Investor Relations

Debt and Cash Flow Analysis

Financial Highlights
3/31/2017
12/31/2017
3/31/2018
6/30/2018
Cash Flow ($000)
Free Cash Flow (91,463) (142,198) (31,856) (6,564)
Cash Flow from Operating Activities (84,766) (87,132) (17,329) 6,874
Cash Flow from Investing Activities (3,199) (17,072) (6,353) (9,698)
Cash Flow from Financing Activities 41,952 143,248 25,488 (302)
Other Cash Flow 0 0 0 0
Net Increase in Cash and Cash Equivalents (46,013) 39,044 1,806 (3,126)
Debt Information ($000)
Debt: Homebuilding 1,171,426 1,283,804 1,311,348 1,311,257
Debt: Financial Services 0 0 0 0
Other Debt 0 0 0 0
Total Debt 1,171,426 1,283,804 1,311,348 1,311,257
Redeemable Financial Instruments (FAS 150) 0 0 0 0
Total Subordinated Debt 0 0 0 0
Long-term Senior Notes 1,095,606 1,266,450 1,294,494 1,294,705
Mortgage Debt and Notes 15,820 17,354 16,854 16,552
Revolving Credit Facilities Drawn 60,000 0 0 0
Other Senior Debt 0 0 0 0
Senior Debt 1,171,426 1,283,804 1,311,348 1,311,257
Total Debt 1,171,426 1,283,804 1,311,348 1,311,257
Short-term and Current Long-term Debt 175,000 190,248 0 0
Non-current Long-term Debt 996,426 1,093,556 1,311,348 1,311,257
Total Variable-rate Debt 60,000 0 0 0
Total Fixed-rate Debt 1,111,426 1,283,804 1,311,348 1,311,257
Capitalized Interest ($000)
Interest Incurred 17,895 79,045 20,869 21,374
Interest Expensed 825 3,853 136 44
Interest Amortized 14,381 64,824 17,469 18,715
Capitalized Interest Carrying Value 70,885 78,564 81,828 84,443
Interest Capitalized 17,070 75,192 20,733 21,330
EBITDA ($000)
Net Income before Taxes 36,769 247,519 48,884 71,185
Interest Expense 15,206 68,677 17,605 18,759
Cash Flow: Depreciation and Amortization 3,670 16,704 5,866 6,742
EBITDA 55,645 332,900 72,355 96,686
Recurring EBITDA 56,245 339,878 67,555 96,686
EBITDA Growth(%) 18.59 11.94 30.03 13.42
Recurring EBITDA Growth(%) 19.87 12.84 20.11 11.49
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