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 March 31, 2014.
|
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 March 31, 2014.
|
·
|
Net income of $38.2 million, or $0.09 per diluted share, vs. $21.8 million, or $0.05 per diluted share
|
·
|
Pretax income of $61.6 million, up 74%
|
·
|
Net new orders of 1,311, down 6%; Dollar value of net new orders up 16%
|
·
|
Backlog of 2,016 homes, up 9%; Dollar value of backlog up 39%
|
·
|
174 average active selling communities, up 10%
|
·
|
Home sale revenues of $446.9 million, up 26%
|
·
|
Average selling price of $449 thousand, up 20%
|
·
|
995 new home deliveries, up 5%
|
·
|
Gross margin from home sales of 26.6%, compared to 21.0%
|
·
|
Operating margin from home sales of $60.1 million, or 13.4%, compared to $28.2 million, or 7.9%
|
·
|
$224.1 million of land purchases and development costs, compared to $124.4 million
|
|
*Please see “Reconciliation of Non-GAAP Financial Measures” beginning on page 10.
|
|
###
|
|
(Note: Tables Follow)
|
As of or For the Three Months Ended
|
||||||||||||||
March 31,
|
March 31,
|
Percentage
|
December 31,
|
Percentage
|
||||||||||
2014
|
2013
|
or % Change
|
2013
|
or % Change
|
||||||||||
Operating Data
|
(Dollars in thousands)
|
|||||||||||||
Deliveries
|
995
|
947
|
5%
|
1,343
|
(26%)
|
|||||||||
Average selling price
|
$
|
449
|
$
|
375
|
20%
|
$
|
446
|
1%
|
||||||
Home sale revenues
|
$
|
446,918
|
$
|
355,126
|
26%
|
$
|
598,496
|
(25%)
|
||||||
Gross margin % (including land sales)
|
25.8%
|
20.8%
|
5.0%
|
26.8%
|
(1.0%)
|
|||||||||
Gross margin % from home sales
|
26.6%
|
21.0%
|
5.6%
|
26.8%
|
(0.2%)
|
|||||||||
Gross margin % from home sales (excluding interest amortized
|
||||||||||||||
to cost of home sales)*
|
32.0%
|
28.8%
|
3.2%
|
32.2%
|
(0.2%)
|
|||||||||
Incentive and stock-based compensation expense
|
$
|
5,028
|
$
|
4,848
|
4%
|
$
|
9,442
|
(47%)
|
||||||
Selling expenses
|
$
|
22,699
|
$
|
18,444
|
23%
|
$
|
28,114
|
(19%)
|
||||||
G&A expenses (excluding incentive and stock-based
|
||||||||||||||
compensation expenses)
|
$
|
30,863
|
$
|
23,002
|
34%
|
$
|
30,304
|
2%
|
||||||
SG&A expenses
|
$
|
58,590
|
$
|
46,294
|
27%
|
$
|
67,860
|
(14%)
|
||||||
SG&A % from home sales
|
13.1%
|
13.0%
|
0.1%
|
11.3%
|
1.8%
|
|||||||||
Operating margin from home sales
|
$
|
60,083
|
$
|
28,220
|
113%
|
$
|
92,648
|
(35%)
|
||||||
Operating margin % from home sales
|
13.4%
|
7.9%
|
5.5%
|
15.5%
|
(2.1%)
|
|||||||||
Net new orders (homes)
|
1,311
|
1,394
|
(6%)
|
878
|
49%
|
|||||||||
Net new orders (dollar value)
|
$
|
633,818
|
$
|
548,561
|
16%
|
$
|
418,828
|
51%
|
||||||
Average active selling communities
|
174
|
158
|
10%
|
173
|
1%
|
|||||||||
Monthly sales absorption rate per community
|
2.5
|
2.9
|
(15%)
|
1.7
|
48%
|
