“The decreases in net income and diluted earnings per common share in the year ended December 31, 2025 compared to the prior year were primarily attributable to lower homebuilding gross margin, higher interest expense, and higher loss on extinguishment of debt, partially offset by lower general and administrative expenses, other expenses, and lower weighted average shares outstanding.”
“Changes in operating assets and liabilities included: • an increase in accounts receivables of $15.7 million; • an increase in deferred costs of $6.6 million; • an increase in inventory, net of reserve of $5.2 million; • a decrease in prepaid expenses and other assets of $1.1 million; • a decrease in lease liabilities of $2.9 million; and • a decrease in accrued severance payable of $1.3 million; partially offset by • an increase in accounts payable of $11.0 million; and • an increase in deferred revenue of $0.6 million.”
“Cash flows used in Investing Activities: Cash used in investing activities was $11.9 million for the three-month period ended March 31, 2026, due to $28.0 million of capital expenditures noted below, partially offset by $14.9 million of proceeds received from the FCC Reimbursement Program related to the reimbursement of capital expenditures and $1.2 million of proceeds from interest rate caps.”