v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
OPERATING ACTIVITIES:    
Net income $ 213,453 $ 338,970
Production Related Impairments or Charges 8,923 7,583
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in loss (income) from joint venture arrangements 0 0
Mortgage loan originations (2,108,837) (2,121,412)
Proceeds from the sale of mortgage loans 2,170,527 2,171,263
Fair value adjustment of mortgage loans held for sale 14,835 (5,896)
Servicing Asset at Fair Value, Additions (4,898) (4,827)
Amortization of mortgage servicing rights 644 768
Depreciation 13,171 11,525
Amortization of debt issue costs 2,547 2,504
Gain on sale of mortgage servicing rights (1,597) (1,718)
Stock-based compensation expense 13,380 12,641
Excess tax benefits on equity compensation (3,101) (2,316)
Change in assets and liabilities:    
Inventory (171,434) (314,542)
Other assets (36,521) (12,011)
Accounts payable 47,943 59,402
Customer deposits 9,561 (7,725)
Accrued compensation (12,952) (17,291)
Other liabilities 3,574 29,138
Net cash (used in) provided by operating activities 159,218 146,056
INVESTING ACTIVITIES:    
Purchase of property and equipment (9,160) (5,352)
Return of capital from joint venture arrangements 0 2,002
Investment in joint venture arrangements (40,990) (34,410)
Net proceeds from sale of mortgage servicing rights 9,382 7,062
Net cash provided by (used in) investing activities (40,768) (30,698)
FINANCING ACTIVITIES:    
Net proceeds from (repayment of) bank borrowings - financial services operations (46,432) (54,180)
Payments for repurchase of common stock (150,208) (150,378)
Debt issue costs 0 (6,508)
Proceeds from exercise of stock options 9,596 8,312
Net cash (used in) provided by financing activities (187,044) (202,754)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total (68,594) (87,396)
Cash, cash equivalents and restricted cash-Period Start 689,189 821,570
Cash, cash equivalents and restricted cash-Period End 620,595 734,174
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest — net of amount capitalized 8,397 7,609
Income taxes 49,612 103,809
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure 6,207 (4,092)
Consolidated inventory not owned (9,189) 6,313
Distribution of single-family lots from joint venture arrangements $ 60,372 $ 16,223