Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
| Net income |
$ 40,821
|
$ (47,741)
|
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
| Equity in (earnings) loss from unconsolidated entities |
(53,176)
|
389
|
| Return on investment from Great Park Venture |
52,736
|
0
|
| Depreciation and amortization |
11,204
|
3,034
|
| Share-based compensation |
1,693
|
4,764
|
| Changes in operating assets and liabilities: |
|
|
| Inventories |
(14,867)
|
(89,880)
|
| Related party assets |
6,013
|
2,029
|
| Other assets |
2,430
|
(602)
|
| Accounts payable and other liabilities |
(3,520)
|
(14,521)
|
| Related party liabilities |
(5,409)
|
8,997
|
| Net cash provided by (used in) operating activities |
37,925
|
(133,531)
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Contribution to Valencia Landbank Venture |
0
|
(95)
|
| Purchase of properties and equipment |
0
|
(62)
|
| Net cash provided by investing activities |
29,676
|
1,387
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
| Related party reimbursement obligation |
(3,993)
|
(2,327)
|
| Reacquisition of share-based compensation awards for tax-withholding purposes |
(202)
|
(2,736)
|
| Tax distributions to noncontrolling interests |
(1,974)
|
(435)
|
| Net cash used in financing activities |
(6,169)
|
(5,498)
|
| NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |
61,432
|
(137,642)
|
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—Beginning of period |
132,763
|
266,792
|
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH—End of period |
194,195
|
129,150
|
| Great Park Venture |
|
|
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
| Equity in (earnings) loss from unconsolidated entities |
(53,484)
|
1,094
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Return of investment |
29,028
|
0
|
| Valencia Landbank Venture |
|
|
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
| Equity in (earnings) loss from unconsolidated entities |
(400)
|
(500)
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
| Return of investment |
$ 648
|
$ 1,544
|