MTH Stock Cash Flow Statements

Meritage Homes Quarterly Cash Flow Statements Chart

Quarterly

Annual

Stock-Based Compensation

Operating Cash Flow

Investing Cash Flow

Financing Cash Flow

Free Cash Flow

Capital Expenditure

Meritage Homes Quarterly Cash Flow Statements Table

Quarterly

Annual

Unit: USD	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-09-30	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-09-30	2011-06-30	2011-03-31	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31	2007-09-30	2007-06-30	2007-03-31	2006-09-30	2006-06-30	2006-03-31	2005-12-31	2005-09-30	2005-06-30	2005-03-31	2004-12-31	2004-09-30	2004-06-30	2004-03-31	2003-12-31	2003-09-30

cash flows from operating activities:
net earnings	146,879,000	122,806,000	172,649,000	195,966,000	231,555,000	186,016,000	198,851,000	221,760,000	186,836,000	131,301,000	262,365,000	262,489,000	250,084,000	217,254,000	237,460,000	200,752,000	167,389,000	131,843,000	152,527,000	109,118,000	90,678,000	71,152,000	103,614,000	69,809,000	50,828,000	25,412,000	75,485,000	54,135,000	53,838,000	43,874,000	35,553,000	42,550,000	41,580,000	23,572,000	51,807,000	36,887,000	39,878,000	20,969,000	52,897,000	30,308,000	29,133,000	16,400,000	49,208,000	32,577,000	35,079,000	25,377,000		38,191,000																								-56,576,000	15,116,000	59,539,000	77,055,000	79,736,000	101,977,000	70,253,000	59,239,000	24,196,000	51,812,000	35,600,000	24,637,000	26,919,000	31,566,000	25,755,000
adjustments to reconcile net earnings to net cash from operating activities:
depreciation and amortization	6,663,000	5,949,000	6,601,000	6,546,000	6,774,000	6,038,000	7,758,000	6,380,000	5,988,000	5,208,000	7,203,000	5,822,000	5,964,000	5,759,000	6,353,000	6,478,000	6,879,000	6,535,000	8,556,000	7,945,000	7,540,000	7,011,000	8,370,000	7,172,000	6,549,000	5,832,000	7,508,000	6,850,000	6,742,000	5,866,000	4,633,000	4,199,000	4,202,000	3,670,000	4,508,000	3,870,000	4,198,000	3,402,000	3,947,000	3,565,000	3,518,000	3,211,000	3,460,000	2,972,000	2,669,000	2,513,000	2,765,000	2,511,000	2,500,000	2,158,000	2,283,000	2,299,000	1,921,000	1,693,000	1,694,000	1,817,000	1,756,000	1,835,000	2,111,000	2,081,000	1,947,000	2,296,000	2,003,000	2,119,000	2,425,000	5,884,000	3,221,000	3,216,000	3,348,000	4,361,000	4,413,000	4,775,000	4,269,000	5,095,000	5,304,000	4,873,000	4,455,000	4,728,000	4,270,000	3,754,000	4,264,000	3,205,000	3,017,000	2,747,000	2,805,000
stock-based compensation	3,597,000	6,325,000	6,504,000	8,473,000	4,718,000	6,114,000	5,954,000	6,156,000	4,176,000	6,225,000	5,436,000	6,852,000	4,070,000	5,975,000	5,634,000	5,845,000	3,223,000	5,367,000	4,271,000	6,130,000	3,157,000	6,437,000	3,888,000	5,657,000	4,201,000	5,861,000	3,433,000	4,761,000	3,767,000	5,209,000	2,158,000	4,113,000	2,490,000	3,295,000	2,699,000	3,729,000	2,555,000	4,758,000	3,363,000	3,953,000	3,835,000	4,630,000	3,176,000	3,771,000	2,853,000	2,411,000	2,443,000	3,099,000	2,097,000	1,844,000	2,224,000	2,822,000	1,620,000	1,653,000	2,114,000	1,388,000	1,713,000	1,296,000	1,566,000	1,239,000	1,257,000	1,692,000	2,219,000	1,229,000	1,064,000	1,461,000	1,988,000	638,000	1,419,000	2,231,000	2,513,000	1,958,000	2,264,000	2,068,000	4,650,000	2,679,000
equity in earnings from unconsolidated entities	-1,538,000	-626,000	-5,300,000	-1,298,000	-1,655,000	-972,000	-1,720,000	-1,769,000	-1,536,000	-1,346,000	-2,390,000	-1,558,000	-1,209,000	-936,000	-1,779,000	-1,071,000	-1,057,000	-750,000	-1,675,000	-1,130,000	-1,007,000	-684,000	-3,011,000	-3,106,000	-3,654,000	-2,174,000	-5,173,000	-5,182,000	-3,368,000	-2,610,000	-5,434,000	-3,398,000	-4,029,000	-3,098,000	-7,384,000	-4,655,000	-4,368,000	-2,635,000	-4,019,000	-3,731,000	-2,588,000	-2,421,000	-3,505,000	-2,649,000	-2,236,000	-2,032,000		-3,557,000	-3,366,000	-2,632,000		-2,975,000	-2,228,000	-1,423,000	-1,797,000	-1,226,000	-908,000		-1,243,000
