William lyon homes (WLH)
CashFlow / Quarterly
Sep'19Jun'19Mar'19Dec'18Sep'18Jun'18Mar'18Dec'17Sep'17Jun'17Mar'17Dec'16Sep'16Jun'16Mar'16Dec'15Sep'15Jun'15Mar'15Dec'14Sep'14Jun'14Mar'14Dec'13Sep'13Jun'13Mar'13Dec'12Sep'12Jun'12
Operating activities
Net income

17,510

14,430

15,134

43,495

31,814

27,236

12,588

16,736

30,060

20,251

-9,296

26,426

16,514

15,086

9,941

27,128

12,277

13,250

7,606

20,810

7,622

14,752

11,342

118,316

10,680

9,080

-2,473

-1,288

466

-6,039

Adjustments to reconcile net income to net cash used in operating activities:
Depreciation and amortization

815

796

745

1,920

1,807

1,916

2,056

536

535

442

449

500

501

507

498

727

529

850

557

-2,366

2,557

1,338

1,345

1,611

557

713

914

991

1,901

3,739

Net change in deferred income taxes

1

645

341

-310

-1,834

1,271

199

-29,990

1,683

666

-195

-3,973

118

-215

95

-6,865

338

-1,464

-322

3,287

798

1,604

2,123

-95,580

0

0

0

-

-

-

Stock based compensation expense

2,272

1,928

2,800

3,698

2,400

2,019

3,181

3,840

3,045

1,515

1,700

2,313

1,526

1,069

1,492

1,742

1,671

1,806

1,351

3,342

918

843

1,011

1,593

880

1,016

311

-

-

-

Equity in income of unconsolidated joint ventures

300

1,388

912

1,122

531

533

932

1,078

1,160

1,213

249

1,796

1,435

1,194

1,181

1,458

1,018

515

248

409

146

0

0

-

-

-

-

-

-

-

Distributions from unconsolidated joint ventures

3,811

306

951

543

1,081

240

3,575

1,245

1,138

343

359

2,829

279

293

324

379

334

286

76

207

146

0

0

-

-

-

-

-

-

-

Loss on extinguishment of debt

-1,816

0

383

1,015

0

0

0

0

0

0

-21,828

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-2,367

0

975

Net changes in operating assets and liabilities:
Restricted cash

-

-

-

-

-

-

-

-

-

-

-

-

0

-505

1

0

0

0

0

-

-

-

-

-

-

-

-

-34

0

35

Receivables

-3,362

621

2,074

2,795

-3,712

215

2,226

352

1,384

-660

-382

1,318

1,375

565

-2,382

-8,985

3,062

-729

-11

1,208

2,602

571

173

2,017

-10,549

9,345

5,237

1,410

696

818

Escrow proceeds receivable

2,764

-2,659

2,659

-370

-3,427

2,245

-1,767

3,091

189

-1,658

1,612

85

-2,301

-723

-17

-2,779

-2,433

1,060

4,278

-11,691

9,950

-1,034

1,310

-

-

-

-

-

-

-

Real estate inventories - owned

-47,901

-31,775

-30,894

-103,740

104,631

278,413

-79,895

-151,893

6,674

69,673

22,633

-77,080

23,492

45,524

77,662

-58,825

186,644

73,948

63,101

-

7,907

69,251

188,295

-

133,389

52,806

16,099

-

-

-

Other assets, net

-4,250

1,087

2,958

-1,701

2,456

418

1,275

-1,378

597

1,492

1,447

439

-936

-1,553

-317

-3,097

-1,822

5,139

-978

1,593

1,516

1,365

1,114

2,041

-1,165

-1,258

-687

11

-938

322

Accounts payable

784

5,520

-19,865

33,467

5,855

196

20,739

-25,317

5,324

6,043

-1,533

-2,639

-12,172

10,239

2,973

-39,427

45,792

10,263

7,439

4,694

15,465

12,323

1,621

-2,301

-2,213

-2,580

5,458

6,219

-1,124

2,611

Accrued expenses

-20,149

1,792

-53,006

27,552

4,304

20,981

-21,539

18,971

12,041

15,345

-29,110

-2,183

8,226

2,154

1,269

-25,092

10,114

11,098

-11,165

-4,674

16,112

6,138

3,714

-188

16,380

-3,575

5,979

3,252

3,177

3,349

Liabilities from real estate inventories not owned

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5,879

0

1,250

Net cash used in operating activities

-79,128

-28,776

-31,027

212,599

-55,046

-227,978

98,028

190,444

43,822

-25,431

-41,381

104,180

-8,073

-15,369

-59,536

47,446

-115,414

