Annual report pursuant to Section 13 and 15(d)

Consolidated Statements of Cash Flows

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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income $ 32,650 $ 75,665 $ 52,735
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 5,104 5,549 5,393
Loss (gain) on remeasurement of warrant liability 0 7,315 (2,090)
Stock-based compensation expense 3,088 3,647 5,808
Loss (gain) on extinguishment or forgiveness of debt 0 2,496 (4,266)
Inventory impairments 4,700 0 0
Abandoned project costs 998 650 555
Write off of offering costs 436 0 0
Deferred taxes (4,917) (6,299) (2,826)
Changes in operating assets and liabilities:      
Cash held in escrow (31,990) (13,022) 7,539
Real estate inventories (29,543) (12,846) (59,655)
Due from affiliates (604) 721 (1,802)
Other assets 33,738 (53,930) (7,307)
Accounts payable 3,523 (5,617) 35,850
Accrued expenses and other liabilities 9,987 13,139 3,466
Due to affiliates (3) (1,473) 0
Net cash provided by operating activities 27,167 15,995 33,400
Cash flows from investing activities:      
Purchases of property and equipment (7,478) (5,469) (3,176)
Distributions of capital from unconsolidated joint ventures 0 578 22,134
Payments for business acquisition, net of cash acquired 0 (258,727) (44,537)
Net cash used in investing activities (7,478) (263,618) (25,579)
Cash flows from financing activities:      
Borrowings from notes and other debts payable 547,500 281,612 910,487
Repayments of notes and other debts payable (504,300) (240,228) (737,683)
Proceeds from Merger, net of fees and other costs 0 0 64,434
Cash paid for shares withheld for taxes (695) (848) 0
Payment for buyback of warrants 0 (16,500) 0
Repayment of convertible note 0 0 (1,500)
Proceeds from exercise of stock options 37 0 0
Repurchases of common stock (34,417) (40,547) 0
Contributions from noncontrolling interests 0 55,000 0
Distributions to noncontrolling interests (22,309) (3,995) 0
Deferred offering costs paid (224) (2,605) (1,832)
Debt issuance and extinguishment costs paid (9,360) (3,885) (8,522)
Net cash (used in) provided by financing activities (23,768) 28,004 225,384
Net (decrease) increase in cash, cash equivalents, and restricted cash (4,079) (219,619) 233,205
Cash, cash equivalents, and restricted cash at beginning of year 123,634 343,253 110,048
Cash, cash equivalents, and restricted cash at end of year $ 119,555 $ 123,634 $ 343,253