XML 16 R6.htm IDEA: XBRL DOCUMENT v3.23.3
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Cash flows from operating activities:    
Net income $ 226,316 $ 252,833
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization expense 2,442 1,717
Gain on disposal of property and equipment, net (70) (386)
Share-based compensation expense 6,333 3,329
Equity in income of unconsolidated entities (11,265) (19,907)
Allowances for option deposits and pre-acquisition costs 54 839
Distributions of income from unconsolidated entities 10,489 9,870
Changes in operating assets and liabilities:    
Increase in receivables (4,667) (368)
Increase in inventory (38,602) (248,303)
Decrease in earnest money deposits 5,697 727
Increase in other assets (6,835) (1,486)
Increase in accounts payable 4,761 15,302
Increase in accrued expenses 19,920 38,161
Increase (decrease) in customer and builder deposits 18,126 (20,988)
Net cash provided by operating activities 232,699 31,340
Cash flows from investing activities:    
Investments in unconsolidated entities (5,210) (3,597)
Purchase of property and equipment, net of disposals (4,789) (1,349)
Net cash used in investing activities (9,999) (4,946)
Cash flows from financing activities:    
Borrowings from lines of credit 22,000 355,000
Repayments of lines of credit (42,000) (312,000)
Proceeds from notes payable 63 14,472
Repayments of notes payable (1,687) (44)
Payments of debt issuance costs (72) (86)
Payments of withholding tax on vesting of restricted stock awards (1,976) (1,075)
Share repurchases (27,991) (101,463)
Net proceeds from issuance of preferred shares (93) 0
Dividends paid (2,156) (2,092)
Distributions to redeemable noncontrolling interest (1,840) 0
Distributions to noncontrolling interests (14,057) (5,718)
Net cash used in financing activities (69,809) (53,006)
Net increase (decrease) in cash and cash equivalents and restricted cash 152,891 (26,612)
Cash and cash equivalents and restricted cash, beginning of period 93,270 93,554
Cash and cash equivalents and restricted cash, end of period 246,161 66,942
Supplemental Cash Flow Information [Abstract]    
Income Taxes Paid, Net $ 65,802 $ 63,527