Supplemental Guarantor Information (Tables)

3 Months Ended

Mar. 31, 2017



	Supplemental Condensed Consolidated Balance Sheet
	As of March 31, 2017 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Assets
Cash and cash equivalents	$	12,972	$	4,590	$	5,903	$	—	$	23,465
Cash held in escrow		—		17,216		—		—		17,216
Accounts receivable		115		6,781		141		—		7,037
Investment in consolidated subsidiaries		912,505		—		—		(912,505)		—
Inventories		—		884,072		—		—		884,072
Prepaid expenses and other assets		12,759		27,277		223		—		40,259
Property and equipment, net		1,647		9,569		149		—		11,365
Investment in unconsolidated subsidiaries		18,680		—		—		—		18,680
Amortizable intangible assets, net		—		2,567		—		—		2,567
Goodwill		—		21,365		—		—		21,365
Total assets	$	958,678	$	973,437	$	6,416	$	(912,505)	$	1,026,026
Liabilities and stockholders’ equity
Liabilities:
Accounts payable	$	(24)	$	8,283	$	21	$	—	$	8,280
Accrued expenses and other liabilities		18,256		54,561		66		—		72,883
Deferred tax liability		450		—		—		—		450
Notes payable and revolving line of credit		443,531		4,417		—		—		447,948
Total liabilities		462,213		67,261		87		—		529,561
Stockholders’ equity:		496,465		906,176		6,329		(912,505)		496,465
Total liabilities and stockholders’ equity	$	958,678	$	973,437	$	6,416	$	(912,505)	$	1,026,026


	Supplemental Condensed Consolidated Balance Sheet
	As of December 31, 2016 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Assets
Cash and cash equivalents	$	14,637	$	8,646	$	6,167	$	—	$	29,450
Cash held in escrow		—		20,044		—		—		20,044
Accounts receivable		2,980		2,749		—		—		5,729
Investment in consolidated subsidiaries		884,665		—		—		(884,665)		—
Inventories		—		857,885		—		—		857,885
Prepaid expenses and other assets		14,628		25,662		167		—		40,457
Property and equipment, net		1,166		10,224		22		—		11,412
Investment in unconsolidated subsidiaries		18,275		—						18,275
Amortizable intangible assets, net		—		2,911		—		—		2,911
Goodwill		—		21,365		—		—		21,365
Total assets	$	936,351	$	949,486	$	6,356	$	(884,665)	$	1,007,528
Liabilities and stockholders’ equity
Liabilities:
Accounts payable	$	257	$	15,575	$	(124)	$	—	$	15,708
Accrued expenses and other liabilities		12,587		49,697		30		—		62,314
Deferred tax liability		1,782		—		—		—		1,782
Notes payable and revolving line of credit		448,089		5,999		—		—		454,088
Total liabilities		462,715		71,271		(94)		—		533,892
Stockholders’ equity:		473,636		878,215		6,450		(884,665)		473,636
Total liabilities and stockholders’ equity	$	936,351	$	949,486	$	6,356	$	(884,665)	$	1,007,528



		Supplemental Condensed Consolidated Statement of Operations
	For the Three Months Ended March 31, 2017 (in thousands)
				Guarantor		Non Guarantor		Elimination		Consolidated
		CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenues
Homebuilding revenues
Home sales revenues		$	—	$	226,420	$	—	$	—	$	226,420
Land sales and other revenues			—		1,896		241		(241)		1,896
			—		228,316		241		(241)		228,316
Financial services revenue
Total revenues			—		228,316		241		(241)		228,316
Homebuilding cost of revenues
Cost of homes sales revenues			—		(182,324)		—		—		(182,324)
Cost of land sales and other revenues			—		(1,144)		—		—		(1,144)
			—		(183,468)		—		—		(183,468)
Financial services costs			—		—		(754)		—		(754)
Selling, general and administrative			(9,948)		(23,264)		—		—		(33,212)
Equity in earnings from consolidated subsidiaries			13,541		—		—		(13,541)		—
Equity in income from unconsolidated subsidiaries			1,255		—		—		—		1,255
Other income (expense)			(474)		351		37		—		(86)
Income before income tax expense			4,374		21,935		(476)		(13,782)		12,051
Income tax expense			4,425		(7,677)		—		—		(3,252)
Net income		$	8,799	$	14,258	$	(476)	$	(13,782)	$	8,799


