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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 344,352 $ 426,100
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,188 4,460
Equity-based compensation expense 22,277 11,668
Contract land deposit recoveries, net (3,072) (5,924)
Gain on sale of loans, net (37,268) (57,978)
Mortgage loans closed (1,237,589) (1,484,771)
Mortgage loans sold and principal payments on mortgage loans held for sale 1,238,337 1,511,850
Net change in assets and liabilities:    
Increase in inventory (77,267) (246,273)
Increase in contract land deposits (2,515) (8,979)
Decrease (increase) in receivables 9,801 (13,782)
Increase in accounts payable and accrued expenses 50,607 127,083
Increase in customer deposits 21,426 35,715
Other, net (18,755) 8,157
Net Cash Provided by (Used in) Operating Activities 315,522 309,326
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures (565) (472)
Distribution of capital from unconsolidated joint ventures 180 0
Purchase of property, plant and equipment (2,714) (4,056)
Proceeds from the sale of property, plant and equipment 184 210
Net Cash Provided by (Used in) Investing Activities (2,915) (4,318)
Cash flows from financing activities:    
Purchase of treasury stock (110,048) (748,788)
Principal payments on finance lease liabilities (400) (356)
Proceeds from the exercise of stock options 81,916 34,241
Net Cash Provided by (Used in) Financing Activities (28,532) (714,903)
Net increase (decrease) in cash, restricted cash, and cash equivalents 284,075 (409,895)
Cash, restricted cash, and cash equivalents, beginning of the period 2,574,518 2,636,984
Cash, restricted cash, and cash equivalents, end of the period 2,858,593 2,227,089
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 859 12,521
Income taxes paid during the period, net of refunds 5,423 2,536
Distribution of earnings from unconsolidated joint ventures $ 1,000 $ 2,000