Exhibit 99.1
News Release
CalAtlantic Group, Inc. Reports 2015 Full Year and Fourth Quarter Results
On October 1, 2015, Standard Pacific Corp. and The Ryland Group, Inc. completed their merger of equals, with Ryland merging into Standard Pacific and Standard Pacific continuing as the surviving corporation. At the same time: (i) Standard Pacific changed its name to "CalAtlantic Group, Inc." and effected a reverse stock split such that each five shares of common stock of Standard Pacific issued and outstanding immediately prior to the closing of the merger were combined and converted into one issued and outstanding share of CalAtlantic common stock, (ii) MP CA Homes, LLC, the sole owner of Standard Pacific's outstanding Series B Preferred Stock, converted all of its preferred stock to CalAtlantic common stock, and (iii) each outstanding share of Ryland common stock, stock options and restricted stock units were converted into the right to receive, or the option to acquire, as applicable, 1.0191 shares of CalAtlantic common stock.
Because the closing of the merger occurred on October 1, 2015, the highlights and comparisons below and the other financial information included in this earnings release includes nine months of stand-alone data (through September 30, 2015) for predecessor Standard Pacific Corp. and three months of combined Standard Pacific Corp. and Ryland Group, Inc. data (from October 1, 2015 through December 31, 2015) as required by Generally Accepted Accounting Principles (GAAP). To aid analysts and other investors with year-over-year comparability for the entire merged business, we also are providing limited pro forma information. This pro forma information is a combination of full year 2014 and 2015 Standard Pacific and Ryland financial and operating data. Limited historical Ryland operating data is also presented in the tables beginning on page 19 for informational purposes.
Additionally, as a result of the reverse stock split in connection with the merger, applicable accounting rules provide that the Company is required to restate per share information for all periods presented as if the reverse stock split had been implemented for such periods. Those same accounting rules, however, do not allow the Company to include the MP CA Homes, LLC conversion of its Series B Preferred Stock, which occurred at the same time as the reverse stock split, into the restated share information. Please take this into account when evaluating the per share information presented below.
IRVINE, CALIFORNIA, February 18, 2016. CalAtlantic Group, Inc. (NYSE: CAA) today announced results for the year and fourth quarter ended December 31, 2015.
"I am extremely proud of the progress we have made in bringing two great organizations together," said Larry Nicholson, CalAtlantic Group, Inc. President and Chief Executive Officer. "Our team is doing a great job of carefully balancing the need to move our important integration work ahead while also remaining appropriately focused on running our day-to-day business. There is still more work to be done, but as I look out over the headlights, I'm even more excited about the prospects for CalAtlantic."
2015 CalAtlantic Highlights and Comparisons to 2014
2015 full year results include three quarters of stand-alone Standard Pacific and one quarter of the combined company, include merger and other one-time costs and the impact of purchase accounting. 2014 represents the stand-alone results of Standard Pacific, as required by GAAP.
|
·
|
Net new orders of 7,163, up 44%; Dollar value of net new orders up 51%
|
|
·
|
Backlog of 5,611 homes, up 228%; Dollar value of backlog up 181%
|
|
·
|
299 average active selling communities, up 64%
|
|
·
|
7,237 new home deliveries, up 46%
|
|
·
|
Average selling price of $477 thousand, flat
|
|
·
|
Home sale revenues of $3.4 billion, up 46%
|
|
·
|
Gross margin from home sales of 22.4%, compared to 26.1%
|
|
o
|
Adjusted gross margin from home sales of 24.3%* compared to 26.1% (2015 excludes $64.2 million of purchase accounting impact related to the merger)
|
|
·
|
SG&A rate from home sales of 11.3%, compared to 11.7%
|
|
·
|
Operating margin from home sales of $381.7 million, or 11.1%, compared to $341.9 million, or 14.4%
|
|
o
|
Adjusted operating margin from home sales of $445.8 million*, or 13.0%*
|
|
·
|
Net income of $213.5 million, or $2.26 per diluted share, vs. net income of $215.9 million, or $2.68 per diluted share (includes the impact of $61.7 million of merger and other one-time costs and $64.2 million of purchase accounting adjustments)
|
|
o
|
Adjusted net income of $292.0 million*, or $3.09 per diluted share*
|
|
·
|
$1.0 billion of land purchases and development costs, compared to $943.1 million
|
2015 CalAtlantic Fourth Quarter Highlights and Comparisons to 2014 Fourth Quarter
2015 fourth quarter results are for combined company, include merger and other one-time costs and the impact of purchase accounting. 2014 fourth quarter represents the stand-alone results of Standard Pacific, as required by GAAP.
|
·
|
Net new orders of 2,699, up 176%; Dollar value of net new orders up 142%
|
|
·
|
579 average active selling communities, up 215%
|
|
·
|
3,795 new home deliveries, up 157%
|
|
·
|
Average selling price of $437 thousand, down 11%
|
|
·
|
Home sale revenues of $1.7 billion, up 129%
|
|
·
|
Gross margin from home sales of 19.8%, compared to 25.2%
|
|
o
|
Adjusted gross margin from home sales of 23.7%* compared to 25.2% (Q4 2015 excludes $64.2 million of purchase accounting impact related to the merger)
|
|
·
|
SG&A rate from home sales of 10.3%, compared to 10.9%
|
|
·
|
Operating margin from home sales of $158.0 million, or 9.5%, compared to $103.5 million, or 14.3%
|
|
o
|
Adjusted operating margin from home sales of $222.1 million*, or 13.4%*
|
|
·
|
Net income of $77.5 million, or $0.56 per diluted share, vs. net income of $64.6 million, or $0.80 per diluted share (includes the impact of $44.8 million of 2015 fourth quarter merger and other one-time costs and $64.2 million of purchase accounting adjustments)
|
|
o
|
Adjusted net income of $144.5 million*, or $1.04 per diluted share*
|
|
·
|
$398.0 million of land purchases and development costs, compared to $255.9 million
|
Pro Forma 2015 CalAtlantic Highlights and Comparisons to Pro Forma CalAtlantic 2014
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 full year 2014 and 2015 Standard Pacific and Ryland financial and operating data, as if the merger closed on January 1, 2014. Such pro forma data was not prepared to comply with Regulation S-X of the SEC Rules and Regulations.
|
·
|
Net new orders of 13,851, up 10%; Dollar value of net new orders up 18%
|
|
·
|
Backlog of 5,611 homes, up 30%; Dollar value of backlog up 40%
|
|
·
|
558 average active selling communities, up 13%
|
|
·
|
12,560 new home deliveries, down 1%
|
|
·
|
Average selling price of $420 thousand, up 8%
|
|
·
|
Home sale revenues of $5.3 billion, up 7%
|
|
·
|
Pretax income of $515.9 million vs. $634.4 million (includes the impact of $61.7 million of 2015 merger and other one-time costs and $64.2 million of purchase accounting adjustments)
|
|
o
|
Adjusted pretax income of $641.8 million*, flat
|
|
·
|
$1.6 billion of land purchases and development costs, compared to $1.7 billion
|
2
2015 CalAtlantic Fourth Quarter Highlights and Comparisons to Pro Forma 2014 CalAtlantic Fourth 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 fourth quarter 2014 Standard Pacific and Ryland financial and operating data, as if the merger closed on October 1, 2014, compared to actual 2015 CalAtlantic fourth 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 2,699, up 7%; Dollar value of net new orders up 16%
|
|
·
|
579 average active selling communities, up 11%
|
|
·
|
3,795 new home deliveries, down 4%
|
|
·
|
Average selling price of $437 thousand, up 11%
|
|
·
|
Home sale revenues of $1.7 billion, up 6%
|
|
·
|
Pretax income of $126.2 million vs. $219.5 million (includes the impact of $44.8 million of 2015 fourth quarter merger and other one-time costs and $64.2 million of purchase accounting adjustments)
|
|
o
|
Adjusted pretax income of $235.2 million*, up 7%
|
|
·
|
$398.0 million of land purchases and development costs, compared to $524.6 million
|
Orders. Net new orders for the 2015 fourth quarter were up 7% from the pro forma 2014 fourth quarter, to 2,699 homes, with the dollar value of these orders up 16%, and the Company's monthly sales absorption rate was 1.6 per community for the 2015 fourth quarter, relatively flat from the pro forma 2014 fourth quarter and down 18% from the pro forma 2015 third quarter, consistent with normal seasonal patterns. The Company's cancellation rate for the 2015 fourth quarter was 22%, slightly above the pro forma 2014 fourth quarter and up from 20% for the pro forma 2015 third quarter. Our 2015 fourth quarter cancellation rate was consistent with our average historical cancellation rate of approximately 22% over the last 10 years.
