The New Home Company Reports 2021 first Quarter Results
The New Home Company reported a net income of $0.6 million, or $0.03 per diluted share, for Q1 2021, recovering from a net loss of $8.5 million in Q1 2020. Home sales revenue was $93.9 million, slightly down from $95.7 million a year earlier, despite a 36% increase in deliveries. Gross margin improved to 17.1% from 11.4% in the prior year. New orders surged by 114% to 283, and homes in backlog increased 273% to 649. The company ended the quarter with $114.8 million in cash and no debt drawn from its credit facility, signaling improved financial health and performance.
- Net income increased to $0.6 million compared to a net loss of $8.5 million in Q1 2020.
- Gross margin improved by 570 basis points to 17.1%.
- Net new home orders rose by 114% to 283.
- Homes in backlog grew by 273% to 649, with a backlog value up 225% to $423.1 million.
- Cash balance increased to $114.8 million, with no debt drawn from the revolving credit facility.
- Home sales revenue decreased slightly to $93.9 million from $95.7 million year-over-year.
- Average selling price of homes dropped 28% to $643,000 due to a shift toward more affordable products.
- SG&A expense ratio increased to 15.9% from 14.1% in the prior year.
The New Home Company Inc. (NYSE: NWHM) today announced results for the 2021 first quarter.
First Quarter 2021 Financial Results
-
Net income of
$0.6 million , or$0.03 per diluted share, compared to a net loss of$8.5 million , or$(0.42) per diluted share, for the 2020 first quarter, which included$16.3 million of pretax charges -
Adjusted net income for the 2021 first quarter of
$1.5 million *, or$0.08 per diluted share*, after excluding transaction costs and the remeasurement impact of our deferred tax asset related to the acquisition of Epic Homes -
Home sales revenue of
$93.9 million as compared to$95.7 million for the 2020 first quarter-
Deliveries increased
36% and average selling price decreased28% to$643,000
-
Deliveries increased
-
Home sales gross margin of
17.1% as compared to11.4% for the 2020 first quarter, a 570-basis point improvement-
Adjusted gross margin excluding interest in cost of sales of
21.3% * as compared to17.9% * in the 2020 first quarter
-
Adjusted gross margin excluding interest in cost of sales of
-
Net new orders of 283 as compared to 132 in the 2020 first quarter, a
114% increase -
Monthly sales absorption of 4.4 per community compared to 2.0 per community in the 2020 first quarter, a
120% increase -
Homes in backlog up
273% to 649 homes as compared to 174 homes at the end of the 2020 first quarter-
Backlog dollar value up
225% to$423.1 million
-
Backlog dollar value up
-
Ending cash balance of
$114.8 million , a$26.9 million increase compared to March 31, 2020 -
Debt-to-capital ratio of
58.7% and a net debt-to-capital ratio of45.5% *, a 330-basis point improvement from the 2020 first quarter
"The New Home Company started the year on a strong note as robust housing demand continued through the first quarter across all of our markets,” stated Larry Webb, Executive Chairman of The New Home Company. “Our net new orders and homes in backlog increased
Leonard Miller, President and Chief Executive Officer, stated, "The ongoing strength in our markets is broad-based and across all our product types, which resulted in a monthly sales absorption rate of 4.4 homes per community for the quarter, a company record and up
Mr. Miller concluded, "We ended the quarter with
First Quarter 2021 Operating Results
Total revenues for the 2021 first quarter were
Wholly Owned Projects
Net new home orders for the 2021 first quarter were 283 as compared to 132 in the prior year which represented a
Homes in backlog totaled 649 at the end of the 2021 first quarter, a
Home sales revenue for the 2021 first quarter was
Gross margin from home sales for the 2021 first quarter was
The Company's SG&A expense ratio as a percentage of home sales revenue for the 2021 first quarter was
Fee Building Projects
Fee building revenue for the 2021 first quarter was
Unconsolidated Joint Ventures (JVs)
Income from unconsolidated joint ventures was
Interest Expense
The Company expensed approximately
Balance Sheet and Liquidity
The Company generated
Share Repurchases
During the 2021 first quarter, the Company repurchased 141,823 shares of common stock at an average price of
Guidance
The Company’s current estimate for the 2021 second quarter is as follows:
-
Home sales revenue of
$125 -$135 million -
Fee building revenue of
$4 -$6 million -
Home sales gross margin of
16.0% to16.2%
The Company’s current estimate for the full year 2021 is as follows:
-
Home sales revenue of
$475 -$495 million -
Fee building revenue of
$15 -$20 million -
Home sales gross margin of
16.0% to16.2%
Conference Call Details
The Company will host a conference call and webcast for investors and other interested parties beginning at 11:00 a.m. Eastern Time on Friday, April 30, 2021 to review first quarter results and discuss recent events, forward-looking statements, and factors that may affect the Company's future results. We will also conduct a question-and-answer period. The conference call will be available in the Investors section of the Company’s website at www.NWHM.com. To listen to the broadcast live, go to the site approximately 15 minutes prior to the scheduled start time in order to register, download and install any necessary audio software. To participate in the telephone conference call, dial 1-877-407-0789 (domestic) or 1-201-689-8562 (international) at least five minutes prior to the start time. Replays of the conference call will be available through May 30, 2021 and can be accessed by dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international) and entering the pass code 13718366.
