Supplemental Guarantor Information (Tables)

9 Months Ended

Sep. 30, 2017

Supplemental Guarantor Information [Abstract]

Supplemental Condensed Consolidated Balance Sheet

	Supplemental Condensed Consolidated Balance Sheet
	As of September 30, 2017  (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Assets
Cash and cash equivalents	$	35,881	$	16,278	$	6,363	$	—	$	58,522
Cash held in escrow		—		41,740		522		—		42,262
Accounts receivable		11,306		9,312		192		—		20,810
Investment in consolidated  subsidiaries		1,382,958		—		—		(1,382,958)		—
Inventories		—		1,352,989		—		—		1,352,989
Mortgage loans held for sale		—		—		30,071		—		30,071
Prepaid expenses and other assets		2,859		59,129		374		—		62,362
Deferred tax asset, net		6,403		—		—		—		6,403
Property and equipment, net		2,409		10,760		489		—		13,658
Investment in unconsolidated subsidiaries		20,677		—		—				20,677
Amortizable intangible assets, net		—		1,889		—		—		1,889
Goodwill		—		21,365		—		—		21,365
Total assets	$	1,462,493	$	1,513,462	$	38,011	$	(1,382,958)	$	1,631,008
Liabilities and stockholders’ equity
Liabilities:
Accounts payable	$	(17)	$	16,707	$	120	$	—	$	16,810
Accrued expenses and other liabilities		35,746		121,251		708		—		157,705
Notes payable		773,752		2,264		—		—		776,016
Revolving line of credit		—		—		—		—		—
Mortgage repurchase facility		—		—		27,465		—		27,465
Total liabilities		809,481		140,222		28,293		—		977,996
Stockholders’ equity:		653,012		1,373,240		9,718		(1,382,958)		653,012
Total liabilities and stockholders’ equity	$	1,462,493	$	1,513,462	$	38,011	$	(1,382,958)	$	1,631,008

	Supplemental Condensed Consolidated Balance Sheet
	As of December 31, 2016  (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Assets
Cash and cash equivalents	$	14,637	$	8,646	$	6,167	$	—	$	29,450
Cash held in escrow		—		20,044		—		—		20,044
Accounts receivable		2,980		2,749		—		—		5,729
Investment in consolidated subsidiaries		884,665		—		—		(884,665)		—
Inventories		—		857,885		—		—		857,885
Prepaid expenses and other assets		14,628		25,662		167		—		40,457
Property and equipment, net		1,166		10,224		22		—		11,412
Investment in unconsolidated subsidiaries		18,275		—						18,275
Amortizable intangible assets, net		—		2,911		—		—		2,911
Goodwill		—		21,365		—		—		21,365
Total assets	$	936,351	$	949,486	$	6,356	$	(884,665)	$	1,007,528
Liabilities and stockholders’ equity
Liabilities:
Accounts payable	$	257	$	15,575	$	(124)	$	—	$	15,708
Accrued expenses and other liabilities		12,587		49,697		30		—		62,314
Deferred tax liability		1,782		—		—		—		1,782
Senior and other notes payable		253,089		5,999		—		—		259,088
Revolving line of credit		195,000		—		—		—		195,000
Total liabilities		462,715		71,271		(94)		—		533,892
Stockholders’ equity:		473,636		878,215		6,450		(884,665)		473,636
Total liabilities and stockholders’ equity	$	936,351	$	949,486	$	6,356	$	(884,665)	$	1,007,528

