Maryland | 1-9977 | 86-0611231 | ||||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||
8800 E. Raintree Drive, Suite 300, Scottsdale, Arizona 85260 | ||||||
(Address of Principal Executive Offices) (Zip Code) | ||||||
(480) 515-8100 | ||||||
(Registrant’s telephone number, including area code) | ||||||
(Former Name or Former Address, if Changed Since Last Report) | ||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
MERITAGE HOMES CORPORATION | |
/s/ | Larry W. Seay |
By: | Larry W. Seay |
Executive Vice President and Chief Financial Officer |
Contacts: | Brent Anderson, VP Investor Relations | |||
(972) 580-6360 (office) | ||||
Brent.Anderson@meritagehomes.com |
Three Months Ended December 31, | Twelve Months Ended December 31, | |||||||||||||||||||||
2014 | 2013 | %Chg | 2014 | 2013 | %Chg | |||||||||||||||||
Homes closed (units) | 1,863 | 1,468 | 27 | % | 5,862 | 5,259 | 11 | % | ||||||||||||||
Home closing revenue | $ | 688,288 | $ | 533,492 | 29 | % | $ | 2,142,391 | $ | 1,783,389 | 20 | % | ||||||||||
Average sales price - closings | $ | 369 | $ | 363 | 2 | % | $ | 365 | $ | 339 | 8 | % | ||||||||||
Home orders (units) | 1,272 | 1,131 | 12 | % | 5,944 | 5,615 | 6 | % | ||||||||||||||
Home order value | $ | 490,999 | $ | 414,584 | 18 | % | $ | 2,238,117 | $ | 1,982,303 | 13 | % | ||||||||||
Average sales price - orders | $ | 386 | $ | 367 | 5 | % | $ | 377 | $ | 353 | 7 | % | ||||||||||
Ending backlog (units) | 2,114 | 1,853 | 14 | % | ||||||||||||||||||
Ending backlog value | $ | 846,452 | $ | 686,672 | 23 | % | ||||||||||||||||
Average sales price - backlog | $ | 400 | $ | 371 | 8 | % | ||||||||||||||||
Net earnings | $ | 49,208 | $ | 46,089 | 7 | % | $ | 142,241 | $ | 124,464 | 14 | % | ||||||||||
Diluted EPS | $ | 1.19 | $ | 1.19 | — | % | $ | 3.46 | $ | 3.25 | 6 | % |
• | Net earnings of $49.2 million ($1.19 per diluted share) for the fourth quarter of 2014, compared to prior year net earnings of $46.1 million ($1.19 per diluted share), primarily reflecting lower home closing margins on higher home closing revenues and a lower effective tax rate. Earnings per share also reflected a larger share count in 2014 compared to 2013. |
• | Home closing revenue increased 29% due to a 27% increase in home closings combined with a 2% increase in average price over the prior year period. The Central region (Texas) grew home closing revenue by 53% over 2013, followed by the East region’s 40% increase (Florida, the Carolinas and Tennessee), and an 8% increase in the West region (California, Colorado and Arizona). |
• | Fourth quarter orders increased 12% and the total value of homes ordered increased 18%, after a 5% increase in average sales prices, which reached $386,000 in the fourth quarter of 2014 compared to $367,000 in 2013. Texas’s fourth quarter order value was flat compared to the prior year despite an 8% decline in orders, as it was offset by a 9% increase in its average sales price. The decline in Texas orders was due to 13% fewer average actively selling communities compared to prior year, partially offset by an increase in average sales per community. |
• | Total active community count at year-end increased 22% in 2014 over 2013, primarily due to the acquisition of Legendary Communities, which operates at a structurally lower sales pace than Meritage’s other markets. As a result, average orders per community declined to 5.6 in the fourth quarter of 2014 from 6.2 in the fourth quarter of 2013, dampening the effect of the increase in community count on total order growth. |
• | Cancellation rates increased slightly to 17% in the fourth quarter of 2014, compared to 15% in the fourth quarter of 2013, but remained below historical rates for the Company. |
