Financial Highlights

Financial Highlights
2019 FQ2
6/30/2019
2018 FQ2
6/30/2018
Y-Y Ch (%)
2019 FQ1
3/31/2019
Q-Q Ch (%)†
Balance Sheet ($000)
Current Inventories 1,763,479 1,652,468 6.72 1,730,788 7.56
Net PP&E 47,491 28,885 64.41 48,995 (12.28)
Loans & Investments 123,909 108,000 14.73 119,665 14.19
Total Assets 2,089,206 1,970,540 6.02 2,071,778 3.36
Total Debt 858,926 839,757 2.28 905,956 (20.76)
Total Liabilities 1,184,966 1,154,574 2.63 1,200,316 (5.12)
Equity Attributable to Parent Company 904,240 815,966 10.82 871,462 15.05
Total Equity 904,240 815,966 10.82 871,462 15.05
Total Capitalization, at Book Value 1,763,166 1,655,723 6.49 1,777,418 (3.21)
Income Statement ($000)
Homebuilding Sales 609,383 546,222 11.56 469,326 119.37
Homebuilding Sales Expense 496,348 440,172 12.76 382,646 118.86
Revenue 623,873 558,012 11.80 480,988 118.83
Expenses 582,670 524,481 11.09 457,509 109.43
Provision for Taxes 10,957 5,620 94.96 5,756 361.43
Net Income 30,246 27,911 8.37 17,723 282.64
Net Income Attributable to Parent 30,246 27,911 8.37 17,723 282.64
Per Share Information ($)
Basic Book Value per Share 32.74 28.56 14.64 31.61 14.30
Diluted EPS after Extraordinary 1.08 0.96 12.50 0.63 285.71
Recurring EBITDA per share 2.04 1.73 17.92 1.39 187.05
Free Cash Flow per Share 1.23 0.10 1,130 (2.64) NM
Financial Analysis
Free Cash Flow($000) 34,416 2,799 1,129.58 (74,320) NM
Debt/ Book Capitalization(%) 48.71 50.72 (201) bp 50.97 (226) bp
Net Debt/ Net Cap(%) 44.86 45.46 (60) bp 46.62 (176) bp
ROAA(%) 5.82 5.78 4 bp 3.46 236 bp
ROAE(%) 13.63 13.94 (31) bp 8.21 542 bp
Return on Capital(%) 6.83 6.82 1 bp 4.09 274 bp
Recurring EBITDA/ Interest Expense(x) 4.54 4.54 0 bp 3.22 132 bp
Gross Margin(%) 17.34 18.28 (94) bp 17.32 2 bp
Construction Margin(%) 6.35 6.50 (15) bp 5.35 100 bp
Financial Services Margin(%) 46.87 44.15 272 bp 42.03 484 bp
Total Operating Margin(%) 7.31 7.29 2 bp 6.23 108 bp
Changes and Trends (%)
Homebuilding Sales Growth 11.56 22.75 (1,119) bp 11 56 bp
Homebuilding, Total Sales Gross Profit Growth 6.59 28.95 (2,236) bp 8.50 (191) bp
Construction Revenue Growth 11.56 22.75 (1,119) bp 11 56 bp
Financial Services Revenue Growth 20.44 0.07 2,037 bp (21.58) 4,202 bp
Inventory Growth 7.56 18.26 (1,070) bp 13.46 (590) bp
Equity Growth 15.05 15.06 (1) bp 7.56 749 bp
Asset Growth 3.36 16.08 (1,272) bp 9.93 (657) bp
Miscellaneous
Number of Homes Sold(actual) 1,538 1,409 9.16 1,186 118.72
Avg Sale Price per Unit($000) 389 387 0.52 393 (4.07)
Number of Loans Originated(actual) 1,037 930 11.51 798 119.80
Loan Originations($000) 319,789 284,320 12.48 251,200 109.22

   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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