Market Overview

CalAtlantic Group, Inc. Reports 2017 First Quarter Results

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ARLINGTON, Va., April 27, 2017 /PRNewswire/ -- CalAtlantic Group, Inc. (NYSE: CAA) today announced results for the first quarter ended March 31, 2017.

Larry Nicholson, President and Chief Executive Officer of CalAtlantic Group, Inc. commented, "I'm pleased with our strong start to the new year.  Our first quarter results were solid, with net new orders up 4%, new home deliveries up 10%, and net income up 14%, to $0.62 per diluted share, as compared to the first quarter of 2016.  We saw order growth accelerate through the quarter and we remain well positioned for a strong finish to the spring selling season."

2017 CalAtlantic First Quarter Highlights and Comparisons to 2016 First Quarter

  • Net new orders of 4,304, up 4%; Dollar value of net new orders up 7%
  • 562 average active selling communities, down 2%
  • 3,012 new home deliveries, up 10%
  • Average selling price of $444 thousand, up 3%
  • Home sale revenues of $1.3 billion, up 13%
  • Gross margin from home sales of 20.5%, compared to 21.0%
  • SG&A rate from home sales of 11.7%, compared to 11.6%
  • Operating margin from home sales of $118.6 million, or 8.9%, compared to $110.3 million, or 9.4%
  • Net income of $82.6 million, or $0.62 per diluted share, vs. net income of $72.7 million, or $0.52 per diluted share
  • $294.2 million of land purchases and development costs, compared to $371.6 million

Orders.  Net new orders for the 2017 first quarter were up 4% from the 2016 first quarter, to 4,304 homes, with the dollar value of these orders up 7%.  The Company's monthly sales absorption rate was 2.6 per community for the 2017 first quarter, up 6% compared to the 2016 first quarter and up 56% from the 2016 fourth quarter, consistent with normal seasonal patterns.  The Company's cancellation rate for the 2017 first quarter was 13%, up compared to 12% for the 2016 first quarter and down from 20% for the 2016 fourth quarter.

Backlog.  The dollar value of homes in backlog increased 1% to $3.3 billion, or 7,109 homes, compared to $3.2 billion, or 7,019 homes, for the 2016 first quarter, and increased 22% compared to $2.7 billion, or 5,817 homes, for the 2016 fourth quarter.  The increase in year-over-year backlog value was driven primarily by the 6% increase in the Company's monthly sales absorption rate.  As of March 31, 2017, the average gross margin of the 7,109 total homes in backlog was 20.4%.    

Revenue.  Revenues from home sales for the 2017 first quarter increased 13%, to $1.3 billion, as compared to the 2016 first quarter, resulting from a 10% increase in new home deliveries and a 3% increase in the Company's average home price to $444 thousand.  The increase in average home price was primarily attributable to product mix and general price increases within select markets.   

Gross Margin.  The Company achieved gross margin from homes sales of 20.5% for the 2017 first quarter. Our 2017 gross margin was negatively impacted by a shift in community mix, a competitive pricing environment, and an increase in direct construction costs per home. 

SG&A Expenses.  Selling, general and administrative expenses for the 2016 first quarter were $156.3 million, or 11.7%, as compared to $136.7 million, or 11.6%, for the 2016 first quarter.  This 10 basis point increase was primarily the result of an increase in co-broker commissions.   

Land.  During the 2017 first quarter, the Company spent $294.2 million on land purchases and development costs, compared to $371.6 million for the 2016 first quarter. The Company purchased $165.3 million of land, consisting of 3,075 homesites, of which 34% (based on homesites) is located in the North region, 36% in the Southeast region, 25% in the Southwest region, and 5% in the West region.  As of March 31, 2017, the Company owned or controlled 64,903 homesites, of which 46,392 were owned and actively selling or under development, 13,905 were controlled or under option, and the remaining 4,606 homesites were held for future development or for sale. 

Liquidity.  The Company ended the quarter with $787.4 million of available liquidity, including $143.9 million of unrestricted homebuilding cash and $643.5 million available to borrow under its $750 million revolving credit facility. The Company's homebuilding debt to book capitalization as of March 31, 2017 and 2016 was 44.4% and 48.2%, respectively, and adjusted net homebuilding debt to adjusted book capitalization was 43.1%* and 46.8%*, respectively.  In addition, the Company's homebuilding debt to adjusted homebuilding EBITDA for the LTM period ending March 31, 2017 and 2016 was 3.4x* and 5.0x*, respectively.

