Delaware | 1-35796 | 61-1763235 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
19540 Jamboree Road, Suite 300, Irvine, California | 92612 | |||
(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 |
99.1 | Press Release dated July 27, 2018 |
TRI Pointe Group, Inc. | ||
Date: July 27, 2018 | By: | /s/ Michael D. Grubbs |
Michael D. Grubbs, Chief Financial Officer and Treasurer |
Exhibit No. | Description of Document | |
Press Release dated July 27, 2018 |
• | Net income available to common stockholders was $63.7 million, or $0.42 per diluted share, compared to $32.7 million, or $0.21 per diluted share |
• | New home orders of 1,343 compared to 1,445, a decrease of 7% |
• | Active selling communities averaged 130.8 compared to 126.8, an increase of 3% |
◦ | New home orders per average selling community were 10.3 orders (3.4 monthly) compared to 11.4 orders (3.8 monthly) |
◦ | Cancellation rate increased to 16% compared to 15% |
• | Backlog units at quarter end of 2,271 homes compared to 2,108, an increase of 8% |
◦ | Dollar value of backlog at quarter end of $1.5 billion compared to $1.3 billion, an increase of 13% |
◦ | Average sales price of homes in backlog at quarter end of $668,000 compared to $635,000, an increase of 5% |
• | Home sales revenue of $768.8 million compared to $568.8 million, an increase of 35% |
◦ | New home deliveries of 1,215 homes compared to 1,071 homes, an increase of 13% |
◦ | Average sales price of homes delivered of $633,000 compared to $531,000, an increase of 19% |
• | Homebuilding gross margin percentage of 21.4% compared to 20.1%, an increase of 130 basis points |
◦ | Excluding interest and impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 24.0%* |
• | SG&A expense as a percentage of homes sales revenue of 10.7% compared to 11.6%, a decrease of 90 basis points |
• | Ratios of debt-to-capital and net debt-to-net capital of 41.7% and 37.4%*, respectively, as of June 30, 2018 |
• | Ended second quarter of 2018 with total liquidity of $826.7 million, including cash of $239.9 million and $586.8 million of availability under the Company's unsecured revolving credit facility |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||||||
Operating Data: | |||||||||||||||||||||||
Home sales revenue | $ | 768,795 | $ | 568,816 | $ | 199,979 | $ | 1,351,367 | $ | 960,820 | $ | 390,547 | |||||||||||
Homebuilding gross margin | $ | 164,699 | $ | 114,575 | $ | 50,124 | $ | 296,769 | $ | 188,175 | $ | 108,594 | |||||||||||
Homebuilding gross margin % | 21.4 | % | 20.1 | % | 1.3 | % | 22.0 | % | 19.6 | % | 2.4 | % | |||||||||||
Adjusted homebuilding gross margin %* | 24.0 | % | 22.5 | % | 1.5 | % | 24.5 | % | 22.0 | % | 2.5 | % | |||||||||||
SG&A expense | $ | 82,227 | $ | 66,018 | $ | 16,209 | $ | 157,324 | $ | 127,367 | $ | 29,957 | |||||||||||
SG&A expense as a % of home sales revenue | 10.7 | % | 11.6 | % | (0.9 | )% | 11.6 | % | 13.3 | % | (1.7 | )% | |||||||||||
Net income available to common stockholders | $ | 63,680 | $ | 32,714 | $ | 30,966 | $ | 106,560 | $ | 40,907 | $ | 65,653 | |||||||||||
