Financial Highlights

Financial Highlights
2020 FQ1
3/31/2020
2019 FQ1
3/31/2019
Y-Y Ch (%)
2019 FQ4
12/31/2019
Q-Q Ch (%)†
Balance Sheet ($000)
Current Inventories 1,822,531 1,730,788 5.30 1,769,507 11.99
Net PP&E 41,121 48,995 (16.07) 40,533 5.80
Loans & Investments 156,208 119,665 30.54 155,244 2.48
Total Assets 2,198,963 2,071,778 6.14 2,105,594 17.74
Total Debt 833,701 905,956 (7.98) 786,758 23.87
Total Liabilities 1,161,282 1,200,316 (3.25) 1,102,117 21.47
Equity Attributable to Parent Company 1,037,681 871,462 19.07 1,003,477 13.63
Total Equity 1,037,681 871,462 19.07 1,003,477 13.63
Total Capitalization, at Book Value 1,871,382 1,777,418 5.29 1,790,235 18.13
Income Statement ($000)
Homebuilding Sales 564,136 469,326 20.20 726,367 (89.34)
Homebuilding Sales Expense 454,354 382,646 18.74 585,571 (89.63)
Revenue 577,655 480,988 20.10 742,343 (88.74)
Expenses 536,299 457,509 17.22 691,064 (89.58)
Provision for Taxes 9,610 5,756 66.96 9,499 4.67
Net Income 31,746 17,723 79.12 41,780 (96.07)
Net Income Attributable to Parent 31,746 17,723 79.12 41,780 (96.07)
Per Share Information ($)
Basic Book Value per Share 36.38 31.61 15.09 35.35 11.65
Diluted EPS after Extraordinary 1.09 0.63 73.02 1.44 (97.22)
Recurring EBITDA per share 1.93 1.39 38.85 2.53 (94.86)
Free Cash Flow per Share (0.89) (2.64) (66.29) 2.82 NM
Financial Analysis
Free Cash Flow($000) (25,994) (74,320) (65.02) 81,833 NM
Debt/ Book Capitalization(%) 44.55 50.97 (642) bp 43.95 60 bp
Net Debt/ Net Cap(%) 39.16 46.62 (746) bp 39.09 7 bp
ROAA(%) 5.90 3.46 244 bp 7.80 (190) bp
ROAE(%) 12.44 8.21 423 bp 17.07 (463) bp
Return on Capital(%) 6.94 4.09 285 bp 9.21 (227) bp
Recurring EBITDA/ Interest Expense(x) 5.45 3.22 223 bp 5.41 4 bp
Gross Margin(%) 18.30 17.32 98 bp 18.17 13 bp
Construction Margin(%) 7.03 5.35 168 bp 7.36 (33) bp
Financial Services Margin(%) 41.81 42.03 (22) bp 40.68 113 bp
Total Operating Margin(%) 7.85 6.23 162 bp 8.09 (24) bp
Changes and Trends (%)
Homebuilding Sales Growth 20.20 11 920 bp 2.39 1,781 bp
Homebuilding, Total Sales Gross Profit Growth 26.65 8.50 1,815 bp 7.10 1,955 bp
Construction Revenue Growth 20.20 11 920 bp 2.39 1,781 bp
Financial Services Revenue Growth 14.29 (21.58) 3,587 bp 20.47 (618) bp
Inventory Growth 11.99 13.46 (147) bp (12.60) 2,459 bp
Equity Growth 13.63 7.56 607 bp 20.46 (683) bp
Asset Growth 17.74 9.93 781 bp (13.94) 3,168 bp
Miscellaneous
Number of Homes Sold(actual) 1,495 1,186 26.05 1,921 (88.70)
Avg Sale Price per Unit($000) 374 393 (4.83) 377 (3.18)
Number of Loans Originated(actual) 1,131 798 41.73 1,398 (76.39)
Loan Originations($000) 345,950 251,200 37.72 423,673 (73.38)

   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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