Delaware
|
1-10959
|
33-0475989
|
||
(State or Other Jurisdiction
of Incorporation)
|
(Commission File Number)
|
(IRS Employer
Identification No.)
|
15360 Barranca Parkway
Irvine, California
|
92618
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
¨
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
¨
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
¨
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
¨
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
ITEM 2.02
|
RESULTS OF OPERATIONS AND FINANCIAL CONDITION
|
ITEM 9.01
|
FINANCIAL STATEMENTS AND EXHIBITS
|
(d)
|
Exhibits
|
EXHIBIT
NUMBER
|
|
DESCRIPTION
|
99.1
|
|
Press release announcing financial results for the quarter ended June 30, 2013.
|
STANDARD PACIFIC CORP.
|
||
By:
|
/S/ JEFF J. MCCALL
|
|
Jeff J. McCall
|
||
Executive Vice President and
Chief Financial Officer
|
EXHIBIT
NUMBER
|
|
DESCRIPTION
|
99.1
|
|
Press release announcing financial results for the quarter ended June 30, 2013.
|
·
|
Net income of $43.1 million, or $0.11 per diluted share, vs. $14.3 million, or $0.04 per diluted share
|
o
|
Pretax income of $51.1 million, vs. $14.5 million
|
·
|
Net new orders of 1,516, up 37%; Dollar value of net new orders up 73%
|
·
|
Backlog of 2,272 homes, up 79%; Dollar value of backlog up 116%
|
·
|
164 average active selling communities, up 4% compared to the prior year
|
·
|
Home sale revenues up 58%
|
o
|
Average selling price of $397 thousand, up 18%
|
o
|
1,095 new home deliveries, up 34%
|
·
|
Gross margin from home sales of 23.7%, compared to 20.5%
|
·
|
SG&A rate from home sales of 12.6%, a 270 basis point improvement
|
·
|
$299.0 million of land purchases and development costs, compared to $131.1 million
|
·
|
Adjusted Homebuilding EBITDA of $82.4 million*, or 18.8%* of homebuilding revenues, compared to $41.8 million*, or 15.2%* of homebuilding revenues
|
|
*Please see “Reconciliation of Non-GAAP Financial Measures” beginning on page 10.
|
|
###
|
|
(Note: Tables Follow)
|
As of or For the Three Months Ended
|
||||||||||||||
June 30,
|
June 30,
|
Percentage
|
March 31,
|
Percentage
|
||||||||||
2013
|
2012
|
or % Change
|
2013
|
or % Change
|
||||||||||
Operating Data
|
(Dollars in thousands)
|
|||||||||||||
Deliveries
|
1,095
|
815
|
34%
|
947
|
16%
|
|||||||||
Average selling price
|
$
|
397
|
$
|
337
|
18%
|
$
|
375
|
6%
|
||||||
Home sale revenues
|
$
|
434,308
|
$
|
274,872
|
58%
|
$
|
355,126
|
22%
|
||||||
Gross margin % (including land sales)
|
23.4%
|
20.5%
|
2.9%
|
20.8%
|
2.6%
|
|||||||||
Gross margin % from home sales
|
23.7%
|
20.5%
|
3.2%
|
21.0%
|
2.7%
|
|||||||||
Gross margin % from home sales (excluding interest amortized
|
||||||||||||||
to cost of home sales)*
|
30.7%
|
29.4%
|
1.3%
|
28.8%
|
1.9%
|
|||||||||
Incentive and stock-based compensation expense
|
$
|
5,927
|
$
|
4,676
|
27%
|
$
|
4,848
|
22%
|
||||||
Selling expenses
|
$
|
22,146
|
$
|
16,311
|
36%
|
$
|
18,444
|
20%
|
||||||
G&A expenses (excluding incentive and stock-based
|
||||||||||||||
compensation expenses)
|
$
|
26,525
|
$
|
20,965
|
27%
|
$
|
23,002
|
15%
|
||||||
SG&A expenses
|
$
|
54,598
|
$
|
41,952
|
30%
|
$
|
46,294
|
18%
|
||||||
SG&A % from home sales
|
12.6%
|
15.3%
|
(2.7%)
|
13.0%
|
(0.4%)
|
|||||||||
Net new orders (homes)
|
1,516
|
