| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|---|---|---|---|---|---|
Operating activities | ||||||
Net income | ||||||
112,994 | 96,455 | 50,295 | 49,540 | 39,890 | 20,022 | 12,431 |
Adjustments to reconcile net income to net cash used in operating activities: | ||||||
Depreciation and amortization | ||||||
13,382 | 12,031 | 6,973 | 5,580 | 4,713 | 2,941 | 937 |
Stock-based compensation expense | ||||||
15,316 | 13,743 | 9,542 | 6,657 | 5,245 | 2,152 | 735 |
Loss on debt extinguishment | ||||||
-10,832 | - | - | - | - | - | - |
Inventory impairment and other | ||||||
4,783 | - | - | - | - | - | - |
Deferred income taxes | ||||||
3,174 | -4,155 | 674 | 1,507 | 1,634 | -2,054 | 912 |
Distributions from unconsolidated subsidiaries | ||||||
- | 7,432 | 5,200 | - | - | - | - |
Excess tax benefit on stock-based compensation | ||||||
- | - | - | - | - | 43 | - |
Equity in income of unconsolidated subsidiaries | ||||||
- | 14,849 | 12,176 | 191 | - | - | - |
Loss on disposition of assets | ||||||
-361 | -1,979 | -577 | 446 | 128 | 199 | 11 |
Changes in assets and liabilities: | ||||||
Cash held in escrow | ||||||
10,964 | -13,640 | 17,679 | 8,227 | 1,821 | 6,968 | -2,917 |
Accounts receivable | ||||||
13,974 | -1,227 | 166 | 488 | 1,438 | 1,803 | 3,400 |
Inventories | ||||||
129,024 | 284,977 | 83,380 | 91,859 | 208,524 | 160,886 | 92,250 |
Prepaid expenses and other assets | ||||||
-41,542 | 27,255 | 16,583 | 12,275 | -4,811 | 11,140 | 4,847 |
Accounts payable | ||||||
-5,113 | 52,560 | -3,670 | 4,657 | -6,102 | 3,444 | -2,749 |
Accrued expenses and other liabilities | ||||||
-39,263 | -1,662 | 1,405 | 854 | -1,014 | 24,863 | 17,827 |
Mortgage loans held for sale | ||||||
72,853 | 61,747 | 52,327 | - | - | - | - |
Net cash used in operating activities | ||||||
-68,807 | -195,578 | -111,272 | -44,691 | -162,734 | -129,671 | -67,498 |
Investing activities | ||||||
Purchases of property and equipment | ||||||
16,117 | 15,803 | 17,627 | 7,762 | 5,750 | 1,127 | 550 |
Business combinations, net of acquired cash | ||||||
- | 28,036 | 130,047 | - | - | - | - |
Proceeds from sale of South Carolina operations | ||||||
- | - | 17,074 | - | - | - | - |
Investment in unconsolidated subsidiaries | ||||||
- | - | 4,000 | 17,000 | - | - | - |
Proceeds from sale of intangible asset | ||||||
1,730 | - | - | - | - | - | - |
Acquisitions of businesses | ||||||
- | - | - | - | - | 232,585 | 15,708 |
Other investing activities | ||||||
-104 | -303 | -154 | -1,561 | -1,518 | - | - |
Net cash used in investing activities | ||||||
-14,283 | -43,536 | -134,446 | -23,201 | -4,232 | -233,712 | -16,258 |
Financing activities | ||||||
Borrowings under revolving credit facilities | ||||||
1,548,500 | 721,000 | 175,000 | 220,000 | 180,000 | 119,000 | 26,671 |
Payments on revolving credit facilities | ||||||
1,682,300 | 518,500 | 370,000 | 160,000 | 65,000 | 99,000 | 47,044 |
Proceeds from issuance senior notes | ||||||
500,000 | - | 527,500 | - | 58,956 | 198,478 | - |
Extinguishment of senior notes due 2022 | ||||||
391,942 | - | - | - | - | - | - |
Principal payments on notes payable | ||||||
20,237 | 5,371 | 6,998 | - | - | - | - |
Proceeds from insurance notes payable | ||||||
13,719 | 11,839 | 2,320 | - | - | - | - |
Proceeds from issuance of insurance premium notes and other | ||||||
- | - | - | 11,612 | 1,169 | 6,760 | 5,763 |
Contributions from members | ||||||
- | - | - | - | - | - | 1,500 |
Distributions to members | ||||||
- | - | - | - | - | - | 3,830 |
Distributions to noncontrolling interest | ||||||
- | - | - | - | - | - | 950 |
Principal payments on insurance notes payable and other | ||||||
- | - | - | -9,217 | -8,656 | -3,083 | 17,096 |
Extinguishments of debt assumed in business combination | ||||||
- | 94,231 | 151,919 | - | - | - | - |
Debt issuance costs | ||||||
6,140 | 3,642 | 8,579 | 1,156 | 2,817 | 6,783 | - |
Net proceeds from mortgage repurchase facilities | ||||||
69,540 | 56,236 | 48,320 | - | - | - | - |
Net proceeds from issuances of common stock | ||||||
79,052 | 30,947 | 98,063 | 11,369 | - | 81,564 | 223,760 |
Repurchases of common stock upon vesting of stock-based compensation | ||||||
3,583 | 5,484 | 5,231 | 1,015 | 861 | 386 | - |
Repurchases of common stock under stock repurchase program | ||||||
1,439 | 10,952 | - | 2,393 | - | 9,746 | - |
Excess tax benefit on stock-based compensation | ||||||
- | - | - | - | - | 43 | - |
Net cash provided by financing activities | ||||||
105,170 | 181,842 | 308,476 | 69,200 | 162,791 | 286,847 | 188,774 |
Net increase | ||||||
22,080 | -57,272 | 62,758 | 1,308 | -4,175 | -76,536 | 105,018 |
Seller financed acquisitions of land | ||||||
- | - | - | - | - | 4,239 | - |
Inventory contributed by members | ||||||
- | - | - | - | - | - | 3,708 |
Inventory distributed to non controlling interests | ||||||
- | - | - | - | - | - | 1,603 |
Conversion of subordinated debt obligation to equity | ||||||
- | - | - | - | - | - | 11,244 |
Supplemental cash flow disclosure | ||||||
Cash paid for income taxes | ||||||
26,936 | 39,656 | 29,632 | 23,467 | 18,657 | 18,458 | - |