HOVNANIAN ENTERPRISES INC HOV Cash Flow

Hovnanian enterprises inc (HOV)

CashFlow / Quarterly

Jan'20	Oct'19	Jul'19	Apr'19	Jan'19	Oct'18	Jul'18	Apr'18	Jan'18	Oct'17	Jul'17	Apr'17	Jan'17	Oct'16	Jul'16	Apr'16	Jan'16	Oct'15	Jul'15	Apr'15	Jan'15	Oct'14	Jul'14	Apr'14	Jan'14	Oct'13	Jul'13	Apr'13	Jan'13	Oct'12	Jul'12	Apr'12	Jan'12	Oct'11	Jul'11	Apr'11	Jan'11
Cash flows from operating activities:
Net (loss)
-9,148	-1,807	-7,601	-15,257	-17,452	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net (loss)
-	-	-	-	-	-	-	-	-30,809	-	-337,209	-6,682	-143	22,289	-474	-8,461	-16,173	25,519	-7,684	-19,559	-14,376	322,464	17,105	-7,902	-24,523	32,819	8,466	1,318	-11,308	-84,410	34,676	1,802	-18,265	-98,348	-50,930	-72,667	-64,142
Adjustments to reconcile net (loss) to net cash provided by (used in) operating activities:
Depreciation
1,279	1,230	1,004	959	979	836	811	719	790	1,037	1,129	1,070	1,013	957	879	864	865	835	834	870	849	846	865	853	853	930	938	1,382	1,462	1,512	1,494	1,559	1,658	2,173	2,602	2,246	2,319
Compensation from stock options and awards
-116	-	-	-	615	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Compensation from stock options and awards
-	-	-	-	-	963	631	1,036	1,039	-1,049	106	1,048	452	1,144	952	-720	1,545	-389	2,540	3,165	3,500	2,493	2,748	1,508	3,530	1,583	2,804	1,306	1,149	2,719	867	1,680	1,187	1,109	1,493	1,677	1,940
Amortization of bond discounts, premiums and deferred financing costs
1,281	2,125	2,123	2,060	1,820	2,922	1,750	1,813	2,337	2,490	2,037	5,219	4,129	3,621	3,103	3,135	2,971	2,804	2,892	3,128	2,863	2,729	2,678	2,533	2,380	2,202	1,995	1,802	1,844	2,183	1,760	1,862	1,631	1,591	1,676	1,471	1,309
Gain on sale and retirement of property and assets
2	6	7	-3	15	-1	28	-36	3,628	43	45	22	56	16	516	19	81	430	-162	683	168	154	113	211	5	161	51	4,408	76	149	-46	105	22	222	-225	-24	293
Income from unconsolidated joint ventures
1,540	8,376	3,742	7,252	9,562	17,134	10,732	1,343	-5,176	3,062	-3,881	-4,562	-1,666	881	-2,401	-1,346	-1,480	1,699	-448	1,466	1,452	4,048	211	1,067	2,571	5,234	3,690	827	2,289	3,077	851	1,496	-23	-2,479	-2,255	-3,232	-992
Distributions of earnings from unconsolidated joint ventures
9,250	-	-	-	-	-	-	-	-	604	1,057	18	185	325	677	0	0	2,340	1,653	1,405	3,040	4,904	649	242	249	1,110	492	338	400	1,253	240	91	206	1,217	73	-232	525
Gain on extinguishment of debt
9,456	-	-	-	-	-	-	-	-	0	-42,258	-242	7,646	-3,200	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-87,032	6,229	27,039	24,698	-	-	-	-
Noncontrolling interest in consolidated joint venture
-13	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Expenses related to the debt for debt exchange
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	11	89	4,594	-	-	-	-
Inventory impairment and land option write-offs
2,828	2,687	1,435	1,462	704	318	96	2,673	414	8,479	4,197	1,953	3,184	10,438	1,565	9,669	11,681	4,426	1,077	4,311	2,230	3,297	741	522	664	1,486	623	2,191	665	5,300	689	3,216	3,325	59,873	11,426	16,925	13,525
Deferred income tax provision
-	-	-	-	-	-	-	-	-	-1	286,998	-1,439	20	9,313	1,615	-6,693	2,616	13,807	-2,523	-10,030	-5,945	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
(Increase) decrease in assets:
Origination of mortgage loans
268,465	391,381	263,432	244,096	190,916	352,565	260,126	257,950	198,878	302,524	266,622	247,308	229,537	387,003	302,402	309,262	275,617	352,820	259,879	228,995	200,713	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale of mortgage loans
345,183	-	-	-	256,161	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Sale of mortgage loans
-	-	-	-	-	-	-	-250,172	-251,055	-	-277,252	-241,800	-312,027	-359,704	-294,617	-344,224	-240,976	-333,170	-255,661	-216,311	-202,283	-788,246	18,154	642	-55,576	28,927	-1,437	13,039	-44,600	25,671	16,276	7,847	-4,942	18,974	5,826	9,729	-48,683
Receivables, prepaids, deposits and other assets
4,437	15,019	5,604	-6,043	1,331	-5,123	-31,895	14,240	2,109	8,986	2,437	-11,839	-4,833	-12,372	-8,072	-5,338	2,877	-15,360	4,639	-6,629	6,495	39,458	5,096	14,372	-10,018	11,866	-19,320	-4,324	-41,162	10,449	4,824	4,587	-23,540	-17,342	-12,960	-18,307	-11,077
Inventories