Earnings Conference Call

A conference call to discuss the Company's 2017 first quarter results will be held at 11:00 a.m. Eastern time April 28, 2017.  The call will be broadcast live over the internet and can be accessed through the Company's website at http://investors.calatlantichomes.com.  The call will also be accessible via telephone by dialing (888) 428-9506 (domestic) or (719) 325-2106 (international); Passcode: 6965780.  The audio transmission with the slide presentation will be available on our website for replay within 2 to 3 hours following the live broadcast, and can be accessed by dialing (888) 203-1112 (domestic) or (719) 457-0820 (international); Passcode: 6965780.  

About CalAtlantic Group, Inc.

CalAtlantic Group, Inc. (NYSE: CAA), one of the nation's largest and most respected homebuilders, offers well-crafted homes in thoughtfully designed communities that meet the desires of customers across the homebuilding spectrum, from entry level to luxury, in 41 Metropolitan Statistical Areas spanning 17 states.  With a trusted reputation for quality craftsmanship, an outstanding customer experience and exceptional architectural design earned over its 50 year history, CalAtlantic Group, Inc. utilizes its over five decades of land acquisition, development and homebuilding expertise to acquire and build desirable communities in locations that meet the high expectations of the company's homebuyers.  We invite you to learn more about us by visiting www.calatlantichomes.com.

This news release and the referenced earnings conference call contain forward-looking statements.  These statements include but are not limited to new home orders; deliveries; backlog; absorption rates; cancellation rates; average home price; revenue; profitability; cash flow; liquidity; gross margin; operating margin; product mix; land supply; our liquidity; our ability to execute our business; our positioning, the strength of the spring selling, and our ability to capitalize on it; and the amount and timing of share repurchases.  Forward-looking statements are based on our current expectations or beliefs regarding future events or circumstances, and you should not place undue reliance on these statements.  Such statements involve known and unknown risks, uncertainties, assumptions and other factors many of which are out of the Company's control and difficult to forecast that may cause actual results to differ materially from those that may be described or implied.  Such factors include but are not limited to:  local and general economic and market conditions, including consumer confidence, employment rates, interest rates, the cost and availability of mortgage financing, and stock market, home and land valuations; the impact on economic conditions, terrorist attacks or the outbreak or escalation of armed conflict involving the United States; the cost and availability of suitable undeveloped land, building materials and labor; the cost and availability of construction financing and corporate debt and equity capital; our significant amount of debt and the impact of restrictive covenants in our debt agreements; our ability to repay our debt as it comes due; changes in our credit rating or outlook; the demand for and affordability of single-family homes; the supply of housing for sale; cancellations of purchase contracts by homebuyers; the cyclical and competitive nature of the Company's business; governmental regulation, including the impact of "slow growth" or similar initiatives; delays in the land entitlement process, development, construction, or the opening of new home communities; adverse weather conditions and natural disasters; environmental matters; risks relating to the Company's financial services operations; future business decisions and the Company's ability to successfully implement the Company's operational and other strategies; litigation and warranty claims; and other risks discussed in the Company's filings with the Securities and Exchange Commission, including in the Company's Annual Report on Form 10-K for the year ended December 31, 2016 and subsequent Quarterly Reports on Form 10-Q.  The Company assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements.  The Company nonetheless reserves the right to make such updates from time to time by press release, periodic report or other method of public disclosure without the need for specific reference to this press release.  No such update shall be deemed to indicate that other statements not addressed by such update remain correct or create an obligation to provide any other updates.

Contact:
Jeff McCall, EVP & CFO (240) 532-3888, jeff.mccall@calatl.com

*Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release.

(Note: Tables Follow)

KEY STATISTICS AND FINANCIAL DATA1





As of or For the Three Months Ended




March 31,


March 31,


Percentage


December 31,


Percentage




2017


2016


or % Change


2016


or % Change

Select Operating Data

(Dollars in thousands)
















Deliveries


3,012



2,727


10%



4,338


(31%)

Average selling price

$

444


$

432


3%


$

450


(1%)

Home sale revenues

$

1,337,699


$

1,179,165


13%


$

1,951,973


(31%)

Gross margin % (including land sales)


20.5%



20.8%


(0.3%)



21.9%


(1.4%)

Gross margin % from home sales


20.5%



21.0%


(0.5%)



21.8%


(1.3%)