Adjusted EBITDA* | $ | 115,901 | $ | 70,522 | $ | 45,379 | $ | 196,888 | $ | 98,202 | $ | 98,686 | |||||||||||
Interest incurred | $ | 21,627 | $ | 19,931 | $ | 1,696 | $ | 43,147 | $ | 38,804 | $ | 4,343 | |||||||||||
Interest in cost of home sales | $ | 19,569 | $ | 13,145 | $ | 6,424 | $ | 33,798 | $ | 22,825 | $ | 10,973 | |||||||||||
Other Data: | |||||||||||||||||||||||
Net new home orders | 1,343 | 1,445 | (102 | ) | 2,839 | 2,744 | 95 | ||||||||||||||||
New homes delivered | 1,215 | 1,071 | 144 | 2,139 | 1,829 | 310 | |||||||||||||||||
Average sales price of homes delivered | $ | 633 | $ | 531 | $ | 102 | $ | 632 | $ | 525 | $ | 107 | |||||||||||
Cancellation rate | 16 | % | 15 | % | 1 | % | 15 | % | 15 | % | 0 | % | |||||||||||
Average selling communities | 130.8 | 126.8 | 4.0 | 130.1 | 126.6 | 3.5 | |||||||||||||||||
Selling communities at end of period | 130 | 131 | (1 | ) | |||||||||||||||||||
Backlog (estimated dollar value) | $ | 1,518,096 | $ | 1,339,217 | $ | 178,879 | |||||||||||||||||
Backlog (homes) | 2,271 | 2,108 | 163 | ||||||||||||||||||||
Average sales price in backlog | $ | 668 | $ | 635 | $ | 33 | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||||||||
2018 | 2017 | Change | |||||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 239,906 | $ | 282,914 | $ | (43,008 | ) | ||||||||||||||||
Real estate inventories | $ | 3,247,786 | $ | 3,105,553 | $ | 142,233 | |||||||||||||||||
Lots owned or controlled | 28,829 | 27,312 | 1,517 | ||||||||||||||||||||
Homes under construction (1) | 2,925 | 1,941 | 984 | ||||||||||||||||||||
Homes completed, unsold | 172 | 269 | (97 | ) | |||||||||||||||||||
Debt | $ | 1,453,366 | $ | 1,471,302 | $ | (17,936 | ) | ||||||||||||||||
Stockholders' equity | $ | 2,031,702 | $ | 1,929,722 | $ | 101,980 | |||||||||||||||||
Book capitalization | $ | 3,485,068 | $ | 3,401,024 | $ | 84,044 | |||||||||||||||||
Ratio of debt-to-capital | 41.7 | % | 43.3 | % | (1.6 | )% | |||||||||||||||||
Ratio of net debt-to-net capital* | 37.4 | % | 38.1 | % | (0.7 | )% |
(1) | Homes under construction included 88 and 60 models at June 30, 2018 and December 31, 2017, respectively. |
* | See “Reconciliation of Non-GAAP Financial Measures” |
June 30, | December 31, | ||||||
2018 | 2017 | ||||||
Assets | (unaudited) | ||||||
Cash and cash equivalents | $ | 239,906 | $ | 282,914 | |||
Receivables | 59,611 | 125,600 | |||||
Real estate inventories | 3,247,786 | 3,105,553 | |||||
Investments in unconsolidated entities | 4,169 | 5,870 | |||||
Goodwill and other intangible assets, net | 160,694 | 160,961 | |||||
Deferred tax assets, net | 66,414 | 76,413 | |||||
Other assets | 94,105 | 48,070 | |||||
Total assets | $ | 3,872,685 | $ | 3,805,381 | |||
Liabilities | |||||||
Accounts payable | $ | 88,936 | $ | 72,870 | |||
Accrued expenses and other liabilities | 298,077 | 330,882 | |||||
Senior notes | 1,453,366 | 1,471,302 | |||||
