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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
9 Months Ended 12 Months Ended
Sep. 30, 2018
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
OPERATING ACTIVITIES      
Net income $ 70.0 $ 61.7 $ 36.3
Adjustments:      
Depreciation and amortization 3.9 4.9 6.7
Deferred income taxes (24.8) 23.1 9.5
Equity in earnings of unconsolidated ventures (4.8) (0.7) (0.5)
Distributions of earnings of unconsolidated ventures 3.5 0.0 4.9
Stock-based compensation expense 0.3 2.0 1.3
Real estate and land option charges 0.3 0.9 1.3
Gain on sale of assets 27.8 0.1 3.0
Other (0.9) (0.1) (0.1)
Changes in operating assets and liabilities:      
Increase in real estate (361.1) (281.7) (531.7)
(Increase) decrease in other assets (1.6) (3.4) 0.3
Increase in accounts payable and other accrued liabilities 18.4 24.0 41.9
Increase in earnest money deposits on sales contracts 37.5 3.9 40.5
(Increase) decrease in income taxes receivable 2.3 (3.1) 1.2
Net cash used in operating activities 283.0 (168.4) 391.2
INVESTING ACTIVITIES      
Expenditures for property, equipment, software and other (0.1) (0.6) (0.9)
Return of investment in unconsolidated ventures 0.8 4.3 0.1
Proceeds from sale of assets 258.3 1.3 0.0
Net cash provided by (used in) investing activities 259.0 5.0 (0.8)
FINANCING ACTIVITIES      
Issuance of common stock 0.0 0.0 100.7
Proceeds from debt 0.2 300.0 435.0
Repayments of debt (0.5) (118.9) (85.0)
Deferred financing fees (2.3) (5.3) (6.9)
Distributions to noncontrolling interests, net (1.4) (0.6) (3.9)
Cash paid for shares withheld for taxes 0.0 (0.3) (0.1)
Net cash provided by (used in) financing activities (4.0) 174.9 439.8
Net increase (decrease) in cash and cash equivalents (28.0) 11.5 47.8
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 335.0 394.3 382.8
Cash paid during the year for:      
Interest paid, net of amounts capitalized 0.9 0.0 0.0
Income taxes refunded, net $ (3.4) $ (3.1) $ (1.7)