Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.19.3.a.u2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities:      
Net earnings $ 249,663 $ 227,332 $ 143,255
Adjustments to reconcile net earnings to net cash provided by/(used in) operating activities:      
Depreciation and amortization 27,923 26,966 16,704
Stock-based compensation 19,607 17,170 12,056
Loss on extinguishment of debt 5,635 0 278
Equity in earnings from unconsolidated entities (11,945) (16,333) (15,959)
Deferred tax asset revaluation 0 (2,741) 19,687
Distributions of earnings from unconsolidated entities 13,438 16,142 15,337
Other 9,273 15,847 5,571
Changes in assets and liabilities:      
Decrease/(increase) in real estate 3,621 (19,426) (301,477)
Decrease in deposits on real estate under option or contract 453 12,444 21,355
(Increase)/decrease in receivables, prepaids and other assets (9,112) 3,042 (17,775)
Increase/(decrease) in accounts payable and accrued liabilities 42,654 (12,820) 8,125
(Decrease)/increase in home sale deposits (4,390) (5,423) 5,711
Net cash provided by/(used in) operating activities 346,820 262,200 (87,132)
Cash flows from investing activities:      
Investments in unconsolidated entities (1,113) (808) (670)
Distributions of capital from unconsolidated entities 11,550 597 1,338
Purchases of property and equipment (24,385) (33,415) (18,096)
Proceeds from sales of property and equipment 459 99 356
Maturities/sales of investments and securities 754 1,181 1,402
Payments to purchase investments and securities (754) (1,181) (1,402)
Net cash used in investing activities (13,489) (33,527) (17,072)
Cash flows from financing activities:      
(Repayment of)/proceeds from Credit Facility, net 0 0 (15,000)
Repayment of loans payable and other borrowings (3,676) (15,755) (10,970)
Repayment of senior notes and senior convertible notes (305,620) (175,000) (126,691)
Proceeds from issuance of senior notes 0 206,000 300,000
Payment of debt issuance costs 0 (3,198) (4,091)
Repurchase of shares (16,035) (100,000) 0
Net cash (used in)/provided by financing activities (325,331) (87,953) 143,248
Net increase/(decrease) in cash and cash equivalents 8,000 140,720 39,044
Cash and cash equivalents, beginning of year 311,466 170,746 131,702
Cash and cash equivalents, end of year $ 319,466 $ 311,466 $ 170,746