Adjusted gross margin % from home sales (excluding purchase 

accounting adjustments included in cost of home sales)*


20.5%



22.0%


(1.5%)



21.8%


(1.3%)

Adjusted gross margin % from home sales (excluding purchase 

accounting adjustments and interest amortized to cost of

home sales)*


23.5%



24.6%


(1.1%)



24.6%


(1.1%)

Incentive and stock-based compensation expense

$

14,925


$

10,270


45%


$

19,562


(24%)

Selling expenses

$

73,592


$

63,060


17%


$

98,778


(25%)

G&A expenses (excluding incentive and stock-based compensation expenses)

$

67,759


$

63,371


7%


$

72,909


(7%)

SG&A expenses

$

156,276


$

136,701


14%


$

191,249


(18%)

SG&A % from home sales


11.7%



11.6%


0.1%



9.8%


1.9%

Operating margin from home sales

$

118,568


$

110,336


7%


$

233,995


(49%)

Operating margin % from home sales


8.9%



9.4%


(0.5%)



12.0%


(3.1%)

Adjusted operating margin from home sales*

$

118,568


$

123,013


(4%)


$

233,995


(49%)

Adjusted operating margin % from home sales*


8.9%



10.4%


(1.5%)



12.0%


(3.1%)

Net new orders


4,304



4,135


4%



2,848


51%

Net new orders (dollar value)

$

1,915,601


$

1,798,050


7%


$

1,273,176


50%

Average active selling communities


562



571


(2%)



580


(3%)

Monthly sales absorption rate per community


2.55



2.41


6%



1.64


56%

Cancellation rate


13%



12%


1%



20%


(7%)

Gross cancellations


650



571


14%



705


(8%)

Backlog (homes)


7,109



7,019


1%



5,817


22%

Backlog (dollar value)

$

3,259,168


$

3,212,079


1%


$

2,663,851


22%
















Land purchases (incl. seller financing)

$

165,269


$

215,419


(23%)


$

279,833


(41%)

Adjusted Homebuilding EBITDA*

$

178,864


$

171,230


4%


$

314,070


(43%)

Adjusted Homebuilding EBITDA Margin %*


13.4%



14.4%


(1.0%)



16.1%


(2.7%)

Homebuilding interest incurred

$

51,705


$

62,725


(18%)


$

58,018


(11%)

Homebuilding interest capitalized to inventories owned

$

50,875


$

61,845


(18%)


$

57,031


(11%)

Homebuilding interest capitalized to investments in JVs

$

830


$

880


(6%)


$

987


(16%)

Interest amortized to cost of sales (incl. cost of land sales)

$

39,428


$

30,382


30%


$

54,738


(28%)

 




As of 




March 31,


December 31,


Percentage




2017


2016


or % Change

Select Balance Sheet Data

(Dollars in thousands, except per share amounts)











Homebuilding cash (including restricted cash)

$

174,187


$

219,407


(21%)

Inventories owned

$

6,556,275


$

6,438,792


2%

Goodwill

$

970,185


$

970,185


         ―   

Homesites owned and controlled


64,903



65,424


(1%)

Homes under construction


6,309



5,792


9%

Completed specs


1,121



1,255


(11%)

Homebuilding debt

$

3,417,901


$

3,419,787


(0%)

Stockholders' equity

$

4,287,373


$

4,207,586


2%

Stockholders' equity per share

$

37.42


$

36.77


2%

Total consolidated debt to book capitalization


45.5%



46.6%


(1.1%)

Adjusted net homebuilding debt to total adjusted book capitalization*


43.1%



43.2%


(0.1%)



1

All statistical numbers exclude unconsolidated joint ventures unless noted otherwise.

*

Please see "Reconciliation of Non-GAAP Financial Measures" at the end of this release.

 

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS






Three Months Ended March 31,





2017


2016





(Dollars in thousands, except per share amounts)





(Unaudited)

Homebuilding:







Home sale revenues

$

1,337,699


$

1,179,165


Land sale revenues


         ―     



6,518



Total revenues


1,337,699



1,185,683


Cost of home sales


(1,062,855)



(932,128)


Cost of land sales


         ―     



(6,367)



Total cost of sales


(1,062,855)



(938,495)




Gross margin


274,844



247,188




Gross margin %


20.5%



20.8%


Selling, general and administrative expenses


(156,276)



(136,701)


Income (loss) from unconsolidated joint ventures


3,888



1,189


Other income (expense)


(169)



(3,408)