Total liabilities | 1,840,379 | 1,875,054 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Stockholders' Equity: | |||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively | — | — | |||||
Common stock, $0.01 par value, 500,000,000 shares authorized; 152,027,014 and 151,162,999 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 1,520 | 1,512 | |||||
Additional paid-in capital | 796,746 | 793,980 | |||||
Retained earnings | 1,233,436 | 1,134,230 | |||||
Total stockholders' equity | 2,031,702 | 1,929,722 | |||||
Noncontrolling interests | 604 | 605 | |||||
Total equity | 2,032,306 | 1,930,327 | |||||
Total liabilities and equity | $ | 3,872,685 | $ | 3,805,381 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Homebuilding: | |||||||||||||||
Home sales revenue | $ | 768,795 | $ | 568,816 | $ | 1,351,367 | $ | 960,820 | |||||||
Land and lot sales revenue | 1,518 | 865 | 1,741 | 1,443 | |||||||||||
Other operations revenue | 599 | 600 | 1,197 | 1,168 | |||||||||||
Total revenues | 770,912 | 570,281 | 1,354,305 | 963,431 | |||||||||||
Cost of home sales | 604,096 | 454,241 | 1,054,598 | 772,645 | |||||||||||
Cost of land and lot sales | 1,426 | 644 | 1,929 | 1,298 | |||||||||||
Other operations expense | 589 | 591 | 1,191 | 1,151 | |||||||||||
Sales and marketing | 45,744 | 32,330 | 84,027 | 59,030 | |||||||||||
General and administrative | 36,483 | 33,688 | 73,297 | 68,337 | |||||||||||
Homebuilding income from operations | 82,574 | 48,787 | 139,263 | 60,970 | |||||||||||
Equity in income (loss) of unconsolidated entities | 69 | 1,508 | (399 | ) | 1,646 | ||||||||||
Other (expense) income, net | (73 | ) | 44 | 98 | 121 | ||||||||||
Homebuilding income before income taxes | 82,570 | 50,339 | 138,962 | 62,737 | |||||||||||
Financial Services: | |||||||||||||||
Revenues | 391 | 345 | 674 | 586 | |||||||||||
Expenses | 129 | 77 | 266 | 151 | |||||||||||
Equity in income of unconsolidated entities | 1,984 | 1,294 | 2,986 | 1,560 | |||||||||||
Financial services income before income taxes | 2,246 | 1,562 | 3,394 | 1,995 | |||||||||||
Income before income taxes | 84,816 | 51,901 | 142,356 | 64,732 | |||||||||||
Provision for income taxes | (21,136 | ) | (19,098 | ) | (35,796 | ) | (23,712 | ) | |||||||
Net income | 63,680 | 32,803 | 106,560 | 41,020 | |||||||||||
Net income attributable to noncontrolling interests | — | (89 | ) | — | (113 | ) | |||||||||
Net income available to common stockholders | $ | 63,680 | $ | 32,714 | $ | 106,560 | $ | 40,907 | |||||||
Earnings per share | |||||||||||||||
Basic | $ | 0.42 | $ | 0.21 | $ | 0.70 | $ | 0.26 | |||||||
Diluted | $ | 0.42 | $ | 0.21 | $ | 0.70 | $ | 0.26 | |||||||
Weighted average shares outstanding | |||||||||||||||
Basic | 151,983,886 | 155,603,699 | 151,725,651 | 157,335,296 | |||||||||||
Diluted | 153,355,965 | 156,140,543 | 153,067,342 | 157,924,561 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||
New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | ||||||||||||||||||||
New Homes Delivered: | |||||||||||||||||||||||||||
Maracay | 121 | $ | 471 | 164 | $ | 462 | 246 | $ | 469 | 283 | $ | 448 | |||||||||||||||
