IRVINE, Calif., Nov. 4, 2015 /PRNewswire/ -- CalAtlantic Group, Inc. (NYSE: CAA) today announced results for the third quarter ended September 30, 2015.
2015 Standard Pacific Stand-Alone Third Quarter Highlights and Comparisons to 2014 Third Quarter
Orders. Net new orders for the 2015 third quarter were up 15% from the 2014 third quarter, to 1,326 homes, with the dollar value of these orders up 35%, and the Company's monthly sales absorption rate was 2.1 per community for the 2015 third quarter, flat from the 2014 third quarter and down 20% from the 2015 second quarter, consistent with normal seasonal patterns. The Company's cancellation rate for the 2015 third quarter was 19%, slightly below the 2014 third quarter and up from 15% for the 2015 second quarter. Our 2015 third quarter cancellation rate remains below our average historical cancellation rate of approximately 22% over the last 10 years.
Backlog. The dollar value of homes in backlog increased 47% to $1.7 billion, or 2,733 homes, compared to $1.1 billion, or 2,208 homes, for the 2014 third quarter, and increased 12% compared to $1.5 billion, or 2,572 homes, for the 2015 second quarter. The increase in year-over-year backlog value was driven primarily by our continued growth in community count and the corresponding increase in orders and a 19% increase in the average selling price of the homes in backlog, reflecting the product mix shift to more move-up and luxury homes and continued pricing power in many of our markets.
Revenue. Revenues from home sales for the 2015 third quarter increased 4%, to $626.0 million, as compared to the prior year period, resulting from an 11% increase in the Company's average home price to $537 thousand, the highest quarterly average home price in Company history, partially offset by a 7% decrease in new home deliveries. The increase in average home price was primarily attributable to a shift to more move-up product and general price increases within a majority of the Company's markets.
Gross Margin. Gross margin percentage from home sales for the 2015 third quarter was 25.3%, up 70 basis points from last quarter, consistent with the Company's expectations.
Land. During the 2015 third quarter, the Company spent $262.2 million on land purchases and development costs, compared to $251.2 million for the 2014 third quarter. The Company purchased $126.0 million of land, consisting of 1,831 homesites, of which 58% (based on homesites) is located in the California, 19% in the Carolinas, 12% in Texas, 10% in Florida and approximately 1% in Colorado. As of September 30, 2015, the Company owned or controlled 35,515 homesites, of which 24,439 were owned and actively selling or under development, 7,172 were controlled or under option, and the remaining 3,904 homesites were held for future development or for sale.
Liquidity. The Company ended the quarter with $279 million of available liquidity, including $98 million of unrestricted homebuilding cash and $181 million available to borrow under its revolving credit facility. The revolving credit facility was replaced on October 5, 2015 with a new $750 million revolving credit facility. The new facility has an accordion feature under which the aggregate commitment may be increased from $750 million to a maximum amount of $1.2 billion, subject to the Company's future needs and the availability of additional bank capacity. The new facility matures on October 5, 2019. The Company's homebuilding debt to book capitalization as of September 30, 2015 and 2014 was 56.8% and 52.9%, respectively, and adjusted net homebuilding debt to adjusted book capitalization was 55.4%* and 52.2%*, respectively. In addition, the Company's homebuilding debt to adjusted homebuilding EBITDA for the LTM period ending September 30, 2015 and 2014 was 4.9x* and 3.7x*, respectively.
Earnings Conference Call
A conference call to discuss the Company's 2015 third quarter results will be held at 12:00 p.m. Eastern time November 5, 2015. The call will be broadcast live over the Internet and can be accessed through the Company's website at http://investors.calatlantichomes.com. The call will also be accessible via telephone by dialing (888) 500-6974 (domestic) or (719) 325-2199 (international); Passcode: 371721. The audio transmission with the slide presentation will be available on our website for replay within 2 to 3 hours following the live broadcast, and can be accessed by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international); Passcode: 371721.
About CalAtlantic Group, Inc.
CalAtlantic Group, Inc. (NYSE: CAA), a combination of Standard Pacific Corp. and Ryland Group, Inc., two of the nation's largest and most respected homebuilders, offers well-crafted homes in thoughtfully designed communities that meet the desires of customers across the homebuilding spectrum, from entry level to luxury, in 41 Metropolitan Statistical Areas spanning 17 states. With a trusted reputation for quality craftsmanship, an outstanding customer experience and exceptional architectural design earned over its 50 year history, CalAtlantic Group, Inc. utilizes its over five decades of land acquisition, development and homebuilding expertise to acquire and build desirable communities in locations that meet the high expectations of the company's homebuyers. We invite you to learn more about us by visiting www.calatlantichomes.com.
This news release contains forward-looking statements. These statements include but are not limited to statements regarding new home orders ; deliveries ; backlog ; absorption rates; cancellation rates; average home price ; revenue ; profitability ; cash flow ; liquidity ; gross margin ; operating margin; product mix; land supply; our future cash needs and the availability of additional bank commitments . Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements. Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied. Such factors include but are not limited to: local and general economic and market conditions, including consumer confidence, employment rates, interest rates, the cost and availability of mortgage financing, and stock market, home and land valuations; the impact on economic conditions, terrorist attacks or the outbreak or escalation of armed conflict involving the United States; the cost and availability of suitable undeveloped land, building materials and labor; the cost and availability of construction financing and corporate debt and equity capital; our significant amount of debt and the impact of restrictive covenants in our debt agreements; our ability to repay our debt as it comes due; changes in our credit rating or outlook; the demand for and affordability of single-family homes; the supply of housing for sale; cancellations of purchase contracts by homebuyers; the cyclical and competitive nature of the Company's business; governmental regulation, including the impact of "slow growth" or similar initiatives; delays in the land entitlement process, development, construction, or the opening of new home communities; adverse weather conditions and natural disasters; environmental matters; risks relating to the Company's mortgage banking operations; future business decisions and the Company's ability to successfully implement the Company's operational and other strategies; litigation and warranty claims; and other risks discussed in the Company's filings with the Securities and Exchange Commission, including in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2014 and subsequent Quarterly Reports on Form 10-Q. The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements. The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release. No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.
Contact:
Jeff McCall, EVP & CFO (949) 789-1655, jeff.mccall@calatl.com
*Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release.
