Investor Relations

Debt and Cash Flow Analysis

Financial Highlights
12/31/2014
12/31/2015
12/31/2016
3/31/2017
Cash Flow ($000)
Free Cash Flow (253,290) (44,586) (142,217) (91,463)
Cash Flow from Operating Activities (211,248) (3,335) (103,402) (84,766)
Cash Flow from Investing Activities (62,867) (16,487) (20,106) (3,199)
Cash Flow from Financing Activities 103,312 178,697 (6,998) 41,952
Other Cash Flow 0 0 0 0
Net Increase in Cash and Cash Equivalents (170,803) 158,875 (130,506) (46,013)
Debt Information ($000)
Debt: Homebuilding 925,081 1,117,040 1,127,314 1,171,426
Debt: Financial Services 0 0 0 0
Other Debt 0 0 0 0
Total Debt 925,081 1,117,040 1,127,314 1,171,426
Redeemable Financial Instruments (FAS 150) 0 0 0 0
Total Subordinated Debt 0 0 0 0
Long-term Senior Notes 894,359 1,093,173 1,095,119 1,095,606
Mortgage Debt and Notes 30,722 23,867 17,195 15,820
Revolving Credit Facilities Drawn 0 0 15,000 60,000
Other Senior Debt 0 0 0 0
Senior Debt 925,081 1,117,040 1,127,314 1,171,426
Total Debt 925,081 1,117,040 1,127,314 1,171,426
Short-term and Current Long-term Debt 12,421 17,139 23,956 175,000
Non-current Long-term Debt 912,660 1,099,901 1,103,358 996,426
Total Variable-rate Debt 0 0 15,000 60,000
Total Fixed-rate Debt 925,081 1,117,040 1,112,314 1,111,426
Capitalized Interest ($000)
Interest Incurred 58,374 67,542 70,348 17,895
Interest Expensed 5,163 15,965 5,172 825
Interest Amortized 32,143 44,435 58,182 14,381
Capitalized Interest Carrying Value 54,060 61,202 68,196 70,885
Interest Capitalized 53,211 51,577 65,176 17,070
EBITDA ($000)
Net Income before Taxes 208,417 189,464 218,060 36,769
Interest Expense 37,306 60,400 63,354 15,206
Cash Flow: Depreciation and Amortization 11,614 14,241 15,978 3,670
EBITDA 257,337 264,105 297,392 55,645
Recurring EBITDA 261,037 270,705 301,192 55,645
EBITDA Growth(%) 13.18 2.63 12.60 18.59
Recurring EBITDA Growth(%) 12.44 3.70 11.26 18.59
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.