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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating Activities:        
Net income $ 133,537 $ 107,305 $ 254,490 $ 281,498
Adjustments to reconcile net income to net cash provided by (used in) operating activities:        
Stock-based compensation expense     1,319 14,358
Depreciation and amortization     24,759 17,870
Inventory impairments 6,300 6,200 16,750 27,500
Project abandonment costs     3,411 (963)
Amortization of discount of marketable debt securities     (4,252) (24,864)
Deferred income tax benefit     14,175 2,608
Net changes in assets and liabilities:        
Trade and other receivables     (28,064) 44,979
Accounts receivable due from Parent     (22,190) 0
Mortgage loans held-for-sale, net     27,472 65,259
Prepaids and other assets     (23,476) (3,097)
Accounts payable and accrued and other liabilities     (19,236) (55,528)
Net cash provided by operating activities     139,096 623,149
Investing Activities:        
Purchases of marketable securities     (177,133) (1,088,433)
Maturities of marketable securities     170,000 1,249,000
Purchases of property and equipment     (11,830) (14,880)
Net cash provided by (used in) investing activities     (18,963) 145,687
Financing Activities:        
Payments on mortgage repurchase facility, net     (33,760) (30,282)
Dividend payments     (82,576) (114,172)
Distribution to Parent     (611,369) 0
Issuance of shares under stock-based compensation programs, net     (25,598) 20,812
Net cash used in financing activities     (762,303) (123,642)
Net increase (decrease) in cash, cash equivalents and restricted cash     (642,170) 645,194
Cash, cash equivalents and restricted cash:        
Beginning of period     1,642,897 717,095
End of period 1,000,727 1,362,289 1,000,727 1,362,289
Reconciliation of cash, cash equivalents and restricted cash:        
Total cash, cash equivalents and restricted cash 1,000,727 1,362,289 1,000,727 1,362,289
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 6,300 6,200 16,750 27,500
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents 807,999 1,207,532 807,999 1,207,532
Restricted cash 1,522 4,300 1,522 4,300
Financial Services:        
Reconciliation of cash, cash equivalents and restricted cash:        
Cash and cash equivalents $ 191,206 $ 150,457 191,206 150,457
Housing completed or under construction        
Net changes in assets and liabilities:        
Housing completed or under construction and land and land under development     (158,927) (202,912)
Land and land under development        
Net changes in assets and liabilities:        
Housing completed or under construction and land and land under development     $ 52,865 $ 456,441