Homebuilding pretax income 


122,287



108,268

Financial Services:







Revenues


19,956



17,552


Expenses


(12,375)



(10,616)




Financial services pretax income


7,581



6,936

Income before taxes


129,868



115,204

Provision for income taxes


(47,248)



(42,543)

Net income 


82,620



72,661

  Less: Net income allocated to unvested restricted stock


(301)



(113)

Net income available to common stockholders

$

82,319


$

72,548










Income Per Common Share:







Basic


$

0.72


$

0.60


Diluted

$

0.62


$

0.52










Weighted Average Common Shares Outstanding:







Basic



114,487,245



120,814,939


Diluted


132,505,435



138,430,580










Cash Dividends Declared Per Common Share

$

0.04


$

0.04

 

CONDENSED CONSOLIDATED BALANCE SHEETS








March 31,


December 31,







2017


2016







(Dollars in thousands)

ASSETS

(Unaudited)




Homebuilding:







Cash and equivalents

$

143,881


$

191,086


Restricted cash



30,306



28,321


Inventories:










Owned




6,556,275



6,438,792



Not owned



62,772



66,267


Investments in unconsolidated joint ventures


120,364



127,127


Deferred income taxes, net


325,749



330,378


Goodwill




970,185



970,185


Other assets




221,091



204,489




Total Homebuilding Assets


8,430,623



8,356,645

Financial Services:







Cash and equivalents


38,112



17,041


Restricted cash



21,242



21,710


Mortgage loans held for sale, net


157,851



262,058


Mortgage loans held for investment, net


25,744



24,924


Other assets




20,198



26,666




Total Financial Services Assets


263,147



352,399





Total Assets

$

8,693,770


$

8,709,044












LIABILITIES AND EQUITY






Homebuilding:







Accounts payable


$

170,545


$

211,780


Accrued liabilities



638,165



599,905


Secured project debt and other notes payable


27,397



27,579


Senior notes payable


3,390,504



3,392,208




Total Homebuilding Liabilities


4,226,611



4,231,472

Financial Services:







Accounts payable and other liabilities


17,576



22,559


Mortgage credit facility


154,467



247,427




Total Financial Services Liabilities


172,043



269,986





Total Liabilities


4,398,654



4,501,458

Equity:







Stockholders' Equity:








Preferred stock


   ―   



   ―   



Common stock


1,146



1,144



Additional paid-in capital


3,206,584



3,204,835



Accumulated earnings


1,079,815



1,001,779



Accumulated other comprehensive income (loss), net of tax


(172)



(172)



   Total Stockholders' Equity


4,287,373



4,207,586


Noncontrolling Interest


7,743



   ―   




Total Equity


4,295,116



4,207,586





Total Liabilities and Equity

$

8,693,770


$

8,709,044

 

INVENTORIES




March 31,


December 31,



2017


2016



(Dollars in thousands)

Inventories Owned:


(Unaudited)








     Land and land under development


$3,499,809


$  3,627,740

     Homes completed and under construction


2,573,476


2,304,109

     Model homes


482,990


506,943

        Total inventories owned


$6,556,275


$  6,438,792






Inventories Owned by Segment:










     North


$   889,691


$     851,972

     Southeast


1,973,850


1,896,552

     Southwest


1,464,525


1,421,669

     West


2,228,209


2,268,599

        Total inventories owned


$6,556,275


$  6,438,792

 

REGIONAL OPERATING DATA







Three Months Ended March 31,






2017


2016


% Change






Homes


ASP


Homes


ASP


Homes


ASP






(Dollars in thousands)

New homes delivered:




















North



683


$

344



561


$

332



22%



4%


Southeast



881



399



713



389



24%



3%


Southwest



786



428



854



402



(8%)



6%


West



662



628



599



622



11%



1%




Consolidated total



3,012


$

444



2,727


$

432



10%



3%












Three Months Ended March 31,






2017


2016


% Change






Homes


ASP


Homes


ASP


Homes


ASP






(Dollars in thousands)

Net new orders:




















North



1,056


$

344



891


$

330



19%



4%


Southeast



1,283



386



1,201



371



7%



4%


Southwest



987



445



1,131



428



(13%)



4%


West



978



631



912



631



7%



 ―  




Consolidated total



4,304


$

445



4,135


$

435



4%



2%

 






Three Months Ended March 31,






2017


2016


% Change

Average number of selling communities 
during the period:








