v3.21.2
Consolidated Statements of Cash Flows - (Unaudited) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Cash flows from operating activities:    
Net income (loss) $ 3,564 $ (22,916)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 1,953 1,785
Loss on remeasurement of warrant liability 10,285 0
Inventory impairments 0 3,413
Stock-based compensation expense 2,829 0
Gain on forgiveness of PPP loans (4,265) 0
Abandoned project costs 216 0
Equity in net (income) loss of unconsolidated joint ventures (646) 15,613
Deferred taxes 116 (4,986)
Changes in operating assets and liabilities:    
Cash held in escrow 857 660
Real estate inventories (94,614) (67,852)
Due from affiliates (921) (325)
Other assets (5,350) (3,342)
Accounts payable 17,028 10,148
Accrued expenses and other liabilities (16,928) (7,030)
Due to affiliates (181) 281
Net cash used in operating activities (86,057) (74,551)
Cash flows from investing activities:    
Purchases of property and equipment (768) (1,042)
Distributions of capital from unconsolidated joint ventures 10,384 0
Payments for business acquisition, net of cash acquired (44,537) (128,528)
Net cash used in investing activities (34,921) (129,570)
Cash flows from financing activities:    
Borrowings from notes and other debts payable 369,787 318,054
Repayments of notes and other debts payable (271,516) (166,102)
Proceeds from merger, net of fees and other costs 64,434 0
Repayment of convertible note (1,500) 0
Contributions from noncontrolling interests 0 187
Distributions to noncontrolling interests 0 (15,414)
Deferred offering costs paid (1,832) 0
Debt issuance costs paid (1,156) (2,552)
Cash distributed to parent, net 0 (6,230)
Net cash provided by financing activities 158,217 127,943
Net increase (decrease) in cash, cash equivalents, and restricted cash 37,239 (76,178)
Cash, cash equivalents, and restricted cash at beginning of period 110,048 156,378
Cash, cash equivalents, and restricted cash at end of period $ 147,287 $ 80,200

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