Summary Operating Results (unaudited) (Dollars in thousands, except per share amounts) | |||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||
2023 | 2022 | % Chg | 2023 | 2022 | % Chg | ||||||||||||||||
Homes closed (units) | 3,951 | 4,540 | (13 | )% | 13,976 | 14,106 | (1 | )% | |||||||||||||
Home closing revenue | $ | 1,641,523 | $ | 1,984,063 | (17 | )% | $ | 6,056,784 | $ | 6,207,498 | (2 | )% | |||||||||
Average sales price - closings | $ | 415 | $ | 437 | (5 | )% | $ | 433 | $ | 440 | (2 | )% | |||||||||
Home orders (units) | 2,892 | 1,808 | 60 | % | 13,193 | 11,759 | 12 | % | |||||||||||||
Home order value | $ | 1,198,744 | $ | 703,706 | 70 | % | $ | 5,675,892 | $ | 5,255,600 | 8 | % | |||||||||
Average sales price - orders | $ | 415 | $ | 389 | 6 | % | $ | 430 | $ | 447 | (4 | )% | |||||||||
Ending backlog (units) | 2,549 | 3,332 | (23 | )% | |||||||||||||||||
Ending backlog value | $ | 1,088,137 | $ | 1,524,775 | (29 | )% | |||||||||||||||
Average sales price - backlog | $ | 427 | $ | 458 | (7 | )% | |||||||||||||||
Earnings before income taxes | $ | 258,869 | $ | 342,249 | (24 | )% | $ | 949,430 | $ | 1,289,318 | (26 | )% | |||||||||
Net earnings | $ | 198,851 | $ | 262,365 | (24 | )% | $ | 738,748 | $ | 992,192 | (26 | )% | |||||||||
Diluted EPS | $ | 5.38 | $ | 7.09 | (24 | )% | $ | 19.93 | $ | 26.74 | (25 | )% |
MANAGEMENT COMMENTS
"Healthy homebuying demand in the fourth quarter of 2023 led to
"The
FOURTH QUARTER RESULTS
- Orders of 2,892 homes for the fourth quarter of 2023 increased 60% year-over-year due to a 64% increase in average absorption pace to 3.6 per month from 2.2 per month in the fourth quarter of 2022 and a 1% decrease in average communities. Entry-level made up 88% of total sales orders in the fourth quarter 2023, relatively consistent with the prior year quarter. Fourth quarter 2023 average sales price ("ASP") on orders of
$415,000 was up 6% year-over-year. With an elevated quarterly cancellation rate of 39% in the fourth quarter of 2022, the prior year quarterly results were muted in both volume and ASP due to the greater amount of cancelled homes with higher ASPs that were sold earlier in 2022. The fourth quarter 2023 cancellation rate was 13%. - The 17% year-over-year decrease in home closing revenue to
$1.6 billion for the fourth quarter of 2023 reflected 13% lower home closing volume totaling 3,951 units and 5% lower ASPs on closings to$415,000 , compared to prior year. The decrease in ASPs on closings was due to more costly financing incentives and geographic mix. - Home closing gross margin was 25.2% in both fourth quarter periods. The fourth quarter 2023 home closing gross margin benefited from improved cycle time and lower lumber costs, which partially offset increased financing incentives and higher lot costs. Fourth quarter 2023 home closing gross margin included
$3.2 million in terminated land deal walk-away charges, compared to$4.2 million in the prior year. Prior year fourth quarter homes closing gross margin also included a nonrecurring charge of$10.9 million in warranty adjustments related to two specific cases, which was partially offset by$5.4 million in retroactive vendor rebates. There were no similar items in the fourth quarter of 2023. Excluding the terminated land deal walk-away charges and the nonrecurring items, adjusted home closing gross margin was 25.4% and 25.7% for fourth quarter 2023 and 2022, respectively. - Selling, general and administrative expenses ("SG&A") were 10.7% of fourth quarter 2023 home closing revenue, which was 230 bps higher than 8.4% in the prior year, primarily as a result of increased performance-based compensation costs, higher commission rates and reduced leverage from lower home closing revenue.
- Fourth quarter 2023 other income, net was
$12.9 million , a$9.3 million increase from$3.6 million in 2022, due to higher interest income earned on a larger cash balance. - The fourth quarter effective income tax rate was 23.2% in 2023, compared to 23.3% in 2022. The rate in both periods benefited from eligible energy tax credits earned on qualifying homes under the Internal Revenue Code's Inflation Reduction Act ("IRA"). The rate for 2023 also reflected the increased per-home energy efficiency credit amount that started in 2023.
