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 September 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 September 30, 2013.
|
·
|
Net income of $58.9 million, or $0.15 per diluted share, vs. $21.7 million, or $0.05 per diluted share
|
·
|
Pretax income of $70.1 million, vs. $21.9 million
|
·
|
Net new orders of 1,110, up 12%; Dollar value of net new orders up 38%
|
·
|
Backlog of 2,165 homes, up 55%; Dollar value of backlog up 93%
|
·
|
168 average active selling communities, up 8%
|
·
|
Home sale revenues up 61%
|
·
|
Average selling price of $420 thousand, up 14%
|
·
|
1,217 new home deliveries, up 41%
|
·
|
Gross margin from home sales of 25.3%, compared to 20.2%
|
·
|
SG&A rate from home sales of 12.1%, a 150 basis point improvement
|
·
|
Operating margin from home sales of $67.4 million, or 13.2%, compared to $20.9 million, or 6.6%
|
·
|
$141.7 million of land purchases and development costs, compared to $246.2 million
|
|
*Please see “Reconciliation of Non-GAAP Financial Measures” beginning on page 10.
|
|
###
|
|
(Note: Tables Follow)
|
As of or For the Three Months Ended
|
||||||||||||||
September 30,
|
September 30,
|
Percentage
|
June 30,
|
Percentage
|
||||||||||
2013
|
2012
|
or % Change
|
2013
|
or % Change
|
||||||||||
Operating Data
|
(Dollars in thousands)
|
|||||||||||||
Deliveries
|
1,217
|
861
|
41%
|
1,095
|
11%
|
|||||||||
Average selling price
|
$
|
420
|
$
|
369
|
14%
|
$
|
397
|
6%
|
||||||
Home sale revenues
|
$
|
511,059
|
$
|
317,389
|
61%
|
$
|
434,308
|
18%
|
||||||
Gross margin % (including land sales)
|
25.3%
|
20.1%
|
5.2%
|
23.4%
|
1.9%
|
|||||||||
Gross margin % from home sales
|
25.3%
|
20.2%
|
5.1%
|
23.7%
|
1.6%
|
|||||||||
Gross margin % from home sales (excluding interest amortized
|
||||||||||||||
to cost of home sales)*
|
31.2%
|
28.7%
|
2.5%
|
30.7%
|
0.5%
|
|||||||||
Incentive and stock-based compensation expense
|
$
|
8,023
|
$
|
4,768
|
68%
|
$
|
5,927
|
35%
|
||||||
Selling expenses
|
$
|
24,301
|
$
|
17,069
|
42%
|
$
|
22,146
|
10%
|
||||||
G&A expenses (excluding incentive and stock-based
|
||||||||||||||
compensation expenses)
|
$
|
29,615
|
$
|
21,284
|
39%
|
$
|
26,525
|
12%
|
||||||
SG&A expenses
|
$
|
61,939
|
$
|
43,121
|
44%
|
$
|
54,598
|
13%
|
||||||
SG&A % from home sales
|
12.1%
|
13.6%
|
(1.5%)
|
12.6%
|
(0.5%)
|
|||||||||
Operating margin
|
$
|
67,426
|
$
|
20,924
|
222%
|
$
|
48,207
|
40%
|
||||||
Operating margin % from home sales
|
13.2%
|
6.6%
|
6.6%
|
11.1%
|
2.1%
|
|||||||||
Net new orders (homes)
|
1,110
|
989
|
12%
|
1,516
|
(27%)
|
|||||||||
Net new orders (dollar value)
|
$
|
510,668
|
$
|
368,772
|
38%
|
$
|
648,299
|
(21%)
|
||||||
Average active selling communities
|
168
|
156
|
8%
|
164
|
2%
|
|||||||||
Monthly sales absorption rate per community
|
2.2
|
2.1
|
4%
|
3.1
|
(29%)
|
|||||||||
Cancellation rate
|
20%
|
14%
|
6%
|
11%
|
9%
|
|||||||||
Gross cancellations
|
272
|
161
|
69%
|
184
|
48%
|
|||||||||
Cancellations from current quarter sales
|
124
|
67
|
85%
|
87
|
43%
|
|||||||||
Backlog (homes)
|
2,165
|
1,394
|
55%
|
2,272
|
(5%)
|
|||||||||
Backlog (dollar value)
|
$
|
964,148
|
$
|
498,739
|
93%
|
$
|
947,584
|
2%
|
||||||
Cash flows (uses) from operating activities
|
$
