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CONSOLIDATED STATEMENTS OF CASH FLOWS
$ in Millions
12 Months Ended
Sep. 30, 2021
USD ($)
Sep. 30, 2020
USD ($)
Sep. 30, 2019
USD ($)
OPERATING ACTIVITIES      
Net income $ 110.5 $ 61.7 $ 36.3
Adjustments:      
Depreciation and amortization 2.7 4.9 6.7
Deferred income taxes 19.2 23.1 9.5
Equity in earnings of unconsolidated ventures (0.2) (0.7) (0.5)
Distributions of earnings of unconsolidated ventures 0.0 0.0 4.9
Stock-based compensation expense 2.6 2.0 1.3
Real estate and land option charges 3.0 0.9 1.3
Loss on extinguishment of debt (18.1) 0.0 0.0
Gain on sale of assets 2.5 0.1 3.0
Other 0.1 0.1 0.1
Changes in operating assets and liabilities:      
Increase in real estate (585.9) (281.7) (531.7)
(Increase) decrease in other assets (14.8) (3.4) 0.3
Increase in accounts payable and other accrued liabilities 28.0 15.0 24.4
Increase in accrued development costs 60.1 9.0 17.5
Increase in earnest money deposits on sales contracts 49.7 3.9 40.5
Decrease (increase) in income taxes receivable 6.3 (3.1) 1.2
Net cash used in operating activities (303.1) (168.4) (391.2)
INVESTING ACTIVITIES      
Expenditures for property, equipment, software and other (1.6) (0.6) (0.9)
Return of investment in unconsolidated ventures 2.6 4.3 0.1
Proceeds from sale of assets 0.0 1.3 0.0
Net cash provided by (used in) investing activities 1.0 5.0 (0.8)
FINANCING ACTIVITIES      
Issuance of common stock 33.4 0.0 100.7
Proceeds from debt 458.0 300.0 435.0
Repayments of debt (422.0) (118.9) (85.0)
Deferred financing fees (4.9) (5.3) (6.9)
Purchase of noncontrolling interest (2.4) 0.0 0.0
Distributions to noncontrolling interests, net (0.1) (0.6) (3.9)
Cash paid for shares withheld for taxes (0.6) (0.3) (0.1)
Net cash provided by financing activities 61.4 174.9 439.8
Net (decrease) increase in cash and cash equivalents (240.7) 11.5 47.8
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents 153.6 394.3 382.8
Cash paid during the year for:      
Note payable issued for real estate 12.5 0.0 0.0
Income taxes paid (refunded), net $ 4.3 $ (3.1) $ (1.7)