v3.22.1
Consolidated Statements of Cash Flows - (Unaudited) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Cash flows from operating activities:    
Net income (loss) $ 13,061 $ (7,086)
Adjustments to reconcile net income (loss) to net cash from operating activities:    
Depreciation and amortization 1,623 914
Loss on remeasurement of warrant liability 5,555 4,950
Stock-based compensation expense 518 2,376
Abandoned project costs 90 88
Equity in net loss (income) of unconsolidated joint ventures 1 21
Deferred taxes (270) 116
Changes in operating assets and liabilities:    
Cash held in escrow (4,270) 7,480
Real estate inventories (32,191) (35,755)
Due from affiliates (568) (434)
Other assets (16,152) (4,539)
Accounts payable (4,851) 4,583
Accrued expenses and other liabilities 5,313 (11,060)
Net cash used in operating activities (32,141) (38,346)
Cash flows from investing activities:    
Purchases of property and equipment (1,521) (157)
Distributions of capital from unconsolidated joint ventures 283 4,149
Payments for business acquisition, net of cash acquired (260,330) 0
Net cash (used in) provided by investing activities (261,568) 3,992
Cash flows from financing activities:    
Borrowings from notes and other debts payable 69,612 154,017
Repayments of notes and other debts payable (37,715) (100,062)
Proceeds from merger, net of fees and other costs 0 64,434
Cash paid for shares withheld for taxes (672) 0
Repayment of convertible note 0 (1,500)
Repurchases of common stock (3,824) 0
Deferred offering costs paid 0 (1,612)
Debt issuance costs paid (87) (235)
Net cash provided by financing activities 27,314 115,042
Net (decrease) increase in cash, cash equivalents, and restricted cash (266,395) 80,688
Cash, cash equivalents, and restricted cash at beginning of period 343,253 110,048
Cash, cash equivalents, and restricted cash at end of period $ 76,858 $ 190,736

Source