* Adjusted net income, adjusted EPS, adjusted homebuilding gross margin (or homebuilding gross margin excluding interest in cost of home sales), homebuilding gross margin before purchase accounting adjustments, net debt-to-capital ratio, and selling, general and administrative costs excluding acquisition transaction costs as a percentage of home sales revenue are non-GAAP measures. A reconciliation of the appropriate GAAP measure to each of these measures is included in the accompanying financial data. See “Reconciliation of Non-GAAP Financial Measures.”
About The New Home Company
NEW HOME is a publicly traded company listed on the New York Stock Exchange under the symbol “NWHM.” It is a new generation homebuilder focused on the design, construction and sale of innovative and consumer-driven homes in major metropolitan areas within select growth markets in California, Arizona and Colorado. For more information about the Company and its new home developments, please visit the Company's website at www.NWHM.com.
Forward-Looking Statements
Various statements contained in this press release, including those that express a belief, anticipation, expectation or intention, as well as those that are not statements of historical fact, are forward-looking statements. Such statements include the statements regarding current business conditions. These forward-looking statements may include projections and estimates concerning our revenues, community counts and openings, the timing and success of specific projects, our ability to execute our strategic growth objectives, gross margins, other projected results, income, earnings per share, joint ventures and capital spending. Our forward-looking statements are generally accompanied by words such as “estimate,” “should,” “project,” “predict,” “believe,” “expect,” “intend,” “anticipate,” “potential,” “plan,” “goal,” “will,” “guidance,” “target,” “forecast,” or other words that convey the uncertainty of future events or outcomes. The forward-looking statements in this press release speak only as of the date of this release, and we disclaim any obligation to update these statements unless required by law, and we caution you not to rely on them unduly. We have based these forward-looking statements on our current expectations and assumptions about future events. While our management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. The following factors, among others, may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements: a pandemic, epidemic, or outbreak of infectious disease or similar threat, and the response to such event by government agencies and authorities, adverse impacts due to the COVID-19 pandemic, including a recession in the U.S., which could include, among other things, a significant decrease in demand for our homes or consumer confidence generally with respect to purchasing a home, the impact of legislation designed to provide economic relief from a recession, the inability of employees to work and of customers to visit our communities due to government movement restrictions or illness, disruptions in our supply chain, our inability to access capital markets due to lack of liquidity in the economy resulting from the responses to the COVID-19 pandemic, inconsistencies in the classification of homebuilding as an essential business, recognition of charges which may be material for inventory impairments or land option contract abandonments; economic changes either nationally or in the markets in which we