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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Cash flows from operating activities:    
Net income $ 394,269 $ 344,352
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 4,381 4,188
Equity-based compensation expense 17,141 22,277
Contract land deposit recoveries, net (7,466) (3,072)
Gain on sale of loans, net (37,432) (37,268)
Mortgage loans closed (1,378,231) (1,237,589)
Mortgage loans sold and principal payments on mortgage loans held for sale 1,313,298 1,238,337
Net change in assets and liabilities:    
Increase in inventory (166,884) (77,267)
Increase in contract land deposits (25,390) (2,515)
Decrease in receivables 57,637 9,801
(Decrease) increase in accounts payable and accrued expenses (46,915) 50,607
Increase in customer deposits 20,890 21,426
Other, net (340) (18,755)
Net Cash Provided by (Used in) Operating Activities 146,458 315,522
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures 0 (565)
Distribution of capital from unconsolidated joint ventures 0 180
Purchase of property, plant and equipment (8,979) (2,714)
Proceeds from the sale of property, plant and equipment 2,246 184
Net Cash Provided by (Used in) Investing Activities (6,733) (2,915)
Cash flows from financing activities:    
Purchase of treasury stock (496,936) (110,048)
Principal payments on finance lease liabilities (462) (400)
Proceeds from the exercise of stock options 67,022 81,916
Net Cash Provided by (Used in) Financing Activities (430,376) (28,532)
Net (decrease) increase in cash, restricted cash, and cash equivalents (290,651) 284,075
Cash, restricted cash, and cash equivalents, beginning of the period 3,215,444 2,574,518
Cash, restricted cash, and cash equivalents, end of the period 2,924,793 2,858,593
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 421 859
Income taxes paid during the period, net of refunds 6,891 5,423
Distribution of earnings from unconsolidated joint ventures $ 1,500 $ 1,000