Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows - Unaudited

v3.23.1
Condensed Consolidated Statements of Cash Flows - Unaudited - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Operating activities:    
Net income (loss) $ 7,523 $ (1,926)
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Recoveries from loan losses, net (600) (648)
Depreciation, amortization and accretion 2,688 2,487
Net loss (gain) on sales of real estate and property and equipment 74 (2,131)
Equity in net earnings of unconsolidated real estate joint ventures (1,104) (1,532)
Return on investment in unconsolidated real estate joint ventures 2,464 2,612
Impairment losses 0 64
Share-based compensation expense 1,139 767
Provision (recovery) for excess and obsolete inventory 192 (376)
Changes in operating assets and liabilities:    
Deferred income tax asset, net 1,858 (280)
Trade accounts receivable (966) (774)
Construction contracts receivable 3,647 0
Trade inventory 2,400 (6,082)
Real estate (472) 481
Operating lease assets and operating lease liabilities 386 525
Contract assets 2,906 642
Other assets 1,090 (236)
Accounts payable (6,729) 249
Accrued expenses (10,442) (2,835)
Contract liabilities (1,572) 0
Other liabilities (1,089) 641
Net cash used in operating activities (13,657) (8,352)
Investing activities:    
Return of investment in unconsolidated real estate joint ventures 1,303 402
Investments in unconsolidated real estate joint ventures (804) (2,182)
Purchases of securities available for sale (44,400) 0
Redemptions of securities available for sale 15,451 0
Proceeds from repayment of loans receivable 931 761
Proceeds from sales of real estate held-for-sale 0 3,937
Proceeds from sales of property and equipment 0 2,741
Additions to real estate held-for-sale and held-for-investment (2,174) (66)
Purchases of property and equipment (5,414) (1,884)
Cash acquired in the consolidation of real estate joint ventures 29,146 0
Cash paid for The Altman Companies acquisition, net of cash received (3,945) 0
Decrease in cash from other investing activities (4) (3)
Net cash (used in) provided by investing activities (9,910) 3,706
Financing activities:    
Repayments of notes payable and other borrowings (4,723) (3,247)
Proceeds from notes payable and other borrowings 2,783 4,686
Payments for debt issuance costs (107) 0
Contributions from noncontrolling interests 3,729 25
Distribution to noncontrolling interests (159) (231)
Net cash provided by financing activities 1,523 1,233
Decrease in cash, cash equivalents and restricted cash (22,044) (3,413)
Cash, cash equivalents and restricted cash at beginning of period 128,331 119,045
Cash, cash equivalents and restricted cash at end of period 106,287 115,632
Supplemental cash flow information:    
Interest paid on borrowings, net of amounts capitalized 702 472
Income taxes paid 664 492
Supplementary disclosure of non-cash investing and financing activities:    
Construction funds receivable transferred to real estate 0 34
Assumption of Community Development District Bonds by homebuilders 357 811
Operating lease assets obtained in exchange for new operating lease liabilities 15,760 4,851
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 95,022 114,632
Restricted cash 11,265 1,000
Cash, cash equivalents and restricted cash at end of period 106,287 115,632
Other Investments in Real Estate Joint Ventures [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Gain on the consolidation (10,855) 0
The Altman Companies, LLC [Member]    
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Gain on the consolidation $ (6,195) $ 0