Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

v3.22.4
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:      
Net income (loss) $ 75,665 $ 52,735 $ (9,084)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 5,549 5,393 3,580
Loss (gain) on remeasurement of warrant liability 7,315 (2,090) 0
Stock-based compensation expense 3,647 5,808 0
Loss (gain) on extinguishment or forgiveness of debt 2,496 (4,266) 0
Inventory impairments 0 0 3,413
Abandoned project costs 650 555 380
Equity in net (income) loss of unconsolidated joint ventures (149) (1,262) 16,418
Deferred taxes (6,299) (2,826) (5,024)
Changes in operating assets and liabilities:      
Cash held in escrow (13,022) 7,539 (2,782)
Real estate inventories (12,846) (59,655) (19,895)
Due from affiliates 721 (1,802) (174)
Other assets (53,781) (6,045) (756)
Accounts payable (5,617) 35,850 15,744
Accrued expenses and other liabilities 13,139 3,466 10,779
Due to affiliates (1,473) 0 1,010
Net cash provided by operating activities 15,995 33,400 13,609
Cash flows from investing activities:      
Purchases of property and equipment (5,469) (3,176) (1,794)
Distributions of capital from unconsolidated joint ventures 578 22,134 5,196
Payments for business acquisition, net of cash acquired (258,727) (44,537) (128,528)
Net cash used in investing activities (263,618) (25,579) (125,126)
Cash flows from financing activities:      
Borrowings from notes and other debts payable 281,612 910,487 600,391
Repayments of notes and other debts payable (240,228) (737,683) (505,942)
Proceeds from Merger, net of fees and other costs 0 64,434 0
Cash paid for shares withheld for taxes (848) 0 0
Payment for buyback of warrants (16,500) 0 0
Repayment of convertible note 0 (1,500) 0
Repurchases of common stock (40,547) 0 0
Contributions from noncontrolling interests 55,000 0 198
Distributions to noncontrolling interests (3,995) 0 (15,414)
Deferred offering costs paid (2,605) (1,832) (7,466)
Debt issuance and extinguishment costs paid (3,885) (8,522) (5,532)
Cash distributed to parent, net 0 0 (1,048)
Net cash provided by financing activities 28,004 225,384 65,187
Net (decrease) increase in cash, cash equivalents, and restricted cash (219,619) 233,205 (46,330)
Cash, cash equivalents, and restricted cash at beginning of year 343,253 110,048 156,378
Cash, cash equivalents, and restricted cash at end of year $ 123,634 $ 343,253 $ 110,048