• | Home closing gross profit increased 13% over the prior year due to higher home closing revenue. Increased revenue was partially offset by a decline in home closing gross margins in the West and an approximate 48 bps negative impact due to purchase accounting adjustments on closings of Legendary Communities. |
• | Fourth quarter 2014 home closing margin was 20.3% compared to 23.2% in the fourth quarter of 2013. |
• | Commissions and other selling expenses increased by 40 basis points from the prior year to 7.2% of home closing revenue in the fourth quarter of 2014, compared to 6.8% of home closing revenue in the fourth quarter of 2013. Marketing and other sales overhead costs related to opening new communities and new divisions inflated the percentage of these costs relative to their closing revenues. |
• | General and administrative expenses for the fourth quarter of 2014 decreased by 40 basis points to 4.2% of total closing revenue in 2014, compared to 4.6% of total closing revenue in 2013. |
• | Interest expense decreased 70% to $0.6 million or 0.1% of total closing revenue in the fourth quarter of 2014, compared to $2.0 million or 0.4% of total closing revenue in the fourth quarter of 2013, as we capitalized nearly all interest incurred to assets under development. |
• | Earnings before income taxes increased modestly to $66.4 million from $65.9 million in the fourth quarter of 2014 compared to 2013, respectively. Pretax margin of 9.5% for the fourth quarter of 2014 was lower than 12.2% in 2013 due to lower gross margins in 2014. |
• | Net income for the full year increased 14% to $142.2 million in 2014 compared to $124.5 million in 2013 as a result of higher revenues, partially offset by lower gross margins and a higher tax rate in 2014. The effective tax rate was 32% in 2014 and 30% in 2013. Pre-tax margins were similar at 9.6% in 2014 and 9.8% in 2013. |
• | Home closings and closing revenue increased 11% and 20%, respectively, for 2014 as compared to 2013, led by the East region’s expansion markets in Tennessee, Georgia and the Carolinas, which combined with Florida for a 50% increase in 2014 home closing revenue. Texas also generated a 39% increase in home closing revenue for the year over 2013, offsetting declines in the West. |
• | Full year home closing gross margin declined to 21.2% compared to 22.0% in 2013. Margin contraction from last year’s inflated levels in Arizona and California, combined with the negative impact of purchase accounting associated with the Legendary acquisition (26 bps), were not fully offset by improved margins in Texas and other markets, resulting in slightly lower home closing gross margin for the full year 2014 compared to 2013. |
• | Net orders for the year increased 6% in 2014 over 2013, and total order value increased 13% year over year, aided by a 7% increase in average sales prices. |
• | The total value of orders in backlog at year-end 2014 was 23% higher than the prior year’s ending backlog, reflecting a 14% increase in units in backlog coupled with an 8% increase in average price. |
• | Cash and cash equivalents plus securities at December 31, 2014, totaled $103.3 million, compared to $363.7 million at December 31, 2013, reflecting the $130.7 million purchase of Legendary Communities in August 2014, as well as investments to grow our other relatively new expansion markets in the East region. The company had nothing drawn on its $400 million revolving credit facility at December 31, 2014. |
