v3.26.1
Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
OPERATING ACTIVITIES:    
Net income $ 67,832 $ 111,237
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in loss (income) from joint venture arrangements 0 0
Mortgage loan originations (633,688) (620,968)
Proceeds from the sale of mortgage loans 677,475 671,469
Fair value adjustment of mortgage loans held for sale 3,506 (5,544)
Servicing Asset at Fair Value, Additions (1,391) (1,469)
Amortization of mortgage servicing rights 328 257
Depreciation 4,077 3,689
Amortization of debt issue costs 849 831
Gain on sale of mortgage servicing rights (1,597) (1,718)
Stock-based compensation expense 4,185 4,200
Excess tax benefits on equity compensation (752) (771)
Change in assets and liabilities:    
Inventory 41,770 (107,275)
Other assets (12,507) (12,546)
Accounts payable 34,628 30,330
Customer deposits 8,598 9,360
Accrued compensation (44,159) (48,862)
Other liabilities (13,423) 32,667
Net cash (used in) provided by operating activities 135,731 64,887
INVESTING ACTIVITIES:    
Purchase of property and equipment (154) (1,339)
Return of capital from joint venture arrangements 300  
Investment in joint venture arrangements (3,803) (8,279)
Net proceeds from sale of mortgage servicing rights 9,075 6,690
Net cash provided by (used in) investing activities 5,118 (2,928)
FINANCING ACTIVITIES:    
Net proceeds from (repayment of) bank borrowings - financial services operations (16,655) (58,202)
Payments for repurchase of common stock (50,066) (50,055)
Proceeds from exercise of stock options 4,099 1,106
Net cash (used in) provided by financing activities (62,622) (107,151)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total 78,227 (45,192)
Cash, cash equivalents and restricted cash-Period Start 689,189 821,570
Cash, cash equivalents and restricted cash-Period End 767,416 776,378
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest — net of amount capitalized (8,321) (7,962)
Income taxes 0 1,191
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure 2,675 (1,103)
Consolidated inventory not owned 13,725 5,201
Distribution of single-family lots from joint venture arrangements $ 42,000 $ 2,886