CalAtlantic Group, Inc. Reports 2015 Full Year and Fourth Quarter Results

On October 1, 2015, Standard Pacific Corp. and The Ryland Group, Inc. completed their merger of equals, with Ryland merging into Standard Pacific and Standard Pacific continuing as the surviving corporation. At the same time: (i) Standard Pacific changed its name to "CalAtlantic Group, Inc." and effected a reverse stock split such that each five shares of common stock of Standard Pacific issued and outstanding immediately prior to the closing of the merger were combined and converted into one issued and outstanding share of CalAtlantic common stock, (ii) MP CA Homes, LLC, the sole owner of Standard Pacific's outstanding Series B Preferred Stock, converted all of its preferred stock to CalAtlantic common stock, and (iii) each outstanding share of Ryland common stock, stock options and restricted stock units were converted into the right to receive, or the option to acquire, as applicable, 1.0191 shares of CalAtlantic common stock.

Because the closing of the merger occurred on October 1, 2015, the highlights and comparisons below and the other financial information included in this earnings release includes nine months of stand-alone data (through September 30, 2015) for predecessor Standard Pacific Corp. and three months of combined Standard Pacific Corp. and Ryland Group, Inc. data (from October 1, 2015 through December 31, 2015) as required by Generally Accepted Accounting Principles (GAAP). To aid analysts and other investors with year-over-year comparability for the entire merged business, we also are providing limited pro forma information. This pro forma information is a combination of full year 2014 and 2015 Standard Pacific and Ryland financial and operating data. Limited historical Ryland operating data is also presented in the tables at the end of this release for informational purposes.

Additionally, as a result of the reverse stock split in connection with the merger, applicable accounting rules provide that the Company is required to restate per share information for all periods presented as if the reverse stock split had been implemented for such periods. Those same accounting rules, however, do not allow the Company to include the MP CA Homes, LLC conversion of its Series B Preferred Stock, which occurred at the same time as the reverse stock split, into the restated share information. Please take this into account when evaluating the per share information presented below.

18 Feb, 2016, 16:15 ET from CalAtlantic Group, Inc.

IRVINE, Calif., Feb. 18, 2016 /PRNewswire/ -- CalAtlantic Group, Inc. (NYSE: CAA) today announced results for the year and fourth quarter ended December 31, 2015.

"I am extremely proud of the progress we have made in bringing two great organizations together," said Larry Nicholson, CalAtlantic Group, Inc. President and Chief Executive Officer.  "Our team is doing a great job of carefully balancing the need to move our important integration work ahead while also remaining appropriately focused on running our day-to-day business.  There is still more work to be done, but as I look out over the headlights, I'm even more excited about the prospects for CalAtlantic." 

2015 CalAtlantic Highlights and Comparisons to 2014

2015 full year results include three quarters of stand-alone Standard Pacific and one quarter of the combined company, include merger and other one-time costs and the impact of purchase accounting. 2014 represents the stand-alone results of Standard Pacific, as required by GAAP

  • Net new orders of 7,163, up 44%; Dollar value of net new orders up 51%
  • Backlog of 5,611 homes, up 228%; Dollar value of backlog up 181%
  • 299 average active selling communities, up 64%
  • 7,237 new home deliveries, up 46%
  • Average selling price of $477 thousand, flat
  • Home sale revenues of $3.4 billion, up 46%
  • Gross margin from home sales of 22.4%, compared to 26.1%
    • Adjusted gross margin from home sales of 24.3%* compared to 26.1% (2015 excludes $64.2 million of purchase accounting impact related to the merger)  
  • SG&A rate from home sales of 11.3%, compared to 11.7%
  • Operating margin from home sales of $381.7 million, or 11.1%, compared to $341.9 million, or 14.4%
    • Adjusted operating margin from home sales of $445.8 million*, or 13.0%*
  • Net income of $213.5 million, or $2.26 per diluted share, vs. net income of $215.9 million, or $2.68 per diluted share (includes the impact of $61.7 million of merger and other one-time costs and $64.2 million of purchase accounting adjustments)
    • Adjusted net income of $292.0 million*, or $3.09 per diluted share*
  • $1.0 billion of land purchases and development costs, compared to $943.1 million

2015 CalAtlantic Fourth Quarter Highlights and Comparisons to 2014 Fourth Quarter

2015 fourth quarter results are for combined company, include merger and other one-time costs and the impact of purchase accounting. 2014 fourth quarter represents the stand-alone results of Standard Pacific, as required by GAAP.

  • Net new orders of 2,699, up 176%; Dollar value of net new orders up 142%
  • 579 average active selling communities, up 215%
  • 3,795 new home deliveries, up 157%
  • Average selling price of $437 thousand, down 11%
  • Home sale revenues of $1.7 billion, up 129%
  • Gross margin from home sales of 19.8%, compared to 25.2%
    • Adjusted gross margin from home sales of 23.7%* compared to 25.2% (Q4 2015 excludes $64.2 million of purchase accounting impact related to the merger)
  • SG&A rate from home sales of 10.3%, compared to 10.9%
  • Operating margin from home sales of $158.0 million, or 9.5%, compared to $103.5 million, or 14.3%
    • Adjusted operating margin from home sales of $222.1 million*, or 13.4%*
  • Net income of $77.5 million, or $0.56 per diluted share, vs. net income of $64.6 million, or $0.80 per diluted share (includes the impact of $44.8 million of 2015 fourth quarter merger and other one-time costs and $64.2 million of purchase accounting adjustments)
    • Adjusted net income of $144.5 million*, or $1.04 per diluted share*
  • $398.0 million of land purchases and development costs, compared to $255.9 million

Pro Forma 2015 CalAtlantic Highlights and Comparisons to Pro Forma CalAtlantic 2014

To aid analysts and other investors with year-over-year comparability for the entire merged business, we provide the below pro forma information.  This pro forma information is a combination of full year 2014 and 2015 Standard Pacific and Ryland financial and operating data, as if the merger closed on January 1, 2014.  Such pro forma data was not prepared to comply with Regulation S-X of the SEC Rules and Regulations.

