35 overview the new home company finished the year on a strong note with solid progress made across many key operating metrics during the fourth quarter . robust demand for new housing resulted in an 89 % increase in net new orders in the fourth quarter . the company 's quarterly sales absorption rates improved sequentially throughout 2020 and ended the year strong , with december 's monthly sales absorption pace of 4.4 representing the highest monthly net order total in the company 's history . while the company 's affordable product offerings continue to grow as a percentage of its total community offerings , new home demand was evident across all product segments and contributed to ending 2020 with a strong level of the number of homes in backlog , up 175 % as compared to the end of 2019. the increase in sales pace and improved pricing power experienced in the latter half of 2020 provided opportunities for meaningful price increases at nearly all of the company 's communities and contributed to an increase in gross margin . homebuilding gross margin for 2020 was 9.4 % and included $ 19.0 million in inventory impairment charges . homebuilding gross margin for 2019 was 10.2 % and included $ 8.3 million in inventory impairment charges . excluding impairment charges , homebuilding gross margin for 2020 was 13.9 % * as compared to 11.8 % * in 2019 , and excluding impairment charges and interest in cost of home sales , homebuilding gross margin for 2020 was 19.5 % * as compared to 16.7 % * in 2019 , a 280 basis point improvement * . total revenues for the year ended december 31 , 2020 were $ 507.4 million compared to $ 669.3 million for the prior year . the year-over-year decrease in revenues was driven largely by a 20 % decrease in home sales revenue , a $ 41.5 million decrease in land sales revenue and , to a lesser extent , a 15 % decrease in fee building revenue as a result of a decrease in construction activity at fee building communities in irvine , california . for the full year 2020 , the net loss attributable to the company was $ 32.8 million , or $ ( 1.76 ) per diluted share . adjusted net income for 2020 was $ 3.6 million * , or $ 0.19 per diluted share * , and excluded pretax charges of $ 19.0 million in inventory impairment charges , $ 22.3 million in joint venture impairment charges , a $ 14.0 million project abandonment charge , an $ 8.0 million debt refinance charge and $ 1.1 million in severance charges . the company 's net loss for 2019 was $ 8.0 million , or $ ( 0.40 ) per diluted share . adjusted net income for 2019 was $ 4.6 million * , or $ 0.23 per diluted share * , after excluding pretax charges of $ 10.2 million in inventory impairment charges , including $ 1.9 million related to a land sale , a $ 3.5 million joint venture impairment charge , $ 1.8 million in severance charges and $ 1.5 million in land sales losses . the year-over-year increase in net loss was primarily attributable to the $ 41.6 million pretax increase in impairment and project abandonment charges , an $ 8.4 million increase in debt extinguishment charges , a $ 3.7 million increase in interest expense and a 20 % decrease in home sale revenues . these decreases were partially offset by an improvement in gross margins excluding impairments and an increase in income tax benefit as a result of the cares act . the company generated operating cash flow of $ 93.1 million during 2020 and ended the year with $ 107.3 million in cash and cash equivalents and had no borrowings outstanding under its revolving credit facility . the company also strengthened its balance sheet by refinancing its senior notes to october 2025 , reduced its debt outstanding by $ 60 million during 2020 , and extended the maturity date of its bank credit facility to april 2023. at december 31 , 2020 , the company had a debt-to-capital ratio of 55.4 % and a net debt-to-capital ratio of 41.0 % * , which represented an 820-basis point improvement compared to 2019. the company also repurchased 2,160,792 shares of our common stock during 2020 for $ 4.3 million . in connection with the net operating loss carryback tax benefit recognized during 2020 as a result of the cares act , the company had approximately $ 27.4 million of expected federal income tax refunds receivable recorded as of december 31 , 2020. in addition , the company made significant progress during 2020 to wind down its joint venture activities in order to reduce its related capital commitments , and is actively looking to reinvest its capital in areas where it believes such investments will yield results that meet its investment criteria . the company had reduced the level of land acquisition over the last year as a result of its focus to generate cash flows and reduce its leverage , however , the company has been actively evaluating new land opportunities to rebuild its pipeline as economic conditions have improved over the past few months , especially for the homebuilding