Investor Relations

Debt and Cash Flow Analysis

Financial Highlights
12/31/2015
12/31/2016
3/31/2017
12/31/2017
Cash Flow ($000)
Free Cash Flow (44,586) (142,217) (91,463) (142,198)
Cash Flow from Operating Activities (3,335) (103,402) (84,766) (87,132)
Cash Flow from Investing Activities (16,487) (20,106) (3,199) (17,072)
Cash Flow from Financing Activities 178,697 (6,998) 41,952 143,248
Other Cash Flow 0 0 0 0
Net Increase in Cash and Cash Equivalents 158,875 (130,506) (46,013) 39,044
Debt Information ($000)
Debt: Homebuilding 1,117,040 1,127,314 1,171,426 1,283,804
Debt: Financial Services 0 0 0 0
Other Debt 0 0 0 0
Total Debt 1,117,040 1,127,314 1,171,426 1,283,804
Redeemable Financial Instruments (FAS 150) 0 0 0 0
Total Subordinated Debt 0 0 0 0
Long-term Senior Notes 1,093,173 1,095,119 1,095,606 1,266,450
Mortgage Debt and Notes 23,867 17,195 15,820 17,354
Revolving Credit Facilities Drawn 0 15,000 60,000 0
Other Senior Debt 0 0 0 0
Senior Debt 1,117,040 1,127,314 1,171,426 1,283,804
Total Debt 1,117,040 1,127,314 1,171,426 1,283,804
Short-term and Current Long-term Debt 17,139 23,956 175,000 190,248
Non-current Long-term Debt 1,099,901 1,103,358 996,426 1,093,556
Total Variable-rate Debt 0 15,000 60,000 0
Total Fixed-rate Debt 1,117,040 1,112,314 1,111,426 1,283,804
Capitalized Interest ($000)
Interest Incurred 67,542 70,348 17,895 79,045
Interest Expensed 15,965 5,172 825 3,853
Interest Amortized 44,435 58,182 14,381 64,824
Capitalized Interest Carrying Value 61,202 68,196 70,885 78,564
Interest Capitalized 51,577 65,176 17,070 75,192
EBITDA ($000)
Net Income before Taxes 189,464 218,060 36,769 247,519
Interest Expense 60,400 63,354 15,206 68,677
Cash Flow: Depreciation and Amortization 14,241 15,978 3,670 16,704
EBITDA 264,105 297,392 55,645 332,900
Recurring EBITDA 270,705 301,192 56,245 339,878
EBITDA Growth(%) 2.63 12.60 18.59 11.94
Recurring EBITDA Growth(%) 3.70 11.26 19.87 12.84
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.