Century Communities Reports Record Third Quarter 2020 Results

Rhea-AI Summary

Century Communities reported a remarkable third quarter of 2020, achieving a 84% increase in net income to $49.8 million or $1.48 per diluted share. Home sales revenues surged 32% to $760.2 million with record home deliveries of 2,283 homes, up 21%. Notably, net new home contracts skyrocketed 57% to 3,204 homes. The company improved its backlog to 3,699 homes valued at $1.3 billion. These results reflect the effectiveness of strategic initiatives and strong demand in the housing market.

Positive

• Net income increased 84% to $49.8 million.
• Home sales revenues rose 32% to $760.2 million.
• Record home deliveries of 2,283 homes, a 21% increase.
• Net new home contracts jumped 57% to 3,204 homes.
• Backlog reached 3,699 homes valued at $1.3 billion.
• Total liquidity at $955 million.

Negative

• Adjusted homebuilding gross margin percentage decreased to 20.0% from 20.6% year-over-year.
• Homebuilding gross margin percentage fell to 17.5% compared to 18.1% in the prior year.

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--Century Communities, Inc. (NYSE: CCS), a leading national homebuilder, today announced financial results for its third quarter ended September 30, 2020.

Third Quarter 2020 Highlights Compared to Third Quarter 2019

• Net income increased 84% to a third quarter record $49.8 million or $1.48 per diluted share
• Home sales revenues increased 32% to a third quarter record $760.2 million
• Home deliveries grew to a third quarter record 2,283 homes or 21%
• Net new home contracts increased 57% to a Company record 3,204 homes
• Homes in backlog improved 35% to a Company record 3,699 homes with a value of $1.3 billion
• Pre-tax income improved 86% to a Company record $64.9 million
• EBITDA increased 65% to a Company record $87.0 million
• Net homebuilding debt to net capital improved to 32.9%, a 21% reduction
• Quarter end total liquidity of $955 million

Dale Francescon, Co-Chief Executive Officer, stated, “We achieved multiple milestones in the third quarter, including record third quarter home sales revenues and net income along with our highest net new home contracts and pre-tax income in Company history. The improvements we experienced in SG&A, leverage, liquidity, cash flows and other financial and operating metrics were created by the many strategic initiatives we previously instituted across our organization to drive execution and efficiency gains. These record results demonstrate the consumer appeal of the homes we offer and the power of our national platform as we successfully capture the strong demand we are witnessing across the entire new home market.”

Rob Francescon, Co-Chief Executive Officer, said, “We generated a 57% year-over-year increase in net new contracts to a record 3,204 homes through the balanced contribution from both our Century Communities and Century Complete brands. We grew our sequential land supply in every region ending the quarter at nearly 45,000 lots while continuing to emphasize a land-light strategy with our controlled lot mix increasing to 56%. Century’s record backlog and lot supply coupled with our extensive footprint across diversified, high-growth markets have us advantageously positioned to generate continued organic growth and create additional, long-term value for our stockholders.”

Third Quarter 2020 Results

Net income for the third quarter 2020 increased 84% to $49.8 million, or $1.48 per diluted share as compared to $27.0 million or $0.87 per diluted share for the prior year quarter.

Home sales revenues for the third quarter 2020 increased 32% to $760.2 million, compared to $573.9 million for the prior year quarter. The growth in home sales revenues was primarily due to a 21% increase in deliveries to 2,283 homes compared to 1,891 homes for the prior year quarter. Average sales price of home deliveries for the third quarter 2020 was $333,000, compared to $303,500 in the prior year quarter, primarily due to a higher proportion of deliveries from our Century Communities brand and our efforts to increase home prices. Across our markets in the third quarter, we were successful in raising prices in order to offset the increased materials costs we experienced.