North


141


115


23%


Southeast


186


183


2%


Southwest


153


177


(14%)


West


82


96


(15%)




Consolidated total


562


571


(2%)

 






At March 31,






2017


2016


% Change






Homes


Dollar
Value


Homes


Dollar
Value


Homes


Dollar
Value






(Dollars in thousands)

Backlog:




















North



1,671


$

596,498



1,333


$

456,243



25%



31%


Southeast



2,195



929,035



2,109



876,617



4%



6%


Southwest



1,815



875,041



2,179



989,226



(17%)



(12%)


West



1,428



858,594



1,398



889,993



2%



(4%)




Consolidated total



7,109


$

3,259,168



7,019


$

3,212,079



1%



1%

 






At March 31,






2017


2016


% Change

Homesites owned and controlled:








North


14,886


15,495


(4%)


Southeast


23,119


24,020


(4%)


Southwest


13,407


15,007


(11%)


West



13,491


14,370


(6%)



Total (including joint ventures)


64,903


68,892


(6%)












Homesites owned


50,998


51,817


(2%)


Homesites optioned or subject to contract 


12,391


15,148


(18%)


Joint venture homesites


1,514


1,927


(21%)



Total (including joint ventures)


64,903


68,892


(6%)





















Homesites owned:








Raw lots


11,482


9,765


18%


Homesites under development


14,607


19,468


(25%)


Finished homesites


14,441


11,196


29%


Under construction or completed homes


9,248


9,041


2%


Held for sale


1,220


2,347


(48%)



Total


50,998


51,817


(2%)

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

Each of the below measures are non-GAAP financial measures and other companies may calculate such non-GAAP measures differently.  Due to the significance of the GAAP components excluded, such measures should not be considered in isolation or as an alternative to operating performance measures prescribed by GAAP.

The table set forth below reconciles the Company's gross margin percentage from home sales to adjusted gross margin percentage from home sales, excluding extraordinary purchase accounting adjustments related to the merger and interest amortized to cost of home sales.  The table set forth below also calculates adjusted operating margin percentage from home sales, excluding extraordinary purchase accounting adjustments related to the merger.  We believe these measures are useful to management and investors as they provide perspective on the underlying operating performance of the business excluding these charges and provide comparability with the Company's peer group.


Three Months Ended


March 31,
2017


Gross
Margin %


March 31,
2016


Gross
Margin %


December 31,
2016


Gross
Margin %


(Dollars in thousands)
















Home sale revenues

$

1,337,699




$

1,179,165




$

1,951,973



Less: Cost of home sales


(1,062,855)





(932,128)





(1,526,729)



Gross margin from home sales


274,844


20.5%



247,037


21.0%



425,244


21.8%

Add: Purchase accounting adjustments included in cost of home sales


   ―  


n/a



12,677


1.0%



   ―  


n/a

Adjusted gross margin from home sales, excluding purchase accounting adjustments included in cost of home sales


274,844


20.5%



259,714


22.0%



425,244


21.8%

 Add: Capitalized interest included in cost of home sales


39,428


3.0%



30,203


2.6%



54,738


2.8%

Adjusted gross margin from home sales, excluding  purchase accounting adjustments and interest amortized to cost of home sales

$

314,272


23.5%


$

289,917


24.6%


$

479,982


24.6%































Adjusted gross margin from home sales, excluding purchase accounting adjustments included in cost of home sales

$

274,844


20.5%


$

259,714


22.0%


$

425,244


21.8%

Less: Selling, general and administrative expenses


(156,276)


(11.7%)



(136,701)


(11.6%)



(191,249)


(9.8%)

Adjusted operating margin from home sales, excluding  purchase accounting adjustments

$

118,568


8.9%


$

123,013


10.4%


$

233,995


12.0%

The table set forth below reconciles the Company's pretax income to adjusted pretax income, excluding extraordinary purchase accounting adjustments and merger and other one-time transaction related costs.  We believe these measures are useful to management and investors as they provide perspective on the underlying operating performance of the business excluding these charges and provide comparability with the Company's peer group. 