Pardee Homes | 377 | 645 | 372 | 485 | 651 | 651 | 568 | 465 | |||||||||||||||||||
Quadrant Homes | 85 | 762 | 64 | 620 | 168 | 751 | 127 | 626 | |||||||||||||||||||
Trendmaker Homes | 155 | 492 | 133 | 487 | 239 | 491 | 239 | 488 | |||||||||||||||||||
TRI Pointe Homes | 347 | 737 | 243 | 635 | 616 | 724 | 451 | 632 | |||||||||||||||||||
Winchester Homes | 130 | 553 | 95 | 569 | 219 | 560 | 161 | 550 | |||||||||||||||||||
Total | 1,215 | $ | 633 | 1,071 | $ | 531 | 2,139 | $ | 632 | 1,829 | $ | 525 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||
New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | ||||||||||||||||||||
New Homes Delivered: | |||||||||||||||||||||||||||
California | 516 | $ | 746 | 438 | $ | 580 | 916 | $ | 741 | 737 | $ | 576 | |||||||||||||||
Colorado | 59 | 605 | 37 | 617 | 119 | 593 | 67 | 593 | |||||||||||||||||||
Maryland | 100 | 540 | 69 | 526 | 166 | 542 | 115 | 515 | |||||||||||||||||||
Virginia | 30 | 596 | 26 | 681 | 53 | 617 | 46 | 638 | |||||||||||||||||||
Arizona | 121 | 471 | 164 | 462 | 246 | 469 | 283 | 448 | |||||||||||||||||||
Nevada | 149 | 526 | 140 | 412 | 232 | 518 | 215 | 395 | |||||||||||||||||||
Texas | 155 | 492 | 133 | 487 | 239 | 491 | 239 | 488 | |||||||||||||||||||
Washington | 85 | 762 | 64 | 620 | 168 | 751 | 127 | 626 | |||||||||||||||||||
Total | 1,215 | $ | 633 | 1,071 | $ | 531 | 2,139 | $ | 632 | 1,829 | $ | 525 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||
Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | ||||||||||||||||
Net New Home Orders: | |||||||||||||||||||||||
Maracay | 132 | 14.2 | 162 | 16.0 | 285 | 13.6 | 346 | 16.1 | |||||||||||||||
Pardee Homes | 464 | 33.5 | 483 | 28.8 | 937 | 33.1 | 861 | 28.6 | |||||||||||||||
Quadrant Homes | 54 | 6.3 | 107 | 6.8 | 162 | 6.6 | 227 | 7.3 | |||||||||||||||
Trendmaker Homes | 161 | 29.0 | 129 | 31.7 | 316 | 29.3 | 280 | 31.9 | |||||||||||||||
TRI Pointe Homes | 408 | 33.8 | 413 | 31.5 | 867 | 33.6 | 766 | 30.7 | |||||||||||||||
Winchester Homes | 124 | 14.0 | 151 | 12.0 | 272 | 13.9 | 264 | 12.0 | |||||||||||||||
Total | 1,343 | 130.8 | 1,445 | 126.8 | 2,839 | 130.1 | 2,744 | 126.6 | |||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||
Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | ||||||||||||||||
Net New Home Orders: | |||||||||||||||||||||||
California | 607 | 45.3 | 689 | 42.5 | 1,235 | 44.8 | 1,253 | 42.3 | |||||||||||||||
Colorado | 77 | 6.8 | 51 | 6.5 | 179 | 6.9 | 104 | 5.9 | |||||||||||||||
Maryland | 85 | 9.0 | 117 | 9.0 | 185 | 9.3 | 184 | 8.6 | |||||||||||||||
Virginia | 39 | 5.0 | 34 | 3.0 | 87 | 4.5 | 80 | 3.4 | |||||||||||||||
Arizona | 132 | 14.2 | 162 | 16.0 | 285 | 13.7 | 346 | 16.1 | |||||||||||||||
Nevada | 188 | 15.2 | 156 | 11.3 | 390 | 15.0 | 270 | 11.1 | |||||||||||||||
Texas | 161 | 29.0 | 129 | 31.7 | 316 | 29.3 | 280 | 31.9 | |||||||||||||||
Washington | 54 | 6.3 | 107 | 6.8 | 162 | 6.6 | 227 | 7.3 | |||||||||||||||
Total | 1,343 | 130.8 | 1,445 | 126.8 | 2,839 | 130.1 | 2,744 | 126.6 |
