XML 58 R40.htm IDEA: XBRL DOCUMENT v3.8.0.1
Supplemental Guarantor Information (Tables)
 12 Months Ended
Dec. 31, 2017
Supplemental Guarantor Information [Abstract]  
Supplemental Condensed Consolidating Balance Sheet [Table Text Block]
 
December 31, 2017
 
NWHM Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated NWHM
 
(Dollars in thousands)
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
99,586

 
$
23,772

 
$
188

 
$
—

 
$
123,546

Restricted cash
—

 
424

 
—

 
—

 
424

Contracts and accounts receivable
10

 
24,238

 
—

 
(1,024
)
 
23,224

Intercompany receivables
129,414

 
—

 
—

 
(129,414
)
 
—

Due from affiliates
—

 
1,060

 
—

 
—

 
1,060

Real estate inventories
—

 
416,143

 
—

 
—

 
416,143

Investment in and advances to unconsolidated joint ventures
—

 
55,824

 
—

 
—

 
55,824

Investment in subsidiaries
356,443

 
—

 
—

 
(356,443
)
 
—

Other assets
8,464

 
15,827

 
—

 
—

 
24,291

Total assets
$
593,917

 
$
537,288

 
$
188

 
$
(486,881
)
 
$
644,512

 
 
 
 
 
 
 
 
 
 
Liabilities and equity
 
 
 
 
 
 
 
 
 
Accounts payable
$
237

 
$
23,479

 
$
6

 
$
—

 
$
23,722

Accrued expenses and other liabilities
11,034

 
27,954

 
80

 
(1,014
)
 
38,054

Intercompany payables
—

 
129,414

 
—

 
(129,414
)
 
—

Due to affiliates
—

 
10

 
—

 
(10
)
 
—

Senior notes, net
318,656

 
—

 
—

 
—

 
318,656

Total liabilities
329,927

 
180,857

 
86

 
(130,438
)
 
380,432

Stockholders' equity
263,990

 
356,431

 
12

 
(356,443
)
 
263,990

Noncontrolling interest in subsidiary
—

 
—

 
90

 
—

 
90

Total equity
263,990

 
356,431

 
102

 
(356,443
)
 
264,080

Total liabilities and equity
$
593,917

 
$
537,288

 
$
188

 
$
(486,881
)
 
$
644,512


 
December 31, 2016
 
NWHM Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated NWHM
 
(Dollars in thousands)
Assets
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
16,385

 
$
13,842

 
$
269

 
$
—

 
$
30,496

Restricted cash
—

 
585

 
—

 
—

 
585

Contracts and accounts receivable
30

 
29,774

 
—

 
(1,971
)
 
27,833

Intercompany receivables
73,972

 
—

 
—

 
(73,972
)
 
—

Due from affiliates
—

 
1,138

 
—

 
—

 
1,138

Real estate inventories
—

 
286,928

 
—

 
—

 
286,928

Investment in and advances to unconsolidated joint ventures
—

 
50,857

 
—

 
—

 
50,857

Investment in subsidiaries
268,411

 
—

 
—

 
(268,411
)
 
—

Other assets
9,381

 
11,918

 
—

 
—

 
21,299

Total assets
$
368,179

 
$
395,042

 
$
269

 
$
(344,354
)
 
$
419,136

 
 
 
 
 
 
 
 
 
 
Liabilities and equity
 
 
 
 
 
 
 
 
 
Accounts payable
$
167

 
$
32,900

 
$
27

 
$
—

 
$
33,094

Accrued expenses and other liabilities
5,489

 
19,763

 
108

 
(1,942
)
 
23,418

Intercompany payables
—

 
73,972

 
—

 
(73,972
)
 
—

Due to affiliates
—

 
29

 
—

 
(29
)
 
—

Unsecured revolving credit facility
118,000

 
—

 
—

 
—

 
118,000

Total liabilities
123,656

 
126,664

 
135

 
(75,943
)
 
174,512

Stockholders' equity
244,523

 
268,378

 
33

 
(268,411
)
 
244,523

Noncontrolling interest in subsidiary
—

 
—

 
101

 
—

 
101

Total equity
244,523

 
268,378

 
$
134

 
(268,411
)
 
244,624

Total liabilities and equity
$
368,179

 
$
395,042

 
$
269

 
$
(344,354
)
 
$
419,136
Supplemental Condensed Consolidating Statement of Operations [Table Text Block]
 
Year Ended December 31, 2017
 
NWHM Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated NWHM
 
(Dollars in thousands)
Revenues:
 
 
 
 
 
 
 
 
 
Home sales
$
—

 
$
560,842

 
$
—

 
$
—

 
$
560,842

Fee building
—

 
190,324

 
—

 
—

 
190,324

 
—

 
751,166

 
—

 
—

 
751,166

Cost of Sales:
 