- Net earnings were
$198.9 million ($5.38 per diluted share) for the fourth quarter of 2023, a 24% decrease from$262.4 million ($7.09 per diluted share) for the fourth quarter of 2022. Lower home closing revenue and higher selling, general and administrative expenses led to a 24% year-over-year decrease in earnings per diluted share.
YEAR TO DATE RESULTS
- Total sales orders of 13,193 homes for full year 2023 increased 12% over prior year due to an 11% year-over-year increase in average absorption pace to 4.0 per month in 2023 while average community count remained essentially flat.
- Home closing revenue decreased 2% for full year 2023 to
$6.1 billion due to 2% decline in ASPs on closings and 1% lower home closing volume year-over-year. - Full year 2023 home closing gross margin of 24.8% was down 380 bps from 28.6% for full year 2022, due to more costly financing incentives, higher lot costs, and slightly higher full year direct costs, although direct costs per square foot decreased sequentially in the second, third and fourth quarters of 2023, ending the year lower than 2022. Full year 2023 home closing gross margin included
$5.3 million in terminated land deal walk-away charges, compared to$15.8 million in 2022. Prior year home closing gross margin also included a nonrecurring charge of$10.9 million in warranty adjustments, which was partially offset by$5.4 million of retroactive vendor rebates. There were no such nonrecurring items in 2023. Excluding the terminated land deal walk-away charges and the nonrecurring items, adjusted home closing gross margin was 24.9% and 28.9% for 2023 and 2022, respectively. - SG&A as a percentage of home closing revenue of 10.2% was 190 bps higher year-over-year from 8.3% in 2022, as a result of higher commissions and marketing costs, reflecting the current sales environment, increased performance-based compensation and insurance spend, and a greater investment in technology.
- Other income, net was
$47.9 million in 2023, up$45.2 million from$2.7 million in 2022, due to higher interest income earned on a larger cash balance. - The Company recognized a loss on early extinguishment of debt of
$0.9 million in 2023 in connection with the$150.0 million partial redemption of its 6.00% senior notes due 2025. There were no such redemptions in 2022. - The effective tax rate for full year 2023 was 22.2%, compared to 23.0% for full year 2022. The rate in both periods benefited from eligible energy tax credits earned on qualifying homes under the IRA. The lower rate in 2023 is primarily due to the increased per-home energy efficiency credit amount that started in 2023.
- Net earnings were
$738.7 million ($19.93 per diluted share) for full year 2023, a 26% decrease from$992.2 million ($26.74 per diluted share) for full year 2022, primarily reflecting lower home closing revenue and greater overhead costs in 2023.
BALANCE SHEET & LIQUIDITY
- Cash and cash equivalents at
December 31, 2023 totaled$921.2 million , compared to$861.6 million atDecember 31, 2022 . - Land acquisition and development spend totaled
$653.5 million for the fourth quarter of 2023, compared to$350.6 million for the fourth quarter of 2022. Full year 2023 land spend was$1.9 billion compared to$1.5 billion in the prior year. - Approximately 64,300 total lots were owned or controlled as of
December 31, 2023 , a 2% increase from approximately 63,200 total lots as ofDecember 31, 2022 . Over 7,600 net new lots were added in the fourth quarter of 2023, representing an estimated 43 future communities, all of which are for entry-level product. In the prior year fourth quarter, no new lots were put under control and roughly 3,700 lots related to underperforming land deals were terminated. - Fourth quarter 2023 average community count of 271 was essentially flat to prior year and down 4% sequentially compared to the third quarter of 2023.
- Debt-to-capital and net debt-to-capital ratios were 17.9% and 1.9%, respectively as of
December 31, 2023 , compared to 22.6% and 6.8%, respectively as ofDecember 31, 2022 . - In the fourth quarter of 2023, the Company repurchased 24,869 shares of stock, or 0.1% of the outstanding shares at the beginning of the quarter, for
$4.1 million . For full year 2023, the Company repurchased 437,882 shares of stock, or 1.2% of the outstanding shares at the beginning of the year, for$59.1 million . As ofDecember 31, 2023 ,$185.0 million remained available to repurchase under the authorized share repurchase program. - The Company declared and paid cash dividends of
$0.27 per share in the fourth quarter of 2023, totaling$9.8 million . For full year 2023, cash dividend payments totaled$39.5 million .
