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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Operating Activities:        
Net income $ 25,134 $ 93,493 $ 120,953 $ 174,193
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Stock-based compensation expense     1,319 10,285
Depreciation and amortization     16,361 11,453
Inventory impairments 4,550 13,500 10,450 21,300
Project abandonment costs     2,788 (918)
Amortization of discount of marketable debt securities     (2,414) (18,856)
Deferred income tax benefit     12,573 2,616
Net changes in assets and liabilities:        
Trade and other receivables     19,373 57,221
Accounts receivable due from Parent     (22,190) 0
Mortgage loans held-for-sale, net     (37,843) 70,767
Prepaids and other assets     (3,281) 1,263
Accounts payable and accrued and other liabilities     (14,114) (27,933)
Net cash provided by operating activities     50,375 651,929
Investing Activities:        
Purchases of marketable securities     (177,133) (665,490)
Maturities of marketable securities     80,000 569,000
Purchases of property and equipment     (7,220) (10,550)
Net cash used in investing activities     (104,353) (107,040)
Financing Activities:        
Borrowings (payments) on mortgage repurchase facility, net     19,101 (52,601)
Dividend payments     (41,276) (73,109)
Distribution to Parent     (611,369) 0
Issuance of shares under stock-based compensation programs, net     (25,598) 19,592
Net cash used in financing activities     (668,142) (106,118)
Net increase (decrease) in cash, cash equivalents and restricted cash     (722,120) 438,771
Cash, cash equivalents and restricted cash:        
Beginning of period     1,642,897 717,095
End of period 920,777 1,155,866 920,777 1,155,866
Reconciliation of cash, cash equivalents and restricted cash:        
Total cash, cash equivalents and restricted cash 920,777 1,155,866 920,777 1,155,866
Homebuilding Line of Credit Facility        
Financing Activities:        
Payments on homebuilding line of credit, net     (9,000) 0
Homebuilding:        
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Inventory impairments 4,550 13,500 10,450 21,300
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 834,692 1,011,748 834,692 1,011,748
Restricted cash 2,641 3,503 2,641 3,503
Financial Services:        
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents $ 83,444 $ 140,615 83,444 140,615
Housing completed or under construction        
Net changes in assets and liabilities:        
Housing completed or under construction and land and land under development     (240,326) (13,595)
Land and land under development        
Net changes in assets and liabilities:        
Housing completed or under construction and land and land under development     $ 186,726 $ 364,133