|||||||||
Cancellation rate
|
14%
|
10%
|
4%
|
21%
|
(7%)
|
|||||||||
Gross cancellations
|
221
|
162
|
36%
|
234
|
(6%)
|
|||||||||
Cancellations from current quarter sales
|
90
|
86
|
5%
|
64
|
41%
|
|||||||||
Backlog (homes)
|
2,016
|
1,851
|
9%
|
1,700
|
19%
|
|||||||||
Backlog (dollar value)
|
$
|
1,001,385
|
$
|
719,651
|
39%
|
$
|
800,494
|
25%
|
||||||
Cash flows (uses) from operating activities
|
$
|
(117,563)
|
$
|
(58,461)
|
(101%)
|
$
|
(27,820)
|
(323%)
|
||||||
Cash flows (uses) from investing activities
|
$
|
10,286
|
$
|
(1,601)
|
$
|
(14,707)
|
||||||||
Cash flows (uses) from financing activities
|
$
|
(50,902)
|
$
|
(180)
|
(28179%)
|
$
|
42,690
|
|||||||
Land purchases (incl. seller financing and JV purchases)
|
$
|
144,744
|
$
|
71,541
|
102%
|
$
|
116,856
|
24%
|
||||||
Adjusted Homebuilding EBITDA*
|
$
|
89,008
|
$
|
63,823
|
39%
|
$
|
135,469
|
(34%)
|
||||||
Adjusted Homebuilding EBITDA Margin %*
|
19.3%
|
17.8%
|
1.5%
|
22.3%
|
(3.0%)
|
|||||||||
Homebuilding interest incurred
|
$
|
38,786
|
$
|
35,027
|
11%
|
$
|
37,546
|
3%
|
||||||
Homebuilding interest capitalized to inventories owned
|
$
|
38,213
|
$
|
34,201
|
12%
|
$
|
36,889
|
4%
|
||||||
Homebuilding interest capitalized to investments in JVs
|
$
|
573
|
$
|
826
|
(31%)
|
$
|
657
|
(13%)
|
||||||
Interest amortized to cost of sales (incl. cost of land sales)
|
$
|
24,983
|
$
|
27,885
|
(10%)
|
$
|
32,909
|
(24%)
|
As of
|
|||||||||
March 31,
|
December 31,
|
Percentage
|
|||||||
2014
|
2013
|
or % Change
|
|||||||
Balance Sheet Data
|
(Dollars in thousands, except per share amounts)
|
||||||||
Homebuilding cash (including restricted cash)
|
$
|
221,400
|
$
|
376,949
|
(41%)
|
||||
Inventories owned
|
$
|
2,741,269
|
$
|
2,536,102
|
8%
|
||||
Homesites owned and controlled
|
35,715
|
35,175
|
2%
|
||||||
Homes under construction
|
2,245
|
2,001
|
12%
|
||||||
Completed specs
|
368
|
327
|
13%
|
||||||
Deferred tax asset valuation allowance
|
$
|
4,591
|
$
|
4,591
|
―
|
||||
Homebuilding debt
|
$
|
1,839,994
|
$
|
1,839,595
|
0%
|
||||
Stockholders' equity
|
$
|
1,513,087
|
$
|
1,468,960
|
3%
|
||||
Stockholders' equity per share (including if-converted
|
|||||||||
preferred stock)*
|
$
|
4.13
|
$
|
4.02
|
3%
|
||||
Total consolidated debt to book capitalization
|
55.6%
|
56.9%
|
(1.3%)
|
||||||
Adjusted net homebuilding debt to total adjusted
|
|||||||||
book capitalization*
|
51.7%
|
49.9%
|
1.8%
|
Three Months Ended March 31,
|
||||||||
2014
|
2013
|
|||||||
(Dollars in thousands, except per share amounts)
|
||||||||
(Unaudited)
|
||||||||
Homebuilding:
|
||||||||
Home sale revenues
|
$ | 446,918 | $ | 355,126 | ||||
Land sale revenues
|
13,281 | 2,595 | ||||||
Total revenues
|
460,199 | 357,721 | ||||||
Cost of home sales
|
