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SEC filingA challenging quarter with sharp revenue and profit declines driven by lower home settlements and margin compression, though cash flow strengthened on working capital management.
Net cash provided by operating activities increased to $339.7 million from $207.8 million in the prior year, driven by working capital improvements including a reduction in mortgage loans held for sale. Capital expenditures decreased to $4.9 million from $7.1 million. Free cash flow, defined as operating cash flow less capital expenditures, was $334.8 million. The corporate capital allocation charged to the operating segment allows management to assess returns after covering the cost of capital.