Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash flows from operating activities:      
Net earnings $ 453,013 $ 786,186 $ 738,748
Adjustments to reconcile net earnings to net cash provided by/(used in) operating activities:      
Depreciation and amortization 25,285 25,959 25,334
Stock-based compensation 19,683 25,809 22,511
Loss on early extinguishment of debt 0 631 907
Equity in earnings from unconsolidated entities (3,973) (9,225) (6,371)
Distributions of earnings from unconsolidated entities 4,143 7,461 6,792
Other 1,332 7,758 (2,158)
Changes in assets and liabilities:      
Increase in real estate (274,052) (979,254) (357,408)
Increase in deposits on real estate under option or contract (5,708) (81,354) (36,140)
(Increase)/decrease in receivables, prepaids and other assets (55,265) 39,776 (64,169)
(Decrease)/increase in accounts payable and accrued liabilities (92,370) (41,933) 22,609
Decrease in home sale deposits (11,300) (16,092) (1,356)
Net cash provided by/(used in) operating activities 118,288 (227,576) 355,572
Cash flows from investing activities:      
Investments in unconsolidated entities (32,728) (18,545) (5,991)
Distributions of capital from unconsolidated entities 500 2,867 137
Purchases of property and equipment (25,722) (28,658) (38,192)
Proceeds from sales of property and equipment 251 262 423
Maturities/sales of investments and securities 1,750 750 750
Payments to purchase investments and securities (1,750) (750) (750)
Net cash used in investing activities (57,699) (44,074) (43,623)
Cash flows from financing activities:      
Repayment of loans payable and other borrowings (13,005) (8,933) (2,798)
Repayment of senior notes 0 (250,695) (150,884)
Proceeds from issuance of senior and convertible senior notes 497,195 575,000 0
CashPaidForCappedCall 0 (61,790) 0
Payments of Dividends (121,072) (108,590) (39,534)
Payment of debt issuance costs (5,106) (17,082) 0
Repurchase of shares (294,999) (125,932) (59,067)
Net cash provided by/(used in) financing activities 63,013 1,978 (252,283)
Net increase/(decrease) in cash and cash equivalents 123,602 (269,672) 59,666
Cash and cash equivalents, beginning of year 651,555 921,227 861,561
Cash and cash equivalents, end of year 775,157 651,555 921,227
Impairment of real estate 18,118 0 964
Write Offs Of Non-Refundable Deposits And Pre-Aquisitions Costs $ 39,382 $ 6,702 $ 5,309