EX-99.1 2 ex991.htm PRESS RELEASE ANNOUNCING FINANCIAL RESULTS
Exhibit 99.1
 
News Release
 
 
CalAtlantic Group, Inc. Reports 2016 Second Quarter Results and Announces $500 Million Share Repurchase Program

On October 1, 2015, Standard Pacific Corp. completed its merger transaction with The Ryland Group, Inc., with Standard Pacific continuing as the surviving corporation and changing its name to CalAtlantic Group, Inc.  Because the closing of the merger occurred in the 2015 fourth quarter, the highlights and comparisons below and the other financial information included in this earnings release includes only stand-alone data for predecessor Standard Pacific for the three and six months ended June 30, 2015.  To aid analysts and other investors with year-over-year comparability for the entire merged business, we also are providing limited pro forma information, which combines the stand-alone Standard Pacific and Ryland financial and operating data for the three and six months ended June 30, 2015.  Limited historical Ryland operating data is also presented in the tables beginning on page 16 for informational purposes.
IRVINE, CALIFORNIA, July 28, 2016.  CalAtlantic Group, Inc. (NYSE: CAA) today announced results for the second quarter ended June 30, 2016.

Larry Nicholson, President and Chief Executive Officer of CalAtlantic Group, Inc. commented, "The CalAtlantic team delivered a strong second quarter, with home sales revenue up 17% and adjusted pretax income up 22%*, compared to the pro forma prior year period.  In addition, our SG&A percentage reached a second quarter decade low 10.6% that, when combined with our 21.9% gross margin, delivered an operating margin of 11.2% and EPS of $0.83."  Nicholson continued, "It is gratifying to see the benefits we anticipated from our October 2015 merger showing up in our results."

2016 CalAtlantic Second Quarter Highlights and Comparisons to 2015 Second Quarter
2016 second quarter results are for the combined company and include merger costs and the impact of purchase accounting. The 2015 second quarter includes only the stand-alone results of Standard Pacific.

·
Net new orders of 3,921, up 150%; Dollar value of net new orders up 104%
·
567 average active selling communities, up 179%
·
3,484 new home deliveries, up 167%
·
Average selling price of $447 thousand, down 16%
·
Home sale revenues of $1.6 billion, up 124%
·
Gross margin from home sales of 21.9%, compared to 24.6%
o
Adjusted gross margin from home sales of 22.2%* compared to 24.6% (adjusted 2016 second quarter margin excludes $5.9 million of purchase accounting impact related to the merger)
·
SG&A rate from home sales of 10.6%, compared to 11.5%
·
Operating margin from home sales of $175.2 million, or 11.2%, compared to $90.8 million, or 13.1%
o
Adjusted operating margin from home sales of $181.1 million*, or 11.6%*
·
Net income of $112.8 million, or $0.83 per diluted share, vs. net income of $57.2 million, or $0.72 per diluted share (2016 second quarter results include the impact of $5.0 million of merger costs and $5.9 million of purchase accounting adjustments)
o
Adjusted net income of $119.6 million*, or $0.88 per diluted share*
·
$394.8 million of land purchases and development costs, compared to $190.0 million

2016 CalAtlantic Second Quarter Highlights and Comparisons to Pro Forma 2015 CalAtlantic Second Quarter
To aid analysts and other investors with year-over-year comparability for the entire merged business, we provide the below pro forma information.  This pro forma information is a combination of stand-alone second quarter 2015 Standard Pacific and Ryland financial and
 
operating data compared to actual 2016 CalAtlantic second quarter results.  Such pro forma data was not prepared to comply with Regulation S-X of the SEC Rules and Regulations.

·
Net new orders of 3,921, down 1%; Dollar value of net new orders up 5%
·
567 average active selling communities, up 4%
·
3,484 new home deliveries, up 12%
·
Average selling price of $447 thousand, up 5%
·
Home sale revenues of $1.6 billion, up 17%
·
Pretax income of $179.6 million vs. $156.1 million* (2016 second quarter results include the impact of $5.0 million of merger costs and $5.9 million of purchase accounting adjustments)
o
Adjusted pretax income of $190.5 million*, up 22%
·
$394.8 million of land purchases and development costs, compared to $418.9 million

Orders.  Net new orders for the 2016 second quarter were down 1% from the pro forma 2015 second quarter, to 3,921 homes, with the dollar value of these orders up 5%, and the Company's monthly sales absorption rate was 2.3 per community for the 2016 second quarter, down 5% from both the pro forma 2015 second quarter and the 2016 first quarter, consistent with normal seasonal patterns.  The Company's cancellation rate for the 2016 second quarter was 15%, flat compared to the pro forma 2015 second quarter and up from 12% for the 2016 first quarter.

Backlog.  The dollar value of homes in backlog increased 19% to $3.4 billion, or 7,456 homes, compared to $2.9 billion, or 6,688 homes, for the pro forma 2015 second quarter, and increased 7% compared to $3.2 billion, or 7,019 homes, for the 2016 first quarter.  The increase in pro forma year-over-year backlog value was driven primarily by our continued growth in community count and a 6% increase in the average selling price of the homes in backlog on a pro forma basis, reflecting product mix, geographic mix and continued pricing power in many of our markets.

Revenue.  Revenues from home sales for the 2016 second quarter increased 17%, to $1.6 billion, as compared to the pro forma 2015 second quarter, resulting from a 12% increase on a pro forma basis in new home deliveries and a 5% increase on a pro forma basis in the Company's average home price to $447 thousand.  The increase in average home price was primarily attributable to product mix and general price increases within select markets.

Gross Margin.  Excluding the impact of purchasing accounting, the Company achieved adjusted gross margin from home sales of 22.2%* for the 2016 second quarter.  Unadjusted, the gross margin from homes sales was 21.9%.  The unadjusted second quarter gross margin was adversely impacted by the required fair value adjustment to homes in backlog, speculative homes and models under construction acquired from Ryland in the merger, of which $5.9 million was recognized as an increase to cost of sales during the quarter.

SG&A Expenses. Selling, general and administrative expenses for the 2016 second quarter were $165.7 million, or 10.6%, as compared to $79.9 million, or 11.5%, for the 2015 second quarter.  This 90 basis point improvement was primarily the result of a 124% increase in home sale revenues and the operating leverage gained in connection with the merger. 

Land.  During the 2016 second quarter, the Company spent $394.8 million on land purchases and development costs, compared to $418.9 million for the pro forma 2015 second quarter. The Company purchased $237.9 million of land, consisting of 3,348 homesites, of which 32% (based on homesites) is located in the North region, 20% in the Southeast region, 19% in the Southwest region, and 29% in the West region.  As of June 30, 2016, the Company owned or controlled 67,741 homesites, of which 44,980 were owned and actively selling or under development, 16,794 were controlled or under option, and the remaining 5,967 homesites were held for future development or for sale.

