ý | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 33-0864902 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) |
4695 MacArthur Court, 8th Floor Newport Beach, California | 92660 | |
(Address of principal executive offices) | (Zip Code) |
Title of each class of stock | Name of each exchange on which registered | |
Class A Common Stock, $0.01 par value | New York Stock Exchange |
Large Accelerated Filer | ¨ | Accelerated filer | x | |||
Non-accelerated filer | ¨ | Smaller reporting company | ¨ |
Class of Common Stock | Outstanding at March | ||||
Common stock, Class A, par value $0.01 | |||||
Common stock, Class B, par value $0.01 | 3,813,884 |
Page No. | ||
PART I | ||
Item 1. | Business | |
Item 1A. | Risk Factors | |
Item 1B. | Unresolved Staff Comments | |
Item 2. | Properties | |
Item 3. | Legal Proceedings | |
Item 4. | Mine Safety Disclosure | |
PART II | ||
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | |
Item 6. | Selected Historical Consolidated Financial Data | |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | |
Item 8. | Financial Statements and Supplementary Data | |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | |
Item 9A. | Controls and Procedures | |
Item 9B. | Other Information | |
PART III | ||
Item 10. | Directors, Executive Officers and Corporate Governance | |
Item 11. | Executive Compensation | |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | |
Item 13. | Certain Relationships and Related Transactions, and Director Independence | |
Item 14. | Principal Accountant Fees and Services | |
PART IV | ||
Item 15. | Exhibits and Financial Statement Schedules | |
Index to Financial Statements |
Item 1. | Business |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||
California (1) | $ | 379,310 | $ | 498,965 | $ | 262,489 | $ | 490,352 | $ | 379,310 | $ | 498,965 | ||||||||||
Arizona (2) | 67,010 | 57,484 | 110,397 | 125,951 | 67,010 | 57,484 | ||||||||||||||||
Nevada (3) | 130,845 | 121,815 | 78,148 | 191,711 | 130,845 | 121,815 | ||||||||||||||||
Colorado (4) | 107,014 | 46,460 | 70,276 | 128,530 | 107,014 | 46,460 | ||||||||||||||||
Washington (5) | 181,258 | 65,886 | — | 154,600 | 181,258 | 65,886 | ||||||||||||||||
Oregon (6) | 213,491 | 66,415 | — | 311,059 | 213,491 | 66,415 | ||||||||||||||||
$ | 1,078,928 | $ | 857,025 | $ | 521,310 | $ | 1,402,203 | $ | 1,078,928 | $ | 857,025 |
(1) | The California Segment during the time periods reflected above consists of operations in Orange, Los Angeles, San Diego, Riverside, San Bernardino, Alameda, Contra Costa, and San Joaquin counties. The offices are located in leased office space at 4695 MacArthur Court, 8th Floor, Newport Beach, California 92660 and 2603 Camino Ramon, Suite 450, San Ramon, CA 94583. |
(2) | The Arizona Segment consists of operations in the Phoenix metropolitan area. The offices are located in a leased office building at 8840 E. Chaparral Road, Suite 200, Scottsdale, AZ 85250. |
(3) | The Nevada Segment consists of operations in Clark and Nye counties. The offices are located in a leased office building at 1980 Festival Plaza Drive, Suite 500, Las Vegas, NV 89135. |
(4) | The Colorado Segment consists of operations in Douglas, Grand, Jefferson, and Larimer counties. The offices are located in a leased office building at 8480 East Orchard Road, Suite 1000, Greenwood Village, CO 80111. |
(5) | The Washington Segment consists of operations in King, Snohomish, and Pierce counties. The offices are located in a leased office building at 11624 SE 5th Street, Bellevue, WA 98005. |
(6) | The Oregon Segment consists of operations in Clackamas and Washington counties. The offices are located in a leased office building at 109 East 13th Street, Vancouver WA 98660. |
1. | converting our lot supply into active projects; |
2. |
3. | maintaining a low cost structure; |
4. | acquiring land positions through disciplined acquisition strategies near employment centers or transportation corridors; |
5. | leveraging an experienced management team; |
6. | deleveraging the balance sheet; and |
7. | generating returns for shareholders and generating positive cash flows. |
Active Projects (by County or City) | Estimated Year of First Delivery | Estimated Number of Homes at Completion (1) | Cumulative Homes Closed as of December 31, 2015 (2) | Backlog at December 31, 2015 (3) (4) | Lots Owned as of December 31, 2015 (5) | Homes Closed for the Year Ended December 31, 2015 | Estimated Sales Price Range (6) | Estimated Year of First Delivery | Estimated Number of Homes at Completion (1) | Cumulative Homes Closed as of December 31, 2016 (2) | Backlog at December 31, 2016 (3) (4) | Lots Owned as of December 31, 2016 (5) | Homes Closed for the Year Ended December 31, 2016 | Estimated Sales Price Range (6) | ||||||||||||||||||||||
CALIFORNIA | CALIFORNIA | |||||||||||||||||||||||||||||||||||
Orange County: | ||||||||||||||||||||||||||||||||||||
Anaheim | ||||||||||||||||||||||||||||||||||||
Avelina | 2016 | 38 | — | — | 38 | — | $ 540,000 - 575,000 | 2017 | 38 | — | 22 | 38 | — | $540,000 - 600,000 | ||||||||||||||||||||||
Buena Park | ||||||||||||||||||||||||||||||||||||
The Covey (7) | 2016 | 67 | — | — | 67 | — | $ 783,000 - 833,000 | 2016 | 67 | 24 | 6 | 43 | 24 | $ 799,000 - 860,000 | ||||||||||||||||||||||
Cypress | ||||||||||||||||||||||||||||||||||||
Mackay Place (7) | 2016 | 47 | — | — | 47 | — | $ 812,000 - 887,000 | 2016 | 47 | 34 | 2 | 13 | 34 | $ 827,000 - 900,000 | ||||||||||||||||||||||
Dana Point | ||||||||||||||||||||||||||||||||||||
Grand Monarch | 2015 | 37 | 6 | 4 | 21 | 6 | $ 2,577,000 - 2,904,000 | 2015 | 37 | 13 | 3 | 24 | 7 | $ 2,570,000 - 2,904,000 | ||||||||||||||||||||||
Irvine | ||||||||||||||||||||||||||||||||||||
Agave | 2013 | 96 | 96 | — | — | 7 | (8) | |||||||||||||||||||||||||||||
Lyon Whistler (7) | 2013 | 83 | 83 | — | — | 10 | (8) | |||||||||||||||||||||||||||||
Ladera Ranch | ||||||||||||||||||||||||||||||||||||
Artisan | 2015 | 29 | 3 | — | 18 | 3 | $ 2,550,000 - 2,770,000 | 2015 | 14 | 6 | 1 | 8 | 3 | $ 2,495,000 - 3,050,000 | ||||||||||||||||||||||
Irvine | ||||||||||||||||||||||||||||||||||||
The Vine | 2016 | 106 | 31 | 6 | 41 | 31 | $ 492,000 - 607,000 | |||||||||||||||||||||||||||||
Calistoga | 2016 | 60 | 15 | 13 | 45 | 15 | $1,319,000 - $1,454,000 | |||||||||||||||||||||||||||||
Rancho Mission Viejo | ||||||||||||||||||||||||||||||||||||
Lyon Cabanas | 2013 | 97 | 97 | — | — | 18 | (8) | |||||||||||||||||||||||||||||
Lyon Villas | 2013 | 96 | 96 | — | — | 15 | (8) | |||||||||||||||||||||||||||||
Aurora (7) | 2016 | 94 | — | 18 | 94 | — | $ 454,000 - 584,000 | 2016 | 94 | 57 | 8 | 37 | 57 | $ 455,250 - 586,000 | ||||||||||||||||||||||
Vireo (7) | 2015 | 90 | 10 | 8 | 80 | 10 | $ 567,000 - 632,000 | 2015 | 90 | 60 | 5 | 30 | 50 | $ 566,000 - 650,000 | ||||||||||||||||||||||
Briosa (7) | 2016 | 50 | — | — | 50 | — | $ 935,000 - 1,055,000 | 2016 | 50 | 1 | — | 49 | 1 | $ 945,000 - 1,045,000 | ||||||||||||||||||||||
Rancho Santa Margarita | ||||||||||||||||||||||||||||||||||||
Dahlia Court | 2016 | 36 | — | — | 36 | — | $ 499,000 - 619,000 | 2017 | 36 | — | 10 | 36 | — | $ 510,000 - 610,000 | ||||||||||||||||||||||
Los Angeles County: | ||||||||||||||||||||||||||||||||||||
Glendora | ||||||||||||||||||||||||||||||||||||
La Colina Estates | 2015 | 121 | 6 | 5 | 88 | 6 | $ 1,264,000 - 1,649,000 | 2015 | 121 | 19 | 1 | 102 | 13 | $ 1,274,000 - 1,654,000 | ||||||||||||||||||||||
Hawthorne | ||||||||||||||||||||||||||||||||||||
360 South Bay: | ||||||||||||||||||||||||||||||||||||
The Townes | 2013 | 96 | 96 | — | — | 13 | (8) | |||||||||||||||||||||||||||||
The Terraces | 2014 | 93 | 93 | — | — | 35 | (8) | |||||||||||||||||||||||||||||
Lakewood | ||||||||||||||||||||||||||||||||||||
Canvas | 2015 | 72 | 36 | 3 | 36 | 36 | $ 435,000 - 477,000 | 2015 | 72 | 71 | 1 | 1 | 35 | (8) | ||||||||||||||||||||||
Riverside County: | ||||||||||||||||||||||||||||||||||||
Riverside | ||||||||||||||||||||||||||||||||||||
SkyRidge | 2014 | 90 | 22 | 7 | 68 | 4 | $ 500,000 - 560,000 | |||||||||||||||||||||||||||||
TurnLeaf | ||||||||||||||||||||||||||||||||||||
Crossings | 2014 | 139 | 19 | 3 | 120 | 9 | $ 503,000 - 536,000 | |||||||||||||||||||||||||||||
Coventry | 2015 | 161 | 13 | — | 148 | 7 | $ 550,000 - 565,000 | |||||||||||||||||||||||||||||
Eastvale | ||||||||||||||||||||||||||||||||||||
Nexus | 2015 | 220 | 95 | 7 | 125 | 85 | $ 337,000 - 384,000 |
San Diego County: | ||||||||||||||||||||||||||||||||||||
San Diego | ||||||||||||||||||||||||||||||||||||
Atrium | 2014 | 80 | 80 | — | — | 29 | (8) | |||||||||||||||||||||||||||||
Riverside County: | ||||||||||||||||||||||||||||||||||||
Riverside | ||||||||||||||||||||||||||||||||||||
Bridle Creek | 2015 | 10 | 10 | — | — | 10 | (8) | |||||||||||||||||||||||||||||
SkyRidge | 2014 | 90 | 18 | 1 | 72 | 15 | $ 500,000 - 543,000 | |||||||||||||||||||||||||||||
TurnLeaf | ||||||||||||||||||||||||||||||||||||
Crossings | 2014 | 139 | 10 | 3 | 83 | 9 | $ 505,000 - 549,000 | |||||||||||||||||||||||||||||
Coventry | 2015 | 161 | 6 | — | 99 | 6 | $ 553,000 - 578,000 | |||||||||||||||||||||||||||||
Eastvale | ||||||||||||||||||||||||||||||||||||
Nexus | 2015 | 220 | 10 | 21 | 210 | 10 | $ 334,000 - 362,000 | |||||||||||||||||||||||||||||
San Bernardino County: | ||||||||||||||||||||||||||||||||||||
Upland | ||||||||||||||||||||||||||||||||||||
The Orchards (7) | ||||||||||||||||||||||||||||||||||||
Citrus Court | 2015 | 77 | 12 | 6 | 65 | 12 | $ 324,000 - 399,000 | 2015 | 77 | 45 | 3 | 32 | 33 | $ 325,000 - 394,000 | ||||||||||||||||||||||
Citrus Pointe | 2015 | 132 | 9 | 5 | 123 | 9 | $ 349,000 - 404,000 | 2015 | 132 | 44 | 4 | 88 | 35 | $ 342,000 - 409,000 | ||||||||||||||||||||||
Yucaipa | ||||||||||||||||||||||||||||||||||||
Cedar Glen | 2015 | 143 | 70 | 4 | 73 | 70 | $ 304,000 - 318,000 | 2015 | 143 | 133 | 6 | 10 | 63 | $ 300,000 - 328,000 | ||||||||||||||||||||||
Alameda County | ||||||||||||||||||||||||||||||||||||
Dublin | ||||||||||||||||||||||||||||||||||||
Terrace Ridge | 2015 | 36 | 36 | — | — | 21 | (8) | |||||||||||||||||||||||||||||
Newark | ||||||||||||||||||||||||||||||||||||
Bayshores | ||||||||||||||||||||||||||||||||||||
The Cove | 2016 | 108 | 8 | 20 | 19 | 8 | $ 651,000 - 756,000 | |||||||||||||||||||||||||||||
The Strand | 2016 | 157 | 8 | 9 | 35 | 8 | $ 711,000 - 821,000 | |||||||||||||||||||||||||||||
The Banks | 2016 | 120 | — | — | 120 | — | $ 735,000 - 795,000 | 2016 | 120 | 4 | 38 | 28 | 4 | $ 840,000 - 905,000 | ||||||||||||||||||||||
The Tides | 2016 | 76 | — | — | 76 | — | $ 825,000 - 855,000 | 2016 | 75 | 4 | 19 | 30 | 4 | $ 879,000 - 909,000 | ||||||||||||||||||||||
The Isles | 2016 | 81 | — | — | 81 | — | $ 885,000 - 950,000 | 2016 | 82 | 3 | 26 | 29 | 3 | $ 967,000 - 1,047,000 | ||||||||||||||||||||||
Dublin | ||||||||||||||||||||||||||||||||||||
Terrace Ridge | 2015 | 36 | 15 | 11 | 21 | 15 | $ 1,110,000 - 1,170,000 | |||||||||||||||||||||||||||||
Contra Costa County: | ||||||||||||||||||||||||||||||||||||
Pittsburgh | ||||||||||||||||||||||||||||||||||||
Vista Del Mar | ||||||||||||||||||||||||||||||||||||
Villages II | 2012 | 131 | 131 | — | — | 20 | (8) | |||||||||||||||||||||||||||||
Vineyard II | 2014 | 104 | 62 | 7 | 42 | 52 | $ 563,000 - 632,000 | |||||||||||||||||||||||||||||
Victory II | 2016 | 11 | — | 6 | 11 | — | $ 563,000 - 632,000 | 2014 | 104 | 100 | 4 | 4 | 38 | (8) | ||||||||||||||||||||||
Victory III | 2016 | 11 | 11 | — | — | 11 | (8) | |||||||||||||||||||||||||||||
Brentwood | ||||||||||||||||||||||||||||||||||||
Palmilla (7) | ||||||||||||||||||||||||||||||||||||
El Sol | 2014 | 52 | 52 | — | — | 31 | (8) | |||||||||||||||||||||||||||||
Cielo | 2014 | 56 | 48 | 3 | 8 | 32 | $ 399,000 - 454,000 | 2014 | 56 | 56 | — | — | 8 | (8) | ||||||||||||||||||||||
Antioch | ||||||||||||||||||||||||||||||||||||
Oak Crest | 2013 | 130 | 119 | 10 | 11 | 61 | $ 443,000 - 488,000 | 2013 | 130 | 130 | — | — | 11 | (8) | ||||||||||||||||||||||
San Joaquin County: | ||||||||||||||||||||||||||||||||||||
Tracy | ||||||||||||||||||||||||||||||||||||
Maplewood | 2014 | 59 | 49 | 4 | 10 | 40 | $ 450,000 - 532,000 | 2014 | 59 | 59 | — | — | 10 | (8) | ||||||||||||||||||||||
Santa Clara County: | ||||||||||||||||||||||||||||||||||||
Morgan Hill | ||||||||||||||||||||||||||||||||||||
Brighton Oaks | 2015 | 110 | 47 | 48 | 63 | 47 | $ 540,000 - 670,000 | 2015 | 110 | 110 | — | — | 63 | (8) | ||||||||||||||||||||||
Mountain View | ||||||||||||||||||||||||||||||||||||
Guild 33 | 2015 | 33 | 6 | 27 | 27 | 6 | $ 1,180,000 - 1,495,000 | 2015 | 33 | 33 | — | — | 27 | (8) | ||||||||||||||||||||||
CALIFORNIA SEGMENT | 3,293 | 1,376 | 194 | 1,770 | 633 | |||||||||||||||||||||||||||||||
CALIFORNIA TOTAL | 2,875 | 1,264 | 224 | 1,203 | 722 | |||||||||||||||||||||||||||||||
ARIZONA | ||||||||||||||||||||||||||||||||||||
Maricopa County: | ||||||||||||||||||||||||||||||||||||
Queen Creek | ||||||||||||||||||||||||||||||||||||
Hastings Farm | ||||||||||||||||||||||||||||||||||||
Estates | 2012 | 153 | 153 | — | — | 13 | (8) | |||||||||||||||||||||||||||||
Meridian | ||||||||||||||||||||||||||||||||||||
Harvest | 2015 | 448 | 134 | 40 | 314 | 90 | $ 198,990 - 245,990 | |||||||||||||||||||||||||||||
Homestead | 2015 | 562 | 56 | 23 | 506 | 39 | $ 236,990 - 319,990 | |||||||||||||||||||||||||||||