(328,245 | ) | (280,612 | ) | ||||
Cost of land sales
|
(13,004 | ) | (2,583 | ) | ||||
Total cost of sales
|
(341,249 | ) | (283,195 | ) | ||||
Gross margin
|
118,950 | 74,526 | ||||||
Gross margin %
|
25.8 | % | 20.8 | % | ||||
Selling, general and administrative expenses
|
(58,590 | ) | (46,294 | ) | ||||
Income (loss) from unconsolidated joint ventures
|
(437 | ) | 1,134 | |||||
Other income (expense)
|
(13 | ) | 3,570 | |||||
Homebuilding pretax income
|
59,910 | 32,936 | ||||||
Financial Services:
|
||||||||
Revenues
|
4,984 | 5,677 | ||||||
Expenses
|
(3,440 | ) | (3,322 | ) | ||||
Other income
|
161 | 102 | ||||||
Financial services pretax income
|
1,705 | 2,457 | ||||||
Income before taxes
|
61,615 | 35,393 | ||||||
Provision for income taxes
|
(23,456 | ) | (13,569 | ) | ||||
Net income
|
38,159 | 21,824 | ||||||
Less: Net income allocated to preferred shareholder
|
(9,147 | ) | (8,903 | ) | ||||
Less: Net income allocated to unvested restricted stock
|
(59 | ) | (22 | ) | ||||
Net income available to common stockholders
|
$ | 28,953 | $ | 12,899 | ||||
Income Per Common Share:
|
||||||||
Basic | $ | 0.10 | $ | 0.06 | ||||
Diluted
|
$ | 0.09 | $ | 0.05 | ||||
Weighted Average Common Shares Outstanding:
|
||||||||
Basic | 277,948,342 | 214,166,912 | ||||||
Diluted
|
315,894,969 | 252,947,416 | ||||||
Weighted average additional common shares outstanding
|
||||||||
if preferred shares converted to common shares
|
87,812,786 | 147,812,786 | ||||||
Total weighted average diluted common shares outstanding
|
||||||||
if preferred shares converted to common shares
|
403,707,755 | 400,760,202 |
March 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
(Dollars in thousands)
|
||||||||
ASSETS
|
(Unaudited)
|
|||||||
Homebuilding:
|
||||||||
Cash and equivalents
|
$ | 194,702 | $ | 355,489 | ||||
Restricted cash
|
26,698 | 21,460 | ||||||
Trade and other receivables
|
31,896 | 14,431 | ||||||
Inventories:
|
||||||||
Owned | 2,741,269 | 2,536,102 | ||||||
Not owned | 83,601 | 98,341 | ||||||
Investments in unconsolidated joint ventures
|
49,720 | 66,054 | ||||||
Deferred income taxes, net
|
354,478 | 375,400 | ||||||
Other assets
|
45,442 | 45,977 | ||||||
Total Homebuilding Assets
|
3,527,806 | 3,513,254 | ||||||
Financial Services:
|
||||||||
Cash and equivalents
|
10,410 | 7,802 | ||||||
Restricted cash | 1,295 | 1,295 | ||||||
Mortgage loans held for sale, net
|
70,093 | 122,031 | ||||||
Mortgage loans held for investment, net
|
13,165 | 12,220 | ||||||
Other assets | 6,483 | 5,503 | ||||||
Total Financial Services Assets
|
101,446 | 148,851 | ||||||
Total Assets
|
$ | 3,629,252 | $ | 3,662,105 | ||||
LIABILITIES AND EQUITY
|
||||||||
Homebuilding:
|
||||||||
Accounts payable
|
$ | 37,147 | $ | 35,771 | ||||
Accrued liabilities | 184,386 | 214,266 | ||||||