Liquidity.  The Company ended the quarter with $892.6 million of available liquidity, including $256.0 million of unrestricted homebuilding cash and $636.6 million available to borrow under its $750 million revolving credit
 
2
facility. The Company's homebuilding debt to book capitalization as of June 30, 2016 and 2015 was 47.9% and 55.3%, respectively, and adjusted net homebuilding debt to adjusted book capitalization was 45.9%* and 53.9%*, respectively.  In addition, the Company's homebuilding debt to adjusted homebuilding EBITDA for the LTM period ending June 30, 2016 and 2015 was 4.4x* and 4.4x*, respectively.

Bond Offering. During the 2016 second quarter, the Company raised $300 million in proceeds from the issuance of 5.25% Senior Notes due 2026. A portion of the proceeds were initially used to pay down the outstanding balance of the Company's revolving credit facility and will ultimately be used to repay or repurchase the Company's $280 million senior notes which mature in September 2016.

Share Repurchase Program.  The Company's Board of Directors has authorized the repurchase of up to $500 million of the Company's common stock.  This authorization replaces the previous February 2016 $200 million authorization.  The Company's share repurchases may be made, from time to time, on the open market or otherwise.  The amount of any shares purchased and the timing of the purchases will be subject to general business conditions and other factors.  The share repurchase authorization will continue in effect until terminated by the Board of Directors.  The Company intends to retire the repurchased shares.

Earnings Conference Call

A conference call to discuss the Company's 2016 second quarter results will be held at 11:00 a.m. Eastern time July 29, 2016.  The call will be broadcast live over the Internet and can be accessed through the Company's website at http://investors.calatlantichomes.com.  The call will also be accessible via telephone by dialing (877) 780-3379 (domestic) or (719) 325-2100 (international); Passcode: 5476851. The audio transmission with the slide presentation will be available on our website for replay within 2 to 3 hours following the live broadcast, and can be accessed by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international); Passcode: 5476851.

About CalAtlantic Group, Inc.

CalAtlantic Group, Inc. (NYSE: CAA), a combination of Standard Pacific Corp. and Ryland Group, Inc., two of the nation's largest and most respected homebuilders, offers well-crafted homes in thoughtfully designed communities that meet the desires of customers across the homebuilding spectrum, from entry level to luxury, in 41 Metropolitan Statistical Areas spanning 17 states.  With a trusted reputation for quality craftsmanship, an outstanding customer experience and exceptional architectural design earned over its 50 year history, CalAtlantic Group, Inc. utilizes its over five decades of land acquisition, development and homebuilding expertise to acquire and build desirable communities in locations that meet the high expectations of the company's homebuyers.  We invite you to learn more about us by visiting www.calatlantichomes.com.

The pro forma results presented above are not necessarily indicative of how the Company would have performed if Ryland and Standard Pacific were combined for the first six months of 2015 and are not necessarily indicative of the combined Company's future performance. This news release and the referenced earnings conference call contain forward-looking statements.  These statements include but are not limited to statements regarding the integration of the operations of Standard Pacific and Ryland, the future success of those combined operations; new home orders; deliveries; backlog; absorption rates; cancellation rates; average home price; revenue; profitability; cash flow; liquidity; gross margin; operating margin; product mix; land supply; our liquidity; the repayment of our September 2016 senior notes; and the amount and timing of share repurchases.  Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements.  Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied.  Such factors include but are not limited to:  local and general economic and market conditions, including consumer confidence, employment rates, interest rates, the cost and availability of mortgage financing, and stock market, home and land valuations; the impact on economic conditions, terrorist attacks or the outbreak or escalation of armed conflict involving the United States; the cost and availability of suitable undeveloped land, building materials and labor; the cost and availability of construction financing and corporate debt and equity capital; our significant amount of debt and the impact of restrictive covenants in our debt agreements; our ability to repay our debt as it comes due; changes in our credit rating or outlook; the demand for and affordability of single-family homes; the supply of housing for sale; cancellations of purchase contracts by homebuyers; the cyclical and competitive nature of the Company's business; governmental regulation, including the impact of "slow growth" or similar initiatives; delays in the land entitlement process, development, construction, or the opening of new home communities; adverse weather conditions and natural disasters; environmental matters; risks relating to the Company's mortgage banking operations; future business decisions and the Company's ability to successfully implement the Company's operational and other strategies; litigation and warranty claims; and other risks discussed in the
 
3
Company's filings with the Securities and Exchange Commission, including in the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2015 and subsequent Quarterly Reports on Form 10-Q.  The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements.  The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release.  No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

Contact:
Jeff McCall, EVP & CFO (240) 532-3888, jeff.mccall@calatl.com

*Please see "Reconciliation of Non-GAAP Financial Measures" beginning on page 13.

###

(Note: Tables Follow)
 
 
 
4
KEY STATISTICS AND FINANCIAL DATA1
 
 
     
As of or For the Three Months Ended
     
June 30,
  
June 30,
  
Percentage
  
March 31,
  
Percentage
     
2016
  
2015
  
or % Change
  
2016
  
or % Change
Select Operating Data
(Dollars in thousands)
                             
Deliveries
  
 3,484
    
 1,305
  
167%
    
 2,727
  
28%
Average selling price
$
 447
  
$
 532
  
(16%)
  
$
 432
  
3%
Home sale revenues
$
 1,558,701
  
$
 694,678
  
124%
  
$
 1,179,165
  
32%
Gross margin % (including land sales)
  
21.6%
    
24.6%
  
(3.0%)
    
20.8%
  
0.8%
Gross margin % from home sales
  
21.9%
    
24.6%
  
(2.7%)
    
21.0%
  
0.9%
Adjusted gross margin % from home sales (excluding purchase
                    
 
accounting adjustments included in cost of home sales)*
22.2%
    
24.6%
  
(2.4%)
    
22.0%
  
0.2%
Adjusted gross margin % from home sales (excluding purchase
                    
 
accounting adjustments and interest amortized to cost of
                      
 
home sales)*
  
24.8%
    
29.6%
  
(4.8%)
    
24.6%
  
0.2%
Incentive and stock-based compensation expense
$
 17,275
  
$
 6,520
  
165%
  
$
 10,270
  
68%
Selling expenses
$
 81,396
  
$
 35,873
  
127%
  
$
 63,060
  
29%
G&A expenses (excluding incentive and stock-based
                        
 
compensation expenses)
$
 67,023
  
$
 37,517
  
79%
  
$
 63,371
  
6%
SG&A expenses
$
 165,694
  
$
 79,910
  
107%
  
$
 136,701
  
21%
SG&A % from home sales
  
10.6%
    
11.5%
  
(0.9%)
    
11.6%
  
(1.0%)
Operating margin from home sales
$
 175,214
  
$
 90,835
  
93%
  
$
 110,336
  
59%
Operating margin % from home sales
  
11.2%
    
13.1%
  
(1.9%)
    
9.4%
  
1.8%
Adjusted operating margin from home sales*
$
 181,072
  
$
 90,835
  
99%
  
$
 123,013
  
47%
Adjusted operating margin % from home sales*
  
11.6%
    
13.1%
  
(1.5%)
    
