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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income $ 795,173 $ 748,379
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 8,737 8,405
Equity-based compensation expense 35,242 47,436
Contract land deposit recoveries, net (8,791) (9,999)
Gain on sale of loans, net (91,861) (81,131)
Mortgage loans closed (2,910,238) (2,620,507)
Mortgage loans sold and principal payments on mortgage loans held for sale 2,834,526 2,542,359
Net change in assets and liabilities:    
Increase in inventory (294,269) (231,814)
Increase in contract land deposits (60,999) (10,630)
Decrease in receivables 49,473 4,183
Decrease in accounts payable and accrued expenses (5,072) (89,815)
Increase in customer deposits 34,833 54,959
Other, net (9,104) (19,621)
Net Cash Provided by (Used in) Operating Activities 379,150 344,204
Cash flows from investing activities:    
Investments in and advances to unconsolidated joint ventures (899) (1,224)
Distribution of capital from unconsolidated joint ventures 2,715 180
Purchase of property, plant and equipment (15,411) (11,448)
Proceeds from the sale of property, plant and equipment 2,450 2,039
Net Cash Provided by (Used in) Investing Activities (11,145) (10,453)
Cash flows from financing activities:    
Purchase of treasury stock (1,135,912) (311,125)
Principal payments on finance lease liabilities (1,055) (811)
Proceeds from the exercise of stock options 82,464 161,724
Net Cash Provided by (Used in) Financing Activities (1,054,503) (150,212)
Net (decrease) increase in cash, restricted cash, and cash equivalents (686,498) 183,539
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 2,528,946 2,758,057
Supplemental disclosures of cash flow information:    
Interest paid during the period, net of interest capitalized 14,424 14,781
Income taxes paid during the period, net of refunds 164,007 262,608
Distribution of earnings from unconsolidated joint ventures $ 1,500 $ 2,000