Harmony | 2015 | 415 | 29 | 15 | 386 | 20 | $ 265,990 - 288,990 | |||||||||||||||||||||||||||||
Horizons | 2016 | 161 | 9 | 12 | 152 | 9 | $ 297,990 - 373,990 | |||||||||||||||||||||||||||||
Mesa | ||||||||||||||||||||||||||||||||||||
Lehi Crossing | ||||||||||||||||||||||||||||||||||||
Settlers Landing | 2012 | 235 | 201 | 25 | 34 | 69 | $ 237,990 - 282,990 | |||||||||||||||||||||||||||||
Wagon Trail | 2013 | 244 | 152 | 45 | 92 | 52 | $ 253,490 - 320,990 | |||||||||||||||||||||||||||||
Monument Ridge | 2013 | 248 | 87 | 30 | 161 | 36 | $ 282,990 - 390,990 | |||||||||||||||||||||||||||||
Albany Village | 2016 | 228 | 8 | 6 | 220 | 8 | $ 190,990 - 247,990 |
Villas | 2012 | 337 | 337 | — | — | 13 | (8) | |||||||||||||||||||||||||||||
Estates | 2012 | 153 | 140 | 10 | 13 | 24 | $ 307,000 - 361,000 | |||||||||||||||||||||||||||||
Meridian | ||||||||||||||||||||||||||||||||||||
Harvest | 2015 | 448 | 44 | 46 | 404 | 44 | $ 190,900 - 226,900 | |||||||||||||||||||||||||||||
Homestead | 2015 | 562 | 17 | 13 | 545 | 17 | $ 230,000 - 298,000 | |||||||||||||||||||||||||||||
Harmony | 2015 | 505 | 9 | 9 | 496 | 9 | $ 258,000 - 272,000 | |||||||||||||||||||||||||||||
Horizons | 2016 | 425 | — | — | 425 | — | $ 292,000 - 356,000 | |||||||||||||||||||||||||||||
Mesa | ||||||||||||||||||||||||||||||||||||
Lehi Crossing | ||||||||||||||||||||||||||||||||||||
Settlers Landing | 2012 | 235 | 132 | 20 | 103 | 49 | $ 232,000 - 265,000 | |||||||||||||||||||||||||||||
Wagon Trail | 2013 | 244 | 100 | 21 | 144 | 40 | $ 247,000 - 300,000 | |||||||||||||||||||||||||||||
Monument Ridge | 2013 | 248 | 51 | 13 | 197 | 18 | $ 278,000 - 366,000 | |||||||||||||||||||||||||||||
Albany Village | 2016 | 228 | — | — | 228 | — | $ 182,000 - 231,000 | |||||||||||||||||||||||||||||
Peoria | ||||||||||||||||||||||||||||||||||||
Rio Vista | 2015 | 197 | 38 | 77 | 159 | 38 | $ 189,000 - 217,000 | 2015 | 197 | 175 | 8 | 22 | 137 | $ 198,990 - 227,990 | ||||||||||||||||||||||
ARIZONA SEGMENT | 3,582 | 868 | 209 | 2,714 | 252 | |||||||||||||||||||||||||||||||
ARIZONA TOTAL | 2,891 | 1,004 | 204 | 1,887 | 473 | |||||||||||||||||||||||||||||||
NEVADA | ||||||||||||||||||||||||||||||||||||
Clark County: | ||||||||||||||||||||||||||||||||||||
North Las Vegas | ||||||||||||||||||||||||||||||||||||
Tierra Este | 2013 | 114 | 62 | 10 | 52 | 36 | $ 214,000 - 234,000 | 2013 | 114 | 114 | — | — | 52 | (8) | ||||||||||||||||||||||
Rhapsody | 2014 | 63 | 63 | — | — | 31 | (8) | |||||||||||||||||||||||||||||
Las Vegas | ||||||||||||||||||||||||||||||||||||
Serenity Ridge | 2013 | 108 | 97 | 8 | 11 | 30 | $ 478,000 - 558,000 | 2013 | 108 | 108 | — | — | 11 | (8) | ||||||||||||||||||||||
Lyon Estates | 2014 | 128 | 30 | 16 | 98 | 13 | $ 408,000 - 538,000 | 2014 | 81 | 73 | 5 | 8 | 43 | $ 408,000 - 532,000 | ||||||||||||||||||||||
Sterling Ridge | ||||||||||||||||||||||||||||||||||||
Grand | 2014 | 137 | 55 | 17 | 82 | 31 | $ 875,000 - 920,000 | |||||||||||||||||||||||||||||
Premier | 2014 | 62 | 49 | 2 | 13 | 19 | $ 1,244,000 - 1,312,000 | |||||||||||||||||||||||||||||
Allegra | 2016 | 88 | — | 12 | 88 | — | $ 523,000 - 542,000 | |||||||||||||||||||||||||||||
Silver Ridge | 2016 | 83 | — | 6 | 14 | — | $ 1,294,000 - 1,362,000 | |||||||||||||||||||||||||||||
Tuscan Cliffs | 2015 | 77 | 12 | 7 | 65 | 12 | $ 736,000 - 786,000 | 2015 | 76 | 27 | 2 | 49 | 15 | $ 635,000 - 816,000 | ||||||||||||||||||||||
Brookshire | ||||||||||||||||||||||||||||||||||||
Estates | 2015 | 35 | 3 | 17 | 32 | 3 | $ 585,000 - 621,000 | 2015 | 35 | 27 | 1 | 8 | 24 | $ 595,000 - 643,000 | ||||||||||||||||||||||
Heights | 2015 | 98 | 12 | 3 | 86 | 12 | $ 369,000 - 391,000 | 2015 | 98 | 38 | 7 | 60 | 26 | $ 347,000 - 397,000 | ||||||||||||||||||||||
Las Vegas - Summerlin | ||||||||||||||||||||||||||||||||||||
Sterling Ridge | ||||||||||||||||||||||||||||||||||||
Grand | 2014 | 137 | 82 | 7 | 55 | 27 | $ 875,000 - 958,000 | |||||||||||||||||||||||||||||
Premier | 2014 | 62 | 60 | — | 2 | 11 | $ 1,244,000 - 1,357,000 | |||||||||||||||||||||||||||||
Silver Ridge | 2016 | 83 | 12 | 9 | 28 | 12 | $ 1,245,000 - 1,420,000 | |||||||||||||||||||||||||||||
Allegra | 2016 | 88 | 30 | 4 | 58 | 30 | $ 499,000 - 536,000 | |||||||||||||||||||||||||||||
Henderson | ||||||||||||||||||||||||||||||||||||
Lago Vista | 2016 | 52 | — | 3 | 52 | — | $ 881,000 - 935,000 | 2016 | 52 | 3 | 6 | 49 | 3 | $ 765,000 - 828,000 | ||||||||||||||||||||||
The Peaks | 2016 | 88 | — | — | 88 | — | $ 475,000 - 495,000 | 2016 | 88 | — | 5 | 88 | — | $ 475,000 - 499,000 | ||||||||||||||||||||||
Nye County: | ||||||||||||||||||||||||||||||||||||
Pahrump | ||||||||||||||||||||||||||||||||||||
Mountain Falls | ||||||||||||||||||||||||||||||||||||
Series I | 2011 | 211 | 129 | 9 | 82 | 29 | $ 154,000 - 183,000 | 2011 | 242 | 189 | 9 | 53 | 60 | $ 169,000 - 201,650 | ||||||||||||||||||||||
Series II | 2014 | 218 | 18 | 5 | 200 | 14 | $ 221,000 - 304,000 | 2014 | 187 | 35 | 4 | 152 | 17 | $ 228,000 - 317,000 | ||||||||||||||||||||||
NEVADA SEGMENT | 1,562 | 530 | 115 | 963 | 230 | |||||||||||||||||||||||||||||||
NEVADA TOTAL | 1,451 | 798 | 59 | 610 | 331 | |||||||||||||||||||||||||||||||
COLORADO | ||||||||||||||||||||||||||||||||||||
Arapahoe County | ||||||||||||||||||||||||||||||||||||
Aurora Southshore | ||||||||||||||||||||||||||||||||||||
Hometown I | 2014 | 68 | 41 | 3 | 27 | 36 | $ 359,000 - 376,000 | |||||||||||||||||||||||||||||
Hometown | 2014 | 68 | 68 | — | — | 27 | (8) | |||||||||||||||||||||||||||||
Generations | 2014 | 15 | 11 | 2 | 4 | 10 | $ 401,000 - 494,000 | 2014 | 15 | 14 | — | 1 | 3 | $ 401,000 - 494,000 | ||||||||||||||||||||||
Harmony | 2015 | 11 | 6 | 2 | 5 | 6 | $ 418,000 - 509,000 | 2015 | 10 | 10 | — | — | 4 | (8) | ||||||||||||||||||||||
Signature I | 2015 | 14 | 1 | 1 | 13 | 1 | $ 531,000 - 584,000 | |||||||||||||||||||||||||||||
Hometown II | 2016 | 30 | — | 2 | 30 | — | $ 384,000 - 417,000 | |||||||||||||||||||||||||||||
Signature | 2015 | 7 | 6 | 1 | 1 | 5 | (8) | |||||||||||||||||||||||||||||
Filing 5 | 2016 | 30 | 2 | — | 28 | 2 | $ 423,000 - 497,000 | |||||||||||||||||||||||||||||
Artistry | 2016 | 60 | — | 7 | 60 | — | $ 414,000 - 475,000 | 2016 | 61 | 17 | 16 | 44 | 17 | $ 429,000 - 490,000 | ||||||||||||||||||||||
Signature II | 2016 | 23 | — | — | 23 | — | $ 480,000 - 540,000 | |||||||||||||||||||||||||||||
New Signature | 2017 | 30 | — | 3 | 30 | — | $ 482,000 - 524,000 | |||||||||||||||||||||||||||||
Centennial | ||||||||||||||||||||||||||||||||||||
Greenfield | 2016 | 35 | 9 | 6 | 26 | 9 | $ 455,000 - 510,000 | |||||||||||||||||||||||||||||
Douglas County | ||||||||||||||||||||||||||||||||||||
Castle Rock | ||||||||||||||||||||||||||||||||||||
Cliffside | 2014 | 49 | 44 | — | 5 | 17 | $ 518,000 - 596,000 | |||||||||||||||||||||||||||||
Grand County | ||||||||||||||||||||||||||||||||||||
Granby | ||||||||||||||||||||||||||||||||||||
Granby Ranch | 2012 | 44 | 19 | — | 25 | 1 | (11) | |||||||||||||||||||||||||||||
Jefferson County | ||||||||||||||||||||||||||||||||||||
Arvada | ||||||||||||||||||||||||||||||||||||
Candelas Sundance | 2014 | 66 | 66 | — | — | 6 | (8) |
Centennial | ||||||||||||||||||||||||||||||||||||
Greenfield | 2016 | 35 | — | — | 35 | — | $ 426,000 - 484,000 | |||||||||||||||||||||||||||||
Douglas County | ||||||||||||||||||||||||||||||||||||
Castle Rock | ||||||||||||||||||||||||||||||||||||
Cliffside | 2014 | 49 | 27 | 11 | 22 | 15 | $ 502,000 - 579,000 | |||||||||||||||||||||||||||||
Parker | ||||||||||||||||||||||||||||||||||||
Canterberry | 2014 | 37 | 37 | — | — | 33 | (8) | |||||||||||||||||||||||||||||
Grand County | ||||||||||||||||||||||||||||||||||||
Granby | ||||||||||||||||||||||||||||||||||||
Granby Ranch | 2012 | 19 | 18 | — | 1 | 3 | $ 500,000 - 529,000 | |||||||||||||||||||||||||||||
Jefferson County | ||||||||||||||||||||||||||||||||||||
Arvada | ||||||||||||||||||||||||||||||||||||
Candelas Sundance | 2014 | 66 | 60 | 1 | 6 | 25 | $ 386,000 - 440,000 | |||||||||||||||||||||||||||||
Candelas II | ||||||||||||||||||||||||||||||||||||
Generations | 2015 | 91 | 3 | 11 | 88 | 3 | $ 394,000 - 470,000 | 2015 | 90 | 34 | 5 | 56 | 31 | $ 416,000 - 492,000 | ||||||||||||||||||||||
Tapestry | 2015 | 110 | — | 2 | 110 | — | $ 446,000 - 525,000 | 2015 | 111 | 8 | 6 | 103 | 8 | $ 454,000 - 535,000 | ||||||||||||||||||||||
Leydon Rock | ||||||||||||||||||||||||||||||||||||
Garden | 2014 | 56 | 17 | 4 | 39 | 15 | $ 394,000 - 434,000 | 2014 | 60 | 35 | 5 | 25 | 18 | $ 411,000 - 451,000 | ||||||||||||||||||||||
Park | 2015 | 78 | 37 | 8 | 41 | 37 | $ 375,000 - 440,000 | 2015 | 74 | 62 | 1 | 12 | 25 | $ 394,000 - 457,000 | ||||||||||||||||||||||
Larimer County | ||||||||||||||||||||||||||||||||||||
Fort Collins | ||||||||||||||||||||||||||||||||||||
Timnath Ranch | ||||||||||||||||||||||||||||||||||||
Park | 2014 | 92 | 64 | 12 | 28 | 37 | $ 370,000 - 398,000 | |||||||||||||||||||||||||||||
Sonnet | 2014 | 179 | 30 | 3 | 149 | 20 | $ 377,000 - 451,000 | 2014 | 55 | 47 | 3 | 8 | 17 | $ 398,000 - 470,000 | ||||||||||||||||||||||
Park | 2014 | 92 | 27 | 13 | 65 | 15 | $ 348,000 - 383,000 | |||||||||||||||||||||||||||||
Loveland | ||||||||||||||||||||||||||||||||||||
Lakes at Centerra | 2015 | 200 | 11 | 8 | 55 | 11 | $ 350,000 - 390,000 | 2015 | 66 | 35 | 17 | 31 | 24 | $ 367,000 - 407,000 | ||||||||||||||||||||||
COLORADO SEGMENT | 1,233 | 326 | 78 | 773 | 230 | |||||||||||||||||||||||||||||||
WASHINGTON (9) | ||||||||||||||||||||||||||||||||||||
COLORADO TOTAL | 963 | 540 | 75 | 423 | 251 | |||||||||||||||||||||||||||||||
WASHINGTON | WASHINGTON | |||||||||||||||||||||||||||||||||||
King County: | ||||||||||||||||||||||||||||||||||||
Westridge | 2015 | 365 | — | — | 365 | — | $ 438,990 - 1,030,990 | |||||||||||||||||||||||||||||
Cascara at Redmond Ridge | 2014 | 69 | 69 | — | — | 56 | (8) | |||||||||||||||||||||||||||||
The Brownstones at Issaquah Highlands | 2014 | 176 | 114 | 7 | 62 | 91 | $ 499,990 - 619,990 | 2014 | 176 | 176 | — | — | 62 | (8) | ||||||||||||||||||||||
The Towns at Mill Creek Meadows | 2014 | 122 | 117 | 4 | 5 | 94 | $ 259,990 - 358,990 | 2014 | 122 | 122 | — | — | 5 | (8) | ||||||||||||||||||||||
Bryant Heights | 2015 | 89 | 3 | 3 | 86 | 3 | $ 535,990 - 1,250,000 | |||||||||||||||||||||||||||||
Bryant Heights SF | 2015 | 14 | 12 | — | 2 | 9 | $ 1,250,000 - 1,390,000 | |||||||||||||||||||||||||||||
Bryant Heights MF | 2016 | 39 | 1 | 3 | 38 | 1 | $790,990 - 914,990 | |||||||||||||||||||||||||||||
Highcroft at Sammamish | 2016 | 121 | — | 8 | — | — | $ 725,990 - 1,075,990 | 2016 | 121 | 37 | 19 | 74 | 37 | $ 774,990 - 1,094,990 | ||||||||||||||||||||||
Peasley Canyon | 2016 | 153 | 35 | 8 | 65 | 35 | $ 389,490 - 469,990 | |||||||||||||||||||||||||||||
Ridgeview Townhomes | 2016 | 40 | — | — | 40 | — | $ 325,990 - 399,990 | 2016 | 40 | 6 | 8 | 34 | 6 | $ 449,990 - 539,990 | ||||||||||||||||||||||
High Point Block 34 | 2016 | 54 | — | — | 54 | — | $ 325,990 - 545,990 | |||||||||||||||||||||||||||||
Dexter & Lee | 2016 | 98 | — | — | 98 | — | $ 325,990 - 545,990 | |||||||||||||||||||||||||||||
Snohomish County: | ||||||||||||||||||||||||||||||||||||
Riverfront MF | 2016 | 425 | — | — | 190 | — | $ 229,990 - 450,000 | |||||||||||||||||||||||||||||
The Reserve at North Creek | 2014 | 127 | 121 | 5 | 6 | 84 | $ 484,990 - 574,990 | 2014 | 221 | 221 | — | — | 6 | (8) | ||||||||||||||||||||||
Silverlake Center | 2015 | 100 | 45 | 10 | 55 | 45 | $ 239,990 - 309,990 | 2015 | 100 | 99 | 1 | 1 | 54 | (8) | ||||||||||||||||||||||
Riverfront | 2016 | 425 | 6 | 13 | 419 | 6 | $ 249,990 - 502,990 | |||||||||||||||||||||||||||||
Pierce County: | ||||||||||||||||||||||||||||||||||||
The Reserve at Maple Valley | 2014 | 41 | 41 | — | — | 14 | (8) | |||||||||||||||||||||||||||||
Spanaway 230 | 2015 | 230 | 47 | 7 | 183 | 47 | $ 234,990 - 349,990 | 2015 | 115 | 115 | — | — | 68 | (8) | ||||||||||||||||||||||
WASHINGTON SEGMENT | 2,057 | 557 | 44 | 1,144 | 434 | |||||||||||||||||||||||||||||||
OREGON (9) | ||||||||||||||||||||||||||||||||||||
WASHINGTON TOTAL | 1,526 | 830 | 52 | 633 | 289 | |||||||||||||||||||||||||||||||
OREGON | OREGON | |||||||||||||||||||||||||||||||||||
Clackamas County: | ||||||||||||||||||||||||||||||||||||
Calais at Villebois - Rumpf Alley | 2015 | 58 | 43 | 1 | 15 | 43 | $ 419,990 - 459,990 | 2015 | 58 | 58 | — | — | 15 | (8) | ||||||||||||||||||||||
Calais at Villebois - Rumpf Traditional | 2015 | 26 | 26 | — | — | 11 | (8) | |||||||||||||||||||||||||||||
Villebois | 2014 | 183 | 170 | — | 13 | 31 | $ 284,990 - 469,990 | |||||||||||||||||||||||||||||
Villebois Zion III - Alley | 2015 | 51 | 32 | — | 19 | 16 | $ 329,990 - 399,990 | |||||||||||||||||||||||||||||
Villebois Lund Cottages | 2015 | 67 | 36 | 5 | 31 | 16 | $ 299,990 - 304,990 | |||||||||||||||||||||||||||||
Villebois Lund Townhomes | 2015 | 42 | 28 | — | 14 | 24 | $ 259,990 - 279,990 | |||||||||||||||||||||||||||||
Villebois Lund Alley | 2016 | 96 | 11 | 6 | 85 | 9 | $ 324,990 - 369,990 | |||||||||||||||||||||||||||||
Grande Pointe at Villebois | 2016 | 100 | 23 | 10 | 77 | 23 | $ 449,990 - 589,990 | |||||||||||||||||||||||||||||
Villebois V Fasano | 2016 | 93 | 37 | 3 | 56 | 37 | $ 339,990 - 409,990 | |||||||||||||||||||||||||||||
Villebois Village Parcel 80 | 2017 | 50 | — | 7 | 50 | — | $ 259,990 - 299,990 | |||||||||||||||||||||||||||||
