MHO Cash Flow Statement

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OPERATING ACTIVITIES:
Net Loss
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Inventory valuation adjustments and abandoned land transaction write-offs 900K
Impairment of investment in Unconsolidated LLCs
Mortgage loan originations -121.24M
Proceeds from the sale of mortgage loans 135.57M
Fair value adjustment of mortgage loans held for sale -924K
Net loss from property disposals
Depreciation 1.32M
Amortization of intangibles, debt discount and debt issue costs 821K
Share-based compensation expense 519K
Deferred income tax benefit 1.79M
Deferred tax asset valuation allowance -1.79M
Excess tax (benefit) expense from stock-based payment arrangements
Equity in undistributed loss of Unconsolidated LLCs
Write-off of unamortized debt discount and financing costs
Change in assets and liabilities:
Cash held in escrow -193K
Inventory -23.57M
Other assets 1.37M
Accounts payable 9.38M
Customer deposits 2.01M
Accrued compensation -5.96M
Other liabilities 3.95M
Net cash used in operating activities 8.56M
INVESTING ACTIVITIES:
Restricted cash -621K
Purchase of property and equipment -229K
Acquisition, net of cash acquired
Investment in Unconsolidated LLCs -11.85M
Return of investment from Unconsolidated LLCs
Net cash used in investing activities -12.7M
FINANCING ACTIVITIES:
Repayments of bank borrowings - net -14.83M
Principal repayments of note payable-other and community development district bond obligations -789K
Debt issue costs -3.54M
Proceeds from exercise of stock options 0
Excess tax benefit from stock-based payment arrangements
Net cash provided by financing activities 121.7M
Net decrease in cash 117.56M
Cash balance at beginning of period 145.5M
Cash balance at end of period 263.06M
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest — net of amount capitalized -1.11M
Income taxes 73K
NON-CASH TRANSACTIONS DURING THE YEAR:
Community development district infrastructure
Consolidated inventory not owned
Consolidated inventory not owned
Contingent consideration related to acquisition

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