operate, including declines in employment, volatility of mortgage interest rates and inflation; a downturn in the homebuilding industry; changes in sales conditions, including home prices, in the markets where we build homes; 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; volatility and uncertainty in the credit markets and broader financial markets; our business and investment strategy including our plans to sell more affordably priced homes; availability of land to acquire and our ability to acquire such land on favorable terms or at all; our liquidity and availability, terms and deployment of capital; changes in margin; write-downs; shortages of or increased prices for labor, land or raw materials used in housing construction; adverse weather conditions and natural disasters (including wild fires and mudslides); our concentration in California; issues concerning our joint venture partnerships; the cost and availability of insurance and surety bonds; governmental regulation, including the impact of "slow growth" or similar initiatives; changes in, or the failure or inability to comply with, governmental laws and regulations; the timing of receipt of regulatory approvals and the opening of projects; delays in the land entitlement process, development, construction, or the opening of new home communities; litigation and warranty claims; the degree and nature of competition; the impact of recent accounting standards; availability of qualified personnel and our ability to retain our key personnel; and information technology failures and data security breaches, including issues involving increased reliance on technology due to critical business functions being done remotely because of COVID-19; and additional factors discussed under the sections captioned “Risk Factors” included in our annual report and other reports filed with the Securities and Exchange Commission. The Company 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.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) |
||||||||
|
|
Three Months Ended March 31, |
|
|||||
|
|
2021 |
|
|
2020 |
|
||
|
|
(Dollars in thousands, except per share amounts) |
|
|||||
Revenues: |
|
|
|
|
|
|
|
|
Home sales |
|
$ |
93,855 |
|
|
$ |
95,659 |
|
Land sales |
|
|
— |
|
|
|
147 |
|
Fee building, including management fees |
|
|
5,301 |
|
|
|
36,227 |
|
|
|
|
99,156 |
|
|
|
132,033 |
|
Cost of Sales: |
|
|
|
|
|
|
|
|
Home sales |
|
|
77,848 |
|
|
|
84,722 |
|
Land sales |
|
|
— |
|
|
|
147 |
|
Fee building |
|
|
5,197 |
|
|
|
35,497 |
|
|
|
|
83,045 |
|
|
|
120,366 |
|
Gross Margin: |
|
|
|
|
|
|
|
|
Home sales |
|
|
16,007 |
|
|
|
10,937 |
|
Land sales |
|
|
— |
|
|
|
— |
|
Fee building |
|
|
104 |
|
|
|
730 |
|
|
|
|
16,111 |
|
|
|
11,667 |
|
|
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
|
(6,654 |
) |
|
|
(7,466 |
) |
General and administrative expenses |
|
|
(8,271 |
) |
|
|
(6,023 |
) |
Equity in net income (loss) of unconsolidated joint ventures |
|
|
174 |
|
|
|
(1,937 |
) |
Interest expense |
|
|
(354 |
) |
|
|
(718 |
) |
Project abandonment costs |
|
|
(68 |
) |
|
|
(14,036 |
) |
Loss on early extinguishment of debt |
|
|
— |
|
|
|
(123 |
) |
Other income (expense), net |
|
|
66 |
|
|
|
223 |
|
Pretax income (loss) |
|
|
1,004 |
|
|
|
(18,413 |
) |
(Provision) benefit for income taxes |
|
|
(451 |
) |
|
|
9,937 |
|
Net income (loss) |
|
$ |
553 |
|
|
$ |
(8,476 |
) |
|
|
|
|
|
|
|
|
|
Earnings (loss) per share: |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.03 |
|
|
$ |
(0.42 |
