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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
6 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES    
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 47.7 $ 48.1
Adjustments:    
Depreciation and amortization 1.6 1.8
Deferred income taxes (1.9) 7.4
Equity in earnings of unconsolidated ventures 0.0 (0.6)
Stock-based compensation expense 5.0 4.3
Impairments and land option charges 7.1 2.0
Loss on extinguishment of debt 0.0 1.1
Changes in operating assets and liabilities:    
Increase in real estate (67.1) (495.2)
Decrease (increase) in other assets 11.4 (16.8)
Decrease in accounts payable and other accrued liabilities (6.3) (40.0)
Decrease in accrued development costs (17.9) (21.7)
Increase in earnest money deposits on sales contracts 15.3 39.8
Net cash used in operating activities (5.1) (469.8)
INVESTING ACTIVITIES    
Expenditures for property, equipment, software and other (0.3) (0.7)
Return of investment in unconsolidated ventures 0.0 0.9
Net cash (used in) provided by investing activities (0.3) 0.2
FINANCING ACTIVITIES    
Additions to debt 0.0 745.0
Repayment of debt (9.9) (574.4)
Deferred financing fees 0.0 (6.3)
Stock issued under employee benefit plans 0.3 0.0
Cash paid for shares withheld for taxes (2.0) (1.6)
Net cash (used in) provided by financing activities (11.6) 162.7
Decrease in cash and cash equivalents (17.0) (306.9)
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance 379.2 481.2
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance $ 362.2 $ 174.3