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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net income before allocation to non-controlling interests $ 642,547 $ 596,579
Adjustments to reconcile net income to net cash (used in)/provided by operating activities:    
Net income from unconsolidated entities (6,086) (7,049)
Stock compensation expense 17,016 18,506
Loss on extinguishment of debt, net 0 269
Distributions of earnings from unconsolidated entities 11,265 7,377
Depreciation and amortization 31,494 23,717
Operating lease expense 16,089 19,271
Debt issuance costs amortization 2,223 2,574
Estimated development liabilities change in estimate (8,175) 0
Inventory impairments 2,325 11,791
Land held for sale write-down 6,782 0
Changes in operating assets and liabilities:    
Real estate inventory and land deposits (871,310) (87,776)
Mortgage loans held for sale, prepaid expenses and other assets (183,674) 24,081
Customer deposits (18,577) (31,548)
Accounts payable, accrued expenses and other liabilities 124,383 (27,231)
Income taxes payable 5,528 0
Net cash (used in)/provided by operating activities (228,170) 550,561 Close
Cash Flows from Investing Activities:    
Purchase of property and equipment (26,270) (47,042)
Distributions of capital from unconsolidated entities 18,599 733
Investments of capital into unconsolidated entities (74,647) (47,795)
Net cash used in investing activities (82,318) (94,104) Close
Cash Flows from Financing Activities    
Increase in loans payable and other borrowings 0 2,426
Repayments on loans payable and other borrowings (52,093) (18,367)
Borrowings on revolving credit facility 100,000 0
Repayments on revolving credit facility (100,000) 0
Borrowings on mortgage warehouse facilities 2,588,250 2,203,261
Repayments on mortgage warehouse facilities (2,508,383) (2,317,688)
Repayments on senior notes 0 (350,000)
Changes in stock option exercises and issuance of restricted stock units, net (7,442) 16,733
Payment of principal portion of finance lease (1,382) (1,313)
Repurchase of common stock, net (257,691) (103,568)
Cash and distributions to non-controlling interests of consolidated joint ventures (577) 0
Net cash used in financing activities (239,318) (568,516) Close
Net Decrease in Cash and Cash Equivalents and Restricted Cash (549,806) (112,059) Close
Cash, Cash Equivalents, and Restricted Cash — Beginning of period 807,099 726,635
Cash, Cash Equivalents, and Restricted Cash — End of period 257,293 614,576
Supplemental Cash Flow Information    
Income tax paid, net (188,723) (154,267)
Supplemental Non-Cash Investing and Financing Activities:    
Change in loans payable issued to sellers in connection with land purchase contracts 212,527 126,903
Change in inventory not owned 103,627 (23,548)
Accrual of excise tax on share repurchases $ (2,678) $ 0