distributions of earnings from unconsolidated entities	1,528,000	588,000	3,456,000	1,227,000	1,793,000	985,000	1,634,000	1,740,000	1,642,000	1,776,000	2,115,000	1,446,000	1,270,000	1,069,000	1,627,000	1,109,000	1,115,000	1,100,000	1,145,000	958,000	642,000	849,000	2,177,000	2,753,000	4,512,000	3,996,000	4,244,000	5,064,000	3,590,000	3,244,000	4,927,000	3,698,000	3,432,000	3,280,000	5,520,000	4,096,000	3,866,000	3,477,000	3,204,000	3,677,000	2,734,000	3,035,000	2,829,000	2,665,000	2,164,000	3,955,000	2,217,000	3,560,000	3,514,000	3,722,000	3,530,000	3,123,000	1,743,000	1,252,000	1,955,000	1,466,000	1,188,000	2,027,000	1,880,000	2,016,000	1,340,000	2,945,000	1,436,000	1,550,000	2,355,000	2,325,000	2,363,000	2,094,000	3,267,000	3,700,000	3,461,000	3,815,000	4,953,000	6,122,000	4,570,000	3,266,000	6,132,000
other	5,905,000	1,922,000	-633,000	10,396,000	3,696,000	1,001,000	2,707,000	-740,000	1,220,000	928,000	-291,000	11,755,000	-809,000	208,000	174,000	-5,351,000	-385,000	2,651,000	12,525,000	-667,000	2,384,000	164,000	5,371,000	-403,000	2,478,000	1,827,000	13,650,000	-210,000	106,000	2,301,000	4,584,000	1,255,000	28,000	-18,000	4,597,000	1,680,000	2,214,000	1,048,000	10,284,000	822,000	914,000	-490,000	1,788,000	4,406,000	2,112,000	1,843,000	13,526,000	-2,684,000	390,000	3,632,000
changes in assets and liabilities:
increase in real estate	-163,796,000	-60,821,000	-255,419,000				-219,865,000				365,584,000	-260,656,000	-445,565,000	-283,885,000				-193,395,000				-45,207,000				-1,753,000	142,390,000	-6,007,000	-68,077,000	-87,732,000	34,592,000	-124,685,000	-122,162,000	-89,222,000	7,064,000	-124,509,000	-77,946,000	-116,035,000	-10,887,000	-54,070,000	-85,544,000	-58,906,000	12,274,000	-115,984,000	-100,077,000	-134,807,000	-60,276,000	-107,676,000	-75,116,000	-38,876,000	-108,676,000	-49,847,000	-87,940,000	-52,722,000	-22,645,000	-18,908,000	-19,232,000
increase in deposits on real estate under option or contract	31,764,000	-62,179,000											-4,535,000	-2,753,000				-4,821,000																										-19,566,000											-1,508,000	-1,524,000	-29,000
(increase)/decrease in other receivables, prepaids and other assets	-5,628,000	-37,636,000														-15,221,000	-29,272,000	-7,118,000						-3,080,000	1,626,000	-1,654,000
decrease in accounts payable and accrued liabilities																						-1,956,000				-12,211,000				-15,000												-3,179,000												-5,210,000			-3,484,000				-3,438,000
(decrease)/increase in home sale deposits	-6,701,000	-2,863,000																												-298,000																												-942,000
net cash from operating activities						81,930,000				124,472,000		37,018,000							157,278,000	135,637,000	193,532,000	43,913,000							6,874,000	-17,329,000	87,294,000	-43,678,000	-45,982,000	-84,766,000	44,943,000	-37,726,000	-28,802,000	-81,817,000	49,911,000	23,702,000	-38,757,000	-38,191,000	24,905,000	-61,503,000	-42,983,000	-131,667,000	-46,750,000	-20,005,000	-19,402,000	-119,000		-27,345,000	-49,545,000	-55,362,000				-5,612,000	-20,682,000	14,908,000	43,937,000		-20,820,000	39,635,000	138,619,000																			8,662,000
capex						-6,258,000				-8,899,000		-6,685,000							-5,161,000	-4,428,000	-5,012,000	-5,331,000							-9,343,000	-6,383,000	-6,058,000	-3,716,000	-5,084,000	-3,238,000	-4,406,000	-4,686,000	-3,630,000	-3,940,000	-3,758,000	-4,505,000	-3,240,000	-4,589,000	-4,421,000	-4,503,000	-4,869,000	-6,995,000	-6,066,000	-3,930,000	-3,083,000	-2,704,000		-2,756,000	-2,047,000	-2,336,000				-1,350,000	-1,153,000	-1,931,000	-1,955,000		0	0	0																			0
free cash flows						75,672,000				115,573,000		30,333,000							152,117,000	131,209,000	188,520,000	38,582,000							-2,469,000	-23,712,000	81,236,000	-47,394,000	-51,066,000	-88,004,000	40,537,000	-42,412,000	-32,432,000	-85,757,000	46,153,000	19,197,000	-41,997,000	-42,780,000	20,484,000	-66,006,000	-47,852,000	-138,662,000	-52,816,000	-23,935,000	-22,485,000	-2,823,000		-30,101,000	-51,592,000	-57,698,000				-6,962,000	-21,835,000	12,977,000	41,982,000		-20,820,000	39,635,000	138,619,000																			8,662,000
cash flows from investing activities:
investments in unconsolidated entities	-3,527,000	-5,850,000	-8,103,000	-3,831,000	-5,025,000	-1,586,000	-2,132,000	-2,582,000			-122,000	-21,000			-1,707,000	0	0	-1,000	-1,000	-1,000	-2,000	-1,000	-1,000	0	-2,000	-1,110,000	-257,000	-134,000			-266,000	4,000	-398,000	-10,000	-7,002,000	-83,000	-96,000	-63,000	-181,000	-18,000	-178,000	-104,000	-270,000	-12,000					-88,000	-28,000	-1,000	-1,000	-275,000	-130,000	-1,000	-288,000	-138,000	-488,000	-113,000	-338,000	-95,000