Adjusted homebuilding gross margin percentage, excluding interest, was 20.0% in the third quarter of 2020, as compared to 20.6% in the prior year quarter. On a sequential basis, adjusted homebuilding gross margin percentage improved 50 basis points from 19.5% in the previous second quarter. Homebuilding gross margin percentage in the third quarter 2020 was 17.5%, as compared to 18.1% in the prior year quarter. SG&A as a percent of home sales revenues improved 140 basis points to 11.3%, compared to 12.7% in the prior year quarter.

Net new home contracts in the third quarter 2020 increased 57% to 3,204 homes, compared to 2,046 homes in the prior year quarter. At the end of the third quarter 2020, the Company had 3,699 homes in backlog, representing $1.3 billion of backlog dollar value.

Financial services revenues increased to $32.0 million compared to $10.4 million in the prior year quarter, and financial services pretax income increased to $17.5 million from $2.2 million.

Strengthened Balance Sheet and Liquidity

The Company ended the quarter with a strong financial position including $1.2 billion of stockholders’ equity, $315 million of cash and $955 million of total liquidity.

As of September 30, 2020, net homebuilding debt to net capital decreased to 32.9%, a reduction of 20.9% percentage points from 53.8% in the prior year quarter and a further sequential reduction of 460 basis points from 37.5% at the end of second quarter of 2020.

Full Year 2020 Outlook

David Messenger, Chief Financial Officer of the Company, commented, “We are extremely pleased with our third quarter performance which demonstrates the strength of our business model and sustained new home demand across our markets. As a result of these improved results and continued strong market conditions, we are providing full year guidance of deliveries in the range of 9,300 to 9,600 and homes sales revenues in the range of $2.8 billion to $3.0 billion.

Conference Call

The Company will host a webcast and conference call on Wednesday, October 28, 2020 at 5:00 p.m. Eastern time, 3:00 p.m. Mountain time, to review the Company’s third quarter 2020 results, discuss recent events and conduct a question-and-answer period. To participate in the call, please dial 877-451-6152 (domestic) or 201-389-0879 (international). The live webcast will be available at www.centurycommunities.com in the Investors section. A replay of the conference call will be available through November 28, 2020, by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the pass code 13710258. A replay of the webcast will be available on the Company’s website.

About Century Communities:

Century Communities, Inc. (NYSE: CCS) is a top 10 national homebuilder. Offering new homes under the Century Communities and Century Complete brands, Century is engaged in all aspects of homebuilding — including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Colorado-based company operates in 17 states across the U.S., and offers title, insurance and lending services in select markets through its Parkway Title, IHL Insurance Agency, and Inspire Home Loan subsidiaries. To learn more about Century Communities, please visit www.centurycommunities.com.

Non-GAAP Financial Measures

In addition to the Company’s operating results presented in accordance with generally accepted accounting principles (GAAP), this press release includes the following non-GAAP financial measures: Adjusted Net Income, Adjusted Diluted Earnings per Common Share (Adjusted Diluted EPS), Adjusted Homebuilding Gross Margin, Adjusted EBITDA, and Ratio of Homebuilding Net Debt to Net Capital. These non-GAAP financial measures should not be used as a substitute for the Company’s operating results presented in accordance with GAAP, and an analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. Please refer to the reconciliation of each of the above referenced non-GAAP financial measures following the historical financial information presented in this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions. Forward-looking statements may be identified by the use of words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,” “continue,” “will,” “may,” “potential,” “looking ahead,” “outlook,” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this release include the Company’s operating and financial guidance for 2020, its intent to take certain actions to successfully navigate through the current COVID-19 crisis and the success of these actions on its future operating results. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management’s reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company’s control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. The following important factors could cause actual results to differ materially from those expressed in the forward-looking statement: adverse changes in general economic conditions, the potential impact of COVID-19 on the Company’s business, industry and broader economy, the ability to identify and acquire desirable land, availability of financing, the effect of interest rate and tax changes, reliance on contractors, and the other factors included in the Company’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law.