  • Net new orders of 13,851, up 10%; Dollar value of net new orders up 18%
  • Backlog of 5,611 homes, up 30%; Dollar value of backlog up 40%
  • 558 average active selling communities, up 13%
  • 12,560 new home deliveries, down 1%
  • Average selling price of $420 thousand, up 8%
  • Home sale revenues of $5.3 billion, up 7%
  • Pretax income of $­­­­515.9 million vs. $634.4 million (includes the impact of $61.7 million of 2015 merger and other one-time costs and $64.2 million of purchase accounting adjustments)
    • Adjusted pretax income of $641.8 million*, flat
  • $1.6 billion of land purchases and development costs, compared to $1.7 billion

2015 CalAtlantic Fourth Quarter Highlights and Comparisons to Pro Forma 2014 CalAtlantic Fourth Quarter

To aid analysts and other investors with year-over-year comparability for the entire merged business, we provide the below pro forma information.  This pro forma information is a combination of fourth quarter 2014 Standard Pacific and Ryland financial and operating data, as if the merger closed on October 1, 2014, compared to actual 2015 CalAtlantic fourth quarter results. Such pro forma data was not prepared to comply with Regulation S-X of the SEC Rules and Regulations.

  • Net new orders of 2,699, up 7%; Dollar value of net new orders up 16%
  • 579 average active selling communities, up 11%
  • 3,795 new home deliveries, down 4%
  • Average selling price of $437 thousand, up 11%
  • Home sale revenues of $1.7 billion, up 6%
  • Pretax income of $126.2 million vs. $219.5 million (includes the impact of $44.8 million of 2015 fourth quarter merger and other one-time costs and $64.2 million of purchase accounting adjustments)
    • Adjusted pretax income of $235.2 million*, up 7%
  • $398.0 million of land purchases and development costs, compared to $524.6 million

Orders.  Net new orders for the 2015 fourth quarter were up 7% from the pro forma 2014 fourth quarter, to 2,699 homes, with the dollar value of these orders up 16%, and the Company's monthly sales absorption rate was 1.6 per community for the 2015 fourth quarter, relatively flat from the pro forma 2014 fourth quarter and down 18% from the pro forma 2015 third quarter, consistent with normal seasonal patterns.  The Company's cancellation rate for the 2015 fourth quarter was 22%, slightly above the pro forma 2014 fourth quarter and up from 20% for the pro forma 2015 third quarter.  Our 2015 fourth quarter cancellation rate was consistent with our average historical cancellation rate of approximately 22% over the last 10 years.

Backlog.  The dollar value of homes in backlog increased 40% to $2.6 billion, or 5,611 homes, compared to $1.8 billion, or 4,328 homes, for the pro forma 2014 fourth quarter, and decreased 15% compared to $3.0 billion, or 6,707 homes, for the pro forma 2015 third quarter.  The increase in pro forma year-over-year backlog value was driven primarily by our continued growth in community count and the corresponding increase in orders and an 8% increase in the average selling price of the homes in backlog on a pro forma basis, reflecting the product mix shift to more move-up and luxury homes and continued pricing power in many of our markets.

Revenue.  Revenues from home sales for the 2015 fourth quarter increased 6%, to $1.7 billion, as compared to the pro forma 2014 fourth quarter, resulting from an 11% increase on a pro forma basis  in the Company's average home price to $437 thousand, partially offset by a 4% decrease in pro forma new home deliveries.  The increase in average home price was primarily attributable to a shift to more move-up product and general price increases within a majority of the Company's markets. 

Gross Margin.  Gross margin percentage from home sales for the 2015 fourth quarter was 19.8%, as compared to 25.2% for the 2014 fourth quarter. The Company's 2015 fourth quarter gross margins were adversely impacted by the required fair value adjustment to homes in backlog and specs under construction acquired from Ryland in the merger, of which $64.2 million was recognized as an increase to cost of sales during the quarter.  Excluding the impact of purchasing accounting, the Company achieved adjusted gross margins from home sales of 23.7%* for the 2015 fourth quarter.

SG&A Expenses.  Selling, general and administrative expenses for the 2015 fourth quarter were $171.5 million, or 10.3%, as compared to $79.3 million, or 10.9%, for the 2014 fourth quarter.  This 60 basis point improvement was primarily the result of a 129% increase in home sale revenues and the operating leverage gained in connection with the merger.   

Land.  During the 2015 fourth quarter, the Company spent $398.0 million on land purchases and development costs, compared to $524.6 million for the pro forma 2014 fourth quarter. The Company purchased $212.2 million of land, consisting of 2,546 homesites, of which 30% (based on homesites) is located in the North region, 27% in the Southeast region, 22% in the Southwest region, and 21% in the West region.  As of December 31, 2015, the Company owned or controlled 70,494 homesites, of which 47,061 were owned and actively selling or under development, 17,911 were controlled or under option, and the remaining 5,522 homesites were held for future development or for sale. 

Liquidity.  The Company ended the quarter with $782.2 million of available liquidity, including $151.1 million of unrestricted homebuilding cash and $631.1 million available to borrow under its $750 million revolving credit facility. The Company's homebuilding debt to book capitalization as of December 31, 2015 and 2014 was 47.5% and 55.8%, respectively, and adjusted net homebuilding debt to adjusted book capitalization was 46.1%* and 53.1%*, respectively.  In addition, the Company's homebuilding debt to adjusted homebuilding EBITDA for the LTM period ending December 31, 2015 and 2014 was 5.4x* and 4.2x*, respectively.  

Earnings Conference Call

A conference call to discuss the Company's 2015 fourth quarter results will be held at 12:00 p.m. Eastern time February 19, 2016.  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) 286-2317 (domestic) or (719) 457-2617 (international); Passcode: 6978264.  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: 6978264.  

About CalAtlantic Group, Inc.