purchases of property and equipment	-6,767,000	-5,592,000	-7,484,000	-8,016,000	-6,900,000	-6,258,000	-6,971,000	-10,087,000	-12,235,000	-8,899,000	-7,434,000	-6,685,000	-6,429,000	-6,423,000	-7,754,000	-6,940,000	-5,977,000	-4,993,000	-5,161,000	-4,428,000	-5,012,000	-5,331,000	-6,009,000	-6,244,000	-6,892,000	-5,240,000	-9,661,000	-8,028,000	-9,343,000	-6,383,000	-6,058,000	-3,716,000	-5,084,000	-3,238,000	-4,406,000	-4,686,000	-3,630,000	-3,940,000	-3,758,000	-4,505,000	-3,240,000	-4,589,000	-4,421,000	-4,503,000	-4,869,000	-6,995,000	-6,066,000	-3,930,000	-3,083,000	-2,704,000	-3,724,000	-2,756,000	-2,047,000	-2,336,000	-1,468,000	-2,530,000	-1,431,000	-1,350,000	-1,153,000	-1,931,000	-1,955,000
proceeds from sales of property and equipment	97,000	29,000	83,000	49,000	51,000	79,000	89,000	106,000	100,000	128,000	153,000	81,000	69,000	178,000	147,000	112,000	208,000	84,000	175,000	269,000	163,000	96,000	192,000	75,000	118,000	74,000	-8,000	15,000	62,000	30,000	105,000	165,000	37,000	49,000	56,000	57,000	52,000	35,000	-6,000	30,000	18,000	44,000	89,000	27,000					-1,000	33,000	33,000	106,000	14,000	350,000	33,000	4,000	3,000	56,000	15,000	19,000	31,000	23,000	14,000	69,000	45,000	69,000	599,000	70,000	35,000	89,000	372,000	148,000	212,000	794,000	204,000	8,000	4,000	42,000	389,000	57,000
maturities/sales of investments and securities			0	0			0	0			0	0	-1,181,000	2,213,000	0	98,000	131,000	2,566,000	1,857,000	0	549,000	83,000	79,000	109,000	0	566,000	116,000	0	47,000	1,018,000	105,000	39,000	32,000	1,226,000	101,000	0	0	645,000
payments to purchase investments and securities			0	0			0	0			0	0	1,181,000	-2,213,000	0	-98,000	-131,000	-2,566,000	-1,857,000	0	-549,000	-83,000	-79,000	-109,000	0	-566,000	-116,000	0	-47,000	-1,018,000	-105,000	-39,000	-32,000	-1,226,000	-101,000	0	0	-645,000					-116,000	-83,000	-100,000	-35,514,000	-26,947,000	-62,734,000	-30,112,000	-46,826,000	-27,025,000	-33,296,000	1,000	-76,503,000	-84,745,000	-69,243,000	-59,908,000
net cash from investing activities	-10,197,000	-11,413,000	-12,637,000	-11,798,000	-11,874,000	-7,765,000	-8,920,000	-12,563,000	-13,412,000	-8,728,000	-7,403,000	-6,625,000	-12,013,000	-6,245,000	-9,314,000	-6,828,000	-5,769,000	-4,910,000	-4,987,000	-4,160,000	-4,851,000	-4,236,000	-1,518,000	-6,169,000	474,000	-6,276,000	-9,926,000	-7,550,000	-9,698,000	-6,353,000	-6,131,000	-3,547,000	-4,195,000	-3,199,000	-7,752,000	-4,712,000	-3,674,000	-3,968,000												-5,452,000		38,431,000						-36,051,000	9,174,000	-95,715,000	-51,923,000
cash flows from financing activities:
repayment of loans payable and other borrowings	-9,063,000	-2,150,000	-1,083,000	-405,000	-523,000	-6,922,000	-182,000	-407,000	-2,041,000	-168,000	-5,502,000	-3,153,000	-7,220,000	-4,580,000	-7,281,000	-550,000	-3,811,000	-1,947,000	-7,870,000	-6,120,000	-1,380,000	-1,009,000	-590,000	-457,000	-1,641,000	-988,000	-2,271,000	-10,985,000	-302,000	-2,197,000	-479,000	-4,766,000	-2,677,000	-3,048,000	-2,988,000	-2,804,000	-11,589,000	-3,893,000	-19,182,000	-833,000	-194,000	-3,017,000
repayment of senior notes			0	0			0								0	0														-175,000,000
proceeds from issuance of senior notes	0	497,195,000													0	0											0	0	0	206,000,000	0	0							0	0							106,699,000	0	0	175,000,000					0				0																		-1,000	0	-4,414,000	348,250,000	88,000	0			115,000	81,635,000
payment of debt issuance costs	-33,000	-5,073,000	250,000	-29,000											0	0											0	117,000	0	-3,315,000	-105,000	12,000
purchase of capped calls related to issuance of convertible senior notes			0	0
dividends paid	-30,597,000	-30,887,000	-26,971,000	-27,135,000	-27,245,000	-27,239,000	-9,839,000	-9,841,000	-9,927,000	-9,927,000
repurchase of shares	-45,000,000	-44,999,000	-40,000,000	-29,999,000	0	-55,933,000	-4,067,000	-45,000,000	0	-10,000,000	0	0	-10,000,000	-99,303,000	-23,975,000	-9,471,000	-19,161,000	-8,385,000	-8,779,000	0	0	-60,813,000	-7,078,000	0	0	-8,957,000	-70,647,000