Secured project debt and other notes payable
|
6,015 | 6,351 | ||||||
Senior notes payable
|
1,833,979 | 1,833,244 | ||||||
Total Homebuilding Liabilities
|
2,061,527 | 2,089,632 | ||||||
Financial Services:
|
||||||||
Accounts payable and other liabilities
|
2,141 | 2,646 | ||||||
Mortgage credit facilities
|
52,497 | 100,867 | ||||||
Total Financial Services Liabilities
|
54,638 | 103,513 | ||||||
Total Liabilities
|
2,116,165 | 2,193,145 | ||||||
Equity:
|
||||||||
Stockholders' Equity:
|
||||||||
Preferred stock, $0.01 par value; 10,000,000 shares
|
||||||||
authorized; 267,829 shares issued and outstanding
|
||||||||
at March 31, 2014 and December 31, 2013
|
3 | 3 | ||||||
Common stock, $0.01 par value; 600,000,000 shares
|
||||||||
authorized; 278,776,082 and 277,618,177 shares
|
||||||||
issued and outstanding at March 31, 2014 and
|
||||||||
December 31, 2013, respectively
|
2,787 | 2,776 | ||||||
Additional paid-in capital
|
1,360,771 | 1,354,814 | ||||||
Accumulated earnings
|
149,526 | 111,367 | ||||||
Total Equity
|
1,513,087 | 1,468,960 | ||||||
Total Liabilities and Equity
|
$ | 3,629,252 | $ | 3,662,105 |
March 31,
|
December 31,
|
|||||||
2014
|
2013
|
|||||||
(Dollars in thousands)
|
||||||||
|
(Unaudited)
|
|||||||
Inventories Owned: | ||||||||
Land and land under development
|
$ | 1,841,551 | $ | 1,771,661 | ||||
Homes completed and under construction
|
769,786 | 628,371 | ||||||
Model homes
|
129,932 | 136,070 | ||||||
Total inventories owned
|
$ | 2,741,269 | $ | 2,536,102 | ||||
Inventories Owned by Segment: | ||||||||
California
|
$ | 1,237,357 | $ | 1,182,520 | ||||
Southwest
|
678,499 | 603,303 | ||||||
Southeast
|
825,413 | 750,279 | ||||||
Total inventories owned
|
$ | 2,741,269 | $ | 2,536,102 |
Three Months Ended March 31,
|
||||||||
2014
|
2013
|
|||||||
(Dollars in thousands)
|
||||||||
(Unaudited)
|
||||||||
Cash Flows From Operating Activities:
|
||||||||
Net income
|
$ | 38,159 | $ | 21,824 | ||||
Adjustments to reconcile net income to net cash
|
||||||||
provided by (used in) operating activities:
|
||||||||
Amortization of stock-based compensation
|
2,372 | 1,531 | ||||||
Deferred income tax provision
|
23,622 | 13,374 | ||||||
Other operating activities
|
1,616 | 1,412 | ||||||
Changes in cash and equivalents due to:
|
||||||||
Trade and other receivables
|
(17,549 | ) | (8,916 | ) | ||||
Mortgage loans held for sale
|
51,938 | 140 | ||||||
Inventories - owned
|
(188,759 | ) | (73,030 | ) | ||||
Inventories - not owned
|
(8,165 | ) | (4,940 | ) | ||||
Other assets
|
(833 | ) | 1,829 | |||||
Accounts payable
|
1,376 | (1,578 | ) | |||||
Accrued liabilities
|
(21,340 | ) | (10,107 | ) | ||||
Net cash provided by (used in) operating activities
|
(117,563 | ) | (58,461 | ) | ||||