Three Months Ended




March 31, 2017


March 31, 2016




(Dollars in thousands)









Pretax income

$

129,868


$

115,204

Add:








Purchase accounting adjustments included in cost of home sales


   ―  



12,677


Merger and other one-time transaction related costs


986



4,844

Adjusted pretax income

$

130,854


$

132,725

The table set forth below reconciles the Company's total consolidated debt to adjusted net homebuilding debt and provides the Company's total consolidated debt to book capitalization and adjusted net homebuilding debt to total adjusted book capitalization ratios.  In addition, the table set forth below calculates homebuilding debt to adjusted homebuilding EBITDA.  We believe these ratios are useful to management and investors as a measure of the Company's ability to obtain financing.  For purposes of the ratio of adjusted net homebuilding debt to total adjusted book capitalization, total adjusted book capitalization is adjusted net homebuilding debt plus stockholders' equity.  Adjusted net homebuilding debt excludes indebtedness of the Company's financial services subsidiary and additionally reflects the offset of cash and equivalents. 




March 31,
2017


December 31,
2016


March 31,
2016




(Dollars in thousands)












Total consolidated debt

$

3,572,368


$

3,667,214


$

3,831,755

Less:











Financial services indebtedness


(154,467)



(247,427)



(164,943)


Homebuilding cash, including restricted cash


(174,187)



(219,407)



(204,180)

Adjusted net homebuilding debt


3,243,714



3,200,380



3,462,632

Stockholders' equity


4,287,373



4,207,586



3,941,969

Total adjusted book capitalization

$

7,531,087


$

7,407,966


$

7,404,601












Total consolidated debt to book capitalization


45.5%



46.6%



49.3%












Adjusted net homebuilding debt to total adjusted book capitalization


43.1%



43.2%



46.8%























Homebuilding debt

$

3,417,901


$

3,419,787


$

3,666,812

LTM adjusted homebuilding EBITDA

$

1,003,817


$

996,183


$

740,308












Homebuilding debt to adjusted homebuilding EBITDA


 3.4x 



 3.4x 



 5.0x 

The table set forth below calculates EBITDA and Adjusted Homebuilding EBITDA.  Adjusted Homebuilding EBITDA means net income (plus cash distributions of income from unconsolidated joint ventures) before (a) income taxes, (b) homebuilding interest expense, (c) expensing of previously capitalized interest included in cost of sales, (d) impairment charges, (e) (gain) loss on early extinguishment of debt, (f) homebuilding depreciation and amortization, including amortization of capitalized model costs, (g) amortization of stock-based compensation, (h) income (loss) from unconsolidated joint ventures, (i) income (loss) from financial services subsidiaries, (j) extraordinary purchase accounting adjustments and (k) merger and other one-time transaction related costs.  Other companies may calculate Adjusted Homebuilding EBITDA (or similarly titled measures) differently.  We believe Adjusted Homebuilding EBITDA information is useful to management and investors as it provides perspective on the underlying performance of the business.  Adjusted Homebuilding EBITDA is a non-GAAP financial measure and due to the significance of the GAAP components excluded, should not be considered in isolation or as an alternative to net income, cash flow from operations or any other operating or liquidity performance measure prescribed by GAAP.




Three Months Ended


LTM Ended March 31,




March 31,
2017


March 31,
2016


December 31,
2016


2017


2016




(Dollars in thousands)


















Net income 

$

82,620


$

72,661


$

166,961


$

494,689


$

254,565


Provision for income taxes


47,248



42,543



80,588



273,091



154,632


Homebuilding interest amortized to cost of sales


39,428



30,382



54,738



180,747



147,125


Homebuilding depreciation and amortization


12,676



12,012



18,424



62,216



47,043


















EBITDA


181,972



157,598



320,711



1,010,743



603,365

Add:

















Amortization of stock-based compensation


4,294



3,786



6,578



18,302



16,715


Cash distributions of income from unconsolidated joint ventures


3,081



450



221



3,302



3,280


Purchase accounting adjustments included in cost of home sales


         ―    



12,677



         ―    



5,858



76,847


Merger and other one-time transaction related costs


986



4,844



2,699



12,627



66,374

Less:

















Income from unconsolidated joint ventures


3,888



1,189



1,414



6,756



3,606


Income from financial services subsidiaries


7,581



6,936



14,725



40,259



22,667

Adjusted Homebuilding EBITDA

$

178,864


$

171,230


$

314,070


$

1,003,817


$

740,308


















Homebuilding revenues

$

1,337,699


$

1,185,683


$

1,953,037


$

6,540,056


$

4,211,816


















Adjusted Homebuilding EBITDA Margin %


13.4%



14.4%



16.1%



15.3%



17.6%

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/calatlantic-group-inc-reports-2017-first-quarter-results-300447493.html

SOURCE CalAtlantic Group, Inc.

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