net cash from financing activities						-90,094,000		-206,132,000	-11,968,000	-20,095,000				-103,883,000					-16,649,000	-6,120,000									-302,000	25,488,000									-19,167,000	-821,000	169,933,000	28,752,000	-10,039,000	30,000	-93,000	113,414,000	105,448,000			160,135,000				1,055,000			1,518,000				1,335,000	490,000	1,630,000			3,000	122,000			-152,211,000	-19,385,000	95,766,000	77,087,000	71,407,000	37,049,000	16,623,000	-78,769,000	111,599,000	36,235,000	124,055,000	-24,641,000	23,574,000	34,127,000	31,650,000	-30,661,000
net increase in cash and cash equivalents																			135,642,000	125,357,000	-312,699,000	477,855,000				16,033,000																																					-38,359,000																		28,536,000	7,605,000	45,000	6,891,000		-19,645,000
cash and cash equivalents, beginning of period	0	651,555,000		0	0	921,227,000		0	0	861,561,000		0	0	618,335,000		0	0	745,621,000		0	0	319,466,000		0	0	311,466,000		0	0	170,746,000		0	0	131,702,000		0	0	262,208,000		0	0	103,333,000																																						47,876,000				4,799,000
cash and cash equivalents, end of period	-81,189,000	1,011,652,000		-161,362,000	87,623,000	905,298,000		-114,488,000	206,033,000	957,210,000		27,240,000	-248,248,000	520,395,000		-122,083,000	-32,059,000	716,433,000		125,357,000	-312,699,000	797,321,000		47,385,000	79,928,000	327,499,000		36,336,000	-3,126,000	172,552,000		-101,572,000	131,050,000	85,689,000		-20,256,000	-44,004,000	172,175,000		18,388,000	127,776,000	89,245,000																																						44,828,000				11,690,000
adjustments to reconcile net earnings to net cash (used in)/provided by operating activities:
(decrease)/increase in accounts payable and accrued liabilities		-16,041,000							3,933,000	-31,687,000																							10,567,000	-16,064,000												-15,697,000
net cash (used in)/provided by operating activities		-42,576,000	-99,563,000	-91,996,000											96,614,000	-105,234,000	-129,526,000	-13,946,000																																					-18,478,000	-8,172,000	-24,563,000
net cash provided by/(used in) financing activities		414,086,000	-67,804,000	-57,568,000											-31,256,000	-10,021,000						438,178,000											181,227,000	41,952,000																					33,000
net increase/(decrease) in cash and cash equivalents		360,097,000					-127,528,000	-114,488,000	206,033,000	95,649,000																	105,704,000			1,806,000									26,799,000	18,388,000									-107,002,000	154,564,000					-10,464,000										138,476,000	86,896,000	3,874,000
loss on early extinguishment of debt			0				0								0	0																															0	0	3,096,000	700,000		0
(increase)/decrease in deposits on real estate under option or contract					-34,127,000	-11,449,000	-19,113,000												3,433,000			-3,266,000														391,000	495,000	-4,046,000								-3,071,000	-16,549,000	-13,064,000										-16,000	1,788,000	-1,764,000	-1,062,000
decrease/(increase) in receivables, prepaids and other assets
decrease in home sale deposits
distributions of capital from unconsolidated entities							94,000	0	0	43,000									0	0	0	1,000,000	4,300,000	0			0				88,000	0																	0	74,000	1,000	24,000			1,000	9,000	0	80,000	136,000	0	16,000	217,000	44,000	-600,000	1,709,000	-3,000	464,000	29,000	1,833,000	-1,435,000	16,700,000	14,154,000	2,056,000	206,000	1,018,000	14,339,000	8,303,000
proceeds from issuance of convertible senior notes			0	0
net (decrease)/increase in cash and cash equivalents			-180,004,000			-15,929,000									56,044,000	-122,083,000	-32,059,000	-29,188,000																	23,787,000	-20,256,000							19,228,000	-146,525,000	-30,326,000	-13,180,000												-41,371,000	-11,345,000	-86,011,000	-6,651,000
cash and cash equivalents, beginning of year
cash and cash equivalents, end of year
decrease/(increase) in other receivables, prepaids and other assets						53,769,000														1,464,000	-4,088,000	7,557,000						52,000	-3,792,000	5,426,000
