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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended
Dec. 31, 2024
Dec. 31, 2023
OPERATING ACTIVITIES    
Net income $ 16.5 $ 38.2
Adjustments:    
Depreciation and amortization 0.8 0.8
Deferred income taxes (0.9) (0.5)
Equity in earnings of unconsolidated ventures (0.6) 0.0
Stock-based compensation expense 2.6 0.9
Impairments and land option charges 1.1 0.2
Changes in operating assets and liabilities:    
Increase in real estate (471.6) (209.8)
Decrease (increase) in other assets 0.1 (0.9)
Decrease in accounts payable and other accrued liabilities (19.2) (0.9)
Decrease in accrued development costs (13.2) (4.2)
Increase in earnest money deposits on sales contracts 34.4 19.5
Net cash used in operating activities (450.0) (156.7)
INVESTING ACTIVITIES    
Expenditures for property, equipment, software and other 0.0 (0.2)
Return of investment in unconsolidated ventures 0.9 0.0
Net cash provided by (used in) investing activities 0.9 (0.2)
FINANCING ACTIVITIES    
Borrowings under revolving credit facility 100.0 0.0
Cash paid for shares withheld for taxes (0.1) (0.2)
Net cash provided by (used in) financing activities 99.9 (0.2)
Decrease in cash and cash equivalents (349.2) (157.1)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance 481.2 616.0
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance 132.0 458.9
SUPPLEMENTAL DISCLOSURES OF NON-CASH ACTIVITIES    
Note payable issued for real estate $ 0.0 $ 9.9