| Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | |
|---|---|---|---|---|---|---|
Operating activities | ||||||
Net income | ||||||
115,133 | 57,751 | 67,967 | 60,261 | 54,526 | 135,603 | |
Adjustments to reconcile net income to net cash used in operating activities: | ||||||
Depreciation and amortization | ||||||
7,699 | 1,962 | 2,006 | 2,663 | 2,874 | 3,795 | |
Loss on sale of fixed asset | ||||||
- | - | - | - | - | -4 | |
Net change in deferred income taxes | ||||||
-674 | -27,836 | -3,975 | -8,313 | 7,812 | -95,580 | |
Stock based compensation expense | ||||||
11,298 | 10,100 | 6,400 | 6,570 | 6,114 | 3,800 | |
Equity in income of unconsolidated joint ventures | ||||||
3,118 | 3,700 | 5,606 | 3,239 | 555 | 0 | |
Distributions from unconsolidated joint ventures | ||||||
5,439 | 3,085 | 3,725 | 1,075 | 353 | 0 | |
Loss on extinguishment of debt | ||||||
1,015 | -21,828 | 0 | 0 | - | - | |
Net changes in operating assets and liabilities: | ||||||
Restricted cash | ||||||
- | - | - | 0 | -350 | 1 | |
Receivables | ||||||
1,524 | 694 | 876 | -6,663 | 4,554 | 6,050 | |
Escrow proceeds receivable | ||||||
-3,319 | 3,234 | -2,956 | 126 | -1,465 | 0 | |
Real estate inventories - owned | ||||||
199,409 | -52,913 | 69,598 | 264,868 | - | - | |
Other assets, net | ||||||
2,448 | 2,158 | -2,367 | -758 | 5,588 | -1,069 | |
Accounts payable | ||||||
60,257 | -15,483 | -1,599 | 24,067 | 34,103 | -1,636 | |
Accrued expenses | ||||||
31,298 | 17,247 | 9,466 | -15,045 | 21,290 | 18,596 | |
Liabilities from real estate inventories not owned | ||||||
- | - | - | - | 12,960 | 26,069 | |
Net cash used in operating activities | ||||||
27,603 | 167,454 | 21,202 | -172,908 | -159,807 | -174,534 | |
Investing activities | ||||||
Cash paid for acquisitions, net of cash acquired | ||||||
479,328 | 0 | 0 | - | 492,418 | 0 | |
Purchases of property and equipment | ||||||
7,359 | 4,300 | 1,029 | 4,800 | 2,078 | 3,754 | |
Investment in and advances to unconsolidated joint ventures | ||||||
- | - | - | 1,000 | 500 | 0 | |
Proceeds from repayment of notes receivable | ||||||
0 | 0 | 6,188 | 0 | 0 | - | |
Net cash used in investing activities | ||||||
-486,687 | -4,300 | 5,159 | -5,800 | -494,996 | -3,754 | |
Financing activities | ||||||
Proceeds from borrowings on notes payable | ||||||
183,894 | 134,061 | 139,783 | 119,663 | 95,227 | 73,610 | |
Principal payments on notes payable | ||||||
127,105 | 142,211 | 147,887 | 58,217 | 96,465 | 65,037 | |
Proceeds from issuance of senior notes | ||||||
- | - | 258,000 | - | - | - | |
Proceeds from issuance of bridge loan | ||||||
- | - | - | - | 120,000 | 0 | |
Payments on bridge loan | ||||||
- | - | - | - | 120,000 | 0 | |
Proceeds from borrowings on revolver | ||||||
492,446 | 346,121 | 258,000 | 229,000 | 20,000 | 0 | |
Payments on revolver | ||||||
447,446 | 375,121 | 294,000 | 164,000 | 20,000 | 0 | |
Excess income tax benefit from stock based awards | ||||||
0 | 0 | -182 | 0 | 1,866 | 0 | |
Payment of deferred loan costs | ||||||