increase in accounts payable and accrued liabilities							-14,476,000				-41,651,000	5,215,000	-2,506,000	115,927,000	8,857,000	40,769,000															-13,173,000				-17,829,000	48,262,000			-8,066,000	34,953,000			-19,813,000	31,211,000			-20,258,000	58,147,000				10,270,000																									81,175,000	56,971,000			16,410,000				12,098,000
(increase)/decrease in real estate					-257,120,000	-193,431,000									-137,324,000	-340,998,000																																										1,973,000	-31,089,000	10,126,000	-49,920,000
decrease in other receivables, prepaids and other assets
increase in home sale deposits					-3,416,000	6,191,000		-1,646,000	1,887,000	9,931,000		-3,053,000	12,542,000	5,668,000				5,899,000				1,856,000		-805,000				-2,971,000				3,249,000	3,400,000	4,449,000		-2,658,000	-2,993,000	6,442,000	-3,390,000	859,000	5,957,000	3,392,000	-4,156,000	3,478,000	3,698,000	1,839,000	-6,187,000	2,395,000	7,822,000	5,367,000		1,281,000	1,506,000	2,382,000			1,562,000																				-3,585,000	10,301,000	9,135,000	6,103,000	-3,829,000	6,914,000	9,744,000	3,269,000	-3,596,000
increase/(decrease) in accounts payable and accrued liabilities						27,668,000												38,743,000																				455,000												14,671,000
adjustments to reconcile net earnings to net cash provided by/(used in) operating activities:
increase in receivables, prepaids and other assets																																						-168,000	-1,016,000	4,279,000	-4,651,000	-5,695,000
net cash provided by/(used in) operating activities							-104,520,000	104,207,000						12,188,000											81,095,000	32,254,000	188,548,000																																								4,396,000	20,633,000	81,123,000
net cash (used in)/provided by financing activities											-5,502,000	-3,153,000						-10,332,000							-1,641,000	-9,945,000	-72,918,000										-11,528,000	-4,248,000																				292,000	163,000
increase in other receivables, prepaids and other assets										-11,749,000		1,242,000	-38,321,000	-52,098,000																		-5,779,000	10,734,000	-20,162,000		-4,833,000
decrease/(increase) in real estate									11,951,000	2,999,000																																																									12,520,000	10,890,000	63,796,000
decrease/(increase) in deposits on real estate under option or contract									-5,395,000	10,886,000	10,287,000																					4,325,000	3,776,000	5,532,000					3,597,000	-885,000	-163,000	3,767,000									-1,368,000	1,768,000	325,000	99,000
(increase)/decrease in receivables, prepaids and other assets
net decrease in cash and cash equivalents												27,240,000	-248,248,000	-97,940,000																				-46,013,000				-90,033,000				-14,088,000												-83,009,000			-445,000
increase/(decrease) in home sale deposits																										535,000																													2,433,000						920,000	-2,140,000	1,080,000
proceeds from credit facility																						500,000,000												45,000,000	-10,000,000							27,000,000
deferred tax asset revaluation
repayment of senior notes and senior convertible notes																											0	0
decrease in real estate																																																														10,864,000	-16,608,000	27,030,000	77,167,000
decrease in deposits on real estate under option or contract																							-5,320,000	677,000	-1,487,000	6,583,000	2,364,000	-1,013,000	3,687,000	7,406,000																				3,030,000												3,044,000	1,255,000	5,195,000	681,000		2,052,000	4,211,000	2,349,000				11,852,000
(repayment of)/proceeds from credit facility
(increase) in real estate
excess income tax benefit from stock-based awards																																							-3,000	-28,000	-77,000	-1,935,000	-100,000	-3,000					-1,223,000	-464,000																				0	0	25,000	321,000
excess income tax provision from stock-based awards
proceeds from stock option exercises																																			0	0	71,000	161,000	5,000	42,000	5,000	2,834,000	308,000	27,000					7,838,000	3,078,000	367,000	2,678,000	167,000	1,055,000	33,000	280,000	1,518,000	292,000	261,000	174,000	1,335,000	490,000	1,630,000			14,000	122,000	16,000	767,000	33,000	0	469,000	1,390,000	2,475,000	7,982,000	2,456,000	842,000	1,360,000	3,291,000	1,498,000	1,250,000	739,000	980,000	1,150,000	1,275,000	437,000
