CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands |
12 Months Ended |
Dec. 31, 2020 |
Dec. 31, 2019 |
Dec. 31, 2018 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
| Net loss |
$ (286,760)
|
$ (339,170)
|
$ (239,929)
|
| Adjustments to reconcile net loss to cash, cash equivalents, and restricted cash provided by (used in) operating activities: |
|
|
|
| Depreciation and amortization - net of accretion |
38,604
|
27,372
|
12,781
|
| Amortization of right of use assets |
23,744
|
11,940
|
|
| Stock-based compensation |
38,005
|
12,606
|
8,422
|
| Warrant fair value adjustment |
2,622
|
(6,243)
|
18,022
|
| Inventory valuation adjustment |
7,596
|
31,885
|
20,523
|
| Changes in fair value of derivative instruments |
23,043
|
1,102
|
2,996
|
| Payment-in-kind interest |
3,910
|
2,052
|
|
| Net fair value adjustments and gain (loss) on sale of mortgage loans held for sale |
(3,390)
|
(447)
|
|
| Origination of mortgage loans held for sale |
(127,658)
|
(23,194)
|
|
| Proceeds from sale and principal collection of mortgage loans held for sale |
125,635
|
21,525
|
|
| Changes in operating assets and liabilities: |
|
|
|
| Escrow receivable |
12,388
|
(3,110)
|
4,474
|
| Real estate inventories |
834,143
|
16,951
|
(1,015,207)
|
| Other assets |
4,315
|
(7,518)
|
(11,723)
|
| Accounts payable and other accrued liabilities |
(3,995)
|
(4,331)
|
16,375
|
| Interest payable |
(3,145)
|
475
|
3,629
|
| Lease liabilities |
(7,146)
|
(13,945)
|
|
| Net cash provided by (used in) operating activities |
681,911
|
(272,050)
|
(1,179,637)
|
| CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
|
| Purchase of property and equipment |
(17,341)
|
(27,972)
|
(20,022)
|
| Purchase of marketable securities |
(174,530)
|
(79,319)
|
(22,926)
|
| Proceeds from sales, maturities, redemptions and paydowns of marketable securities |
170,005
|
45,025
|
40,373
|
| Acquisitions, net of cash acquired |
|
(32,812)
|
(4,857)
|
| Net cash used in investing activities |
(21,866)
|
(95,078)
|
(7,432)
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Proceeds from issuance of Series preferred stock |
82
|
|
|
| Proceeds from issuance of convertible notes |
|
178,200
|
20,000
|
| Proceeds from exercise of stock options |
7,557
|
3,358
|
6,888
|
| Proceeds from Business Combination and PIPE offering |
1,013,926
|
|
|
| Capital distributions of non-controlling interest |
|
(3,276)
|
|
| Proceeds from credit facilities and other secured borrowings |
1,433,798
|
3,664,217
|
1,994,088
|
| Principal payments on credit facilities and other secured borrowings |
(2,250,192)
|
(3,495,411)
|
(1,176,541)
|
| Payment of loan origination fees and debt issuance costs |
(3,220)
|
(15,137)
|
(8,911)
|
| Repurchase of common stock at fair value |
|
(3,410)
|
(37,777)
|
| Net cash provided by financing activities |
160,661
|
646,179
|
1,496,494
|
| NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH |
820,706
|
279,051
|
309,425
|
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH - Beginning of year |
684,822
|
405,771
|
96,346
|
| CASH, CASH EQUIVALENTS, AND RESTRICTED CASH - End of period |
1,505,528
|
684,822
|
405,771
|
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION - Cash paid during the period for interest |
56,937
|
85,910
|
44,574
|
| DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: |
|
|
|
| Conversion of preferred stock to common stock |
1,385,632
|
|
|
| Issuance of issuer stock rights in extinguishment convertible notes |
212,940
|
|
|
| Vesting of early exercised stock options |
124
|
1,060
|
2,388
|
| Conversion of convertible notes to Series E-1 preferred stock |
|
|
23,816
|
| Noncash financing, issuance of common stock for acquisition |
|
6,650
|
(6,152)
|
| Common Stock |
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Issuance cost of Series preferred stock |
(43,449)
|
|
|
| Series A convertible preferred stock |
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Repurchase of Series preferred stock |
|
|
(5,543)
|
| Series B convertible preferred stock |
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Repurchase of Series preferred stock |
|
|
(2,329)
|
| Series D convertible preferred stock |
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Proceeds from issuance of Series preferred stock |
3
|
35,000
|
|
| Repurchase of Series preferred stock |
|
|
(147)
|
| Series E convertible preferred stock |
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Proceeds from issuance of Series preferred stock |
$ 2,156
|
|
708,200
|
| Issuance cost of Series preferred stock |
|
|
$ (1,434)
|
| Series E-2 convertible preferred stock |
|
|
|
| CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
|
| Proceeds from issuance of Series preferred stock |
|
282,875
|
|
| Issuance cost of Series preferred stock |
|
$ (237)
|
|