Villebois Village Parcel 83 | 2016 | 31 | 18 | 13 | 13 | 18 | $ 259,990 - 299,990 | |||||||||||||||||||||||||||||
Washington County: | ||||||||||||||||||||||||||||||||||||
Baseline Woods I | 2014 | 130 | 130 | — | — | 17 | (8) | |||||||||||||||||||||||||||||
Baseline Woods II | 2015 | 102 | 102 | — | — | 54 | (8) | |||||||||||||||||||||||||||||
Sequoia Village - Cornelius Pass | 2016 | 157 | 63 | 17 | 94 | 63 | $ 249,990 - 289,990 |
Calais at Villebois - Rumpf Traditional | 2015 | 26 | 15 | 7 | 11 | 15 | $ 499,990 - 579,500 | |||||||||||
Villebois | 2014 | 183 | 139 | 3 | 44 | 61 | $ 284,990 - 469,990 | |||||||||||
Villebois Zion III - Alley | 2015 | 51 | 16 | 4 | 35 | 16 | $ 329,990 - 389,990 | |||||||||||
Villebois Zion III - Traditional | 2015 | 10 | 10 | — | — | 10 | (8) | |||||||||||
Villebois Lund Cottages | 2015 | 75 | 20 | 3 | 55 | 20 | $ 254,990 - 289,990 | |||||||||||
Villebois Lund Townhomes | 2015 | 42 | 4 | 4 | 38 | 4 | $ 239,990 - 259,990 | |||||||||||
Villebois Lund Alley | 2016 | 88 | 2 | 2 | 86 | 2 | $ 304,990 - 354,990 | |||||||||||
Grande Pointe at Villebois | 2016 | 100 | — | — | 100 | — | $ 439,990 - 589,990 | |||||||||||
Villebois V | 2016 | 93 | — | — | 93 | — | $ 304,990 - 354,990 | |||||||||||
Villebois Village Center 75 & 83 & 80 | 2016 | 149 | — | — | 149 | — | $ 237,990 - 258,990 | |||||||||||
Brenchley Estates | 2014 | 17 | 17 | — | — | 1 | (8) | |||||||||||
Washington County: | ||||||||||||||||||
Baseline Woods | 2014 | 130 | 113 | — | 17 | 57 | $ 289,990 - 379,990 | |||||||||||
Baseline Woods SFD II | 2015 | 102 | 48 | 12 | 54 | 48 | $ 329,990 - 454,990 | |||||||||||
Murray & Weir | 2014 | 81 | 72 | 6 | 9 | 57 | $ 394,990 - 424,990 | |||||||||||
Twin Creeks at Cooper Mountain | 2014 | 94 | 54 | 9 | 40 | 48 | $ 479,990 - 614,990 | |||||||||||
Bethany West - Alley | 2015 | 94 | 30 | 2 | 13 | 30 | $ 374,990 - 459,990 | |||||||||||
Bethany West - Cottage | 2015 | 61 | 16 | 1 | 19 | 16 | $ 319,990 - 389,990 | |||||||||||
Bethany West - Traditional | 2015 | 82 | 45 | 11 | 9 | 45 | $ 569,990 - 664,990 | |||||||||||
Bethany West - Townhomes | 2016 | 32 | — | — | — | — | $ 264,990 - 284,990 | |||||||||||
Bethany West - Weisenfluh | 2016 | 36 | — | — | 36 | — | $ 569,990 - 659,990 | |||||||||||
Bull Mountain Dickson | 2016 | 82 | — | — | 82 | — | $ 539,990 - 649,990 | |||||||||||
Orenco Woods SFD | 2015 | 71 | 43 | 14 | 28 | 43 | $ 359,990 - 519,990 | |||||||||||
North Plains at Sunset Ridge | 2015 | 104 | 19 | 20 | 85 | 19 | $ 324,990 - 429,990 | |||||||||||
OREGON SEGMENT | 1,861 | 706 | 99 | 1,018 | 535 | |||||||||||||
Future Owned and Controlled (by County) | Lots Owned or Controlled as of December 31, 2015 (10) | |||||||||||||||||
CALIFORNIA | ||||||||||||||||||
Orange County | 124 | |||||||||||||||||
Los Angeles County | 122 | |||||||||||||||||
Riverside County | 102 | |||||||||||||||||
San Bernardino County | 70 | |||||||||||||||||
Alameda County | 317 | |||||||||||||||||
Contra Costa County | 296 | |||||||||||||||||
ARIZONA | ||||||||||||||||||
Maricopa County (11) | 2,490 | |||||||||||||||||
NEVADA | ||||||||||||||||||
Nye County (11) | 1,925 | |||||||||||||||||
Clark County | 554 | |||||||||||||||||
COLORADO | ||||||||||||||||||
Grand County | 25 | |||||||||||||||||
Larimer County | 134 | |||||||||||||||||
WASHINGTON | ||||||||||||||||||
King County | 562 | |||||||||||||||||
Snohomish County | 309 | |||||||||||||||||
OREGON | ||||||||||||||||||
Clackamas County | 197 |
Washington County | 1,805 | |||||||||||||||||
TOTAL FUTURE OWNED & CONTROLLED | 9,032 | |||||||||||||||||
GRAND TOTAL | 13,588 | 4,363 | 739 | 17,414 | 2,314 | |||||||||||||
Murray & Weir | 2014 | 81 | 81 | — | — | 9 | (8) | |||||||||||
Twin Creeks | 2014 | 94 | 92 | 1 | 2 | 38 | $ 479,990 - 614,990 | |||||||||||
Bethany West - Alley | 2015 | 94 | 86 | 1 | 3 | 56 | $ 379,990 - 459,990 | |||||||||||
Bethany West - Cottage | 2015 | 61 | 60 | — | 1 | 44 | $ 349,990 - 389,990 | |||||||||||
Bethany West - Traditional | 2015 | 82 | 77 | — | 2 | 32 | $ 569,990 - 664,990 | |||||||||||
Bethany West - Weisenfluh | 2016 | 36 | 31 | 4 | 5 | 31 | $ 569,990 - 659,990 | |||||||||||
Bethany Round 2 - Alley | 2017 | 25 | — | 5 | 25 | — | $ 429,990 - 489,990 | |||||||||||
Bethany Round 2 - Cottage | 2017 | 13 | — | 2 | 13 | — | $ 384,990 - 429,990 | |||||||||||
BM1 North West River Terrace - Med/Std/Lrg | 2017 | 116 | — | 5 | 36 | — | $ 464,990 - 594,990 | |||||||||||
BM2 West River Terrace - Alley | 2016 | 60 | 34 | 16 | 21 | 34 | $ 364,990 - 409,990 | |||||||||||
BM2 West River Terrace - Med/Std | 2016 | 31 | 12 | 3 | 15 | 12 | $ 464,990 -564,990 | |||||||||||
BM2 West River Terrace - Townhomes | 2017 | 46 | — | 10 | 34 | — | $ 274,990 - 319,990 | |||||||||||
BM7 Dickson | 2016 | 82 | 15 | 9 | 67 | 15 | $ 549,990 - 649,990 | |||||||||||
Orenco Woods | 2015 | 71 | 71 | — | — | 28 | (8) | |||||||||||
Sunset Ridge | 2015 | 104 | 101 | 2 | 3 | 82 | $ 349,990 - 499,990 | |||||||||||
OREGON TOTAL | 2,182 | 1,394 | 119 | 679 | 715 | |||||||||||||
Future Owned and Controlled (by County) | Lots Owned or Controlled as of December 31, 2016 (9) | |||||||||||||||||
CALIFORNIA | ||||||||||||||||||
Orange County | 246 | |||||||||||||||||
Los Angeles County | 95 | |||||||||||||||||
San Bernardino County | 70 | |||||||||||||||||
San Diego County | 65 | |||||||||||||||||
Alameda County | 426 | |||||||||||||||||
Contra Costa County | 296 | |||||||||||||||||
Sonoma County | 54 | |||||||||||||||||
ARIZONA | ||||||||||||||||||
Maricopa County (10) | 3,045 | |||||||||||||||||
NEVADA | ||||||||||||||||||
Nye County (10) | 1,925 | |||||||||||||||||
Clark County | 536 | |||||||||||||||||
COLORADO | ||||||||||||||||||
Larimer County | 124 | |||||||||||||||||
Boulder County | 98 | |||||||||||||||||
Arapahoe County | 218 | |||||||||||||||||
Denver County | 698 | |||||||||||||||||
WASHINGTON | ||||||||||||||||||
King County | 882 | |||||||||||||||||
Pierce County | 814 | |||||||||||||||||
Snohomish County | 74 | |||||||||||||||||
OREGON | ||||||||||||||||||
Clackamas County | 305 | |||||||||||||||||
Washington County | 2,452 | |||||||||||||||||
TOTAL FUTURE | 12,423 | |||||||||||||||||
GRAND TOTALS | 11,888 | 5,830 | 733 | 17,858 | 2,781 |
(1) | The estimated number of homes to be built at completion is approximate and includes home sites in our backlog. Such estimated amounts are subject to change based on, among other things, future site planning, as well as zoning and permit changes, and there can be no assurance that the Company will build these homes. Further, certain projects may include lots that the Company controls, and that are also reflected in "Future Owned and |
(2) | “Cumulative Homes Closed” represents homes closed since the project opened, and may include prior years, in addition to the homes closed during the current year presented. |
(3) | Backlog consists of homes sold under sales contracts that have not yet closed, and there can be no assurance that closings of sold homes will occur. |
(4) | Of the total homes subject to pending sales contracts as of December 31, |
(5) | Lots owned as of December 31, |
(6) | Estimated sales price range reflects the most recent pricing updates of the base price only and excludes any lot premium, buyer incentive and buyer selected options, which vary from project to project. Sales prices reflect current pricing estimates and might not be indicative of past or future pricing. Further, any potential benefit to be gained from an increase in sales price ranges as compared to previously estimated amounts may be offset by increases in costs, profit participation, and other factors. |
(7) | Project is a joint venture and is consolidated as a VIE in accordance with ASC 810, Consolidation. |
(8) | Project is completely sold out, therefore the sales price range is not applicable as of December 31, |
(9) |
Includes projects with lots owned as of December 31, |
(11) | Project on hold as of December 31, 2016, therefore the sales price range is not applicable. |
Item 1A. | Risk Factors |
Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Item 3. | Legal Proceedings |
Item 4. | Mine Safety Disclosure |
Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
2015 | 2014 | 2016 | 2015 | |||||||||||||||||||||||
Calendar Quarter Ended | High | Low | High | Low | High | Low | High | Low | ||||||||||||||||||
March 31 | 26.21 | 17.03 | 31.77 | 21.28 | 16.42 | 7.61 | 26.21 | 17.03 | ||||||||||||||||||
June 30 | 26.40 | 19.78 | 30.74 | 25.40 | 17.44 | 12.80 | 26.40 | 19.78 | ||||||||||||||||||
September 30 | 26.05 | 20.23 | 31.40 | 22.00 | 19.02 | 15.18 | 26.05 | 20.23 | ||||||||||||||||||
December 31 | 24.18 | 14.77 | 24.54 | 17.71 | 21.92 | 15.60 | 24.18 | 14.77 |
5/16/2013 | 12/31/2013 | 12/31/2014 | 12/31/2015 | 12/31/2016 | |||||||||||||||
William Lyon Homes | $ | 100 | $ | 86.82 | $ | 79.49 | $ | 64.71 | $ | 74.63 | |||||||||
S&P 500 Index | 100 | 113.45 | 128.98 | 130.77 | 146.41 | ||||||||||||||
S&P Composite 1500 Homebuilding Index | 100 | 91.56 | 95.47 | 101.68 | 97.51 |
Month Ended | Total Number of Shares Purchased | Average Price Per Share | ||||
October 31, 2015 | 252 | 23.45 | ||||
November 30, 2015 | — | — | ||||
December 31, 2015 | — | — | ||||
Total | 252 |
Month Ended | Total Number of Shares Purchased | Average Price Per Share | |||
October 31, 2016 | — | N/A | |||
November 30, 2016 | — | N/A | |||
December 31, 2016 | 1,221 | $19.03 | |||
Total | 1,221 |
Item 6. | Selected Historical Consolidated Financial Data |
Successor (1) | Predecessor (1) | ||||||||||||||||||||||
Period From February 25, | Period From January 1, | ||||||||||||||||||||||
Year Ended December 31, | through December 31, | through February 24, | Year Ended December 31, | ||||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2012 | 2011 | ||||||||||||||||||
(in thousands except number of shares, per share data and number of homes) | |||||||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Home sales | $ | 1,078,928 | $ | 857,025 | $ | 521,310 | $ | 244,610 | $ | 16,687 | $ | 207,055 | |||||||||||
Lots, land and other sales | 2,500 | 1,926 | 18,692 | 104,325 | — | — | |||||||||||||||||
Construction services | 25,124 | 37,728 | 32,533 | 23,825 | 8,883 | 19,768 | |||||||||||||||||
Total revenues | 1,106,552 | 896,679 | 572,535 | 372,760 | 25,570 | 226,823 | |||||||||||||||||
Operating income (loss) | 81,018 | 75,870 | 55,857 | 4,666 | (2,684 | ) | (148,015 | ) | |||||||||||||||
Income (loss) before reorganization items and (provision) benefit from income taxes | 87,067 | 78,323 | 53,765 | (4,325 | ) | (4,961 | ) | (171,706 | ) |
Reorganization items, net (2) | — | — | (464 | ) | (2,525 | ) | 233,458 | (21,182 | ) | ||||||||||||||
(Provision) benefit for income taxes | (26,806 | ) | (23,797 | ) | 82,302 | (11 | ) | — | (10 | ) | |||||||||||||
Net income (loss) | 60,261 | 54,526 | 135,603 | (6,861 | ) | 228,497 | (192,898 | ) | |||||||||||||||
Net income (loss) available to common stockholders | $ | 57,336 | $ | 44,625 | $ | 127,604 | $ | (11,602 | ) | $ | 228,383 | $ | (193,330 | ) | |||||||||
Income (loss) per common share: | |||||||||||||||||||||||
Basic | $ | 1.57 | $ | 1.41 | $ | 5.16 | $ | (0.93 | ) | $ | 228,383 | $ | (193,330 | ) | |||||||||
Diluted | $ | 1.48 | $ | 1.34 | $ | 4.95 | $ | (0.93 | ) | $ | 228,383 | $ | (193,330 | ) | |||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 36,546,227 | 31,753,110 | 24,736,841 | 12,489,435 | 1,000 | 1,000 | |||||||||||||||||
Diluted | 38,767,556 | 33,236,343 | 25,796,197 | 12,489,435 | 1,000 | 1,000 | |||||||||||||||||
Operating Data (including consolidated joint ventures) (unaudited): | |||||||||||||||||||||||
Number of net new home orders | 2,575 | 1,677 | 1,322 | 956 | 175 | 669 | |||||||||||||||||
Number of homes closed | 2,314 | 1,753 | 1,360 | 883 | 67 | 614 | |||||||||||||||||
Average sales price of homes closed | $ | 466 | $ | 489 | $ | 383 | $ | 277 | $ | 249 | $ | 337 | |||||||||||
Cancellation rates | 20 | % | 18 | % | 17 | % | 15 | % | 8 | % | 18 | % | |||||||||||
Backlog at end of period, number of homes | 739 | 478 | 368 | 406 | 246 | 139 | |||||||||||||||||
Backlog at end of period, aggregate sales value | $ | 391,770 | $ | 260,127 | $ | 199,523 | $ | 115,449 | $ | 63,434 | $ | 29,329 |
Successor (1) | Predecessor (1) | ||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2015 | 2014 | 2013 | 2012 | 2011 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Cash and cash equivalents | $ | 50,203 | $ | 52,771 | $ | 171,672 | $ | 71,075 | $ | 20,061 | |||||||||
Real estate inventories—Owned | 1,675,106 | 1,404,639 | 671,790 | 421,630 | 398,534 | ||||||||||||||
Real estate inventories—Not owned | — | — | 12,960 | 39,029 | 47,408 | ||||||||||||||
Total assets | 1,923,450 | 1,659,724 | 1,010,411 | 581,147 | 496,951 | ||||||||||||||
Total debt | 1,105,776 | 925,398 | 469,355 | 338,248 | 563,492 | ||||||||||||||
Redeemable convertible preferred stock | — | — | — | 71,246 | — | ||||||||||||||
Total William Lyon Homes stockholders’ equity (deficit) | 632,095 | 569,915 | 428,179 | 62,712 | (179,516 | ) | |||||||||||||
Noncontrolling interests | 39,374 | 27,231 | 22,615 | 9,407 | 9,646 |
Successor (1) | Predecessor (1) | ||||||||||||||||||||||
Period From February 25, | Period From January 1, | ||||||||||||||||||||||
Year Ended December 31, | through December 31, | through February 24, | |||||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | 2012 | ||||||||||||||||||