10.4%
  
1.2%
Net new orders
  
 3,921
    
 1,567
  
150%
    
 4,135
  
(5%)
Net new orders (dollar value)
$
 1,749,217
  
$
 857,747
  
104%
  
$
 1,798,050
  
(3%)
Average active selling communities
  
 567
    
 203
  
179%
    
 571
  
(1%)
Monthly sales absorption rate per community
  
 2.3
    
 2.6
  
(10%)
    
 2.4
  
(5%)
Cancellation rate
  
15%
    
15%
  
―
    
12%
  
3%
Gross cancellations
  
711
    
 268
  
165%
    
 571
  
25%
Backlog (homes)
  
 7,456
    
 2,572
  
190%
    
 7,019
  
6%
Backlog (dollar value)
$
 3,428,713
  
$
 1,484,544
  
131%
  
$
 3,212,079
  
7%
                             
Land purchases (incl. seller financing)
$
 237,925
  
$
 98,627
  
141%
  
$
 215,419
  
10%
Adjusted Homebuilding EBITDA*
$
 243,048
  
$
 140,728
  
73%
  
$
 171,230
  
42%
Adjusted Homebuilding EBITDA Margin %*
  
15.4%
    
20.1%
  
(4.7%)
    
14.4%
  
1.0%
Homebuilding interest incurred
$
 55,610
  
$
 41,857
  
33%
  
$
 62,725
  
(11%)
Homebuilding interest capitalized to inventories owned
$
 54,564
  
$
 41,508
  
31%
  
$
 61,845
  
(12%)
Homebuilding interest capitalized to investments in JVs
$
 1,046
  
$
 349
  
200%
  
$
 880
  
19%
Interest amortized to cost of sales (incl. cost of land sales)
$
 41,830
  
$
 36,563
  
14%
  
$
 30,382
  
38%
 
     
As of
     
June 30,
  
December 31,
  
Percentage
     
2016
  
2015
  
or % Change
Select Balance Sheet Data
(Dollars in thousands, except per share amounts)
                   
Homebuilding cash (including restricted cash)
$
 286,840
  
$
 187,066
  
53%
Inventories owned
$
 6,421,737
  
$
 6,069,959
  
6%
Goodwill
$
 969,048
  
$
 933,360
  
4%
Homesites owned and controlled
  
 67,741
    
 70,494
  
(4%)
Homes under construction
  
 7,338
    
 6,081
  
21%
Completed specs
  
 957
    
 1,325
  
(28%)
Homebuilding debt
$
 3,715,698
  
$
 3,487,699
  
7%
Stockholders' equity
$
 4,039,955
  
$
 3,861,436
  
5%
Stockholders' equity per share
$
 34.12
  
$
 31.84
  
7%
Total consolidated debt to book capitalization
  
49.1%
    
49.5%
  
(0.4%)
Adjusted net homebuilding debt to total adjusted
              
 
book capitalization*
  
45.9%
    
46.1%
  
(0.2%)
 
5
 
PRO FORMA KEY STATISTICS AND FINANCIAL DATA1
 
     
As of or For the Three Months Ended
     
Actual
 June 30,
  
Pro Forma
 June 30,
  
Percentage
  
Actual
 March 31,
  
Percentage
     
2016
  
2015
  
or % Change
  
2016
  
or % Change
Select Operating Data
(Dollars in thousands)
                             
Deliveries
  
 3,484
    
 3,119
  
12%
    
 2,727
  
28%
Average selling price
$
 447
  
$
 427
  
5%
  
$
 432
  
3%
Home sale revenues
$
 1,558,701
  
$
 1,331,079
*
17%
  
$
 1,179,165
  
32%
Pretax income
$
 179,617
  
$
 156,066
*
15%
  
$
 115,204
  
56%
Pretax income (excluding purchase accounting adjustments
                
  included in cost of home sales and merger costs)*
$
 190,480
  
$
 156,066
  
22%
  
$
 132,725
  
44%
Net new orders
  
 3,921
    
 3,954
  
(1%)
    
 4,135
  
(5%)
Net new orders (dollar value)
$
 1,749,217
  
$
 1,670,731
  
5%
  
$
 1,798,050
  
(3%)
Average active selling communities
  
 567
    
 546
  
4%
    
 571
  
(1%)
Monthly sales absorption rate per community
  
 2.3
    
 2.4
  
(5%)
    
 2.4
  
(5%)
Cancellation rate
  
15%
    
15%
  
―
    
12%
  
3%
Gross cancellations
  
 711
    
 704
  
1%
    
 571
  
25%
Backlog (homes)
  
 7,456
    
 6,688
  
11%
    
 7,019
  
6%
Backlog (dollar value)
$
 3,428,713
  
$
 2,891,927
  
19%
  
$
 3,212,079
  
7%
                             
Land purchases (incl. seller financing)
$
 237,925
  
$
 250,860
  
(5%)
  
$
 215,419
  
10%





1All statistical numbers exclude unconsolidated joint ventures unless noted otherwise.
*Please see "Reconciliation of Non-GAAP Financial Measures" beginning on page 13.
6
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
     
Three Months Ended June 30,
    
Six Months Ended June 30,
  
   
2016
    
2015
    
2016
    
2015
  
     
(Dollars in thousands, except per share amounts)
  
     
(Unaudited)
  
Homebuilding:
                
Home sale revenues
  
$
1,558,701
    
$
694,678
    
$
2,737,866
    
$
1,163,057
  
Land sale revenues
    
19,661
      
4,954
      
26,179
      
6,853
  
Total revenues
    
1,578,362
      
699,632
      
2,764,045
      
1,169,910
  
Cost of home sales
    
(1,217,793
)
    
(523,933
)
    
(2,149,921
)
    
(878,750
)
Cost of land sales
    
(19,212
)
    
(3,758
)
    
(25,579
)
    
(5,114
)
Total cost of sales
    
(1,237,005
)
    
(527,691
)
    
(2,175,500
)
    
(883,864
)
Gross margin
    
341,357
      
171,941
      
588,545
      
286,046
  
Gross margin %
    
21.6
%
    
24.6
%
    
21.3
%
    
24.5
%
Selling, general and administrative expenses
    
(165,694
)
    
(79,910
)
    
(302,395
)
    
(145,980
)
Income (loss) from unconsolidated joint ventures
    
223
      
(51
)
    
1,412
      
(502
)
Other income (expense)
    
(4,415
)
    
(5,276
)
    
(7,823
)
    
(5,572
)
Homebuilding pretax income
    
171,471
      
86,704
      
279,739
      
133,992
  
Financial Services:
                                
Revenues
    
20,539
      
7,411
      
38,091
      
12,804
  
Expenses
    
(12,393
)
    
(4,593
)
    
(23,009
)
    
(8,778
)
Financial services pretax income
    
8,146
      
2,818
      
15,082
      
4,026
  
Income before taxes
    
179,617
      
89,522
      
294,821
      
138,018
  
Provision for income taxes
    
(66,857
)
    
(32,324
)
    
(109,400
)
    
(49,215
)
Net income
    
112,760
      
57,198
      
185,421
      
88,803
  
  Less: Net income allocated to preferred shareholder
    
―
      
(13,798
)
    
