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Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Operating activities    
Net income $ 231,075,000 $ 167,906,000
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 17,437,000 11,019,000
Stock-based compensation expense 18,095,000 26,517,000
Fair value of mortgage loans held for sale and other (647,000) (2,269,000)
Inventory impairment 1,942,000 0
Impairment on other investment 7,722,000  
Abandonment of lot option contracts 3,941,000 3,021,000
Deferred income taxes (243,000) 2,078,000
(Gain) loss on disposition of assets (1,851,000) 1,062,000
Changes in assets and liabilities:    
Cash held in escrow 31,090,000 4,081,000
Accounts receivable 3,802,000 (1,081,000)
Inventories (421,938,000) (225,587,000)
Mortgage loans held for sale (9,387,000) 36,343,000
Prepaid expenses and other assets (50,041,000) (21,179,000)
Accounts payable 14,659,000 54,126,000
Accrued expenses and other liabilities (19,639,000) (23,029,000)
Net cash (used in) provided by operating activities (173,983,000) 33,008,000
Investing activities    
Purchases of property and equipment (29,856,000) (14,565,000)
Proceeds from sale of property and equipment 11,169,000 127,000
Expenditures related to development of rental properties (98,029,000) (59,812,000)
Business combinations (157,130,000)  
Other investing activities (3,860,000) (346,000)
Net cash used in investing activities (277,706,000) (74,596,000)
Financing activities    
Borrowings under revolving credit facilities 1,459,000,000 25,000,000
Payments on revolving credit facilities (1,045,000,000) (25,000,000)
Borrowing under construction loan agreements 65,442,000 21,453,000
Proceeds from issuance of insurance premium notes and other 19,619,000 26,511,000
Principal payments on insurance premium notes and other (29,779,000) (17,273,000)
Net proceeds (payments) for mortgage repurchase facilities 7,916,000 (35,532,000)
Withholding of common stock upon vesting of stock-based compensation awards (10,473,000) (10,672,000)
Repurchases of common stock under stock repurchase program (53,139,000) (19,227,000)
Dividend payments (24,629,000) (22,074,000)
Other financing activities (363,000)  
Net cash provided by (used in) financing activities 388,594,000 (56,814,000)
Net decrease (63,095,000) (98,402,000)
Cash and cash equivalents and Restricted cash, Beginning of period 242,003,000 308,492,000
Cash and cash equivalents and Restricted cash, End of period 178,908,000 210,090,000
Supplemental cash flow disclosure    
Cash paid for income taxes 80,361,000 41,358,000
Cash and cash equivalents and Restricted cash    
Cash and cash equivalents 149,155,000 193,111,000
Restricted cash (Note 6) 29,753,000 16,979,000
Cash and cash equivalents and Restricted cash $ 178,908,000 $ 210,090,000