Backlog. The dollar value of homes in backlog increased 40% to $2.6 billion, or 5,611 homes, compared to $1.8 billion, or 4,328 homes, for the pro forma 2014 fourth quarter, and decreased 15% compared to $3.0 billion, or 6,707 homes, for the pro forma 2015 third quarter. The increase in pro forma year-over-year backlog value was driven primarily by our continued growth in community count and the corresponding increase in orders and an 8% increase in the average selling price of the homes in backlog on a pro forma basis, reflecting the product mix shift to more move-up and luxury homes and continued pricing power in many of our markets.
Revenue. Revenues from home sales for the 2015 fourth quarter increased 6%, to $1.7 billion, as compared to the pro forma 2014 fourth quarter, resulting from an 11% increase on a pro forma basis in the Company's average home price to $437 thousand, partially offset by a 4% decrease in pro forma new home deliveries. The increase in average home price was primarily attributable to a shift to more move-up product and general price increases within a majority of the Company's markets.
Gross Margin. Gross margin percentage from home sales for the 2015 fourth quarter was 19.8%, as compared to 25.2% for the 2014 fourth quarter. The Company's 2015 fourth quarter gross margins were adversely impacted by the required fair value adjustment to homes in backlog and specs under construction acquired from Ryland in the merger, of which $64.2 million was recognized as an increase to cost of sales during the quarter. Excluding the impact of purchasing accounting, the Company achieved adjusted gross margins from home sales of 23.7%* for the 2015 fourth quarter.
SG&A Expenses. Selling, general and administrative expenses for the 2015 fourth quarter were $171.5 million, or 10.3%, as compared to $79.3 million, or 10.9%, for the 2014 fourth quarter. This 60 basis point improvement was primarily the result of a 129% increase in home sale revenues and the operating leverage gained in connection with the merger.
Land. During the 2015 fourth quarter, the Company spent $398.0 million on land purchases and development costs, compared to $524.6 million for the pro forma 2014 fourth quarter. The Company purchased $212.2 million of land, consisting of 2,546 homesites, of which 30% (based on homesites) is located in the North region, 27% in the Southeast region, 22% in the Southwest region, and 21% in the West region. As of December 31, 2015, the Company owned or controlled 70,494 homesites, of which 47,061 were owned and
3
actively selling or under development, 17,911 were controlled or under option, and the remaining 5,522 homesites were held for future development or for sale.
Liquidity. The Company ended the quarter with $782.2 million of available liquidity, including $151.1 million of unrestricted homebuilding cash and $631.1 million available to borrow under its $750 million revolving credit facility. The Company's homebuilding debt to book capitalization as of December 31, 2015 and 2014 was 47.5% and 55.8%, respectively, and adjusted net homebuilding debt to adjusted book capitalization was 46.1%* and 53.1%*, respectively. In addition, the Company's homebuilding debt to adjusted homebuilding EBITDA for the LTM period ending December 31, 2015 and 2014 was 5.4x* and 4.2x*, respectively.
Earnings Conference Call
A conference call to discuss the Company's 2015 fourth quarter results will be held at 12:00 p.m. Eastern time February 19, 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 (888) 286-2317 (domestic) or (719) 457-2617 (international); Passcode: 6978264. 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: 6978264.
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.
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; and our liquidity. In addition, 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 all of 2014 and 2015 and are not necessarily indicative of the combined Company's future performance. 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 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, 2014 and subsequent Quarterly Reports on Form 10-Q, including our Report on Form 10-Q for the quarter ended September 30, 2015. 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.
4
Contact:
Jeff McCall, EVP & CFO (949) 789-1655, jeff.mccall@calatl.com
*Please see "Reconciliation of Non-GAAP Financial Measures" beginning on page 15.
###
(Note: Tables Follow)
5
KEY STATISTICS AND FINANCIAL DATA1
|
As of or For the Three Months Ended
|
||||||||||||||
|
December 31,
|
December 31,
|
Percentage
|
September 30,
|
Percentage
|
||||||||||
|
2015
|
2014
|
or % Change
|
2015
|
or % Change
|
||||||||||
|
Select Operating Data
|
(Dollars in thousands)
|
|||||||||||||
|
Deliveries
|
3,795
|
1,475
|
157%
|
1,165
|
226%
|
|||||||||
|
Average selling price
|
$
|
437
|
$
|
491
|
(11%)
|
$
|
537
|
(19%)
|
||||||
|
Home sale revenues
|
$
|
1,659,982
|
$
|
724,342
|
129%
|
$
|
626,008
|
165%
|
||||||
|
Gross margin % (including land sales)
|
19.7%
|
24.2%
|
(4.5%)
|
24.5%
|
(4.8%)
|
|||||||||
|
Gross margin % from home sales
|
19.8%
|
25.2%
|
(5.4%)
|
25.3%
|
(5.5%)
|
|||||||||
|
Adjusted gross margin % from home sales (excluding purchase
|
||||||||||||||
|
accounting adjustments included in cost of home sales)*
|
23.7%
|
25.2%
|
(1.5%)
|
25.3%
|
(1.6%)
|
|||||||||
| Adjusted gross margin % from home sales (excluding purchase | ||||||||||||||
| accounting adjustments and interest included in cost of home sales)* | 26.4% | 30.2% | (3.8%) | 30.2% | (3.8%) | |||||||||
|
Incentive and stock-based compensation expense
|
$
|
21,239
|
$
|
7,364
|
188%
|
$
|
5,932
|
258%
|
||||||
|
Selling expenses
|
$
|
79,586
|
$
|
35,746
|
123%
|
$
|
32,687
|
143%
|
||||||
|
G&A expenses (excluding incentive and stock-based
|
||||||||||||||