		Supplemental Condensed Consolidated Statement of Operations
	For the Three Months Ended March 31, 2016 (in thousands)

				Guarantor		Non Guarantor		Elimination		Consolidated
		CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenues
Homebuilding revenues
Home sales revenues		$	—	$	181,081	$	—	$	—	$	181,081
Land sales and other revenues			—		3,015		—		—		3,015
			—		184,096		—		—		184,096
Financial services revenue			—		—		—		—		—
Total revenues			—		184,096		—		—		184,096
Homebuilding cost of revenues
Cost of homes sales revenues			—		(144,353)		—		—		(144,353)
Cost of land sales and other revenues			—		(2,542)		—		—		(2,542)
			—		(146,895)		—		—		(146,895)
Financial services costs			—		—		—		—		—
Selling, general and administrative			(5,392)		(19,793)		—		—		(25,185)
Equity in earnings from consolidated subsidiaries			11,689		—		—		(11,689)		—
Other income (expense)			(162)		575		—		—		413
Income before income tax expense			6,135		17,983		—		(11,689)		12,429
Income tax expense			1,848		(6,294)		—		—		(4,446)
Net income		$	7,983	$	11,689	$	—	$	(11,689)	$	7,983



	Supplemental Condensed Consolidated Statement of Cash Flows
	For the Three Months Ended March 31, 2017 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Net cash provided by/(used in) operating activities	$	(2,141)	$	(7,588)	$	(733)	$	—	$	(10,462)
Net cash used in investing activities	$	(6,610)	$	(298)	$	(127)	$	6,008	$	(1,027)
Financing activities
Borrowings under revolving credit facilities	$	45,000	$	—	$	—	$	—	$	45,000
Payments on revolving credit facilities		(175,000)		—		—		—		(175,000)
Proceeds from insurance notes payable		127,500		—		—		—		127,500
Principal payments on notes payable		—		(1,582)		—		—		(1,582)
Debt issuance costs		(2,533)		—		—		—		(2,533)
Repurchases of common stock upon vesting of restricted stock awards		(2,904)		—		—		—		(2,904)
Payments from (and advances to) parent/subsidiary		—		5,412		596		(6,008)		—
Net proceeds from issuances of common stock		15,023		—		—		—		15,023
Net cash provided by financing activities	$	7,086	$	3,830	$	596	$	(6,008)	$	5,504
Net decrease in cash and cash equivalents	$	(1,665)	$	(4,056)	$	(264)	$	—	$	(5,985)
Cash and cash equivalents
Beginning of period	$	14,637	$	8,646	$	6,167	$	—	$	29,450
End of period	$	12,972	$	4,590	$	5,903	$	—	$	23,465


	Supplemental Condensed Consolidated Statement of Cash Flows For the Three Months Ended March 31, 2016 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Net cash provided by/(used in) operating activities	$	2,837	$	(40,401)	$	—	$	—	$	(37,564)
Net cash used in investing activities	$	(39,206)	$	(1,915)	$	—	$	38,997	$	(2,124)
Financing activities
Borrowings under revolving credit facilities	$	50,000	$	—	$	—	$	—	$	50,000
Payments on revolving credit facilities		(25,000)		—		—		—		(25,000)
Principal payments from notes payable		—		(515)		—		—		(515)
Repurchases of common stock under our stock repurchase program		(2,393)		—		—		—		(2,393)
Repurchases of common stock upon vesting of restricted stock awards		(254)		—		—		—		(254)
Payments from (and advances to) parent/subsidiary		—		38,997		—		(38,997)		—
Net cash provided by financing activities	$	22,353	$	38,482	$	—	$	(38,997)	$	21,838
Net decrease in cash and cash equivalents	$	(14,016)	$	(3,834)	$	—	$	—	$	(17,850)
Cash and cash equivalents
Beginning of period	$	22,002	$	7,285	$	—	$	—	$	29,287
End of period	$	7,986	$	3,451	$	—	$	—	$	11,437