Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Cash Flows - (Unaudited)

v3.23.1
Consolidated Statements of Cash Flows - (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Cash flows from operating activities:    
Net income $ 4,123 $ 13,061
Adjustments to reconcile net income to net cash from operating activities:    
Depreciation and amortization 1,418 1,623
Loss on remeasurement of warrant liability 0 5,555
Stock-based compensation (361) 518
Abandoned project costs 115 90
Deferred taxes 580 (270)
Changes in operating assets and liabilities:    
Cash held in escrow 14,341 (4,270)
Real estate inventories 13,184 (32,191)
Due from affiliates (307) (568)
Other assets (2,232) (16,151)
Accounts payable (11,972) (4,851)
Accrued expenses and other liabilities (13,412) 5,313
Net cash provided by (used in) operating activities 5,477 (32,141)
Cash flows from investing activities:    
Purchases of property and equipment (1,563) (1,521)
Distributions of capital from unconsolidated joint ventures 0 283
Payments for business acquisition, net of cash acquired 0 (260,330)
Net cash used in investing activities (1,563) (261,568)
Cash flows from financing activities:    
Borrowings from notes and other debts payable 175,000 69,612
Repayments of notes and other debts payable (164,300) (37,715)
Cash paid for shares withheld for taxes (550) (672)
Repurchases of common stock 0 (3,824)
Distributions to noncontrolling interests (913) 0
Debt issuance and extinguishment costs paid 0 (87)
Net cash provided by financing activities 9,237 27,314
Net increase (decrease) in cash, cash equivalents, and restricted cash 13,151 (266,395)
Cash, cash equivalents, and restricted cash at beginning of period 123,634 343,253
Cash, cash equivalents, and restricted cash at end of period $ 136,785 $ 76,858