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 $ 73,174 $ 111,641
Adjustments to reconcile net income to net cash used in operating activities:    
Depreciation and amortization 16,107 18,868
Stock-based compensation expense 10,641 13,720
Fair value adjustments of mortgage-related assets and liabilities 542 115
Loss on debt extinguishment   1,361
Inventory impairment 19,605 10,951
Abandonment of lot option contracts 4,399 9,306
Deferred income taxes 1,335 (482)
Other (7,617) (185)
Changes in assets and liabilities:    
Cash held in escrow 14,831 (41,713)
Accounts receivable (1,165) (17,771)
Inventories (403,408) (170,150)
Mortgage loans held for sale 104,609 54,907
Prepaid expenses and other assets (81,065) (63,605)
Accounts payable 28,152 35,903
Accrued expenses and other liabilities (47,615) (20,520)
Net cash used in operating activities (267,475) (57,654)
Investing activities    
Purchases of property and equipment (21,647) (20,450)
Proceeds from sale of mortgage servicing rights   44,941
Other investing activities (1,596) 6,130
Net cash (used in) provided by investing activities (23,243) 30,621
Financing activities    
Borrowings under revolving credit facility 1,584,300 2,425,000
Payments on revolving credit facility (1,179,800) (2,221,500)
Proceeds from issuance of senior notes due 2033   500,000
Extinguishment of senior notes due 2027   (500,000)
Borrowing under construction loan agreements 39,181 28,715
Proceeds from issuance of notes and other 59,848 29,050
Principal payments on notes and other (29,310) (13,993)
Debt issuance costs   (8,236)
Net payments for mortgage repurchase facilities (98,003) (56,200)
Withholding of common stock upon settlement of stock-based compensation awards (15,362) (17,291)
Repurchases of common stock under stock repurchase program (71,198) (123,622)
Payments for excise tax on repurchases of common stock (1,169) (685)
Dividend payments (27,519) (26,312)
Net cash provided by financing activities 260,968 14,926
Net decrease (29,750) (12,107)
Cash and cash equivalents and Restricted cash, Beginning of period 139,554 175,323
Cash and cash equivalents and Restricted cash, End of period 109,804 163,216
Supplemental cash flow disclosure    
Cash paid for income taxes 35,830 48,003
Cash and cash equivalents and Restricted cash    
Cash and cash equivalents 86,086 130,075
Restricted cash (Note 5) 23,718 33,141
Cash and cash equivalents and Restricted cash $ 109,804 $ 163,216