―
      
(21,475
)
  Less: Net income allocated to unvested restricted stock
    
(251
)
    
(112
)
    
(350
)
    
(181
)
Net income available to common stockholders
  
$
112,509
    
$
43,288
    
$
185,071
    
$
67,147
  
                                 
Income Per Common Share:
                                
Basic
  
$
0.95
    
$
0.79
    
$
1.55
    
$
1.22
  
Diluted
  
$
0.83
    
$
0.72
    
$
1.36
    
$
1.12
  
                                 
Weighted Average Common Shares Outstanding:
                                
Basic
    
118,419,937
      
55,099,690
      
119,617,438
      
54,914,435
  
Diluted
    
136,088,146
      
62,110,779
      
137,277,899
      
62,081,531
  
                                 
Weighted average additional common shares outstanding
                          
if preferred shares converted to common shares
    
―
      
17,562,557
      
―
      
17,562,557
  
                                 
Total weighted average diluted common shares outstanding
                          
if preferred shares converted to common shares
    
136,088,146
      
79,673,336
      
137,277,899
      
79,644,088
  
                                 
Cash Dividends Per Common Share
  
$
0.04
    
$
―
    
$
0.08
    
$
―
  

7
CONDENSED CONSOLIDATED BALANCE SHEETS
 
   
June 30,
    
December 31,
  
   
2016
    
2015
  
   
(Dollars in thousands)
  
ASSETS
  
(Unaudited)
      
Homebuilding:
        
Cash and equivalents
  
$
256,007
    
$
151,076
  
Restricted cash    
30,833
      
35,990
  
Inventories:                
Owned    
6,421,737
      
6,069,959
  
Not owned    
81,603
      
83,246
  
Investments in unconsolidated joint ventures
    
147,631
      
132,763
  
Deferred income taxes, net
    
337,538
      
396,194
  
Goodwill    
969,048
      
933,360
  
Other assets    
117,484
      
118,768
  
Total Homebuilding Assets
    
8,361,881
      
7,921,356
  
Financial Services:
                
Cash and equivalents
    
31,863
      
35,518
  
Restricted cash    
22,008
      
22,914
  
Mortgage loans held for sale, net
    
188,977
      
325,770
  
Mortgage loans held for investment, net
    
25,394
      
22,704
  
Other assets    
19,854
      
17,243
  
Total Financial Services Assets
    
288,096
      
424,149
  
Total Assets
  
$
8,649,977
    
$
8,345,505
  
                 
LIABILITIES AND EQUITY
                
Homebuilding:
                
Accounts payable
  
$
215,761
    
$
191,681
  
Accrued liabilities    
477,950
      
478,793
  
Secured project debt and other notes payable
    
41,139
      
25,683
  
Senior notes payable
    
3,674,559
      
3,462,016
  
Total Homebuilding Liabilities
    
4,409,409
      
4,158,173
  
Financial Services:
                
Accounts payable and other liabilities
    
26,099
      
22,474
  
Mortgage credit facilities
    
174,514
      
303,422
  
Total Financial Services Liabilities
    
200,613
      
325,896
  
Total Liabilities
    
4,610,022
      
4,484,069
  
Equity:
                
Stockholders' Equity:
                
Preferred stock
    
―
      
―
  
Common stock
    
1,184
      
1,213
  
Additional paid-in capital
    
3,326,943
      
3,324,328
  
Accumulated earnings
    
711,784
      
535,890
  
Accumulated other comprehensive income, net of tax
    
44
      
5
  
Total Equity
    
4,039,955
      
3,861,436
  
Total Liabilities and Equity
  
$
8,649,977
    
$
8,345,505
  
 
INVENTORIES
 
   
June 30,
    
December 31,
  
   
2016
    
2015
  
   
(Dollars in thousands)
  
 
  
(Unaudited)
      
Inventories Owned:        
     Land and land under development
  
$
3,440,809
    
$
3,546,289
  
     Homes completed and under construction
    
2,468,011
      
2,039,597
  
     Model homes
    
512,917
      
484,073
  
        Total inventories owned
  
$
6,421,737
    
$
6,069,959
  
                 
Inventories Owned by Segment:                
     North
  
$
821,897
    
$
703,651
  
     Southeast
    
1,834,044
      
1,753,301
  
     Southwest
    
1,422,325
      
1,400,524
  
     West
    
2,343,471
      
2,212,483
  
        Total inventories owned
  
$
6,421,737
    
$
6,069,959
  
8

REGIONAL OPERATING DATA
 
During the 2015 third quarter, in connection with the transition planning related to the merger, the Company began evaluating the business and allocating resources based on the post-merger homebuilding operating segments of CalAtlantic. The Company's homebuilding operating segments are grouped into four reportable segments: North (Baltimore, Chicago, Delaware, Indianapolis, Metro Washington, D.C., Minneapolis/St. Paul, New Jersey, Northern Virginia, Philadelphia and Atlanta); Southeast (Florida and the Carolinas); Southwest (Texas, Colorado and Nevada) and West (California and Arizona).  All prior periods have been restated to conform to CalAtlantic's new presentation.
         
Three Months Ended June 30,
         
2016
  
2015
  
% Change
         
Homes
  
ASP
  
Homes
  
ASP
  
Homes
  
ASP
         
(Dollars in thousands)
New homes delivered:
                                    
 
North
    
 711
  
$
 339
    
 n/a
  
$
 n/a
    
n/a
    
n/a
 
Southeast
    
 983
    
 392
    
 476
    
 414
    
107%
    
(5%)
 
Southwest
    
 1,003
    
 432
    
 338
    
 538
    
197%
    
(20%)
 
West
  
 
 787
  
 
 634
  
 
 491
  
 
 643
  
 
60%
  
 
(1%)
     
Consolidated total
  
 
 3,484
  
$
 447
  
 
 1,305
  
$
 532
  
 
167%
  
 
(16%)
 
         
Six Months Ended June 30,
         
2016
  
2015
  
% Change
         
Homes
  
ASP
  
Homes
  
ASP
  
Homes
  
ASP
         
(Dollars in thousands)
New homes delivered:
                                    
 
North
    
 1,272
  
$
 336
    
 n/a
  
$
 n/a
    
n/a
    
n/a
 
Southeast
    
 1,696
    
 391
    
 861
    
 398
    
97%
    
(2%)
 
Southwest
    
 1,857
    
 418
    
 576
    
 524
    
222%
    
(20%)
 
West
  
 
 1,386
  
 
 629
  
 
 840
  
 
 618
  
 
65%
  
 
2%
     
Consolidated total
  
 
 6,211
  
$
 441
  
 
 2,277
  
$
 511
  
 
173%
  
 
(14%)
 
          Three Months Ended June 30,
         
2016
  
2015
  
% Change
         
Homes
  
ASP
  
Homes
  
ASP
  
Homes
  
ASP
         
(Dollars in thousands)
Net new orders:
                                    
 
North
    
 933
  
$
 331
    
 n/a
  
$
 n/a
    
 n/a
    
 n/a
 
Southeast
    
 1,112
    
 377
    
 524
    
 446
    
112%
    
(15%)
 
