v3.22.2
Consolidated Statements of Cash Flows - (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash flows from operating activities:    
Net income $ 27,915 $ 3,564
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 3,063 1,953
Loss on remeasurement of warrant liability 7,315 10,285
Stock-based compensation expense 1,871 2,829
Loss (gain) on extinguishment or forgiveness of debt 2,496 (4,265)
Abandoned project costs 210 216
Equity in net income of unconsolidated joint ventures (69) (646)
Deferred taxes 965 116
Changes in operating assets and liabilities:    
Cash held in escrow (595) 857
Real estate inventories (55,419) (94,614)
Due from affiliates (415) (921)
Other assets (32,647) (5,350)
Accounts payable 5,389 17,028
Accrued expenses and other liabilities (8,035) (16,928)
Due to affiliates 0 (181)
Net cash used in operating activities (47,956) (86,057)
Cash flows from investing activities:    
Purchases of property and equipment (3,228) (768)
Distributions of capital from unconsolidated joint ventures 578 10,384
Payments for business acquisition, net of cash acquired (258,727) (44,537)
Net cash used in investing activities (261,377) (34,921)
Cash flows from financing activities:    
Borrowings from notes and other debts payable 216,613 369,787
Repayments of notes and other debts payable (145,229) (271,516)
Proceeds from the Merger, net of fees and other costs 0 64,434
Cash paid for shares withheld for taxes (848) 0
Payment for buyback of warrants (16,500) 0
Repayment of convertible note 0 (1,500)
Repurchases of common stock (40,200) 0
Contributions from noncontrolling interests 55,000 0
Deferred offering costs paid 0 (1,832)
Debt issuance and extinguishment costs paid (3,075) (1,156)
Net cash provided by financing activities 65,761 158,217
Net (decrease) increase in cash, cash equivalents, and restricted cash (243,572) 37,239
Cash, cash equivalents, and restricted cash at beginning of period 343,253 110,048
Cash, cash equivalents, and restricted cash at end of period $ 99,681 $ 147,287

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