repayment of credit facility
excess income tax provision/(benefit) from stock-based awards																																			416,000	14,000	10,000	516,000
repurchase/redemption of convertible senior notes
excess income tax (provision)/benefit from stock-based awards																																			-416,000	-14,000	-10,000	-516,000
repurchase of convertible senior notes																																-74,593,000
cash paid for acquisitions																																											0				-245,000
debt issuance costs																																							7,000	-58,000									-260,000	-1,143,000	188,000	-4,166,000			0			0	-98,000
proceeds from issuance of common stock																																											0	0	-12,000	110,432,000
deferred tax asset valuation benefit																																																-1,557,000				-4,000
decrease in restricted cash																																																												1,478,000	104,000
net cash (used in)/provided by investing activities																																									-3,400,000	-4,649,000						-20,785,000						-28,702,000
repayment of senior subordinated notes																																															0	0	-85,558,000	-17,264,000
non-controlling interest acquisition
maturities of investments and securities																																											9,015,000	50,196,000	17,855,000	47,533,000	30,112,000	61,876,000	27,025,000	43,999,000		70,500,000	70,201,000	50,000,000	95,000,000	144,000,000	85,000,000
decrease/(increase) in restricted cash																																																										-396,000
increase in receivables and prepaid expenses and other assets																																												-4,381,000	-1,123,000	-13,998,000
increase in restricted cash																																																				3,854,000	-6,879,000	-83,000
cash and cash equivalents at beginning of period																																												0	0	274,136,000		0	0	170,457,000		0	0	173,612,000	0	0	103,953,000		0	0	249,331,000		0	0	205,923,000		0	0	27,677,000		0	0	56,710,000	0	0	65,812,000						0				0
cash and cash equivalents at end of period																																												-146,525,000	-30,326,000	260,956,000		-40,435,000	-107,002,000	325,021,000		223,223,000	-8,777,000	90,603,000	-10,464,000	64,060,000	103,508,000		-11,345,000	-86,011,000	242,680,000		-38,359,000	40,911,000	344,399,000		3,874,000	89,013,000	26,140,000		-6,381,000	12,759,000	38,919,000	27,971,000	5,803,000	41,662,000						7,605,000				-19,645,000
net cash provided by/(used in) investing activities																																													12,750,000	5,073,000									7,981,000	71,952,000	22,600,000
net earnings/																																																		12,041,000											2,660,000
adjustments to reconcile net earnings/(loss) to net cash from operating activities:
real estate-related impairments																																																																				35,142,000	44,349,000
equity in earnings of unconsolidated entities
deferred tax asset valuation reversal
(increase)/decrease in receivables and prepaid expenses and other assets																																																	-7,855,000	-5,312,000							-1,540,000
net income/																																																			95,128,000	6,784,000						-895,000	1,219,000
adjustments to reconcile net income/(loss) to net cash (used in)/provided by operating activities:
other assets-related impairments
loss on early extinguishment of senior subordinated debt
other operating expenses																																																			-32,000	357,000	26,000	20,000	-47,000	12,000	406,000	229,000	622,000
proceeds from sales and maturities of investment securities																																																										149,970,000	49,992,000
(increase)/decrease in restricted cash																																																							-839,000	0	-926,000
proceeds from issuance of senior and senior subordinated notes
proceeds from sale of common stock																																																																													10,000	0	5,000	69,694,000