1,108
|
37%
|
1,394
|
9%
|
|||||||||
Net new orders (dollar value)
|
$
|
648,299
|
$
|
375,783
|
73%
|
$
|
548,561
|
18%
|
||||||
Average active selling communities
|
164
|
157
|
4%
|
158
|
4%
|
|||||||||
Monthly sales absorption rate per community
|
3.1
|
2.4
|
31%
|
2.9
|
5%
|
|||||||||
Cancellation rate
|
11%
|
11%
|
―
|
10%
|
1%
|
|||||||||
Gross cancellations
|
184
|
138
|
33%
|
162
|
14%
|
|||||||||
Cancellations from current quarter sales
|
87
|
72
|
21%
|
86
|
1%
|
|||||||||
Backlog (homes)
|
2,272
|
1,266
|
79%
|
1,851
|
23%
|
|||||||||
Backlog (dollar value)
|
$
|
947,584
|
$
|
439,694
|
116%
|
$
|
719,652
|
32%
|
||||||
Cash flows (uses) from operating activities
|
$
|
(90,743)
|
$
|
(56,600)
|
(60%)
|
$
|
(58,461)
|
(55%)
|
||||||
Cash flows (uses) from investing activities
|
$
|
(125,253)
|
$
|
(5,545)
|
(2,159%)
|
$
|
(1,601)
|
(7,723%)
|
||||||
Cash flows (uses) from financing activities
|
$
|
10,319
|
$
|
(11,638)
|
|
$
|
(180)
|
|
||||||
Land purchases
|
$
|
235,991
|
$
|
96,584
|
144%
|
$
|
71,541
|
230%
|
||||||
Adjusted Homebuilding EBITDA*
|
$
|
82,376
|
$
|
41,810
|
97%
|
$
|
63,823
|
29%
|
||||||
Adjusted Homebuilding EBITDA Margin %*
|
18.8%
|
15.2%
|
3.6%
|
17.8%
|
1.0%
|
|||||||||
Homebuilding interest incurred
|
$
|
33,526
|
$
|
35,305
|
(5%)
|
$
|
35,027
|
(4%)
|
||||||
Homebuilding interest capitalized to inventories owned
|
$
|
32,782
|
$
|
31,876
|
3%
|
$
|
34,201
|
(4%)
|
||||||
Homebuilding interest capitalized to investments in JVs
|
$
|
744
|
$
|
1,812
|
(59%)
|
$
|
826
|
(10%)
|
||||||
Interest amortized to cost of sales (incl. cost of land sales)
|
$
|
30,662
|
$
|
24,465
|
25%
|
$
|
27,885
|
10%
|
As of
|
||||||||||||||
June 30,
|
March 31,
|
Percentage
|
December 31,
|
Percentage
|
||||||||||
2013
|
2013
|
or % Change
|
2012
|
or % Change
|
||||||||||
Balance Sheet Data
|
(Dollars in thousands, except per share amounts)
|
|||||||||||||
Homebuilding cash (including restricted cash)
|
$
|
90,589
|
$
|
308,029
|
(71%)
|
$
|
366,808
|
(75%)
|
||||||
Inventories owned
|
$
|
2,325,490
|
$
|
2,049,702
|
13%
|
$
|
1,971,418
|
18%
|
||||||
Homesites owned and controlled
|
35,126
|
32,123
|
9%
|
30,767
|
14%
|
|||||||||
Homes under construction
|
2,277
|
1,907
|
19%
|
1,574
|
45%
|
|||||||||
Completed specs
|
139
|
200
|
(31%)
|
215
|
(35%)
|
|||||||||
Deferred tax asset valuation allowance
|
$
|
10,510
|
$
|
22,696
|
(54%)
|
$
|
22,696
|
(54%)
|
||||||
Homebuilding debt
|
$
|
1,537,021
|
$
|
1,535,570
|
0%
|
$
|
1,542,018
|
(0%)
|
||||||
Stockholders' equity
|
$
|
1,337,468
|
$
|
1,287,207
|
4%
|
$
|
1,255,816
|
7%
|
||||||
Stockholders' equity per share (including if-converted
|
||||||||||||||
preferred stock)*
|
$
|
3.67
|
$
|
3.55
|
3%
|
$
|
3.48
|
5%
|
||||||
Total consolidated debt to book capitalization
|
55.0%
|
55.9%
|
(0.9%)
|
56.5%
|
(1.5%)
|
|||||||||
Adjusted net homebuilding debt to total adjusted
|
||||||||||||||
book capitalization*
|
52.0%
|
48.8%
|
3.2%
|
48.3%
|
3.7%
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Homebuilding:
|
||||||||||||||||
Home sale revenues
|
$ | 434,308 | $ | 274,872 | $ | 789,434 | $ | 495,189 | ||||||||
Land sale revenues
|
4,373 | ― | 6,968 | 3,385 | ||||||||||||
Total revenues
|
438,681 | 274,872 | 796,402 | 498,574 | ||||||||||||
Cost of home sales
