Investor Relations

Debt and Cash Flow Analysis

Financial Highlights
3/31/2017
3/31/2018
6/30/2018
12/31/2018
Cash Flow ($000)
Free Cash Flow (91,463) (31,856) (6,564) 198,700
Cash Flow from Operating Activities (84,766) (17,329) 6,874 262,200
Cash Flow from Investing Activities (3,199) (6,353) (9,698) (33,527)
Cash Flow from Financing Activities 41,952 25,488 (302) (87,953)
Other Cash Flow 0 0 0 0
Net Increase in Cash and Cash Equivalents (46,013) 1,806 (3,126) 140,720
Debt Information ($000)
Debt: Homebuilding 1,171,426 1,311,348 1,311,257 1,310,057
Debt: Financial Services 0 0 0 0
Other Debt 0 0 0 0
Total Debt 1,171,426 1,311,348 1,311,257 1,310,057
Redeemable Financial Instruments (FAS 150) 0 0 0 0
Total Subordinated Debt 0 0 0 0
Long-term Senior Notes 1,095,606 1,294,494 1,294,705 1,295,284
Mortgage Debt and Notes 15,820 16,854 16,552 14,773
Revolving Credit Facilities Drawn 60,000 0 0 0
Other Senior Debt 0 0 0 0
Senior Debt 1,171,426 1,311,348 1,311,257 1,310,057
Total Debt 1,171,426 1,311,348 1,311,257 1,310,057
Short-term and Current Long-term Debt 175,000 0 0 5,377
Non-current Long-term Debt 996,426 1,311,348 1,311,257 1,304,680
Total Variable-rate Debt 60,000 0 0 0
Total Fixed-rate Debt 1,111,426 1,311,348 1,311,257 1,310,057
Capitalized Interest ($000)
Interest Incurred 17,895 20,869 21,374 85,278
Interest Expensed 825 136 44 785
Interest Amortized 14,381 17,469 18,715 74,603
Capitalized Interest Carrying Value 70,885 81,828 84,443 88,454
Interest Capitalized 17,070 20,733 21,330 84,493
EBITDA ($000)
Net Income before Taxes 36,769 48,884 71,185 283,254
Interest Expense 15,206 17,605 18,759 75,388
Cash Flow: Depreciation and Amortization 3,670 5,866 6,742 26,966
EBITDA 55,645 72,355 96,686 385,608
Recurring EBITDA 56,245 NA NA 387,508
EBITDA Growth(%) 18.59 30.03 13.42 15.83
Recurring EBITDA Growth(%) 19.87 NA NA 14.01
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