Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash flows from operating activities:      
Net earnings $ 423,475 $ 249,663 $ 227,332
Adjustments to reconcile net earnings to net cash provided by operating activities:      
Depreciation and amortization 31,052 27,923 26,966
Stock-based compensation 19,995 19,607 17,170
Loss on extinguishment of debt 0 5,635 0
Equity in earnings from unconsolidated entities (4,496) (11,945) (16,333)
Deferred tax asset revaluation 0 0 (2,741)
Distributions of earnings from unconsolidated entities 3,594 13,438 16,142
Other 14,406 9,273 15,847
Changes in assets and liabilities:      
(Increase)/decrease in real estate (40,089) 3,621 (19,426)
(Increase)/decrease in deposits on real estate under option or contract (9,477) 453 12,444
Decrease/(increase) in receivables, prepaids and other assets 2,130 (9,112) 3,042
Increase/(decrease) in accounts payable and accrued liabilities 88,942 42,654 (12,820)
Increase/(decrease) in home sale deposits 828 (4,390) (5,423)
Net cash provided by operating activities 530,360 346,820 262,200
Cash flows from investing activities:      
Investments in unconsolidated entities (5) (1,113) (808)
Distributions of capital from unconsolidated entities 1,000 11,550 597
Purchases of property and equipment (19,932) (24,385) (33,415)
Proceeds from sales of property and equipment 703 459 99
Maturities/sales of investments and securities 2,489 754 1,181
Payments to purchase investments and securities (2,489) (754) (1,181)
Net cash used in investing activities (18,234) (13,489) (33,527)
Cash flows from financing activities:      
Repayment of loans payable and other borrowings (16,379) (3,676) (15,755)
Repayment of senior notes and senior convertible notes 0 (305,620) (175,000)
Proceeds from issuance of senior notes 0 0 206,000
Payment of debt issuance costs 0 0 (3,198)
Repurchase of shares (69,592) (16,035) (100,000)
Net cash used in financing activities (85,971) (325,331) (87,953)
Net increase in cash and cash equivalents 426,155 8,000 140,720
Cash and cash equivalents, beginning of year 319,466 311,466 170,746
Cash and cash equivalents, end of year $ 745,621 $ 319,466 $ 311,466