industry . the company plans to execute a balanced approach of acquiring new land positions and improving our operating metrics to generate positive shareholder returns . although economic conditions have improved since mid-march and april , in particular for the housing industry , we remain cautious as to the impact of the covid-19 pandemic on the economy , among other things . despite the uncertainty related to this pandemic , we believe pent up demand for housing continues to be strong and that the new home company is on more solid footing moving forward . story_separator_special_tag in northern california , home sales revenue for 2020 increased 2 % due to a 14 % increase in homes delivered , partially offset by a 10 % decrease in average selling price related to a shift in deliveries from the higher-priced bay area to the more-affordable sacramento region . homebuilding gross margin homebuilding gross margin for 2020 was 9.4 % compared to 10.2 % in the prior year . the 2020 period included $ 19.0 million in noncash inventory impairment charges related to five homebuilding communities experiencing slower sales pace due to the covid-19 pandemic , resulting in higher incentives and carrying costs for these projects . the 2019 period included $ 8.3 million in noncash inventory impairment charges related to one luxury condominium community in scottsdale , arizona with slow monthly sales absorption that required sales price adjustments and one higher-priced homebuilding community within the inland empire in southern california that required more incentives than originally expected . for more information on these impairments , please refer to note 4 of our consolidated financial statements . excluding impairment charges , homebuilding gross margin was 13.9 % for 2020 as compared to 11.8 % for 2019. the 210 basis point increase in homebuilding gross margin before impairments was primarily due to a product mix shift and improved pricing power experienced in the latter half of 2020. the positive product mix shift was driven by a higher percentage of our total homes sales revenue generated at more affordably-priced communities , which have had higher gross margins . these items were partially offset by a 70 basis point increase in interest costs included in cost of home sales . adjusted homebuilding gross margin , which excludes homes sales impairments and interest in cost of home sales , was 19.5 % and 16.7 % for the years ended december 31 , 2020 and 2019 , respectively . 42 homebuilding gross margin before impairments and adjusted homebuilding gross margin are non-gaap measures . see the table below reconciling these non-gaap financial measures to homebuilding gross margin , the nearest gaap equivalent . replace_table_token_14_th ( 1 ) homebuilding gross margin before impairments and adjusted homebuilding gross margin are non-gaap financial measures . these measures isolate the impact that home sales impairments and leverage have on homebuilding gross margin . we believe this information is meaningful as it allows investors to evaluate metrics of our ongoing homebuilding operations without the impact of isolated events and interest costs and permits investors to make better comparisons with our competitors who also break out and adjust gross margins in a similar fashion . land sales during 2020 , the company recognized $ 0.2 million of deferred revenue for the remaining completed work on a land sale that initially occurred during 2019. during 2019 , the company sold three land parcels in northern california that generat ed $ 41.7 milli on in land sales revenue . in connection with the 2019 land sales , the company recorded a pretax lo ss from these sales of $ 3.4 mill ion , which included a $ 1.9 million impairment charge booked in the 2019 third quarter related to land that closed during the 2019 fourth quarter . the company sold lots as part of a strategic decision to generate cash flow and reduce our concentration of capital investments in certain markets . fee building replace_table_token_15_th for the year ended december 31 , 2020 , fee building revenues decreased 15 % from 2019 , driven by a decrease in construction activity at fee building communities in irvine , california . in august 2020 , irvine pacific , our largest customer , made a decision to begin building homes using their own general contractor 's license , effectively terminating our fee building arrangement with irvine pacific moving forward . although we are transitioning construction management responsibilities to irvine pacific and are not expected to be engaged for new fee building contracts with them going forward , we are currently in the process of finishing certain existing homes under construction and generating revenues in connection therewith , which we expect to continue through the first quarter of 2021. the company is actively seeking and entering into new fee building opportunities with other land