(in thousands except number of shares, per share data and number of homes) | |||||||||||||||||||||||
Statement of Operations Data: | |||||||||||||||||||||||
Revenues | |||||||||||||||||||||||
Home sales | $ | 1,402,203 | $ | 1,078,928 | $ | 857,025 | $ | 521,310 | $ | 244,610 | $ | 16,687 | |||||||||||
Construction services | 3,837 | 25,124 | 37,728 | 32,533 | 23,825 | 8,883 | |||||||||||||||||
Total revenues | 1,406,040 | 1,104,052 | 894,753 | 553,843 | 268,435 | 25,570 | |||||||||||||||||
Operating income (loss) | 93,968 | 80,247 | 75,473 | 51,857 | (4,873 | ) | (2,684 | ) | |||||||||||||||
Income (loss) before reorganization items and (provision) benefit from income taxes | 102,817 | 87,067 | 78,323 | 53,765 | (4,325 | ) | (4,961 | ) | |||||||||||||||
Reorganization items, net (2) | — | — | — | (464 | ) | (2,525 | ) | 233,458 | |||||||||||||||
(Provision) benefit for income taxes | (34,850 | ) | (26,806 | ) | (23,797 | ) | 82,302 | (11 | ) | — | |||||||||||||
Net income (loss) | 67,967 | 60,261 | 54,526 | 135,603 | (6,861 | ) | 228,497 | ||||||||||||||||
Net income (loss) available to common stockholders | $ | 59,696 | $ | 57,336 | $ | 44,625 | $ | 127,604 | $ | (11,602 | ) | $ | 228,383 | ||||||||||
Income (loss) per common share: | |||||||||||||||||||||||
Basic | $ | 1.62 | $ | 1.57 | $ | 1.41 | $ | 5.16 | $ | (0.93 | ) | $ | 228,383 | ||||||||||
Diluted | $ | 1.55 | $ | 1.48 | $ | 1.34 | $ | 4.95 | $ | (0.93 | ) | $ | 228,383 | ||||||||||
Weighted average common shares outstanding: | |||||||||||||||||||||||
Basic | 36,764,799 | 36,546,227 | 31,753,110 | 24,736,841 | 12,489,435 | 1,000 | |||||||||||||||||
Diluted | 38,474,900 | 38,767,556 | 33,236,343 | 25,796,197 | 12,489,435 | 1,000 | |||||||||||||||||
Operating Data (including consolidated joint ventures) (unaudited): | |||||||||||||||||||||||
Number of net new home orders | 2,775 | 2,575 | 1,677 | 1,322 | 956 | 175 | |||||||||||||||||
Number of homes closed | 2,781 | 2,314 | 1,753 | 1,360 | 883 | 67 | |||||||||||||||||
Average sales price of homes closed | $ | 504 | $ | 466 | $ | 489 | $ | 383 | $ | 277 | $ | 249 | |||||||||||
Cancellation rates | 16 | % | 20 | % | 18 | % | 17 | % | 15 | % | 8 | % | |||||||||||
Backlog at end of period, number of homes | 733 | 739 | 478 | 368 | 406 | 246 | |||||||||||||||||
Backlog at end of period, aggregate sales value | $ | 410,675 | $ | 391,770 | $ | 260,127 | $ | 199,523 | $ | 115,449 | $ | 63,434 |
Successor (1) | |||||||||||||||||||
December 31, | |||||||||||||||||||
2016 | 2015 | 2014 | 2013 | 2012 | |||||||||||||||
(in thousands) | |||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||
Cash and cash equivalents | $ | 42,612 | $ | 50,203 | $ | 52,771 | $ | 171,672 | $ | 71,075 | |||||||||
Real estate inventories—Owned | 1,771,998 | 1,675,106 | 1,404,639 | 671,790 | 421,630 | ||||||||||||||
Real estate inventories—Not owned | — | — | — | 12,960 | 39,029 | ||||||||||||||
Total assets | 1,998,151 | 1,923,450 | 1,659,724 | 1,010,411 | 581,147 | ||||||||||||||
Total debt | 1,080,650 | 1,105,776 | 925,398 | 469,355 | 338,248 | ||||||||||||||
Redeemable convertible preferred stock | — | — | — | — | 71,246 | ||||||||||||||
Total William Lyon Homes stockholders’ equity | 697,086 | 632,095 | 569,915 | 428,179 | 62,712 | ||||||||||||||
Noncontrolling interests | 66,343 | 39,374 | 27,231 | 22,615 | 9,407 |
(1) | Successor refers to William Lyon Homes and its consolidated subsidiaries on and after February 25, 2012, or the Emergence Date, after giving effect to: (i) the cancellation of shares of our common stock issued prior to February 25, 2012; (ii) the issuance of shares of new common stock, and settlement of existing debt and other adjustments in accordance with the Plan; and (iii) the application of fresh start accounting. Predecessor refers to William Lyon Homes and its consolidated subsidiaries up to the Emergence Date. In relation to the adoption of fresh start accounting in conjunction with the confirmation of the Plan, the results of operations for 2012 separately present the period from January 1, 2012 through February 24, 2012 as the pre-emergence, predecessor entity and the period from February 25, 2012 through December 31, 2012 as the successor entity. As such, the application of fresh start accounting as described in Note 1 of the “Notes to Consolidated Financial Statements” is reflected in the years ended December 31, 2016, 2015, and 2014, and the period from February 25, 2012 through December 31, 2012 and not the period from January 1, 2012 through February 24, 2012. Certain statistics including (i) net new home orders, (ii) average number of sales locations, (iii) backlog, (iv) number of homes closed, (v) homes sales revenue and (vi) average sales price of homes closed are not affected by the fresh start accounting. |
(2) | The Company recorded reorganization items of $(0.5) million, $(2.5) million, and $233.5 |
Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations |
Year Ended December 31, | Increase (Decrease) | ||||||||||
2016 | 2015 | Amount | % | ||||||||
Number of Net New Home Orders | |||||||||||
California | 752 | 669 | 83 | 12 | % | ||||||
Arizona | 468 | 414 | 54 | 13 | % | ||||||
Nevada | 275 | 272 | 3 | 1 | % | ||||||
Colorado | 248 | 224 | 24 | 11 | % | ||||||
Washington | 297 | 416 | (119 | ) | (29 | )% | |||||
Oregon | 735 | 580 | 155 | 27 | % | ||||||
Total | 2,775 | 2,575 | 200 | 8 | % |
Year Ended December 31, | Increase (Decrease) | |||||||
2016 | 2015 | Amount | ||||||
Cancellation Rates | ||||||||
California | 18 | % | 22 | % | (4 | )% | ||
Arizona | 12 | % | 14 | % | (2 | )% | ||
Nevada | 18 | % | 20 | % | (2 | )% | ||
Colorado | 13 | % | 19 | % | (6 | )% | ||
Washington | 16 | % | 20 | % | (4 | )% | ||
Oregon | 17 | % | 21 | % | (4 | )% | ||
Overall | 16 | % | 20 | % | (4 | )% |
Year Ended December 31, | Increase (Decrease) | ||||||||||
2016 | 2015 | Amount | % | ||||||||
Average Number of Sales Locations | |||||||||||
California | 20 | 18 | 2 | 11 | % | ||||||
Arizona | 8 | 7 | 1 | 14 | % | ||||||
Nevada | 12 | 11 | 1 | 9 | % | ||||||
Colorado | 10 | 13 | (3 | ) | (23 | )% | |||||
Washington | 6 | 6 | — | — | % | ||||||
Oregon | 18 | 13 | 5 | 38 | % | ||||||
Total | 74 | 68 | 6 | 9 | % |
Year Ended December 31, | Increase (Decrease) | |||||
2016 | 2015 | Amount | ||||
Monthly Absorption Rates | ||||||
California | 3.1 | 3.1 | — | |||
Arizona | 4.9 | 4.9 | — | |||
Nevada | 1.9 | 2.1 | (0.2 | ) | ||
Colorado | 2.1 | 1.4 | 0.7 | |||
Washington | 4.1 | 5.8 | (1.7) | |||
Oregon | 3.4 | 3.7 | (0.3) | |||
Overall | 3.1 | 3.2 | (0.1 | ) |
December 31, | Increase (Decrease) | |||||||||||
2016 | 2015 | Amount | % | |||||||||
Backlog (units) | ||||||||||||
California | 224 | 194 | 30 | 15 | % | |||||||
Arizona | 204 | 209 | (5 | ) | (2 | )% | ||||||
Nevada | 59 | 115 | (56 | ) | (49 | )% | ||||||
Colorado | 75 | 78 | (3 | ) | (4 | )% | ||||||
Washington | 52 | 44 | 8 | 18 | % | |||||||
Oregon | 119 | 99 | 20 | 20 | % | |||||||
Total | 733 | 739 | (6 | ) | (1 | )% |
December 31, | Increase (Decrease) | ||||||||||||||
2016 | 2015 | Amount | % | ||||||||||||
(dollars in thousands) | |||||||||||||||
Backlog (dollars) | |||||||||||||||
California | $ | 182,300 | $ | 152,673 | $ | 29,627 | 19 | % | |||||||
Arizona | 59,563 | 53,527 | 6,036 | 11 | % | ||||||||||
Nevada | 45,034 | 77,151 | (32,117 | ) | (42 | )% | |||||||||
Colorado | 39,569 | 40,952 | (1,383 | ) | (3 | )% | |||||||||
Washington | 34,789 | 24,414 | 10,375 | 42 | % | ||||||||||
Oregon | 49,420 | 43,053 | 6,367 | 15 | % | ||||||||||
Total | $ | 410,675 | $ | 391,770 | $ | 18,905 | 5 | % |
December 31, | Increase (Decrease) | ||||||||||
2016 | 2015 | Amount | % | ||||||||
Number of Homes Closed | |||||||||||
California | 722 | 633 | 89 | 14 | % | ||||||
Arizona | 473 | 252 | 221 | 88 | % | ||||||
Nevada | 331 | 230 | 101 | 44 | % | ||||||
Colorado | 251 | 230 | 21 | 9 | % | ||||||
Washington | 289 | 434 | (145 | ) | (33 | )% | |||||
Oregon | 715 | 535 | 180 | 34 | % | ||||||
Total | 2,781 | 2,314 | 467 | 20 | % |
Year Ended December 31, | Increase (Decrease) | |||||||||||||
2016 | 2015 | Amount | % | |||||||||||
(dollars in thousands) | ||||||||||||||
Home Sales Revenue | ||||||||||||||
California | $ | 490,352 | $ | 379,310 | $ | 111,042 | 29 | % | ||||||
Arizona | 125,951 | 67,010 | 58,941 | 88 | % | |||||||||
Nevada | 191,711 | 130,845 | 60,866 | 47 | % | |||||||||
Colorado | 128,530 | 107,014 | 21,516 | 20 | % | |||||||||
Washington | 154,600 | 181,258 | (26,658 | ) | (15 | )% | ||||||||
Oregon | 311,059 | 213,491 | 97,568 | 46 | % | |||||||||
Total | $ | 1,402,203 | $ | 1,078,928 | $ | 323,275 | 30 | % |
Year Ended December 31, | Increase (Decrease) | |||||||||||||
2016 | 2015 | Amount | % | |||||||||||
Average Sales Price of Homes Closed | ||||||||||||||
California | $ | 679,200 | $ | 599,200 | $ | 80,000 | 13 | % | ||||||
Arizona | 266,300 | 265,900 | 400 | — | % | |||||||||
Nevada | 579,200 | 568,900 | 10,300 | 2 | % | |||||||||
Colorado | 512,100 | 465,300 | 46,800 | 10 | % | |||||||||
Washington | 534,900 | 417,600 | 117,300 | 28 | % | |||||||||
Oregon | 435,000 | 399,000 | 36,000 | 9 | % | |||||||||
Total average | $ | 504,200 | $ | 466,300 | $ | 37,900 | 8 | % |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
(dollars in thousands) | |||||||
Home sales revenue | $ | 1,402,203 | $ | 1,078,928 | |||
Cost of home sales | 1,162,337 | 878,995 | |||||
Homebuilding gross margin | 239,866 | 199,933 | |||||
Homebuilding gross margin percentage | 17.1 | % | 18.5 | % | |||
Add: Interest in cost of sales | 57,297 | 38,416 | |||||
Add: Purchase accounting adjustments | 23,414 | 28,919 | |||||
Adjusted homebuilding gross margin | $ | 320,577 | $ | 267,268 | |||
Adjusted homebuilding gross margin percentage | 22.9 | % | 24.8 | % |
Year Ended December 31, | As a Percentage of Home Sales Revenue | ||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||
(dollars in thousands) | |||||||||||||
Sales and Marketing | $ | 72,509 | $ | 61,539 | 5.2 | % | 5.7 | % | |||||
General and Administrative | 73,398 | 59,161 | 5.2 | % | 5.5 | % | |||||||
Total Sales and Marketing & General and Administrative | $ | 145,907 | $ | 120,700 | 10.4 | % | 11.2 | % |
Year Ended December 31, | |||||||
2016 | 2015 | ||||||
Interest incurred | $ | 83,218 | $ | 76,221 | |||
Less: Interest capitalized | (83,218 | ) | (76,221 | ) | |||
Interest expense, net of amounts capitalized | $ | — | $ | — | |||
Cash paid for interest | $ | 79,734 | $ | 72,254 |
December 31, | ||||||||||||
2016 | 2015 | Amount | % | |||||||||
Lots Owned | ||||||||||||
California | 1,484 | 2,200 | (716 | ) | (33 | )% | ||||||
Arizona | 4,932 | 5,204 | (272 | ) | (5 | )% | ||||||
Nevada | 3,028 | 2,888 | 140 | 5 | % | |||||||
Colorado | 1,475 | 798 | 677 | 85 | % | |||||||
Washington | 1,367 | 1,144 | 223 | 19 | % | |||||||
Oregon | 1,340 | 1,245 | 95 | 8 | % | |||||||
Total | 13,626 | 13,479 | 147 | 1 | % | |||||||
Lots Controlled (1) | ||||||||||||
California | 971 | 601 | 370 | 62 | % | |||||||
Arizona | — | — | — | — | % | |||||||
Nevada | 43 | 554 | (511 | ) | (92 | )% | ||||||
Colorado | 86 | 134 | (48 | ) | (36 | )% | ||||||
Washington | 1,036 | 871 | 165 | 19 | % | |||||||
Oregon | 2,096 | 1,775 | 321 | 18 | % | |||||||
Total | 4,232 | 3,935 | 297 | 8 | % | |||||||
Total Lots Owned and Controlled | 17,858 | 17,414 | 444 | 3 | % |
(1) | Lots controlled may be purchased by the Company as consolidated projects or may be purchased by newly formed joint ventures. |
Year Ended December 31, | Increase (Decrease) | Year Ended December 31, | Increase (Decrease) | |||||||||||||||||||
2015 | 2014 | Amount | % | 2015 | 2014 | Amount | % | |||||||||||||||
Number of Net New Home Orders | ||||||||||||||||||||||
California | 669 | 792 | (123 | ) | (16 | )% | 669 | 792 | (123 | ) | (16 | )% | ||||||||||
Arizona | 414 | 201 | 213 | 106 | % | 414 | 201 | 213 | 106 | % | ||||||||||||
Nevada | 272 | 237 | 35 | 15 | % | 272 | 237 | 35 | 15 | % | ||||||||||||
Colorado | 224 | 152 | 72 | 47 | % | 224 | 152 | 72 | 47 | % | ||||||||||||
Subtotal | 1,579 | 1,382 | 197 | 14 | % | |||||||||||||||||
Washington | 416 | 134 | 282 | 210 | % | 416 | 134 | 282 | 210 | % | ||||||||||||
Oregon | 580 | 161 | 419 | 260 | % | 580 | 161 | 419 | 260 | % | ||||||||||||
Total | 2,575 | 1,677 | 898 | 54 | % | 2,575 | 1,677 | 898 | 54 | % | ||||||||||||
Cancellation Rate | 20 | % | 18 | % | 2 | % |
Year Ended December 31, | Increase (Decrease) | Year Ended December 31, | Increase (Decrease) | ||||||||||||||||
2015 | 2014 | Amount | % | 2015 | 2014 | Amount | |||||||||||||
Average Number of Sales Locations | |||||||||||||||||||
Cancellation Rates | |||||||||||||||||||
California | 18 | 17 | 1 | 6 | % | 22 | % | 17 | % | 5 | % | ||||||||
Arizona | 7 | 6 | 1 | 17 | % | 14 | % | 13 | % | 1 | % | ||||||||
Nevada | 11 | 9 | 2 | 22 | % | 20 | % | 22 | % | (2 | )% | ||||||||
Colorado | 13 | 8 | 5 | 63 | % | 19 | % | 15 | % | 4 | % | ||||||||
Subtotal | 49 | 40 | 9 | 23 | % | ||||||||||||||
Washington | 6 | 2 | 4 | 200 | % | 20 | % | 20 | % | — | % | ||||||||
Oregon | 13 | 2 | 11 | 550 | % | 21 | % | 23 | % | (2 | )% | ||||||||
Total | 68 | 44 | 24 | 55 | % | 20 | % | 18 | % | 2 | % |
Year Ended December 31, | Increase (Decrease) | ||||||||||