(Note: Tables Follow)
|
KEY STATISTICS AND FINANCIAL DATA1 |
|||||||||||||||
|
|
|
|
|
|
|||||||||||
|
|
|
|
As of or For the Three Months Ended |
|
|||||||||||
|
|
|
|
September 30, 2015 |
|
September 30, 2014 |
|
Percentage or % Change |
|
June 30, 2015 |
|
Percentage or % Change |
|
|||
|
|
|
|
|
|
|
|
|
||||||||
|
Operating Data |
(Dollars in thousands) |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deliveries |
|
1,165 |
|
|
1,250 |
|
(7%) |
|
|
1,305 |
|
(11%) |
|
||
|
Average selling price |
$ |
537 |
|
$ |
483 |
|
11% |
|
$ |
532 |
|
1% |
|
||
|
Home sale revenues |
$ |
626,008 |
|
$ |
603,788 |
|
4% |
|
$ |
694,678 |
|
(10%) |
|
||
|
Gross margin % (including land sales) |
|
24.5% |
|
|
26.3% |
|
(1.8%) |
|
|
24.6% |
|
(0.1%) |
|
||
|
Gross margin % from home sales |
|
25.3% |
|
|
26.3% |
|
(1.0%) |
|
|
24.6% |
|
0.7% |
|
||
|
Adjusted gross margin % from home sales (excluding interest amortized to cost of home sales)* |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
30.2% |
|
|
31.1% |
|
(0.9%) |
|
|
29.6% |
|
0.6% |
|
|||
|
Incentive and stock-based compensation expense |
$ |
5,932 |
|
$ |
7,527 |
|
(21%) |
|
$ |
6,520 |
|
(9%) |
|
||
|
Selling expenses |
$ |
32,687 |
|
$ |
29,424 |
|
11% |
|
$ |
35,873 |
|
(9%) |
|
||
|
G&A expenses (excluding incentive and stock-based compensation expenses) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
$ |
34,641 |
|
$ |
33,213 |
|
4% |
|
$ |
37,517 |
|
(8%) |
|
|||
|
SG&A expenses |
$ |
73,260 |
|
$ |
70,164 |
|
4% |
|
$ |
79,910 |
|
(8%) |
|
||
|
SG&A % from home sales |
|
11.7% |
|
|
11.6% |
|
0.1% |
|
|
11.5% |
|
0.2% |
|
||
|
Operating margin from home sales |
$ |
85,390 |
|
$ |
88,726 |
|
(4%) |
|
$ |
90,835 |
|
(6%) |
|
||
|
Operating margin % from home sales |
|
13.6% |
|
|
14.7% |
|
(1.1%) |
|
|
13.1% |
|
0.5% |
|
||
|
Net new orders |
|
1,326 |
|
|
1,154 |
|
15% |
|
|
1,567 |
|
(15%) |
|
||
|
Net new orders (dollar value) |
$ |
768,557 |
|
$ |
568,977 |
|
35% |
|
$ |
857,747 |
|
(10%) |
|
||
|
Average active selling communities |
|
215 |
|
|
185 |
|
16% |
|
|
203 |
|
6% |
|
||
|
Monthly sales absorption rate per community |
|
2.1 |
|
|
2.1 |
|
(2%) |
|
|
2.6 |
|
(20%) |
|
||
|
Cancellation rate |
|
19% |
|
|
19% |
|
0% |
|
|
15% |
|
4% |
|
||
|
Gross cancellations |
|
302 |
|
|
278 |
|
9% |
|
|
268 |
|
13% |
|
||
|
Cancellations from current quarter sales |
|
119 |
|
|
107 |
|
11% |
|
|
118 |
|
1% |
|
||
|
Backlog (homes) |
|
2,733 |
|
|
2,208 |
|
24% |
|
|
2,572 |
|
6% |
|
||
|
Backlog (dollar value) |
$ |
1,655,496 |
|
$ |
1,126,125 |
|
47% |
|
$ |
1,484,544 |
|
12% |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows (uses) from operating activities |
$ |
(104,633) |
|
$ |
(115,034) |
|
9% |
|
$ |
(17,126) |
|
(511%) |
|
||
|
Cash flows (uses) from investing activities |
$ |
(60,675) |
|
$ |
434 |
|
|
|
$ |
(16,156) |
|
(276%) |
|
||
|
Cash flows (uses) from financing activities |
$ |
203,717 |
|
$ |
(7,271) |
|
|
|
$ |
17,997 |
|
1,032% |
|
||
|
Land purchases (incl. seller financing) |
$ |
125,982 |
|
$ |
155,670 |
|
(19%) |
|
$ |
98,627 |
|
28% |
|
||
|
Adjusted Homebuilding EBITDA* |
$ |
119,553 |
|
$ |
127,371 |
|
(6%) |
|
$ |
135,263 |
|
(12%) |
|
||
|
Adjusted Homebuilding EBITDA Margin %* |
|
18.3% |
|
|
21.1% |
|
(2.8%) |
|
|
19.3% |
|
(1.0%) |
|
||
|
Homebuilding interest incurred |
$ |
42,304 |
|
$ |
37,308 |
|
13% |
|
$ |
41,857 |
|
1% |
|
||
|
Homebuilding interest capitalized to inventories owned |
$ |
41,611 |
|
$ |
36,927 |
|
13% |
|
$ |
41,508 |
|
0% |
|
||
|
Homebuilding interest capitalized to investments in JVs |
$ |
693 |
|
$ |
381 |
|
82% |
|
$ |
349 |
|
99% |
|
||
|
Interest amortized to cost of sales (incl. cost of land sales) |
$ |
33,323 |
|
$ |
28,959 |
|
15% |
|
$ |
36,563 |
|
(9%) |
|
||
As of
September 30,
2015
December 31,
2014
Percentage
or % Change
Balance Sheet Data
(Dollars in thousands, except per share amounts)
Homebuilding cash (including restricted cash)
$
135,279
$
218,650
(38%)
Inventories owned
$
3,805,453
$
3,255,204
17%
Homesites owned and controlled
35,515
35,430
0%
Homes under construction
3,252
2,032
60%
Completed specs
377
515
(27%)
Deferred tax asset valuation allowance
$
1,115
$
2,561
(56%)
Homebuilding debt
$
2,378,767
$
2,136,082
11%
Stockholders' equity
$
1,807,327
$
1,676,688
8%
Adjusted stockholders' equity per share (reverse split adjusted,
including if-converted preferred stock)*
$
24.76
$
23.10
7%
Total consolidated debt to book capitalization
57.6%
57.0%
0.6%
Adjusted net homebuilding debt to total adjusted
book capitalization*
55.4%
53.3%
2.1%
|
1All statistical numbers exclude unconsolidated joint ventures unless noted otherwise. |
|
*Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release. |
|
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
||||
|
|
|
|
|
(Dollars in thousands, except per share amounts) |
||||||||||
|
|
|
|
|
(Unaudited) |
||||||||||
|
Homebuilding: |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Home sale revenues |
$ |
626,008 |
|
$ |
603,788 |
|
$ |
1,789,065 |
|
$ |
1,642,412 |
||
|
|
Land sale revenues |
|
26,182 |
|
|
1,061 |
|
|
33,035 |
|
|
15,122 |
||
|
|
|
Total revenues |
|
652,190 |
|
|
604,849 |
|
|
1,822,100 |
|
|
1,657,534 |
|
|
|
Cost of home sales |
|
(467,358) |
|
|
(444,898) |
|
|
(1,346,108) |
|
|
(1,207,339) |
||
|
|
Cost of land sales |
|
(25,076) |
|
|
(891) |
|
|
(30,190) |
|
|
(14,245) |
||
|
|
|
Total cost of sales |
|
(492,434) |
|
|
(445,789) |
|
|
(1,376,298) |
|
|
(1,221,584) |
|
|
|
|
|
Gross margin |
|
159,756 |
|
|
159,060 |
|
|
445,802 |
|
|
435,950 |
|
|
|
|
Gross margin % |
|
24.5% |
|
|
26.3% |
|
|
24.5% |
|
|
26.3% |
|
|
Selling, general and administrative expenses |
|
(73,260) |
|
|
(70,164) |
|
|
(219,240) |
|
|
(196,589) |
||
|
|
Income (loss) from unconsolidated joint ventures |
|
121 |
|
|
557 |
|
|
(381) |
|
|
(342) |
||
|
|
Other income (expense) |
|
(11,170) |
|
|
(69) |
|
|
(16,742) |
|
|
(445) |
||
|
|
|
|
Homebuilding pretax income |
|
75,447 |
|
|
89,384 |
|
|
209,439 |
|
|
238,574 |
|
Financial Services: |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Revenues |
|
6,130 |
|
|
6,179 |
|
|
17,765 |
|
|
17,275 |
||
|
|
Expenses |
|
(4,079) |
|
|
(3,673) |
|
|
(12,626) |
|
|
(10,873) |
||
|
|
Other income |
|
796 |
|
|
231 |
|
|
1,734 |
|
|
606 |
||
|
|
|
|
Financial services pretax income |
|
2,847 |
|
|
2,737 |
|
|
6,873 |
|
|
7,008 |
|
Income before taxes |
|
78,294 |
|
|
92,121 |
|
|
216,312 |
|
|
245,582 |
|||
|