|
22,808
|
$
|
(72,418)
|
$
|
(90,743)
|
||||||||
Cash flows (uses) from investing activities
|
$
|
(2,296)
|
$
|
(95,704)
|
98%
|
$
|
(125,253)
|
98%
|
||||||
Cash flows (uses) from financing activities
|
$
|
261,980
|
$
|
348,696
|
(25%)
|
$
|
10,319
|
2,439%
|
||||||
Land purchases (incl. seller financing and JV purchases)
|
$
|
69,196
|
$
|
206,740
|
(67%)
|
$
|
235,991
|
(71%)
|
||||||
Adjusted Homebuilding EBITDA*
|
$
|
101,953
|
$
|
51,523
|
98%
|
$
|
82,376
|
24%
|
||||||
Adjusted Homebuilding EBITDA Margin %*
|
19.9%
|
16.2%
|
3.7%
|
18.8%
|
1.1%
|
|||||||||
Homebuilding interest incurred
|
$
|
34,766
|
$
|
36,112
|
(4%)
|
$
|
33,526
|
4%
|
||||||
Homebuilding interest capitalized to inventories owned
|
$
|
34,118
|
$
|
32,604
|
5%
|
$
|
32,782
|
4%
|
||||||
Homebuilding interest capitalized to investments in JVs
|
$
|
648
|
$
|
1,839
|
(65%)
|
$
|
744
|
(13%)
|
||||||
Interest amortized to cost of sales (incl. cost of land sales)
|
$
|
30,322
|
$
|
27,078
|
12%
|
$
|
30,662
|
(1%)
|
As of
|
||||||||||||||
September 30,
|
June 30,
|
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)
|
$
|
373,523
|
$
|
90,589
|
312%
|
$
|
366,808
|
2%
|
||||||
Inventories owned
|
$
|
2,410,649
|
$
|
2,325,490
|
4%
|
$
|
1,971,418
|
22%
|
||||||
Homesites owned and controlled
|
35,643
|
35,126
|
1%
|
30,767
|
16%
|
|||||||||
Homes under construction
|
2,373
|
2,277
|
4%
|
1,574
|
51%
|
|||||||||
Completed specs
|
183
|
139
|
32%
|
215
|
(15%)
|
|||||||||
Deferred tax asset valuation allowance
|
$
|
10,510
|
$
|
10,510
|
―
|
$
|
22,696
|
(54%)
|
||||||
Homebuilding debt
|
$
|
1,837,622
|
$
|
1,537,021
|
20%
|
$
|
1,542,018
|
19%
|
||||||
Stockholders' equity
|
$
|
1,400,026
|
$
|
1,337,468
|
5%
|
$
|
1,255,816
|
11%
|
||||||
Stockholders' equity per share (including if-converted
|
||||||||||||||
preferred stock)*
|
$
|
3.84
|
$
|
3.67
|
5%
|
$
|
3.48
|
10%
|
||||||
Total consolidated debt to book capitalization
|
57.6%
|
55.0%
|
2.6%
|
56.5%
|
1.1%
|
|||||||||
Adjusted net homebuilding debt to total adjusted
|
||||||||||||||
book capitalization*
|
51.1%
|
52.0%
|
(0.9%)
|
48.3%
|
2.8%
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Dollars in thousands, except per share amounts)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Homebuilding:
|
||||||||||||||||
Home sale revenues
|
$ | 511,059 | $ | 317,389 | $ | 1,300,493 | $ | 812,578 | ||||||||
Land sale revenues
|
697 | 1,152 | 7,665 | 4,537 | ||||||||||||
Total revenues
|
511,756 | 318,541 | 1,308,158 | 817,115 | ||||||||||||
Cost of home sales
|
(381,694 | ) | (253,344 | ) | (993,809 | ) | (647,525 | ) | ||||||||
Cost of land sales
|
(672 | ) | (1,092 | ) | (7,671 | ) | (4,458 | ) | ||||||||
Total cost of sales
|
(382,366 | ) | (254,436 | ) | (1,001,480 | ) | (651,983 | ) | ||||||||
Gross margin
|
129,390 | 64,105 | 306,678 | 165,132 | ||||||||||||
Gross margin %
|
25.3 | % | 20.1 | % | 23.4 | % | 20.2 | % | ||||||||
Selling, general and administrative expenses
|
(61,939 | ) | (43,121 | ) | (162,831 | ) | (122,765 | ) | ||||||||
Income (loss) from unconsolidated joint ventures
|
(32 | ) | (39 | ) | 1,249 | (2,707 | ) | |||||||||
Interest expense
|
― | (1,669 | ) | ― | (5,816 | ) | ||||||||||
Other income (expense)