adjustments to reconcile net income/(loss) to net cash from operating activities:
real-estate-related impairments																																																				417,000	863,000	293,000	1,047,000	590,000	664,000		680,000
repayments of senior notes																																																				0			0				0
proceeds from issuance of senior and senior convertible notes
decrease in receivables and prepaid expenses and other assets																																																											17,750,000	-11,606,000	90,494,000								53,300,000				63,000			7,712,000
net income																																																						-4,754,000								43,286,000	-17,785,000	-73,602,000	-18,355,000		-144,013,000
adjustments to reconcile net income to net cash from operating activities:
decrease/(increase) in receivables and prepaid expenses and other assets																																																						1,355,000								19,378,000	1,513,000	5,658,000	2,405,000		-24,482,000
net (loss)/income																																																							-3,235,000	562,000	-6,659,000
adjustments to reconcile net (loss)/income to net cash (used in)/provided by operating activities:
loss on early extinguishment of debt, net of transaction costs																																																							0
goodwill and tangible asset impairments
decrease in deferred taxes
deferred tax asset valuation allowance																																																																		12,338,000
loss/(gain) on early extinguishment of senior subordinated debt
equity in
(decrease) in accounts payable and accrued liabilities
net repayments under credit facility
proceeds from issuance of common stock, net of transaction fees																																																																		-3,000	0
purchase of treasury stock
loss/(gain) on early extinguishment of debt, net of transaction costs																																																											0
purchase of investment securities																																																											-45,521,000
decrease/(increase) in home sale deposits
real estate related impairments																																																													542,000			66,380,000	10,468,000						146,145,000
gain on early extinguishment of senior subordinated debt, net of transaction costs																																																													0
equity in (earnings)/losses from unconsolidated entities																																																													-803,000
increase in investment and securities																																																													-50,024,000
adjustments to reconcile net income to net cash provided by/(used in) operating activities:
decrease/(increase) in deferred taxes
tender offer stock compensation expense
gain on early extinguishment of senior subordinated debt
equity in losses/																																																																				2,089,000	13,529,000
net cash provided by/(used in) by operating activities
payments for stock option tender offer
real estate and land impairments
decrease in income tax receivables
increase in deferred taxes
decrease in income tax receivable																																																																0	107,660,000
net (loss)/earnings																																																																					-45,305,000	-128,839,000
adjustments to reconcile net (loss)/earnings to net cash provided by/(used in) operating activities:
increase/(decrease) in deferred taxes
changes in assets and liabilities, net of effect of acquisitions:
decrease (increase) in real estate
decrease (increase) in deposits on real estate under option or contract																																																																												3,916,000
(increase) in receivables and prepaid expenses and other assets
(decrease) in home sale deposits
net (repayments)/borrowings under credit facility
proceeds from loans payable and other borrowings																																																																										359,000	-967,645,000	968,500,000	1,033,462,000	900,100,000	763,000,000	587,600,000
payments for repurchase of senior notes