Supplemental Condensed Consolidated Statement Of Operations

		Supplemental Condensed Consolidated Statement of Operations
	For the Three Months Ended September 30, 2017 (in thousands)
				Guarantor		Non Guarantor		Elimination		Consolidated
		CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenues
Homebuilding revenues
Home sales revenues		$	—	$	374,935	$	—	$	—	$	374,935
Land sales and other  revenues			—		1,826		—		—		1,826
			—		376,761		—		—		376,761
Financial services revenue			—		—		2,955		—		2,955
Total revenues			—		376,761		2,955		—		379,716
Homebuilding cost of revenues
Cost of homes sales revenues			—		(311,365)		—		—		(311,365)
Cost of land sales and other revenues			—		(2,104)		—		—		(2,104)
			—		(313,469)		—		—		(313,469)
Financial services costs			—		—		(2,450)		—		(2,450)
Selling, general and administrative			(13,342)		(32,823)		—		—		(46,165)
Acquisition expense			(7,205)		—		—		—		(7,205)
Equity in earnings from consolidated subsidiaries			20,470		—		—		(20,470)		—
Equity in income of unconsolidated subsidiaries			3,716		—		—		—		3,716
Other income (expense)			495		518		—		—		1,013
Income before income tax expense			4,134		30,987		505		(20,470)		15,156
Income tax expense			5,336		(10,845)		(177)		—		(5,686)
Net income		$	9,470	$	20,142	$	328	$	(20,470)	$	9,470

		Supplemental Condensed Consolidated Statement of Operations
	For the Three Months Ended September 30, 2016 (in thousands)
				Guarantor		Non Guarantor		Elimination		Consolidated
		CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenues
Homebuilding revenues
Home sales revenues		$	—	$	248,075	$	—	$	—	$	248,075
Land sales and other  revenues			—		5,338		—		—		5,338
			—		253,413		—		—		253,413
Financial services revenue			—		—		—		—		—
Total revenues			—		253,413		—		—		253,413
Homebuilding cost of revenues
Cost of homes sales revenues			—		(197,650)		—		—		(197,650)
Cost of land sales and other revenues			—		(5,420)		—		—		(5,420)
			—		(203,070)		—		—		(203,070)
Financial services costs			—		—		—		—		—
Selling, general and administrative			(6,846)		(24,098)		—		—		(30,944)
Acquisition expense			(53)		—		—		—		(53)
Equity in earnings from consolidated subsidiaries			17,303		—		—		(17,303)		—
Other income (expense)			10		375		—		—		385
Income before income tax expense			10,414		26,620		—		(17,303)		19,731
Income tax expense			2,928		(9,317)		—		—		(6,389)
Net income		$	13,342	$	17,303	$	—	$	(17,303)	$	13,342

		Supplemental Condensed Consolidated Statement of Operations
	For the Nine Months Ended September 30, 2017 (in thousands)
				Guarantor		Non Guarantor		Elimination		Consolidated
		CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenues
Homebuilding revenues
Home sales revenues		$	—	$	888,942	$	—	$	—	$	888,942
Land sales and other  revenues			—		6,216		—		—		6,216
			—		895,158		—		—		895,158
Financial services revenue			—		—		4,697		—		4,697
Total revenues			—		895,158		4,697		—		899,855
Homebuilding cost of revenues
Cost of homes sales revenues			—		(727,577)		—		—		(727,577)
Cost of land sales and other revenues			—		(4,994)		—		—		(4,994)
			—		(732,571)		—		—		(732,571)
Financial services costs			—		—		(4,648)		—		(4,648)
Selling, general and administrative			(30,876)		(82,721)		—		—		(113,597)
Acquisition expense			(8,645)		—		—		—		(8,645)
Equity in earnings from consolidated subsidiaries			52,869		—		—		(52,869)		—
Equity in income of unconsolidated subsidiaries			7,648		—		—		—		7,648
Other income (expense)			852		1,386		36		—		2,274
Income before income tax expense			21,848		81,252		85		(52,869)		50,316
Income tax expense			11,252		(28,438)		(30)		—		(17,216)
Net income		$	33,100	$	52,814	$	55	$	(52,869)	$	33,100