developers with the objective of at least partially offsetting the expected reduction in irvine pacific business in future years , such as our new fee building relationship with fivepoint in irvine , california . included in fee building revenues for the years ended december 31 , 2020 and 2019 were ( i ) $ 78.7 million and $ 91.5 million of billings to land owners , respectively , and ( ii ) $ 2.3 million and $ 3.8 million of management fees from our unconsolidated joint ventures and third-party land owners , respectively . the cost of fee building decreased for the year ended december 31 , 2020 compared to 2019 primarily due to the decrease in fee building activity mentioned above and to a lesser extent , lower allocated general and administrative ( `` g & a `` ) expenses . the amount of g & a expenses included in the cost of fee building was $ 3.6 million and $ 5.4 million for the years ended december 31 , 2020 and 2019 , respectively . fee building gross margin decreased to $ 1.4 million for the year ended december 31 , 2020 from $ 2.1 million in the prior year period primarily due to lower fee billings and reduced management fees , which was partially offset by lower allocated g & a expenses . our fee building revenue has historically been concentrated with a small number of customers . for the years ended december 31 , 2020 , 2019 and 2018 , irvine pacific comprised 91 % , 95 % and 95 % of fee building revenue , respectively . 43 selling , general and administrative expenses replace_table_token_16_th during 2020 , our sg & a rate as a percentage

cash flows for t he year ended december 31 , 2020 as compared to the year ended december 31 , 2019 , the comparison of cash flows is as follows : net cash provided by operating activities was $ 93.1 million for the year ended december 31 , 2020 versus $ 121.3 million for the year ended december 31 , 2019. the year-over-year change was primarily a result of reduction in real estate inventories of $ 85.2 million for 2020 as compared to $ 123.2 million for 2019. the change in real estate inventories cash flow was driven primarily by the decrease in home and land sales revenues , partially offset by a year-over-year decrease in land acquisition , development and construction in progress spend during 2020 . the year-over-year increase in net loss reduced cash inflow by $ 24.9 million . the lower cash flows in 2020 also reflect an increase in other assets primarily consisting of an increase of $ 26.8 million due to expected income tax refunds . these items were offset by an increase in noncash inventory impairments and project abandonment costs of $ 22.8 million , and an $ 18.8 million increase in noncash impairments to the company 's investment in two unconsolidated joint ventures recorded during the year ended december 31 , 2020. the remaining year-over-year change in operating cash flows related to changes in contracts and accounts receivable , accounts payable , accrued expenses and other liabilities , and deferredtax assets balances as well as the company 's loss on early extinguishment of debt during 2020. net cash provided by investing activities was $ 9.0 million and $ 0.3 million for the years ended december 31 , 2020 and 2019 , respectively .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```cash flows for t he year ended december 31 , 2020 as compared to the year ended december 31 , 2019 , the comparison of cash flows is as follows : net cash provided by operating activities was $ 93.1 million for the year ended december 31 , 2020 versus $ 121.3 million for the year ended december 31 , 2019. the year-over-year change was primarily a result of reduction in real estate inventories of $ 85.2 million for 2020 as compared to $ 123.2 million for 2019. the change in real estate inventories cash flow was driven primarily by the decrease in home and land sales revenues , partially offset by a year-over-year decrease in land acquisition , development and construction in progress spend during 2020 . the year-over-year increase in net loss reduced cash inflow by $ 24.9 million . the lower cash flows in 2020 also reflect an increase in other assets primarily consisting of an increase of $ 26.8 million due to expected income tax refunds . these items were offset by an increase in noncash inventory impairments and project abandonment costs of $ 22.8 million , and an $ 18.8 million increase in noncash impairments to the company 's investment in two unconsolidated joint ventures recorded during the year ended december 31 , 2020. the remaining year-over-year change in operating cash flows related to changes in contracts and accounts receivable , accounts payable , accrued expenses and other liabilities , and deferredtax assets balances as well as the company 's loss on early extinguishment of debt during 2020. net cash provided by investing activities was $ 9.0 million and $ 0.3 million for the years ended december 31 , 2020 and 2019 , respectively .
