Financial Highlights

Financial Highlights
2019 FQ3
9/30/2019
2018 FQ3
9/30/2018
Y-Y Ch (%)
2019 FQ2
6/30/2019
Q-Q Ch (%)†
Balance Sheet ($000)
Current Inventories 1,827,068 1,751,525 4.31 1,763,479 14.42
Net PP&E 46,680 28,691 62.70 47,491 (6.83)
Loans & Investments 128,322 115,189 11.40 123,909 14.25
Total Assets 2,181,603 2,058,335 5.99 2,089,206 17.69
Total Debt 883,063 895,714 (1.41) 858,926 11.24
Total Liabilities 1,226,962 1,223,131 0.31 1,184,966 14.18
Equity Attributable to Parent Company 954,641 835,204 14.30 904,240 22.30
Total Equity 954,641 835,204 14.30 904,240 22.30
Total Capitalization, at Book Value 1,837,704 1,730,918 6.17 1,763,166 16.91
Income Statement ($000)
Homebuilding Sales 639,891 555,649 15.16 609,383 20.03
Homebuilding Sales Expense 511,246 445,059 14.87 496,348 12.01
Revenue 653,397 567,886 15.06 623,873 18.93
Expenses 603,333 528,406 14.18 582,670 14.19
Provision for Taxes 12,226 10,198 19.89 10,957 46.33
Net Income 37,838 29,282 29.22 30,246 100.40
Net Income Attributable to Parent 37,838 29,282 29.22 30,246 100.40
Per Share Information ($)
Basic Book Value per Share 33.92 29.69 14.25 32.74 14.42
Diluted EPS after Extraordinary 1.32 1.01 30.69 1.08 88.89
Recurring EBITDA per share 2.30 1.86 23.66 2.04 50.98
Free Cash Flow per Share (0.25) (1.70) (85.29) 1.23 NM
Financial Analysis
Free Cash Flow($000) (7,199) (49,360) (85.42) 34,416 NM
Debt/ Book Capitalization(%) 48.05 51.75 (370) bp 48.71 (66) bp
Net Debt/ Net Cap(%) 43.72 47.52 (380) bp 44.86 (114) bp
ROAA(%) 7.09 5.81 128 bp 5.82 127 bp
ROAE(%) 16.28 14.19 209 bp 13.63 265 bp
Return on Capital(%) 8.41 6.92 149 bp 6.83 158 bp
Recurring EBITDA/ Interest Expense(x) 5.29 5.03 26 bp 4.54 75 bp
Gross Margin(%) 18.88 18.77 11 bp 17.34 154 bp
Construction Margin(%) 7.52 7 52 bp 6.35 117 bp
Financial Services Margin(%) 41.79 39.74 205 bp 46.87 (508) bp
Total Operating Margin(%) 8.23 7.71 52 bp 7.31 92 bp
Changes and Trends (%)
Homebuilding Sales Growth 15.16 19.58 (442) bp 11.56 360 bp
Homebuilding, Total Sales Gross Profit Growth 16.33 16.44 (11) bp 6.59 974 bp
Construction Revenue Growth 15.16 19.58 (442) bp 11.56 360 bp
Financial Services Revenue Growth 10.34 3.66 668 bp 20.44 (1,010) bp
Inventory Growth 14.42 23.98 (956) bp 7.56 686 bp
Equity Growth 22.30 9.43 1,287 bp 15.05 725 bp
Asset Growth 17.69 17.82 (13) bp 3.36 1,433 bp
Miscellaneous
Number of Homes Sold(actual) 1,651 1,422 16.10 1,538 29.39
Avg Sale Price per Unit($000) 382 390 (2.05) 389 (7.20)
Number of Loans Originated(actual) 1,243 1,011 22.95 1,037 79.46
Loan Originations($000) 388,033 308,598 25.74 319,789 85.36

   Q-Q Ch(%)= most recent quarter minus prior quarter annualized e.g. [(Q4-Q3)/Q3]*4

  * Percentages presented for individual quarters are annualized by taking the quarter amount and multiplying by four.


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