|
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
|
12 Months Ended |
|---|
|
Dec. 31, 2021
|
Dec. 31, 2020
|
Dec. 31, 2019
|
|---|
| Cash flows from operating activities: |
|
|
|
| Net income |
$ 219,273 |
$ 92,938 |
$ 101,015 |
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
| Depreciation and amortization |
16,334 |
17,629 |
17,851 |
| Non-cash stock-based expense |
14,799 |
9,483 |
9,469 |
| Loss on extinguishment of debt |
8,349 |
0 |
2,944 |
| Impairments of goodwill and intangible assets |
0 |
58,252 |
0 |
| Gain on sale of assets |
(724) |
(1,114) |
(42) |
| Deferred income taxes |
14,464 |
(673) |
(11,198) |
| Distributions from investments |
134 |
54,004 |
17,940 |
| Equity in earnings from investments |
(2,675) |
(56,268) |
(17,000) |
| Net gains on investment securities |
(9,648) |
(1,818) |
(7,440) |
| Equity in (earnings) losses from real estate ventures |
(9,972) |
44,698 |
19,288 |
| Distributions from real estate ventures |
25,326 |
1,903 |
7,028 |
| Non-cash interest expense |
4,838 |
4,331 |
2,052 |
| Non-cash lease expense |
21,941 |
20,496 |
21,088 |
| Non-cash portion of restructuring charges |
0 |
1,214 |
0 |
| Excess tax benefit of stock compensation |
|
264 |
1,488 |
| Provision for credit losses |
3,331 |
14,288 |
1,206 |
| Other |
393 |
(581) |
0 |
| Changes in assets and liabilities: |
|
|
|
| Receivables |
(9,630) |
(8,371) |
(7,950) |
| Inventories |
2,930 |
1,217 |
(7,767) |
| Accounts payable and accrued liabilities |
196 |
3,237 |
(3,983) |
| Payments due under the Master Settlement Agreement |
(31,590) |
5,309 |
(1,553) |
| Investments in real estate, net |
5,652 |
12,449 |
0 |
| Other assets and liabilities, net |
(18,502) |
(5,370) |
(20,365) |
| Net cash provided by operating activities |
255,219 |
267,547 |
124,071 |
| Cash flows from investing activities: |
|
|
|
| Sale of investment securities |
45,627 |
30,458 |
21,879 |
| Maturities of investment securities |
71,505 |
61,230 |
68,859 |
| Purchase of investment securities |
(124,080) |
(99,871) |
(87,766) |
| Proceeds from sale or liquidation of long-term investments |
11,509 |
32,572 |
8,256 |
| Purchase of long-term investments |
(14,316) |
(9,687) |
(9,223) |
| (Increase) decrease in restricted assets |
(5) |
436 |
994 |
| Investments in real estate ventures |
(47,863) |
(14,922) |
(52,529) |
| Distributions from investments in real estate ventures |
11,848 |
18,818 |
41,300 |
| Cash acquired in purchase of subsidiaries |
0 |
2,760 |
0 |
| Proceeds from sale of fixed assets |
17 |
5,162 |
17 |
| Capital expenditures |
(13,506) |
(19,063) |
(12,575) |
| Increase in cash surrender value of life insurance policies |
(1,219) |
(642) |
(719) |
| Purchase of subsidiaries |
(500) |
(722) |
(380) |
| Pay downs of investment securities |
525 |
812 |
1,083 |
| Investments in real estate, net |
0 |
0 |
(2,295) |
| Net cash (used in) provided by investing activities |
(61,970) |
7,341 |
(23,099) |
| Cash flows from financing activities: |
|
|
|
| Proceeds from issuance of debt |
875,000 |
0 |
230,000 |
| Repayments of debt |
(862,973) |
(174,989) |
(293,419) |
| Deferred financing costs |
(20,109) |
0 |
(9,802) |
| Borrowings under revolver |
27,892 |
130,741 |
243,688 |
| Repayments on revolver |
(27,868) |
(165,693) |
(239,526) |
| Dividends and distributions on common stock |
(131,798) |
(128,231) |
(238,249) |
| Distributions to non-controlling interest |
0 |
(448) |
(286) |
| Contributions from non-controlling interest |
1,625 |
0 |
0 |
| Proceeds from the issuance of common stock |
0 |
52,563 |
0 |
| Tax withholdings related to net share settlements |
(13,145) |
(2,630) |
(5,415) |
| Cash transferred to Douglas Elliman Inc. at spin-off |
(212,571) |
0 |
0 |
| Other |
(130) |
0 |
(216) |
| Net cash used in financing activities |
(364,077) |
(288,687) |
(313,225) |
| Net decrease in cash, cash equivalents and restricted cash |
(170,828) |
(13,799) |
(212,253) |
| Cash, cash equivalents and restricted cash, beginning of year |
365,677 |
379,476 |
591,729 |
| Cash, cash equivalents and restricted cash, end of year |
$ 194,849 |
$ 365,677 |
$ 379,476 |