Cash Flows From Investing Activities:
|
||||||||
Investments in unconsolidated homebuilding joint ventures
|
(2,787 | ) | (2,552 | ) | ||||
Distributions of capital from unconsolidated joint ventures
|
14,808 | 1,320 | ||||||
Other investing activities
|
(1,735 | ) | (369 | ) | ||||
Net cash provided by (used in) investing activities
|
10,286 | (1,601 | ) | |||||
Cash Flows From Financing Activities:
|
||||||||
Change in restricted cash
|
(5,238 | ) | (662 | ) | ||||
Principal payments on secured project debt and other notes payable
|
(890 | ) | (7,093 | ) | ||||
Net proceeds from (payments on) mortgage credit facilities
|
(48,370 | ) | 1,117 | |||||
Proceeds from the exercise of stock options
|
3,596 | 6,458 | ||||||
Net cash provided by (used in) financing activities
|
(50,902 | ) | (180 | ) | ||||
Net increase (decrease) in cash and equivalents
|
(158,179 | ) | (60,242 | ) | ||||
Cash and equivalents at beginning of period
|
363,291 | 346,555 | ||||||
Cash and equivalents at end of period
|
$ | 205,112 | $ | 286,313 | ||||
Cash and equivalents at end of period
|
$ | 205,112 | $ | 286,313 | ||||
Homebuilding restricted cash at end of period
|
26,698 | 27,562 | ||||||
Financial services restricted cash at end of period
|
1,295 | 2,420 | ||||||
Cash and equivalents and restricted cash at end of period
|
$ | 233,105 | $ | 316,295 |
Three Months Ended March 31,
|
|||||||||
2014
|
2013
|
% Change
|
|||||||
New homes delivered:
|
|||||||||
California
|
339
|
400
|
(15%)
|
||||||
Arizona
|
63
|
63
|
―
|
||||||
Texas
|
149
|
133
|
12%
|
||||||
Colorado
|
53
|
43
|
23%
|
||||||
Southwest
|
265
|
239
|
11%
|
||||||
Florida
|
235
|
183
|
28%
|
||||||
Carolinas
|
156
|
125
|
25%
|
||||||
Southeast
|
391
|
308
|
27%
|
||||||
Consolidated total
|
995
|
947
|
5%
|
||||||
Unconsolidated joint ventures
|
―
|
14
|
(100%)
|
||||||
Total (including joint ventures)
|
995
|
961
|
4%
|
Three Months Ended March 31,
|
|||||||||||
2014
|
2013
|
% Change
|
|||||||||
(Dollars in thousands)
|
|||||||||||
Average selling prices of homes delivered:
|
|||||||||||
California
|
$
|
624
|
$
|
492
|
27%
|
||||||
Arizona
|
305
|
249
|
22%
|
||||||||
Texas
|
415
|
348
|
19%
|
||||||||
Colorado
|
484
|
400
|
21%
|
||||||||
Southwest
|
403
|
331
|
22%
|
||||||||
Florida
|
350
|
259
|
35%
|
||||||||
Carolinas
|
298
|
254
|
17%
|
||||||||
Southeast
|
329
|
257
|
28%
|
||||||||
Consolidated
|
449
|
375
|
20%
|
||||||||
Unconsolidated joint ventures
|
―
|
510
|
―
|
||||||||
Total (including joint ventures)
|
$
|
449
|
$
|
377
|
19%
|
Three Months Ended March 31,
|
|||||||||
2014
|
2013
|
% Change
|
|||||||
Net new orders:
|
|||||||||
California
|
473
|
482
|
(2%)
|
||||||
Arizona
|
67
|
75
|
(11%)
|
||||||
Texas
|
235
|
242
|
(3%)
|
||||||
Colorado
|
53
|
62
|