|
compensation expenses)
|
$
|
70,645
|
$
|
36,162
|
95%
|
$
|
34,641
|
104%
|
||||||
|
SG&A expenses
|
$
|
171,470
|
$
|
79,272
|
116%
|
$
|
73,260
|
134%
|
||||||
|
SG&A % from home sales
|
10.3%
|
10.9%
|
(0.6%)
|
11.7%
|
(1.4%)
|
|||||||||
|
Operating margin from home sales
|
$
|
157,954
|
$
|
103,455
|
53%
|
$
|
85,390
|
85%
|
||||||
|
Operating margin % from home sales
|
9.5%
|
14.3%
|
(4.8%)
|
13.6%
|
(4.1%)
|
|||||||||
| Adjusted operating margin from home sales* | $ | 222,124 | $ | 103,455 | 115% | $ | 85,390 | 160% | ||||||
| Adjusted operating margin % from home sales* | 13.4% | 14.3% | (0.9%) | 13.6% | (0.2%) | |||||||||
|
Net new orders
|
2,699
|
978
|
176%
|
1,326
|
104%
|
|||||||||
|
Net new orders (dollar value)
|
$
|
1,194,094
|
$
|
494,064
|
142%
|
$
|
768,557
|
55%
|
||||||
|
Average active selling communities
|
579
|
184
|
215%
|
215
|
169%
|
|||||||||
|
Monthly sales absorption rate per community
|
1.6
|
1.8
|
(12%)
|
2.1
|
(24%)
|
|||||||||
|
Cancellation rate
|
22%
|
21%
|
1%
|
19%
|
3%
|
|||||||||
|
Gross cancellations
|
763
|
258
|
196%
|
302
|
153%
|
|||||||||
|
Backlog (homes)
|
5,611
|
1,711
|
228%
|
2,733
|
105%
|
|||||||||
|
Backlog (dollar value)
|
$
|
2,572,092
|
$
|
916,376
|
181%
|
$
|
1,655,496
|
55%
|
||||||
|
Land purchases (incl. seller financing)
|
$
|
212,210
|
$
|
172,320
|
23%
|
$
|
125,982
|
68%
|
||||||
|
Adjusted Homebuilding EBITDA*
|
$
|
297,581
|
$
|
150,726
|
97%
|
$
|
119,553
|
149%
|
||||||
|
Adjusted Homebuilding EBITDA Margin %*
|
17.8%
|
20.0%
|
(2.2%)
|
18.3%
|
(0.5%)
|
|||||||||
|
Homebuilding interest incurred
|
$
|
45,545
|
$
|
39,960
|
14%
|
$
|
42,304
|
8%
|
||||||
|
Homebuilding interest capitalized to inventories owned
|
$
|
44,713
|
$
|
39,594
|
13%
|
$
|
41,611
|
7%
|
||||||
|
Homebuilding interest capitalized to investments in JVs
|
$
|
832
|
$
|
366
|
127%
|
$
|
693
|
20%
|
||||||
|
Interest amortized to cost of sales (incl. cost of land sales)
|
$
|
46,857
|
$
|
39,354
|
19%
|
$
|
33,323
|
41%
|
||||||
6
|
For the Year Ended
|
|||||||||
|
December 31,
|
December 31,
|
Percentage
|
|||||||
|
2015
|
2014
|
or % Change
|
|||||||
|
Select Operating Data
|
(Dollars in thousands)
|
||||||||
|
Deliveries
|
7,237
|
4,956
|
46%
|
||||||
|
Average selling price
|
$
|
477
|
$
|
478
|
(0%)
|
||||
|
Home sale revenues
|
$
|
3,449,047
|
$
|
2,366,754
|
46%
|
||||
|
Gross margin % (including land sales)
|
22.2%
|
25.6%
|
(3.4%)
|
||||||
|
Gross margin % from home sales
|
22.4%
|
26.1%
|
(3.7%)
|
||||||
| Adjusted gross margin % from home sales (excluding purchase | |||||||||
| accounting adjustments included in cost of home sales)* | 24.3% | 26.1% | (1.8%) | ||||||
|
Adjusted gross margin % from home sales (excluding purchase
|
|||||||||
|
accounting adjustments and interest amortized to cost of home sales)*
|
28.1%
|
31.1%
|
(3.0%)
|
||||||
|
Incentive and stock-based compensation expense
|
$
|
38,113
|
$
|
26,643
|
43%
|
||||
|
Selling expenses
|
$
|
174,269
|
$
|
116,651
|
49%
|
||||
|
G&A expenses (excluding incentive and stock-based
|
|||||||||
|
compensation expenses)
|
$
|
178,328
|
$
|
132,567
|
35%
|
||||
|
SG&A expenses
|
$
|
390,710
|
$
|
275,861
|
42%
|
||||
|
SG&A % from home sales
|
11.3%
|
11.7%
|
(0.4%)
|
||||||
|
Operating margin from home sales
|
$
|
381,671
|
$
|
341,939
|
12%
|
||||
|
Operating margin % from home sales
|
11.1%
|
14.4%
|
(3.3%)
|
||||||
| Adjusted operating margin from home sales* | $ | 445,841 | $ | 341,939 | 30% | ||||
| Adjusted operating margin % from home sales* | 13.0% | 14.4% | (1.4%) | ||||||
|
Net new orders
|
7,163
|
4,967
|
44%
|
||||||
|
Net new orders (dollar value)
|
$
|
3,650,329
|
$
|
2,410,206
|
51%
|
||||
|
Average active selling communities
|
299
|
182
|
64%
|
||||||
|
Monthly sales absorption rate per community
|
2.0
|
2.3
|
(12%)
|
||||||
|
Cancellation rate
|
18%
|
17%
|
1%
|
||||||
|
Gross cancellations
|
1,533
|
1,004
|
53%
|
||||||
| Backlog (homes) | 5,611 | 1,711 | 228% | ||||||
| Backlog (dollar value) | $ | 2,572,092 | $ | 916,376 | 181% | ||||
|
Land purchases (incl. seller financing)
|
$
|
515,315
|
$
|
585,735
|
(12%)
|
||||
|
Adjusted Homebuilding EBITDA*
|
$
|
648,313
|
$
|
502,423
|
29%
|
||||
|
Adjusted Homebuilding EBITDA Margin %*
|
18.5%
|
20.8%
|
(2.3%)
|
||||||
|
Homebuilding interest incurred
|
$
|
171,509
|
$
|
153,695
|
12%
|
||||
|
Homebuilding interest capitalized to inventories owned
|
$
|
169,233
|
$
|
151,962
|
11%
|
||||
|
Homebuilding interest capitalized to investments in JVs
|
$
|
2,276
|
$
|
1,733
|
31%
|
||||
|
Interest amortized to cost of sales (incl. cost of land sales)
|
$
|
139,381
|
$
|
123,112
|
13%
|
||||
|
As of
|
|||||||||
|
December 31,
|
December 31,
|
Percentage
|
|||||||
|
2015
|
2014
|
or % Change
|
|||||||
|
Select Balance Sheet Data
|
(Dollars in thousands, except per share amounts)
|
||||||||
|
Homebuilding cash (including restricted cash)
|
$
|
187,066
|
$
|
218,650
|
(14%)
|
||||
|
Inventories owned
|
$
|
6,069,959
|
$
|
3,255,204
|
86%
|
||||
| Goodwill | $ | 933,360 | $ |
―
|
―
|
||||
|
Homesites owned and controlled
|
70,494
|
35,430
|
99%
|
||||||
|
Homes under construction
|
6,081
|
2,032
|
199%
|
||||||
|
Completed specs
|
1,325
|
515
|
157%
|
||||||
|
Homebuilding debt
|
$
|
3,487,699
|
$
|
2,113,301
|
65%
|
||||
|
Stockholders' equity
|
$
|
3,861,436
|
$
|
1,676,688
|
130%
|
||||
|
Adjusted stockholders' equity per share (reverse split adjusted,
|
|||||||||
|
including if-converted preferred stock)*
|
$
|
31.84
|
$
|
23.10
|
38%
|
||||
|
Total consolidated debt to book capitalization
|
49.5%
|
56.8%
|
(7.3%)
|
||||||
|
Adjusted net homebuilding debt to total adjusted
|
|||||||||
|
book capitalization*
|
46.1%
|
53.1%
|
(7.0%)
|
||||||
7
PRO FORMA KEY STATISTICS AND FINANCIAL DATA1
|
As of or For the Three Months Ended
|
||||||||||||||
|
December 31,
|