CalAtlantic Group, Inc. (NYSE: CAA), a combination of Standard Pacific Corp. and Ryland Group, Inc., two 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 statements regarding the integration of the operations of Standard Pacific and Ryland, the future success of those combined operations; 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; and our liquidity.  In addition, the pro forma results presented above are not necessarily indicative of how the Company would have performed if Ryland and Standard Pacific were combined for all of 2014 and 2015 and are not necessarily indicative of the combined Company's future performance.  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 mortgage banking 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 Dec. 31, 2014 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 (949) 789-1655, 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

December 31,

2015

December 31,

2014

Percentage

or % Change

September 30,

2015

Percentage

or % Change

Select Operating Data

(Dollars in thousands)

Deliveries

3,795

1,475

157%

1,165

226%

Average selling price

$

437

$

491

(11%)

$

537

(19%)

Home sale revenues

$

1,659,982

$

724,342

129%

$

626,008

165%

Gross margin % (including land sales)

19.7%

24.2%

(4.5%)

24.5%

(4.8%)

Gross margin % from home sales

19.8%

25.2%

(5.4%)

25.3%

(5.5%)

Adjusted gross margin % from home sales (excluding purchase accounting adjustments included in cost of home sales)*

23.7%

25.2%

(1.5%)

25.3%

(1.6%)

Adjusted gross margin % from home sales (excluding purchase accounting adjustments and interest amortized to cost of home sales)*

26.4%

30.2%

(3.8%)

30.2%

(3.8%)

Incentive and stock-based compensation expense

$

21,239

$

7,364

188%

$

5,932

258%

Selling expenses

$

79,586

$

35,746

123%

$

32,687

143%

G&A expenses (excluding incentive and stock-based

compensation expenses)

$

70,645

$

36,162

95%

$

34,641

104%

SG&A expenses

$

171,470

$

79,272

116%

$

73,260

134%

SG&A % from home sales

10.3%

10.9%

(0.6%)

11.7%

(1.4%)

Operating margin from home sales

$

157,954

$

103,455

53%

$

85,390

85%

Operating margin % from home sales

9.5%

14.3%

(4.8%)

13.6%

(4.1%)

Adjusted operating margin from home sales*

$

222,124

$

103,455

115%

$

85,390

160%

Adjusted operating margin % from home sales*

13.4%

14.3%

(0.9%)

13.6%

(0.2%)

Net new orders

2,699

978

176%

1,326

104%

Net new orders (dollar value)

$

1,194,094

$

494,064

142%

$

768,557

55%

Average active selling communities

579

184

215%

215

169%

Monthly sales absorption rate per community

1.6

1.8

(12%)

2.1

(24%)

Cancellation rate

22%

21%

1%

19%

3%

Gross cancellations

763

258

196%

302

153%

Backlog (homes)

5,611

1,711

228%

2,733

105%

Backlog (dollar value)

$

2,572,092

$

916,376

181%

$

1,655,496

55%

Land purchases (incl. seller financing)

$

212,210

$

172,320

23%

$

125,982

68%

Adjusted Homebuilding EBITDA*

$

297,581

$

150,726

97%

$

119,553

149%

Adjusted Homebuilding EBITDA Margin %*

17.8%

20.0%

(2.2%)

18.3%

(0.5%)

Homebuilding interest incurred

$

45,545

$

39,960

14%

$

42,304

8%

Homebuilding interest capitalized to inventories owned

$

44,713

$

39,594

13%

$

41,611

7%

Homebuilding interest capitalized to investments in JVs

$

832

$

366

127%

$

693

20%

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

$

46,857

$

39,354

19%

$

33,323

41%

 

For the Year Ended

December 31,

2015

December 31,

2014

Percentage

or % Change

Select Operating Data

(Dollars in thousands)

Deliveries

7,237

4,956

46%

Average selling price

$

477

$

478

(0%)

Home sale revenues

$

3,449,047

$

2,366,754

46%

Gross margin % (including land sales)

22.2%

25.6%

(3.4%)

Gross margin % from home sales

22.4%

26.1%

(3.7%)

Adjusted gross margin % from home sales (excluding purchase accounting adjustments included in cost of home sales)*

24.3%

26.1%

(1.8%)

Adjusted gross margin % from home sales (excluding purchase accounting adjustments and interest amortized to cost of home sales)*

28.1%

31.1%

(3.0%)

Incentive and stock-based compensation expense

$

38,113

$

26,643

43%

Selling expenses

$

174,269

$

116,651

49%

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

$

178,328

$

132,567

35%

SG&A expenses

$

390,710

$

275,861

42%

SG&A % from home sales

11.3%

11.7%

(0.4%)

Operating margin from home sales

$

381,671

$

341,939

12%

Operating margin % from home sales

11.1%

14.4%

(3.3%)

Adjusted operating margin from home sales*

$

445,841

$

341,939

30%

Adjusted operating margin % from home sales*

13.0%

14.4%

(1.4%)

Net new orders

7,163

4,967

44%

Net new orders (dollar value)

$

3,650,329

$

2,410,206

51%

Average active selling communities

299

182

64%

Monthly sales absorption rate per community

2.0

2.3

(12%)

Cancellation rate

18%

17%

1%

Gross cancellations

1,533

1,004

53%

Backlog (homes)

5,611

1,711

228%

Backlog (dollar value)

$

2,572,092

$

916,376

181%

Land purchases (incl. seller financing)

$

515,315

$

585,735

(12%)

Adjusted Homebuilding EBITDA*

$

648,313

$

502,423

29%

Adjusted Homebuilding EBITDA Margin %*

18.5%

20.8%

(2.3%)

Homebuilding interest incurred

$

171,509

$

153,695

12%

Homebuilding interest capitalized to inventories owned

$

169,233

$

151,962

11%

Homebuilding interest capitalized to investments in JVs

$

2,276

$

1,733

31%

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

$

139,381

$

123,112

13%

 

As of 

December 31,

2015

December 31,

2014

Percentage

or % Change

Select Balance Sheet Data

(Dollars in thousands, except per share amounts)