• | Real estate assets increased by $472.4 million for the year, ending at $1.9 billion at December 31, 2014, compared to $1.4 billion at December 31, 2013. Approximately 47% of that increase was attributable to finished home sites (lots) and home sites under development, as Meritage acquired and developed lots for new communities in growing markets. We invested a total of approximately $705 million in land and development (excluding Legendary acquisition) during 2014. |
• | Meritage ended the year 2014 with approximately 30,300 total lots under control, compared to approximately 25,700 total lots at December 31, 2013. The acquisition of Legendary Communities in August of 2014 added approximately 4,800 lots in Georgia and the Carolinas, accounting for most of the increase in lots. Based on trailing twelve months’ closings, Meritage controlled a 5.2-year supply of lots at the end of 2014. |
• | Net debt-to-capital ratio at December 31, 2014 was 42.9%, compared to 39.8% at December 31, 2013, within the Company’s stated target range. |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Homebuilding: | |||||||||||||||||
Home closing revenue | $ | 688,288 | $ | 533,492 | $ | 2,142,391 | $ | 1,783,389 | |||||||||
Land closing revenue | 10,630 | 2,702 | 27,252 | 31,270 | |||||||||||||
Total closing revenue | 698,918 | 536,194 | 2,169,643 | 1,814,659 | |||||||||||||
Cost of home closings | (548,371 | ) | (409,918 | ) | (1,688,676 | ) | (1,391,475 | ) | |||||||||
Cost of land closings | (10,266 | ) | (2,627 | ) | (28,350 | ) | (26,766 | ) | |||||||||
Total cost of closings | (558,637 | ) | (412,545 | ) | (1,717,026 | ) | (1,418,241 | ) | |||||||||
Home closing gross profit | 139,917 | 123,574 | 453,715 | 391,914 | |||||||||||||
Land closing gross (loss)/profit | 364 | 75 | (1,098 | ) | 4,504 | ||||||||||||
Total closing gross profit | 140,281 | 123,649 | 452,617 | 396,418 | |||||||||||||
Financial Services: | |||||||||||||||||
Revenue | 3,022 | 2,077 | 10,121 | 6,037 | |||||||||||||
Expense | (1,368 | ) | (1,037 | ) | (4,812 | ) | (3,266 | ) | |||||||||
Earnings from financial services unconsolidated entities and other, net | 3,588 | 3,399 | 10,869 | 13,183 | |||||||||||||
Financial services profit | 5,242 | 4,439 | 16,178 | 15,954 | |||||||||||||
Commissions and other sales costs | (49,492 | ) | (36,190 | ) | (156,742 | ) | (126,716 | ) | |||||||||
General and administrative expenses | (29,138 | ) | (24,923 | ) | (104,598 | ) | (91,510 | ) | |||||||||
Loss from other unconsolidated entities, net | (83 | ) | (149 | ) | (447 | ) | (378 | ) | |||||||||
Interest expense | (594 | ) | (1,979 | ) | (5,163 | ) | (15,092 | ) | |||||||||
Other income, net | 177 | 1,032 | 6,572 | 2,792 | |||||||||||||
Loss on early extinguishment of debt | — | — | — | (3,796 | ) | ||||||||||||
Earnings before income taxes | 66,393 | 65,879 | 208,417 | 177,672 | |||||||||||||
Provision for income taxes | (17,185 | ) | (19,790 | ) | (66,176 | ) | (53,208 | ) | |||||||||
Net earnings | $ | 49,208 | $ | 46,089 | $ | 142,241 | $ | 124,464 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | |||||||||||||||||
Earnings per share | $ | 1.26 | $ | 1.27 | $ | 3.65 | $ | 3.45 | |||||||||
Weighted average shares outstanding | 39,133 | 36,240 | 39,017 | 36,105 | |||||||||||||
Diluted | |||||||||||||||||
Earnings per share | $ | 1.19 | $ | 1.19 | $ | 3.46 | $ | 3.25 | |||||||||
Weighted average shares outstanding | 41,696 | 38,905 | 41,614 | 38,801 |
December 31, 2014 | December 31, 2013 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 103,333 | $ | 274,136 | ||||
Investments and securities | — | 89,529 | ||||||
Other receivables | 56,763 | 38,983 | ||||||
Real estate (1) | 1,877,682 | 1,405,299 | ||||||
Real estate not owned | 4,999 | 289 | ||||||
Deposits on real estate under option or contract | 94,989 | 51,595 | ||||||
