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) | ||||||
N/A | ||||||
(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)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities and Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||||
Emerging growth company o | ||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13 (a) of the Exchange Act. o |
MERITAGE HOMES CORPORATION | |
/s/ | Hilla Sferruzza |
By: | Hilla Sferruzza |
Executive Vice President and Chief Financial Officer (Principal Accounting Officer) |
Contacts: | Brent Anderson, VP Investor Relations | ||
(972) 580-6360 (office) | |||
investors@meritagehomes.com |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||||
2017 | 2016 | % Chg | 2017 | 2016 | % Chg | |||||||||||||||||
Homes closed (units) | 1,906 | 1,950 | (2 | )% | 3,487 | 3,438 | 1 | % | ||||||||||||||
Home closing revenue | $ | 797,780 | $ | 795,845 | — | % | $ | 1,458,397 | $ | 1,391,462 | 5 | % | ||||||||||
Average sales price - closings | $ | 419 | $ | 408 | 3 | % | $ | 418 | $ | 405 | 3 | % | ||||||||||
Home orders (units) | 2,153 | 2,073 | 4 | % | 4,288 | 4,060 | 6 | % | ||||||||||||||
Home order value | $ | 878,718 | $ | 845,346 | 4 | % | $ | 1,771,421 | $ | 1,649,946 | 7 | % | ||||||||||
Average sales price - orders | $ | 408 | $ | 408 | — | % | $ | 413 | $ | 406 | 2 | % | ||||||||||
Ending backlog (units) | 3,428 | 3,314 | 3 | % | ||||||||||||||||||
Ending backlog value | $ | 1,448,782 | $ | 1,396,165 | 4 | % | ||||||||||||||||
Average sales price - backlog | $ | 423 | $ | 421 | — | % | ||||||||||||||||
Earnings before income taxes | $ | 63,205 | $ | 59,036 | 7 | % | $ | 99,974 | $ | 87,921 | 14 | % | ||||||||||
Net earnings | $ | 41,580 | $ | 39,878 | 4 | % | $ | 65,152 | $ | 60,847 | 7 | % | ||||||||||
Diluted EPS | $ | 0.98 | $ | 0.95 | 3 | % | $ | 1.54 | $ | 1.45 | 6 | % |
• | Net earnings of $41.6 million ($0.98 per diluted share) for the second quarter of 2017, compared to prior year net earnings of $39.9 million ($0.95 per diluted share), primarily reflect higher home closing gross margins and overhead leverage, partially offset by a higher effective tax rate. Earnings before income taxes increased 7% year-over-year. |
• | Second quarter effective tax rate was 34% in 2017, compared to 32% in 2016. The lower rate in 2016 reflected the significant impact of energy tax credits captured on energy-efficient homes closed in 2016 and prior periods, which Congress has not extended for 2017, resulting in a higher assumed effective tax rate this year. |
• | Home closing revenue was consistent with the prior year, as a 3% increase in average closing price offset a 2% decrease in home closings compared to the second quarter of 2016. The West and Central regions delivered year-over-year increases of 11% and 9% in home closing revenue, respectively, reflecting strong growth in Arizona and Texas. A 21% decline in East region home closing revenue reflected lower orders over the last three quarters as the region was going through a product library upgrade which delayed the openings of a number of communities. |
• | Home closing gross margin was 17.7% for the second quarter of 2017, compared to 17.3% in the second quarter of 2016. The margin improvement reflects increases in home prices that generally offset increases in land and construction costs, as well as improved leverage of construction overhead expenses. |