Provision for income taxes |
|
(31,117) |
|
|
(35,522) |
|
|
(80,332) |
|
|
(94,361) |
|||
|
Net income |
|
47,177 |
|
|
56,599 |
|
|
135,980 |
|
|
151,221 |
|||
|
Less: Net income allocated to preferred shareholder |
|
(11,342) |
|
|
(13,511) |
|
|
(32,818) |
|
|
(36,165) |
|||
|
Less: Net income allocated to unvested restricted stock |
|
(93) |
|
|
(77) |
|
|
(274) |
|
|
(211) |
|||
|
Net income available to common stockholders |
$ |
35,742 |
|
$ |
43,011 |
|
$ |
102,888 |
|
$ |
114,845 |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Per Common Share: |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Basic |
|
$ |
0.65 |
|
$ |
0.77 |
|
$ |
1.87 |
|
$ |
2.06 |
|
|
|
Diluted |
$ |
0.59 |
|
$ |
0.70 |
|
$ |
1.71 |
|
$ |
1.87 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Basic |
|
|
55,345,443 |
|
|
55,909,542 |
|
|
55,059,683 |
|
|
55,772,603 |
|
|
|
Diluted |
|
62,292,524 |
|
|
63,423,385 |
|
|
62,152,754 |
|
|
63,338,361 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average additional common shares outstanding if preferred shares converted to common shares |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
17,562,557 |
|
|
17,562,557 |
|
|
17,562,557 |
|
|
17,562,557 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total weighted average diluted common shares outstanding if preferred shares converted to common shares |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
79,855,081 |
|
|
80,985,942 |
|
|
79,715,311 |
|
|
80,900,918 |
||||
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||||
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
September 30, |
|
December 31, |
||
|
|
|
|
|
|
|
2015 |
|
2014 |
||
|
|
|
|
|
|
|
(Dollars in thousands) |
||||
|
ASSETS |
(Unaudited) |
|
|
|
||||||
|
Homebuilding: |
|
|
|
|
|
|||||
|
|
Cash and equivalents |
$ |
97,854 |
|
$ |
180,428 |
||||
|
|
Restricted cash |
|
|
37,425 |
|
|
38,222 |
|||
|
|
Inventories: |
|
|
|
|
|
|
|
||
|
|
|
Owned |
|
|
|
3,805,453 |
|
|
3,255,204 |
|
|
|
|
Not owned |
|
|
47,333 |
|
|
85,153 |
||
|
|
Investments in unconsolidated joint ventures |
|
121,937 |
|
|
50,111 |
||||
|
|
Deferred income taxes, net |
|
255,297 |
|
|
276,402 |
||||
|
|
Other assets |
|
|
|
52,074 |
|
|
61,597 |
||
|
|
|
|
Total Homebuilding Assets |
|
4,417,373 |
|
|
3,947,117 |
||
|
Financial Services: |
|
|
|
|
|
|||||
|
|
Cash and equivalents |
|
28,868 |
|
|
31,965 |
||||
|
|
Restricted cash |
|
|
1,045 |
|
|
1,295 |
|||
|
|
Mortgage loans held for sale, net |
|
86,064 |
|
|
174,420 |
||||
|
|
Mortgage loans held for investment, net |
|
22,087 |
|
|
14,380 |
||||
|
|
Other assets |
|
|
|
5,772 |
|
|
5,243 |
||
|
|
|
|
Total Financial Services Assets |
|
143,836 |
|
|
227,303 |
||
|
|
|
|
|
Total Assets |
$ |
4,561,209 |
|
$ |
4,174,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
|
|
|||||
|
Homebuilding: |
|
|
|
|
|
|||||
|
|
Accounts payable |
|
$ |
82,754 |
|
$ |
45,085 |
|||
|
|
Accrued liabilities |
|
|
209,872 |
|
|
223,783 |
|||
|
|
Revolving credit facility |
|
268,700 |
|
|
― |
||||
|
|
Secured project debt and other notes payable |
|
5,855 |
|
|
4,689 |
||||
|
|
Senior notes payable |
|
2,104,212 |
|
|
2,131,393 |
||||
|
|
|
|
Total Homebuilding Liabilities |
|
2,671,393 |
|
|
2,404,950 |
||
|
Financial Services: |
|
|
|
|
|
|||||
|
|
Accounts payable and other liabilities |
|
3,630 |
|
|
3,369 |
||||
|
|
Mortgage credit facilities |
|
78,859 |
|
|
89,413 |
||||
|
|
|
|
Total Financial Services Liabilities |
|
82,489 |
|
|
92,782 |
||
|
|
|
|
|
Total Liabilities |
|
2,753,882 |
|
|
2,497,732 |
|
|
Equity: |
|
|
|
|
|
|||||
|
|
Stockholders' Equity: |
|
|
|
|
|
||||
|
|
|
Preferred stock, $0.01 par value; 10,000,000 shares authorized; 53,565 shares issued and outstanding at September 30, 2015 and December 31, 2014 |
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
||||
|
|
|
|
1 |
|
|
1 |
||||
|
|
|
Common stock, $0.01 par value; 600,000,000 shares authorized; 55,444,065 and 55,028,238 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively |
|
554 |
|
|
550 |
|||
|
|
|
Additional paid-in capital |
|
1,343,560 |
|
|
1,348,905 |
|||
|
|
|
Accumulated earnings |
|
463,212 |
|
|
327,232 |
|||
|
|
|
|
Total Equity |
|
1,807,327 |
|
|
1,676,688 |
||
|
|
|
|
|
Total Liabilities and Equity |
$ |
4,561,209 |
|
$ |
4,174,420 |
|
|
INVENTORIES |
||||
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
|
|
2015 |
|
2014 |
|
|
|
(Dollars in thousands) |
||
|
Inventories Owned: |
|
(Unaudited) |
|
|
|
|
|
|
|
|
|
Land and land under development |
|
$ 2,261,197 |
|
$ 2,248,289 |
|
Homes completed and under construction |
|
1,299,611 |
|
827,612 |
|
Model homes |
|
244,645 |
|
179,303 |
|
Total inventories owned |
|
$ 3,805,453 |
|
$ 3,255,204 |
|
|
|
|
|
|
|
Inventories Owned by Segment: |
|
|
|
|
|
|
|
|
|
|
|
Southeast |
|
$ 1,264,823 |
|
$ 1,033,401 |
|
Southwest |
|
646,429 |
|
598,856 |
|
West |
|
1,894,201 |
|
1,622,947 |
|
Total inventories owned |
|
$ 3,805,453 |
|
$ 3,255,204 |
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
2015 |
|
2014 |
||||
|
|
|
|
|
|
(Dollars in thousands) |
||||||||||
|
|
|
|
|
|
(Unaudited) |
||||||||||
|
Cash Flows From Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Net income |
$ |
47,177 |
|
$ |
56,599 |
|
$ |
135,980 |
|
$ |
151,221 |
|||
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
Depreciation and amortization |
|
7,387 |
|
|
6,884 |
|
|
22,369 |
|
|
18,908 |
|
|
|
|
|
Amortization of stock-based compensation |
|
3,536 |
|
|
2,505 |
|
|
8,620 |
|
|
7,736 |
|
|
|
|
|
Excess tax benefits from share-based payment arrangements |
|
(2,210) |
|
|
(960) |
|
|
(8,573) |
|
|
(960) |
|
|
|
|
|
Deferred income tax provision |
|
2,934 |
|
|
35,469 |
|
|
52,132 |
|
|
94,474 |
|
|
|
|
|
Other operating activities |
|
(114) |
|
|
(552) |
|
|
1,014 |
|
|
2,223 |
|
|
|
|
|
Changes in cash and equivalents due to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mortgage loans held for sale |
|
23,178 |
|
|
10,534 |
|
|
88,360 |
|
|
53,108 |
|
|
|
|
|
Inventories - owned |
|
(179,752) |
|
|
(237,201) |
|
|
(521,646) |
|
|
(562,812) |
|
|
|
|
|
Inventories - not owned |
|
(9,551) |
|
|
(5,090) |
|
|
(21,612) |
|
|
(19,884) |
|
|
|
|
|
Other assets |
|
2,985 |
|
|
(1,537) |
|
|
8,862 |
|
|
(14,645) |
|
|
|
|
|
Accounts payable |
|
3,035 |
|
|
8,604 |
|
|
37,669 |
|
|
14,753 |
|
|
|
|
|
Accrued liabilities |
|
(3,238) |
|
|
9,711 |
|
|
(19,005) |
|
|
(2,668) |
|
|
|
Net cash provided by (used in) operating activities |
