Annual report pursuant to Section 13 and 15(d)

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash Flows From Operating Activities      
Net loss $ (54,854) $ (38,683) $ (42,201)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 22,396 19,704 24,304
Amortization of discount and premium (275) 1,159 (3,457)
Other amortization 7,225 10,965 10,564
Net interest income on investments accrued to principal balance 0 0 (8,458)
Amortization of revenue on golf membership deposit liabilities (1,422) (1,549) (1,264)
Amortization of prepaid golf member dues (14,569) (26,545) (28,919)
Non-cash operating lease expense 7,043 0 0
Stock based compensation 1,317 2,304 563
Impairment and other losses 15,413 8,240 60
Equity in earnings from equity method investment (1,381) (1,471) (1,536)
Other (gains) losses, net (19,303) (9,651) 5,429
Realized and unrealized (gain) loss on investments 0 (131) 1,128
Loss on extinguishment of debt, net 230 1,542 294
Change in:      
Accounts receivable, net, other current assets and other assets - noncurrent 2,727 3,075 (2,159)
Accounts payable and accrued expenses, deferred revenue, other current liabilities and other liabilities - noncurrent 7,335 23,839 33,277
Net cash used in operating activities (28,118) (7,202) (12,375)
Cash Flows From Investing Activities      
Proceeds from sale of property and equipment 62,899 78,888 0
Deposits received on real estate held-for-sale 0 9,400 0
Acquisition and additions of property and equipment and intangibles (74,868) (62,352) (34,292)
Proceeds from sale of securities and loans 0 0 595,850
Principal repayments from investments 0 0 100,020
Net payments for settlement of TBAs 0 0 (4,669)
Contributions to equity method investment (24) (7) (343)
Net cash (used in) provided by investing activities (11,993) 25,929 656,566
Cash Flows From Financing Activities      
Preferred stock dividends paid (5,580) (5,580) (5,580)
Repayments of debt obligations (7,440) (107,790) (606,568)
Golf membership deposits received 2,262 3,143 3,431
Borrowings under debt obligations 0 0 1,651
Margin deposits under repurchase agreements and derivatives 0 0 (89,692)
Return of margin deposits under repurchase agreements and derivatives 0 0 87,785
Common stock dividends paid 0 0 (8,019)
Other financing activities 14 631 (55)
Net cash used in financing activities (10,744) (109,596) (617,047)
Net (Decrease) Increase in Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent (50,855) (90,869) 27,144
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, Beginning of Period 82,819 173,688 146,544
Cash and Cash Equivalents, Restricted Cash and Restricted Cash, noncurrent, End of Period 31,964 82,819 173,688
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest expense 3,854 10,607 12,414
Cash paid during the period for income taxes 124 225 1,700
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Preferred stock dividends declared but not paid 930 930 930
Additions to finance lease assets and liabilities 12,776 4,442 4,265
Increases (decreases) in accounts payable and accrued expenses related to the purchase of property and equipment (7,508) 3,174 8,557
Property and equipment sold but not settled $ 0 $ 0 $ 800