2015 | 2014 | Amount | % | ||||||||
Average Number of Sales Locations | |||||||||||
California | 18 | 17 | 1 | 6 | % | ||||||
Arizona | 7 | 6 | 1 | 17 | % | ||||||
Nevada | 11 | 9 | 2 | 22 | % | ||||||
Colorado | 13 | 8 | 5 | 63 | % | ||||||
Washington | 6 | 2 | 4 | 200 | % | ||||||
Oregon | 13 | 2 | 11 | 550 | % | ||||||
Total | 68 | 44 | 24 | 55 | % |
December 31, | Increase (Decrease) | Year Ended December 31, | Increase (Decrease) | ||||||||||||||||
2015 | 2014 | Amount | % | 2015 | 2014 | Amount | |||||||||||||
Backlog (units) | |||||||||||||||||||
Monthly Absorption Rates | |||||||||||||||||||
California | 194 | 158 | 36 | 23 | % | 3.1 | 3.9 | (0.8) | |||||||||||
Arizona | 209 | 47 | 162 | 345 | % | 4.9 | 2.8 | 2.1 | |||||||||||
Nevada | 115 | 73 | 42 | 58 | % | 2.1 | 2.2 | (0.1) | |||||||||||
Colorado | 78 | 84 | (6 | ) | (7 | )% | 1.4 | 1.6 | (0.2) | ||||||||||
Subtotal | 596 | 362 | 234 | 65 | % | ||||||||||||||
Washington | 44 | 62 | (18 | ) | (29 | )% | 5.8 | 5.6 | 0.2 | ||||||||||
Oregon | 99 | 54 | 45 | 83 | % | 3.7 | 6.7 | (3.0) | |||||||||||
Total | 739 | 478 | 261 | 55 | % | ||||||||||||||
Overall | 3.2 | 3.2 | — |
December 31, | Increase (Decrease) | |||||||||||
2015 | 2014 | Amount | % | |||||||||
Backlog (units) | ||||||||||||
California | 194 | 158 | 36 | 23 | % | |||||||
Arizona | 209 | 47 | 162 | 345 | % | |||||||
Nevada | 115 | 73 | 42 | 58 | % | |||||||
Colorado | 78 | 84 | (6 | ) | (7 | )% | ||||||
Washington | 44 | 62 | (18 | ) | (29 | )% | ||||||
Oregon | 99 | 54 | 45 | 83 | % | |||||||
Total | 739 | 478 | 261 | 55 | % |
December 31, | Increase (Decrease) | December 31, | Increase (Decrease) | |||||||||||||||||||||||||||
2015 | 2014 | Amount | % | 2015 | 2014 | Amount | % | |||||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||||
Backlog (dollars) | ||||||||||||||||||||||||||||||
California | $ | 152,673 | $ | 93,912 | $ | 58,761 | 63 | % | $ | 152,673 | $ | 93,912 | $ | 58,761 | 63 | % | ||||||||||||||
Arizona | 53,527 | 13,408 | 40,119 | 299 | % | 53,527 | 13,408 | 40,119 | 299 | % | ||||||||||||||||||||
Nevada | 77,151 | 62,847 | 14,304 | 23 | % | 77,151 | 62,847 | 14,304 | 23 | % | ||||||||||||||||||||
Colorado | 40,952 | 37,935 | 3,017 | 8 | % | 40,952 | 37,935 | 3,017 | 8 | % | ||||||||||||||||||||
Subtotal | 324,303 | 208,102 | 116,201 | 56 | % | |||||||||||||||||||||||||
Washington | 24,414 | 34,309 | (9,895 | ) | (29 | )% | 24,414 | 34,309 | (9,895 | ) | (29 | )% | ||||||||||||||||||
Oregon | 43,053 | 17,716 | 25,337 | 143 | % | 43,053 | 17,716 | 25,337 | 143 | % | ||||||||||||||||||||
Total | $ | 391,770 | $ | 260,127 | $ | 131,643 | 51 | % | $ | 391,770 | $ | 260,127 | $ | 131,643 | 51 | % |
December 31, | Increase (Decrease) | December 31, | Increase (Decrease) | |||||||||||||||||||
2015 | 2014 | Amount | % | 2015 | 2014 | Amount | % | |||||||||||||||
Number of Homes Closed | ||||||||||||||||||||||
California | 633 | 840 | (207 | ) | (25 | )% | 633 | 840 | (207 | ) | (25 | )% | ||||||||||
Arizona | 252 | 217 | 35 | 16 | % | 252 | 217 | 35 | 16 | % | ||||||||||||
Nevada | 230 | 236 | (6 | ) | (3 | )% | 230 | 236 | (6 | ) | (3 | )% | ||||||||||
Colorado | 230 | 95 | 135 | 142 | % | 230 | 95 | 135 | 142 | % | ||||||||||||
Subtotal | 1,345 | 1,388 | (43 | ) | (3 | )% | ||||||||||||||||
Washington | 434 | 154 | 280 | 182 | % | 434 | 154 | 280 | 182 | % | ||||||||||||
Oregon | 535 | 211 | 324 | 154 | % | 535 | 211 | 324 | 154 | % | ||||||||||||
Total | 2,314 | 1,753 | 561 | 32 | % | 2,314 | 1,753 | 561 | 32 | % |
Year Ended December 31, | Increase (Decrease) | Year Ended December 31, | Increase (Decrease) | |||||||||||||||||||||||||
2015 | 2014 | Amount | % | 2015 | 2014 | Amount | % | |||||||||||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||||||||||||||
Home Sales Revenue | ||||||||||||||||||||||||||||
California | $ | 379,310 | $ | 498,965 | $ | (119,655 | ) | (24 | )% | $ | 379,310 | $ | 498,965 | $ | (119,655 | ) | (24 | )% | ||||||||||
Arizona | 67,010 | 57,484 | 9,526 | 17 | % | 67,010 | 57,484 | 9,526 | 17 | % | ||||||||||||||||||
Nevada | 130,845 | 121,815 | 9,030 | 7 | % | 130,845 | 121,815 | 9,030 | 7 | % | ||||||||||||||||||
Colorado | 107,014 | 46,460 | 60,554 | 130 | % | 107,014 | 46,460 | 60,554 | 130 | % | ||||||||||||||||||
Subtotal | 684,179 | 724,724 | (40,545 | ) | (6 | )% | ||||||||||||||||||||||
Washington | 181,258 | 65,886 | 115,372 | 175 | % | 181,258 | 65,886 | 115,372 | 175 | % | ||||||||||||||||||
Oregon | 213,491 | 66,415 | 147,076 | 221 | % | 213,491 | 66,415 | 147,076 | 221 | % | ||||||||||||||||||
Total | $ | 1,078,928 | $ | 857,025 | $ | 221,903 | 26 | % | $ | 1,078,928 | $ | 857,025 | $ | 221,903 | 26 | % |
Year Ended December 31, | Increase (Decrease) | Year Ended December 31, | Increase (Decrease) | |||||||||||||||||||||||||
2015 | 2014 | Amount | % | 2015 | 2014 | Amount | % | |||||||||||||||||||||
Average Sales Price of Homes Closed | ||||||||||||||||||||||||||||
California | $ | 599,200 | $ | 594,000 | $ | 5,200 | 1 | % | $ | 599,200 | $ | 594,000 | $ | 5,200 | 1 | % | ||||||||||||
Arizona | 265,900 | 264,900 | 1,000 | — | % | 265,900 | 264,900 | 1,000 | — | % | ||||||||||||||||||
Nevada | 568,900 | 516,200 | 52,700 | 10 | % | 568,900 | 516,200 | 52,700 | 10 | % | ||||||||||||||||||
Colorado | 465,300 | 489,100 | (23,800 | ) | (5 | )% | 465,300 | 489,100 | (23,800 | ) | (5 | )% | ||||||||||||||||
Subtotal average | 508,700 | 522,100 | (13,400 | ) | (3 | )% | ||||||||||||||||||||||
Washington | 417,600 | 427,800 | (10,200 | ) | (2 | )% | 417,600 | 427,800 | (10,200 | ) | (2 | )% | ||||||||||||||||
Oregon | 399,000 | 314,800 | 84,200 | 27 | % | 399,000 | 314,800 | 84,200 | 27 | % | ||||||||||||||||||
Total average | $ | 466,300 | $ | 488,900 | $ | (22,600 | ) | (5 | )% | $ | 466,300 | $ | 488,900 | $ | (22,600 | ) | (5 | )% |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
(dollars in thousands) | |||||||
Home sales revenue | $ | 1,078,928 | $ | 857,025 | |||
Cost of home sales | 878,995 | 677,531 | |||||
Homebuilding gross margin | 199,933 | 179,494 | |||||
Homebuilding gross margin percentage | 18.5 | % | 20.9 | % | |||
Add: Interest in cost of sales | 38,416 | 26,510 | |||||
Add: Purchase accounting adjustments | 28,919 | 9,979 | |||||
Adjusted homebuilding gross margin | $ | 267,268 | $ | 215,983 | |||
Adjusted homebuilding gross margin percentage | 24.8 | % | 25.2 | % |
Year Ended December 31, | As a Percentage of Home Sales Revenue | ||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||
(dollars in thousands) | |||||||||||||
Sales and Marketing | $ | 61,539 | $ | 45,903 | 5.7 | % | 5.4 | % | |||||
General and Administrative | 59,161 | 54,626 | 5.5 | % | 6.4 | % | |||||||
Total Sales and Marketing & General and Administrative | $ | 120,700 | $ | 100,529 | 11.2 | % | 11.7 | % |
Year Ended December 31, | |||||||
2015 | 2014 | ||||||
Interest incurred | $ | 76,221 | $ | 65,560 | |||
Less: Interest capitalized | (76,221 | ) | (65,560 | ) | |||
Interest expense, net of amounts capitalized | $ | — | $ | — | |||
Cash paid for interest | $ | 72,254 | $ | 46,779 |
December 31, | December 31, | |||||||||||||||||||||||
2015 | 2014 | Amount | % | 2015 | 2014 | Amount | % | |||||||||||||||||
Lots Owned | ||||||||||||||||||||||||
California | 2,200 | 2,140 | 60 | 3 | % | 2,200 | 2,140 | 60 | 3 | % | ||||||||||||||
Arizona | 5,204 | 5,421 | (217 | ) | (4 | )% | 5,204 | 5,421 | (217 | ) | (4 | )% | ||||||||||||
Nevada | 2,888 | 2,941 | (53 | ) | (2 | )% | 2,888 | 2,941 | (53 | ) | (2 | )% | ||||||||||||
Colorado | 798 | 979 | (181 | ) | (18 | )% | 798 | 979 | (181 | ) | (18 | )% | ||||||||||||
Subtotal | 11,090 | 11,481 | (391 | ) | (3 | )% | 11,090 | 11,481 | (391 | ) | (3 | )% | ||||||||||||
Washington | 1,144 | 1,427 | (283 | ) | (20 | )% | 1,144 | 1,427 | (283 | ) | (20 | )% | ||||||||||||
Oregon | 1,245 | 1,195 | 50 | 4 | % | 1,245 | 1,195 | 50 | 4 | % | ||||||||||||||
Total | 13,479 | 14,103 | (624 | ) | (4 | )% | 13,479 | 14,103 | (624 | ) | (4 | )% | ||||||||||||
Lots Controlled(1) | ||||||||||||||||||||||||
Lots Controlled (1) | ||||||||||||||||||||||||
California | 601 | 1,538 | (937 | ) | (61 | )% | 601 | 1,538 | (937 | ) | (61 | )% | ||||||||||||
Arizona | — | — | — | — | % | — | — | — | — | % | ||||||||||||||
Nevada | 554 | 156 | 398 | 255 | % | 554 | 156 | 398 | 255 | % | ||||||||||||||
Colorado | 134 | 183 | (49 | ) | (27 | )% | 134 | 183 | (49 | ) | (27 | )% | ||||||||||||
Subtotal | 1,289 | 1,877 | (588 | ) | (31 | )% | 1,289 | 1,877 | (588 | ) | (31 | )% | ||||||||||||
Washington | 871 | 728 | 143 | 20 | % | 871 | 728 | 143 | 20 | % | ||||||||||||||
Oregon | 1,775 | 834 | 941 | 113 | % | 1,775 | 834 | 941 | 113 | % | ||||||||||||||
Total | 3,935 | 3,439 | 496 | 14 | % | 3,935 | 3,439 | 496 | 14 | % | ||||||||||||||
Total Lots Owned and Controlled | 17,414 | 17,542 | (128 | ) | (1 | )% | 17,414 | 17,542 | (128 | ) | (1 | )% |
(1) | Lots controlled may be purchased by the Company as consolidated projects or may be purchased by newly formed joint ventures. |
Year Ended December 31, | Increase (Decrease) | ||||||||||
2014 | 2013 | Amount | % | ||||||||
Number of Net New Home Orders | |||||||||||
California | 792 | 597 | 195 | 33 | % | ||||||
Arizona | 201 | 339 | (138 | ) | (41 | )% | |||||
Nevada | 237 | 271 | (34 | ) | (13 | )% | |||||
Colorado | 152 | 115 | 37 | 32 | % | ||||||
Subtotal | 1,382 | 1,322 | 60 | 5 | % | ||||||
Washington | 134 | — | 134 | N/M | |||||||
Oregon | 161 | — | 161 | N/M | |||||||
Total | 1,677 | 1,322 | 355 | 27 | % | ||||||
Cancellation Rate | 18 | % | 17 | % | 1 | % |
Year Ended December 31, | Increase (Decrease) | ||||||||||
2014 | 2013 | Amount | % | ||||||||
Average Number of Sales Locations | |||||||||||
California | 17 | 9 | 8 | 89 | % | ||||||
Arizona | 6 | 6 | — | — | % | ||||||
Nevada | 9 | 6 | 3 | 50 | % | ||||||
Colorado | 8 | 4 | 4 | 100 | % | ||||||
Subtotal | 40 | 25 | 15 | 60 | % | ||||||
Washington | 2 | — | 2 | N/M | |||||||
Oregon | 2 | — | 2 | N/M | |||||||
Total | 44 | 25 | 19 | 76 | % |
December 31, | Increase (Decrease) | |||||||||||
2014 | 2013 | Amount | % | |||||||||
Backlog (units) | ||||||||||||
California | 158 | 206 | (48 | ) | (23 | )% | ||||||
Arizona | 47 | 63 | (16 | ) | (25 | )% | ||||||
Nevada | 73 | 72 | 1 | 1 | % | |||||||
Colorado | 84 | 27 | 57 | 211 | % | |||||||
Subtotal | 362 | 368 | (6 | ) | (2 | )% | ||||||
Washington | 62 | — | 62 | N/M | ||||||||
Oregon | 54 | — | 54 | N/M | ||||||||
Total | 478 | 368 | 110 | 30 | % |
December 31, | Increase (Decrease) | ||||||||||||||
2014 | 2013 | Amount | % | ||||||||||||
(dollars in thousands) | |||||||||||||||
Backlog (dollars) | |||||||||||||||
California | $ | 93,912 | $ | 131,174 | $ | (37,262 | ) | (28 | )% | ||||||
Arizona | 13,408 | 17,676 | (4,268 | ) | (24 | )% | |||||||||
Nevada | 62,847 | 37,514 | 25,333 | 68 | % | ||||||||||
Colorado | 37,935 | 13,159 | 24,776 | 188 | % | ||||||||||
Subtotal | 208,102 | 199,523 | 8,579 | 4 | % | ||||||||||
Washington | 34,309 | — | 34,309 | N/M | |||||||||||
Oregon | 17,716 | — | 17,716 | N/M | |||||||||||
Total | $ | 260,127 | $ | 199,523 | $ | 60,604 | 30 | % |
December 31, | Increase (Decrease) | ||||||||||
2014 | 2013 | Amount | % | ||||||||
Number of Homes Closed | |||||||||||
California | 840 | 451 | 389 | 86 | % | ||||||
Arizona | 217 | 448 | (231 | ) | (52 | )% | |||||
Nevada | 236 | 291 | (55 | ) | (19 | )% | |||||
Colorado | 95 | 170 | (75 | ) | (44 | )% | |||||
Subtotal | 1,388 | 1,360 | 28 | 2 | % | ||||||
Washington | 154 | — | 154 | N/M | |||||||
Oregon | 211 | — | 211 | N/M | |||||||
Total | 1,753 | 1,360 | 393 | 29 | % |
Year Ended December 31, | Increase (Decrease) | |||||||||||||
2014 | 2013 | Amount | % | |||||||||||
(dollars in thousands) | ||||||||||||||
Home Sales Revenue | ||||||||||||||
California | $ | 498,965 | $ | 262,489 | $ | 236,476 | 90 | % | ||||||
Arizona | 57,484 | 110,397 | (52,913 | ) | (48 | )% | ||||||||
Nevada | 121,815 | 78,148 | 43,667 | 56 | % | |||||||||
Colorado | 46,460 | 70,276 | (23,816 | ) | (34 | )% | ||||||||
Subtotal | 724,724 | 521,310 | 203,414 | 39 | % | |||||||||
Washington | 65,886 | — | 65,886 | N/M | ||||||||||
Oregon | 66,415 | — | 66,415 | N/M | ||||||||||
Total | $ | 857,025 | $ | 521,310 | $ | 335,715 | 64 | % |
Year Ended December 31, | Increase (Decrease) | |||||||||||||
2014 | 2013 | Amount | % | |||||||||||
Average Sales Price of Homes Closed | ||||||||||||||
California | $ | 594,000 | $ | 582,000 | $ | 12,000 | 2 | % | ||||||
Arizona | 264,900 | 246,400 | 18,500 | 8 | % | |||||||||
Nevada | 516,200 | 268,500 | 247,700 | 92 | % | |||||||||
Colorado | 489,100 | 413,400 | 75,700 | 18 | % | |||||||||
Subtotal average | 522,100 | 383,300 | 138,800 | 36 | % | |||||||||
Washington | 427,800 | — | 427,800 | N/M | ||||||||||
Oregon | 314,800 | — | 314,800 | N/M | ||||||||||
Total average | $ | 488,900 | $ | 383,300 | $ | 105,600 | 28 | % |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
(dollars in thousands) | |||||||
Home sales revenue | $ | 857,025 | $ | 521,310 | |||
Cost of home sales | 677,531 | 405,496 | |||||
Homebuilding gross margin | 179,494 | 115,814 | |||||
Homebuilding gross margin percentage | 20.9 | % | 22.2 | % | |||
Add: Interest in cost of sales | 26,510 | 31,853 | |||||
Add: Purchase accounting adjustments | 9,979 | 6,915 | |||||
