v3.22.2.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
OPERATING ACTIVITIES:    
Net income $ 360,267 $ 283,485
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in loss (income) from joint venture arrangements (17) (145)
Mortgage loan originations (1,482,628) (1,630,588)
Proceeds from the sale of mortgage loans 1,567,685 1,647,062
Fair value adjustment of mortgage loans held for sale 7,271 1,962
Fair value adjustment of mortgage servicing rights 0 (162)
Servicing Asset at Fair Value, Additions (7,090) (13,596)
Amortization of mortgage servicing rights 1,137 1,106
Depreciation 9,754 9,494
Amortization of debt issue costs 1,933 1,937
Loss on sale of mortgage servicing rights 418 177
Loss on Extinguishment of Debt 0 2,040
Stock-based compensation expense 6,613 6,199
Change in assets and liabilities:    
Inventory (533,036) (412,179)
Other assets (37,400) (5,787)
Accounts payable 51,821 41,642
Customer deposits 18,504 42,653
Accrued compensation (807) (3,413)
Other liabilities 21,426 (6,228)
Net cash (used in) provided by operating activities (14,149) (34,341)
INVESTING ACTIVITIES:    
Purchase of property and equipment (3,878) (2,559)
Return of capital from joint venture arrangements 2,046 1,050
Investment in joint venture arrangements (17,366) (34,738)
Net proceeds from sale of mortgage servicing rights 100 4,324
Net cash provided by (used in) investing activities (19,098) (31,923)
FINANCING ACTIVITIES:    
Repayments of senior notes 0 (250,000)
Proceeds from issuance of senior notes 0 300,000
Proceeds from bank borrowings - homebuilding operations 238,900 0
Principal repayments of bank borrowings - homebuilding operations (238,900) 0
Net repayment of bank borrowings - financial services operations (76,789) (14,353)
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations (4,119) 1,466
Payments for repurchase of common stock (55,334) (15,494)
Debt issue costs (120) (6,249)
Proceeds from exercise of stock options 1,002 11,241
Net cash (used in) provided by financing activities (135,360) 26,611
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total (168,607) (39,653)
Cash, cash equivalents and restricted cash-Period Start 236,368 260,810
Cash, cash equivalents and restricted cash-Period End 67,761 221,157
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest — net of amount capitalized 7,683 9,167
Income taxes 123,118 91,546
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure 11,902 7,779
Consolidated inventory not owned 2,010 (5,511)
Distribution of single-family lots from joint venture arrangements $ 20,758 $ 26,040