|
(331,503 | ) | (218,586 | ) | (612,115 | ) | (394,181 | ) | ||||||||
Cost of land sales
|
(4,416 | ) | ― | (6,999 | ) | (3,366 | ) | |||||||||
Total cost of sales
|
(335,919 | ) | (218,586 | ) | (619,114 | ) | (397,547 | ) | ||||||||
Gross margin
|
102,762 | 56,286 | 177,288 | 101,027 | ||||||||||||
Gross margin %
|
23.4 | % | 20.5 | % | 22.3 | % | 20.3 | % | ||||||||
Selling, general and administrative expenses
|
(54,598 | ) | (41,952 | ) | (100,892 | ) | (79,644 | ) | ||||||||
Income (loss) from unconsolidated joint ventures
|
147 | (1,146 | ) | 1,281 | (2,668 | ) | ||||||||||
Interest expense
|
― | (1,617 | ) | ― | (4,147 | ) | ||||||||||
Other income (expense)
|
(1,247 | ) | 307 | 2,323 | 4,591 | |||||||||||
Homebuilding pretax income
|
47,064 | 11,878 | 80,000 | 19,159 | ||||||||||||
Financial Services:
|
||||||||||||||||
Revenues
|
7,411 | 5,405 | 13,088 | 9,031 | ||||||||||||
Expenses
|
(3,482 | ) | (2,915 | ) | (6,804 | ) | (5,175 | ) | ||||||||
Other income
|
151 | 84 | 253 | 147 | ||||||||||||
Financial services pretax income
|
4,080 | 2,574 | 6,537 | 4,003 | ||||||||||||
Income before taxes
|
51,144 | 14,452 | 86,537 | 23,162 | ||||||||||||
Provision for income taxes
|
(8,008 | ) | (189 | ) | (21,577 | ) | (376 | ) | ||||||||
Net income
|
43,136 | 14,263 | 64,960 | 22,786 | ||||||||||||
Less: Net income allocated to preferred shareholder
|
(14,293 | ) | (6,130 | ) | (23,991 | ) | (9,807 | ) | ||||||||
Less: Net income allocated to unvested restricted stock
|
(66 | ) | (15 | ) | (82 | ) | (12 | ) | ||||||||
Net income available to common stockholders
|
$ | 28,777 | $ | 8,118 | $ | 40,887 | $ | 12,967 | ||||||||
Income Per Common Share:
|
||||||||||||||||
Basic | $ | 0.12 | $ | 0.04 | $ | 0.18 | $ | 0.07 | ||||||||
Diluted
|
$ | 0.11 | $ | 0.04 | $ | 0.16 | $ | 0.06 | ||||||||
Weighted Average Common Shares Outstanding:
|
||||||||||||||||
Basic | 243,171,726 | 195,746,733 | 228,749,443 | 195,427,992 | ||||||||||||
Diluted
|
281,708,696 | 201,340,622 | 267,274,060 | 200,564,039 | ||||||||||||
Weighted average additional common shares outstanding
|
||||||||||||||||
if preferred shares converted to common shares
|
120,779,819 | 147,812,786 | 134,221,626 | 147,812,786 | ||||||||||||
Total weighted average diluted common shares outstanding
|
||||||||||||||||
if preferred shares converted to common shares
|
402,488,515 | 349,153,408 | 401,495,686 | 348,376,825 |
June 30,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
ASSETS
|
(Unaudited)
|
|||||||
Homebuilding:
|
||||||||
Cash and equivalents
|
$ | 65,127 | $ | 339,908 | ||||
Restricted cash | 25,462 | 26,900 | ||||||
Trade and other receivables
|
30,372 | 10,724 | ||||||
Inventories: | ||||||||
Owned
|
2,325,490 | 1,971,418 | ||||||
Not owned | 80,134 | 71,295 | ||||||
Investments in unconsolidated joint ventures
|
57,486 | 52,443 | ||||||
Deferred income taxes, net
|
432,817 | 455,372 | ||||||
Other assets | 46,819 | 41,918 | ||||||
Total Homebuilding Assets
|
3,063,707 | 2,969,978 | ||||||
Financial Services:
|
||||||||
Cash and equivalents
|
15,509 | 6,647 | ||||||
Restricted cash | 1,795 | 2,420 | ||||||
Mortgage loans held for sale, net
|
107,580 | 119,549 | ||||||
Mortgage loans held for investment, net
|
11,264 | 9,923 | ||||||
Other assets | 4,558 | 4,557 | ||||||