CONFERENCE CALL
Management will host a conference call to discuss its fourth quarter 2023 results at
* The Company's return on equity is calculated as net income for the trailing twelve months divided by average shareholders' equity for the trailing five quarters. The Company's book value per share is calculated as shareholders' equity for the period divided by the shares outstanding as of the last day of the period.
Consolidated Income Statements (In thousands, except per share data) (unaudited) | |||||||||||||||
Three Months Ended | |||||||||||||||
2023 | 2022 | Change $ | Change % | ||||||||||||
Homebuilding: | |||||||||||||||
Home closing revenue | $ | 1,641,523 | $ | 1,984,063 | $ | (342,540 | ) | (17 | )% | ||||||
Land closing revenue | 11,682 | 7,328 | 4,354 | 59 | % | ||||||||||
Total closing revenue | 1,653,205 | 1,991,391 | (338,186 | ) | (17 | )% | |||||||||
Cost of home closings | (1,228,426 | ) | (1,484,071 | ) | 255,645 | (17 | )% | ||||||||
Cost of land closings | (9,104 | ) | (7,600 | ) | (1,504 | ) | 20 | % | |||||||
Total cost of closings | (1,237,530 | ) | (1,491,671 | ) | 254,141 | (17 | )% | ||||||||
Home closing gross profit | 413,097 | 499,992 | (86,895 | ) | (17 | )% | |||||||||
Land closing gross profit/(loss) | 2,578 | (272 | ) | 2,850 | (1048 | )% | |||||||||
Total closing gross profit | 415,675 | 499,720 | (84,045 | ) | (17 | )% | |||||||||
Financial Services: | |||||||||||||||
Revenue | 7,200 | 7,357 | (157 | ) | (2 | )% | |||||||||
Expense | (3,218 | ) | (3,236 | ) | 18 | (1 | )% | ||||||||
Earnings from financial services unconsolidated entities and other, net | 2,418 | 1,918 | 500 | 26 | % | ||||||||||
Financial services profit | 6,400 | 6,039 | 361 | 6 | % | ||||||||||
Commissions and other sales costs | (107,145 | ) | (110,459 | ) | 3,314 | (3 | )% | ||||||||
General and administrative expenses | (68,972 | ) | (56,614 | ) | (12,358 | ) | 22 | % | |||||||
Interest expense | — | — | — | — | % | ||||||||||
Other income, net | 12,911 | 3,563 | 9,348 | 262 | % | ||||||||||
Earnings before income taxes | 258,869 | 342,249 | (83,380 | ) | (24 | )% | |||||||||
Provision for income taxes | (60,018 | ) | (79,884 | ) | 19,866 | (25 | )% | ||||||||
Net earnings | $ | 198,851 | $ | 262,365 | $ | (63,514 | ) | (24 | )% | ||||||
Earnings per common share: | |||||||||||||||
Basic | Change $ or shares | Change % | |||||||||||||
Earnings per common share | $ | 5.46 | $ | 7.17 | $ | (1.71 | ) | (24 | )% | ||||||
Weighted average shares outstanding | 36,446 | 36,571 | (125 | ) | — | % | |||||||||
Diluted | |||||||||||||||
Earnings per common share | $ | 5.38 | $ | 7.09 | $ | (1.71 | ) | (24 | )% | ||||||
Weighted average shares outstanding | 36,947 | 37,009 | (62 | ) | — | % |
Consolidated Income Statements (In thousands, except per share data) (unaudited) | |||||||||||||||
Twelve Months Ended | |||||||||||||||
2023 | 2022 | Change $ | Change % | ||||||||||||
Homebuilding: | |||||||||||||||
Home closing revenue | $ | 6,056,784 | $ | 6,207,498 | $ | (150,714 | ) | (2 | )% | ||||||
Land closing revenue | 56,229 | 61,229 | (5,000 | ) | (8 | )% | |||||||||
Total closing revenue | 6,113,013 | 6,268,727 | (155,714 | ) | (2 | )% | |||||||||
Cost of home closings | (4,554,671 | ) | (4,434,480 | ) | (120,191 | ) | 3 | % | |||||||
Cost of land closings | (51,786 | ) | (49,646 | ) | (2,140 | ) | 4 | % | |||||||
Total cost of closings | (4,606,457 | ) | (4,484,126 | ) | (122,331 | ) | 3 | % | |||||||
Home closing gross profit | 1,502,113 | 1,773,018 | (270,905 | ) | (15 | )% | |||||||||
Land closing gross profit | 4,443 | 11,583 | (7,140 | ) | (62 | )% | |||||||||
Total closing gross profit | 1,506,556 | 1,784,601 | (278,045 | ) | (16 | )% | |||||||||
Financial Services: | |||||||||||||||
