Financial Highlights

Financial Highlights
2019 FQ4
12/31/2019
2018 FQ4
12/31/2018
Y-Y Ch (%)
2019 FQ3
9/30/2019
Q-Q Ch (%)†
Balance Sheet ($000)
Current Inventories 1,769,507 1,674,460 5.68 1,827,068 (12.60)
Net PP&E 40,533 29,395 37.89 46,680 (52.67)
Loans & Investments 155,244 169,651 (8.49) 128,322 83.92
Total Assets 2,105,594 2,021,581 4.16 2,181,603 (13.94)
Total Debt 786,758 833,353 (5.59) 883,063 (43.62)
Total Liabilities 1,102,117 1,166,278 (5.50) 1,226,962 (40.70)
Equity Attributable to Parent Company 1,003,477 855,303 17.32 954,641 20.46
Total Equity 1,003,477 855,303 17.32 954,641 20.46
Total Capitalization, at Book Value 1,790,235 1,688,656 6.02 1,837,704 (10.33)
Income Statement ($000)
Homebuilding Sales 726,367 709,384 2.39 639,891 54.06
Homebuilding Sales Expense 585,571 577,927 1.32 511,246 58.15
Revenue 742,343 722,529 2.74 653,397 54.45
Expenses 691,064 678,124 1.91 603,333 58.16
Provision for Taxes 9,499 11,998 (20.83) 12,226 (89.22)
Net Income 41,780 32,407 28.92 37,838 41.67
Net Income Attributable to Parent 41,780 32,407 28.92 37,838 41.67
Per Share Information ($)
Basic Book Value per Share 35.35 31.08 13.74 33.92 16.86
Diluted EPS after Extraordinary 1.44 1.15 25.22 1.32 36.36
Recurring EBITDA per share 2.53 2.39 5.86 2.30 40
Free Cash Flow per Share 2.82 4.03 (30.02) (0.25) NM
Financial Analysis
Free Cash Flow($000) 81,833 113,522 (27.91) (7,199) NM
Debt/ Book Capitalization(%) 43.95 49.35 (540) bp 48.05 (410) bp
Net Debt/ Net Cap(%) 38.88 43.53 (465) bp 43.72 (484) bp
ROAA(%) 7.80 6.35 145 bp 7.09 71 bp
ROAE(%) 17.07 15.34 173 bp 16.28 79 bp
Return on Capital(%) 9.21 7.58 163 bp 8.41 80 bp
Recurring EBITDA/ Interest Expense(x) 5.41 5.02 39 bp 5.29 12 bp
Gross Margin(%) 18.17 17.39 78 bp 18.88 (71) bp
Construction Margin(%) 7.36 7.01 35 bp 7.52 (16) bp
Financial Services Margin(%) 40.68 40.86 (18) bp 41.79 (111) bp
Total Operating Margin(%) 8.09 7.63 46 bp 8.23 (14) bp
Changes and Trends (%)
Homebuilding Sales Growth 2.39 16.30 (1,391) bp 15.16 (1,277) bp
Homebuilding, Total Sales Gross Profit Growth 7.10 11.21 (411) bp 16.33 (923) bp
Construction Revenue Growth 2.39 16.30 (1,391) bp 15.16 (1,277) bp
Financial Services Revenue Growth 20.47 11.45 902 bp 10.34 1,013 bp
Inventory Growth (12.60) (17.60) 500 bp 14.42 (2,702) bp
Equity Growth 20.46 9.63 1,083 bp 22.30 (184) bp
Asset Growth (13.94) (7.14) (680) bp 17.69 (3,163) bp
Miscellaneous
Number of Homes Sold(actual) 1,921 1,825 5.26 1,651 65.41
Avg Sale Price per Unit($000) 377 383 (1.57) 382 (5.24)
Number of Loans Originated(actual) 1,398 1,242 12.56 1,243 49.88
Loan Originations($000) 423,673 372,074 13.87 388,033 36.74

   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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