|
(104,633) |
|
|
(115,034) |
|
|
(215,830) |
|
|
(258,546) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Investments in unconsolidated homebuilding joint ventures |
|
(62,510) |
|
|
(2,271) |
|
|
(83,288) |
|
|
(7,948) |
|||
|
|
Distributions of capital from unconsolidated joint ventures |
|
1,529 |
|
|
3,202 |
|
|
10,289 |
|
|
18,010 |
|||
|
|
Net cash paid for acquisitions |
|
― |
|
|
― |
|
|
― |
|
|
(33,408) |
|||
|
|
Other investing activities |
|
306 |
|
|
(497) |
|
|
(11,716) |
|
|
(1,984) |
|||
|
|
|
Net cash provided by (used in) investing activities |
|
(60,675) |
|
|
434 |
|
|
(84,715) |
|
|
(25,330) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash Flows From Financing Activities: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Change in restricted cash |
|
2,289 |
|
|
(5,642) |
|
|
1,047 |
|
|
(15,567) |
|||
|
|
Borrowings from revolving credit facility |
|
332,500 |
|
|
― |
|
|
491,400 |
|
|
― |
|||
|
|
Principal payments on revolving credit facility |
|
(93,800) |
|
|
― |
|
|
(222,700) |
|
|
― |
|||
|
|
Principal payments on secured project debt and other notes payable |
|
(72) |
|
|
(338) |
|
|
(569) |
|
|
(1,399) |
|||
|
|
Principal payments on senior notes payable |
|
(29,789) |
|
|
― |
|
|
(29,789) |
|
|
(4,971) |
|||
|
|
Payment of debt issuance costs |
|
― |
|
|
(2,387) |
|
|
― |
|
|
(2,387) |
|||
|
|
Net proceeds from (payments on) mortgage credit facilities |
|
(11,482) |
|
|
(1,881) |
|
|
(10,554) |
|
|
(36,169) |
|||
|
|
Repurchases of common stock |
|
― |
|
|
― |
|
|
(22,073) |
|
|
― |
|||
|
|
Issuance of common stock under employee stock plans, net of tax withholdings |
|
1,861 |
|
|
2,017 |
|
|
(461) |
|
|
5,786 |
|||
|
|
Excess tax benefits from share-based payment arrangements |
|
2,210 |
|
|
960 |
|
|
8,573 |
|
|
960 |
|||
|
|
|
Net cash provided by (used in) financing activities |
|
203,717 |
|
|
(7,271) |
|
|
214,874 |
|
|
(53,747) |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in cash and equivalents |
|
38,409 |
|
|
(121,871) |
|
|
(85,671) |
|
|
(337,623) |
||||
|
Cash and equivalents at beginning of period |
|
88,313 |
|
|
147,539 |
|
|
212,393 |
|
|
363,291 |
||||
|
Cash and equivalents at end of period |
$ |
126,722 |
|
$ |
25,668 |
|
$ |
126,722 |
|
$ |
25,668 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and equivalents at end of period |
$ |
126,722 |
|
$ |
25,668 |
|
$ |
126,722 |
|
$ |
25,668 |
||||
|
Homebuilding restricted cash at end of period |
|
37,425 |
|
|
37,027 |
|
|
37,425 |
|
|
37,027 |
||||
|
Financial services restricted cash at end of period |
|
1,045 |
|
|
1,295 |
|
|
1,045 |
|
|
1,295 |
||||
|
Cash and equivalents and restricted cash at end of period |
$ |
165,192 |
|
$ |
63,990 |
|
$ |
165,192 |
|
$ |
63,990 |
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REGIONAL OPERATING DATA |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||
|
During the 2015 third quarter, in connection with the transition planning related to the Merger, the Company began evaluating the business and allocating resources based on the post-merger homebuilding operating segments of CalAtlantic. The Company's homebuilding operating segments are grouped into three reportable segments: Southeast (Florida and the Carolinas); Southwest (Texas, Colorado and Nevada) and West (California and Arizona). The Company's Arizona operations were previously reported within the Company's Southwest reportable segment, and as such, the prior period operating data has been restated to conform to CalAtlantic's new presentation. |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Three Months Ended September 30, |
|
||||||||||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
||||||||||||
|
|
|
|
|
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
||||||
|
|
|
|
|
|
(Dollars in thousands) |
|
||||||||||||||||
|
New homes delivered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Southeast |
|
|
467 |
|
$ |
437 |
|
|
472 |
|
$ |
360 |
|
|
(1%) |
|
|
21% |
|
||
|
|
Southwest |
|
|
282 |
|
|
552 |
|
|
272 |
|
|
474 |
|
|
4% |
|
|
16% |
|
||
|
|
West |
|
|
416 |
|
|
641 |
|
|
506 |
|
|
602 |
|
|
(18%) |
|
|
6% |
|
||
|
|
|
|
Consolidated total |
|
|
1,165 |
|
$ |
537 |
|
|
1,250 |
|
$ |
483 |
|
|
(7%) |
|
|
11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
||||||||||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
||||||||||||
|
|
|
|
|
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
||||||
|
|
|
|
|
|
(Dollars in thousands) |
|
||||||||||||||||
|
New homes delivered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Southeast |
|
|
1,328 |
|
$ |
411 |
|
|
1,363 |
|
$ |
344 |
|
|
(3%) |
|
|
19% |
|
||
|
|
Southwest |
|
|
858 |
|
|
533 |
|
|
711 |
|
|
463 |
|
|
21% |
|
|
15% |
|
||
|
|
West |
|
|
1,256 |
|
|
625 |
|
|
1,407 |
|
|
600 |
|
|
(11%) |
|
|
4% |
|
||
|
|
|
|
Consolidated total |
|
|
3,442 |
|
$ |
520 |
|
|
3,481 |
|
$ |
472 |
|
|
(1%) |
|
|
10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
||||||||||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
||||||||||||
|
|
|
|
|
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
||||||
|
|
|
|
|
|
(Dollars in thousands) |
|
||||||||||||||||
|
Net new orders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Southeast |
|
|
429 |
|
$ |
463 |
|
|
446 |
|
$ |
388 |
|
|
(4%) |
|
|
19% |
|
||
|
|
Southwest |
|
|
325 |
|
|
559 |
|
|
245 |
|
|
480 |
|
|
33% |
|
|
16% |
|
||
|
|
West |
|
|
572 |
|
|
679 |
|
|
463 |
|
|
601 |
|
|
24% |
|
|
13% |
|
||
|
|
|
|
Consolidated total |
|
|
1,326 |
|
$ |
580 |
|
|
1,154 |
|
$ |
493 |
|
|
15% |
|
|
18% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
||||||||||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
||||||||||||
|
|
|
|
|
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
||||||
|
|
|
|
|
|
(Dollars in thousands) |
|
||||||||||||||||
|
Net new orders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Southeast |
|
|
1,511 |
|
$ |
442 |
|
|
1,446 |
|
$ |
371 |
|
|
4% |
|
|
19% |
|
||
|
|
Southwest |
|
|
1,123 |
|
|
523 |
|
|
967 |
|
|
463 |
|
|
16% |
|
|
13% |
|
||
|
|
West |
|
|
1,830 |
|
|
656 |
|
|
1,576 |
|
|
591 |
|
|
16% |
|
|
11% |
|
||
|
|
|
|
Consolidated total |
|
|
4,464 |
|
$ |
550 |
|
|
3,989 |
|
$ |
480 |
|
|
12% |
|
|
15% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
2015 |
|
2014 |
|
% Change |
|
Average number of selling communities during the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Southeast |
|
96 |
|
74 |
|