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 Suspicious Activity Report : 35 overview the new home company finished the year on a strong note with solid progress made across many key operating metrics during the fourth quarter . robust demand for new housing resulted in an 89 % increase in net new orders in the fourth quarter . the company 's quarterly sales absorption rates improved sequentially throughout 2020 and ended the year strong , with december 's monthly sales absorption pace of 4.4 representing the highest monthly net order total in the company 's history . while the company 's affordable product offerings continue to grow as a percentage of its total community offerings , new home demand was evident across all product segments and contributed to ending 2020 with a strong level of the number of homes in backlog , up 175 % as compared to the end of 2019. the increase in sales pace and improved pricing power experienced in the latter half of 2020 provided opportunities for meaningful price increases at nearly all of the company 's communities and contributed to an increase in gross margin . homebuilding gross margin for 2020 was 9.4 % and included $ 19.0 million in inventory impairment charges . homebuilding gross margin for 2019 was 10.2 % and included $ 8.3 million in inventory impairment charges . excluding impairment charges , homebuilding gross margin for 2020 was 13.9 % * as compared to 11.8 % * in 2019 , and excluding impairment charges and interest in cost of home sales , homebuilding gross margin for 2020 was 19.5 % * as compared to 16.7 % * in 2019 , a 280 basis point improvement * . total revenues for the year ended december 31 , 2020 were $ 507.4 million compared to $ 669.3 million for the prior year . the year-over-year decrease in revenues was driven largely by a 20 % decrease in home sales revenue , a $ 41.5 million decrease in land sales revenue and , to a lesser extent , a 15 % decrease in fee building revenue as a result of a decrease in construction activity at fee building communities in irvine , california . for the full year 2020 , the net loss attributable to the company was $ 32.8 million , or $ ( 1.76 ) per diluted share . adjusted net income for 2020 was $ 3.6 million * , or $ 0.19 per diluted share * , and excluded pretax charges of $ 19.0 million in inventory impairment charges , $ 22.3 million in joint venture impairment charges , a $ 14.0 million project abandonment charge , an $ 8.0 million debt refinance charge and $ 1.1 million in severance charges . the company 's net loss for 2019 was $ 8.0 million , or $ ( 0.40 ) per diluted share . adjusted net income for 2019 was $ 4.6 million * , or $ 0.23 per diluted share * , after excluding pretax charges of $ 10.2 million in inventory impairment charges , including $ 1.9 million related to a land sale , a $ 3.5 million joint venture impairment charge , $ 1.8 million in severance charges and $ 1.5 million in land sales losses . the year-over-year increase in net loss was primarily attributable to the $ 41.6 million pretax increase in impairment and project abandonment charges , an $ 8.4 million increase in debt extinguishment charges , a $ 3.7 million increase in interest expense and a 20 % decrease in home sale revenues . these decreases were partially offset by an improvement in gross margins excluding impairments and an increase in income tax benefit as a result of the cares act . the company generated operating cash flow of $ 93.1 million during 2020 and ended the year with $ 107.3 million in cash and cash equivalents and had no borrowings outstanding under its revolving credit facility . the company also strengthened its balance sheet by refinancing its senior notes to october 2025 , reduced its debt outstanding by $ 60 million during 2020 , and extended the maturity date of its bank credit facility to april 2023. at december 31 , 2020 , the company had a debt-to-capital ratio of 55.4 % and a net debt-to-capital ratio of 41.0 % * , which represented an 820-basis point improvement compared to 2019. the company also repurchased 2,160,792 shares of our common stock during 2020 for $ 4.3 million . in connection with the net operating loss carryback tax benefit recognized during 2020 as a result of the cares act , the company had approximately $ 27.4 million of expected federal income tax refunds receivable recorded as of december 31 , 2020. in addition , the company made significant progress during 2020 to wind down its joint venture activities in order to reduce its related capital commitments , and is actively looking to reinvest its capital in areas where it believes such investments will yield results that meet its investment criteria . the company had reduced the level of land acquisition over the last year as a result of its focus to generate cash flows and reduce its leverage , however , the company has been actively evaluating new land opportunities to rebuild its pipeline as economic conditions have improved over the past few months , especially for the homebuilding industry . the company plans to execute a balanced approach of acquiring new land positions and improving our operating metrics to generate positive shareholder returns . although economic conditions have improved since mid-march and april , in particular for the housing industry , we remain cautious as to the impact of the covid-19 pandemic on the economy , among other things . despite the uncertainty related to this pandemic , we believe pent up demand for housing continues to be strong and that the new home company is on more solid footing moving forward . story_separator_special_tag in northern california , home sales revenue for 2020 increased 2 % due to a 14 % increase in homes delivered , partially offset by a 10 % decrease in