Investments in unconsolidated entities | 10,780 | 11,638 | ||||||
Property and equipment, net | 32,403 | 22,099 | ||||||
Deferred tax asset | 64,137 | 70,404 | ||||||
Prepaids, other assets and goodwill | 71,052 | 39,389 | ||||||
Total assets | $ | 2,316,138 | $ | 2,003,361 | ||||
Liabilities: | ||||||||
Accounts payable | $ | 83,619 | $ | 68,018 | ||||
Accrued liabilities | 154,144 | 150,618 | ||||||
Home sale deposits | 29,379 | 21,996 | ||||||
Liabilities related to real estate not owned | 4,299 | 289 | ||||||
Loans payable and other borrowings | 30,722 | 15,993 | ||||||
Senior and convertible senior notes | 904,486 | 905,055 | ||||||
Total liabilities | 1,206,649 | 1,161,969 | ||||||
Stockholders' Equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 391 | 362 | ||||||
Additional paid-in capital | 538,788 | 412,961 | ||||||
Retained earnings | 570,310 | 428,069 | ||||||
Total stockholders’ equity | 1,109,489 | 841,392 | ||||||
Total liabilities and stockholders’ equity | $ | 2,316,138 | $ | 2,003,361 | ||||
(1) Real estate – Allocated costs: | ||||||||
Homes under contract under construction | $ | 328,931 | $ | 262,633 | ||||
Unsold homes, completed and under construction | 302,288 | 147,889 | ||||||
Model homes | 109,614 | 81,541 | ||||||
Finished home sites and home sites under development | 1,136,849 | 913,236 | ||||||
Total real estate | $ | 1,877,682 | $ | 1,405,299 |
Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Depreciation and amortization | $ | 3,460 | $ | 2,765 | $ | 11,614 | $ | 9,934 | |||||||
Summary of Capitalized Interest: | |||||||||||||||
Capitalized interest, beginning of period | $ | 50,455 | $ | 28,998 | $ | 32,992 | $ | 21,600 | |||||||
Interest incurred | 15,041 | 13,276 | 58,374 | 51,152 | |||||||||||
Interest expensed | (594 | ) | (1,979 | ) | (5,163 | ) | (15,092 | ) | |||||||
Interest amortized to cost of home and land closings | (10,842 | ) | (7,303 | ) | (32,143 | ) | (24,668 | ) | |||||||
Capitalized interest, end of period | $ | 54,060 | $ | 32,992 | $ | 54,060 | $ | 32,992 | |||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||
Notes payable and other borrowings | $ | 935,208 | $ | 921,048 | |||||||||||
Stockholders' equity | 1,109,489 | 841,392 | |||||||||||||
Total capital | 2,044,697 | 1,762,440 | |||||||||||||
Debt-to-capital | 45.7 | % | 52.3 | % | |||||||||||
Notes payable and other borrowings | $ | 935,208 | $ | 921,048 | |||||||||||
Less: cash and cash equivalents and investments and securities | (103,333 | ) | (363,665 | ) | |||||||||||
Net debt | 831,875 | 557,383 | |||||||||||||
Stockholders’ equity | 1,109,489 | 841,392 | |||||||||||||
Total net capital | $ | 1,941,364 | $ | 1,398,775 | |||||||||||
Net debt-to-capital | 42.9 | % | 39.8 | % |
Twelve Months Ended December 31, | ||||||||
2014 | 2013 | |||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 142,241 | $ | 124,464 | ||||
Adjustments to reconcile net earnings to net cash used in operating activities: | ||||||||
Depreciation and amortization | 11,614 | 9,934 | ||||||
Stock-based compensation | 12,211 | 9,483 | ||||||
Loss on early extinguishment of debt | — | 3,796 | ||||||
Excess income tax benefit from stock-based awards | (2,297 | ) | (1,891 | ) | ||||
Equity in earnings from unconsolidated entities | (10,422 | ) | (12,805 | ) | ||||
Deferred tax asset valuation benefit | — | (8,666 | ) | |||||
Distribution of earnings from unconsolidated entities | 11,613 | 13,013 | ||||||
Other | 10,149 | 17,742 | ||||||
Changes in assets and liabilities: | ||||||||
Increase in real estate | (338,594 | ) | (263,886 | ) | ||||
Increase in deposits on real estate under option or contract | (42,278 | ) | (36,974 | ) | ||||