Total Financial Services Assets
|
140,706 | 143,096 | ||||||
Total Assets
|
$ | 3,204,413 | $ | 3,113,074 | ||||
LIABILITIES AND EQUITY
|
||||||||
Homebuilding:
|
||||||||
Accounts payable
|
$ | 22,066 | $ | 22,446 | ||||
Accrued liabilities | 208,345 | 198,144 | ||||||
Secured project debt and other notes payable
|
5,192 | 11,516 | ||||||
Senior notes payable
|
1,531,829 | 1,530,502 | ||||||
Total Homebuilding Liabilities
|
1,767,432 | 1,762,608 | ||||||
Financial Services:
|
||||||||
Accounts payable and other liabilities
|
2,549 | 2,491 | ||||||
Mortgage credit facilities
|
96,964 | 92,159 | ||||||
Total Financial Services Liabilities
|
99,513 | 94,650 | ||||||
Total Liabilities
|
1,866,945 | 1,857,258 | ||||||
Equity:
|
||||||||
Stockholders' Equity:
|
||||||||
Preferred stock, $0.01 par value; 10,000,000 shares
|
||||||||
authorized; 267,829 and 450,829 shares issued and outstanding | ||||||||
at June 30, 2013 and December 31, 2012, respectively
|
3 | 5 | ||||||
Common stock, $0.01 par value; 600,000,000 shares
|
||||||||
authorized; 276,792,010 and 213,245,488 shares
|
||||||||
issued and outstanding at June 30, 2013 and
|
||||||||
December 31, 2012, respectively
|
2,768 | 2,132 | ||||||
Additional paid-in capital
|
1,347,085 | 1,333,255 | ||||||
Accumulated deficit
|
(12,388 | ) | (77,348 | ) | ||||
Accumulated other comprehensive loss, net of tax
|
― | (2,228 | ) | |||||
Total Equity
|
1,337,468 | 1,255,816 | ||||||
Total Liabilities and Equity
|
$ | 3,204,413 | $ | 3,113,074 |
June 30,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
Inventories Owned: | ||||||||
Land and land under development
|
$ | 1,618,124 | $ | 1,444,161 | ||||
Homes completed and under construction
|
591,990 | 427,196 | ||||||
Model homes
|
115,376 | 100,061 | ||||||
Total inventories owned
|
$ | 2,325,490 | $ | 1,971,418 | ||||
Inventories Owned by Segment: | ||||||||
California
|
$ | 1,147,966 | $ | 1,086,159 | ||||
Southwest
|
548,254 | 461,201 | ||||||
Southeast
|
629,270 | 424,058 | ||||||
Total inventories owned
|
$ | 2,325,490 | $ | 1,971,418 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Cash Flows From Operating Activities:
|
||||||||||||||||
Net income
|
$ | 43,136 | $ | 14,263 | $ | 64,960 | $ | 22,786 | ||||||||
Adjustments to reconcile net income to net cash
|
||||||||||||||||
provided by (used in) operating activities:
|
||||||||||||||||
Amortization of stock-based compensation
|
2,444 | 1,885 | 3,975 | 2,959 | ||||||||||||
Deposit write-offs
|
― | ― | ― | 133 | ||||||||||||
Deferred income taxes
|
7,809 | ― | 21,183 | ― | ||||||||||||
Other operating activities
|
2,084 | 1,912 | 3,496 | 4,040 | ||||||||||||
Changes in cash and equivalents due to:
|
||||||||||||||||
Trade and other receivables
|
(10,732 | ) | (471 | ) | (19,648 | ) | (7,462 | ) | ||||||||
Mortgage loans held for sale
|
11,818 | (4,430 | ) | 11,958 | 4,103 | |||||||||||
Inventories - owned
|
(156,993 | ) | (70,986 | ) | (230,023 | ) | (115,187 | ) | ||||||||
Inventories - not owned
|
(4,770 | ) | (872 | ) | (9,710 | ) | (3,499 | ) | ||||||||
Other assets
|
(3,083 | ) | (1,105 | ) | (1,254 | ) | (77 | ) | ||||||||
Accounts payable
|
1,198 | (3,368 | ) | (380 | ) | (1,453 | ) | |||||||||
Accrued liabilities
|
16,346 | 6,572 | 6,239 | (5,061 | ) | |||||||||||
