v3.26.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash flows from operating activities:    
Net income $ 206,032 $ 256,665
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization expense 3,176 3,959
Loss on disposal of property and equipment, net 33 7
Share-based compensation expense 8,046 10,867
Equity in income of unconsolidated entities (2,098) (1,406)
Allowances for option deposits and pre-acquisition costs 2,033 2,254
Distributions from unconsolidated entities 28,332 6,279
Changes in operating assets and liabilities:    
Decrease (increase) in receivables 15,091 (26,405)
Increase in inventory (238,328) (161,454)
Increase in earnest money deposits (2,536) (107)
Decrease (increase) in mortgage loans held for sale 15,956 (15,567)
(Increase) decrease in other assets (5,021) 11,239
Increase in accounts payable 9,545 31,524
(Decrease) increase in accrued expenses (47,595) 17,300
Increase (decrease) in customer and builder deposits 2,267 (1,888)
Net cash (used in) provided by operating activities (5,067) 133,267
Cash flows from investing activities:    
Investments in unconsolidated entities (20,046) (29,677)
Purchases of property and equipment (3,399) (3,224)
Net cash used in investing activities (23,445) (32,901)
Cash flows from financing activities:    
Borrowings from lines of credit 170,000 145,000
Repayments of lines of credit (65,000) (120,000)
Repayments of senior unsecured notes (75,000) (37,500)
Net (repayments) borrowings of warehouse lines of credit (13,043) 14,557
Payments of debt issuance costs (162) (71)
Payments of withholding tax on vesting of restricted stock awards (1,799) (3,059)
Repurchases of common stock (34,780) (60,736)
Dividends paid (2,157) (2,156)
Distributions to redeemable noncontrolling interest (5,669) (4,029)
Distributions to noncontrolling interests (9,278) (16,624)
Net cash used in financing activities (36,888) (84,618)
Net (decrease) increase in cash and cash equivalents and restricted cash (65,400) 15,748
Cash and cash equivalents and restricted cash, beginning of period 190,985 159,696
Cash and cash equivalents and restricted cash, end of period 125,585 175,444
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net of refunds $ 56,412 $ 40,073