Increase in receivables, prepaids and other assets | (25,032 | ) | (18,429 | ) | ||||
Increase in accounts payable and accrued liabilities | 14,688 | 76,898 | ||||||
Increase in home sale deposits | 4,859 | 9,397 | ||||||
Net cash used in operating activities | (211,248 | ) | (77,924 | ) | ||||
Cash flows from investing activities: | ||||||||
Investments in unconsolidated entities | (515 | ) | (107 | ) | ||||
Distributions of capital from unconsolidated entities | 65 | 158 | ||||||
Purchases of property and equipment | (20,788 | ) | (15,783 | ) | ||||
Proceeds from sales of property and equipment | 262 | 56 | ||||||
Maturities of investments and securities | 124,599 | 163,012 | ||||||
Payments to purchase investments and securities | (35,813 | ) | (166,619 | ) | ||||
Cash paid for acquisitions | (130,677 | ) | (18,624 | ) | ||||
Decrease in restricted cash | — | 38,938 | ||||||
Net cash (used in)/provided by investing activities | (62,867 | ) | 1,031 | |||||
Cash flows from financing activities: | ||||||||
Repayment of loans payable and other borrowings | (10,447 | ) | (8,352 | ) | ||||
Repayment of senior subordinated notes | — | (102,822 | ) | |||||
Proceeds from issuance of senior notes | — | 281,699 | ||||||
Proceeds from issuance of common stock, net | 110,420 | — | ||||||
Debt issuance costs | — | (3,188 | ) | |||||
Excess income tax benefit from stock-based awards | 2,297 | 1,891 | ||||||
Non-controlling interest acquisition | — | (257 | ) | |||||
Proceeds from stock option exercises | 1,042 | 11,601 | ||||||
Net cash provided by financing activities | 103,312 | 180,572 | ||||||
Net (decrease)/increase in cash and cash equivalents | (170,803 | ) | 103,679 | |||||
Beginning cash and cash equivalents | 274,136 | 170,457 | ||||||
Ending cash and cash equivalents (2) | $ | 103,333 | $ | 274,136 |
Three Months Ended | ||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||
Homes | Value | Homes | Value | |||||||||||
Homes Closed: | ||||||||||||||
Arizona | 225 | $ | 73,101 | 297 | $ | 96,408 | ||||||||
California | 239 | 122,851 | 205 | 98,472 | ||||||||||
Colorado | 146 | 64,696 | 107 | 46,555 | ||||||||||
Nevada | — | — | — | — | ||||||||||
West Region | 610 | 260,648 | 609 | 241,435 | ||||||||||
Texas | 713 | 227,342 | 522 | 148,853 | ||||||||||
Central Region | 713 | 227,342 | 522 | 148,853 | ||||||||||
Florida | 217 | 87,503 | 235 | 102,220 | ||||||||||
Georgia | 53 | 17,734 | — | — | ||||||||||
North Carolina | 138 | 55,870 | 86 | 35,361 | ||||||||||
South Carolina | 75 | 24,747 | — | — | ||||||||||
Tennessee | 57 | 14,444 | 16 | 5,623 | ||||||||||
East Region | 540 | 200,298 | 337 | 143,204 | ||||||||||
Total | 1,863 | $ | 688,288 | 1,468 | $ | 533,492 | ||||||||
Homes Ordered: | ||||||||||||||
Arizona | 173 | $ | 55,489 | 184 | $ | 62,139 | ||||||||
California | 173 | 96,335 | 169 | 78,828 | ||||||||||
Colorado | 113 | 49,958 | 107 | 46,837 | ||||||||||
Nevada | — | — | — | — | ||||||||||
West Region | 459 | 201,782 | 460 | 187,804 | ||||||||||
Texas | 401 | 133,282 | 437 | 133,608 | ||||||||||
Central Region | 401 | 133,282 | 437 | 133,608 | ||||||||||
Florida | 168 | 71,692 | 128 | 53,801 | ||||||||||
Georgia | 41 | 12,996 | — | — | ||||||||||
North Carolina | 127 | 46,900 | 80 | 31,626 | ||||||||||
South Carolina | 55 | 18,952 | — | — | ||||||||||
Tennessee | 21 | 5,395 | 26 | 7,745 | ||||||||||
East Region | 412 | 155,935 | 234 | 93,172 | ||||||||||
Total | 1,272 | $ | 490,999 | 1,131 | $ | 414,584 |
Twelve Months Ended | ||||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||
Homes | Value | Homes | Value | |||||||||||
Homes Closed: | ||||||||||||||
Arizona | 924 | $ | 307,282 | 1,041 | $ | 329,855 | ||||||||
California | 785 | 395,105 | 989 | 427,886 | ||||||||||