Homebuilding cash (including restricted cash)

$

187,066

$

218,650

(14%)

Inventories owned

$

6,069,959

$

3,255,204

86%

Goodwill

$

933,360

$

   ―   

   ―   

Homesites owned and controlled

70,494

35,430

99%

Homes under construction

6,081

2,032

199%

Completed specs

1,325

515

157%

Homebuilding debt

$

3,487,699

$

2,113,301

65%

Stockholders' equity

$

3,861,436

$

1,676,688

130%

Adjusted stockholders' equity per share (reverse split adjusted, including if-converted preferred stock)*

$

31.84

$

23.10

38%

Total consolidated debt to book capitalization

49.5%

56.8%

(7.3%)

Adjusted net homebuilding debt to total adjusted book capitalization*

46.1%

53.1%

(7.0%)

 

PRO FORMA KEY STATISTICS AND FINANCIAL DATA1

As of or For the Three Months Ended

December 31,

2015

Pro Forma December 31,

2014

Percentage

or % Change

Pro Forma September 30,

2015

Percentage

or % Change

Select Operating Data

(Dollars in thousands)

Deliveries

3,795

3,964

(4%)

3,211

18%

Average selling price

$

437

$

395

11%

$

411

6%

Home sale revenues*

$

1,659,982

$

1,566,383

6%

$

1,318,885

26%

Pretax income*

$

126,177

$

219,531

(43%)

$

143,852

(12%)

Pretax income (excluding purchase accounting adjustments included in cost of home sales and merger and other one-time costs)*

$

235,196

$

219,531

7%

$

155,068

52%

Net new orders

2,699

2,525

7%

3,238

(17%)

Net new orders (dollar value)

$

1,194,094

$

1,030,718

16%

$

1,413,512

(16%)

Average active selling communities

579

520

11%

567

2%

Monthly sales absorption rate per community

1.6

1.6

(4%)

1.9

(18%)

Cancellation rate

22%

21%

1%

20%

2%

Gross cancellations

763

689

11%

797

(4%)

Backlog (homes)

5,611

4,328

30%

6,707

(16%)

Backlog (dollar value)

$

2,572,092

$

1,835,402

40%

$

3,014,957

(15%)

Land purchases (incl. seller financing)

$

212,210

$

357,766

(41%)

$

211,588

0%

 

For the Year Ended

Pro Forma December 31,

2015

Pro Forma December 31,

2014

Percentage

or % Change

Select Operating Data

(Dollars in thousands)

Deliveries

12,560

12,633

(1%)

Average selling price

$

420

$

390

8%

Home sale revenues*

$

5,280,297

$

4,922,721

7%

Pretax income*

$

515,932

$

634,428

(19%)

Pretax income (excluding purchase accounting adjustments included in cost of home sales and merger and other one-time costs)*

$

641,839

$

634,428

1%

Net new orders

13,851

12,635

10%

Net new orders (dollar value)

$

5,921,611

$

5,030,389

18%

Average active selling communities

558

494

13%

Monthly sales absorption rate per community

2.1

2.1

(3%)

Cancellation rate

17%

18%

(1%)

Gross cancellations

2,890

2,786

4%

Backlog (homes)

5,611

4,328

30%

Backlog (dollar value)

$

2,572,092

$

1,835,402

40%

Land purchases (incl. seller financing)

$

875,118

$

1,123,966

(22%)

 

As of 

December 31,

2015

Pro Forma December 31,

2014

Percentage

or % Change

Select Balance Sheet Data

(Dollars in thousands)

Homebuilding cash (including restricted cash)*

$

187,066

$

744,997

(75%)

Inventories owned*

$

6,069,959

$

5,270,216

15%

Goodwill*

$

933,360

$

36,891

2,430%

Homesites owned and controlled

70,494

74,308

(5%)

Homes under construction

6,081

4,507

35%

Completed specs

1,325

1,246

6%

Homebuilding debt*

$

3,487,699

$

3,516,380

(1%)

1All 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 December 31,

Year Ended December 31,

2015

2014

2015

2014

(Dollars in thousands, except per share amounts)

(Unaudited)

Homebuilding:

Home sale revenues

$

1,659,982

$

724,342

$

3,449,047

$

2,366,754

Land sale revenues

14,329

29,302

47,364

44,424

Total revenues

1,674,311

753,644

3,496,411

2,411,178

Cost of home sales

(1,330,558)

(541,615)

(2,676,666)

(1,748,954)

Cost of land sales

(13,084)

(29,596)

(43,274)

(43,841)

Total cost of sales

(1,343,642)

(571,211)

(2,719,940)

(1,792,795)

Gross margin

330,669

182,433

776,471

618,383

Gross margin %

19.7%

24.2%

22.2%

25.6%

Selling, general and administrative expenses

(171,470)

(79,272)

(390,710)

(275,861)

Income (loss) from unconsolidated joint ventures

2,347

(326)

1,966

(668)

Other income (expense)

(45,435)

(1,288)

(62,177)

(1,733)

Homebuilding pretax income 

116,111

101,547

325,550

340,121

Financial Services:

Revenues

23,887

7,300

43,702

25,320

Expenses

(13,821)

(4,465)

(26,763)

(15,477)

Financial services pretax income

10,066

2,835

16,939

9,843

Income before taxes

126,177

104,382

342,489

349,964

Provision for income taxes

(48,648)

(39,738)

(128,980)

(134,099)

Net income 

77,529

64,644

213,509

215,865

  Less: Net income allocated to preferred shareholder

         ―     

(15,490)

(32,997)

(51,650)

  Less: Net income allocated to unvested restricted stock

(95)

(87)

(369)

(297)

Net income available to common stockholders

$

77,434

$

49,067

$

180,143

$

163,918

Income Per Common Share:

Basic

$

0.64

$

0.88

$

2.51

$

2.94

Diluted

$

0.56

$

0.80

$

2.26

$

2.68

Weighted Average Common Shares Outstanding:

