| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net earnings | ||||||||||
249,663 | 227,332 | 143,255 | 149,541 | 128,738 | 142,241 | 124,464 | 105,163 | -21,106 | 7,150 | -66,456 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
27,923 | 26,966 | 16,704 | 15,978 | 14,241 | 11,614 | 9,934 | 8,196 | 7,178 | 7,974 | 8,843 |
Real estate-related impairments | ||||||||||
- | - | - | - | - | - | - | - | 15,324 | 6,451 | 126,216 |
Other assets-related impairments | ||||||||||
- | - | - | - | - | - | - | - | - | 0 | 0 |
Stock-based compensation | ||||||||||
19,607 | 17,170 | 12,056 | 13,741 | 15,781 | 12,211 | 9,483 | 8,319 | 7,410 | 5,358 | 6,204 |
Loss on extinguishment of debt | ||||||||||
-5,635 | 0 | -278 | - | - | - | -3,796 | -5,772 | 0 | -3,454 | 9,390 |
Excess income tax benefit from stock-based awards | ||||||||||
- | - | - | -956 | 2,043 | 2,297 | 1,891 | 436 | - | - | - |
Equity in earnings from unconsolidated entities | ||||||||||
11,945 | 16,333 | 15,959 | 19,042 | 12,759 | 10,422 | 12,805 | 10,233 | 5,849 | 5,243 | 4,013 |
Deferred tax asset revaluation | ||||||||||
0 | -2,741 | 19,687 | 0 | 0 | - | 8,666 | 77,974 | 0 | 0 | - |
Distributions of earnings from unconsolidated entities | ||||||||||
13,438 | 16,142 | 15,337 | 16,959 | 12,650 | 11,613 | 13,013 | 9,648 | 6,497 | 7,263 | 8,286 |
Other | ||||||||||
9,273 | 15,847 | 5,571 | 9,539 | 11,530 | 10,149 | 17,742 | 2,380 | -1,357 | 37 | 0 |
Changes in assets and liabilities: | ||||||||||
Increase in real estate | ||||||||||
-3,621 | 19,426 | 301,477 | 311,426 | 209,407 | 338,594 | 263,886 | 292,897 | 89,659 | 68,910 | -98,453 |
(Increase)/decrease in deposits on real estate under option or contract | ||||||||||
-453 | -12,444 | -21,355 | -2,337 | -6,316 | 42,278 | 36,974 | -824 | 6,038 | 1,054 | -10,175 |
Decrease/(increase) in other receivables, prepaids and other assets | ||||||||||
9,112 | -3,042 | 17,775 | 17,513 | 7,083 | 25,032 | 18,429 | 6,301 | -3,247 | -94,474 | -28,954 |
Decrease in accounts payable and accrued liabilities | ||||||||||
42,654 | -12,820 | 8,125 | 43,377 | 31,883 | 14,688 | 76,898 | 23,097 | 5,542 | -21,725 | -24,213 |
Increase in home sale deposits | ||||||||||
-4,390 | -5,423 | 5,711 | -7,849 | 6,818 | 4,859 | 9,397 | 3,519 | 1,961 | -2,604 | 1,015 |
Net cash provided by operating activities | ||||||||||
346,820 | 262,200 | -87,132 | -103,402 | -3,335 | -211,248 | -77,924 | -220,923 | -74,136 | 32,551 | 184,074 |
Cash flows from investing activities: | ||||||||||
Investments in unconsolidated entities | ||||||||||
1,113 | 808 | 670 | 7,244 | 481 | 515 | 107 | 407 | - | 1,034 | 1,284 |
Distributions of capital from unconsolidated entities | ||||||||||
11,550 | 597 | 1,338 | 3,600 | 0 | 65 | 158 | 25 | - | 232 | 1,370 |
Purchases of property and equipment | ||||||||||
24,385 | 33,415 | 18,096 | 16,662 | 16,092 | 20,788 | 15,783 | 10,863 | 7,082 | 6,389 | 3,609 |
Proceeds from sales of property and equipment | ||||||||||
459 | 99 | 356 | 200 | 86 | 262 | 56 | 503 | - | 121 | 151 |
Maturities/sales of investments and securities | ||||||||||
754 | 1,181 | 1,402 | 746 | 1,555 | 124,599 | 163,012 | 198,201 | 348,105 | 250,190 | 0 |
Payments to purchase investments and securities | ||||||||||
754 | 1,181 | 1,402 | 746 | 1,555 | 35,813 | 166,619 | 136,823 | 196,401 | 424,639 | 125,699 |
Cash paid for acquisitions | ||||||||||
- | - | - | - | - | 130,677 | 18,624 | 0 | 0 | - | - |
Other | ||||||||||
- | - | - | - | - | - | - | - | 638 | - | - |
Decrease in restricted cash | ||||||||||
- | - | - | - | - | - | -38,938 | 26,792 | 2,802 | -7,004 | 16,348 |
Net cash used in investing activities | ||||||||||
-13,489 | -33,527 | -17,072 | -20,106 | -16,487 | -62,867 | 1,031 | 23,844 | 141,182 | -174,515 | -145,419 |
Cash flows from financing activities: | ||||||||||
Proceeds from Credit Facility, net | ||||||||||
0 | 0 | -15,000 | 15,000 | 0 | 0 | - | - | - | - | - |
Repayment of loans payable and other borrowings | ||||||||||
3,676 | 15,755 | 10,970 | -21,274 | -23,226 | -10,447 | -8,352 | 0 | - | - | - |
Repayment of senior notes and senior convertible notes | ||||||||||
305,620 | 175,000 | 126,691 | 0 | 0 | - | 102,822 | 315,080 | 0 | 197,543 | 0 |
Proceeds from issuance of senior notes | ||||||||||
0 | 206,000 | 300,000 | 0 | 200,000 | 0 | 281,699 | 426,500 | 0 | 195,134 | 0 |
Payment of debt issuance costs | ||||||||||
0 | 3,198 | 4,091 | 0 | 3,006 | 0 | 3,188 | 9,312 | - | 3,067 | 0 |
Excess income tax provision from stock-based awards | ||||||||||
- | - | - | -956 | 2,043 | 2,297 | 1,891 | 436 | - | - | - |
Non-controlling interest acquisition | ||||||||||
- | - | - | - | - | - | 257 | 0 | - | - | - |
Proceeds from issuance of common stock, net | ||||||||||
- | - | - | - | - | 110,420 | 0 | 87,113 | 0 | 0 | - |
Proceeds from Stock Options Exercised | ||||||||||
- | - | - | 232 | 2,886 | 1,042 | 11,601 | 4,267 | - | 2,062 | 4,753 |
Repurchase of shares | ||||||||||
16,035 | 100,000 | 0 | 0 | - | - | - | - | - | - | - |
Other | ||||||||||
- | - | - | - | - | - | - | - | 2,613 | - | - |
Net cash provided by/(used in) financing activities | ||||||||||
-325,331 | -87,953 | 143,248 | -6,998 | 178,697 | 103,312 | 180,572 | 193,924 | 2,613 | -3,414 | 4,753 |
Net increase in cash and cash equivalents | ||||||||||
8,000 | 140,720 | 39,044 | -130,506 | 158,875 | -170,803 | 103,679 | -3,155 | 69,659 | -145,378 | 43,408 |