goodwill-related impairments																																																																						57,538,000	45,000,000
equity in losses from unconsolidated entities
net (repayments)/borrowing under credit facility
repayments of loan payable and other borrowings
proceeds from issuance of senior subordinated notes																																																																							0	0	150,000,000
net borrowings/(repayments) under credit facility
repayments of loans payable and other borrowings
adjustments to reconcile net (loss)/earnings to net cash (used in)/provided by operating activities:
write-off of senior note issuance cost																																																																													0	0
income tax benefit from stock option exercises
cash paid for earn-out agreements
adjustments to reconcile net (loss)/earnings to net cash from operating activities:
loss/
net borrowings under line of credit agreement																																																																							-17,000,000			71,400,000
payments of senior notes
net decrease/(increase) in cash and cash equivalents
equity in earnings from unconsolidated entities, includes 1,120 of impairments to joint venture investments in 2007
senior subordinated notes issuance costs
write-off of deposits and land acquisition costs																																																																									17,037,000	8,938,000
net borrowings (payments) under line of credit agreement
increase in deferred tax liability
excess tax benefit from stock-based compensation																																																																										1,069,000	5,147,000	4,974,000
tax benefit from stock option exercises																																																																													654,000	1,643,000	5,525,000	2,643,000	1,271,000	0	801,000	900,000
purchases of treasury stock
decrease in deferred tax liability
decrease (increase) in receivables and prepaid expenses and other assets																																																																																5,441,000
increase in deferred tax asset
distributions of income from unconsolidated entities
changes in assets and liabilities, net of effect of acquisition:
cash paid for earnout agreements
net increase in cash and equivalents
cash and equivalents at beginning of period
cash and equivalents at end of period
see supplemental disclosures of cash flow information at note 10.
see accompanying notes to condensed consolidated financial statements
basic earnings per share
diluted earnings per share
write-off of senior note issuance costs																																																																																4,942,000
net increase in liabilities over assets not owned																																																																																				96,000
distributions from unconsolidated entities																																																																																1,932,000	-4,447,000	6,170,000	1,059,000	916,000
senior note issuance costs
deferred income taxes
changes in assets and liabilities, net of effect of acquisitions in 2004 and 2002:
deferred tax asset
net increase in assets not owned
cash paid for acquisition
increase in goodwill
proceeds from loans payable																																																																																		581,279,000	301,800,000	466,800,000	521,200,000	345,800,000
repayments of loans payable
deferred income tax provision
changes in assets and liabilities, net of effect of acquisition in 2004:
changes in assets and liabilities, net of effect of acquisitions in 2002 and 2001:
changes in operating assets and liabilities, excluding the effects of 2002 acquisitions:
investments in and distributions from unconsolidated entities
supplemental disclosure of cash flow information:
cash paid during the period for:
interest
income taxes
supplemental disclosure of non-cash flow activity:
increase in consolidated real estate not owned																																																																																						-61,297,000
supplemental disclosure of non-cash activity:

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