Basic

121,132,872

55,633,527

71,713,747

55,737,548

Diluted

138,971,598

63,088,045

81,512,953

63,257,082

Weighted average additional common shares outstanding if preferred shares converted to common shares

         ―     

17,562,557

13,135,814

17,562,557

Total weighted average diluted common shares outstanding if preferred shares converted to common shares

138,971,598

80,650,602

94,648,767

80,819,639

 

CONDENSED CONSOLIDATED BALANCE SHEETS

December 31,

December 31,

2015

2014

(Dollars in thousands)

ASSETS

(Unaudited)

Homebuilding:

Cash and equivalents

$

151,076

$

180,428

Restricted cash

35,990

38,222

Inventories:

Owned

6,069,959

3,255,204

Not owned

83,246

85,153

Investments in unconsolidated joint ventures

132,763

50,111

Deferred income taxes, net

396,194

276,402

Goodwill

933,360

        ―    

Other assets

118,768

38,816

Total Homebuilding Assets

7,921,356

3,924,336

Financial Services:

Cash and equivalents

35,518

31,965

Restricted cash

22,914

1,295

Mortgage loans held for sale, net

325,770

174,420

Mortgage loans held for investment, net

22,704

14,380

Other assets

17,243

5,243

Total Financial Services Assets

424,149

227,303

Total Assets

$

8,345,505

$

4,151,639

LIABILITIES AND EQUITY

Homebuilding:

Accounts payable

$

191,681

$

45,085

Accrued liabilities

478,793

223,783

Secured project debt and other notes payable

25,683

4,689

Senior notes payable

3,462,016

2,108,612

Total Homebuilding Liabilities

4,158,173

2,382,169

Financial Services:

Accounts payable and other liabilities

22,474

3,369

Mortgage credit facilities

303,422

89,413

Total Financial Services Liabilities

325,896

92,782

Total Liabilities

4,484,069

2,474,951

Equity:

Stockholders' Equity:

Preferred stock

        ―    

1

Common stock

1,213

550

Additional paid-in capital

3,324,328

1,348,905

Accumulated earnings

535,890

327,232

Accumulated other comprehensive income, net of tax

5

        ―    

Total Equity

3,861,436

1,676,688

Total Liabilities and Equity

$

8,345,505

$

4,151,639

 

INVENTORIES

December 31,

December 31,

2015

2014

(Dollars in thousands)

Inventories Owned:

(Unaudited)

     Land and land under development

$   3,546,289

$       2,248,289

     Homes completed and under construction

2,039,597

827,612

     Model homes

484,073

179,303

        Total inventories owned

$   6,069,959

$       3,255,204

Inventories Owned by Segment:

     North

$      703,651

 $              ―     

     Southeast

1,753,301

1,033,401

     Southwest

1,400,524

598,856

     West

2,212,483

1,622,947

        Total inventories owned

$   6,069,959

$       3,255,204

 

REGIONAL OPERATING DATA

During the 2015 third quarter, in connection with the transition planning related to the Merger, the Company began evaluating the business and allocating resources based on the post-merger homebuilding operating segments of CalAtlantic. The Company's homebuilding operating segments are grouped into four reportable segments: North (Baltimore, Chicago, Delaware, Indianapolis, Metro Washington, D.C., Minneapolis/St. Paul, New Jersey, Northern Virginia, Philadelphia and Atlanta); Southeast (Florida and the Carolinas); Southwest (Texas, Colorado and Nevada) and West (California and Arizona).  All prior periods have been restated to conform to CalAtlantic's new presentation.

 

Three Months Ended December 31,

2015

2014

% Change

Homes

ASP

Homes

ASP

Homes

ASP

(Dollars in thousands)

New homes delivered:

North

787

$

334

 n/a 

$

 n/a 

n/a

n/a

Southeast

1,143

377

508

382

125%

(1%)

Southwest

1,033

403

348

469

197%

(14%)

West

832

662

619

593

34%

12%

Consolidated total

3,795

$

437

1,475

$

491

157%

(11%)

 

Year Ended December 31,

2015

2014

% Change

Homes

ASP

Homes

ASP

Homes

ASP

(Dollars in thousands)

New homes delivered:

North

787

$

334

 n/a 

$

 n/a 

 n/a 

 n/a 

Southeast

2,471

395

1,871

354

32%

12%

Southwest

1,891

462

1,059

465

79%

(1%)

West

2,088

640

2,026

598

3%

7%

Consolidated total

7,237

$

477

4,956

$

478

46%

(0%)

 

Three Months Ended December 31,

2015

2014

% Change

Homes

ASP

Homes

ASP

Homes

ASP

(Dollars in thousands)

Net new orders:

North

556

$

348

 n/a 

$

 n/a 

 n/a 

 n/a 

Southeast

831

384

395

385

110%

(0%)

Southwest

715

416

240

509

198%

(18%)

West

597

643

343

641

74%

0%

Consolidated total

2,699

$

442

978

$

505

176%

(12%)

 

Year Ended December 31,

2015

2014

% Change

Homes

ASP

Homes

ASP

Homes

ASP

(Dollars in thousands)

Net new orders:

North

556

$

348

 n/a 

$

 n/a 

 n/a 

 n/a 

Southeast

2,342

422

1,841

374

27%

13%

Southwest

1,838

481

1,207

473

52%

2%

West

2,427

653

1,919

600

26%

9%

Consolidated total

7,163

$

510

4,967

$

485

44%

5%

 

Three Months Ended December 31,

Year Ended December 31,

2015

2014

% Change

2015

2014

% Change

Average number of selling communities  during the period:

North

119

n/a

n/a

30

n/a

n/a

Southeast

181

73

148%

111

74

50%

Southwest

183

54

239%

87

50

74%

West

96

57

68%

71

58

22%

Consolidated total

579

184

215%

299

182

64%

 

At December 31,

2015

2014

% Change

Homes

Dollar Value

Homes

Dollar Value

Homes

Dollar Value

(Dollars in thousands)

