Dream Finders Homes Inc
For the period ended Mar 31, 2025. Filed May 6, 2025.
View on SEC.govAbout this filing
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, 2025 · Filed May 6, 2025
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, | ||
|---|---|---|
| 2025 | 2024 | |
| Cash flows from operating activities | ||
| Net and comprehensive income | $55,010 | $55,683 |
| Adjustments to reconcile net and comprehensive income to net cash used in operating activities | ||
| Depreciation and amortization | 3,269 | 2,197 |
| Amortization of lease right-of-use assets | 4,018 | 1,836 |
| Stock-based compensation | 9,453 | 3,462 |
| Deferred income tax benefit | (1,715) | (1,662) |
| Contingent consideration revaluation | 1,100 | 3,207 |
| Payments of contingent consideration | — | (2,841) |
| Other, net | 274 | (2,371) |
| Changes in operating assets and liabilities, net of effects of acquisition | ||
| Accounts receivable | 2,665 | 2,662 |
| Inventories | (60,063) | (172,232) |
| Lot deposits | (53,153) | (19,258) |
| Other assets | (18,133) | 13,346 |
| Mortgage loans held for sale | 113,951 | — |
| Accounts payable and accrued expenses | (74,797) | (117,658) |
| Customer deposits | (22,608) | (12,088) |
| Lease liabilities | (3,982) | (1,814) |
| Net cash used in operating activities | (44,711) | (247,531) |
| Cash flows from investing activities | ||
| Purchase of property and equipment | (3,164) | (2,074) |
| Proceeds from disposal of property and equipment | 20 | 46 |
| Investments in unconsolidated entities | (1,187) | — |
| Return of investments from unconsolidated entities | 296 | — |
| Payments for acquisitions | (111,556) | (183,983) |
| Net cash used in investing activities | (115,591) | (186,011) |
| Cash flows from financing activities | ||
| Proceeds from construction lines of credit | 510,213 | 280,000 |
| Repayments on construction lines of credit | (212,000) | (100,096) |
| Proceeds from mortgage warehouse facilities | 195,862 | — |
| Repayments on mortgage warehouse facilities | (304,022) | — |
| Payments of debt issuance costs | (452) | — |
| Payments of preferred stock dividends | (3,375) | (3,375) |
| Payments for common stock withheld for taxes | (6,846) | (10,456) |
| Repurchases of common stock | (6,963) | — |
| Distributions to noncontrolling interests | (3,839) | (8,962) |
| Payments of contingent consideration | — | (4,205) |
| Net cash provided by financing activities | 168,578 | 152,906 |
| Net increase/(decrease) in cash, cash equivalents and restricted cash | 8,276 | (280,636) |
| Cash, cash equivalents and restricted cash at beginning of period | 339,825 | 548,456 |
| Cash, cash equivalents and restricted cash at end of period | $348,101 | $267,820 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(In thousands)
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2025 | 2024 | |
| Reconciliation of cash, cash equivalents and restricted cash | ||
| Cash and cash equivalents | $297,468 | $239,428 |
| Restricted cash | 50,633 | 28,392 |
| Total cash, cash equivalents and restricted cash | $348,101 | $267,820 |
| Supplemental disclosures of cash payments: | ||
| Cash paid for interest | $66,904 | $46,367 |
| Cash paid for income taxes, net of refunds(1) | $38,658 | $102,333 |
| Supplemental disclosures of noncash activities: | ||
| Noncash investing activities | ||
| Noncontrolling interests issued in business combinations(2) | $7,568 | $28,533 |
| Accrued cash consideration for business combinations(3) | 7,287 | 23,084 |
| Total noncash investing activities | $14,855 | $51,617 |
(1)Includes payments for purchased tax credits of $36.6 million for the three months ended March 31, 2025 related to 2024 income tax expense andno payments for purchased tax credits for the three months ended March 31, 2024.
(2)Based on the estimated acquisition date fair value of the redeemable noncontrolling interests as of the reporting period date. Refer to Note 2, Acquisitions for more information.
(3)Includes $6.7 million in purchase price adjustments related to the Crescent Ventures, LLC (“Crescent Homes” or “Crescent”) acquisition. Refer to Note 2, Acquisitions for more information.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.