Net cash provided by (used in) operating activities
|
(90,743 | ) | (56,600 | ) | (149,204 | ) | (98,718 | ) | ||||||||
Cash Flows From Investing Activities:
|
||||||||||||||||
Investments in unconsolidated homebuilding joint ventures
|
(8,200 | ) | (5,414 | ) | (10,752 | ) | (8,281 | ) | ||||||||
Distributions of capital from unconsolidated joint ventures
|
249 | 806 | 1,569 | 1,795 | ||||||||||||
Net cash paid for acquisitions
|
(113,793 | ) | ― | (113,793 | ) | ― | ||||||||||
Other investing activities
|
(3,509 | ) | (937 | ) | (3,878 | ) | (1,405 | ) | ||||||||
Net cash provided by (used in) investing activities
|
(125,253 | ) | (5,545 | ) | (126,854 | ) | (7,891 | ) | ||||||||
Cash Flows From Financing Activities:
|
||||||||||||||||
Change in restricted cash
|
2,725 | 2,663 | 2,063 | 6,237 | ||||||||||||
Principal payments on secured project debt and other notes payable
|
(124 | ) | (178 | ) | (7,217 | ) | (644 | ) | ||||||||
Principal payments on senior subordinated notes payable
|
― | (9,990 | ) | ― | (9,990 | ) | ||||||||||
Net proceeds from (payments on) mortgage credit facilities
|
3,688 | (5,102 | ) | 4,805 | (2,381 | ) | ||||||||||
Payment of issuance costs in connection with preferred
|
||||||||||||||||
shareholder equity transactions
|
(347 | ) | ― | (347 | ) | ― | ||||||||||
Proceeds from the exercise of stock options
|
4,377 | 969 | 10,835 | 1,747 | ||||||||||||
Net cash provided by (used in) financing activities
|
10,319 | (11,638 | ) | 10,139 | (5,031 | ) | ||||||||||
Net increase (decrease) in cash and equivalents
|
(205,677 | ) | (73,783 | ) | (265,919 | ) | (111,640 | ) | ||||||||
Cash and equivalents at beginning of period
|
286,313 | 372,665 | 346,555 | 410,522 | ||||||||||||
Cash and equivalents at end of period
|
$ | 80,636 | $ | 298,882 | $ | 80,636 | $ | 298,882 | ||||||||
Cash and equivalents at end of period
|
$ | 80,636 | $ | 298,882 | $ | 80,636 | $ | 298,882 | ||||||||
Homebuilding restricted cash at end of period
|
25,462 | 25,135 | 25,462 | 25,135 | ||||||||||||
Financial services restricted cash at end of period
|
1,795 | 1,295 | 1,795 | 1,295 | ||||||||||||
Cash and equivalents and restricted cash at end of period
|
$ | 107,893 | $ | 325,312 | $ | 107,893 | $ | 325,312 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
||||||||||
New homes delivered:
|
|||||||||||||||
California
|
419
|
316
|
33%
|
819
|
541
|
51%
|
|||||||||
Arizona
|
57
|
64
|
(11%)
|
120
|
110
|
9%
|
|||||||||
Texas
|
155
|
137
|
13%
|
288
|
261
|
10%
|
|||||||||
Colorado
|
38
|
23
|
65%
|
81
|
47
|
72%
|
|||||||||
Nevada
|
―
|
6
|
(100%)
|
―
|
9
|
(100%)
|
|||||||||
Florida
|
239
|
134
|
78%
|
422
|
260
|
62%
|
|||||||||
Carolinas
|
187
|
135
|
39%
|
312
|
229
|
36%
|
|||||||||
Consolidated total
|
1,095
|
815
|
34%
|
2,042
|
1,457
|
40%
|
|||||||||
Unconsolidated joint ventures
|
7
|
10
|
(30%)
|
21
|
14
|
50%
|
|||||||||
Total (including joint ventures)
|
1,102
|
825
|
34%
|
2,063
|
1,471
|
40%
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||||||
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||
Average selling prices of homes delivered:
|
|||||||||||||||||||
California
|
$
|
538
|
$
|
465
|
16%
|
$
|
515
|
$
|
479
|
8%
|
|||||||||
Arizona
|
249
|
206
|
21%
|
249
|
207
|
20%
|