-43,844

-61,096

21,237

21,497

-32,805

-169,736

-9,615

-98,224

-56,235

-10,460

-5,996

10,975

45,014

Investing activities
Cash paid for acquisitions, net of cash acquired

675

3,900

0

4,107

0

0

475,221

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Purchases of property and equipment

1,821

1,094

-1,404

-141

1,317

3,741

2,442

1,884

2,182

232

2

256

154

93

526

3,512

1,041

97

150

351

87

367

1,273

395

1,823

853

683

259

31

22

Investment in and advances to unconsolidated joint ventures

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

1,000

500

0

0

0

-

-

-

-

-

-

-

Collection of related party note receivable

-

-

-

-

-

-

-

-

-

-

-

-

0

0

6,188

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

Net cash used in investing activities

-2,496

-4,994

1,404

-3,966

-1,317

-3,741

-477,663

-1,884

-2,182

-232

-2

-256

-154

-93

5,662

-3,512

-1,041

-97

-1,150

-4,484

-488,872

-367

-1,273

-395

-1,823

-853

-683

-33,460

-31

-22

Financing activities
Proceeds from borrowings on notes payable

41,821

37,001

30,111

32,343

30,812

100,545

20,194

28,952

55,631

24,128

25,350

27,791

29,123

29,707

53,162

34,737

56,532

22,246

6,148

37,280

23,794

14,041

20,112

22,166

10,184

21,025

20,235

-

-

-

Principal payments on notes payable

60,074

24,998

37,899

44,134

29,073

24,719

29,179

40,811

48,257

32,363

20,780

56,637

49,151

15,573

26,526

37,094

9,275

4,886

6,962

39,310

18,435

19,256

19,464

19,578

26,344

6,139

12,976

11,119

1,609

60,948

Debt Instrument, Redemption Premium

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Principal payments of Senior Notes

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from issuance of senior notes

-

-

-

-

-

-

-

-

-

-

-

258,000

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from borrowings on revolver

252,000

95,000

190,000

85,000

152,446

145,000

110,000

71,121

85,000

85,000

105,000

60,000

78,000

65,000

55,000

35,000

50,000

55,000

89,000

-100,000

120,000

0

0

-

-

-

-

-

-

-

Payments on revolver

235,000

72,000

125,000

260,000

77,446

85,000

25,000

121,121

100,000

77,000

77,000

127,000

41,000

55,000

71,000

55,000

69,000

0

40,000

20,000

0

0

0

-

-

-

-

-

-

-

Excess income tax benefit from stock based awards

-

-

-

-

-

-

-

-

-

-

-

56

-60

48

-226

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

Payment of deferred loan costs

5,700

44

43

20

1,417

3,463

5,877

98

128

2,826

6,840

293

578

17

197

392

956

238

561

109

15,349

1,011

2,549

2,268

1,422

120

250

-

-

-

Principal payments on subordinated amortizing notes

-

-

-

-

-

-

-

1,619

1,869

1,868

1,869

1,745

1,722

1,698

1,676

1,652

1,631

1,608

1,760

0

0

0

0

-

-

-

-

-

-

-

Proceeds from issuance of convertible preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

-

-

-

Proceeds from stock options exercised

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

0

106

0

0

285

0

-

-

-

-

-

-

-

Proceeds from issuance of Class B Shares

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

288

0

0

179,438

0

-

-

-

Shares remitted to, or withheld by the Company for employee tax withholding

0

0

2,356

0

258

0

4,696

94

70

0

1,380

24

74

0

844

6

194

0

1,632

-

40

1,414

0

-

-

-

-

-

-

-

Cash received for lease transaction

-

-

-

-

-

-

-

-

-

-

19,848

-

-

-

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments to repurchase common stock