Backlog:

North

1,003

$

348,285

 n/a 

$

 n/a 

 n/a 

 n/a 

Southeast

1,621

702,388

771

365,355

110%

92%

Southwest

1,902

845,499

546

289,627

248%

192%

West

1,085

675,920

394

261,394

175%

159%

Consolidated total

5,611

$

2,572,092

1,711

$

916,376

228%

181%

 

At December 31,

2015

2014

% Change

Homesites owned and controlled:

North

15,222

 n/a 

 n/a 

Southeast

24,393

16,458

48%

Southwest

16,151

6,944

133%

West

14,728

12,028

22%

Total (including joint ventures)

70,494

35,430

99%

Homesites owned

52,583

28,972

81%

Homesites optioned or subject to contract 

15,972

6,260

155%

Joint venture homesites

1,939

198

879%

Total (including joint ventures)

70,494

35,430

99%

Homesites owned:

Raw lots

8,814

8,162

8%

Homesites under development

23,395

8,119

188%

Finished homesites

9,488

7,210

32%

Under construction or completed homes

9,092

3,104

193%

Held for sale

1,794

2,377

(25%)

Total

52,583

28,972

81%

 

PRO FORMA REGIONAL OPERATING DATA

Three Months Ended December 31,

2015

Pro Forma 2014

% Change

Homes

ASP

Homes

ASP

Homes

ASP

(Dollars in thousands)

New homes delivered:

North

787

$

334

890

$

335

(12%)

(0%)

Southeast

1,143

377

1,083

331

6%

14%

Southwest

1,033

403

1,165

369

(11%)

9%

West

832

662

826

580

1%

14%

Consolidated total

3,795

$

437

3,964

$

395

(4%)

11%

 

Year Ended December 31,

Pro Forma 2015

Pro Forma 2014

% Change

Homes

ASP

Homes

ASP

Homes

ASP

(Dollars in thousands)

New homes delivered:

North

2,727

$

339

2,711

$

332

1%

2%

Southeast

3,732

360

3,664

315

2%

14%

Southwest

3,552

406

3,636

364

(2%)

12%

West

2,549

616

2,622

589

(3%)

5%

Consolidated total

12,560

$

420

12,633

$

390

(1%)

8%

 

Three Months Ended December 31,

2015

Pro Forma 2014

% Change

Homes

ASP

Homes

ASP

Homes

ASP

(Dollars in thousands)

Net new orders:

North

556

$

348

493

$

338

13%

3%

Southeast

831

384

797

336

4%

14%

Southwest

715

416

773

396

(8%)

5%

West

597

643

462

629

29%

2%

Consolidated total

2,699

$

442

2,525

$

408

7%

8%

 

Year Ended December 31,

Pro Forma 2015

Pro Forma 2014

% Change

Homes

ASP

Homes

ASP

Homes

ASP

(Dollars in thousands)

Net new orders:

North

2,757

$

339

2,664

$

338

3%

0%

Southeast

3,976

369

3,627

331

10%

11%

Southwest

4,029

413

3,784

377

6%

10%

West

3,089

602

2,560

587

21%

3%

Consolidated total

13,851

$

428

12,635

$

398

10%

8%

 

Three Months Ended December 31,

Year Ended December 31,

2015

Pro Forma 2014

% Change

Pro Forma 2015

Pro Forma 2014

% Change

Average number of selling communities during the period:

North

119

117

2%

117

109

7%

Southeast

181

160

13%

173

155

12%

Southwest

183

168

9%

183

155

18%

West

96

75

28%

85

75

13%

Consolidated total

579

520

11%

558

494

13%

 

At December 31,

2015

Pro Forma 2014

% Change

Homes

Dollar Value

Homes

Dollar Value

Homes

Dollar Value

(Dollars in thousands)

Backlog:

North

1,003

$

348,285

973

$

337,784

3%

3%

Southeast

1,621

702,388

1,378

549,584

18%

28%

Southwest

1,902

845,499

1,426

599,654

33%

41%

West

1,085

675,920

551

348,380

97%

94%

Consolidated total

5,611

$

2,572,092

4,328

$

1,835,402

30%

40%

 

At December 31,

2015

Pro Forma 2014

% Change

Homesites owned and controlled:

North

15,222

15,933

(4%)

Southeast

24,393

26,597

(8%)

Southwest

16,151

18,326

(12%)

West

14,728

13,452

9%

Total (including joint ventures)

70,494

74,308

(5%)

Homesites owned

52,583

53,742

(2%)

Homesites optioned or subject to contract 

15,972

19,745

(19%)

Joint venture homesites

1,939

821

136%

Total (including joint ventures)

70,494

74,308

(5%)

Homesites owned:

Raw lots

8,814

11,924

(26%)

Homesites under development

23,395

23,547

(1%)

Finished homesites

9,488

8,522

11%

Under construction or completed homes

9,092

7,194

26%

Held for sale

1,794

2,555

(30%)

Total

52,583

53,742

(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 purchase accounting adjustments related to the merger and interest amortized to cost of home sales.  The table set forth below also reconciles the Company's operating margin percentage from home sales to adjusted operating margin percentage from home sales, excluding 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

December 31, 2015

Gross Margin %

December 31, 2014

Gross Margin %

September 30, 2015

Gross Margin %

(Dollars in thousands)

Home sale revenues

$

1,659,982

$

724,342

$

626,008

Less: Cost of home sales

(1,330,558)

(541,615)

(467,358)

Gross margin from home sales

329,424

19.8%

182,727

25.2%

158,650

25.3%

Add: Purchase accounting adjustments included in cost of home sales

64,170

3.9%

   ―  

   ―  

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

393,594

23.7%

182,727

25.2%

158,650

25.3%

Add: Capitalized interest included in cost of home sales

43,890

2.7%

36,370

5.0%

30,275

4.9%

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

$

437,484

26.4%

$

219,097

30.2%

$

188,925

30.2%

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

$

393,594

23.7%

$

182,727

25.2%

$

158,650

25.3%

Less: Selling, general and administrative expenses

(171,470)