|
301 | 117 | 2,624 | 4,708 | ||||||||||||
Homebuilding pretax income
|
67,720 | 19,393 | 147,720 | 38,552 | ||||||||||||
Financial Services:
|
||||||||||||||||
Revenues
|
5,839 | 5,218 | 18,927 | 14,249 | ||||||||||||
Expenses
|
(3,590 | ) | (2,777 | ) | (10,394 | ) | (7,952 | ) | ||||||||
Other income
|
167 | 70 | 420 | 217 | ||||||||||||
Financial services pretax income
|
2,416 | 2,511 | 8,953 | 6,514 | ||||||||||||
Income before taxes
|
70,136 | 21,904 | 156,673 | 45,066 | ||||||||||||
Provision for income taxes
|
(11,201 | ) | (194 | ) | (32,778 | ) | (570 | ) | ||||||||
Net income
|
58,935 | 21,710 | 123,895 | 44,496 | ||||||||||||
Less: Net income allocated to preferred shareholder
|
(14,166 | ) | (9,100 | ) | (40,353 | ) | (18,980 | ) | ||||||||
Less: Net income allocated to unvested restricted stock
|
(90 | ) | (22 | ) | (169 | ) | (31 | ) | ||||||||
Net income available to common stockholders
|
$ | 44,679 | $ | 12,588 | $ | 83,373 | $ | 25,485 | ||||||||
Income Per Common Share:
|
||||||||||||||||
Basic | $ | 0.16 | $ | 0.06 | $ | 0.34 | $ | 0.13 | ||||||||
Diluted
|
$ | 0.15 | $ | 0.05 | $ | 0.31 | $ | 0.12 | ||||||||
Weighted Average Common Shares Outstanding:
|
||||||||||||||||
Basic | 276,966,995 | 204,485,294 | 244,998,581 | 198,469,130 | ||||||||||||
Diluted
|
314,897,098 | 235,273,648 | 283,189,878 | 210,441,932 | ||||||||||||
Weighted average additional common shares outstanding
|
||||||||||||||||
if preferred shares converted to common shares
|
87,812,786 | 147,812,786 | 118,582,017 | 147,812,786 | ||||||||||||
Total weighted average diluted common shares outstanding
|
||||||||||||||||
if preferred shares converted to common shares
|
402,709,884 | 383,086,434 | 401,771,895 | 358,254,718 |
September 30,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
ASSETS
|
(Unaudited)
|
|||||||
Homebuilding:
|
||||||||
Cash and equivalents
|
$ | 345,999 | $ | 339,908 | ||||
Restricted cash
|
27,524 | 26,900 | ||||||
Trade and other receivables
|
19,186 | 10,724 | ||||||
Inventories: | ||||||||
Owned | 2,410,649 | 1,971,418 | ||||||
Not owned | 103,734 | 71,295 | ||||||
Investments in unconsolidated joint ventures
|
58,330 | 52,443 | ||||||
Deferred income taxes, net
|
405,912 | 455,372 | ||||||
Other assets | 48,812 | 41,918 | ||||||
Total Homebuilding Assets
|
3,420,146 | 2,969,978 | ||||||
Financial Services:
|
||||||||
Cash and equivalents
|
17,129 | 6,647 | ||||||
Restricted cash | 1,795 | 2,420 | ||||||
Mortgage loans held for sale, net
|
75,211 | 119,549 | ||||||
Mortgage loans held for investment, net
|
10,989 | 9,923 | ||||||
Other assets | 4,926 | 4,557 | ||||||
Total Financial Services Assets
|
110,050 | 143,096 | ||||||
Total Assets
|
$ | 3,530,196 | $ | 3,113,074 | ||||
LIABILITIES AND EQUITY
|
||||||||
Homebuilding:
|
||||||||
Accounts payable
|
$ | 29,301 | $ | 22,446 | ||||
Accrued liabilities | 196,478 | 198,144 | ||||||
Secured project debt and other notes payable
|
5,105 | 11,516 | ||||||
Senior notes payable
|
1,832,517 | 1,530,502 | ||||||
Total Homebuilding Liabilities
|
2,063,401 | 1,762,608 | ||||||
Financial Services:
|
||||||||
Accounts payable and other liabilities
|
2,589 | 2,491 | ||||||
Mortgage credit facilities
|
64,180 | 92,159 | ||||||
