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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 $ 228,677 $ 192,473
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in loss (income) from joint venture arrangements (17) (195)
Mortgage loan originations (996,040) (1,088,033)
Proceeds from the sale of mortgage loans 1,074,370 1,149,308
Fair value adjustment of mortgage loans held for sale 2,875 258
Fair value adjustment of mortgage servicing rights 0 (162)
Servicing Asset at Fair Value, Additions (5,810) (9,784)
Amortization of mortgage servicing rights 654 583
Depreciation 6,531 6,357
Amortization of debt issue costs 1,289 1,294
Loss on sale of mortgage servicing rights 418 177
Stock-based compensation expense 3,849 4,405
Change in assets and liabilities:    
Inventory (336,470) (133,286)
Other assets (11,079) (3,277)
Accounts payable 84,879 36,241
Customer deposits 27,917 37,104
Accrued compensation (13,397) (11,882)
Other liabilities 9,894 (7,780)
Net cash (used in) provided by operating activities 78,540 173,801
INVESTING ACTIVITIES:    
Purchase of property and equipment (2,693) (1,036)
Return of capital from joint venture arrangements 2,046 1,050
Investment in joint venture arrangements (10,916) (17,101)
Net proceeds from sale of mortgage servicing rights 100 4,324
Net cash provided by (used in) investing activities (11,463) (12,763)
FINANCING ACTIVITIES:    
Proceeds from bank borrowings - homebuilding operations 47,100 0
Principal repayments of bank borrowings - homebuilding operations (47,100) 0
Net repayment of bank borrowings - financial services operations (71,558) (58,515)
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations (3,547) 54
Payments for repurchase of common stock (40,235) 0
Debt issue costs (120) (2,211)
Proceeds from exercise of stock options 770 10,630
Net cash (used in) provided by financing activities (114,690) (50,042)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total (47,613) 110,996
Cash, cash equivalents and restricted cash-Period Start 236,368 260,810
Cash, cash equivalents and restricted cash-Period End 188,755 371,806
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest — net of amount capitalized 16 420
Income taxes 71,702 60,523
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure 13,128 8,611
Consolidated inventory not owned 6,186 2,567
Distribution of single-family lots from joint venture arrangements $ 10,383 $ 18,086