Pro Forma
December 31, |
Percentage
|
Pro Forma
September 30, |
Percentage
|
||||||||||
|
2015
|
2014
|
or % Change
|
2015
|
or % Change
|
||||||||||
|
Select Operating Data
|
(Dollars in thousands)
|
|||||||||||||
|
Deliveries
|
3,795
|
3,964
|
(4%)
|
3,211
|
18%
|
|||||||||
|
Average selling price
|
$
|
437
|
$
|
395
|
11%
|
$
|
411
|
6%
|
||||||
|
Home sale revenues*
|
$
|
1,659,982
|
$
|
1,566,383
|
6%
|
$
|
1,318,885
|
26%
|
||||||
|
Pretax income*
|
$
|
126,177
|
$
|
219,531
|
(43%)
|
$
|
143,852
|
(12%)
|
||||||
| Pretax income (excluding purchase accounting adjustments | ||||||||||||||
| included in cost of home sales and merger and other one-time costs)* | 235,196 | 219,531 | 7% | 155,068 | 52% | |||||||||
|
Net new orders
|
2,699
|
2,525
|
7%
|
3,238
|
(17%)
|
|||||||||
|
Net new orders (dollar value)
|
$
|
1,194,094
|
$
|
1,030,718
|
16%
|
$
|
1,413,512
|
(16%)
|
||||||
|
Average active selling communities
|
579
|
520
|
11%
|
567
|
2%
|
|||||||||
|
Monthly sales absorption rate per community
|
1.6
|
1.6
|
(4%)
|
1.9
|
(18%)
|
|||||||||
|
Cancellation rate
|
22%
|
21%
|
1%
|
20%
|
2%
|
|||||||||
|
Gross cancellations
|
763
|
689
|
11%
|
797
|
(4%)
|
|||||||||
|
Backlog (homes)
|
5,611
|
4,328
|
30%
|
6,707
|
(16%)
|
|||||||||
|
Backlog (dollar value)
|
$
|
2,572,092
|
$
|
1,835,402
|
40%
|
$
|
3,014,957
|
(15%)
|
||||||
|
Land purchases (incl. seller financing)
|
$
|
212,210
|
$
|
357,766
|
(41%)
|
$
|
211,588
|
0%
|
||||||
|
For the Year Ended
|
|||||||||
|
Pro Forma
December 31, |
Pro Forma
December 31, |
Percentage
|
|||||||
|
2015
|
2014
|
or % Change
|
|||||||
|
Select Operating Data
|
(Dollars in thousands)
|
||||||||
|
Deliveries
|
12,560
|
12,633
|
(1%)
|
||||||
|
Average selling price
|
$
|
420
|
$
|
390
|
8%
|
||||
|
Home sale revenues*
|
$
|
5,280,297
|
$
|
4,922,721
|
7%
|
||||
|
Pretax income*
|
$
|
515,932
|
$
|
634,428
|
(19%)
|
||||
| Pretax income (excluding purchase accounting adjustments | |||||||||
| included in cost of home sales and merger and other one-time costs)* | $ | 641,839 | $ | 634,428 | 1% | ||||
|
Net new orders
|
13,851
|
12,635
|
10%
|
||||||
|
Net new orders (dollar value)
|
$
|
5,921,611
|
$
|
5,030,389
|
18%
|
||||
|
Average active selling communities
|
558
|
494
|
13%
|
||||||
|
Monthly sales absorption rate per community
|
2.1
|
2.1
|
(3%)
|
||||||
|
Cancellation rate
|
17%
|
18%
|
(1%)
|
||||||
|
Gross cancellations
|
2,890
|
2,786
|
4%
|
||||||
| Backlog (homes) | 5,611 | 4,328 | 30% | ||||||
| Backlog (dollar value) | $ | 2,572,092 | $ | 1,835,402 | 40% | ||||
|
Land purchases (incl. seller financing)
|
$
|
875,118
|
$
|
1,123,966
|
(22%)
|
||||
|
As of
|
|||||||||
|
December 31,
|
Pro Forma
December 31, |
Percentage
|
|||||||
|
2015
|
2014
|
or % Change
|
|||||||
|
Select Balance Sheet Data
|
(Dollars in thousands)
|
||||||||
|
Homebuilding cash (including restricted cash)*
|
$
|
187,066
|
$
|
744,997
|
(75%)
|
||||
|
Inventories owned*
|
$
|
6,069,959
|
$
|
5,270,216
|
15%
|
||||
| Goodwill* | $ | 933,360 | $ | 36,891 | 2,430% | ||||
|
Homesites owned and controlled
|
70,494
|
74,308
|
(5%)
|
||||||
|
Homes under construction
|
6,081
|
4,507
|
35%
|
||||||
|
Completed specs
|
1,325
|
1,246
|
6%
|
||||||
|
Homebuilding debt*
|
$
|
3,487,699
|
$
|
3,516,380
|
(1%)
|
||||
1All statistical numbers exclude unconsolidated joint ventures unless noted otherwise.
*Please see "Reconciliation of Non-GAAP Financial Measures" beginning on page 15.
8
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
|
Three Months Ended
December 31, |
Year Ended
December 31, |
|||||||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||||||
|
(Dollars in thousands, except per share amounts)
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
|
Homebuilding:
|
||||||||||||||||
|
Home sale revenues
|
$
|
1,659,982
|
$
|
724,342
|
$
|
3,449,047
|
$
|
2,366,754
|
||||||||
|
Land sale revenues
|
14,329
|
29,302
|
47,364
|
44,424
|
||||||||||||
|
Total revenues
|
1,674,311
|
753,644
|
3,496,411
|
2,411,178
|
||||||||||||
|
Cost of home sales
|
(1,330,558
|
)
|
(541,615
|
)
|
(2,676,666
|
)
|
(1,748,954
|
)
|
||||||||
|
Cost of land sales
|
(13,084
|
)
|
(29,596
|
)
|
(43,274
|
)
|
(43,841
|
)
|
||||||||
|
Total cost of sales
|
(1,343,642
|
)
|
(571,211
|
)
|
(2,719,940
|
)
|
(1,792,795
|
)
|
||||||||
|
Gross margin
|
330,669
|
182,433
|
776,471
|
618,383
|
||||||||||||
|
Gross margin %
|
19.7
|
%
|
24.2
|
%
|
22.2
|
%
|
25.6
|
%
|
||||||||
|
Selling, general and administrative expenses
|
(171,470
|
)
|
(79,272
|
)
|
(390,710
|
)
|
(275,861
|
)
|
||||||||
|
Income (loss) from unconsolidated joint ventures
|
2,347
|
(326
|
)
|
1,966
|
(668
|
)
|
||||||||||
|
Other income (expense)
|
(45,435
|
)
|
(1,288
|
)
|
(62,177
|
)
|
(1,733
|
)
|
||||||||
|
Homebuilding pretax income
|
116,111
|
101,547
|
325,550
|
340,121
|
||||||||||||
|
Financial Services:
|
||||||||||||||||
|
Revenues
|
23,887
|
7,300
|
43,702
|
25,320
|
||||||||||||
|
Expenses
|
(13,821
|
)
|
(4,465
|
)
|
(26,763
|
)
|
(15,477
|
)
|
||||||||
|
Financial services pretax income
|
10,066
|
2,835
|
16,939
|
9,843
|
||||||||||||
|
Income before taxes
|
126,177
|
104,382
|
342,489
|
349,964
|
||||||||||||
|
Provision for income taxes
|
(48,648
|
)
|
(39,738
|
)
|
(128,980
|
)
|
(134,099
|
)
|
||||||||
|
Net income
|
77,529
|
64,644
|
213,509
|
215,865
|
||||||||||||
|
Less: Net income allocated to preferred shareholder
|
―
|
(15,490
|
)
|
(32,997
|
)
|
(51,650
|
)
|
|||||||||
|
Less: Net income allocated to unvested restricted stock
|
(95
|
)
|
(87
|
)
|
(369
|
)
|
(297
|
)
|
||||||||
|
Net income available to common stockholders
|
$
|
77,434
|
$
|
49,067
|
$
|
180,143
|
$
|
163,918
|
||||||||
|
Income Per Common Share:
|
||||||||||||||||
| Basic | $ | 0.64 | $ | 0.88 | $ | 2.51 | $ | 2.94 | ||||||||
|
Diluted
|
$
|
0.56
|
$
|
0.80
|
$
|
2.26
|
$
|