Century Communities, Inc. Condensed Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share amounts)
		Three Months Ended September 30,								Nine Months Ended September 30,
		2020				2019				2020				2019
Revenues
Home sales revenues		$	760,239			$	573,860			$	2,080,364			$	1,705,798
Land sales and other revenues			2,105				6,083				25,516				8,837
Total homebuilding revenues			762,344				579,943				2,105,880				1,714,635
Financial services revenues			32,017				10,419				67,534				28,734
Total revenues			794,361				590,362				2,173,414				1,743,369
Homebuilding Cost of Revenues
Cost of home sales revenues			(627,364	)			(469,834	)			(1,718,545	)			(1,407,519	)
Cost of land sales and other revenues			(2,046	)			(4,624	)			(18,597	)			(6,115	)
Total homebuilding cost of revenues			(629,410	)			(474,458	)			(1,737,142	)			(1,413,634	)
Financial services costs			(14,511	)			(8,174	)			(36,841	)			(22,750	)
Selling, general, and administrative			(85,806	)			(72,834	)			(246,131	)			(216,987	)
Loss on debt extinguishment			—				—				—				(10,832	)
Inventory impairment and other			—				—				(1,691	)			—
Other income (expense)			251				(56	)			(2,533	)			(499	)
Income before income tax expense			64,885				34,840				149,076				78,667
Income tax expense			(15,121	)			(7,816	)			(34,736	)			(19,031	)
Net income		$	49,764			$	27,024			$	114,340			$	59,636
Earnings per share:
Basic		$	1.49			$	0.88			$	3.43			$	1.96
Diluted		$	1.48			$	0.87			$	3.41			$	1.95
Weighted average common shares outstanding:
Basic			33,350,633				30,587,487				33,299,768				30,378,860
Diluted			33,731,252				30,906,235				33,556,650				30,641,194

Century Communities, Inc. Condensed Consolidated Balance Sheets (in thousands, except share amounts)
		September 30,			December 31,
		2020			2019
Assets		(unaudited)			(audited)
Cash and cash equivalents		$	288,341		$	55,436
Cash held in escrow			26,275			35,308
Accounts receivable			28,855			27,438
Inventories			1,872,337			1,995,549
Mortgage loans held for sale			187,494			185,246
Prepaid expenses and other assets			113,339			124,008
Property and equipment, net			31,550			35,998
Deferred tax assets, net			12,775			10,589
Goodwill			30,395			30,395
Total assets		$	2,591,361		$	2,499,967
Liabilities and stockholders' equity
Liabilities:
Accounts payable		$	48,448		$	84,794
Accrued expenses and other liabilities			288,674			213,975
Notes payable			895,867			896,704
Revolving line of credit			—			68,700
Mortgage repurchase facilities			173,415			174,095
Total liabilities			1,406,404			1,438,268
Stockholders' equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none outstanding			—			—
Common stock, $0.01 par value, 100,000,000 shares authorized, 33,350,633 and 33,067,375 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively			334			331
Additional paid-in capital			693,269			684,354
Retained earnings			491,354			377,014
Total stockholders' equity			1,184,957			1,061,699
Total liabilities and stockholders' equity		$	2,591,361		$	2,499,967

Century Communities, Inc. Homebuilding Operational Data (Unaudited) Net New Home Contracts
		Three Months Ended
		September 30,
		2020			2019			% Change
West		470			235			100.0	%
Mountain		653			419			55.8	%
Texas		411			260			58.1	%
Southeast		660			494			33.6	%
Century Complete		1,010			638			58.3	%
Total		3,204			2,046			56.6	%
		Nine Months Ended
		September 30,
		2020			2019			% Change
West		1,195			767			55.8	%
Mountain		1,741			1,290			35.0	%
Texas		1,135			733			54.8	%
Southeast		1,742			1,250			39.4	%
Century Complete		2,443			2,046			19.4	%
Total		8,256			6,086			35.7	%

