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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities:      
Net loss $ (32,869) $ (8,001) $ (14,230)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:      
Deferred taxes 2,056 (3,566) (7,620)
Amortization of stock-based compensation 2,197 2,260 3,090
Distributions of earnings from unconsolidated joint ventures 110 374 715
Inventory impairments 19,000 10,200 10,000
Project abandonment costs 14,098 94 206
Equity in net loss of unconsolidated joint ventures 18,791 3,503 19,653
Deferred profit from unconsolidated joint ventures 0 0 136
Depreciation and amortization 6,721 8,957 6,631
(Gain) loss on early extinguishment of debt 7,254 (1,164) 0
Net changes in operating assets and liabilities:      
Contracts and accounts receivable 11,058 2,283 4,959
Due from affiliates 136 930 (242)
Real estate inventories 85,200 123,239 (157,705)
Other assets (35,357) (2,326) (11,642)
Accounts payable (7,862) (14,347) 15,669
Accrued expenses and other liabilities 2,549 (1,178) (9,305)
Net cash provided by (used in) operating activities 93,082 121,258 (139,685)
Investing activities:      
Purchases of property and equipment (291) (41) (246)
Contributions and advances to unconsolidated joint ventures (4,995) (8,826) (15,066)
Distributions of capital and repayment of advances from unconsolidated joint ventures 14,257 9,133 15,436
Interest collected on advances to unconsolidated joint ventures 0 0 178
Net cash provided by investing activities 8,971 266 302
Financing activities:      
Borrowings from credit facility 0 50,000 150,000
Repayments of credit facility 0 (117,500) (82,500)
Proceeds from senior notes 250,000 0 0
Repurchases of senior notes (312,410) (15,605) 0
Proceeds from note payable 7,036 0 0
Repayments of note payable (7,036) 0 0
Payment of debt issuance costs (6,970) 0 0
Non-controlling interest distribution (62) 0 0
Repurchases of common stock (4,279) (1,042) (8,563)
Tax withholding paid on behalf of employees for stock awards (304) (488) (982)
Net cash (used in) provided by financing activities (74,025) (84,635) 57,955
Net increase (decrease) in cash, cash equivalents and restricted cash 28,028 36,889 (81,428)
Cash, cash equivalents and restricted cash – beginning of year 79,431 42,542 123,970
Cash, cash equivalents and restricted cash – end of year $ 107,459 $ 79,431 $ 42,542