6,058	-59,746	88,295	91,147	100,912	-30,560	69,094	-10,796	31,063	-170,543	-16,166	-82,261	13,526	-173,232	-207,817	33,819	19,089	36,515	74,809	61,092	139,896	-28,550	81,242	86,244	131,834	-37,759	83,324	41,118	25,087	-17,261	24,266	-29,498	14,063	2,728	57,997	57,755	-30,095
State income tax payable
1,714	780	-569	-1,585	341	1,094	338	-284	-41	431	-749	309	291	412	-904	12	275	-296	-679	-345	275	486	-712	-105	227	552	4,232	1,138	-9,503	190	-36,243	415	691	6,047	-4,701	448	22,125
Customers’ deposits
-2,560	-4,486	2,405	7,458	409	-7,966	7,055	-3,392	617	-4,081	-2,468	4,368	-1,476	-8,101	-2,446	5,543	-1,785	-3,081	5,868	7,530	-1,068	-5,172	1,860	6,288	1,874	-7,803	4,929	4,098	5,049	-1,297	2,874	3,071	1,255	1,180	263	1,026	4,681
Accounts payable, accrued interest and other accrued liabilities
-32,122	-2,192	23,646	38,894	-63,013	13,276	1,841	36,033	-82,544	32,877	2,683	-7,936	-49,500	-8,566	10,787	22,737	-11,868	9,114	2,527	18,309	-40,544	58,926	5,445	42,388	-47,490	31,455	10,352	19,800	-42,293	2,680	23,823	1,047	-29,126	9,650	1,808	-5,053	-70,359
Net cash provided by operating activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	225,743	33,894	-65,081	-	-76,551	-60,512	-195,617	68,958	-73,437	-55,054	-131,052	56,665	-31,477	-21,695	5,775	-	-	-	-	-	-	-	-
Net cash provided by (used in) operating activities
27,644	8,931	-59,189	-76,697	-122,172	29,761	-26,625	17,686	-87,644	156,126	28,234	91,302	25,916	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-22,209	3,256	-43,122	-	-83,282	-98,436	2,477
Cash flows from investing activities:
Proceeds from sale of property and assets
9	6	7	1	15	1	29	103	38,170	61	123	26	60	121	528	22	93	430	160	815	168	169	114	227	5	161	61	7,066	81	173	2,899	112	22	391	22	568	360
Purchase of property, equipment and other fixed assets and acquisitions
809	867	1,182	937	1,019	982	1,003	1,292	1,916	1,444	534	3,940	560	2,913	3,443	398	1,253	401	481	293	879	1,438	937	953	95	258	632	221	447	185	4,146	594	134	83	294	182	267
Increase (decrease) in restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-847	33	343	-	-	-	-	-	-	-	-	-	-	-	-
Investments in and advances to unconsolidated joint ventures
18,524	97	5,432	6,398	1,329	1,934	5,458	16,847	2,032	3,400	10,035	8,729	14,639	10,816	22,346	5,246	11,497	1,706	1,462	3,804	11,735	6,343	15,324	-84	116	-273	2,168	555	2,457	1,854	121	910	1,858	783	60	849	2,379
Distributions of capital from unconsolidated joint ventures
2,521	2,159	1,010	29	5,727	126	-218	22,108	6,646	-672	3,241	8,796	1,939	-1,139	1,338	2,933	2,132	6,391	3,376	6,718	627	3,898	257	6,399	553	6,758	3,841	1,669	12,538	-	-	-	-	-	-	-	-
Net cash used in investing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-23,083	-2,539	-10,554	-	1,414	4,694	-11,432	-4,840	-15,043	5,724	4	11,509	1,102	7,959	9,715	-	-	-	-	-	-	-	-
Distributions of capital from unconsolidated joint ventures
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,562	560	698	-	1,614	687	698
Net cash (used in) provided by investing activities
-16,803	1,201	-5,597	-7,305	3,394	-2,789	-6,650	4,072	40,868	-7,139	-2,807	-4,236	-15,525	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	194	-832	-1,272	-	1,282	224	-1,588
Cash flows from financing activities:
Proceeds from mortgages and notes
60,437	82,817	64,600	116,829	54,216	51,690	53,449	42,160	33,802	45,758	49,897	49,224	54,396	64,039	34,276	55,302	57,592	59,763	43,952	45,661	30,908	48,398	40,207	40,191	24,110	26,592	43,401	25,451	13,765	7,893	2,381	2,765	3,201	-	-	-	-
Payments related to mortgages and notes
58,725	86,297	48,452	46,432	28,264	51,622	28,449	35,525	46,596	52,533	46,075	56,553	63,307	71,947	68,240	59,048	72,985	51,165	27,878	27,631	34,227	42,282	34,453	19,307	16,094	19,241	18,763	30,245	7,893	14,426	6,702	4,240	237	-	-	11,663	2,122
Proceeds from model sale leaseback financing programs
2,368	11,912	6,371	5,338	9,567	505	21,498	0	746	93	1,064	8,366	747	0	9,387	5,571	9,339	-	-	-	-	4,624	7,404	24,331	6,043	2,475	15,605	1,747	2,121	-	-	-	-	-	-	-	-
Payments related to model sale leaseback financing programs