2.68
|
||||||||
|
Weighted Average Common Shares Outstanding:
|
||||||||||||||||
| Basic |
121,132,872
|
55,633,527
|
71,713,747
|
55,737,548
|
||||||||||||
|
Diluted
|
138,971,598
|
63,088,045
|
81,512,953
|
63,257,082
|
||||||||||||
|
Weighted average additional common shares outstanding
|
||||||||||||||||
|
if preferred shares converted to common shares
|
―
|
17,562,557
|
13,135,814
|
17,562,557
|
||||||||||||
|
Total weighted average diluted common shares outstanding
|
||||||||||||||||
|
if preferred shares converted to common shares
|
138,971,598
|
80,650,602
|
94,648,767
|
80,819,639
|
||||||||||||
9
CONDENSED CONSOLIDATED BALANCE SHEETS
|
December 31,
|
December 31,
|
|||||||
|
2015
|
2014
|
|||||||
|
(Dollars in thousands)
|
||||||||
|
ASSETS
|
(Unaudited)
|
|||||||
|
Homebuilding:
|
||||||||
|
Cash and equivalents
|
$
|
151,076
|
$
|
180,428
|
||||
| Restricted cash |
35,990
|
38,222
|
||||||
| Inventories: | ||||||||
| Owned |
6,069,959
|
3,255,204
|
||||||
| Not owned |
83,246
|
85,153
|
||||||
|
Investments in unconsolidated joint ventures
|
132,763
|
50,111
|
||||||
|
Deferred income taxes, net
|
396,194
|
276,402
|
||||||
| Goodwill |
933,360
|
―
|
||||||
| Other assets |
118,768
|
38,816
|
||||||
|
Total Homebuilding Assets
|
7,921,356
|
3,924,336
|
||||||
|
Financial Services:
|
||||||||
|
Cash and equivalents
|
35,518
|
31,965
|
||||||
| Restricted cash |
22,914
|
1,295
|
||||||
|
Mortgage loans held for sale, net
|
325,770
|
174,420
|
||||||
|
Mortgage loans held for investment, net
|
22,704
|
14,380
|
||||||
| Other assets |
17,243
|
5,243
|
||||||
|
Total Financial Services Assets
|
424,149
|
227,303
|
||||||
|
Total Assets
|
$
|
8,345,505
|
$
|
4,151,639
|
||||
|
LIABILITIES AND EQUITY
|
||||||||
|
Homebuilding:
|
||||||||
|
Accounts payable
|
$
|
191,681
|
$
|
45,085
|
||||
| Accrued liabilities |
478,793
|
223,783
|
||||||
|
Secured project debt and other notes payable
|
25,683
|
4,689
|
||||||
|
Senior notes payable
|
3,462,016
|
2,108,612
|
||||||
|
Total Homebuilding Liabilities
|
4,158,173
|
2,382,169
|
||||||
|
Financial Services:
|
||||||||
|
Accounts payable and other liabilities
|
22,474
|
3,369
|
||||||
|
Mortgage credit facilities
|
303,422
|
89,413
|
||||||
|
Total Financial Services Liabilities
|
325,896
|
92,782
|
||||||
|
Total Liabilities
|
4,484,069
|
2,474,951
|
||||||
|
Equity:
|
||||||||
|
Stockholders' Equity:
|
||||||||
|
Preferred stock
|
―
|
1
|
||||||
|
Common stock
|
1,213
|
550
|
||||||
|
Additional paid-in capital
|
3,324,328
|
1,348,905
|
||||||
|
Accumulated earnings
|
535,890
|
327,232
|
||||||
|
Accumulated other comprehensive income, net of tax
|
5
|
―
|
||||||
|
Total Equity
|
3,861,436
|
1,676,688
|
||||||
|
Total Liabilities and Equity
|
$
|
8,345,505
|
$
|
4,151,639
|
||||
INVENTORIES
|
December 31,
|
December 31,
|
|||||||
|
2015
|
2014
|
|||||||
|
(Dollars in thousands)
|
||||||||
|
|
(Unaudited)
|
|||||||
| Inventories Owned: | ||||||||
|
Land and land under development
|
$
|
3,546,289
|
$
|
2,248,289
|
||||
|
Homes completed and under construction
|
2,039,597
|
827,612
|
||||||
|
Model homes
|
484,073
|
179,303
|
||||||
|
Total inventories owned
|
$
|
6,069,959
|
$
|
3,255,204
|
||||
|
Inventories Owned by Segment:
|
||||||||
|
North
|
$
|
703,651
|
$
|
―
|
||||
|
Southeast
|
1,753,301
|
1,033,401
|
||||||
|
Southwest
|
1,400,524
|
598,856
|
||||||
|
West
|
2,212,483
|
1,622,947
|
||||||
|
Total inventories owned
|
$
|
6,069,959
|
$
|
3,255,204
|
||||
10
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 December 31,
|
|||||||||||||||||||||
|
2015
|
2014
|
% Change
|
|||||||||||||||||||
|
Homes
|
ASP
|
Homes
|
ASP
|
Homes
|
ASP
|
||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||
|
New homes delivered:
|
|||||||||||||||||||||
|
North
|
787
|
$
|
334
|
n/a
|
$
|
n/a
|
n/a
|
n/a
|
|||||||||||||
|
Southeast
|
1,143
|
377
|
508
|
382
|
125%
|
(1%)
|
|||||||||||||||
|
Southwest
|
1,033
|
403
|
348
|
469
|
197%
|
(14%)
|
|||||||||||||||
|
West
|
|
832
|
|
662
|
|
619
|
|
593
|
|
34%
|
|
12%
|
|||||||||
|
Consolidated total
|
|
3,795
|
$
|
437
|
|
1,475
|
$
|
491
|
|
157%
|
|
(11%)
|
|||||||||
|
Year Ended December 31,
|
|||||||||||||||||||||
|
2015
|
2014
|
% Change
|
|||||||||||||||||||
|
Homes
|
ASP
|
Homes
|
ASP
|
Homes
|
ASP
|
||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||
|
New homes delivered:
|
|||||||||||||||||||||
|
North
|
787
|
$
|
334
|
n/a
|
$
|
n/a
|
n/a
|
n/a
|
|||||||||||||
|
Southeast
|
2,471
|
395
|
1,871
|
354
|
32%
|
12%
|
|||||||||||||||
|
Southwest
|
1,891
|
462
|
1,059
|
465
|
79%
|
(1%)
|
|||||||||||||||
|
West
|
|
2,088
|
|
640
|
|
2,026
|
|
598
|
|
3%
|
|
7%
|
|||||||||
|
Consolidated total
|
|
7,237
|
$
|
477
|
|
4,956
|
$
|
478
|
|
46%
|
|
(0%)
|
|||||||||
|
Three Months Ended December 31,
|
|||||||||||||||||||||
|
2015
|
2014
|
% Change
|
|||||||||||||||||||
|
Homes
|
ASP
|
Homes
|
ASP
|
Homes
|
ASP
|
||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||
|
Net new orders:
|
|||||||||||||||||||||
|
North
|
556
|
$
|
348
|
n/a
|
$
|
n/a
|
n/a
|
n/a
|
|||||||||||||
|
Southeast
|
831
|
384
|
395
|
385
|
110%
|
(0%)
|
|||||||||||||||
|
Southwest
|
715
|
416
|
240
|
509
|
198%
|
(18%)
|
|||||||||||||||
|
West
|
|
597
|
|
643
|
|
343
|
|
641
|
|
74%
|
|
0%
|
|||||||||
|
Consolidated total
|
|
2,699
|
$
|
442
|
|
978
|
$
|
505
|
|
176%
|
|
(12%)
|
|||||||||
|
Year Ended December 31,
|
|||||||||||||||||||||
|
2015
|
2014
|
% Change
|
|||||||||||||||||||
|
Homes
|
ASP
|
Homes
|
ASP
|
Homes
|
ASP
|
||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||
|
Net new orders:
|
|||||||||||||||||||||
|
North
|
556
|
$
|
348
|
n/a
|
$
|
n/a
|
n/a
|
n/a
|
|||||||||||||
|
Southeast
|
2,342
|
422
|
1,841
|
374
|
27%
|
13%
|
|||||||||||||||
|
Southwest
|
1,838
|
481
|
1,207
|
473
|
52%
|
2%
|
|||||||||||||||
|
West
|
2,427
|
653
|
1,919
