v3.25.2
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 633,313 $ 795,173
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 11,471 8,737
Equity-based compensation expense 36,339 35,242
Contract land deposit impairments (recoveries), net 21,270 (8,791)
Gain on sale of loans, net (83,165) (91,861)
Mortgage loans closed (2,990,585) (2,910,238)
Mortgage loans sold and principal payments on mortgage loans held for sale 2,991,852 2,834,526
Net change in assets and liabilities:    
Increase in inventory (111,333) (294,269)
Increase in contract land deposits (132,440) (60,999)
(Increase) decrease in receivables (16,872) 49,473
Decrease in accounts payable and accrued expenses (79,234) (5,072)
(Decrease) increase in customer deposits (27,781) 34,833
Other, net (9,949) (9,104)
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation 242,886 379,150
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures (35,350) (899)
Distribution of capital from unconsolidated joint ventures 0 2,715
Purchase of property, plant and equipment (15,362) (15,411)
Proceeds from the sale of property, plant and equipment 448 2,450
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation (50,264) (11,145)
Cash flows from financing activities:    
Purchase of treasury stock (1,054,807) (1,135,912)
Principal payments on finance lease liabilities (2,219) (1,055)
Proceeds from the exercise of stock options 29,662 82,464
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation (1,027,364) (1,054,503)
Net decrease in cash, restricted cash, and cash equivalents (834,742) (686,498)
Cash, restricted cash, and cash equivalents, beginning of the period 2,664,667 3,215,444
Cash, restricted cash, and cash equivalents, end of the period 1,829,925 2,528,946
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 14,746 14,424
Income taxes paid during the period, net of refunds 247,220 164,007
Distribution of earnings from unconsolidated joint ventures $ 0 $ 1,500