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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES:      
Net income $ 465,365 $ 490,662 $ 396,868
Adjustments to reconcile net income to net cash (used in) provided by operating activities:      
Impairment of inventory and abandoned land transaction write-offs 10,608 18,352 0
Equity in income from joint venture arrangements (33) (6) (103)
Mortgage loan originations (2,118,884) (2,069,615) (2,239,928)
Net loss (gain) from property disposals 0 0 (1,943)
Proceeds from the sale of mortgage loans 2,191,832 2,103,139 2,195,980
Fair value adjustment of mortgage loans held for sale (6,738) (408) 2,586
Capitalization of originated mortgage servicing rights (6,182) (8,872) (16,213)
Amortization of mortgage servicing rights 1,578 1,624 1,640
Loss on sale of mortgage servicing rights   318  
Gain on sale of mortgage servicing rights 936   1,135
Depreciation 12,916 12,982 12,691
Amortization of debt discount and debt issue costs 2,875 2,568 2,584
Loss on early extinguishment of debt, excluding prepayment penalty 0 0 2,040
Stock-based compensation expense 11,370 8,787 8,559
Deferred Income Tax Expense 2,705 (7,767) (4,068)
Change in assets and liabilities:      
Inventory 46,728 (348,650) (508,189)
Other assets 3,426 (31,476) 2,329
Accounts payable (23,919) (15,908) 58,836
Customer deposits (7,990) (14,746) 35,229
Accrued compensation 2,644 8,745 7,732
Other liabilities (35,234) 34,342 27,682
Net cash (used in) provided by operating activities 552,131 184,071 (16,823)
INVESTING ACTIVITIES:      
Purchase of property and equipment (5,769) (9,333) (25,301)
Return of Capital from Joint Venture Arrangements 0 1,892 1,213
Investment in and advances to joint venture arrangements (23,560) (20,139) (51,622)
Proceeds from the sale of mortgage servicing rights 10,697 200 15,417
Proceeds from sale of property 0 0 8,571
Net cash provided by (used in) investing activities (18,632) (27,380) (51,722)
FINANCING ACTIVITIES:      
Repayments of Senior Notes 0 0 (250,000)
Proceeds from issuance of senior notes 0 0 300,000
Proceeds from bank borrowings - homebuilding operations 0 362,000 0
Repayments of bank borrowings - homebuilding operations 0 (362,000) 0
(Net repayment of) net proceeds from bank borrowings - financial services operations (79,897) (20,419) 40,526
Proceeds from (principal repayment of) notes payable-other and community development district bond obligations 0 (4,549) 478
Repurchase of common shares (65,344) (55,334) (51,520)
Debt issue costs (791) (2,581) (6,622)
Proceeds from exercise of stock options 33,795 1,366 11,241
Net cash provided (used in) by financing activities (112,237) (81,517) 44,103
Net (decrease) increase in cash, cash equivalents and restricted cash 421,262 75,174 (24,442)
Cash, Cash Equivalents, and Restricted Cash-Period Start 311,542 236,368 260,810
Cash, Cash Equivalents, and Restricted Cash-Period End 732,804 311,542 236,368
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:      
Interest — net of amount capitalized 1,481 1,886 1,955
Income taxes 150,668 155,052 109,881
NON-CASH TRANSACTIONS DURING THE PERIOD:      
Community development district infrastructure (10,362) 9,612 11,893
Consolidated inventory not owned 9,851 14,280 (7,146)
Distribution of single-family lots from unconsolidated LLC's $ 31,136 $ 23,820 $ 28,064