Colorado | 464 | 206,702 | 405 | 158,793 | ||||||||||
Nevada | — | — | 38 | 8,900 | ||||||||||
West Region | 2,173 | 909,089 | 2,473 | 925,434 | ||||||||||
Texas | 2,224 | 683,717 | 1,834 | 492,777 | ||||||||||
Central Region | 2,224 | 683,717 | 1,834 | 492,777 | ||||||||||
Florida | 699 | 277,045 | 691 | 264,066 | ||||||||||
Georgia | 90 | 29,633 | — | — | ||||||||||
North Carolina | 386 | 157,989 | 239 | 93,210 | ||||||||||
South Carolina | 112 | 36,241 | — | — | ||||||||||
Tennessee | 178 | 48,677 | 22 | 7,902 | ||||||||||
East Region | 1,465 | 549,585 | 952 | 365,178 | ||||||||||
Total | 5,862 | $ | 2,142,391 | 5,259 | $ | 1,783,389 | ||||||||
Homes Ordered: | ||||||||||||||
Arizona | 838 | $ | 276,261 | 1,070 | $ | 346,278 | ||||||||
California | 772 | 411,605 | 899 | 410,761 | ||||||||||
Colorado | 530 | 235,951 | 465 | 201,088 | ||||||||||
Nevada | — | — | 24 | 5,795 | ||||||||||
West Region | 2,140 | 923,817 | 2,458 | 963,922 | ||||||||||
Texas | 2,290 | 747,103 | 2,126 | 606,115 | ||||||||||
Central Region | 2,290 | 747,103 | 2,126 | 606,115 | ||||||||||
Florida | 728 | 290,343 | 696 | 282,328 | ||||||||||
Georgia | 72 | 22,443 | — | — | ||||||||||
North Carolina | 438 | 171,843 | 298 | 119,087 | ||||||||||
South Carolina | 99 | 33,177 | — | — | ||||||||||
Tennessee | 177 | 49,391 | 37 | 10,851 | ||||||||||
East Region | 1,514 | 567,197 | 1,031 | 412,266 | ||||||||||
Total | 5,944 | $ | 2,238,117 | 5,615 | $ | 1,982,303 | ||||||||
Order Backlog: | ||||||||||||||
Arizona | 192 | $ | 66,218 | 278 | $ | 97,239 | ||||||||
California | 212 | 123,963 | 225 | 107,463 | ||||||||||
Colorado | 268 | 121,633 | 202 | 92,384 | ||||||||||
Nevada | — | — | — | — | ||||||||||
West Region | 672 | 311,814 | 705 | 297,086 | ||||||||||
Texas | 858 | 309,041 | 792 | 245,655 | ||||||||||
Central Region | 858 | 309,041 | 792 | 245,655 | ||||||||||
Florida | 237 | 102,570 | 208 | 89,272 | ||||||||||
Georgia | 53 | 16,584 | — | — | ||||||||||
North Carolina | 185 | 68,168 | 108 | 43,218 | ||||||||||
South Carolina | 70 | 26,120 | — | — | ||||||||||
Tennessee | 39 | 12,155 | 40 | 11,441 | ||||||||||
East Region | 584 | 225,597 | 356 | 143,931 | ||||||||||
Total | 2,114 | $ | 846,452 | 1,853 | $ | 686,672 |
Three Months Ended | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Beg. | End | Beg. | End | |||||||||
Active Communities: | ||||||||||||
Arizona | 42 | 41 | 39 | 40 | ||||||||
California | 22 | 24 | 18 | 22 | ||||||||
Colorado | 16 | 17 | 12 | 14 | ||||||||
Nevada | — | — | — | — | ||||||||
West Region | 80 | 82 | 69 | 76 | ||||||||
Texas | 65 | 59 | 73 | 70 | ||||||||
Central Region | 65 | 59 | 73 | 70 | ||||||||
Florida | 26 | 29 | 19 | 20 | ||||||||
Georgia | 11 | 13 | — | — | ||||||||
North Carolina | 20 | 21 | 15 | 17 | ||||||||
South Carolina | 19 | 20 | — | — | ||||||||
Tennessee | 4 | 5 | 3 | 5 | ||||||||
East Region | 80 | 88 | 37 | 42 | ||||||||
Total | 225 | 229 | 179 | 188 |
Twelve Months Ended | ||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||
Beg. | End | Beg. | End | |||||||||
Active Communities: | ||||||||||||
Arizona | 40 | 41 | 38 | 40 | ||||||||
California | 22 | 24 | 17 | 22 | ||||||||
Colorado | 14 | 17 | 12 | 14 | ||||||||
Nevada | — | — | 1 | — | ||||||||
West Region | 76 | 82 | 68 | 76 | ||||||||
Texas | 70 | 59 | 65 | 70 | ||||||||
Central Region | 70 | 59 | 65 | 70 | ||||||||
Florida | 20 | 29 | 18 | 20 | ||||||||
Georgia | — | 13 | — | — | ||||||||
North Carolina | 17 | 21 | 7 | 17 | ||||||||
South Carolina | — | 20 | — | — | ||||||||
Tennessee | 5 | 5 | — | 5 | ||||||||
East Region | 42 | 88 | 25 | 42 | ||||||||
Total | 188 | 229 | 158 | 188 |
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