) |
Diluted |
|
$ |
0.03 |
|
|
$ |
(0.42 |
) |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
|
18,109,015 |
|
|
|
19,951,825 |
|
Diluted |
|
|
18,420,631 |
|
|
|
19,951,825 |
|
CONSOLIDATED BALANCE SHEETS |
||||||||
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2021 |
|
|
2020 |
|
||
|
|
(Dollars in thousands, except per share amounts) |
|
|||||
|
|
(Unaudited) |
|
|
||||
Assets |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
114,815 |
|
|
$ |
107,279 |
|
Restricted cash |
|
|
230 |
|
|
|
180 |
|
Contracts and accounts receivable |
|
|
5,130 |
|
|
|
4,924 |
|
Due from affiliates |
|
|
53 |
|
|
|
102 |
|
Real estate inventories |
|
|
351,589 |
|
|
|
314,957 |
|
Investment in unconsolidated joint ventures |
|
|
903 |
|
|
|
2,107 |
|
Deferred tax asset, net |
|
|
15,057 |
|
|
|
15,447 |
|
Other assets |
|
|
51,955 |
|
|
|
50,703 |
|
Total assets |
|
$ |
539,732 |
|
|
$ |
495,699 |
|
|
|
|
|
|
|
|
|
|
Liabilities and equity |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
16,970 |
|
|
$ |
17,182 |
|
Accrued expenses and other liabilities |
|
|
44,904 |
|
|
|
36,210 |
|
Senior notes, net |
|
|
280,291 |
|
|
|
244,865 |
|
Total liabilities |
|
|
342,165 |
|
|
|
298,257 |
|
Stockholders' equity: |
|
|
|
|
|
|
|
|
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
181 |
|
|
|
181 |
|
Additional paid-in capital |
|
|
191,068 |
|
|
|
191,496 |
|
Retained earnings |
|
|
6,318 |
|
|
|
5,765 |
|
Total stockholders' equity |
|
|
197,567 |
|
|
|
197,442 |
|
Total liabilities and stockholders' equity |
|
$ |
539,732 |
|
|
$ |
495,699 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) |
||||||||
|
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2021 |
|
|
2020 |
|
||
|
|
(Dollars in thousands) |
|
|||||
Operating activities: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
553 |
|
|
$ |
(8,476 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
Deferred taxes |
|
|
390 |
|
|
|
914 |
|
Amortization of stock-based compensation |
|
|
645 |
|
|
|
589 |
|
Project abandonment costs |
|
|
68 |
|
|
|
14,036 |
|
Equity in net (income) loss of unconsolidated joint ventures |
|
|
(174 |
) |
|
|
1,937 |
|
Depreciation and amortization |
|
|
1,256 |
|
|
|
1,845 |
|
Loss on early extinguishment of debt |
|
|
— |
|
|
|
123 |
|
Net changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Contracts and accounts receivable |
|
|
(102 |
) |
|
|
345 |
|
Due from affiliates |
|
|
49 |
|
|
|
130 |
|
Real estate inventories |
|
|
5,554 |
|
|
|
27,130 |
|
Other assets |
|
|
337 |
|
|
|
(11,804 |
) |
Accounts payable |
|
|
(2,876 |
) |
|
|
(4,006 |
) |
Accrued expenses and other liabilities |
|
|
(3,194 |
) |
|
|
(5,462 |
) |
Net cash provided by operating activities |
|
|
2,506 |
|
|
|
17,301 |
|
Investing activities: |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(43 |
) |
|
|
(125 |
) |
Contributions to unconsolidated joint ventures |
|
|
— |
|
|
|
(2,057 |
) |
Distributions of capital and repayment of advances from unconsolidated joint ventures |
|
|
1,378 |
|
|
|
1,100 |
|
Cash paid for acquisition, net of cash acquired |
|
|
(6,477 |
) |
|
|
— |
|
Net cash provided by investing activities |
|
|
(5,142 |
) |
|
|
(1,082 |
) |
Financing activities: |
|
|
|
|
|
|
|
|
Proceeds from senior notes |
|
|
36,138 |
|
|
|
— |
|
Repurchases of senior notes |
|
|
— |
|
|
|
(4,827 |
) |
Repayment of notes payable |
|
|
(23,848 |
) |
|
|
— |
|
Payment of debt issuance costs |
|
|
(995 |
) |
|
|
— |
|
Repurchases of common stock |
|
|
(756 |
) |
|
|
(2,233 |
) |
