v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities    
Net income $ 41,404 $ 111,549
Adjustments to reconcile net income to net cash used in operating activities    
Depreciation and amortization 10,600 7,070
Amortization of lease right-of-use assets 6,708 7,847
Stock-based compensation 10,809 14,760
Deferred income tax expense 7,462 9,298
Contingent consideration revaluation 0 (11,606)
Payments of contingent consideration 0 (20,263)
Inventory and lot deposit impairment 3,017 1,560
Gains on investments in equity securities (8,021) (656)
Other, net (337) 722
Changes in operating assets and liabilities, net of effects of acquisitions    
Accounts receivable 9,587 (5,663)
Inventories (299,908) (169,879)
Lot deposits 41,887 (67,987)
Other assets (22,133) (32,244)
Mortgage loans held for sale 6,958 151,132
Accounts payable and accrued liabilities 16,030 (67,408)
Customer deposits 24,866 (41,431)
Net cash used in operating activities (151,071) (113,199)
Cash flows from investing activities    
Purchase of property and equipment (10,982) (13,470)
Proceeds from disposals of property and equipment 45 191
Investments in unconsolidated entities (2,999) (1,937)
Return of investments from unconsolidated entities 7,825 1,086
Payments for acquisitions, net of cash acquired 0 (183,104)
Purchase of investment securities (35,226) (2,022)
Proceeds from sales of investment securities 24,798 2,001
Net cash used in investing activities (16,539) (197,255)
Cash flows from financing activities    
Proceeds from revolving credit facility and other borrowings 541,313 791,141
Repayments on revolving credit facility and other borrowings (325,623) (352,174)
Proceeds from mortgage warehouse facilities 195,820 151,616
Repayments on mortgage warehouse facilities (201,872) (296,946)
Payments of debt issuance costs (17) (720)
Proceeds from borrowings related to consolidated inventory not owned 42,972 0
Payments for borrowings related to consolidated inventory not owned (70,355) 0
Payments of preferred stock dividends (6,750) (6,750)
Payments for common stock withheld for taxes (5,191) (7,883)
Repurchases of common stock (33,311) (23,020)
Distributions to noncontrolling interests 0 (3,962)
Payments of contingent consideration 0 (22,270)
Net cash provided by financing activities 136,986 229,032
Net decrease in cash, cash equivalents and restricted cash (30,624) (81,422)
Cash, cash equivalents and restricted cash at beginning of period 284,390 339,825
Cash, cash equivalents and restricted cash at end of period 253,766 258,403
Reconciliation of cash, cash equivalents and restricted cash    
Cash and cash equivalents 203,494 210,320
Restricted cash 50,272 48,083
Total cash, cash equivalents and restricted cash 253,766 258,403
Supplemental disclosures of cash payments:    
Cash paid for interest 144,239 126,758
Cash paid for income taxes, net of refunds [1] 12,130 91,107
Noncash investing activities    
Noncontrolling interest issued in business combinations [2] 0 8,088
Accrued cash consideration for business combinations 0 6,712
Total noncash investing activities $ 0 $ 14,800
[1] Includes payments for purchased tax credits of $7.7 million related to 2025 income tax expense for the six months ended June 30, 2026. Includes payments for purchased tax credits of $5.7 million and $36.6 million related to 2025 and 2024 income tax expense, respectively, for the six months ended June 30, 2025.
[2]
(2)Based on the estimated acquisition date fair value of the redeemable noncontrolling interest as of the reporting period date. Refer to Note 2, Acquisitions for more information.