Total Financial Services Liabilities
|
66,769 | 94,650 | ||||||
Total Liabilities
|
2,130,170 | 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 September 30, 2013 and December 31, 2012, respectively
|
3 | 5 | ||||||
Common stock, $0.01 par value; 600,000,000 shares
|
||||||||
authorized; 277,064,975 and 213,245,488 shares
|
||||||||
issued and outstanding at September 30, 2013 and
|
||||||||
December 31, 2012, respectively
|
2,770 | 2,132 | ||||||
Additional paid-in capital
|
1,350,706 | 1,333,255 | ||||||
Accumulated earnings (deficit)
|
46,547 | (77,348 | ) | |||||
Accumulated other comprehensive loss, net of tax
|
― | (2,228 | ) | |||||
Total Equity
|
1,400,026 | 1,255,816 | ||||||
Total Liabilities and Equity
|
$ | 3,530,196 | $ | 3,113,074 |
September 30,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
Inventories Owned: | ||||||||
Land and land under development
|
$ | 1,636,011 | $ | 1,444,161 | ||||
Homes completed and under construction
|
647,271 | 427,196 | ||||||
Model homes
|
127,367 | 100,061 | ||||||
Total inventories owned
|
$ | 2,410,649 | $ | 1,971,418 | ||||
Inventories Owned by Segment | ||||||||
California
|
$ | 1,151,866 | $ | 1,086,159 | ||||
Southwest
|
581,280 | 461,201 | ||||||
Southeast
|
677,503 | 424,058 | ||||||
Total inventories owned
|
$ | 2,410,649 | $ | 1,971,418 |
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
(Unaudited)
|
||||||||||||||||
Cash Flows From Operating Activities:
|
||||||||||||||||
Net income
|
$ | 58,935 | $ | 21,710 | $ | 123,895 | $ | 44,496 | ||||||||
Adjustments to reconcile net income to net cash
|
||||||||||||||||
provided by (used in) operating activities:
|
||||||||||||||||
Amortization of stock-based compensation
|
2,681 | 1,559 | 6,656 | 4,518 | ||||||||||||
Deposit write-offs
|
― | ― | ― | 133 | ||||||||||||
Deferred income taxes
|
27,306 | ― | 48,489 | ― | ||||||||||||
Other operating activities
|
1,096 | 1,798 | 4,592 | 5,838 | ||||||||||||
Changes in cash and equivalents due to:
|
||||||||||||||||
Trade and other receivables
|
11,186 | (4,681 | ) | (8,462 | ) | (12,143 | ) | |||||||||
Mortgage loans held for sale
|
32,221 | (18,119 | ) | 44,179 | (14,016 | ) | ||||||||||
Inventories - owned
|
(84,352 | ) | (70,645 | ) | (314,375 | ) | (185,832 | ) | ||||||||
Inventories - not owned
|
(21,990 | ) | (7,191 | ) | (31,700 | ) | (10,690 | ) | ||||||||
Other assets
|
1,655 | 999 | 401 | 922 | ||||||||||||
Accounts payable
|
7,235 | 82 | 6,855 | (1,371 | ) | |||||||||||
Accrued liabilities
|
(13,165 | ) | 2,070 | (6,926 | ) | (2,991 | ) | |||||||||
Net cash provided by (used in) operating activities
|
22,808 | (72,418 | ) | (126,396 | ) | (171,136 | ) | |||||||||
Cash Flows From Investing Activities:
|
||||||||||||||||
Investments in unconsolidated homebuilding joint ventures
|
(2,190 | ) | (44,797 | ) | (12,942 | ) | (53,078 | ) | ||||||||
Distributions of capital from unconsolidated joint ventures
|
750 | 10,145 | 2,319 | 11,940 | ||||||||||||
Net cash paid for acquisitions
|
― | (60,752 | ) | (113,793 | ) | (60,752 | ) | |||||||||
Other investing activities
|
(856 | ) | (300 | ) | (4,734 | ) | (1,705 | ) | ||||||||
Net cash provided by (used in) investing activities
|