Tax withholding paid on behalf of employees for stock awards |
|
|
(317 |
) |
|
|
(303 |
) |
Net cash used in financing activities |
|
|
10,222 |
|
|
|
(7,363 |
) |
Net increase in cash, cash equivalents and restricted cash |
|
|
7,586 |
|
|
|
8,856 |
|
Cash, cash equivalents and restricted cash – beginning of period |
|
|
107,459 |
|
|
|
79,431 |
|
Cash, cash equivalents and restricted cash – end of period |
|
$ |
115,045 |
|
|
$ |
88,287 |
|
KEY FINANCIAL AND OPERATING DATA (Dollars in thousands) (Unaudited) |
New Home Deliveries: |
|
|
Three Months Ended March 31, |
|
|||||||||||||||||||||||||||||||||
|
|
2021 |
|
|
2020 |
|
|
% Change |
|
|||||||||||||||||||||||||||
|
|
Homes |
|
|
Dollar
|
|
|
Average
|
|
|
Homes |
|
|
Dollar
|
|
|
Average
|
|
|
Homes |
|
|
Dollar
|
|
|
Average
|
|
|||||||||
Southern California |
|
|
52 |
|
|
$ |
37,541 |
|
|
$ |
722 |
|
|
|
68 |
|
|
$ |
63,017 |
|
|
$ |
927 |
|
|
|
(24 |
)% |
|
|
(40 |
)% |
|
|
(22 |
)% |
Northern California |
|
|
70 |
|
|
|
45,673 |
|
|
|
652 |
|
|
|
29 |
|
|
|
20,264 |
|
|
|
699 |
|
|
|
141 |
% |
|
|
125 |
% |
|
|
(7 |
)% |
Arizona |
|
|
20 |
|
|
|
7,698 |
|
|
|
385 |
|
|
|
10 |
|
|
|
12,378 |
|
|
|
1,238 |
|
|
|
100 |
% |
|
|
(38 |
)% |
|
|
(69 |
)% |
Colorado |
|
|
4 |
|
|
|
2,943 |
|
|
|
736 |
|
|
|
— |
|
|
|
— |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
Total |
|
|
146 |
|
|
$ |
93,855 |
|
|
$ |
643 |
|
|
|
107 |
|
|
$ |
95,659 |
|
|
$ |
894 |
|
|
|
36 |
% |
|
|
(2 |
)% |
|
|
(28 |
)% |
|
|
Three Months Ended March 31, |
|
|||||||||
|
|
2021 |
|
|
2020 |
|
|
% Change |
|
|||
Net New Home Orders: |
|
|
|
|
|
|
|
|
|
|
|
|
Southern California |
|
|
57 |
|
|
|
62 |
|
|
|
(8 |
)% |
Northern California |
|
|
129 |
|
|
|
68 |
|
|
|
90 |
% |
Arizona |
|
|
82 |
|
|
|
2 |
|
|
|
4000 |
% |
Colorado |
|
|
15 |
|
|
|
— |
|
|
|
N/A |
|
Total |
|
|
283 |
|
|
|
132 |
|
|
|
114 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling Communities at End of Period: |
|
|
|
|
|
|
|
|
|
|
|
|
Southern California |
|
|
5 |
|
|
|
11 |
|
|
|
(55 |
)% |
Northern California |
|
|
8 |
|
|
|
10 |
|
|
|
(20 |
)% |
Arizona |
|
|
7 |
|
|
|
1 |
|
|
|
600 |
% |
Colorado |
|
|
3 |
|
|
|
— |
|
|
|
N/A |
|
Total |
|
|
23 |
|
|
|
22 |
|
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Selling Communities: |
|
|
|
|
|
|
|
|
|
|
|
|
Southern California |
|
|
5 |
|
|
|
11 |
|
|
|
(55 |
)% |
Northern California |
|
|
8 |
|
|
|
10 |
|
|
|
(20 |
)% |
Arizona |
|
|
7 |
|
|
|
2 |
|
|
|
250 |
% |
Colorado |
|
|
1 |
|
|
|
— |
|
|
|
N/A |
|
Total |
|
|
21 |
|
|
|
22 |
|
|
|
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly Sales Absorption Rate per Community (1): |
|
|
|
|
|
|
|
|
|
|
|
|
Southern California |
|
|
3.8 |
|
|
|
1.9 |
|
|
|
100 |
% |
Northern California |
|
|
5.2 |
|
|
|
2.3 |
|
|
|
126 |
% |
Arizona |
|
|
3.9 |
|
|
|
0.4 |
|
|
|
875 |
% |
Colorado |
|
|
5.0 |
|
|
|
— |
|
|
|
N/A |
|
Total |
|
|
4.4 |
|
|
|
2.0 |
|
|
|
120 |
% |
| ____________ | ||
(1) |
Monthly sales absorption represents the number of net new home orders divided by the number of average selling communities for the period. |
|
Backlog: |
|
As of March 31, |
|
|||||||||||||||||||||||||||||||||
|
|
2021 |
|
|
2020 |
|
|
% Change |
|
|||||||||||||||||||||||||||
|
|
Homes |
|
|
Dollar
|
|
|
Average
|
|
|
Homes |
|
|
Dollar
|
|
|
Average
|
|
|
Homes |
|
|
Dollar
|
|
|
Average
|
|
|||||||||
Southern California |
|
|
81 |
|
|
$ |
61,820 |
|
|
$ |
763 |
|
|
|
66 |
|
|
$ |
53,934 |
|
|
$ |
817 |
|
|
|
23 |
% |
|
|
15 |
% |
|
|
(7 |
)% |
Northern California |
