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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
OPERATING ACTIVITIES:      
Net income $ 563,725 $ 465,365 $ 490,662
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Impairment of inventory and abandoned land transaction write-offs 9,244 10,608 18,352
Equity in income from joint venture arrangements 0 (33) (6)
Mortgage loan originations (2,685,078) (2,118,884) (2,069,615)
Proceeds from the sale of mortgage loans 2,571,120 2,191,832 2,103,139
Fair value adjustment of mortgage loans held for sale 6,747 (6,738) (408)
Capitalization of originated mortgage servicing rights (5,569) (6,182) (8,872)
Amortization of mortgage servicing rights 1,314 1,578 1,624
Loss on sale of mortgage servicing rights     318
Gain on sale of mortgage servicing rights 2,613 936  
Depreciation 14,138 12,916 12,982
Amortization of debt discount and debt issue costs 3,248 2,875 2,568
Stock-based compensation expense 14,564 11,370 8,787
Deferred Income Tax Expense 1,863 2,705 (7,767)
Effective Income Tax Rate Reconciliation, Equity Compensation (5,299) (6,457) (166)
Change in assets and liabilities:      
Inventory (297,730) 46,728 (348,650)
Other assets (20,349) 3,426 (31,476)
Accounts payable (6,099) (23,919) (15,908)
Customer deposits (15,801) (7,990) (14,746)
Accrued compensation 9,237 2,644 8,745
Other liabilities 23,074 (28,777) 34,508
Net cash (used in) provided by operating activities 179,736 552,131 184,071
INVESTING ACTIVITIES:      
Purchase of property and equipment (8,417) (5,769) (9,333)
Return of Capital from Joint Venture Arrangements 0 0 1,892
Investment in and advances to joint venture arrangements (54,094) (23,560) (20,139)
Proceeds from the sale of mortgage servicing rights 7,615 10,697 200
Net cash provided by (used in) investing activities (54,896) (18,632) (27,380)
FINANCING ACTIVITIES:      
Proceeds from bank borrowings - homebuilding operations 0 0 362,000
Repayments of bank borrowings - homebuilding operations 0 0 (362,000)
(Net repayment of) net proceeds from bank borrowings - financial services operations 120,315 (79,897) (20,419)
Proceeds from (principal repayment of) notes payable-other and community development district bond obligations 0 0 (4,549)
Repurchase of common shares (176,953) (65,344) (55,334)
Debt issue costs (723) (791) (2,581)
Proceeds from exercise of stock options 21,287 33,795 1,366
Net cash provided (used in) by financing activities (36,074) (112,237) (81,517)
Net (decrease) increase in cash, cash equivalents and restricted cash 88,766 421,262 75,174
Cash, Cash Equivalents, and Restricted Cash-Period Start 732,804 311,542 236,368
Cash, Cash Equivalents, and Restricted Cash-Period End 821,570 732,804 311,542
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest — net of amount capitalized (638) (1,481) (1,886)
Income taxes 159,622 150,668 155,052
NON-CASH TRANSACTIONS DURING THE PERIOD:      
Community development district infrastructure (6,500) (10,362) 9,612
Consolidated inventory not owned (15,090) 9,851 14,280
Distribution of single-family lots from unconsolidated LLC's $ 33,169 $ 31,136 $ 23,820