(2,296 | ) | (95,704 | ) | (129,150 | ) | (103,595 | ) | ||||||||
Cash Flows From Financing Activities:
|
||||||||||||||||
Change in restricted cash
|
(2,062 | ) | (1,203 | ) | 1 | 5,034 | ||||||||||
Principal payments on secured project debt and other notes payable
|
(72 | ) | (138 | ) | (7,289 | ) | (782 | ) | ||||||||
Principal payments on senior subordinated notes payable
|
― | ― | ― | (9,990 | ) | |||||||||||
Proceeds from the issuance of senior notes payable
|
300,000 | 253,000 | 300,000 | 253,000 | ||||||||||||
Payment of debt issuance costs
|
(4,045 | ) | (8,081 | ) | (4,045 | ) | (8,081 | ) | ||||||||
Net proceeds from (payments on) mortgage credit facilities
|
(32,784 | ) | 26,608 | (27,979 | ) | 24,227 | ||||||||||
Proceeds from the issuance of common stock
|
― | 75,849 | ― | 75,849 | ||||||||||||
Payment of common stock issuance costs
|
― | (3,913 | ) | ― | (3,913 | ) | ||||||||||
Payment of issuance costs in connection with preferred
|
||||||||||||||||
shareholder equity transactions
|
(3 | ) | ― | (350 | ) | ― | ||||||||||
Proceeds from the exercise of stock options
|
946 | 6,574 | 11,781 | 8,321 | ||||||||||||
Net cash provided by (used in) financing activities
|
261,980 | 348,696 | 272,119 | 343,665 | ||||||||||||
Net increase (decrease) in cash and equivalents
|
282,492 | 180,574 | 16,573 | 68,934 | ||||||||||||
Cash and equivalents at beginning of period
|
80,636 | 298,882 | 346,555 | 410,522 | ||||||||||||
Cash and equivalents at end of period
|
$ | 363,128 | $ | 479,456 | $ | 363,128 | $ | 479,456 | ||||||||
Cash and equivalents at end of period
|
$ | 363,128 | $ | 479,456 | $ | 363,128 | $ | 479,456 | ||||||||
Homebuilding restricted cash at end of period
|
27,524 | 25,713 | 27,524 | 25,713 | ||||||||||||
Financial services restricted cash at end of period
|
1,795 | 1,920 | 1,795 | 1,920 | ||||||||||||
Cash and equivalents and restricted cash at end of period
|
$ | 392,447 | $ | 507,089 | $ | 392,447 | $ | 507,089 |
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
||||||||||
New homes delivered:
|
|||||||||||||||
California
|
467
|
363
|
29%
|
1,286
|
904
|
42%
|
|||||||||
Arizona
|
51
|
66
|
(23%)
|
171
|
176
|
(3%)
|
|||||||||
Texas
|
170
|
107
|
59%
|
458
|
368
|
24%
|
|||||||||
Colorado
|
36
|
33
|
9%
|
117
|
80
|
46%
|
|||||||||
Nevada
|
―
|
―
|
―
|
―
|
9
|
(100%)
|
|||||||||
Florida
|
285
|
151
|
89%
|
707
|
411
|
72%
|
|||||||||
Carolinas
|
208
|
141
|
48%
|
520
|
370
|
41%
|
|||||||||
Consolidated total
|
1,217
|
861
|
41%
|
3,259
|
2,318
|
41%
|
|||||||||
Unconsolidated joint ventures
|
2
|
14
|
(86%)
|
23
|
28
|
(18%)
|
|||||||||
Total (including joint ventures)
|
1,219
|
875
|
39%
|
3,282
|
2,346
|
40%
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||||||
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||
Average selling prices of homes delivered:
|
|||||||||||||||||||
California
|
$
|
586
|
$
|
505
|
16%
|
$
|
541
|
$
|
489
|
11%
|
|||||||||
Arizona
|
286
|
204
|
40%
|
260
|
206
|
26%
|
|||||||||||||
Texas
|
385
|
328
|
17%
|
379
|
307
|
23%
|
|||||||||||||
Colorado
|
484
|
399
|
21%
|
439
|
386
|
14%
|
|||||||||||||
Nevada
|
―
|
―
|
―
|
―
|
192
|
―
|
|||||||||||||
Florida
|
283
|
256
|
11%
|
269
|
244
|
10%
|
|||||||||||||
Carolinas