0

0

0

4,132

5,113

1,121

5,000

828

2,284

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payment of preferred stock dividends

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

1,901

649

607

574

540

Cash contributions from members of consolidated entities

0

1,465

1,389

5,179

5,986

116,040

4,062

7,883

7,538

49,824

1,467

2,194

2,177

722

33,241

6,725

7,500

5,625

0

-

899

350

8,392

1,785

551

34,736

112

-1,708

1,944

15,077

Cash distributions to members of consolidated entities

13,776

11,651

11,058

32,023

17,963

16,865

17,106

22,684

26,170

6,319

7,340

6,868

7,542

3,761

1,465

2,428

1,787

1,003

5,414

2,079

11,156

7,678

6,413

8,747

7,279

14,421

0

631

6,177

9,196

Net cash provided by financing activities

88,244

23,559

41,553

-225,636

57,974

230,417

247,398

-49,454

-30,609

18,728

38,279

-102,526

9,173

19,428

39,469

-20,110

82,189

75,136

38,925

899

399,713

-15,076

150,366

99,760

-24,448

197,101

6,472

36,086

-6,416

-55,607

Net increase (decrease) in cash and cash equivalents

6,620

-10,211

11,930

-17,003

1,611

-1,302

-132,237

139,106

11,031

-6,935

-3,104

1,398

946

3,966

-14,405

23,824

-34,266

31,195

-23,321

17,652

-67,662

-48,248

-20,643

89,750

-124,495

140,013

-4,671

-3,370

4,528

-10,615

Supplemental disclosures:
Cash paid for taxes

10,445

22,525

0

24,219

-21,129

21,194

104

18,682

149

7,130

9,800

9,626

4,704

2,110

100

14,224

10,631

-6,129

6,229

-

-

-

-

-

-

-

-

-

-

-

Supplemental disclosures of non-cash investing and financing activities:
Right-of-use assets obtained in exchange for new operating lease liabilities

849

4,996

78

855

253

3,691

1,696

712

155

408

4,650

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Notes payable issued in conjunction with land acquisitions

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-9,500

0

0

9,500

0

0

0

2,413

0

0

14,476

1,762

-

-

-

Shares remitted to the Company for employee tax withholding

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

1,414

-

-

-

0

-

-

-

Accrued offering costs related to secondary sale of common stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

145

-

-

-

0

-

-

-

Accrued deferred loan costs

34

5

8

-854

0

-10

879

0

0

-1,270

1,270

-

-

-

0

-

-

-

-

-

-

-

404

-

-

-

0

-

-

-

Inventory reclassified to Other assets upon adoption of ASC 606

0

0

0

-

0

0

5,365

-

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Issuance of common stock related to land acquisition

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

0

10,500

Accretion of payable in kind dividends on convertible preferred stock

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

325

-

-

-

Preferred stock dividends, accrued

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

163

-522

181

503

Non-cash additions to Real estate inventories - not owned and Liabilities from inventories not owned

-175,596

97,052

-21,491

105,757

-37,230

-35,120

87,896

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Accretion of Senior Subordinated Secured Notes for payable in kind interest

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

0

916

5 3/4% Senior Notes due April 15, 2019
Principal payments of Senior Notes

0

0

0

0

0

0

150,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8 1/2% Senior Notes due November 15, 2020
Debt Instrument, Redemption Premium

-

-

-

-

-

-

-

-

0

0

19,645

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Proceeds from Issuance of Senior Long-term Debt

-

-

-

-

-

0

350,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

8 1/2% Senior Notes due 2020
Principal payments of Senior Notes

-

-

-

-

-

-

-

0

0

0

425,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5.875% Senior Notes due January 31, 2025
Principal payments of Senior Notes

0

0

3,591

8,125

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Payments on revolver

-

-

-

-

77,446

85,000

25,000

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

6% Senior Notes due September 1, 2023
Proceeds from issuance of senior notes

0

0

0

0

0

0

350,000

0

0

0

0

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

5 7/8% Senior Notes due January 31, 2025
Proceeds from issuance of Senior Notes

-

-

-

-

-

-

-

0

0

0

446,468

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-

-