Dream Finders Homes Inc
For the period ended Mar 31, 2024. Filed May 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 2, 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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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash flows from operating activities | ||
| Net and comprehensive income | $55,683 | $51,751 |
| Adjustments to reconcile net income to net cash provided by/(used in) operating activities | ||
| Depreciation and amortization | 2,197 | 2,635 |
| Gain on sale of property and equipment | (46) | (19) |
| Amortization of lease right-of-use assets | 1,836 | 1,790 |
| Stock-based compensation | 3,462 | 2,430 |
| Deferred tax benefit | (1,662) | (83) |
| Return on investments, net of income from unconsolidated entities | (2,325) | 513 |
| Contingent consideration revaluation | 3,207 | 5,316 |
| Payments of contingent consideration | (2,841) | (529) |
| Changes in operating assets and liabilities, net of effects of acquisition | ||
| Accounts receivable | 2,662 | 9,926 |
| Inventories | (172,232) | (55,543) |
| Lot deposits | (19,258) | 14,935 |
| Other assets | 13,346 | (7,103) |
| Accounts payable and accrued expenses | (117,658) | (80,049) |
| Customer deposits | (12,088) | 20,205 |
| Lease liabilities | (1,814) | (1,764) |
| Net cash used in operating activities | (247,531) | (35,589) |
| Cash flows from investing activities | ||
| Purchase of property and equipment | (2,074) | (1,380) |
| Proceeds from disposal of property and equipment | 46 | 20 |
| Payments for business combination | (183,983) | — |
| Net cash used in investing activities | (186,011) | (1,360) |
| Cash flows from financing activities | ||
| Proceeds from construction lines of credit | 280,000 | 2,745,000 |
| Repayments on construction lines of credit | (100,096) | (2,795,256) |
| Payments of debt issuance costs | — | (125) |
| Payments of preferred stock dividends | (3,375) | (3,375) |
| Payments for common stock withheld for taxes | (10,456) | — |
| Distributions | (8,962) | (1,024) |
| Payments of contingent consideration | (4,205) | (5,950) |
| Net cash provided by/(used in) financing activities | 152,906 | (60,730) |
| Net decrease in cash, cash equivalents and restricted cash | (280,636) | (97,679) |
| Cash, cash equivalents and restricted cash at beginning of period | 548,456 | 395,130 |
| Cash, cash equivalents and restricted cash at end of period | $267,820 | $297,451 |
| Reconciliation of cash, cash equivalents and restricted cash | ||
| Cash and cash equivalents | $239,428 | $266,569 |
| Restricted cash | 28,392 | 30,882 |
| Total cash, cash equivalents and restricted cash | $267,820 | $297,451 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental disclosures of cash payments: | ||
| Cash paid for income taxes, net of refunds | $102,333 | $35,603 |
| Supplemental disclosures of noncash activities: | ||
| Noncash investing activities | ||
| Noncontrolling interest issued in business combination | $28,533 | $— |
| Accrued cash consideration for business combination | 23,084 | — |
| Total noncash investing activities | $51,617 | $— |
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