|
284
|
241
|
18%
|
279
|
238
|
17%
|
|||||||||||||
Consolidated
|
420
|
369
|
14%
|
399
|
351
|
14%
|
|||||||||||||
Unconsolidated joint ventures
|
578
|
450
|
28%
|
505
|
443
|
14%
|
|||||||||||||
Total (including joint ventures)
|
$
|
420
|
$
|
370
|
14%
|
$
|
400
|
$
|
352
|
14%
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
||||||||||
Net new orders:
|
|||||||||||||||
California
|
386
|
417
|
(7%)
|
1,381
|
1,169
|
18%
|
|||||||||
Arizona
|
95
|
61
|
56%
|
248
|
237
|
5%
|
|||||||||
Texas
|
154
|
132
|
17%
|
612
|
424
|
44%
|
|||||||||
Colorado
|
29
|
45
|
(36%)
|
156
|
113
|
38%
|
|||||||||
Nevada
|
―
|
―
|
―
|
―
|
6
|
(100%)
|
|||||||||
Florida
|
274
|
174
|
57%
|
1,010
|
568
|
78%
|
|||||||||
Carolinas
|
172
|
160
|
8%
|
613
|
514
|
19%
|
|||||||||
Consolidated total
|
1,110
|
989
|
12%
|
4,020
|
3,031
|
33%
|
|||||||||
Unconsolidated joint ventures
|
2
|
18
|
(89%)
|
12
|
42
|
(71%)
|
|||||||||
Total (including joint ventures)
|
1,112
|
1,007
|
10%
|
4,032
|
3,073
|
31%
|
Three Months Ended
September 30,
|
Nine Months Ended
September 30,
|
||||||||||||||
2013
|
2012
|
% Change
|
2013
|
2012
|
% Change
|
||||||||||
Average number of selling communities
|
|||||||||||||||
during the period:
|
|||||||||||||||
California
|
48
|
50
|
(4%)
|
46
|
51
|
(10%)
|
|||||||||
Arizona
|
10
|
5
|
100%
|
9
|
7
|
29%
|
|||||||||
Texas
|
30
|
22
|
36%
|
30
|
20
|
50%
|
|||||||||
Colorado
|
8
|
7
|
14%
|
7
|
6
|
17%
|
|||||||||
Florida
|
41
|
38
|
8%
|
40
|
37
|
8%
|
|||||||||
Carolinas
|
31
|
34
|
(9%)
|
31
|
35
|
(11%)
|
|||||||||
Consolidated total
|
168
|
156
|
8%
|
163
|
156
|
4%
|
|||||||||
Unconsolidated joint ventures
|
―
|
1
|
(100%)
|
―
|
2
|
(100%)
|
|||||||||
Total (including joint ventures)
|
168
|
157
|
7%
|
163
|
158
|
3%
|
At September 30,
|
|||||||||||||||||||||
2013
|
2012
|
% Change
|
|||||||||||||||||||
Homes
|
Dollar Value
|
Homes
|
Dollar Value
|
Homes
|
Dollar Value
|
||||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||||
Backlog:
|
|||||||||||||||||||||
California
|
535
|
$
|
341,743
|
439
|
$
|
217,549
|
22%
|
57%
|
|||||||||||||
Arizona
|
154
|
50,512
|
118
|
28,357
|
31%
|
78%
|
|||||||||||||||
Texas
|
358
|
158,863
|
205
|
74,736
|
75%
|
113%
|
|||||||||||||||
Colorado
|
114
|
56,528
|
66
|
26,406
|
73%
|
114%
|
|||||||||||||||
Florida
|
669
|
250,241
|
319
|
81,950
|
110%
|
205%
|
|||||||||||||||
Carolinas
|
335
|
106,261
|
247
|
69,741
|
36%
|
52%
|
|||||||||||||||
Consolidated total
|
2,165
|
964,148
|
1,394
|
498,739
|
55%
|
93%
|
|||||||||||||||
Unconsolidated joint ventures
|
1
|
599
|
17
|
6,836
|
(94%)
|
(91%)
|
|||||||||||||||
Total (including joint ventures)
|
2,166
|
$
|
964,747
|
1,411
|
$
|
505,575
|
54%
|
91%
|
At September 30,
|
|||||||||
2013
|
2012
|
% Change
|
|||||||
Homesites owned and controlled:
|
|||||||||
California
|
9,979
|
9,806
|
2%
|
||||||
Arizona
|
2,291
|
1,844
|
24%
|
||||||
Texas
|
4,468
|
4,451
|
0%
|
||||||
Colorado
|
1,216
|
669
|
82%
|
||||||
Nevada
|
1,124
|
1,124
|
―
|
||||||
Florida
|
11,409
|
8,211
|
39%
|
||||||
Carolinas
|
5,156
|
4,049
|
27%
|
||||||
Total (including joint ventures)
|
35,643
|
30,154
|
18%
|
||||||
Homesites owned
|
26,936
|
23,974
|
12%
|
||||||
Homesites optioned or subject to contract
