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, 2021
Dec. 31, 2020
Dec. 31, 2019
Cash flows from operating activities:      
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $ 52,735 $ (9,084) $ 22,391
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 5,393 3,580 2,960
Gain on remeasurement of warrant liability (2,090) 0 0
Stock-based compensation expense 5,808 0 0
Gain on forgiveness of PPP loans (4,266) 0 0
Inventory impairments 0 3,413 0
Abandoned project costs 555 380 696
Distributions of earnings from unconsolidated joint ventures 0 0 3,561
Equity in net (earnings) loss of unconsolidated joint ventures (1,262) 16,418 7,901
Deferred taxes (2,826) (5,024) (1,345)
Changes in operating assets and liabilities:      
Cash held in escrow 7,539 (2,782) (7,132)
Real estate inventories (59,655) (19,895) 94,382
Due from affiliates (1,802) (174) 1,445
Notes receivable from lot sales 0 0 17,450
Other assets (6,045) (756) (3,605)
Accounts payable 35,850 15,744 (20,601)
Accrued expenses and other liabilities 3,466 10,779 (11,908)
Due to affiliates 0 1,010 (153)
Net cash provided by operating activities 33,400 13,609 106,042
Cash flows from investing activities:      
Purchases of property and equipment (3,176) (1,794) (5,585)
Distributions of capital from unconsolidated joint ventures 22,134 5,196 1,681
Repayments of advances from unconsolidated joint ventures 0 0 5,000
Payments for business acquisition, net of cash acquired (44,537) (128,528) (23,562)
Net cash used in investing activities (25,579) (125,126) (22,466)
Cash flows from financing activities:      
Borrowings from notes and other debts payable 910,487 600,391 276,559
Repayments of notes and other debts payable (737,683) (505,942) (296,203)
Proceeds from merger, net of fees and other costs 64,434 0 0
Repayment of convertible note (1,500) 0 0
Repayments of land bank financing 0 0 (41,667)
Contributions from noncontrolling interests 0 198 130
Distributions to noncontrolling interests 0 (15,414) 0
Deferred offering costs paid (1,832) (7,466) 0
Debt issuance costs paid (8,522) (5,532) (1,299)
Cash (distributed to) provided by parent, net 0 (1,048) 15,693
Net cash provided by (used in) financing activities 225,384 65,187 (46,787)
Net increase (decrease) in cash, cash equivalents, and restricted cash 233,205 (46,330) 36,789
Cash, cash equivalents, and restricted cash at beginning of year 110,048 156,378 119,589
Cash, cash equivalents, and restricted cash at end of year $ 343,253 $ 110,048 $ 156,378