← Dream Finders Homes, Inc.
| Annual Trend | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|---|---|
| Net income | $44.9m | $84.5m | $134.6m | $274.3m | $307.9m | $340.6m | $217.4m | |
| Depreciation and amortization | $3.0m | $3.9m | $5.9m | $11.3m | $10.7m | $10.2m | $15.1m | |
| Amortization of lease right-of-use assets | $2.6m | $3.8m | $3.8m | $5.8m | $7.2m | $7.0m | $14.1m | |
| Deferred income tax expense (benefit) | $0 | $0 | ($946k) | ($294k) | ($22.3m) | ($14.1m) | $35.5m | |
| Inventory and lot deposit impairment | — | — | — | — | $3.3m | $1.5m | $8.2m | |
| Stock-based compensation | $895k | $947k | $5.2m | $6.8m | $14.1m | $18.8m | $24.9m | |
| Contingent consideration revaluation | ($3.9m) | $1.4m | $7.5m | $11.1m | $46.6m | $13.9m | ($9.8m) | |
| Payments of contingent consideration | — | $0 | ($1.2m) | ($13.7m) | ($32.6m) | ($27.8m) | ($37.2m) | |
| Other, net | — | — | — | $2.0m | ($1.3m) | ($2.8m) | $1.7m | |
| Accounts receivable | — | ($12.2m) | ($16.7m) | ($11.8m) | $12.6m | ($2.6m) | ($924k) | |
| Inventories | ($30.9m) | $23.5m | ($80.2m) | ($311.5m) | ($61.6m) | ($148.0m) | ($210.2m) | |
| Lot deposits | ($11.2m) | ($37.9m) | ($134.2m) | ($35.9m) | $30.1m | ($209.5m) | ($80.5m) | |
| Other assets | — | ($10.6m) | ($3.7m) | ($6.7m) | ($1k) | ($25.6m) | ($21.5m) | |
| Mortgage loans held for sale | — | — | — | $0 | $0 | ($188.7m) | $98.3m | |
| Accounts payable and accrued liabilities | $19.4m | $6.2m | $63.4m | $65.7m | $22.8m | $41.6m | ($115.1m) | |
| Customer deposits | $6.8m | $37.6m | $78.2m | ($32.0m) | $26.9m | ($55.8m) | ($56.7m) | |
| Purchase of property and equipment | ($2.9m) | ($2.9m) | ($2.8m) | ($5.5m) | ($4.8m) | ($25.3m) | ($25.8m) | |
| Proceeds from disposals of property and equipment | $91k | $242k | $508k | $152k | $367k | $32k | $74k | |
| Investments in unconsolidated entities | — | ($90k) | ($2.0m) | ($300k) | ($300k) | ($8.1m) | ($16.9m) | |
| Return of investments from unconsolidated entities | $705k | $6.6m | $668k | $449k | $230k | $884k | $691k | |
| Payments for acquisitions, net of cash acquired | ($13.0m) | ($16.8m) | ($519.5m) | ($280k) | $0 | ($178.1m) | ($184.5m) | |
| Deposits on pending acquisitions | — | — | — | $0 | $0 | ($11.0m) | $0 | |
| Proceeds from senior unsecured notes | — | — | $0 | $0 | $300.0m | $0 | $300.0m | |
| Proceeds from revolving credit facility and other borrowings | $550.9m | $713.9m | $1.9b | $11.0b | $5.4b | $861.4m | $1.6b | |
| Repayments on revolving credit facility and other borrowings | ($522.9m) | ($758.7m) | ($1.4b) | ($10.8b) | ($5.8b) | ($690.4m) | ($1.4b) | |
| Proceeds from mortgage warehouse facilities | — | — | — | $0 | $0 | $1.3b | $202.5m | |
| Repayments on mortgage warehouse facilities | — | — | — | $0 | $0 | ($1.1b) | ($299.3m) | |
| Proceeds from borrowings related to consolidated inventory not owned | — | — | — | — | $0 | $0 | $62.7m | |
| Redemption of Series B preferred units | $0 | ($13.0m) | ($25.5m) | $0 | ($11.1m) | $0 | $0 | |
| Accrued cash consideration for business combinations | $9.4m | $16.3m | $94.6m | $0 | $0 | $22.4m | $6.7m | |
| Total noncash investing activities | — | — | — | ($1.8m) | $0 | $43.9m | $14.8m | |
| Net cash (used in) provided by operating activities | $30.4m | $96.9m | $65.1m | ($27.6m) | $374.2m | ($256.6m) | ($100.6m) | |
| Purchase of investment securities | — | — | — | — | $0 | $0 | ($11.9m) | |
| Proceeds from sales and maturities of investment securities | — | — | — | — | $0 | $0 | $12.5m | |
| Net cash used in investing activities | ($17.8m) | ($13.0m) | ($523.0m) | ($5.5m) | ($4.5m) | ($221.7m) | ($225.8m) | |
| Payments of debt issuance costs | ($2.3m) | ($2.0m) | ($7.7m) | ($5.5m) | ($11.4m) | ($7.3m) | ($11.3m) | |
| Payments for common stock withheld for taxes | — | — | $0 | $0 | ($322k) | ($12.5m) | ($7.9m) | |
| Repurchases of common stock | — | — | — | $0 | $0 | ($7.8m) | ($41.7m) | |
| Distributions to noncontrolling interests | ($13.9m) | ($7.8m) | ($23.3m) | ($23.1m) | ($11.9m) | ($12.8m) | ($4.2m) | |
| Noncontrolling interests issued in business combinations | — | — | — | $0 | $0 | $21.5m | $8.1m | |
| Payments of preferred stock dividends | — | $0 | $0 | ($13.7m) | ($13.2m) | ($13.5m) | ($13.5m) | |
| Net cash provided by (used in) financing activities | $26.1m | ($65.8m) | $645.9m | $147.0m | ($216.4m) | $269.7m | $271.0m | |
| Net (decrease) increase in cash, cash equivalents and restricted cash | $38.7m | $18.1m | $187.9m | $113.8m | $153.3m | ($208.6m) | ($55.4m) | |
| Cash, cash equivalents and restricted cash at beginning of period | $75.3m | $93.4m | $281.3m | $395.1m | $548.5m | $339.8m | $284.4m | |
| Cash and cash equivalents | $50.6m | $43.7m | $227.2m | $364.5m | $494.1m | $274.4m | $234.8m | |
| Restricted cash | $24.7m | $49.7m | $54.1m | $30.6m | $54.3m | $65.4m | $49.6m | |
| Cash paid for interest | $300k | $900k | $672k | $105.2m | $80.1m | $199.2m | $283.0m | |
| Cash paid for income taxes, net of refunds | — | — | $27.8m | $47.9m | $81.3m | $127.5m | $120.7m |
Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.