Dream Finders Homes Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 29, 2024
DFH$11.87-7.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash Flows from Operating Activities | |||
| Net and comprehensive income | $307,942 | $274,297 | $134,594 |
| Adjustments to reconcile net and comprehensive income to net cash provided by/(used in) operating activities | |||
| Depreciation and amortization | 10,651 | 11,252 | 6,065 |
| Gain on sale of property and equipment | (56) | (92) | (87) |
| Extinguishment of unamortized debt issuance costs | — | 283 | 507 |
| Amortization of lease right-of-use assets | 7,245 | 5,839 | 3,786 |
| Stock-based compensation | 14,098 | 6,796 | 5,233 |
| Income from Paycheck Protection Program | — | — | 7,220 |
| Deferred income tax benefit | (22,345) | (294) | (946) |
| Return on investments, net of income from unconsolidated entities | (1,286) | 1,810 | (3,918) |
| Contingent consideration revaluation | 46,590 | 11,053 | 7,533 |
| Payments of contingent consideration | (12,331) | (4,461) | — |
| Changes in Operating Assets and Liabilities | |||
| Accounts receivable | 12,616 | (11,850) | (16,717) |
| Inventories | (61,623) | (311,523) | (80,196) |
| Lot deposits | 30,051 | (35,852) | (134,238) |
| Other assets | (1) | (2,868) | (1,746) |
| Accounts payable and accrued expenses | 22,750 | 65,748 | 63,361 |
| Customer deposits | 26,921 | (32,031) | 78,167 |
| Lease liabilities | (6,988) | (5,730) | (3,646) |
| Net cash provided by/(used in) operating activities | 374,234 | (27,623) | 64,972 |
| Cash Flows from Investing Activities | |||
| Purchase of property and equipment | (4,781) | (5,545) | (2,774) |
| Proceeds from disposal of property and equipment | 367 | 152 | 508 |
| Investments in unconsolidated entities | (300) | (300) | (1,980) |
| Return of investments from unconsolidated entities | 230 | 449 | 668 |
| Business combinations, net of cash acquired | — | (280) | (519,465) |
| Net cash used in investing activities | (4,484) | (5,524) | (523,043) |
| Cash Flows from Financing Activities | |||
| Proceeds from senior unsecured notes | 300,000 | — | — |
| Proceeds from construction lines of credit | 5,410,000 | 11,023,077 | 1,897,540 |
| Repayments on construction lines of credit | (5,845,864) | (10,820,121) | (1,450,639) |
| Payments of debt issuance costs | (11,385) | (5,539) | (7,657) |
| Proceeds from common stock issuance | — | — | 143,630 |
| Proceeds from issuance of convertible preferred stock | — | — | 148,500 |
| Payments of equity issuance costs | — | — | (14,009) |
| Payments of preferred stock dividends | (13,238) | (13,688) | — |
| Payments for common stock withheld for taxes | (322) | — | — |
| Conversion of LLC units | — | — | (123,658) |
| Contributions | — | — | 125,658 |
| Distributions | (11,946) | (23,095) | (46,608) |
| Redemptions of preferred units | (11,077) | — | (25,530) |
| Payments of contingent consideration | (32,592) | (13,679) | (1,207) |
| Net cash (used in)/provided by financing activities | (216,424) | 146,955 | 646,020 |
| Net increase in cash, cash equivalents and restricted cash | 153,326 | 113,808 | 187,949 |
| Cash, cash equivalents and restricted cash at beginning of period | 395,130 | 281,322 | 93,373 |
| Cash, cash equivalents and restricted cash at end of period | $548,456 | $395,130 | $281,322 |
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands)
| Year Ended December 31, | ||
| 2023 | 2022 | 2021 |
| Reconciliation of cash, cash equivalents and restricted cash | |||
|---|---|---|---|
| Cash and cash equivalents | $494,145 | $364,531 | $227,227 |
| Restricted cash | 54,311 | 30,599 | 54,095 |
| Total cash, cash equivalents and restricted cash | $548,456 | $395,130 | $281,322 |
| Supplemental disclosures of cash payments: | |||
| Cash paid for interest | $80,111 | $105,224 | $33,946 |
| Cash paid for income taxes, net of refunds | 81,320 | 47,935 | 27,819 |
| Supplemental disclosures of noncash activities: | |||
| Noncash Financing Activities | |||
| Contingent consideration | — | (1,841) | 94,573 |
| Financed land payments to seller | — | — | 8,916 |
| Total noncash financing activities | $— | $(1,841) | $103,489 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.