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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
12 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2022
OPERATING ACTIVITIES      
Net income $ 203.4 $ 166.9 $ 178.8
Adjustments:      
Depreciation and amortization 3.0 3.0 2.7
Deferred income taxes 16.8 13.8 12.5
Equity in earnings of unconsolidated ventures 0.0 0.0 (1.2)
Stock-based compensation expense 5.3 4.3 3.3
Impairments and land option charges 4.1 24.0 12.5
Gain on sale of assets 9.5 1.6 3.2
Changes in operating assets and liabilities:      
(Increase) decrease in real estate (469.9) 206.3 (142.3)
Increase in other assets (27.7) (7.0) (1.6)
Increase (decrease) in accounts payable and other accrued liabilities 24.7 (12.7) 40.9
Increase (decrease) in accrued development costs 40.5 (18.2) 17.8
Increase (decrease) in earnest money deposits on sales contracts 50.9 (14.7) (11.5)
Net cash (used in) provided by operating activities (158.4) 364.1 108.7
INVESTING ACTIVITIES      
Expenditures for property, equipment, software and other (2.2) (1.3) (3.5)
Return of investment in unconsolidated ventures 0.0 0.0 1.6
Proceeds from sale of assets 9.5 1.6 3.2
Net cash provided by investing activities 7.3 0.3 1.3
FINANCING ACTIVITIES      
Issuance of common stock 19.7 0.0 1.7
Repayment of debt 0.0 12.5 0.0
Cash paid for shares withheld for taxes (3.4) (0.7) (0.5)
Net cash provided by (used in) financing activities 16.3 (13.2) 1.2
(Decrease) increase in cash and cash equivalents (134.8) 351.2 111.2
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Beginning Balance 616.0 264.8 153.6
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents, Ending Balance 481.2 616.0 264.8
Note payable issued for real estate 9.9 0.0 0.0
Income taxes paid, net $ 45.7 $ 44.7 $ 42.4