 
 
 
 
 
 
 
 
Home sales
—

 
473,181

 
32

 
—

 
473,213

Home sales impairments
—

 
2,200

 
—

 
—

 
2,200

Fee building
—

 
184,827

 
—

 
—

 
184,827

 
—

 
660,208

 
32

 
—

 
660,240

 
 
 
 
 
 
 
 
 
 
Gross Margin:
 
 
 
 
 
 
 
 
 
Home sales
—

 
85,461

 
(32
)
 
—

 
85,429

Fee building
—

 
5,497

 
—

 
—

 
5,497

 
—

 
90,958

 
(32
)
 
—

 
90,926

Selling and marketing expenses
—

 
(32,702
)
 
—

 
—

 
(32,702
)
General and administrative expenses
(2,403
)
 
(23,927
)
 
—

 
—

 
(26,330
)
Equity in net income of unconsolidated joint ventures
—

 
866

 
—

 
—

 
866

Equity in net income of subsidiaries
21,773

 
—

 
—

 
(21,773
)
 
—

Other income (expense), net
107

 
(336
)
 
—

 
—

 
(229
)
Pretax income (loss)
19,477

 
34,859

 
(32
)
 
(21,773
)
 
32,531

Provision for income taxes
(2,325
)
 
(13,065
)
 
—

 
—

 
(15,390
)
Net income (loss)
17,152

 
21,794

 
(32
)
 
(21,773
)
 
17,141

Net loss attributable to noncontrolling interest in subsidiary
—

 
—

 
11

 
—

 
11

Net income (loss) attributable to The New Home Company Inc.
$
17,152

 
$
21,794

 
$
(21
)
 
$
(21,773
)
 
$
17,152


 
Year Ended December 31, 2016
 
NWHM Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated NWHM
 
(Dollars in thousands)
Revenues:
 
 
 
 
 
 
 
 
 
Home sales
$
—

 
$
502,792

 
$
5,157

 
$
—

 
$
507,949

Fee building
—

 
186,662

 
—

 
(155
)
 
186,507

 
—

 
689,454

 
5,157

 
(155
)
 
694,456

Cost of Sales:
 
 
 
 
 
 
 
 
 
Home sales
—

 
428,881

 
4,678

 
—

 
433,559

Home sales impairments
—

 
2,350

 
—

 
—

 
2,350

Land sales impairment
—

 
1,150

 
—

 
—

 
1,150

Fee building
2,240

 
175,863

 
—

 
—

 
178,103

 
2,240

 
608,244

 
4,678

 
—

 
615,162

 
 
 
 
 
 
 
 
 
 
Gross Margin:
 
 
 
 
 
 
 
 
 
Home sales
—

 
71,561

 
479

 
—

 
72,040

Land sales
—

 
(1,150
)
 
—

 
—

 
(1,150
)
Fee building
(2,240
)
 
10,799

 
—

 
(155
)
 
8,404

 
(2,240
)
 
81,210

 
479

 
(155
)
 
79,294

Selling and marketing expenses
—

 
(26,058
)
 
(686
)
 
—

 
(26,744
)
General and administrative expenses
(14,719
)
 
(11,163
)
 
—

 
—

 
(25,882
)
Equity in net income of unconsolidated joint ventures
—

 
7,691

 
—

 
—

 
7,691

Equity in net income of subsidiaries
32,091

 
—

 
—

 
(32,091
)
 
—

Other income (expense), net
(119
)
 
(303
)
 
(142
)
 
155

 
(409
)
Pretax income (loss)
15,013

 
51,377

 
(349
)
 
(32,091
)
 
33,950

Benefit (provision) for income taxes
6,009

 
(19,033
)
 
—

 
—

 
(13,024
)
Net income (loss)
21,022

 
32,344

 
(349
)
 
(32,091
)
 
20,926

Net loss attributable to noncontrolling interest in subsidiary
—

 
—

 
96

 
—

 
96

Net income (loss) attributable to The New Home Company Inc.
$
21,022

 
$
32,344

 
$
(253
)
 
$
(32,091
)
 
$
21,022


 
Year Ended December 31, 2015
 
NWHM Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated NWHM
 
(Dollars in thousands)
Revenues:
 
 
 
 
 
 
 
 
 
Home sales
$
—

 
$
269,225

 
$
10,984

 
$
—

 
$
280,209

Fee building
—

 
150,220

 
—

 
(330
)
 
149,890

 
—

 
419,445

 
10,984

 
(330
)
 
430,099

Cost of Sales:
 
 
 
 
 
 
 
 
 
Home sales
—

 
225,379

 
9,853

 
—

 
235,232

Fee building
1,735

 
137,942

 
—

 
—

 
139,677

 
1,735

 
363,321

 
9,853

 
—

 
374,909

 
 