Southwest
    
 945
    
 431
    
 406
    
 509
    
133%
    
(15%)
 
West
  
 
 931
  
 
 659
  
 
 637
  
 
 655
  
 
46%
  
 
1%
     
Consolidated total
  
 
 3,921
  
$
 446
  
 
 1,567
  
$
 547
  
 
150%
  
 
(18%)
 
         
Six Months Ended June 30,
         
2016
  
2015
  
% Change
         
Homes
  
ASP
  
Homes
  
ASP
  
Homes
  
ASP
         
(Dollars in thousands)
Net new orders:
                                    
 
North
    
 1,824
  
$
 331
    
 n/a
  
$
 n/a
    
 n/a
    
 n/a
 
Southeast
    
 2,313
    
 374
    
 1,082
    
 434
    
114%
    
(14%)
 
Southwest
    
 2,076
    
 429
    
 798
    
 509
    
160%
    
(16%)
 
West
  
 
 1,843
  
 
 645
  
 
 1,258
  
 
 646
  
 
47%
  
 
(0%)
     
Consolidated total
  
 
 8,056
  
$
 440
  
 
 3,138
  
$
 538
  
 
157%
  
 
(18%)
 
          Three Months Ended June 30,   Six Months Ended June 30,
         
2016
  
2015
  
% Change
  
2016
  
2015
  
% Change
Average number of selling communities
                        
  during the period:
                        
 
North
  
126
  
n/a
  
n/a
  
121
  
n/a
  
n/a
 
Southeast
  
 179
  
 88
  
103%
  
 180
  
 85
  
112%
 
Southwest
  
 169
  
 55
  
207%
  
 172
  
 55
  
213%
 
West
  
 93
  
 60
  
55%
  
 94
  
 60
  
57%
     
Consolidated total
  
 567
  
 203
  
179%
  
 567
  
 200
  
184%




9

REGIONAL OPERATING DATA (Continued)
 
         
At June 30,
         
2016
  
2015
  
% Change
         
Homes
  
Dollar Value
  
Homes
  
Dollar Value
  
Homes
  
Dollar Value
         
(Dollars in thousands)
Backlog:
                                    
 
North
    
 1,555
  
$
 524,001
    
 n/a
  
$
 n/a
    
 n/a
    
 n/a
 
Southeast
    
 2,238
    
 923,385
    
 992
    
 507,937
    
126%
    
82%
 
Southwest
    
 2,121
    
 970,020
    
 768
    
 406,427
    
176%
    
139%
 
West
  
 
 1,542
  
 
 1,011,307
  
 
 812
  
 
 570,180
  
 
90%
  
 
77%
     
Consolidated total
  
 
 7,456
  
$
 3,428,713
  
 
 2,572
  
$
 1,484,544
  
 
190%
  
 
131%
 
         
At June 30,
         
2016
  
2015
  
% Change
Homesites owned and controlled:
            
 
North
  
 15,636
  
 n/a
  
 n/a
 
Southeast
  
 23,033
  
 16,765
  
37%
 
Southwest
  
 15,006
  
 6,324
  
137%
 
West
  
 14,066
  
 12,945
  
9%
   
Total (including joint ventures)
  
 67,741
  
 36,034
  
88%
                   
 
Homesites owned
  
 50,947
  
 28,866
  
76%
 
Homesites optioned or subject to contract
  
 15,412
  
 6,123
  
152%
 
Joint venture homesites
  
 1,382
  
 1,045
  
32%
   
Total (including joint ventures)
  
 67,741
  
 36,034
  
88%
                   
Homesites owned:
            
 
Raw lots
  
 11,880
  
 7,116
  
67%
 
Homesites under development
  
 13,200
  
 8,361
  
58%
 
Finished homesites
  
 13,618
  
 7,397
  
84%
 
Under construction or completed homes
  
 10,015
  
 4,010
  
150%
 
Held for sale
  
 2,234
  
 1,982
  
13%
   
Total
  
 50,947
  
 28,866
  
76%



10
PRO FORMA REGIONAL OPERATING DATA
         
Three Months Ended June 30,
         
Actual
 2016
  
Pro Forma
 2015
  
% Change
         
Homes
  
ASP
  
Homes
  
ASP
  
Homes
  
ASP
         
(Dollars in thousands)
New homes delivered:
                                    
 
North
    
 711
  
$
 339
    
 650
  
$
 339
    
9%
    
        ―
 
Southeast
    
 983
    
 392
    
 901
    
 356
    
9%
    
10%
 
Southwest
    
 1,003
    
 432
    
 920
    
 421
    
9%
    
3%
 
West
  
 
 787
  
 
 634
  
 
 648
  
 
 622
  
 
21%
  
 
2%
     
Consolidated total
  
 
 3,484
  
$
 447
  
 
 3,119
  
$
 427
  
 
12%
  
 
5%
 
         
Six Months Ended June 30,
         
Actual
 2016
  
Pro Forma
 2015
  
% Change
         
Homes
  
ASP
  
Homes
  
ASP
  
Homes
  
ASP
         
(Dollars in thousands)
New homes delivered:
                                    
 
North
    
 1,272
  
$
 336
    
 1,172
  
$
 341
    
9%
    
(1%)
 
Southeast
    
 1,696
    
 391
    
 1,613
    
 346
    
5%
    
13%
 
Southwest
    
 1,857
    
 418
    
 1,662
    
 406
    
12%
    
3%
 
West
  
 
 1,386
  
 
 629
  
 
 1,107
  
 
 604
  
 
25%
  
 
4%
     
Consolidated total
  
 
 6,211
  
$
 441
  
 
 5,554
  
$
 414
  
 
12%
  
 
7%
 
         
Three Months Ended June 30,
         
Actual
 2016
  
Pro Forma
 2015
  
% Change
         
Homes
  
ASP
  
Homes
  
ASP
  
Homes
  
ASP
         
(Dollars in thousands)
Net new orders:
                                    
 
North
    
 933
  
$
 331
    
 747
  
$
 338
    
25%
    
(2%)
 
Southeast
    
 1,112
    
 377
    
 1,103
    
 365
    
1%
    
3%
 
Southwest
    
 945
    
 431
    
 1,243
    
 409
    
(24%)
    
5%
 
West
  
 
 931
  
 
 659
  
 
 861
  
 
 590
  
 
8%
  
 
12%
     
Consolidated total
  
 
 3,921
  
$
 446
  
 
 3,954
  
$
 423
  
 
(1%)
  
 
5%
 
         
Six Months Ended June 30,
         
Actual
 2016
  
Pro Forma
 2015
  
% Change
         
Homes
  
ASP
  
Homes
  
ASP
  
Homes
  
ASP
         
(Dollars in thousands)
Net new orders:
                                    
 
North
    
 1,824
  
$
 331
    
 1,565
  
$
 336
    
17%
    
(1%)
 
Southeast
    
 2,313
    
 374
    
 2,240
    
 360
    
3%
    
4%
 
Southwest
    
 2,076
    
 429
    
 2,388
    
 406
    
(13%)
    