|
600
|
26%
|
9%
|
|||||||||||||||
|
Consolidated total
|
|
7,163
|
$
|
510
|
|
4,967
|
$
|
485
|
|
44%
|
|
5%
|
|||||||||
11
REGIONAL OPERATING DATA (Continued)
|
Three Months Ended
December 31, |
Year Ended
December 31, |
||||||||||||||
|
2015
|
2014
|
% Change
|
2015
|
2014
|
% Change
|
||||||||||
|
Average number of selling communities
|
|||||||||||||||
|
during the period:
|
|||||||||||||||
|
North
|
119
|
n/a
|
n/a
|
30
|
n/a
|
n/a
|
|||||||||
|
Southeast
|
181
|
73
|
148%
|
111
|
74
|
50%
|
|||||||||
|
Southwest
|
183
|
54
|
239%
|
87
|
50
|
74%
|
|||||||||
|
West
|
96
|
57
|
68%
|
71
|
58
|
22%
|
|||||||||
|
Consolidated total
|
579
|
184
|
215%
|
299
|
182
|
64%
|
|||||||||
|
At December 31,
|
|||||||||||||||||||||
|
2015
|
2014
|
% Change
|
|||||||||||||||||||
|
Homes
|
Dollar
Value |
Homes
|
Dollar
Value |
Homes
|
Dollar
Value |
||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||
|
Backlog:
|
|||||||||||||||||||||
|
North
|
1,003
|
$
|
348,285
|
n/a
|
$
|
n/a
|
n/a
|
n/a
|
|||||||||||||
|
Southeast
|
1,621
|
702,388
|
771
|
365,355
|
110%
|
92%
|
|||||||||||||||
|
Southwest
|
1,902
|
845,499
|
546
|
289,627
|
248%
|
192%
|
|||||||||||||||
|
West
|
|
1,085
|
|
675,920
|
|
394
|
|
261,394
|
|
175%
|
|
159%
|
|||||||||
|
Consolidated total
|
|
5,611
|
$
|
2,572,092
|
|
1,711
|
$
|
916,376
|
|
228%
|
|
181%
|
|||||||||
|
At December 31,
|
|||||||||
|
2015
|
2014
|
% Change
|
|||||||
|
Homesites owned and controlled:
|
|||||||||
|
North
|
15,222
|
n/a
|
n/a
|
||||||
|
Southeast
|
24,393
|
16,458
|
48%
|
||||||
|
Southwest
|
16,151
|
6,944
|
133%
|
||||||
|
West
|
14,728
|
12,028
|
22%
|
||||||
|
Total (including joint ventures)
|
70,494
|
35,430
|
99%
|
||||||
|
Homesites owned
|
52,583
|
28,972
|
81%
|
||||||
|
Homesites optioned or subject to contract
|
15,972
|
6,260
|
155%
|
||||||
|
Joint venture homesites
|
1,939
|
198
|
879%
|
||||||
|
Total (including joint ventures)
|
70,494
|
35,430
|
99%
|
||||||
|
Homesites owned:
|
|||||||||
|
Raw lots
|
8,814
|
8,162
|
8%
|
||||||
|
Homesites under development
|
23,395
|
8,119
|
188%
|
||||||
|
Finished homesites
|
9,488
|
7,210
|
32%
|
||||||
|
Under construction or completed homes
|
9,092
|
3,104
|
193%
|
||||||
|
Held for sale
|
1,794
|
2,377
|
(25%)
|
||||||
|
Total
|
52,583
|
28,972
|
81%
|
||||||
12
PRO FORMA REGIONAL OPERATING DATA
|
Three Months Ended December 31,
|
|||||||||||||||||||||
|
2015
|
Pro Forma
2014 |
% Change
|
|||||||||||||||||||
|
Homes
|
ASP
|
Homes
|
ASP
|
Homes
|
ASP
|
||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||
|
New homes delivered:
|
|||||||||||||||||||||
|
North
|
787
|
$
|
334
|
890
|
$
|
335
|
(12%)
|
(0%)
|
|||||||||||||
|
Southeast
|
1,143
|
377
|
1,083
|
331
|
6%
|
14%
|
|||||||||||||||
|
Southwest
|
1,033
|
403
|
1,165
|
369
|
(11%)
|
9%
|
|||||||||||||||
|
West
|
|
832
|
|
662
|
|
826
|
|
580
|
|
1%
|
|
14%
|
|||||||||
|
Consolidated total
|
|
3,795
|
$
|
437
|
|
3,964
|
$
|
395
|
|
(4%)
|
|
11%
|
|||||||||
|
Year Ended December 31,
|
|||||||||||||||||||||
|
Pro Forma
2015 |
Pro Forma
2014 |
% Change
|
|||||||||||||||||||
|
Homes
|
ASP
|
Homes
|
ASP
|
Homes
|
ASP
|
||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||
|
New homes delivered:
|
|||||||||||||||||||||
|
North
|
2,727
|
$
|
339
|
2,711
|
$
|
332
|
1%
|
2%
|
|||||||||||||
|
Southeast
|
3,732
|
360
|
3,664
|
315
|
2%
|
14%
|
|||||||||||||||
|
Southwest
|
3,552
|
406
|
3,636
|
364
|
(2%)
|
12%
|
|||||||||||||||
|
West
|
|
2,549
|
|
616
|
|
2,622
|
|
589
|
|
(3%)
|
|
5%
|
|||||||||
|
Consolidated total
|
|
12,560
|
$
|
420
|
|
12,633
|
$
|
390
|
|
(1%)
|
|
8%
|
|||||||||
|
Three Months Ended December 31,
|
|||||||||||||||||||||
|
2015
|
Pro Forma
2014 |
% Change
|
|||||||||||||||||||
|
Homes
|
ASP
|
Homes
|
ASP
|
Homes
|
ASP
|
||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||
|
Net new orders:
|
|||||||||||||||||||||
|
North
|
556
|
$
|
348
|
493
|
$
|
338
|
13%
|
3%
|
|||||||||||||
|
Southeast
|
831
|
384
|
797
|
336
|
4%
|
14%
|
|||||||||||||||
|
Southwest
|
715
|
416
|
773
|
396
|
(8%)
|
5%
|
|||||||||||||||
|
West
|
|
597
|
|
643
|
|
462
|
|
629
|
|
29%
|
|
2%
|
|||||||||
|
Consolidated total
|
|
2,699
|
$
|
442
|
|
2,525
|
$
|
408
|
|
7%
|
|
8%
|
|||||||||
|
Year Ended December 31,
|
|||||||||||||||||||||
|
Pro Forma
2015 |
Pro Forma
2014 |
% Change
|
|||||||||||||||||||
|
Homes
|
ASP
|
Homes
|
ASP
|
Homes
|
ASP
|
||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||
|
Net new orders:
|
|||||||||||||||||||||
|
North
|
2,757
|
$
|
339
|
2,664
|
$
|
338
|
3%
|
0%
|
|||||||||||||
|
Southeast
|
3,976
|
369
|
3,627
|
331
|
10%
|
11%
|
|||||||||||||||
|
Southwest
|
4,029
|
413
|
3,784
|
377
|
6%
|
10%
|
|||||||||||||||
|
West
|
3,089
|
602
|
2,560
|
587
|
21%
|
3%
|
|||||||||||||||
|
Consolidated total
|
|
13,851
|
$
|
428
|
|
12,635
|
$
|
398
|
|
10%
|
|
8%
|
|||||||||
|
Three Months Ended
December 31, |
Year Ended
December 31, |
||||||||||||||
|
2015
|
Pro Forma
2014 |
% Change
|
Pro Forma
2015 |
Pro Forma
2014 |
% Change
|
||||||||||
|
Average number of selling
|
|||||||||||||||
|
communities during the period:
|
|||||||||||||||
|
North
|
119
|
117
|
2%
|
117
|
109
|
7%
|
|||||||||
|
Southeast
|
181
|
160
|
13%
|
173
|
155
|
12%
|
|||||||||
|
Southwest
|
183
|
168
|
9%
|
183
|
155
|
18%
|
|||||||||
|
West
|
96
|
75
|
28%
|
85
|
75
|
13%
|
|||||||||
|
Consolidated total
|
579
|
520
|
11%
|
558
|
494
|
13%
|
|||||||||
13
PRO FORMA REGIONAL OPERATING DATA (Continued)
|
At December 31,
|
|||||||||||||||||||||
|
2015
|
Pro Forma
2014 |
% Change
|
|||||||||||||||||||
|
Homes
|
Dollar
Value |
Homes
|
Dollar
Value |
Homes
|
Dollar
Value |
||||||||||||||||
|
(Dollars in thousands)
|
|||||||||||||||||||||
|
Backlog:
|
|||||||||||||||||||||
|
North
|
1,003
|
$
|
348,285
|
973
|
$
|
337,784
|
3%
|
3%
|
|||||||||||||
|
Southeast
|
1,621
|
702,388
|
1,378