30% |
|
88 |
|
74 |
|
19% |
||
|
|
Southwest |
|
54 |
|
53 |
|
2% |
|
54 |
|
50 |
|
8% |
||
|
|
West |
|
65 |
|
58 |
|
12% |
|
63 |
|
57 |
|
11% |
||
|
|
|
|
Consolidated total |
|
215 |
|
185 |
|
16% |
|
205 |
|
181 |
|
13% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
||||||||||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
||||||||||||
|
|
|
|
|
|
Homes |
|
Dollar |
|
Homes |
|
Dollar |
|
Homes |
|
Dollar |
|
||||||
|
|
|
|
|
|
(Dollars in thousands) |
|
||||||||||||||||
|
Backlog: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Southeast |
|
|
954 |
|
$ |
511,449 |
|
|
884 |
|
$ |
398,946 |
|
|
8% |
|
|
28% |
|
||
|
|
Southwest |
|
|
811 |
|
|
438,753 |
|
|
654 |
|
|
324,358 |
|
|
24% |
|
|
35% |
|
||
|
|
West |
|
|
968 |
|
|
705,294 |
|
|
670 |
|
|
402,821 |
|
|
44% |
|
|
75% |
|
||
|
|
|
|
Consolidated total |
|
|
2,733 |
|
$ |
1,655,496 |
|
|
2,208 |
|
$ |
1,126,125 |
|
|
24% |
|
|
47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
|
||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
|
|
Homesites owned and controlled: |
|
|
|
|
|
|
|
|
|||
|
|
Southeast |
|
16,098 |
|
16,961 |
|
(5%) |
|
|
||
|
|
Southwest |
|
6,537 |
|
7,292 |
|
(10%) |
|
|
||
|
|
West |
|
|
12,880 |
|
12,054 |
|
7% |
|
|
|
|
|
|
Total (including joint ventures) |
|
35,515 |
|
36,307 |
|
(2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homesites owned |
|
28,343 |
|
28,937 |
|
(2%) |
|
|
||
|
|
Homesites optioned or subject to contract |
|
5,792 |
|
7,172 |
|
(19%) |
|
|
||
|
|
Joint venture homesites |
|
1,380 |
|
198 |
|
597% |
|
|
||
|
|
|
Total (including joint ventures) |
|
35,515 |
|
36,307 |
|
(2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homesites owned: |
|
|
|
|
|
|
|
|
|||
|
|
Raw lots |
|
6,916 |
|
6,745 |
|
15% |
|
|
||
|
|
Homesites under development |
|
7,717 |
|
9,379 |
|
(18%) |
|
|
||
|
|
Finished homesites |
|
7,674 |
|
6,448 |
|
6% |
|
|
||
|
|
Under construction or completed homes |
|
4,323 |
|
3,594 |
|
20% |
|
|
||
|
|
Held for sale |
|
1,713 |
|
2,771 |
|
(38%) |
|
|
||
|
|
|
Total |
|
28,343 |
|
28,937 |
|
(2%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES |
|
|
|
||||||||||||||
|
|
|
|
|
|
|||||||||||||
|
Each of the below measures are non-GAAP financial measures and other companies may calculate such non-GAAP measures differently. Due to the significance of the GAAP components excluded, such measures should not be considered in isolation or as an alternative to operating performance measures prescribed by GAAP. |
|
|
|
||||||||||||||
|
|
|
|
|
|
|||||||||||||
|
The table set forth below reconciles the Company's gross margin percentage from home sales to adjusted gross margin percentage from home sales, excluding interest amortized to cost of home sales. We believe these measures are useful to management and investors as they provide perspective on the underlying operating performance of the business excluding these charges and provide comparability with the Company's peer group. |
|
|
|
||||||||||||||
|
|
|
|
|
|
|||||||||||||
|
|
Three Months Ended |
|
|
|
|||||||||||||
|
|
September 30, |
|
Gross |
|
September 30, |
|
Gross |
|
June 30, |
|
Gross |
|
|
|
|||
|
|
(Dollars in thousands) |
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home sale revenues |
$ |
626,008 |
|
|
|
$ |
603,788 |
|
|
|
$ |
694,678 |
|
|
|
|
|
|
Less: Cost of home sales |
|
(467,358) |
|
|
|
|
(444,898) |
|
|
|
|
(523,933) |
|
|
|
|
|
|
Gross margin from home sales |
|
158,650 |
|
25.3% |
|
|
158,890 |
|
26.3% |
|
|
170,745 |
|
24.6% |
|
|
|
|
Add: Capitalized interest included in cost of home sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,275 |
|
4.9% |
|
|
28,872 |
|
4.8% |
|
|
35,051 |
|
5.0% |
|
|
|
|
|
Adjusted gross margin from home sales, excluding interest amortized to cost of home sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
188,925 |
|
30.2% |
|
$ |
187,762 |
|
31.1% |
|
$ |
205,796 |
|
29.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table set forth below reconciles the Company's total consolidated debt to adjusted net homebuilding debt and provides the Company's total consolidated debt to book capitalization and adjusted net homebuilding debt to total adjusted book capitalization ratios. In addition, the table set forth below calculates homebuilding debt to adjusted homebuilding EBITDA. We believe these ratios are useful to management and investors as a measure of the Company's ability to obtain financing. For purposes of the ratio of adjusted net homebuilding debt to total adjusted book capitalization, total adjusted book capitalization is adjusted net homebuilding debt plus stockholders' equity. Adjusted net homebuilding debt excludes indebtedness of the Company's financial services subsidiary and additionally reflects the offset of cash and equivalents. |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
September 30, |
|
June 30, |
|
December 31, |
|
September 30, |
|
||||||||||
|
|
|
|
(Dollars in thousands) |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total consolidated debt |
$ |
2,457,626 |
|
$ |
2,259,379 |
|
$ |
2,225,495 |
|
$ |
1,900,012 |
|
||||||||
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Financial services indebtedness |
|
(78,859) |
|
|
(90,341) |
|
|
(89,413) |
|
|
(64,698) |
|
|||||||
|
|
Homebuilding cash |
|
(135,279) |
|
|
(116,802) |
|
|
(218,650) |
|
|
(52,322) |
|
|||||||
|
Adjusted net homebuilding debt |
|
2,243,488 |
|
|
2,052,236 |
|
|
1,917,432 |
|
|
1,782,992 |
|
||||||||
|
Stockholders' equity |
|
1,807,327 |
|
|
1,752,543 |
|
|
1,676,688 |
|
|
1,634,664 |
|
||||||||
|
Total adjusted book capitalization |
$ |
4,050,815 |
|
$ |
3,804,779 |
|
$ |
3,594,120 |
|
$ |
3,417,656 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total consolidated debt to book capitalization |
|
57.6% |
|
|
56.3% |
|
|
57.0% |
|
|
53.8% |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Adjusted net homebuilding debt to total adjusted book capitalization |
|
55.4% |
|
|
53.9% |
|
|
53.3% |
|
|
52.2% |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Homebuilding debt |
$ |
2,378,767 |
|
|
|
|
|
|
|
$ |
1,835,314 |
|
||||||||
|
LTM adjusted homebuilding EBITDA |
$ |
484,570 |
|
|
|
|
|
|
|
$ |
492,922 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Homebuilding debt to adjusted homebuilding EBITDA |
|
4.9x |
|
|
|
|
|
|
|
|
3.7x |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