Adjusted homebuilding gross margin | $ | 215,983 | $ | 154,582 | |||
Adjusted homebuilding gross margin percentage | 25.2 | % | 29.7 | % |
Year Ended December 31, | Increase (Decrease) | |||||||||||||
2014 | 2013 | Amount | % | |||||||||||
(dollars in thousands) | ||||||||||||||
Sales and Marketing Expense | ||||||||||||||
California | $ | 23,807 | $ | 12,338 | $ | 11,469 | 93 | % | ||||||
Arizona | 3,066 | 5,179 | (2,113 | ) | (41 | )% | ||||||||
Nevada | 7,911 | 4,401 | 3,510 | 80 | % | |||||||||
Colorado | 4,224 | 4,184 | 40 | 1 | % | |||||||||
Subtotal | 39,008 | 26,102 | 12,906 | 49 | % | |||||||||
Washington | 4,171 | — | 4,171 | N/M | ||||||||||
Oregon | 2,724 | — | 2,724 | N/M | ||||||||||
Total | $ | 45,903 | $ | 26,102 | $ | 19,801 | 76 | % |
Year Ended December 31, | Increase (Decrease) | |||||||||||||
2014 | 2013 | Amount | % | |||||||||||
(dollars in thousands) | ||||||||||||||
General and Administrative Expense | ||||||||||||||
California | $ | 13,357 | $ | 9,275 | $ | 4,082 | 44 | % | ||||||
Arizona | 3,211 | 2,951 | 260 | 9 | % | |||||||||
Nevada | 4,273 | 3,577 | 696 | 19 | % | |||||||||
Colorado | 3,619 | 2,627 | 992 | 38 | % | |||||||||
Corporate | 26,465 | 22,340 | 4,125 | 18 | % | |||||||||
Subtotal | 50,925 | 40,770 | 10,155 | 25 | % | |||||||||
Washington | 2,430 | — | 2,430 | N/M | ||||||||||
Oregon | 1,271 | — | 1,271 | N/M | ||||||||||
Total | $ | 54,626 | $ | 40,770 | $ | 13,856 | 34 | % |
Year Ended December 31, | |||||||
2014 | 2013 | ||||||
Interest incurred | $ | 65,560 | $ | 31,875 | |||
Less: Interest capitalized | (65,560 | ) | (29,273 | ) | |||
Interest expense, net of amounts capitalized | $ | — | $ | 2,602 | |||
Cash paid for interest | $ | 46,779 | $ | 29,769 |
December 31, | ||||||||||||
2014 | 2013 | Amount | % | |||||||||
Lots Owned | ||||||||||||
California | 2,140 | 1,935 | 205 | 11 | % | |||||||
Arizona | 5,421 | 5,376 | 45 | 1 | % | |||||||
Nevada | 2,941 | 2,828 | 113 | 4 | % | |||||||
Colorado | 979 | 762 | 217 | 28 | % | |||||||
Subtotal | 11,481 | 10,901 | 580 | 5 | % | |||||||
Washington | 1,427 | — | 1,427 | N/M | ||||||||
Oregon | 1,195 | — | 1,195 | N/M | ||||||||
Total | 14,103 | 10,901 | 3,202 | 29 | % | |||||||
Lots Controlled(1) | ||||||||||||
California | 1,538 | 1,853 | (315 | ) | (17 | )% | ||||||
Arizona | — | 210 | (210 | ) | (100 | )% | ||||||
Nevada | 156 | 285 | (129 | ) | (45 | )% | ||||||
Colorado | 183 | 498 | (315 | ) | (63 | )% | ||||||
Subtotal | 1,877 | 2,846 | (969 | ) | (34 | )% | ||||||
Washington | 728 | — | 728 | N/M | ||||||||
Oregon | 834 | — | 834 | N/M | ||||||||
Total | 3,439 | 2,846 | 593 | 21 | % | |||||||
Total Lots Owned and Controlled | 17,542 | 13,747 | 3,795 | 28 | % |
Covenant Requirements at | Actual at | |||||||
Financial Covenant | December 31, 2016 | December 31, 2016 | ||||||
Minimum Tangible Net Worth | $ | 536.2 | million | $ | 688.8 | million | ||
Maximum Leverage Ratio | 62.5 | % | 60.3 | % | ||||
Interest Coverage Ratio; or (1) | 1.50x | 2.26x | ||||||
Minimum Liquidity (1) | $ | 83.2 | million | $ | 150.6 | million |
Issuance Date | Facility Size | Outstanding | Maturity | Current Rate | Facility Size | Outstanding | Maturity | Current Rate | ||||||||||||||||||||
March, 2016 | $ | 33.4 | $ | 17.4 | September, 2018 | 3.69 | % | (1) | ||||||||||||||||||||
January, 2016 | 35.0 | 21.5 | February, 2019 | 4.02 | % | (2) | ||||||||||||||||||||||
November, 2015 | $ | 42.5 | $ | 15.0 | November, 2017 | 4.50 | % | (1) | 42.5 | 20.6 | November, 2017 | 4.75 | % | (1) | ||||||||||||||
August, 2015 | 14.2 | 2.8 | August, 2017 | 4.50 | % | (1) | ||||||||||||||||||||||
August, 2015 | 37.5 | 13.2 | August, 2017 | 4.50 | % | (1) | ||||||||||||||||||||||
August, 2015 (4) | 14.2 | — | (5) | August, 2017 | 4.50 | % | (1) | |||||||||||||||||||||
August, 2015 (4) | 37.5 | — | (5) | August, 2017 | 4.75 | % | (1) | |||||||||||||||||||||
July, 2015 | 22.5 | 13.3 | July, 2018 | 4.00 | % | (2) | 22.5 | 13.8 | July, 2018 | 4.25 | % | (3) | ||||||||||||||||
April, 2015 | 18.5 | 10.6 | October, 2017 | 4.00 | % | (2) | 18.5 | 2.3 | October, 2017 | 4.25 | % | (3) | ||||||||||||||||
November, 2014 | 24.0 | 19.1 | November, 2017 | 4.00 | % | (2) | 24.0 | 7.2 | November, 2017 | 4.25 | % | (3) | ||||||||||||||||
November, 2014 | 22.0 | 20.8 | November, 2017 | 4.00 | % | (2) | 22.0 | 9.4 | November, 2017 | 4.25 | % | (3) | ||||||||||||||||
March, 2014 | 26.0 | 15.0 | October, 2016 | 3.42 | % | (1) | 26.0 | 9.9 | April, 2018 | 3.71 | % | (1) | ||||||||||||||||
December, 2013 | 18.6 | 0.4 | January, 2016 | 4.50 | % | (1) | ||||||||||||||||||||||
$ | 225.8 | $ | 110.2 | $ | 275.6 | $ | 102.1 |
December 31, | December 31, | |||||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||||
(dollars in thousands) | (dollars in thousands) | |||||||||||||||
Notes payable and Senior Notes | $ | 1,105,776 | $ | 925,398 | $ | 1,080,650 | $ | 1,105,776 | ||||||||
Total equity | 671,469 | 597,146 | 763,429 | 671,469 | ||||||||||||
Total capital | $ | 1,777,245 | $ | 1,522,544 | $ | 1,844,079 | $ | 1,777,245 | ||||||||
Ratio of debt to total capital | 62.2 | % | 60.8 | % | 58.6 | % | 62.2 | % | ||||||||
Notes payable and Senior Notes | $ | 1,105,776 | $ | 925,398 | $ | 1,080,650 | $ | 1,105,776 | ||||||||
Less: Cash and cash equivalents and restricted cash | (50,707 | ) | (53,275 | ) | (42,612 | ) | (50,707 | ) | ||||||||
Net debt | 1,055,069 | 872,123 | 1,038,038 | 1,055,069 | ||||||||||||
Total equity | 671,469 | 597,146 | 763,429 | 671,469 | ||||||||||||
Total capital | $ | 1,726,538 | $ | 1,469,269 | ||||||||||||
Ratio of net debt to total capital | 61.1 | % | 59.4 | % | ||||||||||||
Total capital (net of cash) | $ | 1,801,467 | $ | 1,726,538 | ||||||||||||
Ratio of net debt to total capital (net of cash) | 57.6 | % | 61.1 | % |
• | Net cash provided by financing activities decreased to $176.1 million in the 2015 period from $535.9 million in the 2014 period. The change was primarily the result of (i) proceeds from issuance of 7% Senior notes of $51.0 million in the 2015 period, versus $300.0 million in the 2014 period, (ii) proceeds from issuance of 5 3/4% Senior notes of $150.0 million in the 2014 period, with no comparable amount in the 2015 period, and (iii) principal payments on Subordinated amortizing notes of $6.7 million in the 2015 period, with no comparable amount in the 2014 period, offset by (iv) net borrowings of $65.0 million against the revolving line of credit in the 2015 period for which there was no comparable amount in the 2014 period, (v) net borrowings of notes payable of $61.4 million in the 2015 period, with net payments of $1.2 million in the 2014 period, and (vi) net noncontrolling interest contributions of $9.2 million in the 2015 period versus net distributions of $5.3 million in the 2014 period. |
Payments due by period | Payments due by period | |||||||||||||||||||||||||||||||||||||||
Total(1) | Less than 1 year (2016) | 1-3 years (2017-2018) | 3-5 years (2019-2020) | More than 5 years | Total(1) | Less than 1 year (2017) | 1-3 years (2018-2019) | 3-5 years (2020-2021) | More than 5 years | |||||||||||||||||||||||||||||||
Notes Payable | $ | 175,181 | $ | 15,377 | $ | 159,804 | $ | — | $ | — | $ | 155,767 | $ | 43,579 | $ | 112,188 | $ | — | $ | — | ||||||||||||||||||||
Notes Payable interest | 10,976 | 6,306 | 4,670 | — | — | 10,424 | 6,344 | 4,080 | — | — | ||||||||||||||||||||||||||||||
Subordinated Amortizing Notes | 14,066 | 6,841 | 7,225 | — | — | 7,225 | 7,225 | — | — | — | ||||||||||||||||||||||||||||||
Subordinated Amortizing Notes interest | 884 | 634 | 250 | — | — | 250 | 250 | — | — | — | ||||||||||||||||||||||||||||||
Senior Notes | 925,000 | — | — | 575,000 | 350,000 | 925,000 | — | 150,000 | 425,000 | 350,000 | ||||||||||||||||||||||||||||||
Senior Notes interest | 366,453 | 69,250 | 138,500 | 118,890 | 39,813 | 297,203 | 69,250 | 132,031 | 80,609 | 15,313 | ||||||||||||||||||||||||||||||
Operating leases | 12,744 | 2,397 | 4,307 | 3,616 | 2,424 | 12,198 | 2,612 | 4,793 | 3,905 | 888 | ||||||||||||||||||||||||||||||
Surety bonds | 147,700 | 147,556 | 144 | — | — | 196,579 | 175,210 | 21,339 | 30 | — | ||||||||||||||||||||||||||||||
Purchase obligations: | ||||||||||||||||||||||||||||||||||||||||
Land purchases and option commitments(2) | 375,693 | 256,898 | 117,507 | 1,288 | — | |||||||||||||||||||||||||||||||||||
Project commitments(3) | 270,690 | 189,483 | 81,207 | — | — | |||||||||||||||||||||||||||||||||||
Land purchases and option commitments (2) | 418,931 | 151,686 | 246,169 | 21,076 | — | |||||||||||||||||||||||||||||||||||
Project commitments (3) | 287,310 | 201,117 | 86,193 | — | — | |||||||||||||||||||||||||||||||||||
Total | $ | 2,299,387 | $ | 694,742 | $ | 513,614 | $ | 698,794 | $ | 392,237 | $ | 2,310,887 | $ | 657,273 | $ | 756,793 | $ | 530,620 | $ | 366,201 |
(1) | The summary of contractual obligations above includes interest on all interest-bearing obligations. Interest on all fixed rate interest-bearing obligations is based on the stated rate and is calculated to the stated maturity date. Interest on all variable rate interest bearing obligations is based on the rates effective as of December 31, |
(2) | Represents the Company’s obligations in land purchases, lot option agreements and land banking arrangements. If the Company does not purchase the land under contract, it will forfeit its non-refundable deposit related to the land. Further, reflects the full contractual amount and there may be existing deposits that net against such amount, and the actual amount may change if the Company decides to acquire the land through a joint venture or land bank arrangement, if at all. |
(3) | Represents the Company’s homebuilding project purchase commitments for developing and building homes in the ordinary course of business. |
(4) | On January 31, 2017, California Lyon completed the sale to certain purchasers of $450.0 million in aggregate principal amount of the 5.875% Notes, in a private placement with registration rights. Parent, through California Lyon, used the net proceeds from the 5.875% Notes offering to purchase $395.6 million of the outstanding aggregate principal amount of the 8.5% Notes due 2020, pursuant to a cash tender offer and consent solicitation, and subsequently used the remaining proceeds, together with cash on hand, for the retirement of the remaining outstanding 8.5% Notes due 2020. See Note 17 for additional details regarding this refinancing transaction. |
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
Year ended December 31, | Fair Value at December 31, 2015 | Year ended December 31, | Fair Value at December 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2016 | 2017 | 2018 | 2019 | 2020 | Thereafter | Total | 2017 | 2018 | 2019 | 2020 | 2021 | Thereafter | Total | |||||||||||||||||||||||||||||||||||||||||||||||||
Fixed rate debt | $ | — | $ | 14,066 | $ | — | $ | 150,000 | $ | 425,000 | $ | 350,000 | $ | 939,066 | $ | 948,074 | $ | 10,205 | $ | 21,712 | $ | 150,000 | $ | 425,000 | $ | — | $ | 350,000 | $ | 956,917 | $ | 990,545 | ||||||||||||||||||||||||||||||
Interest rate | — | % | 5.5 | % | — | % | 5.75 | % | 8.50 | % | 7.00 | % | 5.5 - 7.0% | 7.00 | % | 5.75 | % | 8.50 | % | — | 7.00 | % |
Item 8. | Financial Statements and Supplementary Data |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. | Certain Relationships and Related Transactions, and Director Independence |
Item 14. | Principal Accountant Fees and Services |
Item 15. | Exhibits and Financial Statement Schedules |
Page | |
Financial Statements as of December 31, | |
Report of Independent Registered Public Accounting Firm | |
Consolidated Balance Sheets | |
Consolidated Statements of Operations | |
Consolidated Statements of Equity | |
Consolidated Statements of Cash Flows | |
Notes to Consolidated Financial Statements |
Exhibit Number | Description | ||
2.1 | Purchase and Sale Agreement, dated as of June 22, 2014, by and among PNW Home Builders, L.L.C., PNW Home Builders North, L.L.C., PNW Home Builders South, L.L.C., Crescent Ventures, L.L.C. and William Lyon Homes, Inc. (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on June 23, 2014). | ||
3.1 | Third Amended and Restated Certificate of Incorporation of William Lyon Homes (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on May 28, 2013). | ||
3.2 | Amended and Restated Bylaws of William Lyon Homes (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on May 28, 2013). | ||
3.3 | Amended and Restated Bylaws of William Lyon Homes (Incorporated by reference to Exhibit 3.1 of the Company's Form 8-K filed July 22, 2015) | ||
4.1 | Indenture (including form of 8.5% Senior Note due 2020), dated as of November 8, 2012, by and between William Lyon Homes, Inc., William Lyon Homes, certain of William Lyon Homes’s subsidiaries (as guarantors) and U.S. Bank National Association, as trustee (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on November 8, 2012). | ||
4.2 | Officers' certificate, dated October 24, 2013, delivered pursuant to the Indenture, and setting forth the terms of the notes (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K filed on October 25, 2013). |
Exhibit Number | Description | ||