Revenue | 25,250 | 23,476 | 1,774 | 8 | % | ||||||||||
Expense | (12,128 | ) | (11,133 | ) | (995 | ) | 9 | % | |||||||
(Loss)/earnings from financial services unconsolidated entities and other, net | (656 | ) | 5,951 | (6,607 | ) | (111 | )% | ||||||||
Financial services profit | 12,466 | 18,294 | (5,828 | ) | (32 | )% | |||||||||
Commissions and other sales costs | (384,911 | ) | (323,266 | ) | (61,645 | ) | 19 | % | |||||||
General and administrative expenses | (231,722 | ) | (192,984 | ) | (38,738 | ) | 20 | % | |||||||
Interest expense | — | (41 | ) | 41 | (100 | )% | |||||||||
Other income, net | 47,948 | 2,714 | 45,234 | 1667 | % | ||||||||||
Loss on early extinguishment of debt | (907 | ) | — | (907 | ) | N/A | |||||||||
Earnings before income taxes | 949,430 | 1,289,318 | (339,888 | ) | (26 | )% | |||||||||
Provision for income taxes | (210,682 | ) | (297,126 | ) | 86,444 | (29 | )% | ||||||||
Net earnings | $ | 738,748 | $ | 992,192 | $ | (253,444 | ) | (26 | )% | ||||||
Earnings per common share: | |||||||||||||||
Basic | Change $ or shares | Change % | |||||||||||||
Earnings per common share | $ | 20.17 | $ | 27.04 | $ | (6.87 | ) | (25 | )% | ||||||
Weighted average shares outstanding | 36,619 | 36,694 | (75 | ) | — | % | |||||||||
Diluted | |||||||||||||||
Earnings per common share | $ | 19.93 | $ | 26.74 | $ | (6.81 | ) | (25 | )% | ||||||
Weighted average shares outstanding | 37,069 | 37,101 | (32 | ) | — | % |
Consolidated Balance Sheets (In thousands) (unaudited) | ||||||||
Assets: | ||||||||
Cash and cash equivalents | $ | 921,227 | $ | 861,561 | ||||
Other receivables | 266,972 | 215,019 | ||||||
Real estate (1) | 4,721,291 | 4,358,263 | ||||||
Deposits on real estate under option or contract | 111,364 | 76,729 | ||||||
Investments in unconsolidated entities | 17,170 | 11,753 | ||||||
Property and equipment, net | 48,953 | 38,635 | ||||||
Deferred tax assets, net | 47,573 | 45,452 | ||||||
Prepaids, other assets and goodwill | 218,584 | 164,689 | ||||||
Total assets | $ | 6,353,134 | $ | 5,772,101 | ||||
Liabilities: | ||||||||
Accounts payable | $ | 271,650 | $ | 273,267 | ||||
Accrued liabilities | 424,764 | 360,615 | ||||||
Home sale deposits | 36,605 | 37,961 | ||||||
Loans payable and other borrowings | 13,526 | 7,057 | ||||||
Senior notes, net | 994,689 | 1,143,590 | ||||||
Total liabilities | 1,741,234 | 1,822,490 | ||||||
Stockholders' Equity: | ||||||||
Preferred stock | — | — | ||||||
Common stock | 364 | 366 | ||||||
Additional paid-in capital | 290,955 | 327,878 | ||||||
Retained earnings | 4,320,581 | 3,621,367 | ||||||
Total stockholders’ equity | 4,611,900 | 3,949,611 | ||||||
Total liabilities and stockholders’ equity | $ | 6,353,134 | $ | 5,772,101 | ||||
(1) Real estate – Allocated costs: | ||||||||
Homes under contract under construction | 704,206 | $ | 822,428 | |||||
Unsold homes, completed and under construction | 1,260,855 | 1,155,543 | ||||||
Model homes | 118,252 | 97,198 | ||||||
Finished home sites and home sites under development | 2,637,978 | 2,283,094 | ||||||
Total real estate | $ | 4,721,291 | $ | 4,358,263 |
Consolidated Statements of Cash Flows (In thousands) (unaudited) | ||||||||
Twelve Months Ended | ||||||||
2023 | 2022 | |||||||
Cash flows from operating activities: | ||||||||
Net earnings | $ | 738,748 | $ | 992,192 | ||||
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||||||||
Depreciation and amortization | 25,334 | 24,748 | ||||||
Stock-based compensation | 22,511 | 22,333 | ||||||
Loss on early extinguishment of debt | 907 | — | ||||||
Equity in earnings from unconsolidated entities | (6,371 | ) | (6,093 | ) | ||||
Distribution of earnings from unconsolidated entities | 6,792 | 5,900 | ||||||