• | Selling, general and administrative expenses were 10.6% of home closing revenue, an improvement of 10 bps from 10.7% in the second quarter of 2016, and 120 bps lower than the first quarter of 2017, reflecting successful cost controls and overhead leverage. |
• | Total orders for the second quarter increased 4% year-over-year due to strong demand in the West and Central regions. Orders increased 30% over the second quarter of 2016 in Texas, as a result of a 24% increase in average active communities during the quarter and a 5% increase in absorptions (orders per average active community). Orders increased 2% in the West on a 4% increase in absorptions that was mostly offset by a 3% decline in average community count. East region orders were down 13% compared to the prior year’s second quarter, primarily due to a 12% decline in absorptions. |
• | Total active community count increased to 257 at June 30, 2017, from 241 at June 30, 2016, resulting in a 6% increase in average active communities during the second quarter. |
• | Average sales prices (ASP) on orders for the company as a whole were flat year-over-year, with a 7% increase in the East region ASP, while Arizona and Texas ASP’s were 7% and 3% lower, respectively, compared to the prior year’s second quarter, reflecting a mix shift toward more entry-level and first-time buyer homes. |
• | Net earnings were $65.2 million for the first half of 2017, a 7% increase over $60.8 million for the first half of 2016, primarily driven by a 5% increase in home closing revenue. |
• | Home closings for the first half of the year increased 1% over 2016 and average prices on closings rose 3%. |
• | Home closing gross profit increased 3% to $248.2 million in the first half of 2017 compared to $241.1 million in the first half of 2016, as higher closing revenue was offset partially by a decline in home closing gross margins. While second quarter home closing gross margins improved year-over-year, first quarter gross margins were negatively impacted by up-front costs associated with opening new communities that contributed no revenue to offset those increased costs. |
• | Total commissions and selling expenses declined 30 basis points to 7.1% of year-to-date 2017 home closing revenue from 7.4% in 2016, while general and administrative expenses declined 20 basis points to 4.0% of total closing revenue in the first half of 2017, compared to 4.2% in 2016. |
• | The effective tax rate for the first half of 2017 was 35%, compared to 31% for the first half of 2016, due to the absence of energy tax credits in 2017, which the U.S. Congress has not extended. |
• | Cash and cash equivalents at June 30, 2017, totaled $216.7 million, compared to $131.7 million at December 31, 2016, primarily reflecting proceeds from the issuance of $300 million in new senior notes on June 6, 2017. The proceeds were used to repay borrowings under the Company’s revolving credit facility and repurchase approximately $52 million of the Company’s 1.875% convertible senior notes, as well as investing in additional real estate inventory. A total of $278.6 million was invested in land and development during the second quarter of 2017 to meet current demand and position the company for future growth. |
• | Meritage ended the second quarter of 2017 with approximately 33,500 total lots owned or under control, compared to approximately 28,900 total lots at June 30, 2016, as the company secured more than 4,000 new lots during the quarter. Approximately half of those additions were in Texas to meet strong demand. Approximately 70% of the newly controlled lots added during the quarter were in communities planned for entry-level or first-time buyers. |