(15%)
|
||||||
Southwest
|
355
|
379
|
(6%)
|
||||||
Florida
|
283
|
293
|
(3%)
|
||||||
Carolinas
|
200
|
240
|
(17%)
|
||||||
Southeast
|
483
|
533
|
(9%)
|
||||||
Consolidated total
|
1,311
|
1,394
|
(6%)
|
||||||
Unconsolidated joint ventures
|
―
|
9
|
(100%)
|
||||||
Total (including joint ventures)
|
1,311
|
1,403
|
(7%)
|
Three Months Ended March 31,
|
|||||||||
2014
|
2013
|
% Change
|
|||||||
Average number of selling communities during the period:
|
|||||||||
California
|
46
|
44
|
5%
|
||||||
Arizona
|
11
|
8
|
38%
|
||||||
Texas
|
35
|
29
|
21%
|
||||||
Colorado
|
10
|
7
|
43%
|
||||||
Southwest
|
56
|
44
|
27%
|
||||||
Florida
|
41
|
37
|
11%
|
||||||
Carolinas
|
31
|
33
|
(6%)
|
||||||
Southeast
|
72
|
70
|
3%
|
||||||
Consolidated total
|
174
|
158
|
10%
|
At March 31,
|
|||||||||||||||||||
2014
|
2013
|
% Change
|
|||||||||||||||||
Homes
|
Dollar Value
|
Homes
|
Dollar Value
|
Homes
|
Dollar Value
|
||||||||||||||
(Dollars in thousands)
|
|||||||||||||||||||
Backlog:
|
|||||||||||||||||||
California
|
530
|
$
|
360,371
|
522
|
$
|
284,033
|
2%
|
27%
|
|||||||||||
Arizona
|
109
|
38,032
|
89
|
24,886
|
22%
|
53%
|
|||||||||||||
Texas
|
376
|
184,452
|
313
|
126,276
|
20%
|
46%
|
|||||||||||||
Colorado
|
108
|
55,930
|
94
|
42,374
|
15%
|
32%
|
|||||||||||||
Southwest
|
593
|
278,414
|
496
|
|
193,536
|
20%
|
44%
|
||||||||||||
Florida
|
552
|
248,543
|
476
|
134,880
|
16%
|
84%
|
|||||||||||||
Carolinas
|
341
|
114,057
|
357
|
107,202
|
(4%)
|
6%
|
|||||||||||||
Southeast
|
893
|
362,600
|
833
|
242,082
|
7%
|
50%
|
|||||||||||||
Consolidated total
|
2,016
|
1,001,385
|
1,851
|
719,651
|
9%
|
39%
|
|||||||||||||
Unconsolidated joint ventures
|
― |
|
―
|
7
|
3,241
|
(100%)
|
(100%)
|
||||||||||||
Total (including joint ventures)
|
2,016
|
$
|
1,001,385
|
1,858
|
$
|
722,892
|
9%
|
39%
|
At March 31,
|
||||||||
2014
|
2013
|
% Change
|
||||||
Homesites owned and controlled:
|
||||||||
California
|
9,545
|
10,407
|
(8%)
|
|||||
Arizona
|
2,302
|
1,902
|
21%
|
|||||
Texas
|
4,555
|
5,165
|
(12%)
|
|||||
Colorado
|
1,254
|
1,174
|
7%
|
|||||
Nevada
|
1,124
|
1,124
|
―
|
|||||
Southwest
|
9,235
|
9,365
|
(1%)
|
|||||
Florida
|
12,257
|
8,445
|
45%
|
|||||
Carolinas
|
4,678
|
3,906
|
20%
|
|||||
Southeast
|
16,935
|
12,351
|
37%
|
|||||
Total (including joint ventures)
|
35,715
|
32,123
|
11%
|
|||||
Homesites owned
|
28,743
|
25,689
|
12%
|
|||||
Homesites optioned or subject to contract
|
6,707
|
5,837
|
15%
|
|||||
Joint venture homesites
|
265
|
597
|
(56%)
|
|||||
Total (including joint ventures)
|
35,715
|
32,123
|
11%
|
|||||
Homesites owned:
|
||||||||
Raw lots
|
6,892
|
5,722
|
20%
|
|||||
Homesites under development
|
9,811
|
8,371
|
17%
|
|||||
Finished homesites
|
6,341
|
5,616
|
13%
|
|||||