The table set forth below calculates adjusted stockholders' equity per common share, after giving effect to the 1-for-5 reverse stock split. The Company believes that the adjusted stockholders' equity per common share information is useful to management and investors as a measure to determine the book value per common share after giving the pro forma effect to the conversion of our outstanding preferred shares assuming full conversion to common stock. |
||||||
|
|
|
|
|
|
||
|
|
September 30, |
|
December 31, |
|
||
|
|
2015 |
|
2014 |
|
||
|
|
|
|
|
|
|
|
|
Actual common shares outstanding (reverse-split adjusted) |
|
55,444,065 |
|
|
55,028,238 |
|
|
Add: Conversion of preferred shares to common shares (reverse-split adjusted) |
|
17,562,557 |
|
|
17,562,557 |
|
|
Pro forma common shares outstanding (reverse-split adjusted) |
|
73,006,622 |
|
|
72,590,795 |
|
|
|
|
|
|
|
|
|
|
Stockholders' equity (Dollars in thousands) |
$ |
1,807,327 |
|
$ |
1,676,688 |
|
|
Divided by pro forma common shares outstanding (reverse-split adjusted) |
÷ |
73,006,622 |
|
÷ |
72,590,795 |
|
|
Adjusted stockholders' equity per common share (reverse-split adjusted) |
$ |
24.76 |
|
$ |
23.10 |
|
|
|
|
|
|
|
|
|
|
The table set forth below calculates EBITDA and Adjusted Homebuilding EBITDA. Adjusted Homebuilding EBITDA means net income (plus cash distributions of income from unconsolidated joint ventures) before (a) income taxes, (b) homebuilding interest expense (c) expensing of previously capitalized interest included in cost of sales, (d) impairment charges and deposit write-offs, (e) (gain) loss on early extinguishment of debt (f) homebuilding depreciation and amortization, including amortization of capitalized model costs, (g) amortization of stock-based compensation, (h) income (loss) from unconsolidated joint ventures and (i) income (loss) from financial services subsidiaries. Other companies may calculate Adjusted Homebuilding EBITDA (or similarly titled measures) differently. We believe Adjusted Homebuilding EBITDA information is useful to management and investors as one measure of the Company's ability to service debt and obtain financing. Adjusted Homebuilding EBITDA is a non-GAAP financial measure and due to the significance of the GAAP components excluded, should not be considered in isolation or as an alternative to net income, cash flow from operations or any other operating or liquidity performance measure prescribed by GAAP. |
||||||||||||||||
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
Three Months Ended |
|
LTM Ended September 30, |
|||||||||||
|
|
|
|
September 30, |
|
September 30, |
|
June 30, |
|
2015 |
|
2014 |
|||||
|
|
|
|
(Dollars in thousands) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
47,177 |
|
$ |
56,599 |
|
$ |
57,198 |
|
$ |
200,624 |
|
$ |
216,041 |
||
|
|
Provision for income taxes |
|
31,117 |
|
|
35,522 |
|
|
32,324 |
|
|
120,070 |
|
|
130,566 |
|
|
|
Homebuilding interest amortized to cost of sales and interest expense |
|
33,323 |
|
|
28,959 |
|
|
36,563 |
|
|
131,878 |
|
|
116,667 |
|
|
|
Homebuilding depreciation and amortization |
|
7,368 |
|
|
6,849 |
|
|
8,964 |
|
|
30,691 |
|
|
25,656 |
|
|
|
Amortization of stock-based compensation |
|
3,536 |
|
|
2,505 |
|
|
2,389 |
|
|
9,353 |
|
|
10,095 |
|
|
EBITDA |
|
122,521 |
|
|
130,434 |
|
|
137,438 |
|
|
492,616 |
|
|
499,025 |
||
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Cash distributions of income from unconsolidated joint ventures |
|
― |
|
|
― |
|
|
592 |
|
|
592 |
|
|
1,875 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from unconsolidated joint ventures |
|
121 |
|
|
557 |
|
|
(51) |
|
|
(707) |
|
|
(642) |
|
|
|
Income from financial services subsidiaries |
|
2,847 |
|
|
2,506 |
|
|
2,818 |
|
|
9,345 |
|
|
8,620 |
|
|
Adjusted Homebuilding EBITDA |
$ |
119,553 |
|
$ |
127,371 |
|
$ |
135,263 |
|
$ |
484,570 |
|
$ |
492,922 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homebuilding revenues |
$ |
652,190 |
|
$ |
604,849 |
|
$ |
699,632 |
|
$ |
2,575,744 |
|
$ |
2,263,985 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Homebuilding EBITDA Margin % |
|
18.3% |
|
|
21.1% |
|
|
19.3% |
|
|
18.8% |
|
|
21.8% |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The table set forth below reconciles net cash provided by (used in) operating activities, calculated and presented in accordance with GAAP, to Adjusted Homebuilding EBITDA: |
|||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
Three Months Ended |
|
LTM Ended September 30, |
|||||||||||
|
|
|
|
|
September 30, |
|
September 30, |
|
June 30, |
|
2015 |
|
2014 |
|||||
|
|
|
|
|
(Dollars in thousands) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
|
$ |
(104,633) |
|
$ |
(115,034) |
|
$ |
(17,126) |
|
$ |
(319,681) |
|
$ |
(286,366) |
||
|
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Provision for income taxes, net of deferred component |
|
28,183 |
|
|
53 |
|
|
― |
|
|
63,414 |
|
|
367 |
||
|
|
Homebuilding interest amortized to cost of sales and interest expense |
|
|
33,323 |
|
|
28,959 |
|
|
36,563 |
|
|
131,878 |
|
|
116,667 |
|
|
|
Excess tax benefits from share-based payment arrangements |
|
|
2,210 |
|
|
960 |
|
|
2,994 |
|
|
21,017 |
|
|
960 |
|
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Income from financial services subsidiaries |
|
2,847 |
|
|
2,506 |
|
|
2,818 |
|
|
9,345 |
|
|
8,620 |
||
|
|
Depreciation and amortization from financial services subsidiaries |
|
|
19 |
|
|
35 |
|
|
25 |
|
|
117 |
|
|
134 |
|
|
|
Loss on disposal of property and equipment |
|
7 |
|
|
5 |
|
|
15 |
|
|
46 |
|
|
7 |
||
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Mortgage loans held for sale |
|
|
(23,178) |
|
|
(10,534) |
|
|
10,542 |
|
|
17,586 |
|
|
(6,386) |
|
|
|
Inventories-owned |
|
179,752 |
|
|
237,201 |
|
|
137,351 |
|
|
623,261 |
|
|
669,505 |
|
|
|
|
Inventories-not owned |
|
|
9,551 |
|
|
5,090 |
|
|
6,183 |
|
|
34,755 |
|
|
31,503 |
|
|
|
Other assets |
|
(2,985) |
|
|
1,537 |
|
|
(12,809) |
|
|
(28,036) |
|
|
8,863 |
|
|
|
|
Accounts payable |
|
|
(3,035) |
|
|
(8,604) |
|
|
(21,155) |
|
|
(32,230) |
|
|
(21,223) |
|
|
|
Accrued liabilities |
|
3,238 |
|
|
(9,711) |
|
|
(4,422) |
|
|
(17,886) |
|
|
(12,207) |
|
|
Adjusted Homebuilding EBITDA |
|
$ |
119,553 |
|
$ |
127,371 |
|
$ |
135,263 |
|
$ |
484,570 |
|
$ |
492,922 |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYLAND REGIONAL OPERATING DATA |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||
|