• | Debt-to-capital and net debt-to-capital ratios at June 30, 2017 were 47.6% and 43.3%, compared to 44.2% and 41.2%, respectively, at December 31, 2016, reflecting the increased investment of cash into homes and land under development, while remaining well within management’s target range for this key ratio. |
• | The Company intends to issue a notice of redemption for the remaining 1.875% convertible senior notes due September 15, 2032, as of the first call date in September 2017, with available cash from the notes issued in June 2017. |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Homebuilding: | ||||||||||||||||
Home closing revenue | $ | 797,780 | $ | 795,845 | $ | 1,458,397 | $ | 1,391,462 | ||||||||
Land closing revenue | 4,198 | 2,051 | 16,353 | 4,200 | ||||||||||||
Total closing revenue | 801,978 | 797,896 | 1,474,750 | 1,395,662 | ||||||||||||
Cost of home closings | (656,870 | ) | (658,099 | ) | (1,210,219 | ) | (1,150,369 | ) | ||||||||
Cost of land closings | (4,198 | ) | (1,693 | ) | (13,858 | ) | (3,393 | ) | ||||||||
Total cost of closings | (661,068 | ) | (659,792 | ) | (1,224,077 | ) | (1,153,762 | ) | ||||||||
Home closing gross profit | 140,910 | 137,746 | 248,178 | 241,093 | ||||||||||||
Land closing gross profit | — | 358 | 2,495 | 807 | ||||||||||||
Total closing gross profit | 140,910 | 138,104 | 250,673 | 241,900 | ||||||||||||
Financial Services: | ||||||||||||||||
Revenue | 3,649 | 3,476 | 6,593 | 5,976 | ||||||||||||
Expense | (1,551 | ) | (1,508 | ) | (2,930 | ) | (2,754 | ) | ||||||||
Earnings from financial services unconsolidated entities and other, net | 3,459 | 3,795 | 6,184 | 6,587 | ||||||||||||
Financial services profit | 5,557 | 5,763 | 9,847 | 9,809 | ||||||||||||
Commissions and other sales costs | (54,701 | ) | (56,379 | ) | (103,021 | ) | (102,556 | ) | ||||||||
General and administrative expenses | (29,591 | ) | (28,898 | ) | (59,213 | ) | (58,516 | ) | ||||||||
Earnings from other unconsolidated entities, net | 570 | 573 | 943 | 416 | ||||||||||||
Interest expense | (1,620 | ) | (1,672 | ) | (2,445 | ) | (4,960 | ) | ||||||||
Other income, net | 2,080 | 1,545 | 3,190 | 1,828 | ||||||||||||
Earnings before income taxes | 63,205 | 59,036 | 99,974 | 87,921 | ||||||||||||
Provision for income taxes | (21,625 | ) | (19,158 | ) | (34,822 | ) | (27,074 | ) | ||||||||
Net earnings | $ | 41,580 | $ | 39,878 | $ | 65,152 | $ | 60,847 | ||||||||
Earnings per share: | ||||||||||||||||
Basic | ||||||||||||||||
Earnings per share | $ | 1.03 | $ | 1.00 | $ | 1.62 | $ | 1.52 | ||||||||
Weighted average shares outstanding | 40,317 | 40,012 | 40,248 | 39,926 | ||||||||||||
Diluted | ||||||||||||||||
Earnings per share | $ | 0.98 | $ | 0.95 | $ | 1.54 | $ | 1.45 | ||||||||
Weighted average shares outstanding | 42,781 | 42,533 | 42,836 | 42,477 |
June 30, 2017 | December 31, 2016 | |||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 216,739 | $ | 131,702 | ||||
Other receivables | 73,109 | 70,355 | ||||||
Real estate (1) | 2,638,407 | 2,422,063 | ||||||
Real estate not owned | 9,987 | — | ||||||
Deposits on real estate under option or contract | 74,750 | 85,556 | ||||||
Investments in unconsolidated entities | 16,678 | 17,097 | ||||||
Property and equipment, net | 32,620 | 33,202 | ||||||
Deferred tax asset | 55,290 | 53,320 | ||||||
Prepaids, other assets and goodwill | 83,112 | 75,396 | ||||||