|
|
231 |
|
|
|
158,628 |
|
|
|
687 |
|
|
|
105 |
|
|
|
71,082 |
|
|
|
677 |
|
|
|
120 |
% |
|
|
123 |
% |
|
|
1 |
% |
Arizona |
|
|
224 |
|
|
|
91,872 |
|
|
|
410 |
|
|
|
3 |
|
|
|
5,141 |
|
|
|
1,714 |
|
|
|
7367 |
% |
|
|
1687 |
% |
|
|
(76 |
)% |
Colorado |
|
|
113 |
|
|
|
110,772 |
|
|
|
980 |
|
|
|
— |
|
|
|
— |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
Total |
|
|
649 |
|
|
$ |
423,092 |
|
|
$ |
652 |
|
|
|
174 |
|
|
$ |
130,157 |
|
|
$ |
748 |
|
|
|
273 |
% |
|
|
225 |
% |
|
|
(13 |
)% |
Lots Owned and Controlled: |
|
As of March 31, |
|
|||||||||
|
|
2021 |
|
|
2020 |
|
|
% Change |
|
|||
Lots Owned |
|
|
|
|
|
|
|
|
|
|
|
|
Southern California |
|
|
248 |
|
|
|
437 |
|
|
|
(43 |
)% |
Northern California |
|
|
536 |
|
|
|
588 |
|
|
|
(9 |
)% |
Arizona |
|
|
483 |
|
|
|
385 |
|
|
|
25 |
% |
Colorado |
|
|
150 |
|
|
|
— |
|
|
|
N/A |
|
Total |
|
|
1,417 |
|
|
|
1,410 |
|
|
|
0 |
% |
Lots Controlled (1) |
|
|
|
|
|
|
|
|
|
|
|
|
Southern California |
|
|
589 |
|
|
|
426 |
|
|
|
38 |
% |
Northern California |
|
|
229 |
|
|
|
348 |
|
|
|
(34 |
)% |
Arizona |
|
|
125 |
|
|
|
279 |
|
|
|
(55 |
)% |
Colorado |
|
|
142 |
|
|
|
— |
|
|
|
N/A |
|
Total |
|
|
1,085 |
|
|
|
1,053 |
|
|
|
3 |
% |
Lots Owned and Controlled - Wholly Owned |
|
|
2,502 |
|
|
|
2,463 |
|
|
|
2 |
% |
Fee Building Lots (2) |
|
|
38 |
|
|
|
1,070 |
|
|
|
(96 |
)% |
| ______________ | ||
(1) |
|
Includes lots that we control under purchase and sale agreements or option agreements with refundable and nonrefundable deposits subject to customary conditions and have not yet closed. There can be no assurance that such acquisitions will occur. |
(2) |
|
Lot owned by third party property owners for which we perform general contracting or construction management services. |
Other Financial Data: |
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2021 |
|
|
2020 |
|
||
Interest incurred |
|
$ |
5,331 |
|
|
$ |
6,380 |
|
Adjusted EBITDA(1) |
|
$ |
8,163 |
|
|
$ |
6,981 |
|
Adjusted EBITDA margin percentage (1) |
|
|
8.2 |
% |
|
|
5.3 |
% |
|
|
LTM(2) Ended March 31, |
|
|||||
|
|
2021 |
|
|
2020 |
|
||
|
|
|
|
|
|
|
|
|
Interest incurred |
|
$ |
22,887 |
|
|
$ |
27,438 |
|
Adjusted EBITDA(1) |
|
$ |
38,507 |
|
|
$ |
41,536 |
|
Adjusted EBITDA margin percentage (1) |
|
|
8.1 |
% |
|
|
6.1 |
% |
Ratio of Adjusted EBITDA to total interest incurred(1) |
|
1.7x |
|
|
1.5x |
|
||
|
|
March 31, |
|
|
December 31, |
|
||
|
|
2021 |
|
|
2020 |
|
||
Ratio of debt-to-capital |
|
|
58.7 |
% |
|
|
55.4 |
% |
Ratio of net debt-to-capital(1) |
|
|
45.5 |
% |
|
|
41.0 |
% |
Ratio of debt to LTM(2) Adjusted EBITDA(1) |
|
7.3x |
|
|
6.6x |
|
||
Ratio of net debt to LTM(2) Adjusted EBITDA(1) |
|
4.3x |
|
|
3.7x |
|
||
Ratio of cash and inventory to debt |
|
1.7x |
|
|
1.7x |
|
||
| ________ | ||
(1) |
Adjusted EBITDA, Adjusted EBITDA margin percentage, ratio of Adjusted EBITDA to total interest incurred, ratio of net debt-to-capital, ratio of debt to LTM Adjusted EBITDA and ratio of net debt to LTM Adjusted EBITDA are non-GAAP measures. Please see "Reconciliation of Non-GAAP Financial Measures" for a reconciliation of each of these measures to the appropriate GAAP measure. |
|
(2) |
"LTM" indicates amounts for the trailing 12 months. |
|
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(Unaudited)
In this earnings release, we utilize certain non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they, and similar measures, are useful to management and investors in evaluating the Company’s operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
