CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions |
3 Months Ended |
9 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| OPERATING ACTIVITIES |
|
|
|
|
| Net income |
$ 46.8
|
$ 39.7
|
$ 94.5
|
$ 128.0
|
| Adjustments: |
|
|
|
|
| Depreciation and amortization |
|
|
2.3
|
2.0
|
| Deferred income taxes |
|
|
(2.8)
|
1.2
|
| Equity in earnings of unconsolidated ventures |
0.0
|
0.0
|
0.0
|
(1.1)
|
| Stock-based compensation expense |
0.9
|
0.8
|
3.4
|
2.8
|
| Impairments and land option charges |
|
|
23.6
|
7.0
|
| Gain on sale of assets |
0.0
|
2.7
|
1.6
|
3.2
|
| Changes in operating assets and liabilities: |
|
|
|
|
| Decrease (increase) in real estate |
|
|
87.7
|
(170.3)
|
| Increase in other assets |
|
|
(6.7)
|
(11.7)
|
| (Decrease) increase in accounts payable and other accrued liabilities |
|
|
(19.6)
|
29.8
|
| (Decrease) increase in accrued development costs |
|
|
(31.2)
|
6.5
|
| Decrease in earnest money deposits on sales contracts |
|
|
(13.4)
|
(1.2)
|
| Net cash provided by (used in) operating activities |
|
|
136.2
|
(10.2)
|
| INVESTING ACTIVITIES |
|
|
|
|
| Expenditures for property, equipment, software and other |
|
|
(0.8)
|
(3.2)
|
| Return of investment in unconsolidated ventures |
|
|
0.0
|
1.6
|
| Proceeds from sale of assets |
|
|
1.6
|
3.2
|
| Net cash provided by investing activities |
|
|
0.8
|
1.6
|
| FINANCING ACTIVITIES |
|
|
|
|
| Issuance of common stock |
|
|
0.0
|
1.7
|
| Cash paid for shares withheld for taxes |
|
|
(0.8)
|
(0.4)
|
| Net cash (used in) provided by financing activities |
|
|
(0.8)
|
1.3
|
| Increase (decrease) in cash and cash equivalents |
|
|
136.2
|
(7.3)
|
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents |
$ 401.0
|
$ 146.3
|
$ 401.0
|
$ 146.3
|