Financial Highlights

Financial Highlights
2019 FQ1
3/31/2019
2018 FQ1
3/31/2018
Y-Y Ch (%)
2018 FQ4
12/31/2018
Q-Q Ch (%)†
Balance Sheet ($000)
Current Inventories 1,730,788 1,580,344 9.52 1,674,460 13.46
Net PP&E 48,995 25,872 89.37 29,395 266.71
Loans & Investments 119,665 110,612 8.18 169,651 (117.86)
Total Assets 2,071,778 1,894,373 9.36 2,021,581 9.93
Total Debt 905,956 830,758 9.05 833,353 34.85
Total Liabilities 1,200,316 1,108,008 8.33 1,166,278 11.67
Equity Attributable to Parent Company 871,462 786,365 10.82 855,303 7.56
Total Equity 871,462 786,365 10.82 855,303 7.56
Total Capitalization, at Book Value 1,777,418 1,617,123 9.91 1,688,656 21.03
Income Statement ($000)
Homebuilding Sales 469,326 422,831 11 709,384 (135.36)
Homebuilding Sales Expense 382,646 342,942 11.58 577,927 (135.16)
Revenue 480,988 438,167 9.77 722,529 (133.72)
Expenses 457,509 414,294 10.43 678,124 (130.13)
Provision for Taxes 5,756 5,810 (0.93) 11,998 (208.10)
Net Income 17,723 18,063 (1.88) 32,407 (181.24)
Net Income Attributable to Parent 17,723 18,063 (1.88) 32,407 (181.24)
Per Share Information ($)
Basic Book Value per Share 31.61 27.52 14.86 31.08 6.82
Diluted EPS after Extraordinary 0.63 0.60 5 1.15 (180.87)
Recurring EBITDA per share 1.39 1.30 6.92 2.39 (167.36)
Free Cash Flow per Share (2.64) (3.02) (12.58) 4.03 NM
Financial Analysis
Free Cash Flow($000) (74,320) (93,068) (20.14) 113,522 NM
Debt/ Book Capitalization(%) 50.97 51.37 (40) bp 49.35 162 bp
Net Debt/ Net Cap(%) 46.62 46.45 17 bp 43.53 309 bp
ROAA(%) 3.46 3.84 (38) bp 6.35 (289) bp
ROAE(%) 8.21 9.42 (121) bp 15.34 (713) bp
Return on Capital(%) 4.09 4.54 (45) bp 7.58 (349) bp
Recurring EBITDA/ Interest Expense(x) 3.22 3.73 (51) bp 5.02 (180) bp
Gross Margin(%) 17.32 17.74 (42) bp 17.39 (7) bp
Construction Margin(%) 5.35 5.32 3 bp 7.01 (166) bp
Financial Services Margin(%) 42.03 58.37 (1,634) bp 40.86 117 bp
Total Operating Margin(%) 6.23 7.21 (98) bp 7.63 (140) bp
Changes and Trends (%)
Homebuilding Sales Growth 11 7.68 332 bp 16.30 (530) bp
Homebuilding, Total Sales Gross Profit Growth 8.50 4.90 360 bp 11.21 (271) bp
Construction Revenue Growth 11 7.68 332 bp 16.30 (530) bp
Financial Services Revenue Growth (21.58) 5.03 (2,661) bp 11.45 (3,303) bp
Inventory Growth 13.46 46.87 (3,341) bp (17.60) 3,106 bp
Equity Growth 7.56 20.91 (1,335) bp 9.63 (207) bp
Asset Growth 9.93 6.35 358 bp (7.14) 1,707 bp
Miscellaneous
Number of Homes Sold(actual) 1,186 1,122 5.70 1,825 (140.05)
Avg Sale Price per Unit($000) 393 373 5.36 383 10.44
Number of Loans Originated(actual) 798 781 2.18 1,242 (143)
Loan Originations($000) 251,200 235,481 6.68 372,074 (129.95)

   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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