6%
 
West
  
 
 1,843
  
 
 645
  
 
 1,721
  
 
 589
  
 
7%
  
 
10%
     
Consolidated total
  
 
 8,056
  
$
 440
  
 
 7,914
  
$
 419
  
 
2%
  
 
5%
 
         
Three Months Ended June 30,
  
Six Months Ended June 30,
         
Actual
 2016
  
Pro Forma
 2015
  
% Change
  
Actual
 2016
  
Pro Forma
 2015
  
% Change
Average number of selling
                        
  communities during the period:
                        
 
North
  
126
  
113
  
12%
  
121
  
116
  
4%
 
Southeast
  
 179
  
 169
  
6%
  
 180
  
 167
  
8%
 
Southwest
  
 169
  
 184
  
(8%)
  
 172
  
 182
  
(5%)
 
West
  
 93
  
 80
  
16%
  
 94
  
 81
  
16%
     
Consolidated total
  
 567
  
 546
  
4%
  
 567
  
 546
  
4%
 
 
11
 
PRO FORMA REGIONAL OPERATING DATA (Continued)
 
         
At June 30,
         
Actual
 2016
  
Pro Forma
 2015
  
% Change
         
Homes
  
Dollar
 Value
  
Homes
  
Dollar
 Value
  
Homes
  
Dollar
 Value
         
(Dollars in thousands)
Backlog:
                                    
 
North
    
 1,555
  
$
 524,001
    
 1,366
  
$
 463,663
    
14%
    
13%
 
Southeast
    
 2,238
    
 923,385
    
 2,005
    
 812,686
    
12%
    
14%
 
Southwest
    
 2,121
    
 970,020
    
 2,152
    
 906,891
    
(1%)
    
7%
 
West
  
 
 1,542
  
 
 1,011,307
  
 
 1,165
  
 
 708,687
  
 
32%
  
 
43%
     
Consolidated total
  
 
 7,456
  
$
 3,428,713
  
 
 6,688
  
$
 2,891,927
  
 
11%
  
 
19%
 
         
At June 30,
         
Actual
 2016
  
Pro Forma
 2015
  
% Change
Homesites owned and controlled:
            
 
North
  
 15,636
  
 16,350
  
(4%)
 
Southeast
  
 23,033
  
 27,636
  
(17%)
 
Southwest
  
 15,006
  
 17,167
  
(13%)
 
West
  
 14,066
  
 15,298
  
(8%)
   
Total (including joint ventures)
  
 67,741
  
 76,451
  
(11%)
                   
 
Homesites owned
  
 50,947
  
 54,961
  
(7%)
 
Homesites optioned or subject to contract
  
 15,412
  
 19,834
  
(22%)
 
Joint venture homesites
  
 1,382
  
 1,656
  
(17%)
   
Total (including joint ventures)
  
 67,741
  
 76,451
  
(11%)
                   
Homesites owned:
            
 
Raw lots
  
 11,880
  
 10,890
  
9%
 
Homesites under development
  
 13,200
  
 24,079
  
(45%)
 
Finished homesites
  
 13,618
  
 8,269
  
65%
 
Under construction or completed homes
  
 10,015
  
 9,622
  
4%
 
Held for sale
  
 2,234
  
 2,101
  
6%
   
Total
  
 50,947
  
 54,961
  
(7%)
12

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
 
Each of the below measures are non-GAAP financial measures and other companies may calculate such non-GAAP measures differently.  Due to the significance of the GAAP components excluded, such measures should not be considered in isolation or as an alternative to operating performance measures prescribed by GAAP.
 
The table set forth below reconciles the Company's gross margin percentage from home sales to adjusted gross margin percentage from home sales, excluding purchase accounting adjustments related to the merger and interest amortized to cost of home sales.  The table set forth below also calculates adjusted operating margin percentage from home sales, excluding purchase accounting adjustments related to the merger.  We believe these measures are useful to management and investors as they provide perspective on the underlying operating performance of the business excluding these charges and provide comparability with the Company's peer group.
 
 
Three Months Ended
 
June 30,
 2016
  
Gross
 Margin %
  
June 30,
 2015
  
Gross
 Margin %
  
March 31,
 2016
  
Gross
 Margin %
 
(Dollars in thousands)
                             
Home sale revenues
$
 1,558,701
      
$
 694,678
      
$
 1,179,165
    
Less: Cost of home sales
 
 (1,217,793)
      
 
 (523,933)
      
 
 (932,128)
    
Gross margin from home sales
  
 340,908
  
21.9%
    
 170,745
  
24.6%
    
 247,037
  
21.0%
Add: Purchase accounting adjustments included
                            
   in cost of home sales
 
 5,858
  
0.3%
  
 
   ― 
 
n/a
  
 
 12,677
  
1.0%
Adjusted gross margin from home sales, excluding purchase
                        
  accounting adjustments included in cost of home sales
 
 346,766
  
22.2%
  
 
 170,745
  
24.6%
  
 
 259,714
  
22.0%
Add: Capitalized interest included in cost
                            
  of home sales
 
 40,528
  
2.6%
  
 
 35,051
  
5.0%
  
 
 30,203
  
2.6%
Adjusted gross margin from home sales, excluding
                            
  purchase accounting adjustments and interest
                            
  amortized to cost of home sales
$
 387,294
  
24.8%
  
$
 205,796
  
29.6%
  
$
 289,917
  
24.6%
                             
                             
Adjusted gross margin from home sales, excluding purchase
                        
  accounting adjustments included in cost of home sales
$
 346,766
  
22.2%
  
$
 170,745
  
24.6%
  
$
 259,714
  
22.0%
Less: Selling, general and administrative expenses
 
 (165,694)
  
(10.6%)
  
 
 (79,910)
  
(11.5%)
  
 
 (136,701)
  
(11.6%)
Adjusted operating margin from home sales, excluding
                            
  purchase accounting adjustments
$
 181,072
  
11.6%
  
$
 90,835
  
13.1%
  
$
 123,013
  
10.4%




13

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)
 
The table set forth below reconciles the Company's pretax income to adjusted pretax income and adjusted net income, excluding purchase accounting adjustments and merger transaction related costs.  We believe these measures are useful to management and investors as they provide perspective on the underlying operating performance of the business excluding these charges and provide comparability with the Company's peer group.
 