As of June 30, 2018 | As of June 30, 2017 | ||||||||||||||||||||
Backlog Units | Backlog Dollar Value | Average Sales Price | Backlog Units | Backlog Dollar Value | Average Sales Price | ||||||||||||||||
Backlog: | |||||||||||||||||||||
Maracay | 256 | $ | 134,138 | $ | 524 | 311 | $ | 156,611 | $ | 504 | |||||||||||
Pardee Homes | 695 | 451,860 | 650 | 553 | 369,021 | 667 | |||||||||||||||
Quadrant Homes | 138 | 130,270 | 944 | 201 | 144,204 | 717 | |||||||||||||||
Trendmaker Homes | 250 | 145,046 | 580 | 204 | 105,663 | 518 | |||||||||||||||
TRI Pointe Homes | 728 | 523,907 | 720 | 613 | 428,281 | 699 | |||||||||||||||
Winchester Homes | 204 | 132,875 | 651 | 226 | 135,437 | 599 | |||||||||||||||
Total | 2,271 | $ | 1,518,096 | $ | 668 | 2,108 | $ | 1,339,217 | $ | 635 | |||||||||||
As of June 30, 2018 | As of June 30, 2017 | ||||||||||||||||||||
Backlog Units | Backlog Dollar Value | Average Sales Price | Backlog Units | Backlog Dollar Value | Average Sales Price | ||||||||||||||||
Backlog: | |||||||||||||||||||||
California | 985 | $ | 719,113 | $ | 730 | 918 | $ | 660,548 | $ | 720 | |||||||||||
Colorado | 160 | 88,902 | 556 | 96 | 60,686 | 632 | |||||||||||||||
Maryland | 132 | 75,129 | 569 | 171 | 96,443 | 564 | |||||||||||||||
Virginia | 72 | 57,746 | 802 | 55 | 38,994 | 709 | |||||||||||||||
Arizona | 256 | 134,138 | 524 | 311 | 156,611 | 504 | |||||||||||||||
Nevada | 278 | 167,752 | 603 | 152 | 76,068 | 500 | |||||||||||||||
Texas | 250 | 145,046 | 580 | 204 | 105,663 | 518 | |||||||||||||||
Washington | 138 | 130,270 | 944 | 201 | 144,204 | 717 | |||||||||||||||
Total | 2,271 | $ | 1,518,096 | $ | 668 | 2,108 | $ | 1,339,217 | $ | 635 |
June 30, | December 31, | ||||
2018 | 2017 | ||||
Lots Owned or Controlled(1): | |||||
Maracay | 3,056 | 2,519 | |||
Pardee Homes | 15,824 | 15,144 | |||
Quadrant Homes | 1,832 | 1,726 | |||
Trendmaker Homes | 1,924 | 1,855 | |||
TRI Pointe Homes | 4,168 | 3,964 | |||
Winchester Homes | 2,025 | 2,104 | |||
Total | 28,829 | 27,312 | |||
June 30, | December 31, | ||||
2018 | 2017 | ||||
Lots Owned or Controlled(1): | |||||
California | 16,608 | 16,292 | |||
Colorado | 723 | 742 | |||
Maryland | 1,345 | 1,507 | |||
Virginia | 680 | 597 | |||
Arizona | 3,056 | 2,519 | |||
Nevada | 2,661 | 2,074 | |||
Texas | 1,924 | 1,855 | |||
Washington | 1,832 | 1,726 | |||
Total | 28,829 | 27,312 | |||
June 30, | December 31, | ||||
2018 | 2017 | ||||
Lots by Ownership Type: | |||||
Lots owned | 23,561 | 23,940 | |||
Lots controlled(1) | 5,268 | 3,372 | |||
Total | 28,829 | 27,312 |
(1) | As of June 30, 2018 and December 31, 2017, lots controlled included lots that were under land option contracts or purchase contracts. |
Three Months Ended June 30, | |||||||||||||
2018 | % | 2017 | % | ||||||||||
(dollars in thousands) | |||||||||||||
Home sales revenue | $ | 768,795 | 100.0 | % | $ | 568,816 | 100.0 | % | |||||
Cost of home sales | 604,096 | 78.6 | % | 454,241 | 79.9 | % | |||||||
Homebuilding gross margin | 164,699 | 21.4 | % | 114,575 | 20.1 | % | |||||||
