgage loan originations (479,781) (515,877)
Proceeds from the sale of mortgage loans 549,025 525,706
Fair value adjustment of mortgage loans held for sale 5,956 6,940
Fair value adjustment of mortgage servicing rights 0 (162)
Servicing Asset at Fair Value, Additions (3,583) (3,999)
Amortization of mortgage servicing rights 300 231
Depreciation 3,244 3,233
Amortization of debt issue costs 644 646
Loss on sale of mortgage servicing rights 176  
(Gain) on sale of mortgage servicing rights   (252)
Stock-based compensation expense 1,831 2,264
Change in assets and liabilities:    
Inventory (129,295) (34,331)
Other assets (25,025) (8,947)
Accounts payable 36,882 12,547
Customer deposits 23,818 24,829
Accrued compensation (31,746) (27,340)
Other liabilities 25,057 4,974
Net cash (used in) provided by operating activities 69,326 75,168
INVESTING ACTIVITIES:    
Purchase of property and equipment (1,205) (158)
Return of capital from joint venture arrangements 0 1,050
Investment in joint venture arrangements (5,429) (4,664)
Net proceeds from sale of mortgage servicing rights 0 4,395
Net cash provided by (used in) investing activities (6,634) 623
FINANCING ACTIVITIES:    
Net repayment of bank borrowings - financial services operations (62,510) (49,430)
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations (2,677) (1,528)
Payments for repurchase of common stock (15,393) 0
Debt issue costs (80) 0
Proceeds from exercise of stock options 206 7,257
Net cash (used in) provided by financing activities (80,454) (43,701)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total (17,762) 32,090
Cash, cash equivalents and restricted cash-Period Start 236,368 260,810
Cash, cash equivalents and restricted cash-Period End 218,606 292,900
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest — net of amount capitalized 7,895 9,110
Income taxes 993 969
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure (3,323) 4,126
Consolidated inventory not owned 60 2,229
Distribution of single-family lots from joint venture arrangements $ 5,257 $ 4,625