|||||||||||||
Texas
|
399
|
300
|
33%
|
375
|
299
|
25%
|
|||||||||||||
Colorado
|
441
|
377
|
17%
|
419
|
377
|
11%
|
|||||||||||||
Nevada
|
―
|
194
|
―
|
―
|
192
|
―
|
|||||||||||||
Florida
|
261
|
230
|
13%
|
260
|
237
|
10%
|
|||||||||||||
Carolinas
|
289
|
244
|
18%
|
275
|
236
|
17%
|
|||||||||||||
Consolidated
|
397
|
337
|
18%
|
387
|
340
|
14%
|
|||||||||||||
Unconsolidated joint ventures
|
474
|
426
|
11%
|
498
|
436
|
14%
|
|||||||||||||
Total (including joint ventures)
|
$
|
397
|
$
|
338
|
17%
|
$
|
388
|
$
|
341
|
14%
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
||||||||||
Net new orders:
|
|||||||||||||||
California
|
513
|
425
|
21%
|
995
|
752
|
32%
|
|||||||||
Arizona
|
78
|
93
|
(16%)
|
153
|
176
|
(13%)
|
|||||||||
Texas
|
216
|
151
|
43%
|
458
|
292
|
57%
|
|||||||||
Colorado
|
65
|
42
|
55%
|
127
|
68
|
87%
|
|||||||||
Nevada
|
―
|
1
|
(100%)
|
―
|
6
|
(100%)
|
|||||||||
Florida
|
443
|
208
|
113%
|
736
|
394
|
87%
|
|||||||||
Carolinas
|
201
|
188
|
7%
|
441
|
354
|
25%
|
|||||||||
Consolidated total
|
1,516
|
1,108
|
37%
|
2,910
|
2,042
|
43%
|
|||||||||
Unconsolidated joint ventures
|
1
|
16
|
(94%)
|
10
|
24
|
(58%)
|
|||||||||
Total (including joint ventures)
|
1,517
|
1,124
|
35%
|
2,920
|
2,066
|
41%
|
Three Months Ended June 30,
|
Six Months Ended June 30,
|
||||||||||||||
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
||||||||||
Average number of selling communities
|
|||||||||||||||
during the period:
|
|||||||||||||||
California
|
46
|
53
|
(13%)
|
46
|
52
|
(12%)
|
|||||||||
Arizona
|
9
|
7
|
29%
|
8
|
8
|
―
|
|||||||||
Texas
|
30
|
20
|
50%
|
30
|
20
|
50%
|
|||||||||
Colorado
|
8
|
6
|
33%
|
7
|
6
|
17%
|
|||||||||
Florida
|
41
|
36
|
14%
|
39
|
36
|
8%
|
|||||||||
Carolinas
|
30
|
35
|
(14%)
|
31
|
35
|
(11%)
|
|||||||||
Consolidated total
|
164
|
157
|
4%
|
161
|
157
|
3%
|
|||||||||
Unconsolidated joint ventures
|
―
|
2
|
(100%)
|
―
|
3
|
(100%)
|
|||||||||
Total (including joint ventures)
|
164
|
159
|
3%
|
161
|
160
|
1%
|
At June 30,
|
|||||||||||||||||||||
2013
|
2012
|
% Change
|
|||||||||||||||||||
Homes
|
Dollar Value
|
Homes
|
Dollar Value
|
Homes
|
Dollar Value
|
||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||
Backlog:
|
|||||||||||||||||||||
California
|
616
|
$
|
366,617
|
385
|
$
|
191,654
|
60%
|
91%
|
|||||||||||||
Arizona
|
110
|
36,330
|
123
|
25,648
|
(11%)
|
42%
|
|||||||||||||||
Texas
|
374
|
156,036
|
180
|
62,773
|
108%
|
149%
|
|||||||||||||||
Colorado
|
121
|
57,425
|
54
|
21,317
|
124%
|
169%
|
|||||||||||||||
Florida
|
680
|
220,621
|
296
|
76,986
|
130%
|
187%
|
|||||||||||||||
Carolinas
|
371
|
110,555
|
228
|
61,316
|
63%
|
80%
|
|||||||||||||||
Consolidated total
|
2,272
|
947,584
|
1,266
|
439,694
|
79%
|
116%
|
|||||||||||||||
Unconsolidated joint ventures
|
1
|
586
|
13
|
5,997
|
(92%)
|
(90%)
|
|||||||||||||||
Total (including joint ventures)
|
2,273
|
$
|
948,170
|
1,279
|
$
|
445,691
|
78%
|
113%
|
At June 30,
|
||||||||
2013
|
2012
|
% Change
|
||||||
Homesites owned and controlled:
|
||||||||
California
|
10,150
|
8,926
|
14%
|
|||||
Arizona
|
1,975
|
1,820
|
9%
|
|||||
Texas
|
5,220
|
4,038
|
29%
|
|||||
Colorado
|
1,268
|
690
|
84%
|
|||||
Nevada
|
1,124
|
1,124
|
―
|
|||||
Florida
|
10,481
|
6,937
|
51%
|
|||||
Carolinas
