XML 43 R9.htm IDEA: XBRL DOCUMENT v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash Flows from Operating Activities      
Net income before allocation to non-controlling interests $ 886,570 $ 769,741 $ 1,056,247
Adjustments to reconcile net income to net cash provided by operating activities:      
Net (income)/loss from unconsolidated entities (6,347) (8,757) 14,184
Stock compensation expense 22,461 26,095 26,901
Loss/(gain) on extinguishment of debt, net 0 295 (13,876)
Gain on land transfers 0 0 (14,508)
Distributions of earnings from unconsolidated entities 12,929 9,230 5,270
Depreciation and amortization 41,190 33,406 33,839
Lease expense 20,361 24,808 27,420
Debt issuance costs amortization 2,890 3,315 2,260
Estimated development liability change in estimate (23,051) (14,829) 0
Deferred income taxes (8,423) (169) 83,584
Real estate impairment charges 29,637 11,791 24,870
Change in Build-to-Rent/Urban Form assets due to sale 79,976 0 42,046
Changes in operating assets and liabilities:      
Real estate inventory and land deposits (797,330) (78,575) (50,792)
Mortgage loans held for sale, prepaid expenses and other assets, net (182,084) 31,012 5,789
Customer deposits (86,936) (86,005) (73,613)
Accounts payable, accrued expenses and other liabilities 215,993 84,811 (61,849)
Income taxes payable 2,243 0 0
Net cash provided by operating activities 210,079 806,169 1,107,772
Cash Flows from Investing Activities:      
Purchase of property and equipment (36,330) (33,426) (30,581)
Distributions of capital from unconsolidated entities 29,698 824 125,275
Investments of capital into unconsolidated entities (129,809) (64,589) (109,574)
Net cash used in investing activities (136,441) (97,191) (14,880)
Cash Flows from Financing Activities      
Increase in loans payable and other borrowings 0 7,103 38,202
Repayments on loans payable and other borrowings (52,093) (20,747) (71,172)
Borrowings on revolving credit facilities 100,000 0 381,019
Repayments on revolving credit facilities (100,000) 0 (412,548)
Borrowings on mortgage warehouse facilities 3,652,098 3,007,682 2,662,241
Repayments on mortgage warehouse facilities (3,631,102) (3,160,290) (2,770,056)
Repayments on senior notes 0 (350,000) (622,780)
Changes in stock option exercises and issuance of restricted stock, net (4,716) 17,013 1,377
Payment of principal portion of finance lease (1,404) (1,316) (1,344)
Repurchase of common stock, net (347,598) (127,959) (376,275)
Cash and distributions to non-controlling interests of consolidated joint ventures, net (8,756) 0 (31,261)
Net cash used in financing activities (393,571) (628,514) (1,202,597)
Net Increase/Decrease in Cash and Cash Equivalents and Restricted Cash (319,933) 80,464 (109,705)
Cash, Cash Equivalents, and Restricted Cash - Beginning of period 807,099 726,635 836,340
Cash, Cash Equivalents, and Restricted Cash - End of period 487,166 807,099 726,635
Supplemental Cash Flow Information      
Income tax payments (264,425) (204,274) (270,034)
Supplemental Non-Cash Investing and Financing Activities:      
Loans payable issued to sellers in connection with land purchase contracts 341,020 235,554 231,027
Change in inventory not owned (423) 47,647 (31,343)
Investments of land in unconsolidated joint ventures, net 0 0 146,649
Impairment in unconsolidated joint ventures $ 0 $ 0 $ (14,714)