|
8,192
|
5,605
|
46%
|
||||||
Joint venture homesites
|
515
|
575
|
(10%)
|
||||||
Total (including joint ventures)
|
35,643
|
30,154
|
18%
|
||||||
Homesites owned:
|
|||||||||
Raw lots
|
6,101
|
4,503
|
35%
|
||||||
Homesites under development
|
8,549
|
8,773
|
(3%)
|
||||||
Finished homesites
|
6,871
|
5,304
|
30%
|
||||||
Under construction or completed homes
|
3,061
|
2,170
|
41%
|
||||||
Held for sale
|
2,354
|
3,224
|
(27%)
|
||||||
Total
|
26,936
|
23,974
|
12%
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
Three Months Ended
|
||||||||||||||
September 30,
2013
|
Gross
Margin %
|
September 30,
2012
|
Gross
Margin %
|
June 30,
2013
|
Gross
Margin %
|
|||||||||
(Dollars in thousands)
|
||||||||||||||
Home sale revenues
|
$
|
511,059
|
$
|
317,389
|
$
|
434,308
|
||||||||
Less: Cost of home sales
|
(381,694)
|
(253,344)
|
(331,503)
|
|||||||||||
Gross margin from home sales
|
129,365
|
25.3%
|
64,045
|
20.2%
|
102,805
|
23.7%
|
||||||||
Add: Capitalized interest included in cost
|
||||||||||||||
of home sales
|
30,303
|
5.9%
|
27,071
|
8.5%
|
30,337
|
7.0%
|
||||||||
Gross margin from home sales, excluding
|
||||||||||||||
interest amortized to cost of home sales
|
$
|
159,668
|
31.2%
|
$
|
91,116
|
28.7%
|
$
|
133,142
|
30.7%
|
Three Months Ended
|
||||||||
September 30,
2013
|
September 30,
2012
|
June 30,
2013
|
||||||
(Dollars in thousands)
|
||||||||
Cash flows provided by (used in) operations
|
$
|
22,808
|
$
|
(72,418)
|
$
|
(90,743)
|
||
Add: Cash land purchases included in operating activities
|
69,196
|
101,363
|
122,180
|
|||||
Add: Land development costs
|
72,542
|
39,422
|
63,028
|
|||||
Cash inflows from operations (excluding land purchases and development costs)
|
$ | 164,546 | $ | 68,367 |
$
|
94,465 |
September 30,
2013
|
June 30,
2013
|
December 31,
2012
|
September 30,
2012
|
||||||||||
(Dollars in thousands)
|
|||||||||||||
Total consolidated debt
|
$
|
1,901,802
|
$
|
1,633,985
|
$
|
1,634,177
|
$
|
1,652,111
|
|||||
Less:
|
|||||||||||||
Financial services indebtedness
|
(64,180)
|
(96,964)
|
(92,159)
|
(71,035)
|
|||||||||
Homebuilding cash
|
(373,523)
|
(90,589)
|
(366,808)
|
(499,572)
|
|||||||||
Adjusted net homebuilding debt
|
1,464,099
|
1,446,432
|
1,175,210
|
1,081,504
|
|||||||||
Stockholders' equity
|
1,400,026
|
1,337,468
|
1,255,816
|
760,017
|
|||||||||
Total adjusted book capitalization
|
$
|
2,864,125
|
$
|
2,783,900
|
$
|
2,431,026
|
$
|
1,841,521
|
|||||
Total consolidated debt to book capitalization
|
57.6%
|
55.0%
|
56.5%
|
68.5%
|
|||||||||
Adjusted net homebuilding debt to total adjusted book capitalization
|
51.1%
|
52.0%
|
48.3%
|
58.7%
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)
|
September 30,
|
June 30,
|
December 31,
|
||||||
2013
|
2013
|
2012
|
||||||
Actual common shares outstanding
|
277,064,975
|
276,792,010
|
213,245,488
|
|||||
Add: Conversion of preferred shares to common shares
|
87,812,786
|
87,812,786
|
147,812,786
|
|||||
Pro forma common shares outstanding
|
364,877,761
|
364,604,796
|
361,058,274
|
|||||
Stockholders' equity (Dollars in thousands)
|
$
|
1,400,026
|
$
|
1,337,468
|
$
|
1,255,816
|
||
Divided by pro forma common shares outstanding
|
÷
|
364,877,761
|
÷
|