|
4,908
|
4,222
|
16%
|
|||||
Total (including joint ventures)
|
35,126
|
27,757
|
27%
|
|||||
Homesites owned
|
27,497
|
21,369
|
29%
|
|||||
Homesites optioned or subject to contract
|
7,039
|
5,176
|
36%
|
|||||
Joint venture homesites
|
590
|
1,212
|
(51%)
|
|||||
Total (including joint ventures)
|
35,126
|
27,757
|
27%
|
|||||
Homesites owned:
|
||||||||
Raw lots
|
7,300
|
3,570
|
104%
|
|||||
Homesites under development
|
8,027
|
6,582
|
22%
|
|||||
Finished homesites
|
5,865
|
5,464
|
7%
|
|||||
Under construction or completed homes
|
2,908
|
2,089
|
39%
|
|||||
Held for sale
|
3,397
|
3,664
|
(7%)
|
|||||
Total
|
27,497
|
21,369
|
29%
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
Three Months Ended
|
||||||||||||||
June 30,
2013
|
Gross
Margin %
|
June 30,
2012
|
Gross
Margin %
|
March 31,
2013
|
Gross
Margin %
|
|||||||||
(Dollars in thousands)
|
||||||||||||||
Home sale revenues
|
$
|
434,308
|
$
|
274,872
|
$
|
355,126
|
||||||||
Less: Cost of home sales
|
(331,503)
|
(218,586)
|
(280,612)
|
|||||||||||
Gross margin from home sales
|
102,805
|
23.7%
|
56,286
|
20.5%
|
74,514
|
21.0%
|
||||||||
Add: Capitalized interest included in cost
|
||||||||||||||
of home sales
|
30,337
|
7.0%
|
24,465
|
8.9%
|
27,696
|
7.8%
|
||||||||
Gross margin from home sales, excluding
|
||||||||||||||
interest amortized to cost of home sales
|
$
|
133,142
|
30.7%
|
$
|
80,751
|
29.4%
|
$
|
102,210
|
28.8%
|
Three Months Ended
|
||||||||
June 30,
2013
|
June 30,
2012
|
March 31,
2013
|
||||||
(Dollars in thousands)
|
||||||||
Cash flows used in operations
|
$
|
(90,743)
|
$
|
(56,600)
|
$
|
(58,461)
|
||
Add: Cash land purchases included in operating activities
|
122,180
|
96,584
|
71,541
|
|||||
Add: Land development costs
|
63,028
|
34,514
|
47,152
|
|||||
Cash inflows from operations (excluding land purchases and development costs)
|
$
|
94,465
|
$
|
74,498
|
$
|
60,232
|
June 30,
2013
|
March 31,
2013
|
December 31,
2012
|
June 30,
2012
|
||||||||||
(Dollars in thousands)
|
|||||||||||||
Total consolidated debt
|
$
|
1,633,985
|
$
|
1,628,846
|
$
|
1,634,177
|
$
|
1,364,109
|
|||||
Less:
|
|||||||||||||
Financial services indebtedness
|
(96,964)
|
(93,276)
|
(92,159)
|
(44,427)
|
|||||||||
Homebuilding cash
|
(90,589)
|
(308,029)
|
(366,808)
|
(317,242)
|
|||||||||
Adjusted net homebuilding debt
|
1,446,432
|
1,227,541
|
1,175,210
|
1,002,440
|
|||||||||
Stockholders' equity
|
1,337,468
|
1,287,207
|
1,255,816
|
656,624
|
|||||||||
Total adjusted book capitalization
|
$
|
2,783,900
|
$
|
2,514,748
|
$
|
2,431,026
|
$
|
1,659,064
|
|||||
Total consolidated debt to book capitalization
|
55.0%
|
55.9%
|
56.5%
|
67.5%
|
|||||||||
Adjusted net homebuilding debt to total adjusted book capitalization
|
52.0%
|
48.8%
|
48.3%
|
60.4%
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)
|
June 30,
|
March 31,
|
December 31,
|
||||||
2013
|
2013
|
2012
|
||||||
Actual common shares outstanding
|
276,792,010
|
215,210,139
|
213,245,488
|
|||||
Add: Conversion of preferred shares to common shares
|
87,812,786
|
147,812,786
|
147,812,786
|
|||||
Pro forma common shares outstanding
|
364,604,796
|
363,022,925
|
361,058,274
|
|||||
Stockholders' equity (Dollars in thousands)
|
$
|
1,337,468
|
$
|
1,287,207
|
$
|
1,255,816
|
||