On October 1, 2015, Ryland merged with and into the Company, with the Company continuing as the surviving corporation. The following operating data for Ryland has been provided as we believe this data is useful to investors for purposes of assessing the Company's operating performance on a combined basis. As noted above, during the 2015 third quarter, in connection with the transition planning related to the Merger, the Company began evaluating the business and allocating resources based on the post-merger homebuilding operating segments of CalAtlantic. Ryland's regional operating data presented below is grouped into CalAtlantic's four reportable segments: North (Baltimore, Chicago, Delaware, Indianapolis, Metro Washington, D.C., Minneapolis/St. Paul, New Jersey, Northern Virginia, Philadelphia and Atlanta); Southeast (Florida and the Carolinas); Southwest (Texas, Colorado and Nevada) and West (California and Arizona). All prior periods have been restated to conform to CalAtlantic's new presentation. |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
Three Months Ended September 30, |
|
||||||||||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
||||||||||||
|
|
|
|
|
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
||||||
|
|
|
|
|
|
(Dollars in thousands) |
|
||||||||||||||||
|
New homes delivered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
North |
|
|
768 |
|
$ |
339 |
|
|
731 |
|
$ |
330 |
|
|
5% |
|
|
3% |
|
||
|
|
Southeast |
|
|
509 |
|
|
300 |
|
|
478 |
|
|
278 |
|
|
6% |
|
|
8% |
|
||
|
|
Southwest |
|
|
575 |
|
|
341 |
|
|
656 |
|
|
319 |
|
|
(12%) |
|
|
7% |
|
||
|
|
West |
|
|
194 |
|
|
434 |
|
|
153 |
|
|
548 |
|
|
27% |
|
|
(21%) |
|
||
|
|
|
|
Consolidated total |
|
|
2,046 |
|
$ |
339 |
|
|
2,018 |
|
$ |
331 |
|
|
1% |
|
|
2% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
||||||||||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
||||||||||||
|
|
|
|
|
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
||||||
|
|
|
|
|
|
(Dollars in thousands) |
|
||||||||||||||||
|
New homes delivered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
North |
|
|
1,940 |
|
$ |
340 |
|
|
1,821 |
|
$ |
330 |
|
|
7% |
|
|
3% |
|
||
|
|
Southeast |
|
|
1,261 |
|
|
292 |
|
|
1,218 |
|
|
269 |
|
|
4% |
|
|
9% |
|
||
|
|
Southwest |
|
|
1,661 |
|
|
342 |
|
|
1,760 |
|
|
321 |
|
|
(6%) |
|
|
7% |
|
||
|
|
West |
|
|
461 |
|
|
507 |
|
|
389 |
|
|
566 |
|
|
19% |
|
|
(10%) |
|
||
|
|
|
|
Consolidated total |
|
|
5,323 |
|
$ |
344 |
|
|
5,188 |
|
$ |
330 |
|
|
3% |
|
|
4% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
||||||||||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
||||||||||||
|
|
|
|
|
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
||||||
|
|
|
|
|
|
(Dollars in thousands) |
|
||||||||||||||||
|
Net new orders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
North |
|
|
636 |
|
$ |
337 |
|
|
607 |
|
$ |
343 |
|
|
5% |
|
|
(2%) |
|
||
|
|
Southeast |
|
|
476 |
|
|
298 |
|
|
376 |
|
|
304 |
|
|
27% |
|
|
(2%) |
|
||
|
|
Southwest |
|
|
601 |
|
|
356 |
|
|
567 |
|
|
334 |
|
|
6% |
|
|
7% |
|
||
|
|
West |
|
|
199 |
|
|
375 |
|
|
157 |
|
|
516 |
|
|
27% |
|
|
(27%) |
|
||
|
|
|
|
Consolidated total |
|
|
1,912 |
|
$ |
337 |
|
|
1,707 |
|
$ |
347 |
|
|
12% |
|
|
(3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, |
|
||||||||||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
||||||||||||
|
|
|
|
|
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
Homes |
|
ASP |
|
||||||
|
|
|
|
|
|
(Dollars in thousands) |
|
||||||||||||||||
|
Net new orders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
North |
|
|
2,201 |
|
$ |
336 |
|
|
2,171 |
|
$ |
338 |
|
|
1% |
|
|
(1%) |
|
||
|
|
Southeast |
|
|
1,634 |
|
|
293 |
|
|
1,384 |
|
|
288 |
|
|
18% |
|
|
2% |
|
||
|
|
Southwest |
|
|
2,191 |
|
|
355 |
|
|
2,044 |
|
|
329 |
|
|
7% |
|
|
8% |
|
||
|
|
West |
|
|
662 |
|
|
416 |
|
|
522 |
|
|
537 |
|
|
27% |
|
|
(23%) |
|
||
|
|
|
|
Consolidated total |
|
|
6,688 |
|
$ |
340 |
|
|
6,121 |
|
$ |
340 |
|
|
9% |
|
|
― |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
2015 |
|
2014 |
|
% Change |
|
Average number of selling communities |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
during the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
North |
|
118 |
|
116 |
|
2% |
|
116 |
|
107 |
|
8% |
||
|
|
Southeast |
|
81 |
|
81 |
|
― |
|
83 |
|
79 |
|
5% |
||
|
|
Southwest |
|
131 |
|
101 |
|
30% |
|
128 |
|
101 |
|
27% |
||
|
|
West |
|
22 |
|
16 |
|
38% |
|
21 |
|
17 |
|
24% |
||
|
|
|
|
Consolidated total |
|
352 |
|
314 |
|
12% |
|
348 |
|
304 |
|
14% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
||||||||||||||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
||||||||||||
|
|
|
|
|
|
Homes |
|
Dollar |
|
Homes |
|
Dollar |
|
Homes |
|
Dollar |
|
||||||
|
|
|
|
|
|
(Dollars in thousands) |
|
||||||||||||||||
|
Backlog: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
North |
|
|
1,234 |
|
$ |
417,931 |
|
|
1,370 |
|
$ |
469,382 |
|
|
(10%) |
|
|
(11%) |
|
||
|
|
Southeast |
|
|
979 |
|
|
293,907 |
|
|
780 |
|
|
232,914 |
|
|
26% |
|
|
26% |
|
||
|
|
Southwest |
|
|
1,409 |
|
|
518,638 |
|
|
1,164 |
|
|
393,450 |
|
|
21% |
|
|
32% |
|
||
|
|
West |
|
|
352 |
|
|
128,985 |
|
|
245 |
|
|
128,667 |
|
|
44% |
|
|
0% |
|
||
|
|
|
|
Consolidated total |
|
|
3,974 |
|
$ |
1,359,461 |
|
|
3,559 |
|
$ |
1,224,413 |
|
|
12% |
|
|
11% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At September 30, |
|
|
||||
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
|
|
|
Homesites owned and controlled: |
|
|
|
|
|
|
|
|
|||
|
|
North |
|
16,848 |
|
16,199 |
|
4% |
|
|
||
|
|
Southeast |
|
10,597 |
|
10,944 |
|
(3%) |
|
|
||
|
|
Southwest |
|
10,686 |
|
12,130 |
|
(12%) |
|
|
||
|
|
West |
|
|
2,114 |
|
2,208 |
|
(4%) |
|
|
|
|
|
|
Total (including joint ventures) |
|
40,245 |
|
41,481 |
|
(3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homesites owned |
|
25,671 |
|
25,983 |
|
(1%) |
|
|
||
|
|
Homesites optioned or subject to contract |
|
13,968 |
|
14,872 |
|
(6%) |
|
|
||
|
|
Joint venture homesites |
|
606 |
|
626 |
|
(3%) |
|
|
||
|
|
|
Total (including joint ventures) |
|
40,245 |
|
41,481 |
|
(3%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Homesites owned: |
|
|
|
|
|
|
|
|
|||
|
|
Raw lots |
|
3,418 |
|
3,116 |
|
10% |
|
|
||
|
|
Homesites under development |
|
15,218 |
|
16,082 |
|
(5%) |
|
|
||
|
|
Finished homesites |
|
1,063 |
|
989 |
|
7% |
|
|
||
|
|
Under construction or completed homes |
