Investor Relations

Debt and Cash Flow Analysis

Financial Highlights
2019 FQ3 YTD
9/30/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
Cash Flow ($000)
Free Cash Flow 127,036 198,700 (142,198) (142,217) (44,586)
Cash Flow from Operating Activities 167,360 262,200 (87,132) (103,402) (3,335)
Cash Flow from Investing Activities (11,971) (33,527) (17,072) (20,106) (16,487)
Cash Flow from Financing Activities (12,043) (87,953) 143,248 (6,998) 178,697
Other Cash Flow 0 0 0 0 0
Net Increase in Cash and Cash Equivalents 143,346 140,720 39,044 (130,506) 158,875
Debt Information ($000)
Debt: Homebuilding 1,309,854 1,310,057 1,283,804 1,127,314 1,117,040
Debt: Financial Services 0 0 0 0 0
Other Debt 33,148 0 0 0 0
Total Debt 1,343,002 1,310,057 1,283,804 1,127,314 1,117,040
Redeemable Financial Instruments (FAS 150) 0 0 0 0 0
Total Subordinated Debt 0 0 0 0 0
Long-term Senior Notes 1,295,862 1,295,284 1,266,450 1,095,119 1,093,173
Mortgage Debt and Notes 13,992 14,773 17,354 17,195 23,867
Revolving Credit Facilities Drawn 0 0 0 15,000 0
Other Senior Debt 33,148 0 0 0 0
Senior Debt 1,343,002 1,310,057 1,283,804 1,127,314 1,117,040
Total Debt 1,343,002 1,310,057 1,283,804 1,127,314 1,117,040
Short-term and Current Long-term Debt 300,284 5,377 190,248 23,956 17,139
Non-current Long-term Debt 1,009,570 1,304,680 1,093,556 1,103,358 1,099,901
Total Variable-rate Debt 0 0 0 15,000 0
Total Fixed-rate Debt 1,343,002 1,310,057 1,283,804 1,112,314 1,117,040
Capitalized Interest ($000)
Interest Incurred 64,227 85,278 79,045 70,348 67,542
Interest Expensed 8,350 785 3,853 5,172 15,965
Interest Amortized 56,136 74,603 64,824 58,182 44,435
Capitalized Interest Carrying Value 88,195 88,454 78,564 68,196 61,202
Interest Capitalized 55,877 84,493 75,192 65,176 51,577
EBITDA ($000)
Net Income before Taxes 192,410 283,254 247,519 218,060 189,464
Interest Expense 64,486 75,388 68,677 63,354 60,400
Cash Flow: Depreciation and Amortization 19,553 26,966 16,704 15,978 14,241
EBITDA 276,449 385,608 332,900 297,392 264,105
Recurring EBITDA 276,449 387,508 339,878 301,192 270,705
EBITDA Growth(%) 4.23 15.83 11.94 12.60 2.63
Recurring EBITDA Growth(%) NA 14.01 12.84 11.26 3.70
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.