Divided by pro forma common shares outstanding
|
÷
|
364,604,796
|
÷
|
363,022,925
|
÷
|
361,058,274
|
||
Pro forma stockholders' equity per common share
|
$
|
3.67
|
$
|
3.55
|
$
|
3.48
|
Three Months Ended
|
LTM Ended June 30,
|
||||||||||||||||
June 30,
2013
|
June 30,
2012
|
March 31,
2013
|
2013
|
2012
|
|||||||||||||
(Dollars in thousands)
|
|||||||||||||||||
Net income
|
$
|
43,136
|
$
|
14,263
|
$
|
21,824
|
$
|
573,595
|
$
|
31,685
|
|||||||
Provision (benefit) for income taxes
|
8,008
|
189
|
13,569
|
(432,033)
|
45
|
||||||||||||
Homebuilding interest amortized to cost of sales and interest expense
|
30,662
|
26,082
|
27,885
|
121,658
|
96,906
|
||||||||||||
Homebuilding depreciation and amortization
|
702
|
575
|
628
|
2,537
|
2,483
|
||||||||||||
Amortization of stock-based compensation
|
2,444
|
1,885
|
1,531
|
8,167
|
8,739
|
||||||||||||
EBITDA
|
84,952
|
42,994
|
65,437
|
273,924
|
139,858
|
||||||||||||
Add:
|
|||||||||||||||||
Cash distributions of income from unconsolidated joint ventures
|
1,500
|
160
|
1,875
|
7,125
|
160
|
||||||||||||
Impairment charges and deposit write-offs
|
―
|
―
|
―
|
―
|
9,508
|
||||||||||||
Less:
|
|||||||||||||||||
Income (loss) from unconsolidated joint ventures
|
147
|
(1,146)
|
1,134
|
1,859
|
(1,825)
|
||||||||||||
Income from financial services subsidiary
|
3,929
|
2,490
|
2,355
|
12,666
|
6,614
|
||||||||||||
Adjusted Homebuilding EBITDA
|
$
|
82,376
|
$
|
41,810
|
$
|
63,823
|
$
|
266,524
|
$
|
144,737
|
|||||||
Homebuilding revenues
|
$
|
438,681
|
$
|
274,872
|
$
|
357,721
|
$
|
1,534,786
|
$
|
1,033,523
|
|||||||
Adjusted Homebuilding EBITDA Margin %
|
18.8%
|
15.2%
|
17.8%
|
17.4%
|
14.0%
|
Three Months Ended
|
LTM Ended June 30,
|
||||||||||||||||
June 30,
2013
|
June 30,
2012
|
March 31,
2013
|
2013
|
2012
|
|||||||||||||
(Dollars in thousands)
|
|||||||||||||||||
Net cash provided by (used in) operating activities
|
$
|
(90,743)
|
$
|
(56,600)
|
$
|
(58,461)
|
$
|
(333,602)
|
$
|
(189,218)
|
|||||||
Add:
|
|||||||||||||||||
Provision for income taxes, net of deferred component
|
199
|
189
|
195
|
784
|
45
|
||||||||||||
Homebuilding interest amortized to cost of sales and interest expense
|
30,662
|
26,082
|
27,885
|
121,658
|
96,906
|
||||||||||||
Less:
|
|||||||||||||||||
Income from financial services subsidiary
|
3,929
|
2,490
|
2,355
|
12,666
|
6,614
|
||||||||||||
Depreciation and amortization from financial services subsidiary
|
28
|
28
|
28
|
120
|
79
|
||||||||||||
Loss on disposal of property and equipment
|
1
|
3
|
15
|
50
|
182
|
||||||||||||
Net changes in operating assets and liabilities:
|
|||||||||||||||||
Trade and other receivables
|
10,732
|
471
|
8,916
|
11,385
|
1,327
|
||||||||||||
Mortgage loans held for sale
|
(11,818)
|
4,430
|
(140)
|
38,484
|
34,788
|
||||||||||||
Inventories-owned
|
156,993
|
70,986
|
73,030
|
430,475
|
203,576
|
||||||||||||
Inventories-not owned
|
4,770
|
872
|
4,940
|
37,762
|
10,426
|
||||||||||||
Other assets
|
3,083
|
1,105
|
(1,829)
|
(1,441)
|
(4,107)
|
||||||||||||
Accounts payable
|
(1,198)
|
3,368
|
1,578
|
(5,690)
|
202
|
||||||||||||
Accrued liabilities
|
(16,346)
|
(6,572)
|
10,107
|
(20,455)
|
(2,333)
|
||||||||||||
Adjusted Homebuilding EBITDA
|
$
|
82,376
|
$
|
41,810
|
$
|
63,823
|
$
|
266,524
|
$
|
144,737
|