Home Deliveries (dollars in thousands)
		Three Months Ended September 30,
		2020					2019					% Change
		Homes		Average Sales Price			Homes		Average Sales Price			Homes			Average Sales Price
West		316		$	596.5		228		$	512.4		38.6	%		16.4	%
Mountain		514		$	429.3		390		$	424.8		31.8	%		1.1	%
Texas		307		$	249.0		247		$	278.4		24.3	%		(10.6)	%
Southeast		421		$	362.7		341		$	347.8		23.5	%		4.3	%
Century Complete		725		$	168.2		685		$	151.9		5.8	%		10.7	%
Total / Weighted Average		2,283		$	333.0		1,891		$	303.5		20.7	%		9.7	%
		Nine Months Ended September 30,
		2020					2019					% Change
		Homes		Average Sales Price			Homes		Average Sales Price			Homes			Average Sales Price
West		862		$	558.2		683		$	533.0		26.2	%		4.7	%
Mountain		1,327		$	415.8		1,168		$	430.3		13.6	%		(3.4)	%
Texas		951		$	247.3		626		$	288.6		51.9	%		(14.3)	%
Southeast		1,304		$	351.7		1,036		$	343.5		25.9	%		2.4	%
Century Complete		2,183		$	162.0		2,008		$	150.7		8.7	%		7.5	%
Total / Weighted Average		6,627		$	313.9		5,521		$	309.0		20.0	%		1.6	%

Century Communities, Inc. Homebuilding Operational Data (Unaudited) Selling Communities
Selling communities at period end		As of September 30,					Increase/(Decrease)
		2020		2019			Amount		% Change
West		18		21			(3)		(14.3)	%
Mountain		39		46			(7)		(15.2)	%
Texas		18		19			(1)		(5.3)	%
Southeast		35		43			(8)		(18.6)	%
Century Complete		N/A		N/A			N/A		N/A
Total		110		129			(19)		(14.7)	%

N/A – Not applicable

Backlog (dollars in thousands)
		As of September 30,
		2020								2019								% Change
		Homes		Dollar Value			Average Sales Price			Homes		Dollar Value			Average Sales Price			Homes			Dollar Value			Average Sales Price
West		535		$	291,905		$	545.6		302		$	153,626		$	508.7		77.2	%		90.0	%		7.3	%
Mountain		787			348,908		$	443.3		523			230,203		$	440.2		50.5	%		51.6	%		0.7	%
Texas		459			141,044		$	307.3		288			79,536		$	276.2		59.4	%		77.3	%		11.3	%
Southeast		951			346,323		$	364.2		684			243,712		$	356.3		39.0	%		42.1	%		2.2	%
Century Complete		967			181,269		$	187.5		949			147,779		$	155.7		1.9	%		22.7	%		20.4	%
Total / Weighted Average		3,699		$	1,309,449		$	354.0		2,746		$	854,856		$	311.3		34.7	%		53.2	%		13.7	%

Lot Inventory
		As of September 30,
		2020						2019						% Change
		Owned		Controlled		Total		Owned		Controlled		Total		Owned			Controlled			Total
West		3,299		2,287		5,586		3,210		1,920		5,130		2.8	%		19.1	%		8.9	%
Mountain		6,762		6,295		13,057		5,011		6,883		11,894		34.9	%		(8.5)	%		9.8	%
Texas		3,308		4,094		7,402		3,589		2,663		6,252		(7.8)	%		53.7	%		18.4	%
Southeast		3,571		5,046		8,617		4,484		2,719		7,203		(20.4)	%		85.6	%		19.6	%
Century Complete		3,027		7,274		10,301		3,454		5,382		8,836		(12.4)	%		35.2	%		16.6	%
Total		19,967		24,996		44,963		19,748		19,567		39,315		1.1	%		27.7	%		14.4	%

Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Adjusted Net Income and Adjusted Diluted Earnings per Common Share (Adjusted Diluted EPS) are non-GAAP financial measures that we believe are useful to management, investors and other users of the Company’s financial information in evaluating its operating results and understanding its operating trends without the effect of certain non-recurring items. The Company believes excluding certain non-recurring items provides more comparable assessment of its financial results from period to period. Adjusted Diluted EPS is calculated by excluding the effect of loss on debt extinguishment, inventory impairment, restructuring costs and purchase price accounting for acquired work in process from the calculation of reported EPS.