4.3 | Indenture (including form of 5.75% Senior Notes due 2019), dated March 31, 2014, among William Lyon Homes, Inc., William Lyon Homes, certain of William Lyon Homes' subsidiaries (as guarantors) and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on April 1, 2014). | ||
4.4 | Indenture (including form of 7.00% Senior Notes due 2022), dated August 11, 2014, among WLH PNW Finance Corp., the guarantors from time to time party thereto and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company's Form 8-K filed August 13, 2014). | ||
4.5 | Second Supplemental Indenture, dated as of August 12, 2014, among William Lyon Homes, Inc., the subsidiary guarantors named therein and U.S. Bank National Association, relating to the 8.5% Senior Notes due 2020 (incorporated by reference to Exhibit 4.3 of the Company's Form 8-K filed August 13, 2014). | ||
4.6 | First Supplemental Indenture, dated as of August 12, 2014, among William Lyon Homes, Inc., the subsidiary guarantors named therein and U.S. Bank National Association, relating to the 5.75% Senior Notes due 2019 (incorporated by reference to Exhibit 4.4 of the Company's Form 8-K filed August 13, 2014). | ||
4.7 | First Supplemental Indenture, dated as of August 12, 2014, among William Lyon Homes, Inc., William Lyon Homes, the subsidiary guarantors named therein and U.S. Bank National Association, relating to the 7.00% Senior Notes due 2022 (incorporated by reference to Exhibit 4.5 of the Company's Form 8-K filed August 13, 2014). | ||
4.8 | Second Supplemental Indenture, dated as of August 12, 2014, among William Lyon Homes, Inc., the subsidiary guarantors named therein and U.S. Bank National Association, relating to the 7.00% Senior Notes due 2022 (incorporated by reference to Exhibit 4.6 of the Company's Form 8-K filed August 13, 2014). | ||
4.9 | Indenture, dated November 21, 2014, between William Lyon Homes and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to William Lyon Homes’ Current Report on Form 8-K filed with the SEC on November 21, 2014). | ||
4.10 | First Supplemental Indenture (including form of 5.50% Senior Subordinated Amortizing Notes due December 1, 2017), dated November 21, 2014, between William Lyon Homes and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to William Lyon Homes’ Current Report on Form 8-K filed with the SEC on November 21, 2014). | ||
4.11 | Purchase Contract Agreement (including form of unit and form of prepaid stock purchase contract), dated November 21, 2014, among William Lyon Homes, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as purchase contract agent and as attorney-in-fact for the holders from time to time as provided therein (incorporated by reference to Exhibit 4.3 to William Lyon Homes’ Current Report on Form 8-K filed with the SEC on November 21, 2014). | ||
4.12 | Officers’ Certificate, dated September 15, 2015, delivered pursuant to the Indenture dated August 11, 2014 relating to the 7.00% Senior Notes due 2022, and setting forth the terms of the Additional Notes (incorporated by reference to Exhibit 4.1 of the Company’s Form 8-K filed September 15, 2015) | ||
4.13 | Indenture dated January 31, 2017, among California Lyon, the Guarantors and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Form 8-K filed January 31, 2017) | ||
4.14 | Form of 5.875% Senior Notes due 2025 (incorporated by reference to Exhibit 4.2 of the Company’s Form 8-K filed January 31, 2017) | ||
Exhibit Number | Description | ||
4.15 | Third Supplemental Indenture, dated January 31, 2017, among California Lyon, Parent, the guarantors party thereto and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.3 of the Company’s Form 8-K filed January 31, 2017) | ||
10.1 | Form of Indemnity Agreement, between William Lyon Homes, a Delaware corporation, and the directors and officers of William Lyon Homes (incorporated by reference to William Lyon Homes’s Annual Report on Form 10-K for the year-ended December 31, 1999). | ||
10.2 | The Presley Companies Non-Qualified Retirement Plan for Outside Directors (incorporated by reference to William Lyon Homes’s Annual Report on Form 10-K for the year-ended December 31, 2002). | ||
10.3 | Aircraft Purchase and Sale Agreement dated as of September 3, 2009, by and between Presley CMR, Inc., and Martin Aviation, Inc., or its designee (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on September 10, 2009). | ||
10.4 | Secured Promissory Note dated September 9, 2009 from Martin Aviation, Inc., a California corporation payable to William Lyon Homes, Inc., a California corporation (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on September 10, 2009). | ||
10.5 | Aircraft Mortgage and Security Agreement between Martin Aviation, Inc., a California corporation and William Lyon Homes, Inc., dated as of September 9, 2009 (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on September 10, 2009). | ||
10.6 | Form of Class A Common Stock Registration Rights Agreement, dated as of February 25, 2012, by and among William Lyon Homes and the Holders (as defined therein) (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.7 | Class B Common Stock and Warrant Purchase Agreement, dated as of February 25, 2012, by and between William Lyon Homes and the Purchaser (as defined therein) (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.8 | Warrant to Purchase Shares of Class B Common Stock of William Lyon Homes, dated as of February 25, 2012 (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.9 | Class B Common Stock Registration Rights Agreement, dated as of February 25, 2012, by and among William Lyon Homes and the Holders (as defined therein) (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.10 | Form of Convertible Preferred Stock and Class C Common Stock Registration Rights Agreement, dated as of February 25, 2012, by and among William Lyon Homes and the Holders party thereto (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.11† | Employment Agreement, dated as of February 25, 2012, by and among William Lyon Homes, William Lyon Homes, Inc. and General William Lyon (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.12† | Employment Agreement, dated as of February 25, 2012, by and among William Lyon Homes, William Lyon Homes, Inc. and William H. Lyon (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.13† | William Lyon Homes 2012 Equity Incentive Plan (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
Exhibit Number | Description | ||
10.14† | William Lyon Homes 2012 Equity Incentive Plan form of Stock Option Agreement (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
10.15† | William Lyon Homes 2012 Equity Incentive Plan form of Restricted Stock Award Agreement (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
10.16† | Form of Employment Agreement, dated September 1, 2012 (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
10.17 | Class A Common Stock and Convertible Preferred Stock Subscription Agreement, dated October 12, 2012, by and between William Lyon Homes and WLH Recovery Acquisition LLC (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
10.18 | Amendment of and Joinder to Class A Common Stock Registration Rights Agreement, dated October 12, 2012, by and between WLH Recovery Acquisition LLC and William Lyon Homes (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
10.19 | Amendment of and Joinder to Convertible Preferred Stock and Class C Common Stock Registration Rights Agreement, dated October 12, 2012, by and between WLH Recovery Acquisition LLC and William Lyon Homes (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
10.20† | William Lyon Homes 2012 Equity Incentive Plan Form of Restricted Stock Award Agreement (performance-based) (incorporated by reference to William Lyon Homes’s Form S-1 Registration Statement filed April 9, 2013 (File No. 333-187819)). | ||
10.21† | Revised Form of Employment Agreement, dated April 1, 2013 (incorporated by reference to William Lyon Homes’s Form S-1 Registration Statement filed April 9, 2013 (File No. 333-187819)). | ||
10.22† | Amendment to Employment Agreement, dated March 6, 2013, by and between William Lyon Homes, Inc., and Matthew R. Zaist (incorporated by reference to William Lyon Homes’s Form S-1 Registration Statement filed April 9, 2013 (File No. 333-187819)). | ||
10.23 | Amendment No. 1 to Warrant to Purchase Shares of Class B Common Stock (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on May 28, 2013). | ||
10.24 | Form of indemnification agreement (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on May 28, 2013). | ||
10.25† | Amendment No. 1 to the William Lyon Homes 2012 Equity Incentive Plan (incorporated by reference to Exhibit 10.23(a) to the Company’s Form S-1 Registration Statement filed May 6, 2013 (File No. 333-187819)). | ||
10.26 | Credit Agreement among William Lyon Homes, Inc., as Borrower, William Lyon Homes, as Parent, The Lenders from time to time party thereto, and Credit Suisse AG, as Administrative Agent, dated as of August 7, 2013 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2013). | ||
10.27† | Amendment No. 2 to the William Lyon Homes 2012 Equity Incentive Plan (incorporated by reference to Exhibit 99.3 of the Company’s Form S-8 Registration Statement filed August 12, 2013 (File No. 333-190571)). |
Exhibit Number | Description | ||
10.28† | William Lyon Homes 2012 Equity Incentive Plan Form of Restricted Stock Award Agreement (performance-based) (incorporated by reference to Exhibit 10.42 of the Company's Form S-4 Registration Statement filed December 27, 2013 (file no. 333-193112)). | ||
10.29† | William Lyon Homes 2012 Equity Incentive Plan Form of Restricted Stock Award Agreement. (incorporated by reference to Exhibit 10.43 of the Company's Form S-4 Registration Statement filed December 27, 2013 (file no. 333-193112)). |
10.30† | William Lyon Homes 2012 Equity Incentive Plan Form of Stock Option Agreement. (incorporated by reference to Exhibit 10.44 of the Company's Form S-4 Registration Statement filed December 27, 2013 (file no. 333-193112)). | ||
10.31† | William Lyon Homes 2012 Equity Incentive Plan Form of Amendment No. 1 to Stock Option Agreement (Five-Year Options) | ||
10.32 | Bridge Loan Agreement, dated as of August 12, 2014, among William Lyon Homes, Inc., as Borrower, William Lyon Homes, as Parent, the Lenders from time to time party thereto, and J.P. Morgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed August 13, 2014). | ||
10.33 | Amendment No. 1 to Credit Agreement among William Lyon Homes, Inc., as Borrower, William Lyon Homes, as Parent, The Lenders from time to time party thereto, and Credit Suisse AG, as Administrative Agent, dated as of August 7, 2013 (incorporated by reference to Exhibit 10.2 of the Company's Form 10-Q filed on November 12, 2014) | ||
10.34† | Amendment No. 1 to Employment Agreement, dated as of February 25, 2012, by and among William Lyon Homes, William Lyon Homes, Inc. and General William Lyon (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed December 31, 2014). | ||
10.35† | Amendment No. 1 to Employment Agreement, dated as of February 25, 2012, by and among William Lyon Homes, William Lyon Homes, Inc. and William H. Lyon (incorporated by reference to Exhibit 10.2 of the Company's Form 8-K filed December 31, 2014). | ||
10.36 | Amendment and Restatement Agreement dated as of March 27, 2015 among William Lyon Homes, Inc., a California corporation, as Borrower, William Lyon Homes, a Delaware corporation, as Parent, each subsidiary of the Borrower party thereto, the lenders listed on Schedule 1 thereto, and Credit Suisse AG, as administrative agent (incorporated by reference to Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q filed May 8, 2015) | ||
10.37† | Employment Agreement by and among William Lyon Homes, William Lyon Homes, Inc. and William H. Lyon, dated as of March 31, 2015 (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed April 2, 2015) | ||
10.38† | Employment Agreement by and among William Lyon Homes, William Lyon Homes, Inc. and Matthew R. Zaist, dated as of March 31, 2015 (incorporated by reference to Exhibit 10.2 of the Company's Form 8-K filed April 2, 2015) | ||
10.39† | Offer Letter by and between William Lyon Homes, Inc. and William Lyon, dated as of March 31, 2015 (incorporated by reference to Exhibit 10.3 of the Company's Form 8-K filed April 2, 2015) | ||
Exhibit Number | Description | ||
10.40 | Amendment No. 1 dated as of December 21, 2015 to the Amended and Restated Credit Agreement dated as of March 27, 2015 among William Lyon Homes, Inc., a California corporation, as Borrower, William Lyon Homes, a Delaware corporation, as Parent, the lenders from time to time party thereto, and Credit Suisse AG, as administrative agent (incorporated by reference to Exhibit 10.40 of the Company's Form 10-K filed March 11, 2016) | ||
10.41† | William Lyon Homes 2012 Equity Incentive Plan Form of Restricted Stock Award Agreement (Performance Based) (incorporated by reference to Exhibit 10.1 of the Company's Form 10-Q filed May 9, 2016) | ||
10.42† | William Lyon Homes 2012 Equity Incentive Plan Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.2 of the Company's Form 10-Q filed May 9, 2016) | ||
10.43† | Offer letter by and between William Lyon Homes, Inc. and General William Lyon, dated as of March 22, 2016 (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed March 24, 2016) | ||