Add: interest in cost of home sales | 19,569 | 2.5 | % | 13,145 | 2.3 | % | |||||||
Add: impairments and lot option abandonments | 609 | 0.1 | % | 507 | 0.1 | % | |||||||
Adjusted homebuilding gross margin | $ | 184,877 | 24.0 | % | $ | 128,227 | 22.5 | % | |||||
Homebuilding gross margin percentage | 21.4 | % | 20.1 | % | |||||||||
Adjusted homebuilding gross margin percentage | 24.0 | % | 22.5 | % |
Six Months Ended June 30, | |||||||||||||
2018 | % | 2017 | % | ||||||||||
(dollars in thousands) | |||||||||||||
Home sales revenue | $ | 1,351,367 | 100.0 | % | $ | 960,820 | 100.0 | % | |||||
Cost of home sales | 1,054,598 | 78.0 | % | 772,645 | 80.4 | % | |||||||
Homebuilding gross margin | 296,769 | 22.0 | % | 188,175 | 19.6 | % | |||||||
Add: interest in cost of home sales | 33,798 | 2.5 | % | 22,825 | 2.4 | % | |||||||
Add: impairments and lot option abandonments | 857 | 0.1 | % | 795 | 0.1 | % | |||||||
Adjusted homebuilding gross margin | $ | 331,424 | 24.5 | % | $ | 211,795 | 22.0 | % | |||||
Homebuilding gross margin percentage | 22.0 | % | 19.6 | % | |||||||||
Adjusted homebuilding gross margin percentage | 24.5 | % | 22.0 | % |
June 30, 2018 | December 31, 2017 | ||||||
Senior notes | $ | 1,453,366 | $ | 1,471,302 | |||
Total debt | 1,453,366 | 1,471,302 | |||||
Stockholders’ equity | 2,031,702 | 1,929,722 | |||||
Total capital | $ | 3,485,068 | $ | 3,401,024 | |||
Ratio of debt-to-capital(1) | 41.7 | % | 43.3 | % | |||
Total debt | $ | 1,453,366 | $ | 1,471,302 | |||
Less: Cash and cash equivalents | (239,906 | ) | (282,914 | ) | |||
Net debt | 1,213,460 | 1,188,388 | |||||
Stockholders’ equity | 2,031,702 | 1,929,722 | |||||
Net capital | $ | 3,245,162 | $ | 3,118,110 | |||
Ratio of net debt-to-net capital(2) | 37.4 | % | 38.1 | % |
(1) | The ratio of debt-to-capital is computed as the quotient obtained by dividing debt by the sum of debt plus equity. |
(2) | The ratio of net debt-to-net capital is computed as the quotient obtained by dividing net debt (which is debt less cash and cash equivalents) by the sum of net debt plus equity. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in thousands) | |||||||||||||||
Net income available to common stockholders | $ | 63,680 | $ | 32,714 | $ | 106,560 | $ | 40,907 | |||||||
Interest expense: | |||||||||||||||
Interest incurred | 21,627 | 19,931 | 43,147 | 38,804 | |||||||||||
Interest capitalized | (21,627 | ) | (19,931 | ) | (43,147 | ) | (38,804 | ) | |||||||
Amortization of interest in cost of sales | 19,664 | 13,185 | 33,906 | 22,872 | |||||||||||
Provision for income taxes | 21,136 | 19,098 | 35,796 | 23,712 | |||||||||||
Depreciation and amortization | 7,092 | 877 | 12,579 | 1,698 | |||||||||||
EBITDA | 111,572 | 65,874 | 188,841 | 89,189 | |||||||||||
Amortization of stock-based compensation | 3,720 | 3,903 | 7,190 | 7,744 | |||||||||||
Impairments and lot option abandonments | 609 | 507 | 857 | 828 | |||||||||||
Restructuring charges | — | 238 | — | 441 | |||||||||||
Adjusted EBITDA | $ | 115,901 | $ | 70,522 | $ | 196,888 | $ | 98,202 |