|
549,584
|
18%
|
28%
|
|||||||||||||||
|
Southwest
|
1,902
|
845,499
|
1,426
|
599,654
|
33%
|
41%
|
|||||||||||||||
|
West
|
|
1,085
|
|
675,920
|
|
551
|
|
348,380
|
|
97%
|
|
94%
|
|||||||||
|
Consolidated total
|
|
5,611
|
$
|
2,572,092
|
|
4,328
|
$
|
1,835,402
|
|
30%
|
|
40%
|
|||||||||
|
At December 31,
|
|||||||||
|
2015
|
Pro Forma
2014 |
% Change
|
|||||||
|
Homesites owned and controlled:
|
|||||||||
|
North
|
15,222
|
15,933
|
(4%)
|
||||||
|
Southeast
|
24,393
|
26,597
|
(8%)
|
||||||
|
Southwest
|
16,151
|
18,326
|
(12%)
|
||||||
|
West
|
14,728
|
13,452
|
9%
|
||||||
|
Total (including joint ventures)
|
70,494
|
74,308
|
(5%)
|
||||||
|
Homesites owned
|
52,583
|
53,742
|
(2%)
|
||||||
|
Homesites optioned or subject to contract
|
15,972
|
19,745
|
(19%)
|
||||||
|
Joint venture homesites
|
1,939
|
821
|
136%
|
||||||
|
Total (including joint ventures)
|
70,494
|
74,308
|
(5%)
|
||||||
|
Homesites owned:
|
|||||||||
|
Raw lots
|
8,814
|
11,924
|
(26%)
|
||||||
|
Homesites under development
|
23,395
|
23,547
|
(1%)
|
||||||
|
Finished homesites
|
9,488
|
8,522
|
11%
|
||||||
|
Under construction or completed homes
|
9,092
|
7,194
|
26%
|
||||||
|
Held for sale
|
1,794
|
2,555
|
(30%)
|
||||||
|
Total
|
52,583
|
53,742
|
(2%)
|
||||||
14
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 reconciles the Company's operating margin percentage from home sales to 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
|
||||||||||||||
|
December 31,
2015 |
Gross
Margin % |
December 31,
2014 |
Gross
Margin % |
September 30,
2015 |
Gross
Margin % |
|||||||||
|
(Dollars in thousands)
|
||||||||||||||
|
Home sale revenues
|
$
|
1,659,982
|
$
|
724,342
|
$
|
626,008
|
||||||||
|
Less: Cost of home sales
|
|
(1,330,558)
|
|
(541,615)
|
|
(467,358)
|
||||||||
|
Gross margin from home sales
|
329,424
|
19.8%
|
182,727
|
25.2%
|
158,650
|
25.3%
|
||||||||
|
Add: Purchase accounting adjustments included
|
||||||||||||||
|
in cost of home sales
|
|
64,170
|
3.9%
|
|
―
|
|
―
|
|||||||
|
Adjusted gross margin from home sales, excluding purchase
|
||||||||||||||
|
accounting adjustments included in cost of home sales
|
|
393,594
|
23.7%
|
|
182,727
|
25.2%
|
|
158,650
|
25.3%
|
|||||
|
Add: Capitalized interest included in cost
|
||||||||||||||
|
of home sales
|
|
43,890
|
2.7%
|
|
36,370
|
5.0%
|
|
30,275
|
4.9%
|
|||||
|
Adjusted gross margin from home sales, excluding
|
||||||||||||||
|
purchase accounting adjustments and interest
|
||||||||||||||
|
amortized to cost of home sales
|
$
|
437,484
|
26.4%
|
$
|
219,097
|
30.2%
|
$
|
188,925
|
30.2%
|
|||||
|
Adjusted gross margin from home sales, excluding purchase
|
||||||||||||||
|
accounting adjustments included in cost of home sales
|
$
|
393,594
|
23.7%
|
$
|
182,727
|
25.2%
|
$
|
158,650
|
25.3%
|
|||||
|
Less: Selling, general and administrative expenses
|
|
(171,470)
|
(10.3%)
|
|
(79,272)
|
(10.9%)
|
|
(73,260)
|
(11.7%)
|
|||||
|
Adjusted operating margin from home sales, excluding
|
||||||||||||||
|
purchase accounting adjustments
|
$
|
222,124
|
13.4%
|
$
|
103,455
|
14.3%
|
$
|
85,390
|
13.6%
|
|||||
|
Year Ended
|
|||||||||
|
December 31,
2015 |
Gross
Margin % |
December 31,
2014 |
Gross
Margin % |
||||||
|
(Dollars in thousands)
|
|||||||||
|
Home sale revenues
|
$
|
3,449,047
|
$
|
2,366,754
|
|||||
|
Less: Cost of home sales
|
|
(2,676,666)
|
|
(1,748,954)
|
|||||
|
Gross margin from home sales
|
772,381
|
22.4%
|
617,800
|
26.1%
|
|||||
|
Add: Purchase accounting adjustments included in in cost
|
|||||||||
|
of home sales
|
|
64,170
|
1.9%
|
|
―
|
||||
|
Adjusted gross margin from home sales, excluding purchase
|
|||||||||
|
accounting adjustments included in cost of home sales
|
|
836,551
|
24.3%
|
|
617,800
|
26.1%
|
|||
|
Add: Capitalized interest included in cost
|
|||||||||
|
of home sales
|
|
131,611
|
3.8%
|
|
119,422
|
5.0%
|
|||
|
Adjusted gross margin from home sales, excluding
|
|||||||||
|
purchase accounting adjustments and interest
|
|||||||||
|
amortized to cost of home sales
|
$
|
968,162
|
28.1%
|
$
|
737,222
|
31.1%
|
|||
|
Adjusted gross margin from home sales, excluding purchase
|
|||||||||
|
accounting adjustments included in cost of home sales
|
$
|
836,551
|
24.3%
|
$
|
617,800
|
26.1%
|
|||
|
Less: Selling, general and administrative expenses
|
|
(390,710)
|
(11.3%)
|
|
(275,861)
|
(11.7%)
|
|||
|
Adjusted operating margin from home sales, excluding
|
|||||||||
|
purchase accounting adjustments
|
$
|
445,841
|
13.0%
|
$
|
341,939
|
14.4%
|
|||
15
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 and other one-time 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
December 31, 2015 |
Year Ended
December 31, 2015 |
|||||||
|
(Dollars in thousands, except per share amounts)
|
||||||||
|
Pretax income
|
$
|
126,177
|
$
|
342,489
|
||||
|
Add:
|
||||||||
|
Purchase accounting adjustments included in cost of home sales
|
64,170
|
64,170
|
||||||
|
Merger and other one-time costs
|
44,849
|
61,737
|
||||||
|
Adjusted pretax income
|
235,196
|
468,396
|
||||||
|
Less: Tax provision associated with add back of purchase accounting
|
||||||||
| adjustments and merger and other one-time costs | (90,680 | ) |
(176,398
|
) | ||||
|
Adjusted net income
|
$
|
144,516
|
$
|
291,998
|
||||
|
Less: Net income allocated to unvested restricted stock
|
(95
|
)
|
(369
|
)
|
||||
|
Add: Interest on convertible senior notes
|
97
|
955
|
||||||
|
Adjusted net income available to common and preferred stock for
|
||||||||
|
diluted earnings per share
|
$
|
144,518
|
$
|
292,584
|
||||
|
Adjusted diluted earnings per share
|
$
|
1.04
|
$
|
3.09
|
||||
|
Total weighted average diluted common shares outstanding if preferred
|
||||||||
|
shares converted to common shares
|
138,971,598
|
94,648,767
|
||||||
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.