    
Three Months Ended
  
   
June 30, 2016
    
March 31, 2016
  
     (Dollars in thousands, except per share amounts)  
         
Pretax income
  
$
179,617
    
$
115,204
  
Add:
                
Purchase accounting adjustments included in cost of home sales
    
5,858
      
12,677
  
Merger transaction related costs
    
5,005
      
4,844
  
Adjusted pretax income
    
190,480
      
132,725
  
Less: Adjusted tax provision including the add back of purchase
                
        accounting adjustments and merger costs
    
(70,900
)
    
(49,013
)
Adjusted net income
  
$
119,580
    
$
83,712
  
                 
Less: Net income allocated to unvested restricted stock
    
(266
)
    
(130
)
Add: Interest on convertible senior notes
    
235
      
(226
)
Adjusted net income available to common stock for diluted
                
   earnings per share
  
$
119,549
    
$
83,356
  
Adjusted diluted earnings per share
  
$
0.88
    
$
0.60
  
Total weighted average diluted common shares outstanding
    
136,088,146
      
138,430,580
  

The table set forth below reconciles the Company's total consolidated debt to adjusted net homebuilding debt and provides the Company's total consolidated debt to book capitalization and adjusted net homebuilding debt to total adjusted book capitalization ratios.  In addition, the table set forth below calculates homebuilding debt to adjusted homebuilding EBITDA.  We believe these ratios are useful to management and investors as a measure of the Company's ability to obtain financing.  For purposes of the ratio of adjusted net homebuilding debt to total adjusted book capitalization, total adjusted book capitalization is adjusted net homebuilding debt plus stockholders' equity.  Adjusted net homebuilding debt excludes indebtedness of the Company's financial services subsidiary and additionally reflects the offset of cash and equivalents.
 
     
June 30,
 2016
  
March 31,
 2016
  
December 31,
 2015
  
June 30,
 2015
     
(Dollars in thousands)
                           
Total consolidated debt
$
 3,890,212
  
$
 3,831,755
  
$
 3,791,121
  
$
 2,259,379
Less:
                      
 
Financial services indebtedness
  
 (174,514)
    
 (164,943)
    
 (303,422)
    
 (90,341)
 
Homebuilding cash, including restricted cash
  
 (286,840)
    
 (204,180)
    
 (187,066)
    
 (116,802)
Adjusted net homebuilding debt
 
 3,428,858
  
 
 3,462,632
  
 
 3,300,633
  
 
 2,052,236
Stockholders' equity
 
 4,039,955
  
 
 3,941,969
  
 
 3,861,436
  
 
 1,752,543
Total adjusted book capitalization
$
 7,468,813
  
$
 7,404,601
  
$
 7,162,069
  
$
 3,804,779
                           
Total consolidated debt to book capitalization
 
49.1%
  
 
49.3%
  
 
49.5%
  
 
56.3%
                           
Adjusted net homebuilding debt to total adjusted book capitalization
 
45.9%
  
 
46.8%
  
 
46.1%
  
 
53.9%
                           
Homebuilding debt
$
 3,715,698
  
$
 3,666,812
  
$
 3,487,699
  
$
 2,169,038
LTM adjusted homebuilding EBITDA
$
842,628
  
$
 740,308
  
$
 648,313
  
$
498,060
                           
Homebuilding debt to adjusted homebuilding EBITDA
 
 4.4x
  
 
 5.0x
  
 
 5.4x
  
 
 4.4x


14
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)
 
The table set forth below calculates EBITDA and Adjusted Homebuilding EBITDA.  Adjusted Homebuilding EBITDA means net income (plus cash distributions of income from unconsolidated joint ventures) before (a) income taxes, (b) homebuilding interest expense, (c) expensing of previously capitalized interest included in cost of sales, (d) impairment charges and deposit write-offs, (e) (gain) loss on early extinguishment of debt, (f) homebuilding depreciation and amortization, including amortization of capitalized model costs, (g) amortization of stock-based compensation, (h) income (loss) from unconsolidated joint ventures, (i) income (loss) from financial services subsidiaries, (j) purchase accounting adjustments and (k) merger and other one-time transaction related costs.  Other companies may calculate Adjusted Homebuilding EBITDA (or similarly titled measures) differently.  We believe Adjusted Homebuilding EBITDA information is useful to management and investors as it provides perspective on the underlying performance of the business.  Adjusted Homebuilding EBITDA is a non-GAAP financial measure and due to the significance of the GAAP components excluded, should not be considered in isolation or as an alternative to net income, cash flow from operations or any other operating or liquidity performance measure prescribed by GAAP.
 
     
Three Months Ended
  
LTM Ended June 30,
     
June 30,
 2016
  
June 30,
 2015
  
March 31,
 2016
  
2016
  
2015
     
(Dollars in thousands)
                                 
Net income
$
 112,760
  
$
 57,198
  
$
 72,661
  
$
 310,127
  
$
 210,046
 
Provision for income taxes
  
 66,857
    
 32,324
    
 42,543
    
 189,165
    
 124,475
 
Homebuilding interest amortized to cost of sales
  
 41,830
    
 36,563
    
 30,382
    
 152,392
    
 127,514
 
Homebuilding depreciation and amortization
  
 15,381
    
 8,964
    
 12,012
    
 53,460
    
 30,172
 
Amortization of stock-based compensation
 
 3,726
  
 
 2,389
  
 
 3,786
  
 
 18,052
  
 
 8,322
EBITDA
  
 240,554
    
 137,438
    
 161,384
    
 723,196
    
 500,529
Add:
                            
 
Cash distributions of income from unconsolidated joint ventures
  
         ―   
   
 592
    
 450
    
 2,688
    
 592
 
Purchase accounting adjustments included in cost of home sales
  
 5,858
    
         ―   
   
 12,677
    
 82,705
    
         ―   
 
Merger and other one-time costs
  
 5,005
    
         5,465
   
 4,844
    
 65,914
    
         5,672
Less:
                            
 
Income (loss) from unconsolidated joint ventures
  
 223
    
 (51)
    
 1,189
    
 3,880
    
 (271)
 
Income from financial services subsidiaries
 
 8,146
  
 
 2,818
  
 
 6,936
  
 
 27,995
  
 
 9,004
Adjusted Homebuilding EBITDA
$
 243,048
  
$
 140,728
  
$
 171,230
  
$
842,628
  
$
 498,060
Homebuilding revenues
$
 1,578,362
  
$
 699,632
  
$
 1,185,683
  
$
 5,090,546
  
$
 2,528,403
Adjusted Homebuilding EBITDA Margin %
 
15.4%
  
 
20.1%
  
 
14.4%
  
 
16.6%
  
 
19.7%
 
Because the closing of the merger occurred after the 2015 second quarter, financial statement information for the three months ended June 30, 2015 includes only stand-alone data for predecessor Standard Pacific Corp.  The table set forth below reconciles the Company's reported home sale revenues and pretax income to comparative financial measures on a combined basis for periods prior to the merger.  Certain adjustments, including those related to conforming accounting policies and adjusting acquired inventory to fair value, have not been reflected in the pro forma financial measures below due to the impracticability of estimating such impacts.  Such pro forma data was not prepared to comply with Regulation S-X of the SEC Rules and Regulations.  The following non-GAAP financial measures have been provided as we believe this data is useful to investors for purposes of assessing the Company's operating performance on a combined basis for year-over-year comparison purposes.
 