Adjusted Net Income and Adjusted Diluted Earnings Per Common Share (in thousands, except share and per share amounts)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2020				2019				2020				2019
Numerator
Net income		$	49,764			$	27,024			$	114,340			$	59,636
Denominator
Weighted average common shares outstanding - basic			33,350,633				30,587,487				33,299,768				30,378,860
Dilutive effect of restricted stock units			380,619				318,748				256,882				262,334
Weighted average common shares outstanding - diluted			33,731,252				30,906,235				33,556,650				30,641,194
Earnings per share:
Basic		$	1.49			$	0.88			$	3.43			$	1.96
Diluted		$	1.48			$	0.87			$	3.41			$	1.95
Adjusted earnings per share
Numerator
Income before income tax expense		$	64,885			$	34,840			$	149,076			$	78,667
Inventory impairment and other			—				—				1,691				—
Restructuring costs			—				—				1,584				—
Loss on debt extinguishment			—				—				—				10,832
Purchase price accounting for acquired work in process inventory			—				—				—				1,724
Adjusted income before income tax expense			64,885				34,840				152,351				91,223
Adjusted income tax expense(1)			(15,121	)			(7,816	)			(35,499	)			(22,069	)
Adjusted net income			49,764				27,024				116,852				69,154
Denominator - Diluted			33,731,252				30,906,235				33,556,650				30,641,194
Adjusted diluted earnings per share		$	1.48			$	0.87			$	3.48			$	2.26

(1)

The tax rate used in calculating adjusted net income for the three and nine months ended September 30, 2020 was 23.3% which is reflective of the Company’s GAAP tax rate for the applicable period, as adjusted for certain discrete items. For the three and nine months ended September 30, 2019 the tax rate utilized was 22.4% and 24.2%, respectively, representing our GAAP tax rate adjusted for certain discrete items.

Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Adjusted homebuilding gross margin excluding impairment, interest and purchase price accounting for acquired work in process inventory is not a measurement of financial performance under United States generally accepted accounting principles; however, the Company’s management believes that this information is meaningful as it isolates the impact that inventory impairment, indebtedness and acquisitions have on homebuilding gross margin and permits the Company’s stockholders to make better comparisons with the Company’s competitors, who adjust gross margins in a similar fashion. This non-GAAP financial measure should not be used as a substitute for the Company’s operating results. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.

Adjusted Homebuilding Gross Margin (in thousands)
		Three Months Ended September 30,
		2020				%				2019				%
Home sales revenues		$	760,239			100.0		%		$	573,860			100.0		%
Cost of home sales revenues			(627,364	)		(82.5	)	%			(469,834	)		(81.9	)	%
Gross margin from home sales			132,875			17.5		%			104,026			18.1		%
Add: Interest in cost of home sales revenues			19,050			2.5		%			14,258			2.5		%
Adjusted homebuilding gross margin excluding interest and inventory impairment and other			151,925			20.0		%			118,284			20.6		%
Add: Purchase price accounting for acquired work in process inventory			—			—		%			—			—		%
Adjusted homebuilding gross margin excluding interest, inventory impairment and other and purchase price accounting for acquired work in process inventory		$	151,925			20.0		%		$	118,284			20.6		%
		Nine Months Ended September 30,
		2020				%				2019				%
Home sales revenues		$	2,080,364			100.0		%		$	1,705,798			100.0		%
Cost of home sales revenues			(1,718,545	)		(82.6	)	%			(1,407,519	)		(82.5	)	%
Inventory impairment and other			(1,691	)		(0.1	)	%			—			—		%
Gross margin from home sales			360,128			17.3		%			298,279			17.5		%
Add: Inventory impairment and other			1,691			0.1		%			—			—		%
Add: Interest in cost of home sales revenues			51,429			2.5		%			41,499			2.4		%
Adjusted homebuilding gross margin excluding interest and inventory impairment and other			413,248			19.9		%			339,778			19.9		%
Add: Purchase price accounting for acquired work in process inventory			—			—		%			1,724			0.1		%
Adjusted homebuilding gross margin excluding interest, inventory impairment and other and purchase price accounting for acquired work in process inventory		$	413,248			19.9		%		$	341,502			20.0		%

Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure we use as a supplemental measure in evaluating operating performance. The Company defines adjusted EBITDA as consolidated net income before (i) income tax expense, (ii) interest in cost of home sales revenues, (iii) other interest expense, (iv) loss on debt extinguishment, (v) inventory impairment and other, (vi) depreciation and amortization expense, and (vii) adjustments resulting from the application of purchase accounting for acquired work in process inventory related to business combinations. The Company believes adjusted EBITDA provides an indicator of general economic performance that is not affected by fluctuations in interest rates or effective tax rates, levels of depreciation or amortization, and items considered to be non-recurring. Accordingly, the Company’s management believes that this measurement is useful for comparing general operating performance from period to period. Adjusted EBITDA should be considered in addition to, and not as a substitute for, consolidated net income in accordance with GAAP as a measure of performance. The Company’s presentation of adjusted EBITDA should not be construed as an indication that its future results will be unaffected by unusual or non-recurring items. Adjusted EBITDA is limited as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

(in thousands)
		Three Months Ended September 30,												Nine Months Ended September 30,
		2020				2019			% Change					2020				2019			% Change
Net income		$	49,764			$	27,024			84.1		%		$	114,340			$	59,636			91.7		%
Income tax expense			15,121				7,816			93.5		%			34,736				19,031			82.5		%
Interest in cost of home sales revenues			19,050				14,258			33.6		%			51,429				41,499			23.9		%
Interest expense (income)			(182	)			—			NM					(1,029	)			15			(6,960.0	)	%
Depreciation and amortization expense			3,245				3,597			(9.8	)	%			10,088				9,793			3.0		%
EBITDA			86,998				52,695			65.1		%			209,564				129,974			61.2		%
Loss on debt extinguishment			—				—			—					—				10,832			NM
Inventory impairment and other			—				—			—					1,691				—			NM
Restructuring costs			—				—			—					1,584				—			NM
Purchase price accounting for acquired work in process inventory			—				—			—					—				1,724			NM
Adjusted EBITDA		$	86,998			$	52,695			65.1		%		$	212,839			$	142,530			49.3		%

NM – Not Meaningful

Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Ratio of Net Homebuilding Debt to Net Capital

The following table presents the Company’s ratio of net homebuilding debt to net capital, which is a non-GAAP financial measure. The Company calculates this by dividing net homebuilding debt (senior notes payable and revolving line of credit less cash and cash equivalents and cash held in escrow) by net capital (net homebuilding debt plus total stockholders’ equity). The most directly comparable GAAP measure is the ratio of debt to capital. The Company believes the ratio of net homebuilding debt to net capital is a relevant and useful financial measure to investors in understanding the leverage employed in its operations and as an indicator of the Company’s ability to obtain external financing.

(in thousands)
		September 30,				December 31,
		2020				2019
Total homebuilding debt		$	895,867			$	965,404
Total stockholders' equity			1,184,957				1,061,699
Total capital		$	2,080,824			$	2,027,103
Homebuilding debt to capital			43.1	%			47.6	%
Total homebuilding debt		$	895,867			$	965,404
Cash and cash equivalents			(288,341	)			(55,436	)
Cash held in escrow			(26,275	)			(35,308	)
Net homebuilding debt			581,251				874,660
Total stockholders' equity			1,184,957				1,061,699
Net capital		$	1,766,208			$	1,936,359
Net homebuilding debt to net capital			32.9	%			45.2	%

Category:
Earnings