 
 
 
 
 
 
 
 
Gross Margin:
 
 
 
 
 
 
 
 
 
Home sales
—

 
43,846

 
1,131

 
—

 
44,977

Fee building
(1,735
)
 
12,278

 
—

 
(330
)
 
10,213

 
(1,735
)
 
56,124

 
1,131

 
(330
)
 
55,190

Selling and marketing expenses
—

 
(12,378
)
 
(1,363
)
 
—

 
(13,741
)
General and administrative expenses
(13,602
)
 
(6,676
)
 
—

 
—

 
(20,278
)
Equity in net income of unconsolidated joint ventures
—

 
13,767

 
—

 
—

 
13,767

Equity in net income of subsidiaries
31,423

 
—

 
—

 
(31,423
)
 
—

Other income (expense), net
(301
)
 
(414
)
 
(642
)
 
330

 
(1,027
)
Pretax income (loss)
15,785

 
50,423

 
(874
)
 
(31,423
)
 
33,911

Benefit (provision) for income taxes
5,903

 
(18,436
)
 
—

 
—

 
(12,533
)
Net income (loss)
21,688

 
31,987

 
(874
)
 
(31,423
)
 
21,378

Net loss attributable to noncontrolling interest in subsidiary
—

 
—

 
310

 
—

 
310

Net income (loss) attributable to The New Home Company Inc.
$
21,688

 
$
31,987

 
$
(564
)
 
$
(31,423
)
 
$
21,688
Supplemental Condensed Consolidated Statement of Cash Flows [Table Text Block]
 
Year Ended December 31, 2017
 
NWHM Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated NWHM
 
(Dollars in thousands)
Net cash used in operating activities
$
(31,824
)
 
$
(41,739
)
 
$
(81
)
 
$
(17,058
)
 
$
(90,702
)
Investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
(71
)
 
(124
)
 
—

 
—

 
(195
)
Cash assumed from joint venture at consolidation
—

 
995

 
—

 
—

 
995

Contributions and advances to unconsolidated joint ventures
—

 
(27,479
)
 
—

 
—

 
(27,479
)
Contributions to subsidiaries from corporate
(275,794
)
 
—

 
—

 
275,794

 
—

Distributions of capital from subsidiaries
192,478

 
—

 
—

 
(192,478
)
 
—

Distributions of capital and repayment of advances to unconsolidated joint ventures
—

 
15,577

 
—

 
—

 
15,577

Interest collected on advances to unconsolidated joint ventures
—

 
552

 
—

 
—

 
552

Net cash used in investing activities
$
(83,387
)
 
$
(10,479
)
 
$
—

 
$
83,316

 
$
(10,550
)
Financing activities:
 
 
 
 
 
 
 
 
 
Borrowings from credit facility
88,000

 
—

 
—

 
—

 
88,000

Repayments of credit facility
(206,000
)
 
—

 
—

 
—

 
(206,000
)
Proceeds from senior notes
324,465

 
—

 
—

 
—

 
324,465

Repayments of other notes payable
—

 
(4,110
)
 
—

 
—

 
(4,110
)
Payment of debt issuance costs
(7,565
)
 
—

 
—

 
—

 
(7,565
)
Contributions to subsidiaries from corporate
—

 
275,794

 
—

 
(275,794
)
 
—

Distributions to corporate from subsidiaries
—

 
(209,536
)
 
—

 
209,536

 
—

Minimum tax withholding paid on behalf of employees for stock awards
(590
)
 
—

 
—

 
—

 
(590
)
Proceeds from exercise of stock options
102

 
—

 
—

 
—

 
102

Net cash provided by financing activities
$
198,412

 
$
62,148

 
$
—

 
$
(66,258
)
 
$
194,302

Net increase (decrease) in cash and cash equivalents
83,201

 
9,930

 
(81
)
 
—

 
93,050

Cash and cash equivalents – beginning of period
16,385

 
13,842

 
269

 
—

 
30,496

Cash and cash equivalents – end of period
$
99,586

 
$
23,772

 
$
188

 
$
—

 
$
123,546



 
Year Ended December 31, 2016

 
NWHM Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated NWHM
 
(Dollars in thousands)
Net cash (used in) provided by operating activities
$
(7,041
)
 
$
(11,753
)
 
$
3,272

 
$
(26,894
)
 
$
(42,416
)
Investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
(193
)
 
(246
)
 
—

 
—

 
(439
)
Cash assumed from joint venture at consolidation
—

 
2,009

 
—

 
—

 
2,009

Contributions and advances to unconsolidated joint ventures
—

 
(15,088
)
 
—

 
—

 
(15,088
)
Contributions to subsidiaries from corporate
(225,169
)
 