Under construction or completed homes
|
3,198
|
2,583
|
24%
|
|||||
Held for sale
|
2,501
|
3,397
|
(26%)
|
|||||
Total
|
28,743
|
25,689
|
12%
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
|
Three Months Ended
|
||||||||||||||
March 31,
2014
|
Gross
Margin %
|
March 31,
2013
|
Gross
Margin %
|
December 31,
2013
|
Gross
Margin %
|
|||||||||
(Dollars in thousands)
|
||||||||||||||
Home sale revenues
|
$
|
446,918
|
$
|
355,126
|
$
|
598,496
|
||||||||
Less: Cost of home sales
|
(328,245)
|
(280,612)
|
(437,988)
|
|||||||||||
Gross margin from home sales
|
118,673
|
26.6%
|
74,514
|
21.0%
|
160,508
|
26.8%
|
||||||||
Add: Capitalized interest included in cost
|
||||||||||||||
of home sales
|
24,368
|
5.4%
|
27,696
|
7.8%
|
32,378
|
5.4%
|
||||||||
Gross margin from home sales, excluding
|
||||||||||||||
interest amortized to cost of home sales
|
$
|
143,041
|
32.0%
|
$
|
102,210
|
28.8%
|
$
|
192,886
|
32.2%
|
March 31,
2014
|
December 31,
2013
|
March 31,
2013
|
||||||||
(Dollars in thousands)
|
||||||||||
Total consolidated debt
|
$
|
1,892,491
|
$
|
1,940,462
|
$
|
1,628,846
|
||||
Less:
|
||||||||||
Financial services indebtedness
|
(52,497)
|
(100,867)
|
(93,276)
|
|||||||
Homebuilding cash
|
(221,400)
|
(376,949)
|
(308,029)
|
|||||||
Adjusted net homebuilding debt
|
1,618,594
|
1,462,646
|
1,227,541
|
|||||||
Stockholders' equity
|
1,513,087
|
1,468,960
|
1,287,207
|
|||||||
Total adjusted book capitalization
|
$
|
3,131,681
|
$
|
2,931,606
|
$
|
2,514,748
|
||||
Total consolidated debt to book capitalization
|
55.6%
|
56.9%
|
55.9%
|
|||||||
Adjusted net homebuilding debt to total adjusted book capitalization
|
51.7%
|
49.9%
|
48.8%
|
|||||||
Homebuilding debt
|
$
|
1,839,994
|
$
|
1,535,570
|
||||||
LTM adjusted homebuilding EBITDA
|
408,806
|
225,958
|
||||||||
Homebuilding debt to adjusted homebuilding EBITDA
|
4.5x
|
6.8x
|
March 31,
|
December 31,
|
||||
2014
|
2013
|
||||
Actual common shares outstanding
|
278,776,082
|
277,618,177
|
|||
Add: Conversion of preferred shares to common shares
|
87,812,786
|
87,812,786
|
|||
Pro forma common shares outstanding
|
366,588,868
|
365,430,963
|
|||
Stockholders' equity (Dollars in thousands)
|
$
|
1,513,087
|
$
|
1,468,960
|
|
Divided by pro forma common shares outstanding
|
÷
|
366,588,868
|
÷
|
365,430,963
|
|
Pro forma stockholders' equity per common share
|
$
|
4.13
|
$
|
4.02
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)
|
Three Months Ended
|
LTM Ended March 31,
|
|||||||||||||||
March 31,
2014
|
March 31,
2013
|
December 31,
2013
|
2014
|
2013
|
||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Net income
|
$
|
38,159
|
$
|
21,824
|
$
|
64,820
|
$
|
205,050
|
$
|
544,722
|
||||||
Provision (benefit) for income taxes
|
23,456
|
13,569
|
36,205
|
78,870
|
(439,852)