 
Three Months Ended
 
June 30, 2015
 
(Dollars in thousands)
     
Home sale revenues
$
 694,678
Add: Ryland home sale revenues
 
 636,401
Pro forma combined home sale revenues
$
 1,331,079
     
Pretax income
$
 89,522
Add: Ryland pretax income
 
 66,544
Pro forma combined pretax income
$
 156,066

 
 
 
 
 
15
RYLAND REGIONAL QUARTERLY OPERATING DATA
         
Q3 2015
  
Q2 2015
  
Q1 2015
  
Q4 2014
  
Q3 2014
  
Q2 2014
  
Q1 2014
         
(Dollars in thousands)
New homes delivered:
                            
 
North
  
 768
  
 650
  
 522
  
 890
  
 731
  
 574
  
 516
 
Southeast
  
 509
  
 425
  
 327
  
 575
  
 478
  
 386
  
 354
 
Southwest
  
 575
  
 582
  
 504
  
 817
  
 656
  
 596
  
 508
 
West
  
 194
  
 157
  
 110
  
 207
  
 153
  
 144
  
 92
     
Consolidated total
  
 2,046
  
 1,814
  
 1,463
  
 2,489
  
 2,018
  
 1,700
  
 1,470
                                   
Average selling price (deliveries):
                            
 
North
  
 $339
  
 $339
  
 $345
  
 $335
  
 $330
  
 $337
  
 $322
 
Southeast
  
 300
  
 291
  
 281
  
 286
  
 278
  
 261
  
 264
 
Southwest
  
 341
  
 353
  
 332
  
 327
  
 319
  
 325
  
 319
 
West
  
 434
  
 555
  
 566
  
 541
  
 548
  
 539
  
 638
     
Consolidated total
  
 $339
  
 $351
  
 $343
  
 $338
  
 $331
  
 $333
  
 $327
                                   
Net new orders:
                            
 
North
  
 636
  
 747
  
 818
  
 493
  
 607
  
 820
  
 744
 
Southeast
  
 476
  
 579
  
 579
  
 402
  
 376
  
 507
  
 501
 
Southwest
  
 601
  
 837
  
 753
  
 533
  
 567
  
 724
  
 753
 
West
  
 199
  
 224
  
 239
  
 119
  
 157
  
 177
  
 188
     
Consolidated total
  
 1,912
  
 2,387
  
 2,389
  
 1,547
  
 1,707
  
 2,228
  
 2,186
                                   
Average selling price (orders):
                            
 
North
  
 $337
  
 $338
  
 $335
  
 $338
  
 $343
  
 $345
  
 $325
 
Southeast
  
 298
  
 292
  
 289
  
 288
  
 304
  
 283
  
 279
 
Southwest
  
 356
  
 360
  
 347
  
 344
  
 334
  
 330
  
 325
 
West
  
 375
  
 403
  
 463
  
 591
  
 516
  
 543
  
 548
     
Consolidated total
  
 $337
  
 $341
  
 $340
  
 $347
  
 $347
  
 $342
  
 $334
                                   
Average number of selling communities
                            
 
during the period:
                            
 
North
  
 118
  
 113
  
 117
  
 117
  
 116
  
 109
  
 98
 
Southeast
  
 81
  
 81
  
 85
  
 87
  
 81
  
 78
  
 78
 
Southwest
  
 131
  
 129
  
 123
  
 114
  
 101
  
 98
  
 102
 
West
  
 22
  
 20
  
 21
  
 18
  
 16
  
 17
  
 17
     
Consolidated total
  
 352
  
 343
  
 346
  
 336
  
 314
  
 302
  
 295
                                   
Backlog:
                            
 
North
  
 1,234
  
 1,366
  
 1,269
  
 973
  
 1,370
  
 1,494
  
 1,248
 
Southeast
  
 979
  
 1,013
  
 859
  
 607
  
 780
  
 882
  
 761
 
Southwest
  
 1,409
  
 1,384
  
 1,129
  
 880
  
 1,164
  
 1,253
  
 1,125
 
West
  
 352
  
 353
  
 286
  
 157
  
 245
  
 241
  
 208
     
Consolidated total
  
 3,974
  
 4,116
  
 3,543
  
 2,617
  
 3,559
  
 3,870
  
 3,342


16
STANDARD PACIFIC REGIONAL QUARTERLY OPERATING DATA
         
Q3 2015
  
Q2 2015
  
Q1 2015
  
Q4 2014
  
Q3 2014
  
Q2 2014
  
Q1 2014
         
(Dollars in thousands)
New homes delivered:
                            
 
Southeast
  
 467
  
 476
  
 385
  
 508
  
 472
  
 500
  
 391
 
Southwest
  
 282
  
 338
  
 238
  
 348
  
 272
  
 237
  
 202
 
West
  
 416
  
 491
  
 349
  
 619
  
 506
  
 499
  
 402
     
Consolidated total
  
 1,165
  
 1,305
  
 972
  
 1,475
  
 1,250
  
 1,236
  
 995
                                   
Average selling price (deliveries):
                            
 
Southeast
  
$437
  
$414
  
$377
  
$382
  
$360
  
$339
  
$329
 
Southwest
  
 552
  
 538
  
 504
  
 469
  
 474
  
 477
  
 433
 
West
  
 641
  
 643
  
 583
  
 593
  
 602
  
 619
  
 574
     
Consolidated total
  
 $537
  
 $532
  
 $482
  
 $491
  
 $483
  
 $479
  
 $449
                                   
Net new orders:
                            
 
Southeast
  
 429
  
 524
  
 558
  
 395
  
 446
  
 517
  
 483
 
Southwest
  
 325
  
 406
  
 392
  
 240
  
 245
  
 434
  
 288
 
West
  
 572
  
 637
  
 621
  
 343
  
 463
  
 573
  
 540
     
Consolidated total
  
 1,326
  
 1,567
  
 1,571
  
 978
  
 1,154
  
 1,524
  
 1,311
                                   
Average selling price (orders):
                            
 
Southeast
  
$463
  
$446
  
$423
  
$385
  
$388
  
$367
  
$359
 
Southwest
  
 559
  
 509
  
 509
  
 509
  
 480
  
 452
  
 467
 
West
  
 679
  
 655
  
 636
  
 641
  
 601
  
 572
  
 604
     
Consolidated total
  
 $580
  
 $547
  
 $528
  
 $505
  
 $493
  
 $468
  
 $483
                                   
Average number of selling communities
                            
 
during the period:
                            
 
Southeast
  
 96
  
 88
  
 81
  
 73
  
 74
  
 76
  
 72
 
Southwest
  
 54
  
 55
  
 56
  
 54
  
 53
  
 49
  
 45
 
West
  
 65
  
 60
  
 61
  
 57
  
 58
  
 58
  
 57
     
Consolidated total
  
 215
  
 203
  
 198
  
 184
  
 185
  
 183
  
 174
                                   
Backlog:
                            
 
Southeast
  
 954
  
 992
  
 944
  
 771
  
 884
  
 910
  
 893
 
Southwest
  
 811
  
 768
  
 700
  
546
  
 654
  
 681
  
 484
 
West
  
 968
  
 812
  
 666
  
 394
  
 670
  
 713
  
 639
     
Consolidated total
  
 2,733
  
 2,572
  
 2,310
  
 1,711
  
 2,208
  
 2,304
  
 2,016

 
17