average selling price related to a shift in deliveries from the higher-priced bay area to the more-affordable sacramento region . homebuilding gross margin homebuilding gross margin for 2020 was 9.4 % compared to 10.2 % in the prior year . the 2020 period included $ 19.0 million in noncash inventory impairment charges related to five homebuilding communities experiencing slower sales pace due to the covid-19 pandemic , resulting in higher incentives and carrying costs for these projects . the 2019 period included $ 8.3 million in noncash inventory impairment charges related to one luxury condominium community in scottsdale , arizona with slow monthly sales absorption that required sales price adjustments and one higher-priced homebuilding community within the inland empire in southern california that required more incentives than originally expected . for more information on these impairments , please refer to note 4 of our consolidated financial statements . excluding impairment charges , homebuilding gross margin was 13.9 % for 2020 as compared to 11.8 % for 2019. the 210 basis point increase in homebuilding gross margin before impairments was primarily due to a product mix shift and improved pricing power experienced in the latter half of 2020. the positive product mix shift was driven by a higher percentage of our total homes sales revenue generated at more affordably-priced communities , which have had higher gross margins . these items were partially offset by a 70 basis point increase in interest costs included in cost of home sales . adjusted homebuilding gross margin , which excludes homes sales impairments and interest in cost of home sales , was 19.5 % and 16.7 % for the years ended december 31 , 2020 and 2019 , respectively . 42 homebuilding gross margin before impairments and adjusted homebuilding gross margin are non-gaap measures . see the table below reconciling these non-gaap financial measures to homebuilding gross margin , the nearest gaap equivalent . replace_table_token_14_th ( 1 ) homebuilding gross margin before impairments and adjusted homebuilding gross margin are non-gaap financial measures . these measures isolate the impact that home sales impairments and leverage have on homebuilding gross margin . we believe this information is meaningful as it allows investors to evaluate metrics of our ongoing homebuilding operations without the impact of isolated events and interest costs and permits investors to make better comparisons with our competitors who also break out and adjust gross margins in a similar fashion . land sales during 2020 , the company recognized $ 0.2 million of deferred revenue for the remaining completed work on a land sale that initially occurred during 2019. during 2019 , the company sold three land parcels in northern california that generat ed $ 41.7 milli on in land sales revenue . in connection with the 2019 land sales , the company recorded a pretax lo ss from these sales of $ 3.4 mill ion , which included a $ 1.9 million impairment charge booked in the 2019 third quarter related to land that closed during the 2019 fourth quarter . the company sold lots as part of a strategic decision to generate cash flow and reduce our concentration of capital investments in certain markets . fee building replace_table_token_15_th for the year ended december 31 , 2020 , fee building revenues decreased 15 % from 2019 , driven by a decrease in construction activity at fee building communities in irvine , california . in august 2020 , irvine pacific , our largest customer , made a decision to begin building homes using their own general contractor 's license , effectively terminating our fee building arrangement with irvine pacific moving forward . although we are transitioning construction management responsibilities to irvine pacific and are not expected to be engaged for new fee building contracts with them going forward , we are currently in the process of finishing certain existing homes under construction and generating revenues in connection therewith , which we expect to continue through the first quarter of 2021. the company is actively seeking and entering into new fee building opportunities with other land developers with the objective of at least partially offsetting the expected reduction in irvine pacific business in future years , such as our new fee building relationship with fivepoint in irvine , california . included in fee building revenues for the years ended december 31 , 2020 and 2019 were ( i ) $ 78.7 million and $ 91.5 million of billings to land owners , respectively , and ( ii ) $ 2.3 million and $ 3.8 million of management fees from our unconsolidated joint ventures and third-party land owners , respectively . the cost of fee building decreased for the year ended december 31 , 2020 compared to 2019 primarily due to the decrease in fee building activity mentioned above and to a lesser extent , lower allocated general and administrative ( `` g & a `` ) expenses . the amount of g & a expenses included in the cost of fee building was $ 3.6 million and $ 5.4 million for the years ended december 31 , 2020 and 2019 , respectively . fee building gross margin decreased to $ 1.4 million for the year ended december 31 , 2020 from $ 2.1 million in the prior year period primarily due to lower fee billings and reduced management fees , which was partially offset by lower allocated g & a expenses . our fee building revenue has historically been concentrated with a small number of customers . for the years ended december 31 , 2020 , 2019 and 2018 , irvine pacific comprised 91 % , 95 % and 95 % of fee building revenue , respectively . 43 selling , general and administrative expenses replace_table_token_16_th during 2020 , our sg & a rate as a percentage