(10.3%)

(79,272)

(10.9%)

(73,260)

(11.7%)

Adjusted operating margin from home sales, excluding purchase accounting adjustments

$

222,124

13.4%

$

103,455

14.3%

$

85,390

13.6%

 

Year Ended

December 31, 2015

Gross Margin %

December 31, 2014

Gross Margin %

(Dollars in thousands)

Home sale revenues

$

3,449,047

$

2,366,754

Less: Cost of home sales

(2,676,666)

(1,748,954)

Gross margin from home sales

772,381

22.4%

617,800

26.1%

Add: Purchase accounting adjustments included in in cost of home sales

64,170

1.9%

   ―  

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

836,551

24.3%

617,800

26.1%

Add: Capitalized interest included in cost of home sales

131,611

3.8%

119,422

5.0%

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

$

968,162

28.1%

$

737,222

31.1%

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

$

836,551

24.3%

$

617,800

26.1%

Less: Selling, general and administrative expenses

(390,710)

(11.3%)

(275,861)

(11.7%)

Adjusted operating margin from home sales, excluding purchase accounting adjustments

$

445,841

13.0%

$

341,939

14.4%

 

The table set forth below reconciles the Company's pretax income to adjusted pretax income and adjusted net income, excluding purchase accounting adjustments and merger and other one-time 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 December 31, 2015

Year Ended December 31, 2015

(Dollars in thousands, except per share amounts)

Pretax income

$

126,177

$

342,489

Add:

Purchase accounting adjustments included in cost of home sales

64,170

64,170

Merger and other one-time costs

44,849

61,737

Adjusted pretax income

235,196

468,396

Less: Tax provision associated with add back of purchase accounting adjustments and merger and other one-time costs

(90,680)

(176,398)

Adjusted net income

$

144,516

$

291,998

Less: Net income allocated to unvested restricted stock

(95)

(369)

Add: Interest on convertible senior notes

97

955

Adjusted net income available to common and preferred stock for diluted earnings per share

$

144,518

$

292,584

Adjusted diluted earnings per share

$

1.04

$

3.09

Total weighted average diluted common shares outstanding if preferred shares converted to common shares

138,971,598

94,648,767

 

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. 

December 31, 2015

December 31, 2014

(Dollars in thousands)

Total consolidated debt

$

3,791,121

$

2,202,714

Less:

Financial services indebtedness

(303,422)

(89,413)

Homebuilding cash, including restricted cash

(187,066)

(218,650)

Adjusted net homebuilding debt

3,300,633

1,894,651

Stockholders' equity

3,861,436

1,676,688

Total adjusted book capitalization

$

7,162,069

$

3,571,339

Total consolidated debt to book capitalization

49.5%

56.8%

Adjusted net homebuilding debt to total adjusted book capitalization

46.1%

53.1%

Homebuilding debt

$

3,487,699

$

2,113,301

LTM adjusted homebuilding EBITDA

$

648,313

$

502,423

Homebuilding debt to adjusted homebuilding EBITDA

 5.4x 

 4.2x 

 

The table set forth below calculates adjusted stockholders' equity per common share, after giving effect to the 1-for-5 reverse stock split.  The Company believes that the adjusted stockholders' equity per common share information is useful to management and investors as a measure to determine the book value per common share after giving the pro forma effect to the conversion of our outstanding preferred shares assuming full conversion to common stock.

 

December 31,

2014

Actual common shares outstanding (reverse-split adjusted)

55,028,238

Add: Conversion of preferred shares to common shares (reverse-split adjusted)

17,562,557

Pro forma common shares outstanding (reverse-split adjusted)

72,590,795

Stockholders' equity (in thousands)

$

1,676,688

Divided by pro forma common shares outstanding (reverse-split adjusted)

÷

72,590,795

Adjusted stockholders' equity per common share (reverse-split adjusted)

$

23.10

 

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 and deposit write-offs, (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) purchase accounting adjustments and (k) merger and other one-time 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

Year Ended December 31,

December 31, 2015

December 31, 2014

September 30, 2015

2015

2014

(Dollars in thousands)

Net income 

$

77,529

$

64,644

$

47,177

$

213,509

$

215,865

Provision for income taxes

48,648

39,738

31,117

128,980

134,099

Homebuilding interest amortized to cost of sales and interest expense

46,857

39,354

33,323

139,381

123,112

Homebuilding depreciation and amortization

18,699

8,403

7,368

40,987

27,209

Amortization of stock-based compensation

7,004

733

3,536

15,624

8,469

EBITDA

198,737

152,872

122,521

538,481

508,754

Add:

Cash distributions of income from unconsolidated joint ventures

2,238

         ―    

         ―    

2,830

1,875

Purchase accounting adjustments included in cost of home sales

64,170

         ―    

         ―    

64,170

         ―    

Merger and other one-time costs

44,849

         ―    

         ―    

61,737

         ―    

Less:

Income (loss) from unconsolidated joint ventures

2,347

(326)

121

1,966

(668)

Income from financial services subsidiaries

10,066

2,472

2,847

16,939

8,874

Adjusted Homebuilding EBITDA

$

297,581

$

150,726

$

119,553

$

648,313

$

502,423

Homebuilding revenues

$

1,674,311

$

753,644

$

652,190

$

3,496,411

$

2,411,178

Adjusted Homebuilding EBITDA Margin %

17.8%

20.0%

18.3%

18.5%

20.8%

 

Because the closing of the merger occurred on October 1, 2015, financial statement information for 2015 required by GAAP includes full year stand-alone data for predecessor Standard Pacific Corp. and three months of Ryland Group, Inc. data (from October 1, 2015 through December 31, 2015).  The table set forth below reconciles the Company's reported home sale revenues, pretax income, homebuilding cash, inventories owned, goodwill and homebuilding debt to comparative financial measures on a combined basis for prior periods not required by GAAP.  Certain adjustments, including those related to conforming accounting policies and adjusting acquired inventory to fair value, have not been reflected in the pro forma financial measures below due to the impracticability of estimating such impacts.  The table set forth below also reconciles the Company's pro forma pretax income on a combined basis to pro forma pretax income on a combined basis, excluding the purchase accounting adjustments and merger and other one-time costs. Such pro forma data was not prepared to comply with Regulation S-X of the SEC Rules and Regulations. The following non-GAAP financial measures have been provided as we believe this data is useful to investors for purposes of assessing the Company's operating performance on a combined basis for year over year and quarter over quarter comparison purposes.