364,604,796
|
÷
|
361,058,274
|
||
Pro forma stockholders' equity per common share
|
$
|
3.84
|
$
|
3.67
|
$
|
3.48
|
Three Months Ended
|
LTM Ended September 30,
|
|||||||||||||||
September 30,
2013
|
September 30,
2012
|
June 30,
2013
|
2013
|
2012
|
||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Net income
|
$
|
58,935
|
$
|
21,710
|
$
|
43,136
|
$
|
610,820
|
$
|
59,829
|
||||||
Provision (benefit) for income taxes
|
11,201
|
194
|
8,008
|
(421,026)
|
89
|
|||||||||||
Homebuilding interest amortized to cost of sales and interest expense
|
30,322
|
28,747
|
30,662
|
123,233
|
102,550
|
|||||||||||
Homebuilding depreciation and amortization
|
1,031
|
590
|
702
|
2,978
|
2,386
|
|||||||||||
Amortization of stock-based compensation
|
2,681
|
1,559
|
2,444
|
9,289
|
7,663
|
|||||||||||
EBITDA
|
104,170
|
52,800
|
84,952
|
325,294
|
172,517
|
|||||||||||
Add:
|
||||||||||||||||
Cash distributions of income from unconsolidated joint ventures
|
―
|
1,125
|
1,500
|
6,000
|
1,285
|
|||||||||||
Deposit write-offs
|
―
|
―
|
―
|
―
|
549
|
|||||||||||
Less:
|
||||||||||||||||
Income (loss) from unconsolidated joint ventures
|
(32)
|
(39)
|
147
|
1,866
|
(1,409)
|
|||||||||||
Income from financial services subsidiary
|
2,249
|
2,441
|
3,929
|
12,474
|
7,850
|
|||||||||||
Adjusted Homebuilding EBITDA
|
$
|
101,953
|
$
|
51,523
|
$
|
82,376
|
$
|
316,954
|
$
|
167,910
|
||||||
Homebuilding revenues
|
$
|
511,756
|
$
|
318,541
|
$
|
438,681
|
$
|
1,728,001
|
$
|
1,110,271
|
||||||
Adjusted Homebuilding EBITDA Margin %
|
19.9%
|
16.2%
|
18.8%
|
18.3%
|
15.1%
|
Three Months Ended
|
LTM Ended September 30,
|
|||||||||||||||
September 30,
2013
|
September 30,
2012
|
June 30,
2013
|
2013
|
2012
|
||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Net cash provided by (used in) operating activities
|
$
|
22,808
|
$
|
(72,418)
|
$
|
(90,743)
|
$
|
(238,376)
|
$
|
(183,172)
|
||||||
Add:
|
||||||||||||||||
Provision (benefit) for income taxes, net of deferred component
|
(16,105)
|
194
|
199
|
(15,515)
|
89
|
|||||||||||
Homebuilding interest amortized to cost of sales and interest expense
|
30,322
|
28,747
|
30,662
|
123,233
|
102,550
|
|||||||||||
Less:
|
||||||||||||||||
Income from financial services subsidiary
|
2,249
|
2,441
|
3,929
|
12,474
|
7,850
|
|||||||||||
Depreciation and amortization from financial services subsidiary
|
33
|
32
|
28
|
121
|
94
|
|||||||||||
Loss on disposal of property and equipment
|
―
|
12
|
1
|
38
|
10
|
|||||||||||
Net changes in operating assets and liabilities:
|
||||||||||||||||
Trade and other receivables
|
(11,186)
|
4,681
|
10,732
|
(4,482)
|
5,192
|
|||||||||||
Mortgage loans held for sale
|
(32,221)
|
18,119
|
(11,818)
|
(11,856)
|
37,940
|
|||||||||||
Inventories-owned
|
84,352
|
70,645
|
156,993
|
444,182
|
206,502
|
|||||||||||
Inventories-not owned
|
21,990
|
7,191
|
4,770
|
52,561
|
12,758
|
|||||||||||
Other assets
|
(1,655)
|
(999)
|
3,083
|
(2,097)
|
(7,447)
|
|||||||||||
Accounts payable
|
(7,235)
|
(82)
|
(1,198)
|
(12,843)
|
6,147
|
|||||||||||
Accrued liabilities
|
13,165
|
(2,070)
|
(16,346)
|
(5,220)
|
(4,695)
|
|||||||||||
Adjusted Homebuilding EBITDA
|
$
|
101,953
|
$
|
51,523
|
$
|
82,376
|
$
|
316,954
|
$
|
167,910
|