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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash Flows from Operating Activities    
Net income before allocation to non-controlling interests $ 191,161 $ 191,228
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:    
Net income from unconsolidated entities (2,751) (1,929)
Stock compensation expense 5,483 7,533
Distributions of earnings from unconsolidated entities 2,897 847
Depreciation and amortization 10,250 7,087
Operating lease expense 5,903 7,144
Debt issuance costs amortization 741 868
Changes in operating assets and liabilities:    
Real estate inventory and land deposits (363,923) 51,596
Mortgage loans held for sale, prepaid expenses and other assets (35,783) 190,202
Customer deposits 31,570 1,993
Accounts payable, accrued expenses and other liabilities (22,133) (112,097)
Income taxes payable 45,848 2,977
Net cash (used in)/provided by operating activities (130,737) 347,449 Close
Cash Flows from Investing Activities:    
Purchase of property and equipment (9,111) (13,807)
Distributions of capital from unconsolidated entities 0 350
Investments of capital into unconsolidated entities (23,936) (11,123)
Net cash used in investing activities (33,047) (24,580) Close
Cash Flows from Financing Activities    
Increase in loans payable and other borrowings 0 2,425
Repayments on loans payable and other borrowings (11,544) (7,377)
Borrowings on mortgage warehouse facilities 713,090 634,404
Repayments on mortgage warehouse facilities (683,380) (794,142)
Changes in stock option exercises and issuance of restricted stock units, net (10,856) 4,493
Payment of principal portion of finance lease (1,327) (1,305)
Repurchase of common stock, net (91,649) (3,568)
Cash and distributions to non-controlling interests of consolidated joint ventures (257) 0
Net cash used in financing activities (85,923) (165,070) Close
Net Decrease/Increase in Cash and Cash Equivalents and Restricted Cash (249,707) 157,799 Close
Cash, Cash Equivalents, and Restricted Cash — Beginning of period 807,099 726,635
Cash, Cash Equivalents, and Restricted Cash — End of period 557,392 884,434
Supplemental Cash Flow Information    
Income tax refunds 120 1,943
Supplemental Non-Cash Investing and Financing Activities:    
Change in loans payable issued to sellers in connection with land purchase contracts 100,453 39,865
Change in inventory not owned $ 71,811 $ (21,676)