v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Operating activities    
Net income $ 60,557 $ 74,238
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 10,741 12,862
Stock-based compensation expense 7,180 8,233
Fair value adjustments of mortgage-related assets and liabilities (2,972) 782
Inventory impairment 7,771
Abandonment of lot option contracts 2,079 4,148
Deferred income taxes 1,859 905
Other (2,833) (36)
Changes in assets and liabilities:    
Cash held in escrow 8,862 (31,345)
Accounts receivable (7,083) (13,845)
Inventories (237,810) (85,927)
Mortgage loans held for sale 66,802 54,491
Prepaid expenses and other assets (46,709) (70,038)
Accounts payable 36,882 12,183
Accrued expenses and other liabilities (29,994) (22,047)
Net cash used in operating activities (132,439) (47,625)
Investing activities    
Purchases of property and equipment (14,255) (9,781)
Proceeds from sale of mortgage servicing rights   42,756
Other investing activities (26,831) (3,340)
Net cash (used in) provided by investing activities (41,086) 29,635
Financing activities    
Borrowings under revolving credit facility 989,300 1,395,000
Payments on revolving credit facility (711,200) (1,260,500)
Borrowing under construction loan agreements 28,713 25,251
Proceeds from issuance of notes and other 23,790 12,266
Principal payments on notes and other (25,951) (11,019)
Debt issuance costs   (1,342)
Net payments for mortgage repurchase facilities (56,740) (51,364)
Withholding of common stock upon settlement of stock-based compensation awards (15,281) (17,236)
Repurchases of common stock under stock repurchase program (59,615) (103,616)
Payments for excise tax on repurchases of common stock (1,169) (685)
Dividend payments (18,467) (17,705)
Net cash provided by (used in) financing activities 153,380 (30,950)
Net decrease (20,145) (48,940)
Cash and cash equivalents and Restricted cash, Beginning of period 139,554 175,323
Cash and cash equivalents and Restricted cash, End of period 119,409 126,383
Supplemental cash flow disclosure    
Cash paid for income taxes 24,932 34,980
Cash and cash equivalents and Restricted cash    
Cash and cash equivalents 92,334 93,246
Restricted cash (Note 5) 27,075 33,137
Cash and cash equivalents and Restricted cash $ 119,409 $ 126,383