Total assets | $ | 3,200,692 | $ | 2,888,691 | ||||
Liabilities: | ||||||||
Accounts payable | $ | 139,957 | $ | 140,682 | ||||
Accrued liabilities | 166,080 | 170,852 | ||||||
Home sale deposits | 36,197 | 28,348 | ||||||
Liabilities related to real estate not owned | 8,489 | — | ||||||
Loans payable and other borrowings | 17,256 | 32,195 | ||||||
Senior and convertible senior notes, net | 1,340,274 | 1,095,119 | ||||||
Total liabilities | 1,708,253 | 1,467,196 | ||||||
Stockholders' Equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 403 | 400 | ||||||
Additional paid-in capital | 578,295 | 572,506 | ||||||
Retained earnings | 913,741 | 848,589 | ||||||
Total stockholders’ equity | 1,492,439 | 1,421,495 | ||||||
Total liabilities and stockholders’ equity | $ | 3,200,692 | $ | 2,888,691 | ||||
(1) Real estate – Allocated costs: | ||||||||
Homes under contract under construction | $ | 662,829 | $ | 508,927 | ||||
Unsold homes, completed and under construction | 423,887 | 431,725 | ||||||
Model homes | 146,602 | 147,406 | ||||||
Finished home sites and home sites under development | 1,405,089 | 1,334,005 | ||||||
Total real estate | $ | 2,638,407 | $ | 2,422,063 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Depreciation and amortization | $ | 4,202 | $ | 4,198 | $ | 7,872 | $ | 7,600 | |||||||
Summary of Capitalized Interest: | |||||||||||||||
Capitalized interest, beginning of period | $ | 70,885 | $ | 64,126 | $ | 68,196 | $ | 61,202 | |||||||
Interest incurred | 19,280 | 17,713 | 37,175 | 35,272 | |||||||||||
Interest expensed | (1,620 | ) | (1,672 | ) | (2,445 | ) | (4,960 | ) | |||||||
Interest amortized to cost of home and land closings | (16,218 | ) | (15,485 | ) | (30,599 | ) | (26,832 | ) | |||||||
Capitalized interest, end of period | $ | 72,327 | $ | 64,682 | $ | 72,327 | $ | 64,682 | |||||||
June 30, 2017 | December 31, 2016 | ||||||||||||||
Notes payable and other borrowings | $ | 1,357,530 | $ | 1,127,314 | |||||||||||
Stockholders' equity | 1,492,439 | 1,421,495 | |||||||||||||
Total capital | 2,849,969 | 2,548,809 | |||||||||||||
Debt-to-capital | 47.6 | % | 44.2 | % | |||||||||||
Notes payable and other borrowings | $ | 1,357,530 | $ | 1,127,314 | |||||||||||
Less: cash and cash equivalents | $ | (216,739 | ) | $ | (131,702 | ) | |||||||||
Net debt | 1,140,791 | 995,612 | |||||||||||||
Stockholders’ equity | 1,492,439 | 1,421,495 | |||||||||||||
Total net capital | $ | 2,633,230 | $ | 2,417,107 | |||||||||||
Net debt-to-capital | 43.3 | % | 41.2 | % |
Six Months Ended June 30, | ||||||||
2017 | 2016 | |||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 65,152 | $ | 60,847 | ||||
Adjustments to reconcile net earnings to net cash used in operating activities: | ||||||||
Depreciation and amortization | 7,872 | 7,600 | ||||||
Stock-based compensation | 5,785 | 7,313 | ||||||
Excess income tax provision from stock-based awards | — | 526 | ||||||
Equity in earnings from unconsolidated entities | (7,127 | ) | (7,003 | ) | ||||
Distribution of earnings from unconsolidated entities | 6,712 | 7,343 | ||||||
Other | 10 | 3,262 | ||||||
Changes in assets and liabilities: | ||||||||
Increase in real estate | (211,384 | ) | (193,981 | ) | ||||
Decrease/(increase) in deposits on real estate under option or contract | 9,308 | (3,551 | ) | |||||
Increase in other receivables, prepaids and other assets | (9,428 | ) | (9,368 | ) | ||||
(Decrease)/increase in accounts payable and accrued liabilities | (5,497 | ) | 12,944 | |||||