7,474	-40,268	7,850	4,767	1,860	-56,958	4,094	5,807	16,934	-46,342	6,613	6,663	4,268	16,518	11,226	6,581	7,110	7,454	4,783	2,158	5,802	9,228	3,209	9,576	1,175	2,929	3,063	1,002	2,199	-	-	-	-	-	-	-	-
Proceeds from land bank financing programs
39,620	17,227	26,579	46,529	14,626	1,870	13,191	1,562	2,204	18,527	2,020	3,855	4,788	11,743	9,045	15,109	138,314	6,924	5,917	1,013	3,131	3,934	12,096	7,740	926	2,784	2,155	21,088	10,206	-	-	-	-	-	-	-	-
Payments related to land bank financing programs
23,544	15,162	9,975	5,572	3,193	8,414	10,687	10,441	9,449	15,074	15,066	13,967	27,650	37,828	31,799	35,710	3,240	3,893	3,290	6,813	10,334	8,718	10,800	13,453	9,031	8,948	12,119	8,896	9,706	-	-	-	-	-	-	-	-
Net borrowings (payments) related to lines of credit
-	-	-	-	-	-	-	8,048	-51,487	-	-	10,587	-86,058	-	6,524	-31,224	31,481	20,321	5,588	14,200	-8,153	22,956	18,655	1,491	-57,846	34,211	-8,536	13,950	-55,447	29,277	13,678	15,486	-685	8,070	8,131	9,456	-49,571
Payments related to senior secured debt
-	-	-	-	-	-	70,002	159,091	56,002	-	828,649	241	33,086	-	88,954	0	175,040	60,815	2,176	0	2,062	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from senior unsecured term loan facility
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	2,062	247,938	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred financing costs from land bank financing program and note issuances
10,637	12,162	624	2,473	1,489	1,025	1,487	3,680	1,843	1,945	9,006	2,667	938	3,603	3,285	698	3,883	1,488	1,034	1,482	5,011	5,625	976	2,055	3,291	1,300	2,618	678	475	-	-	-	-	-	-	-	-
Principal payments and debt repurchases
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,955	1,092	2,913	1,029	3,291	970	941	865,723	2,411	52,861	20,163	-	-	-	-
Payments related to the debt for debt exchange
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	13	88	18,773	-	-	-	-
Net cash used in financing activities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-142,272	-54,279	-25,532	-	27,502	44,091	218,450	14,059	26,969	5,677	90,729	33,772	12,771	20,445	-50,569	-	-	-	-	-	-	-	-
Net cash (used in) provided by financing activities
-65,159	47,336	20,981	99,432	38,959	-64,743	11,147	-30,274	-145,559	36,074	-20,482	-8,059	-155,376	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	48,968	34,904	-36,657	-	10,655	135,566	-51,693
Net decrease in cash and cash equivalents, and restricted cash and cash equivalents
-54,318	57,468	-43,805	15,430	-79,819	-37,771	-22,128	-8,516	-192,335	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Supplemental disclosures of cash flows:
Cash paid for interest, net of capitalized interest (see Note 3 to the Condensed Consolidated Financial Statements)
13,955	26,813	38,454	3,401	40,439	6,162	46,147	3,225	56,482	922	41,552	23,343	24,019	21,303	32,506	14,987	33,000	12,166	32,492	14,572	26,489	15,943	25,504	18,586	25,353	-	-	-	-	-	-	-	-	-	-	-	-
Cash (received) paid for income taxes
-2	441	1,106	1,930	6	846	765	530	379	34	788	113	154	127	856	-2,461	88	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net decrease in cash and cash equivalents
-	-	-	-	-	-	-	-	-	-	4,945	79,007	-144,985	-	60,388	-22,924	-101,167	39,808	-47,635	-11,727	11,401	78,177	-61,511	-43,653	-40,319	101,946	-17,604	6,709	-35,079	39,262	26,953	37,328	-81,051	-31,645	-71,345	37,354	-50,804
Income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	366	-	-1,021	698	406	-	-2,310	-3,721	9	-	-16	122	11	-	-	-	-
Cash received during the year for income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	40	46,504	-22,520
Homebuilding [Member]
Inventory impairment and land option write-offs
2,828	2,687	1,435	1,462	704	318	96	2,673	414	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage Warehouse Lines of Credit [Member]
Net borrowings (payments) related to lines of credit
-67,204	-	-	-	-61,992	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Unsecured Revolving Credit Facility [Member]
Net borrowings (payments) related to lines of credit
-	-	-	-	36,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Senior Secured Notes [Member]
Proceeds from senior secured notes, net of discount
-	-	-	-	21,348	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-