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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
OPERATING ACTIVITIES:    
Net income $ 221,067 $ 228,677
Adjustments to reconcile net income to net cash used in operating activities:    
Equity in loss (income) from joint venture arrangements (35) (17)
Mortgage loan originations (1,009,994) (996,040)
Proceeds from the sale of mortgage loans 1,062,524 1,074,370
Fair value adjustment of mortgage loans held for sale (836) 2,875
Servicing Asset at Fair Value, Additions (2,880) (5,810)
Amortization of mortgage servicing rights 988 654
Depreciation 6,346 6,531
Amortization of debt issue costs 1,329 1,289
Gain on sale of mortgage servicing rights (1,119)  
Loss on sale of mortgage servicing rights   418
Stock-based compensation expense 4,324 3,849
Change in assets and liabilities:    
Inventory 157,048 (336,470)
Other assets (71) (11,079)
Accounts payable 36,059 84,879
Customer deposits 4,973 27,917
Accrued compensation (26,865) (13,397)
Other liabilities (35,169) 9,894
Net cash (used in) provided by operating activities 417,689 78,540
INVESTING ACTIVITIES:    
Purchase of property and equipment (2,122) (2,693)
Return of capital from joint venture arrangements 0 2,046
Investment in joint venture arrangements (10,472) (10,916)
Net proceeds from sale of mortgage servicing rights 9,792 100
Net cash provided by (used in) investing activities (2,802) (11,463)
FINANCING ACTIVITIES:    
Proceeds from bank borrowings - homebuilding operations 0 47,100
Principal repayments of bank borrowings - homebuilding operations 0 (47,100)
Net repayment of bank borrowings - financial services operations (59,345) (71,558)
Proceeds from (principal repayments of) notes payable-other and CDD bond obligations 0 (3,547)
Payments for repurchase of common stock (15,207) (40,235)
Debt issue costs (159) (120)
Proceeds from exercise of stock options 16,569 770
Net cash (used in) provided by financing activities (58,142) (114,690)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect, Total 356,745 (47,613)
Cash, cash equivalents and restricted cash-Period Start 311,542 236,368
Cash, cash equivalents and restricted cash-Period End 668,287 188,755
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:    
Interest — net of amount capitalized (6,667) (16)
Income taxes 76,672 71,702
NON-CASH TRANSACTIONS DURING THE PERIOD    
Community development district infrastructure (5,969) 13,128
Consolidated inventory not owned 3,606 6,186
Distribution of single-family lots from joint venture arrangements $ 20,073 $ 10,383