Increase in home sale deposits | 7,849 | 3,449 | ||||||
Net cash used in operating activities | (130,748 | ) | (110,619 | ) | ||||
Cash flows from investing activities: | ||||||||
Investments in unconsolidated entities | (408 | ) | (159 | ) | ||||
Distributions of capital from unconsolidated entities | 1,250 | — | ||||||
Purchases of property and equipment | (8,322 | ) | (7,570 | ) | ||||
Proceeds from sales of property and equipment | 86 | 87 | ||||||
Maturities/sales of investments and securities | 1,258 | 645 | ||||||
Payments to purchase investments and securities | (1,258 | ) | (645 | ) | ||||
Net cash used in investing activities | (7,394 | ) | (7,642 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayment of Credit Facility, net | (15,000 | ) | — | |||||
Repayment of loans payable and other borrowings | (5,725 | ) | (15,482 | ) | ||||
Repurchase of senior subordinated notes | (52,098 | ) | — | |||||
Proceeds from issuance of senior notes | 300,000 | — | ||||||
Payment of debt issuance costs | (3,998 | ) | — | |||||
Excess income tax provision from stock-based awards | — | (526 | ) | |||||
Proceeds from stock option exercises | — | 232 | ||||||
Net cash provided by/(used in) financing activities | 223,179 | (15,776 | ) | |||||
Net increase/(decrease) in cash and cash equivalents | 85,037 | (134,037 | ) | |||||
Beginning cash and cash equivalents | 131,702 | 262,208 | ||||||
Ending cash and cash equivalents | $ | 216,739 | $ | 128,171 |
Three Months Ended June 30, | ||||||||||||||
2017 | 2016 | |||||||||||||
Homes | Value | Homes | Value | |||||||||||
Homes Closed: | ||||||||||||||
Arizona | 419 | $ | 141,015 | 279 | $ | 94,048 | ||||||||
California | 231 | 140,270 | 280 | 156,058 | ||||||||||
Colorado | 154 | 88,289 | 169 | 82,472 | ||||||||||
West Region | 804 | 369,574 | 728 | 332,578 | ||||||||||
Texas | 610 | 225,679 | 556 | 206,907 | ||||||||||
Central Region | 610 | 225,679 | 556 | 206,907 | ||||||||||
Florida | 187 | 82,448 | 257 | 103,342 | ||||||||||
Georgia | 73 | 25,366 | 81 | 27,383 | ||||||||||
North Carolina | 132 | 59,560 | 179 | 76,507 | ||||||||||
South Carolina | 70 | 23,866 | 88 | 27,748 | ||||||||||
Tennessee | 30 | 11,287 | 61 | 21,380 | ||||||||||
East Region | 492 | 202,527 | 666 | 256,360 | ||||||||||
Total | 1,906 | $ | 797,780 | 1,950 | $ | 795,845 | ||||||||
Homes Ordered: | ||||||||||||||
Arizona | 397 | $ | 129,870 | 331 | $ | 115,812 | ||||||||
California | 274 | 162,597 | 289 | 165,931 | ||||||||||
Colorado | 133 | 76,978 | 169 | 84,398 | ||||||||||
West Region | 804 | 369,445 | 789 | 366,141 | ||||||||||
Texas | 714 | 254,642 | 550 | 202,948 | ||||||||||
Central Region | 714 | 254,642 | 550 | 202,948 | ||||||||||
Florida | 283 | 120,951 | 267 | 106,913 | ||||||||||
Georgia | 99 | 32,865 | 115 | 38,356 | ||||||||||
North Carolina | 143 | 61,375 | 159 | 66,944 | ||||||||||
South Carolina | 66 | 22,840 | 118 | 38,468 | ||||||||||
Tennessee | 44 | 16,600 | 75 | 25,576 | ||||||||||
East Region | 635 | 254,631 | 734 | 276,257 | ||||||||||
Total | 2,153 | $ | 878,718 | 2,073 | $ | 845,346 |
Six Months Ended June 30, | ||||||||||||||
2017 | 2016 | |||||||||||||
Homes | Value | Homes | Value | |||||||||||
Homes Closed: | ||||||||||||||
Arizona | 715 | $ | 241,565 | 496 | $ | 169,047 | ||||||||
California | 441 | 272,364 | 487 | 276,778 | ||||||||||
Colorado | 282 | 155,649 | 307 | 147,799 | ||||||||||
West Region | 1,438 | 669,578 | 1,290 | 593,624 | ||||||||||
Texas | 1,105 | 400,388 | 1,021 | 366,878 | ||||||||||