		Supplemental Condensed Consolidated Statement of Operations
	For the Nine Months Ended September 30, 2016 (in thousands)
				Guarantor		Non Guarantor		Elimination		Consolidated
		CCS		Subsidiaries		Subsidiaries		Entries		CCS
Revenues
Homebuilding revenues
Home sales revenues		$	—	$	686,335	$	—	$	—	$	686,335
Land sales and other revenues			—		10,816		—		—		10,816
			—		697,151		—		—		697,151
Financial services revenue			—		—		—		—		—
Total revenues			—		697,151		—		—		697,151
Homebuilding cost of revenues
Cost of homes sales revenues			—		(549,886)		—		—		(549,886)
Cost of land sales and other revenues			—		(9,433)		—		—		(9,433)
			—		(559,319)		—		—		(559,319)
Financial services costs			—		—		—		—		—
Selling, general and administrative			(18,323)		(69,189)		—		—		(87,512)
Equity in earnings from consolidated subsidiaries			45,514		—		—		(45,514)		—
Acquisition expense			(466)		—		—		—		(466)
Other income (expense)			24		1,379		—		—		1,403
Income before income tax expense			26,749		70,022		—		(45,514)		51,257
Income tax expense			7,718		(24,508)		—		—		(16,790)
Net income		$	34,467	$	45,514	$	—	$	(45,514)	$	34,467

Supplemental Condensed Consolidated Statement Of Cash Flows

	Supplemental Condensed Consolidated Statement of Cash Flows
	For the Nine Months Ended September 30, 2017 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Net cash provided by/(used in) operating activities	$	(8,164)	$	(92,577)	$	(30,014)	$	—	$	(130,755)
Net cash used in investing activities	$	(434,617)	$	(63,905)	$	(467)	$	432,867	$	(66,122)
Financing activities
Borrowings under revolving credit facilities	$	75,000	$	—	$	—	$	—	$	75,000
Payments on revolving credit facilities		(270,000)		—		—		—		(270,000)
Proceeds from issuance of senior notes		523,000		—		—		—		523,000
Repyment of debt assumed in business combination		—		(151,919)		—		—		(151,919)
Principal payments on notes payable		—		(4,735)		—		—		(4,735)
Debt issuance costs		(3,731)		—		—		—		(3,731)
Repurchases of common stock upon vesting of restricted stock awards		(4,141)		—		—		—		(4,141)
Payments from (and advances to) parent/subsidiary		108,887		320,768		3,212		(432,867)		—
Net proceeds from mortgage credit facility		—		—		27,465		—		27,465
Net proceeds from issuances of common stock		35,010		—		—		—		35,010
Net cash provided by financing activities	$	464,025	$	164,114	$	30,677	$	(432,867)	$	225,949
Net decrease in cash and cash equivalents	$	21,244	$	7,632	$	196	$	—	$	29,072
Cash and cash equivalents
Beginning of period	$	14,637	$	8,646	$	6,167	$	—	$	29,450
End of period	$	35,881	$	16,278	$	6,363	$	—	$	58,522

	Supplemental Condensed Consolidated Statement of Cash Flows
	For the Nine Months Ended September 30, 2016 (in thousands)
			Guarantor		Non Guarantor		Elimination		Consolidated
	CCS		Subsidiaries		Subsidiaries		Entries		CCS
Net cash provided by/(used in) operating activities	$	(17,969)	$	(43,431)	$	—	$	—	$	(61,400)
Net cash used in investing activities	$	(42,791)	$	(4,685)	$	—	$	42,476	$	(5,000)
Financing activities
Borrowings under revolving credit facilities	$	145,000	$	—	$	—	$	—	$	145,000
Payments on revolving credit facilities		(90,000)		—		—		—		(90,000)
Proceeds from insurance notes payable		—		11,612		—		—		11,612
Principal payments on notes payable		—		(7,582)		—		—		(7,582)
Debt issuance costs		(1,156)		—		—		—		(1,156)
Repurchases of common stock under our stock repurchase program		(2,393)		—		—		—		(2,393)
Repurchases of common stock upon vesting of restricted stock awards		(1,014)		—		—		—		(1,014)
Payments from (and advances to) parent/subsidiary		—		42,476		—		(42,476)		—
Net cash provided by financing activities	$	50,437	$	46,506	$	—	$	(42,476)	$	54,467
Net decrease in cash and cash equivalents	$	(10,323)	$	(1,610)	$	—	$	—	$	(11,933)
Cash and cash equivalents
Beginning of period	$	22,002	$	7,285	$	—	$		$	29,287
End of period	$	11,679	$	5,675	$	—	$	—	$	17,354