v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Operating activities    
Net income $ 74,238 $ 148,055
Adjustments to reconcile net income to net cash to net cash used in operating activities:    
Depreciation and amortization 12,862 11,165
Stock-based compensation expense 8,233 10,710
Fair value adjustments of mortgage-related assets and liabilities 782 (4,578)
Inventory impairment 7,771 570
Impairment on other investment   7,722
Abandonment of lot option contracts 4,148 1,818
Deferred income taxes 905 (428)
(Gain) loss on disposition of assets and other (36) (2,187)
Changes in assets and liabilities:    
Cash held in escrow (31,345) 57,022
Accounts receivable (13,845) (1,442)
Inventories (85,927) (246,776)
Mortgage loans held for sale 54,491 (7,631)
Prepaid expenses and other assets (70,038) (32,058)
Accounts payable 12,183 11,402
Accrued expenses and other liabilities (22,047) (31,824)
Net cash used in operating activities (47,625) (78,460)
Investing activities    
Purchases of property and equipment (9,887) (23,492)
Proceeds from sale of property and equipment 106 11,014
Proceeds from sale of mortgage servicing rights 42,756  
Expenditures related to development of rental properties   (42,431)
Payments for business combination   (32,716)
Other investing activities (3,340)  
Net cash provided by (used in) investing activities 29,635 (87,625)
Financing activities    
Borrowings under revolving credit facilities 1,395,000 656,000
Payments on revolving credit facilities (1,260,500) (545,000)
Borrowing under construction loan agreements 25,251 27,965
Proceeds from issuance of insurance premium notes and other 12,266 11,166
Principal payments on insurance premium notes and other (11,019) (27,053)
Debt issuance costs (1,342)  
Net (payments) proceeds for mortgage repurchase facilities (51,364) 9,518
Withholding of common stock upon vesting of stock-based compensation awards (17,236) (10,424)
Repurchases of common stock under stock repurchase program (103,616) (53,139)
Dividend payments (17,705) (16,481)
Other financing activities (685)  
Net cash (used in) provided by financing activities (30,950) 52,552
Net decrease (48,940) (113,533)
Cash and cash equivalents and Restricted cash, Beginning of period 175,323 242,003
Cash and cash equivalents and Restricted cash, End of period 126,383 128,470
Supplemental cash flow disclosure    
Cash paid for income taxes 34,980 55,611
Cash and cash equivalents and Restricted cash    
Cash and cash equivalents 93,246 106,682
Restricted cash (Note 6) 33,137 21,788
Cash and cash equivalents and Restricted cash $ 126,383 $ 128,470