|
|||||||||||
Homebuilding interest amortized to cost of sales and interest expense
|
24,983
|
27,885
|
32,909
|
118,876
|
117,078
|
|||||||||||
Homebuilding depreciation and amortization
|
1,145
|
628
|
1,094
|
3,972
|
2,410
|
|||||||||||
Amortization of stock-based compensation
|
2,372
|
1,531
|
2,359
|
9,856
|
7,608
|
|||||||||||
EBITDA
|
90,115
|
65,437
|
137,387
|
416,624
|
231,966
|
|||||||||||
Add:
|
||||||||||||||||
Cash distributions of income from unconsolidated joint ventures
|
―
|
1,875
|
―
|
1,500
|
5,785
|
|||||||||||
Less:
|
||||||||||||||||
Income (loss) from unconsolidated joint ventures
|
(437)
|
1,134
|
(300)
|
(622)
|
566
|
|||||||||||
Income from financial services subsidiary
|
1,544
|
2,355
|
2,218
|
9,940
|
11,227
|
|||||||||||
Adjusted Homebuilding EBITDA
|
$
|
89,008
|
$
|
63,823
|
$
|
135,469
|
$
|
408,806
|
$
|
225,958
|
||||||
Homebuilding revenues
|
$
|
460,199
|
$
|
357,721
|
$
|
606,451
|
$
|
2,017,087
|
$
|
1,370,977
|
||||||
Adjusted Homebuilding EBITDA Margin %
|
19.3%
|
17.8%
|
22.3%
|
20.3%
|
16.5%
|
Three Months Ended
|
LTM Ended March 31,
|
|||||||||||||||
March 31,
2014
|
March 31,
2013
|
December 31,
2013
|
2014
|
2013
|
||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Net cash provided by (used in) operating activities
|
$
|
(117,563)
|
$
|
(58,461)
|
$
|
(27,820)
|
$
|
(213,318)
|
$
|
(299,459)
|
||||||
Add:
|
||||||||||||||||
Provision (benefit) for income taxes
|
23,456
|
13,569
|
36,205
|
78,870
|
(439,852)
|
|||||||||||
Deferred income tax benefit (provision)
|
(23,622)
|
(13,374)
|
(35,725)
|
(94,462)
|
440,626
|
|||||||||||
Homebuilding interest amortized to cost of sales and interest expense
|
24,983
|
27,885
|
32,909
|
118,876
|
117,078
|
|||||||||||
Less:
|
||||||||||||||||
Income from financial services subsidiary
|
1,544
|
2,355
|
2,218
|
9,940
|
11,227
|
|||||||||||
Depreciation and amortization from financial services subsidiary
|
33
|
28
|
32
|
126
|
120
|
|||||||||||
Loss on disposal of property and equipment
|
1
|
15
|
1
|
3
|
52
|
|||||||||||
Net changes in operating assets and liabilities:
|
||||||||||||||||
Trade and other receivables
|
17,549
|
8,916
|
(5,218)
|
11,877
|
1,124
|
|||||||||||
Mortgage loans held for sale
|
(51,938)
|
(140)
|
46,722
|
(49,255)
|
54,732
|
|||||||||||
Inventories-owned
|
188,759
|
73,030
|
100,937
|
531,041
|
344,468
|
|||||||||||
Inventories-not owned
|
8,165
|
4,940
|
11,619
|
46,544
|
33,864
|
|||||||||||
Other assets
|
833
|
(1,829)
|
(564)
|
1,697
|
(3,419)
|
|||||||||||
Accounts payable
|
(1,376)
|
1,578
|
(6,470)
|
(16,279)
|
(1,124)
|
|||||||||||
Accrued liabilities
|
21,340
|
10,107
|
(14,875)
|
3,284
|
(10,681)
|
|||||||||||
Adjusted Homebuilding EBITDA
|
$
|
89,008
|
$
|
63,823
|
$
|
135,469
|
$
|
408,806
|
$
|
225,958
|