10,777 | 9,892 | 1,085 | 2,147 | 19,018 | 4,060 | |
Issuance of TEUs - Purchase Contracts | ||||||
- | - | - | - | 94,284 | 0 | |
Offering costs related to TEUs | ||||||
- | - | - | - | 3,830 | 0 | |
Issuance of TEUs - Amortizing notes | ||||||
- | - | - | - | 20,717 | 0 | |
Principal payments on subordinated amortizing notes | ||||||
0 | 7,225 | 6,841 | 6,651 | 0 | 0 | |
Proceeds from stock options exercised | ||||||
276 | 0 | 0 | 106 | 285 | 0 | |
Proceeds from issuance of Class B Shares | ||||||
0 | 29,908 | 0 | 0 | - | 179,438 | |
Costs related to settlement of TEUs | ||||||
0 | 63 | 0 | 0 | 105 | 15,753 | |
Shares remitted to, or withheld by the Company for employee tax withholding | ||||||
4,954 | 1,544 | 942 | 1,832 | - | - | |
Payments to repurchase common stock | ||||||
15,366 | 3,112 | 0 | 0 | 1,774 | 0 | |
Payment of preferred stock dividends | ||||||
- | - | - | - | - | 2,550 | |
Cash contributions from members of consolidated entities | ||||||
131,267 | 66,712 | 38,334 | 19,850 | - | 37,184 | |
Cash distributions to members of consolidated entities | ||||||
83,957 | 62,513 | 19,636 | 10,632 | 27,326 | 30,447 | |
Net cash provided by financing activities | ||||||
310,153 | -23,056 | -34,456 | 176,140 | 535,902 | 278,885 | |
Net increase (decrease) in cash and cash equivalents | ||||||
-148,931 | 140,098 | -8,095 | -2,568 | -118,901 | 100,597 | |
Supplemental disclosures: | ||||||
Cash paid for taxes | ||||||
24,388 | 35,761 | 16,540 | 24,955 | 25,392 | 9,300 | |
Cash paid for professional fees relating to the reorganization | ||||||
- | - | - | - | - | 464 | |
Supplemental disclosures of non-cash investing and financing activities: | ||||||
Right-of-use assets obtained in exchange for new operating lease liabilities | ||||||
6,495 | 5,925 | 1,353 | 3,600 | - | - | |
Notes payable issued in conjunction with land acquisitions | ||||||
0 | 0 | 24,692 | 0 | 2,413 | 16,238 | |
Accrued deferred loan costs | ||||||
15 | 0 | 0 | - | - | - | |
Inventory reclassified to Other assets upon adoption of ASC 606 | ||||||
5,365 | 0 | 0 | - | 4,574 | 0 | |
Conversion of convertible preferred stock to common stock | ||||||
- | - | - | - | - | 70,386 | |
Non-cash additions to Real estate inventories - not owned and Liabilities from inventories not owned | ||||||
121,303 | 0 | 0 | - | - | - | |
5 3/4% Senior Notes due April 15, 2019 | ||||||
Principal payments of Senior Notes | ||||||
150,000 | 0 | 0 | - | - | - | |
8 1/2% Senior Notes due 2020 | ||||||
Redemption Premium | ||||||
0 | 19,645 | 0 | - | - | - | |
Principal payments of Senior Notes | ||||||
0 | 425,000 | 0 | - | - | - | |
5.875% Senior Notes due January 31, 2025 | ||||||
Principal payments of Senior Notes | ||||||
8,125 | 0 | 0 | - | - | - | |
6% Senior Notes due September 1, 2023 | ||||||
Proceeds from issuance of senior notes | ||||||
350,000 | 0 | 0 | - | - | - | |
5 7/8% Senior Notes due January 31, 2025 | ||||||
Proceeds from issuance of Senior Notes | ||||||
0 | 446,468 | 0 | - | - | - | |