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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash flows from operating activities:    
Net income $ 124,727 $ 216,998
Adjustments to reconcile net income to net cash (used in) provided by operating activities:    
Depreciation and amortization 15,044 15,024
Equity in income of unconsolidated entities, net (966) (156)
Amortization of stock-based compensation 16,159 15,619
Charges for impairments and lot option abandonments 14,169 1,370
Fair value adjustment on mortgage loans held for sale 215 0
Gain on increase in carrying amount of investment 0 (3,495)
Returns on investments in unconsolidated entities, net 966 0
Changes in assets and liabilities:    
Real estate inventories (159,656) (127,199)
Mortgage loans held for sale 9,924 (32,936)
Receivables (54,103) 112,999
Other assets (24,172) (5,688)
Accounts payable 13,352 (7,423)
Accrued expenses and other liabilities (61,075) (17,219)
Net cash (used in) provided by operating activities (105,416) 167,894
Cash flows from investing activities:    
Purchases of property and equipment (18,296) (12,547)
Proceeds from investment 0 717
Net investments in unconsolidated entities (32,483) (19,869)
Distributions from unconsolidated entities 11,230 16,289
Net cash used in investing activities (39,549) (15,410)
Cash flows from financing activities:    
Borrowings from loans payable 1,600 420
Repayment of loans payable and senior notes (9,649) (454,828)
Debt issuance costs (4,246) 0
Borrowings on mortgage repurchase facilities 697,084 68,963
Repayments on mortgage repurchase facilities (702,160) (36,867)
Distributions to noncontrolling interests 0 (3,877)
Proceeds from issuance of common stock under share-based awards 0 1,041
Tax withholding paid on behalf of employees for share-based awards (9,957) (16,604)
Share repurchases, excluding excise tax (175,110) (86,745)
Net cash used in financing activities (202,438) (528,497)
Net decrease in cash and cash equivalents (347,403) (376,013)
Cash and cash equivalents–beginning of period 970,045 868,953
Cash and cash equivalents–end of period $ 622,642 $ 492,940