Other | 4,115 | 10,863 | ||||||
Changes in assets and liabilities: | ||||||||
Increase in real estate | (357,408 | ) | (624,522 | ) | ||||
(Increase)/decrease in deposits on real estate under option or contract | (36,140 | ) | 10,463 | |||||
Increase receivables, prepaids and other assets | (64,169 | ) | (102,950 | ) | ||||
Increase in accounts payable and accrued liabilities | 22,609 | 76,985 | ||||||
Decrease in home sale deposits | (1,356 | ) | (4,649 | ) | ||||
Net cash provided by operating activities | 355,572 | 405,270 | ||||||
Cash flows from investing activities: | ||||||||
Investments in unconsolidated entities | (5,991 | ) | (5,796 | ) | ||||
Distributions of capital from unconsolidated entities | 137 | — | ||||||
Purchases of property and equipment | (38,192 | ) | (26,971 | ) | ||||
Proceeds from sales of property and equipment | 423 | 481 | ||||||
Maturities/sales of investments and securities | 750 | 1,032 | ||||||
Payments to purchase investments and securities | (750 | ) | (1,032 | ) | ||||
Net cash used in investing activities | (43,623 | ) | (32,286 | ) | ||||
Cash flows from financing activities: | ||||||||
Repayment of loans payable and other borrowings | (2,798 | ) | (20,455 | ) | ||||
Repayment of senior notes | (150,884 | ) | — | |||||
Dividends paid | (39,534 | ) | — | |||||
Repurchase of shares | (59,067 | ) | (109,303 | ) | ||||
Net cash used in financing activities | (252,283 | ) | (129,758 | ) | ||||
Net increase in cash and cash equivalents | 59,666 | 243,226 | ||||||
Cash and cash equivalents, beginning of period | 861,561 | 618,335 | ||||||
Cash and cash equivalents, end of period | $ | 921,227 | $ | 861,561 |
Operating Data (Dollars in thousands) (Unaudited) |
We aggregate our homebuilding operating segments into reporting segments based on similar long-term economic characteristics and geographical proximity. Our three reportable homebuilding segments are as follows:
- West:
Arizona ,California ,Colorado , andUtah - Central:
Texas - East:
Florida ,Georgia ,North Carolina ,South Carolina , andTennessee
Three months ended | ||||||||||
2023 | 2022 | |||||||||
Homes | Value | Homes | Value | |||||||
Homes Closed: | ||||||||||
1,155 | 563,723 | 1,217 | 662,580 | |||||||
1,242 | 464,571 | 1,417 | 565,630 | |||||||
1,554 | 613,229 | 1,906 | 755,853 | |||||||
Total | 3,951 | $ | 1,641,523 | 4,540 | $ | 1,984,063 | ||||
Homes Ordered: | ||||||||||
722 | 373,941 | 462 | 223,482 | |||||||
1,054 | 392,421 | 614 | 208,309 | |||||||
1,116 | 432,382 | 732 | 271,915 | |||||||
Total | 2,892 | $ | 1,198,744 | 1,808 | $ | 703,706 |
Twelve months ended | ||||||||||
2023 | 2022 | |||||||||
Homes | Value | Homes | Value | |||||||
Homes Closed: | ||||||||||
4,109 | 2,107,095 | 4,092 | 2,202,109 | |||||||
4,486 | 1,798,939 | 4,556 | 1,835,498 | |||||||
5,381 | 2,150,750 | 5,458 | 2,169,891 | |||||||
Total | 13,976 | $ | 6,056,784 | 14,106 | $ | 6,207,498 | ||||
Homes Ordered: | ||||||||||
3,983 | 2,046,251 | 3,098 | 1,710,156 | |||||||
4,291 | 1,678,484 | 3,641 | 1,501,591 | |||||||
4,919 | 1,951,157 | 5,020 | 2,043,853 | |||||||
Total | 13,193 | $ | 5,675,892 | 11,759 | $ | 5,255,600 | ||||
Order Backlog: | ||||||||||
746 | 379,785 | 872 | 459,873 | |||||||
768 | 289,375 | 963 | 425,371 | |||||||
1,035 | 418,977 | 1,497 | 639,531 | |||||||
Total | 2,549 | $ | 1,088,137 | 3,332 | $ | 1,524,775 |
Three months ended | Twelve Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Ending | Average | Ending | Average | Ending | Average | Ending | Average | |||||||||
Active Communities: | ||||||||||||||||
78 | 81.0 | 94 | 98.0 | 78 | 90.0 | 94 | 92.4 | |||||||||
88 | 85.0 | 81 | 77.5 | 88 | 83.0 | 81 | 76.6 | |||||||||
104 | 105.0 | 96 | 97.5 | 104 | 103.4 | 96 | 106.2 | |||||||||