The following table reconciles net income (loss) to the non-GAAP measure of adjusted net income (loss) (net income (loss) before acquisition transaction costs, abandoned project costs, joint venture impairment, and noncash deferred tax asset adjustments) and earnings (loss) per share and earnings (loss) per diluted share to the non-GAAP measures of adjusted earnings (loss) per share and adjusted diluted earnings (loss) per share (earnings (loss) per share before acquisition transaction costs, abandoned project costs, joint venture impairment and noncash deferred tax asset adjustments). We believe removing the impact of these items is relevant to provide investors with an understanding of the impact these items had on earnings.
|
|
Three Months Ended |
|
|||||
|
|
March 31, |
|
|||||
|
|
2021 |
|
|
2020 |
|
||
|
|
(Dollars in thousands, except per share amounts) |
|
|||||
Net income (loss) |
|
$ |
553 |
|
|
$ |
(8,476 |
) |
Acquisition transaction costs, net of tax |
|
|
781 |
{
"@context": "https://schema.org",
"@type": "FAQPage",
"name": "The New Home Company Reports 2021 first Quarter Results FAQs",
"mainEntity": [
{
"@type": "Question",
"name": "What were The New Home Company's Q1 2021 financial results for NWHM?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The New Home Company reported a net income of $0.6 million, or $0.03 per diluted share, for Q1 2021, compared to a net loss of $8.5 million in Q1 2020."
}
},
{
"@type": "Question",
"name": "How did home sales revenue change for NWHM in Q1 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "Home sales revenue for Q1 2021 was $93.9 million, slightly down from $95.7 million in Q1 2020."
}
},
{
"@type": "Question",
"name": "What is the status of NWHM's backlog as of Q1 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "NWHM reported a backlog of 649 homes, which is a 273% increase year-over-year, with a backlog dollar value of $423.1 million."
}
},
{
"@type": "Question",
"name": "How many new orders did NWHM secure in Q1 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "In Q1 2021, NWHM secured 283 new home orders, a 114% increase compared to 132 in Q1 2020."
}
},
{
"@type": "Question",
"name": "What was the average selling price of homes for NWHM in Q1 2021?",
"acceptedAnswer": {
"@type": "Answer",
"text": "The average selling price of homes in Q1 2021 was approximately $643,000, down 28% from $894,000 in Q1 2020."
}
}
]
}
FAQ
What were The New Home Company's Q1 2021 financial results for NWHM?
The New Home Company reported a net income of $0.6 million, or $0.03 per diluted share, for Q1 2021, compared to a net loss of $8.5 million in Q1 2020.
How did home sales revenue change for NWHM in Q1 2021?
Home sales revenue for Q1 2021 was $93.9 million, slightly down from $95.7 million in Q1 2020.
What is the status of NWHM's backlog as of Q1 2021?
NWHM reported a backlog of 649 homes, which is a 273% increase year-over-year, with a backlog dollar value of $423.1 million.
How many new orders did NWHM secure in Q1 2021?
In Q1 2021, NWHM secured 283 new home orders, a 114% increase compared to 132 in Q1 2020.
What was the average selling price of homes for NWHM in Q1 2021?
The average selling price of homes in Q1 2021 was approximately $643,000, down 28% from $894,000 in Q1 2020.
NWHM
NYSE:NWHMNWHM RankingsNWHM Latest NewsNWHM Stock Data
12.63M
New Single-Family Housing Construction (except For-Sale Builders)
Construction
US
Aliso Viejo
| ||||