Central Region | 1,105 | 400,388 | 1,021 | 366,878 | ||||||||||
Florida | 333 | 148,022 | 413 | 166,664 | ||||||||||
Georgia | 128 | 45,841 | 146 | 49,397 | ||||||||||
North Carolina | 263 | 116,467 | 297 | 126,884 | ||||||||||
South Carolina | 143 | 49,921 | 155 | 48,919 | ||||||||||
Tennessee | 77 | 28,180 | 116 | 39,096 | ||||||||||
East Region | 944 | 388,431 | 1,127 | 430,960 | ||||||||||
Total | 3,487 | $ | 1,458,397 | 3,438 | $ | 1,391,462 | ||||||||
Homes Ordered: | ||||||||||||||
Arizona | 800 | $ | 263,702 | 590 | $ | 205,992 | ||||||||
California | 602 | 356,355 | 559 | 316,943 | ||||||||||
Colorado | 276 | 159,073 | 338 | 171,024 | ||||||||||
West Region | 1,678 | 779,130 | 1,487 | 693,959 | ||||||||||
Texas | 1,407 | 506,415 | 1,141 | 419,013 | ||||||||||
Central Region | 1,407 | 506,415 | 1,141 | 419,013 | ||||||||||
Florida | 522 | 222,511 | 494 | 199,507 | ||||||||||
Georgia | 168 | 55,267 | 220 | 73,551 | ||||||||||
North Carolina | 293 | 127,707 | 348 | 144,025 | ||||||||||
South Carolina | 138 | 48,378 | 225 | 72,689 | ||||||||||
Tennessee | 82 | 32,013 | 145 | 47,202 | ||||||||||
East Region | 1,203 | 485,876 | 1,432 | 536,974 | ||||||||||
Total | 4,288 | $ | 1,771,421 | 4,060 | $ | 1,649,946 | ||||||||
Order Backlog: | ||||||||||||||
Arizona | 529 | $ | 183,480 | 411 | $ | 154,851 | ||||||||
California | 392 | 237,629 | 361 | 224,311 | ||||||||||
Colorado | 267 | 157,508 | 363 | 185,376 | ||||||||||
West Region | 1,188 | 578,617 | 1,135 | 564,538 | ||||||||||
Texas | 1,233 | 460,761 | 1,062 | 402,329 | ||||||||||
Central Region | 1,233 | 460,761 | 1,062 | 402,329 | ||||||||||
Florida | 442 | 190,943 | 368 | 150,849 | ||||||||||
Georgia | 131 | 42,789 | 169 | 57,580 | ||||||||||
North Carolina | 223 | 98,492 | 311 | 128,619 | ||||||||||
South Carolina | 111 | 39,093 | 158 | 53,881 | ||||||||||
Tennessee | 100 | 38,087 | 111 | 38,369 | ||||||||||
East Region | 1,007 | 409,404 | 1,117 | 429,298 | ||||||||||
Total | 3,428 | $ | 1,448,782 | 3,314 | $ | 1,396,165 |
Three Months Ended June 30, | ||||||||||||
2017 | 2016 | |||||||||||
Ending | Average | Ending | Average | |||||||||
Active Communities: | ||||||||||||
Arizona | 39 | 40.5 | 43 | 42.5 | ||||||||
California | 26 | 27.5 | 25 | 24.5 | ||||||||
Colorado | 10 | 10.0 | 12 | 13.0 | ||||||||
West Region | 75 | 78.0 | 80 | 80.0 | ||||||||
Texas | 92 | 88.5 | 73 | 71.5 | ||||||||
Central Region | 92 | 88.5 | 73 | 71.5 | ||||||||
Florida | 30 | 31.0 | 26 | 26.0 | ||||||||
Georgia | 19 | 18.0 | 17 | 17.5 | ||||||||
North Carolina | 20 | 19.0 | 22 | 23.0 | ||||||||
South Carolina | 14 | 14.5 | 16 | 16.0 | ||||||||
Tennessee | 7 | 7.5 | 7 | 8.0 | ||||||||
East Region | 90 | 90.0 | 88 | 90.5 | ||||||||
Total | 257 | 256.5 | 241 | 242.0 |
Six Months Ended June 30, | ||||||||||||
2017 | 2016 | |||||||||||
Ending | Average | Ending | Average | |||||||||
Active Communities: | ||||||||||||
Arizona | 39 | 40.5 | 43 | 42.0 | ||||||||
California | 26 | 27.0 | 25 | 24.5 | ||||||||
Colorado | 10 | 10.0 | 12 | 14.0 | ||||||||
West Region | 75 | 77.5 | 80 | 80.5 | ||||||||
Texas | 92 | 86.0 | 73 | 72.5 | ||||||||
Central Region | 92 | 86.0 | 73 | 72.5 | ||||||||
Florida | 30 | 28.5 | 26 | 28.5 | ||||||||
Georgia | 19 | 18.0 | 17 | 17.0 | ||||||||
North Carolina | 20 | 18.5 | 22 | 24.0 | ||||||||
South Carolina | 14 | 14.5 | 16 | 17.0 | ||||||||
Tennessee | 7 | 7.0 | 7 | 8.0 | ||||||||
East Region | 90 | 86.5 | 88 | 94.5 | ||||||||
Total | 257 | 250.0 | 241 | 247.5 |
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