Investor Relations

Debt and Cash Flow Analysis

Financial Highlights
12/31/2016
3/31/2017
12/31/2017
3/31/2018
Cash Flow ($000)
Free Cash Flow (142,217) (91,463) (142,198) (31,856)
Cash Flow from Operating Activities (103,402) (84,766) (87,132) (17,329)
Cash Flow from Investing Activities (20,106) (3,199) (17,072) (6,353)
Cash Flow from Financing Activities (6,998) 41,952 143,248 25,488
Other Cash Flow 0 0 0 0
Net Increase in Cash and Cash Equivalents (130,506) (46,013) 39,044 1,806
Debt Information ($000)
Debt: Homebuilding 1,127,314 1,171,426 1,283,804 1,311,348
Debt: Financial Services 0 0 0 0
Other Debt 0 0 0 0
Total Debt 1,127,314 1,171,426 1,283,804 1,311,348
Redeemable Financial Instruments (FAS 150) 0 0 0 0
Total Subordinated Debt 0 0 0 0
Long-term Senior Notes 1,095,119 1,095,606 1,266,450 1,294,494
Mortgage Debt and Notes 17,195 15,820 17,354 16,854
Revolving Credit Facilities Drawn 15,000 60,000 0 0
Other Senior Debt 0 0 0 0
Senior Debt 1,127,314 1,171,426 1,283,804 1,311,348
Total Debt 1,127,314 1,171,426 1,283,804 1,311,348
Short-term and Current Long-term Debt 23,956 175,000 190,248 0
Non-current Long-term Debt 1,103,358 996,426 1,093,556 1,311,348
Total Variable-rate Debt 15,000 60,000 0 0
Total Fixed-rate Debt 1,112,314 1,111,426 1,283,804 1,311,348
Capitalized Interest ($000)
Interest Incurred 70,348 17,895 79,045 20,869
Interest Expensed 5,172 825 3,853 136
Interest Amortized 58,182 14,381 64,824 17,469
Capitalized Interest Carrying Value 68,196 70,885 78,564 81,828
Interest Capitalized 65,176 17,070 75,192 20,733
EBITDA ($000)
Net Income before Taxes 218,060 36,769 247,519 48,884
Interest Expense 63,354 15,206 68,677 17,605
Cash Flow: Depreciation and Amortization 15,978 3,670 16,704 5,866
EBITDA 297,392 55,645 332,900 72,355
Recurring EBITDA 301,192 56,245 339,878 72,355
EBITDA Growth(%) 12.60 18.59 11.94 30.03
Recurring EBITDA Growth(%) 11.26 19.87 12.84 28.64
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.