—

 
—

 
225,169

 
—

Distributions of capital from subsidiaries
189,392

 
725

 
—

 
(190,117
)
 
—

Distributions of capital from unconsolidated joint ventures
—

 
15,307

 
—

 
—

 
15,307

Net cash (used in) provided by investing activities
$
(35,970
)
 
$
2,707

 
$
—

 
$
35,052

 
$
1,789

Financing activities:
 
 
 
 
 
 
 
 
 
Borrowings from credit facility
223,050

 
—

 
—

 
—

 
223,050

Repayments of credit facility
(179,974
)
 
—

 
—

 
—

 
(179,974
)
Borrowings from other notes payable
—

 
—

 
343

 
—

 
343

Repayments of other notes payable
—

 
(13,135
)
 
(2,501
)
 
—

 
(15,636
)
Payment of debt issuance costs
(1,064
)
 
—

 
—

 
—

 
(1,064
)
Cash distributions to noncontrolling interest in subsidiary
—

 
—

 
(725
)
 
—

 
(725
)
Contributions to subsidiaries from corporate
—

 
225,169

 
—

 
(225,169
)
 
—

Distributions to corporate from subsidiaries
—

 
(216,286
)
 
(725
)
 
217,011

 
—

Minimum tax withholding paid on behalf of employees for stock awards
(648
)
 
—

 
—

 
—

 
(648
)
Excess income tax provision from stock-based compensation
(97
)
 
—

 
—

 
—

 
(97
)
Net cash provided by (used in) financing activities
$
41,267

 
$
(4,252
)
 
$
(3,608
)
 
$
(8,158
)
 
$
25,249

Net decrease in cash and cash equivalents
(1,744
)
 
(13,298
)
 
(336
)
 
—

 
(15,378
)
Cash and cash equivalents – beginning of period
18,129

 
27,140

 
605

 
—

 
45,874

Cash and cash equivalents – end of period
$
16,385

 
$
13,842

 
$
269

 
$
—

 
$
30,496


 
Year Ended December 31, 2015

 
NWHM Inc.
 
Guarantor Subsidiaries
 
Non-Guarantor Subsidiaries
 
Consolidating Adjustments
 
Consolidated NWHM
 
(Dollars in thousands)
Net cash (used in) provided by operating activities
$
(1,902
)
 
$
(10,211
)
 
$
5,282

 
$
(25,472
)
 
$
(32,303
)
Investing activities:
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
(259
)
 
(159
)
 
—

 
—

 
(418
)
Contributions and advances to unconsolidated joint ventures
—

 
(13,028
)
 
—

 
(2,000
)
 
(15,028
)
Contributions to subsidiaries from corporate
(131,778
)
 
—

 
—

 
131,778

 
—

Distributions of capital from subsidiaries
104,695

 
647

 
—

 
(105,342
)
 
—

Distributions of capital and repayment of advances to unconsolidated joint ventures
—

 
32,026

 
—

 
—

 
32,026

Net cash (used in) provided by investing activities
$
(27,342
)
 
$
19,486

 
$
—

 
$
24,436

 
$
16,580

Financing activities:
 
 
 
 
 
 
 
 
 
Net proceeds from issuance of common stock
47,253

 
—

 
—

 
—

 
47,253

Borrowings from credit facility
99,450

 
—

 
—

 
—

 
99,450

Repayments of credit facility
(125,000
)
 
—

 
—

 
—

 
(125,000
)
Borrowings from other notes payable
—

 
—

 
3,552

 
—

 
3,552

Repayments of other notes payable
—

 
—

 
(5,171
)
 
—

 
(5,171
)
Cash distributions to noncontrolling interest in subsidiary
—

 
—

 
(2,411
)
 
—

 
(2,411
)
Contributions to subsidiaries from corporate
—

 
131,778

 
—

 
(131,778
)
 
—

Distributions to corporate from subsidiaries
—

 
(132,167
)
 
(647
)
 
132,814

 
—

Minimum tax withholding paid on behalf of employees for stock awards
(248
)
 
—

 
—

 
—

 
(248
)
Excess income tax benefit from stock-based compensation
97

 
—

 
—

 
—

 
97

Tax valuation adjustment from stock-based compensation
17

 
—

 
—

 
—

 
17

Net cash provided by (used in) financing activities
$
21,569

 
$
(389
)
 
$
(4,677
)
 
$
1,036

 
$
17,539

Net (decrease) increase in cash and cash equivalents
(7,675
)
 
8,886

 
605

 
—

 
1,816

Cash and cash equivalents – beginning of period
25,804

 
18,254

 
—

 
—

 
44,058

Cash and cash equivalents – end of period
$
18,129

 
$
27,140

 
$
605

 
$
—

 
$
45,874