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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
6 Months Ended 9 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Sep. 30, 2023
Cash flows from operating activities:      
Net income $ 75,626 $ 80,096  
Adjustments to reconcile net income to net cash provided by (used in) operating activities:      
Equity in income of unconsolidated entities (4,988) (5,304)  
Distributions of earnings from unconsolidated entities 4,397 6,257  
Depreciation and amortization 1,450 987  
Compensation expense for equity awards 6,669 5,463  
Deferred income taxes 1,121 (1,681)  
Changes in assets and liabilities:      
Accounts receivable (1,894) (23,022)  
Real estate inventory (287,229) 6,435  
Pre-acquisition costs and deposits (3,651) (1,213)  
Other assets (515) 22,854  
Accounts payable 35,129 34,078  
Accrued expenses and other liabilities (9,098) (32,115)  
Net cash provided by (used in) operating activities (182,983) 92,835  
Cash flows from investing activities:      
Purchases of property and equipment (1,281) (271)  
Investment in unconsolidated entities (1,647) (9,719)  
Return of capital from unconsolidated entities 0 3,148  
Net cash used in investing activities (2,928) (6,842)  
Cash flows from financing activities:      
Proceeds from notes payable 349,066 144,783  
Payments on notes payable (99,000) (205,000)  
Proceeds from financing arrangements 0   $ 42,569
Payments on financing arrangements (46,694)   (54,356)
Loan issuance costs (97) (5,487)  
Proceeds from sale of stock, net of offering expenses 2,729 2,834  
Stock repurchase (18,000) 0  
Net cash provided by (used in) financing activities 188,004 (74,657)  
Net increase in cash and cash equivalents 2,093 11,336  
Cash and cash equivalents, beginning of period 48,978 31,998 $ 31,998
Cash and cash equivalents, end of period $ 51,071 $ 43,334