v3.22.2.2
Consolidated Statements of Cash Flows - (Unaudited) - USD ($)
$ in Thousands
9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 49,196 $ 14,346
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 4,445 3,240
Loss on remeasurement of warrant liability 7,315 3,245
Stock-based compensation expense 2,780 4,056
Loss (gain) on extinguishment or forgiveness of debt 2,496 (4,265)
Abandoned project costs 324 380
Equity in net income of unconsolidated joint ventures (139) (814)
Deferred taxes (2,217) (1,221)
Changes in operating assets and liabilities:    
Cash held in escrow (3,111) (2,920)
Real estate inventories (99,397) (123,874)
Due from affiliates (715) (1,488)
Other assets (46,748) (5,982)
Accounts payable 2,284 17,461
Accrued expenses and other liabilities 287 (28,110)
Net cash used in operating activities (83,200) (125,946)
Cash flows from investing activities:    
Purchases of property and equipment (4,062) (2,309)
Distributions of capital from unconsolidated joint ventures 578 17,855
Payments for business acquisition, net of cash acquired (258,727) (44,537)
Net cash used in investing activities (262,211) (28,991)
Cash flows from financing activities:    
Borrowings from notes and other debts payable 361,910 491,535
Repayments of notes and other debts payable (240,526) (424,006)
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
Distributions to noncontrolling interests (3,072) 0
Deferred offering costs paid 0 (1,832)
Debt issuance and extinguishment costs paid (3,414) (1,382)
Net cash provided by financing activities 112,350 127,249
Net decrease in cash, cash equivalents, and restricted cash (233,061) (27,688)
Cash, cash equivalents, and restricted cash at beginning of period 343,253 110,048
Cash, cash equivalents, and restricted cash at end of period $ 110,192 $ 82,360

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