 

Three Months Ended

Year Ended

September 30, 2015

December 31, 2014

December 31, 2015

December 31, 2014

(Dollars in thousands)

Home sale revenues

$

626,008

$

724,342

$

3,449,047

$

2,366,754

Add: Ryland Home sale revenues

692,877

842,041

1,831,250

2,555,967

Pro forma combined Home sale revenues

$

1,318,885

$

1,566,383

$

5,280,297

$

4,922,721

Pretax income

$

78,294

$

104,382

$

342,489

$

349,964

Add: Ryland Pretax income

65,558

115,149

173,443

284,464

Pro forma combined Pretax income

$

143,852

$

219,531

$

515,932

$

634,428

Add:

         Purchase accounting adjustments included in cost of home sales

   ―  

64,170

         Merger and other one-time costs

11,216

61,737

Adjusted pro forma combined Pretax income

$

155,068

$

641,839

 

December 31, 2014

(Dollars in thousands)

Homebuilding cash (including restricted cash)

$

218,650

Add: Ryland Homebuilding cash (including restricted cash)

526,347

Pro forma combined Homebuilding cash (including restricted cash)

$

744,997

Inventories owned

$

3,255,204

Add: Ryland Inventories owned

2,015,012

Pro forma combined Inventories owned

$

5,270,216

Goodwill

$

   ―    

Add: Ryland Goodwill

36,891

Pro forma combined Goodwill

$

36,891

Homebuilding debt

$

2,113,301

Add: Ryland Homebuilding debt

1,403,079

Pro forma combined Homebuilding debt

$

3,516,380

 

RYLAND REGIONAL QUARTERLY OPERATING DATA

Q3 2015

Q2 2015

Q1 2015

Q4 2014

Q3 2014

Q2 2014

Q1 2014

New homes delivered:

North

768

650

522

890

731

574

516

Southeast

509

425

327

575

478

386

354

Southwest

575

582

504

817

656

596

508

West

194

157

110

207

153

144

92

Consolidated total

2,046

1,814

1,463

2,489

2,018

1,700

1,470

Average selling price (deliveries):

North

$    339

$    339

$    345

$    335

$    330

$    337

$    322

Southeast

300

291

281

286

278

261

264

Southwest

341

353

332

327

319

325

319

West

434

555

566

541

548

539

638

Consolidated total

$    339

$    351

$    343

$    338

$    331

$    333

$    327

Net new orders:

North

636

747

818

493

607

820

744

Southeast

476

579

579

402

376

507

501

Southwest

601

837

753

533

567

724

753

West

199

224

239

119

157

177

188

Consolidated total

1,912

2,387

2,389

1,547

1,707

2,228

2,186

Average selling price (orders):

North

$    337

$    338

$    335

$    338

$    343

$    345

$    325

Southeast

298

292

289

288

304

283

279

Southwest

356

360

347

344

334

330

325

West

375

403

463

591

516

543

548

Consolidated total

$    337

$    341

$    340

$    347

$    347

$    342

$    334

Average number of selling communities during the period:

North

118

113

117

117

116

109

98

Southeast

81

81

85

87

81

78

78

Southwest

131

129

123

114

101

98

102

West

22

20

21

18

16

17

17

Consolidated total

352

343

346

336

314

302

295

Backlog:

North

1,234

1,366

1,269

973

1,370

1,494

1,248

Southeast

979

1,013

859

607

780

882

761

Southwest

1,409

1,384

1,129

880

1,164

1,253

1,125

West

352

353

286

157

245

241

208

Consolidated total

3,974

4,116

3,543

2,617

3,559

3,870

3,342

 

STANDARD PACIFIC REGIONAL QUARTERLY OPERATING DATA

Q3 2015

Q2 2015

Q1 2015

Q4 2014

Q3 2014

Q2 2014

Q1 2014

New homes delivered:

Southeast

467

476

385

508

472

500

391

Southwest

282

338

238

348

272

237

202

West

416

491

349

619

506

499

402

Consolidated total

1,165

1,305

972

1,475

1,250

1,236

995

Average selling price (deliveries):

Southeast

$    437

$    414

$    377

$    382

$    360

$    339

$    329

Southwest

552

538

504

469

474

477

433

West

641

643

583

593

602

619

574

Consolidated total

$    537

$    532

$    482

$    491

$    483

$    479

$    449

Net new orders:

Southeast

429

524

558

395

446

517

483

Southwest

325

406

392

240

245

434

288

West

572

637

621

343

463

573

540

Consolidated total

1,326

1,567

1,571

978

1,154

1,524

1,311

Average selling price (orders):

Southeast

$    463

$    446

$    423

$    385

$    388

$    367

$    359

Southwest

559

509

509

509

480

452

467

West

679

655

636

641

601

572

604

Consolidated total

$    580

$    547

$    528

$    505

$    493

$    468

$    483

Average number of selling communities during the period:

Southeast

96

88

81

73

74

76

72

Southwest

54

55

56

54

53

49

45

West

65

60

61

57

58

58

57

Consolidated total

215

203

198

184

185

183

174

Backlog:

Southeast

954

992

944

771

884

910

893

Southwest

811

768

700

546

654

681

484

West

968

812

666

394

670

713

639

Consolidated total

2,733

2,572

2,310

1,711

2,208

2,304

2,016

 

SOURCE CalAtlantic Group, Inc.



RELATED LINKS

http://www.calatlantichomes.com