Financial Highlights

Financial Highlights
2018 FQ4
12/31/2018
2017 FQ4
12/31/2017
Y-Y Ch (%)
2018 FQ3
9/30/2018
Q-Q Ch (%)†
Balance Sheet ($000)
Current Inventories 1,674,460 1,414,574 18.37 1,751,525 (17.60)
Net PP&E 29,395 26,816 9.62 28,691 9.81
Loans & Investments 169,651 171,580 (1.12) 115,189 189.12
Total Assets 2,021,581 1,864,771 8.41 2,058,335 (7.14)
Total Debt 820,961 820,783 0.02 895,714 (33.38)
Total Liabilities 1,166,278 1,117,473 4.37 1,223,131 (18.59)
Equity Attributable to Parent Company 855,303 747,298 14.45 835,204 9.63
Total Equity 855,303 747,298 14.45 835,204 9.63
Total Capitalization, at Book Value 1,676,264 1,568,081 6.90 1,730,918 (12.63)
Income Statement ($000)
Homebuilding Sales 709,384 609,947 16.30 555,649 110.67
Homebuilding Sales Expense 577,927 491,740 17.53 445,059 119.42
Revenue 722,529 622,043 16.15 567,886 108.93
Expenses 678,124 587,912 15.34 528,406 113.34
Provision for Taxes 11,998 18,249 (34.25) 10,198 70.60
Net Income 32,407 15,882 104.05 29,282 42.69
Net Income Attributable to Parent 32,407 15,882 104.05 29,282 42.69
Per Share Information ($)
Basic Book Value per Share NA 26.83 NA 29.69 NA
Diluted EPS after Extraordinary 1.15 0.53 116.98 1.01 55.45
Recurring EBITDA per share NA 1.82 NA 1.86 NA
Free Cash Flow per Share NA 2.26 NA (1.70) NA
Financial Analysis
Free Cash Flow($000) NA 70,114 NA (49,360) NA
Debt/ Book Capitalization(%) 48.98 52.34 (336) bp 51.75 (277) bp
Net Debt/ Net Cap(%) 43.04 40.18 286 bp 47.52 (448) bp
ROAA(%) 6.35 3.48 287 bp 5.81 54 bp
ROAE(%) 15.34 8.64 670 bp 14.19 115 bp
Return on Capital(%) 7.61 4.14 347 bp 6.92 69 bp
Recurring EBITDA/ Interest Expense(x) NA 4.80 NA 5.03 NA
Gross Margin(%) 17.39 18.28 (89) bp 18.77 (138) bp
Construction Margin(%) 6.06 6.78 (72) bp 7.03 (97) bp
Financial Services Margin(%) NA 37.18 NA 38.06 NA
Total Operating Margin(%) NA 7.41 NA 7.71 NA
Changes and Trends (%)
Homebuilding Sales Growth 16.30 19.18 (288) bp 19.58 (328) bp
Homebuilding, Total Sales Gross Profit Growth 11.21 15.43 (422) bp 16.44 (523) bp
Construction Revenue Growth 16.30 19.18 (288) bp 19.58 (328) bp
Financial Services Revenue Growth 11.45 2.69 876 bp 3.66 779 bp
Inventory Growth (17.60) (11.33) (627) bp 23.98 (4,158) bp
Equity Growth 9.63 13.46 (383) bp 9.43 20 bp
Asset Growth (7.14) 17.95 (2,509) bp 17.82 (2,496) bp
Miscellaneous
Number of Homes Sold(actual) 1,825 1,584 15.21 1,422 113.36
Avg Sale Price per Unit($000) 383 372 2.96 390 (7.18)
Number of Loans Originated(actual) NA 1,165 NA 1,011 NA
Loan Originations($000) NA 345,933 NA 308,598 NA

   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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