Total | 270 | 271.0 | 271 | 273.0 | 270 | 276.4 | 271 | 275.2 |
Supplemental and Non-GAAP information (Unaudited) | |||||||||||||||
Supplemental Information (Dollars in thousands): | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||||
Depreciation and amortization | $ | 7,758 | $ | 7,203 | $ | 25,334 | $ | 24,748 | |||||||
Summary of Capitalized Interest: | |||||||||||||||
Capitalized interest, beginning of period | $ | 58,476 | $ | 62,090 | $ | 60,169 | $ | 56,253 | |||||||
Interest incurred | 12,845 | 15,036 | 57,759 | 60,599 | |||||||||||
Interest expensed | — | — | — | (41 | ) | ||||||||||
Interest amortized to cost of home and land closings | (16,805 | ) | (16,957 | ) | (63,412 | ) | (56,642 | ) | |||||||
Capitalized interest, end of period | $ | 54,516 | $ | 60,169 | $ | 54,516 | $ | 60,169 |
Reconciliation of Non-GAAP Information (Dollars in thousands):
This press release and management’s comments and discussion about our operating results included in this press release reflect certain adjustments, including home closing gross profit, home closing gross margin, and debt-to-capital ratios. These are considered non-GAAP financial measures and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures. We believe these non-GAAP financial measures are relevant and useful to investors in understanding our operating results and may be helpful in comparing the Company with other companies in the homebuilding industry to the extent they provide similar information. We encourage investors to understand the methods used by other companies in the homebuilding industry to calculate these non-GAAP financial measures and any adjustments thereto before comparing to our non-GAAP financial measures.
Home Closing Gross Margin | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Home closing gross profit | $ | 413,097 | $ | 499,992 | $ | 1,502,113 | $ | 1,773,018 | ||||||||
Home closing gross margin | 25.2 | % | 25.2 | % | 24.8 | % | 28.6 | % | ||||||||
Add: Write-off of terminated land deals | 3,211 | 4,203 | 5,308 | 15,811 | ||||||||||||
Add: Warranty adjustments | — | 10,916 | — | 10,916 | ||||||||||||
Less: Retroactive vendor rebates | — | (5,446 | ) | — | (5,446 | ) | ||||||||||
Adjusted home closing gross profit | $ | 416,308 | $ | 509,665 | $ | 1,507,421 | $ | 1,794,299 | ||||||||
Adjusted home closing gross margin | 25.4 | % | 25.7 | % | 24.9 | % | 28.9 | % |
Debt-to-Capital Ratios | |||||||
Senior notes, net, loans payable and other borrowings | $ | 1,008,215 | $ | 1,150,647 | |||
Stockholders' equity | 4,611,900 | 3,949,611 | |||||
Total capital | $ | 5,620,115 | $ | 5,100,258 | |||
Debt-to-capital | 17.9 | % | 22.6 | % | |||
Senior notes, net, loans payable and other borrowings | $ | 1,008,215 | $ | 1,150,647 | |||
Less: cash and cash equivalents | (921,227 | ) | (861,561 | ) | |||
Net debt | $ | 86,988 | $ | 289,086 | |||
Stockholders’ equity | 4,611,900 | 3,949,611 | |||||
Total net capital | $ | 4,698,888 | $ | 4,238,697 | |||
Net debt-to-capital | 1.9 | % | 6.8 | % |
ABOUT
For more information, visit www.meritagehomes.com.
The information included in this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general.
Such statements are based on the current beliefs and expectations of Company management and current market conditions, which are subject to significant uncertainties and fluctuations. Actual results may differ from those set forth in the forward-looking statements. The Company makes no commitment, and disclaims any duty, except as required by law, to update or revise any forward-looking statements to reflect future events or changes in these expectations.
Contact
(480) 515-8979
investors@meritagehomes.com
Source:
2024 GlobeNewswire, Inc., source