|
December 31,
2015 |
December 31,
2014 |
||||||
|
(Dollars in thousands)
|
|||||||
|
Total consolidated debt
|
$
|
3,791,121
|
$
|
2,202,714
|
|||
|
Less:
|
|||||||
|
Financial services indebtedness
|
(303,422)
|
(89,413)
|
|||||
|
Homebuilding cash, including restricted cash
|
(187,066)
|
(218,650)
|
|||||
|
Adjusted net homebuilding debt
|
|
3,300,633
|
|
1,894,651
|
|||
|
Stockholders' equity
|
|
3,861,436
|
|
1,676,688
|
|||
|
Total adjusted book capitalization
|
$
|
7,162,069
|
$
|
3,571,339
|
|||
|
Total consolidated debt to book capitalization
|
|
49.5%
|
|
56.8%
|
|||
|
Adjusted net homebuilding debt to total adjusted book capitalization
|
|
46.1%
|
|
53.1%
|
|||
|
Homebuilding debt
|
$
|
3,487,699
|
$
|
2,113,301
|
|||
|
LTM adjusted homebuilding EBITDA
|
$
|
648,313
|
$
|
502,423
|
|||
|
Homebuilding debt to adjusted homebuilding EBITDA
|
|
5.4x
|
|
4.2x
|
|||
The table set forth below calculates adjusted stockholders' equity per common share, after giving effect to the 1-for-5 reverse stock split. The Company believes that the adjusted stockholders' equity per common share information is useful to management and investors as a measure to determine the book value per common share after giving the pro forma effect to the conversion of our outstanding preferred shares assuming full conversion to common stock.
|
December 31,
|
|||
|
2014
|
|||
|
Actual common shares outstanding (reverse-split adjusted)
|
55,028,238
|
||
|
Add: Conversion of preferred shares to common shares (reverse-split adjusted)
|
17,562,557
|
||
|
Pro forma common shares outstanding (reverse-split adjusted)
|
|
72,590,795
|
|
|
Stockholders' equity (in thousands)
|
$
|
1,676,688
|
|
|
Divided by pro forma common shares outstanding (reverse-split adjusted)
|
÷
|
72,590,795
|
|
|
Adjusted stockholders' equity per common share (reverse-split adjusted)
|
$
|
23.10
|
|
16
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 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
|
Year Ended December 31,
|
|||||||||||||||
|
December 31,
2015 |
December 31,
2014 |
September 30,
2015 |
2015
|
2014
|
||||||||||||
|
(Dollars in thousands)
|
||||||||||||||||
|
Net income
|
$
|
77,529
|
$
|
64,644
|
$
|
47,177
|
$
|
213,509
|
$
|
215,865
|
||||||
|
Provision for income taxes
|
48,648
|
39,738
|
31,117
|
128,980
|
134,099
|
|||||||||||
|
Homebuilding interest amortized to cost of sales and interest expense
|
46,857
|
39,354
|
33,323
|
139,381
|
123,112
|
|||||||||||
|
Homebuilding depreciation and amortization
|
18,699
|
8,403
|
7,368
|
40,987
|
27,209
|
|||||||||||
|
Amortization of stock-based compensation
|
|
7,004
|
|
733
|
|
3,536
|
|
15,624
|
|
8,469
|
||||||
|
EBITDA
|
198,737
|
152,872
|
122,521
|
538,481
|
508,754
|
|||||||||||
|
Add:
|
||||||||||||||||
|
Cash distributions of income from unconsolidated joint ventures
|
2,238
|
―
|
―
|
2,830
|
1,875
|
|||||||||||
| Purchase accounting adjustments included in cost of home sales | 64,170 | ― | ― | 64,170 | ― | |||||||||||
| Merger and other one-time costs | 44,849 | ― | ― | 61,737 | ― | |||||||||||
|
Less:
|
||||||||||||||||
|
Income (loss) from unconsolidated joint ventures
|
2,347
|
(326)
|
121
|
1,966
|
(668)
|
|||||||||||
|
Income from financial services subsidiaries
|
|
10,066
|
|
2,472
|
|
2,847
|
|
16,939
|
|
8,874
|
||||||
|
Adjusted Homebuilding EBITDA
|
$
|
297,581
|
$
|
150,726
|
$
|
119,553
|
$
|
648,313
|
$
|
502,423
|
||||||
|
Homebuilding revenues
|
$
|
1,674,311
|
$
|
753,644
|
$
|
652,190
|
$
|
3,496,411
|
$
|
2,411,178
|
||||||
|
Adjusted Homebuilding EBITDA Margin %
|
|
17.8%
|
|
20.0%
|
|
18.3%
|
|
18.5%
|
|
20.8%
|
||||||
17
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Continued)
Because the closing of the merger occurred on October 1, 2015, financial statement information for 2015 required by GAAP includes full year stand-alone data for predecessor Standard Pacific Corp. and three months of Ryland Group, Inc. data (from October 1, 2015 through December 31, 2015). The table set forth below reconciles the Company's reported home sale revenues, pretax income, homebuilding cash, inventories owned, goodwill and homebuilding debt to comparative financial measures on a combined basis for prior periods not required by GAAP. 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. The table set forth below also reconciles the Company's pro forma pretax income on a combined basis to pro forma pretax income on a combined basis, excluding the purchase accounting adjustments and merger and other one-time costs. 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 and quarter over quarter comparison purposes.
|
Three Months Ended
|
Year Ended
|
||||||||||
|
September 30,
2015 |
December 31,
2014 |
December 31,
2015 |
December 31,
2014 |
||||||||
|
(Dollars in thousands)
|
|||||||||||
|
Home sale revenues
|
$
|
626,008
|
$
|
724,342
|
$
|
3,449,047
|
$
|
2,366,754
|
|||
|
Add: Ryland Home sale revenues
|
|
692,877
|
|
842,041
|
|
1,831,250
|
|
2,555,967
|
|||
|
Pro forma combined Home sale revenues
|
$
|
1,318,885
|
$
|
1,566,383
|
$
|
5,280,297
|
$
|
4,922,721
|
|||
|
Pretax income
|
$
|
78,294
|
$
|
104,382
|
$
|
342,489
|
$
|
349,964
|
|||
|
Add: Ryland Pretax income
|
|
65,558
|
|
115,149
|
|
173,443
|
|
284,464
|
|||
|
Pro forma combined Pretax income
|
$
|
143,852
|
$
|
219,531
|
$
|
515,932
|
$
|
634,428
|
|||
|
Add:
|
|||||||||||
|
Purchase accounting adjustments included in cost of home sales
|
―
|
64,170
|
|||||||||
|
Merger and other one-time costs
|
11,216
|
61,737
|
|||||||||
|
Adjusted pro forma combined Pretax income
|
$
|
155,068
|
$
|
641,839
|
|||||||
|
December 31, 2014
|
||||
|
(Dollars in thousands)
|
||||
|
Homebuilding cash (including restricted cash)
|
$
|
218,650
|
||
|
Add: Ryland Homebuilding cash (including restricted cash)
|
526,347
|
|||
|
Pro forma combined Homebuilding cash (including restricted cash)
|
$
|
744,997
|
||
|
Inventories owned
|
$
|
3,255,204
|
||
|
Add: Ryland Inventories owned
|
2,015,012
|
|||
|
Pro forma combined Inventories owned
|
$
|
5,270,216
|
||
| Goodwill | $ | ― | ||
| Add: Ryland Goodwill | 36,891 | |||
| Pro forma combined Goodwill | $ | 36,891 | ||
|
Homebuilding debt
|
$
|
2,113,301
|
||
|
Add: Ryland Homebuilding debt
|
1,403,079
|
|||
|
Pro forma combined Homebuilding debt
|
$
|
3,516,380
|
||
18
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
|
||||||||||
19
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
|
||||||||||
20