|
5,877 |
|
5,334 |
|
10% |
|
|
||
|
|
Held for sale |
|
95 |
|
462 |
|
(79%) |
|
|
||
|
|
|
Total |
|
25,671 |
|
25,983 |
|
(1%) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RYLAND REGIONAL QUARTERLY OPERATING DATA |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2015 |
|
Q2 2015 |
|
Q1 2015 |
|
Q4 2014 |
|
Q3 2014 |
|
Q2 2014 |
|
Q1 2014 |
|
|
|
|
|
|
(Dollars in thousands) |
||||||||||||
|
New homes delivered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
North |
|
768 |
|
650 |
|
522 |
|
890 |
|
731 |
|
574 |
|
516 |
||
|
|
Southeast |
|
509 |
|
425 |
|
327 |
|
575 |
|
478 |
|
386 |
|
354 |
||
|
|
Southwest |
|
575 |
|
582 |
|
504 |
|
817 |
|
656 |
|
596 |
|
508 |
||
|
|
West |
|
194 |
|
157 |
|
110 |
|
207 |
|
153 |
|
144 |
|
92 |
||
|
|
|
|
Consolidated total |
|
2,046 |
|
1,814 |
|
1,463 |
|
2,489 |
|
2,018 |
|
1,700 |
|
1,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling price (deliveries): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
North |
|
$ 339 |
|
$ 339 |
|
$ 345 |
|
$ 335 |
|
$ 330 |
|
$ 337 |
|
$ 322 |
||
|
|
Southeast |
|
300 |
|
291 |
|
281 |
|
286 |
|
278 |
|
261 |
|
264 |
||
|
|
Southwest |
|
341 |
|
353 |
|
332 |
|
327 |
|
319 |
|
325 |
|
319 |
||
|
|
West |
|
434 |
|
555 |
|
566 |
|
541 |
|
548 |
|
539 |
|
638 |
||
|
|
|
|
Consolidated total |
|
$ 339 |
|
$ 351 |
|
$ 343 |
|
$ 338 |
|
$ 331 |
|
$ 333 |
|
$ 327 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new orders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
North |
|
636 |
|
747 |
|
818 |
|
493 |
|
607 |
|
820 |
|
744 |
||
|
|
Southeast |
|
476 |
|
579 |
|
579 |
|
402 |
|
376 |
|
507 |
|
501 |
||
|
|
Southwest |
|
601 |
|
837 |
|
753 |
|
533 |
|
567 |
|
724 |
|
753 |
||
|
|
West |
|
199 |
|
224 |
|
239 |
|
119 |
|
157 |
|
177 |
|
188 |
||
|
|
|
|
Consolidated total |
|
1,912 |
|
2,387 |
|
2,389 |
|
1,547 |
|
1,707 |
|
2,228 |
|
2,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling price (orders): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
North |
|
$ 337 |
|
$ 338 |
|
$ 335 |
|
$ 338 |
|
$ 343 |
|
$ 345 |
|
$ 325 |
||
|
|
Southeast |
|
298 |
|
292 |
|
289 |
|
288 |
|
304 |
|
283 |
|
279 |
||
|
|
Southwest |
|
356 |
|
360 |
|
347 |
|
344 |
|
334 |
|
330 |
|
325 |
||
|
|
West |
|
375 |
|
403 |
|
463 |
|
591 |
|
516 |
|
543 |
|
548 |
||
|
|
|
|
Consolidated total |
|
$ 337 |
|
$ 341 |
|
$ 340 |
|
$ 347 |
|
$ 347 |
|
$ 342 |
|
$ 334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of selling communities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
during the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
North |
|
118 |
|
113 |
|
117 |
|
117 |
|
116 |
|
109 |
|
98 |
||
|
|
Southeast |
|
81 |
|
81 |
|
85 |
|
87 |
|
81 |
|
78 |
|
78 |
||
|
|
Southwest |
|
131 |
|
129 |
|
123 |
|
114 |
|
101 |
|
98 |
|
102 |
||
|
|
West |
|
22 |
|
20 |
|
21 |
|
18 |
|
16 |
|
17 |
|
17 |
||
|
|
|
|
Consolidated total |
|
352 |
|
343 |
|
346 |
|
336 |
|
314 |
|
302 |
|
295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
North |
|
1,234 |
|
1,366 |
|
1,269 |
|
973 |
|
1,370 |
|
1,494 |
|
1,248 |
||
|
|
Southeast |
|
979 |
|
1,013 |
|
859 |
|
607 |
|
780 |
|
882 |
|
761 |
||
|
|
Southwest |
|
1,409 |
|
1,384 |
|
1,129 |
|
880 |
|
1,164 |
|
1,253 |
|
1,125 |
||
|
|
West |
|
352 |
|
353 |
|
286 |
|
157 |
|
245 |
|
241 |
|
208 |
||
|
|
|
|
Consolidated total |
|
3,974 |
|
4,116 |
|
3,543 |
|
2,617 |
|
3,559 |
|
3,870 |
|
3,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STANDARD PACIFIC REGIONAL QUARTERLY OPERATING DATA |
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2015 |
|
Q2 2015 |
|
Q1 2015 |
|
Q4 2014 |
|
Q3 2014 |
|
Q2 2014 |
|
Q1 2014 |
|
|
|
|
|
|
(Dollars in thousands) |
||||||||||||
|
New homes delivered: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Southeast |
|
467 |
|
476 |
|
385 |
|
508 |
|
472 |
|
500 |
|
391 |
||
|
|
Southwest |
|
282 |
|
338 |
|
238 |
|
348 |
|
272 |
|
237 |
|
202 |
||
|
|
West |
|
416 |
|
491 |
|
349 |
|
619 |
|
506 |
|
499 |
|
402 |
||
|
|
|
|
Consolidated total |
|
1,165 |
|
1,305 |
|
972 |
|
1,475 |
|
1,250 |
|
1,236 |
|
995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling price (deliveries): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Southeast |
|
$ 437 |
|
$ 414 |
|
$ 377 |
|
$ 382 |
|
$ 360 |
|
$ 339 |
|
$ 329 |
||
|
|
Southwest |
|
552 |
|
538 |
|
504 |
|
469 |
|
474 |
|
477 |
|
433 |
||
|
|
West |
|
641 |
|
643 |
|
583 |
|
593 |
|
602 |
|
619 |
|
574 |
||
|
|
|
|
Consolidated total |
|
$ 537 |
|
$ 532 |
|
$ 482 |
|
$ 491 |
|
$ 483 |
|
$ 479 |
|
$ 449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net new orders: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Southeast |
|
429 |
|
524 |
|
558 |
|
395 |
|
446 |
|
517 |
|
483 |
||
|
|
Southwest |
|
325 |
|
406 |
|
392 |
|
240 |
|
245 |
|
434 |
|
288 |
||
|
|
West |
|
572 |
|
637 |
|
621 |
|
343 |
|
463 |
|
573 |
|
540 |
||
|
|
|
|
Consolidated total |
|
1,326 |
|
1,567 |
|
1,571 |
|
978 |
|
1,154 |
|
1,524 |
|
1,311 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average selling price (orders): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Southeast |
|
$ 463 |
|
$ 446 |
|
$ 423 |
|
$ 385 |
|
$ 388 |
|
$ 367 |
|
$ 359 |
||
|
|
Southwest |
|
559 |
|
509 |
|
509 |
|
509 |
|
480 |
|
452 |
|
467 |
||
|
|
West |
|
679 |
|
655 |
|
636 |
|
641 |
|
601 |
|
572 |
|
604 |
||
|
|
|
|
Consolidated total |
|
$ 580 |
|
$ 547 |
|
$ 528 |
|
$ 505 |
|
$ 493 |
|
$ 468 |
|
$ 483 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average number of selling communities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
during the period: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Southeast |
|
96 |
|
88 |
|
81 |
|
73 |
|
74 |
|
76 |
|
72 |
||
|
|
Southwest |
|
54 |
|
55 |
|
56 |
|
54 |
|
53 |
|
49 |
|
45 |
||
|
|
West |
|
65 |
|
60 |
|
61 |
|
57 |
|
58 |
|
58 |
|
57 |
||
|
|
|
|
Consolidated total |
|
215 |
|
203 |
|
198 |
|
184 |
|
185 |
|
183 |
|
174 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Southeast |
|
954 |
|
992 |
|
944 |
|
771 |
|
884 |
|
910 |
|
893 |
||
|
|
Southwest |
|
811 |
|
768 |
|
700 |
|
546 |
|
654 |
|
681 |
|
484 |
||
|
|
West |
|
968 |
|
812 |
|
666 |
|
394 |
|
670 |
|
713 |
|
639 |
||
|
|
|
|
Consolidated total |
|
2,733 |
|
2,572 |
|
2,310 |
|
1,711 |
|
2,208 |
|
2,304 |
|
2,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/calatlantic-group-inc-reports-2015-third-quarter-results-300172649.html
SOURCE CalAtlantic Group, Inc.