10.44 | Amendment and Restatement Agreement dated as of July 1, 2016 among William Lyon Homes, Inc., a California corporation, as Borrower, William Lyon Homes, a Delaware corporation, as Parent, each subsidiary of the Borrower party thereto, the lenders listed on Schedule 1 thereto, and Credit Suisse AG, as administrative agent (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed July 7, 2016) | ||
10.45+ | Amendment No. 1 dated as of January 27, 2017 to the Second Amended and Restated Credit Agreement dated as of July 1, 2016, among William Lyon Homes, Inc., a California corporation, as Borrower, William Lyon Homes, a Delaware corporation, as Parent, the lenders from time to time party thereto, and Credit Suisse AG, as administrative agent. | ||
12.1+ | Statement Regarding the Computation of Ratio of Earnings (Loss) to Fixed Charges and Preferred Stock Dividends for the Years Ended December 31, 2016, 2015, 2014 and 2013, the Period from January 1, 2012 through February 24, 2012, and the Period from February 25, 2012 through December 31, | ||
21.1+ | List of Subsidiaries of the Company. | ||
23.1+ | Consent of KPMG LLP, Independent Registered Public Accounting Firm. | ||
31.1+ | Certification of | ||
31.2+ | |||
Certification of Principal Financial Officer Required Under Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended | |||
32.1* | Certification of | ||
32.2* | |||
Certification of Principal Financial Officer Required Under Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended, and 18 U.S.C. Section 1350 | |||
101.INS* ** | XBRL Instance Document | ||
101.SCH* ** | XBRL Taxonomy Extension Schema Document | ||
101.CAL* ** | XBRL Taxonomy Extension Calculation Linkbase Document | ||
Exhibit Number | Description | ||
101.DEF* ** | XBRL Taxonomy Extension Definition Linkbase Document | ||
101.LAB* ** | XBRL Taxonomy Extension Label Linkbase Document | ||
101.PRE* ** | XBRL Taxonomy Extension Presentation Linkbase Document |
+ | Filed herewith |
† | Management contract or compensatory agreement |
* | The information in Exhibits 32.1 |
** | Pursuant to Rule 406T of Regulation S-T, the XBRL information will not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 and will not be deemed filed or part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, or otherwise subject to liability under those Sections. |
WILLIAM LYON HOMES, | ||
a Delaware corporation | ||
By: | /s/ | |
Matthew R. Zaist | ||
Signature | Title | Date | ||
/s/ | ||||
Matthew R. Zaist | March | |||
/s/ Colin T. Severn Colin T. Severn | Senior Vice President, Chief Financial Officer (Principal Financial and Accounting Officer) | March | ||
/s/ William H. Lyon | Executive Chairman, | March | ||
/s/ Douglas K. Ammerman Douglas K. Ammerman | Director | March | ||
/s/ Michael Barr Michael Barr | Director | March | ||
/s/ Gary H. Hunt Gary H. Hunt | Director | March | ||
/s/ Matthew R. Niemann Matthew R. Niemann | Director | March | ||
/s/ Thomas Harrison Thomas Harrison | Director | March | ||
/s/ Lynn Carlson Schell Lynn Carlson Schell | Director | March |
Page | |
Financial Statements as of December 31, | |
Report of Independent Registered Public Accounting Firm | |
Consolidated Balance Sheets | |
Consolidated Statements of Operations | |
Consolidated Statements of Equity | |
Consolidated Statements of Cash Flows | |
Notes to Consolidated Financial Statements |
December 31, | December 31, | |||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents — Note 1 | $ | 50,203 | $ | 52,771 | $ | 42,612 | $ | 50,203 | ||||||
Restricted cash — Note 1 | 504 | 504 | — | 504 | ||||||||||
Receivables | 14,838 | 21,250 | 9,538 | 14,838 | ||||||||||
Escrow proceeds receivable | 3,041 | 2,915 | 85 | 3,041 | ||||||||||
Real Estate Inventories - Note 7 | 1,675,106 | 1,404,639 | ||||||||||||
Investment in unconsolidated joint ventures - Note 5 | 5,413 | 2,500 | ||||||||||||
Goodwill — Note 8 | 66,902 | 60,887 | ||||||||||||
Intangibles, net of accumulated amortization of $4,640 and $3,683 and as of December 31, 2015 and 2014, respectively — Note 9 | 6,700 | 7,657 | ||||||||||||
Deferred income taxes, net valuation allowance of $0 and $1,626 at December 31, 2015 and 2014 respectively — Note 13 | 79,726 | 88,039 | ||||||||||||
Real Estate Inventories - Note 6 | 1,771,998 | 1,675,106 | ||||||||||||
Investment in unconsolidated joint ventures - Note 4 | 7,282 | 5,413 | ||||||||||||
Goodwill — Note 7 | 66,902 | 66,902 | ||||||||||||
Intangibles, net of accumulated amortization of $4,640 as of December 31, 2016 and 2015 — Note 8 | 6,700 | 6,700 | ||||||||||||
Deferred income taxes, net valuation allowance of $0 at December 31, 2016 and 2015 — Note 12 | 75,751 | 79,726 | ||||||||||||
Other assets, net | 21,017 | 18,562 | 17,283 | 21,017 | ||||||||||
Total assets | $ | 1,923,450 | $ | 1,659,724 | $ | 1,998,151 | $ | 1,923,450 | ||||||
LIABILITIES AND EQUITY | ||||||||||||||
Accounts payable | $ | 75,881 | $ | 51,814 | $ | 74,282 | $ | 75,881 | ||||||
Accrued expenses | 70,324 | 85,366 | 79,790 | 70,324 | ||||||||||
Notes payable — Note 10 | 175,181 | 39,235 | ||||||||||||
Subordinated amortizing notes due December 1, 2017 — Note 10 | 14,066 | 20,717 | ||||||||||||
5 3/4% Senior Notes due April 15, 2019 — Note 10 | 148,295 | 147,766 | ||||||||||||
8 1/2% Senior Notes due November 15, 2020 — Note 10 | 422,896 | 422,889 | ||||||||||||
7% Senior Notes due August 15, 2022 — Note 10 | 345,338 | 294,791 | ||||||||||||
Notes payable — Note 9 | 155,768 | 175,181 | ||||||||||||
Subordinated amortizing notes due December 1, 2017 — Note 9 | 7,225 | 14,066 | ||||||||||||
5 3/4% Senior Notes due April 15, 2019 — Note 9 | 148,826 | 148,295 | ||||||||||||
8 1/2% Senior Notes due November 15, 2020 — Note 9 | 422,817 | 422,896 | ||||||||||||
7% Senior Notes due August 15, 2022 — Note 9 | 346,014 | 345,338 | ||||||||||||
1,251,981 | 1,062,578 | 1,234,722 | 1,251,981 | |||||||||||
Commitments and contingencies — Note 17 | ||||||||||||||
Commitments and contingencies — Note 16 | ||||||||||||||
Equity: | ||||||||||||||
William Lyon Homes stockholders’ equity — Note 15 | ||||||||||||||
Preferred stock, par value $0.01 per share; 10,000,000 authorized and no shares issued and outstanding at December 31, 2015 and 2014, respectively | — | — | ||||||||||||
Common stock, Class A, par value $0.01 per share; 150,000,000 shares authorized; 28,363,879 and 28,073,438 shares issued, 27,657,435 and 27,487,257 shares outstanding at December 31, 2015 and 2014, respectively | 284 | 281 | ||||||||||||
Common stock, Class B, par value $0.01 per share; 30,000,000 shares authorized; 3,813,884 shares issued and outstanding at December 31, 2015 and 2014, respectively | 38 | 38 | ||||||||||||
William Lyon Homes stockholders’ equity — Note 14 | ||||||||||||||
Preferred stock, par value $0.01 per share; 10,000,000 authorized and no shares issued and outstanding at December 31, 2016 and 2015, respectively | — | — | ||||||||||||
Common stock, Class A, par value $0.01 per share; 150,000,000 shares authorized; 28,909,781 and 28,363,879 shares issued, 27,907,724 and 27,657,435 shares outstanding at December 31, 2016 and 2015, respectively | 290 | 284 | ||||||||||||
Common stock, Class B, par value $0.01 per share; 30,000,000 shares authorized; 3,813,884 shares issued and outstanding at December 31, 2016 and 2015, respectively | 38 | 38 | ||||||||||||
Additional paid-in capital | 413,810 | 408,969 | 419,099 | 413,810 | ||||||||||
Retained earnings | 217,963 | 160,627 | 277,659 | 217,963 | ||||||||||
Total William Lyon Homes stockholders’ equity | 632,095 | 569,915 | 697,086 | 632,095 | ||||||||||
Noncontrolling interests — Note 4 | 39,374 | 27,231 | ||||||||||||
Noncontrolling interests — Note 3 | 66,343 | 39,374 | ||||||||||||
Total equity | 671,469 | 597,146 | 763,429 | 671,469 | ||||||||||
Total liabilities and equity | $ | 1,923,450 | $ | 1,659,724 | $ | 1,998,151 | $ | 1,923,450 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||
Operating revenue | ||||||||||||||||||||||
Home sales | $ | 1,078,928 | $ | 857,025 | $ | 521,310 | $ | 1,402,203 | $ | 1,078,928 | $ | 857,025 | ||||||||||
Lots, land and other sales | 2,500 | 1,926 | 18,692 | |||||||||||||||||||
Construction services — Note 1 | 25,124 | 37,728 | 32,533 | 3,837 | 25,124 | 37,728 | ||||||||||||||||
1,106,552 | 896,679 | 572,535 | 1,406,040 | 1,104,052 | 894,753 | |||||||||||||||||
Operating costs | ||||||||||||||||||||||
Cost of sales — homes | (878,995 | ) | (677,531 | ) | (405,496 | ) | (1,162,337 | ) | (878,995 | ) | (677,531 | ) | ||||||||||
Cost of sales — lots, land and other | (1,729 | ) | (1,529 | ) | (14,692 | ) | ||||||||||||||||
Construction services — Note 1 | (21,181 | ) | (30,700 | ) | (25,598 | ) | (3,485 | ) | (21,181 | ) | (30,700 | ) | ||||||||||
Sales and marketing | (61,539 | ) | (45,903 | ) | (26,102 | ) | (72,509 | ) | (61,539 | ) | (45,903 | ) | ||||||||||
General and administrative | (59,161 | ) | (54,626 | ) | (40,770 | ) | (73,398 | ) | (59,161 | ) | (54,626 | ) | ||||||||||
Transaction expenses | — | (5,832 | ) | — | — | — | (5,832 | ) | ||||||||||||||
Amortization of intangible assets — Note 9 | (957 | ) | (1,814 | ) | (1,854 | ) | ||||||||||||||||
Amortization of intangible assets — Note 8 | — | (957 | ) | (1,814 | ) | |||||||||||||||||
Other | (1,972 | ) | (2,874 | ) | (2,166 | ) | (343 | ) | (1,972 | ) | (2,874 | ) | ||||||||||
(1,025,534 | ) | (820,809 | ) | (516,678 | ) | (1,312,072 | ) | (1,023,805 | ) | (819,280 | ) | |||||||||||
Operating income | 81,018 | 75,870 | 55,857 | 93,968 | 80,247 | 75,473 | ||||||||||||||||
Interest expense, net of amounts capitalized — Note 1 | — | — | (2,602 | ) | ||||||||||||||||||
Equity in income of unconsolidated joint ventures | 3,239 | 555 | — | 5,606 | 3,239 | 555 | ||||||||||||||||
Other income, net | 2,810 | 1,898 | 510 | 3,243 | 3,581 | 2,295 | ||||||||||||||||
Income before reorganization items and (provision) benefit from income taxes | 87,067 | 78,323 | 53,765 | |||||||||||||||||||
Reorganization items, net — Note 3 | — | — | (464 | ) | ||||||||||||||||||
Income before (provision) benefit for income taxes | 87,067 | 78,323 | 53,301 | |||||||||||||||||||
(Provision) benefit for income taxes — Note 13 | (26,806 | ) | (23,797 | ) | 82,302 | |||||||||||||||||
Income before provision for income taxes | 102,817 | 87,067 | 78,323 | |||||||||||||||||||
Provision for income taxes — Note 12 | (34,850 | ) | (26,806 | ) | (23,797 | ) | ||||||||||||||||
Net income | 60,261 | 54,526 | 135,603 | 67,967 | 60,261 | 54,526 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | (2,925 | ) | (9,901 | ) | (6,471 | ) | (8,271 | ) | (2,925 | ) | (9,901 | ) | ||||||||||
Net income attributable to William Lyon Homes | 57,336 | 44,625 | 129,132 | |||||||||||||||||||
Preferred stock dividends | — | — | (1,528 | ) | ||||||||||||||||||
Net income available to common stockholders | $ | 57,336 | $ | 44,625 | $ | 127,604 | 59,696 | 57,336 | 44,625 | |||||||||||||
Income per common share: | ||||||||||||||||||||||
Basic | $ | 1.57 | $ | 1.41 | $ | 5.16 | $ | 1.62 | $ | 1.57 | $ | 1.41 | ||||||||||
Diluted | $ | 1.48 | $ | 1.34 | $ | 4.95 | $ | 1.55 | $ | 1.48 | $ | 1.34 | ||||||||||
Weighted average common shares outstanding: | ||||||||||||||||||||||
Basic | 36,546,227 | 31,753,110 | 24,736,841 | 36,764,799 | 36,546,227 | 31,753,110 | ||||||||||||||||
Diluted | 38,767,556 | 33,236,343 | 25,796,197 | 38,474,900 | 38,767,556 | 33,236,343 |
William Lyon Homes Stockholders | Non- Controlling Interest | Total | William Lyon Homes Stockholders | Non- Controlling Interest | Total | |||||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings (Accumulated Deficit) | Common Stock | Additional Paid-In Capital | Retained Earnings | |||||||||||||||||||||||||||||||||||||||
Shares | Amount | Non- Controlling Interest | Shares | Amount | Non- Controlling Interest | |||||||||||||||||||||||||||||||||||||||
Balance — January 1, 2013 | 14,558 | $ | 146 | $ | 74,168 | $ | (11,602 | ) | $ | 9,407 | $ | 72,119 | ||||||||||||||||||||||||||||||||
Net income | — | — | — | 129,132 | 6,471 | 135,603 | ||||||||||||||||||||||||||||||||||||||
Cash contributions from members of consolidated entities | — | — | — | — | 37,184 | 37,184 | ||||||||||||||||||||||||||||||||||||||
Cash distributions to members of consolidated entities | — | — | — | — | (30,447 | ) | (30,447 | ) | ||||||||||||||||||||||||||||||||||||
Conversion of redeemable preferred stock to Class A common stock | 9,334 | 93 | 70,293 | — | — | 70,386 | ||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | 7,178 | 72 | 163,612 | — | — | 163,684 | ||||||||||||||||||||||||||||||||||||||
Issuance of restricted stock | 366 | 3 | (3 | ) | — | — | — | |||||||||||||||||||||||||||||||||||||
Stock based compensation | — | — | 3,793 | — | — | 3,793 | ||||||||||||||||||||||||||||||||||||||
Preferred stock dividends | — | — | — | (1,528 | ) | — | (1,528 | ) | ||||||||||||||||||||||||||||||||||||
Balance — December 31, 2013 | 31,436 | 314 | 311,863 | 116,002 | 22,615 | 450,794 | ||||||||||||||||||||||||||||||||||||||
Balance — January 1, 2014 | 31,436 | $ | 314 | $ | 311,863 | $ | 116,002 | $ | 22,615 | $ | 450,794 | |||||||||||||||||||||||||||||||||
Net income | — | — | — | 44,625 | 9,901 | 54,526 | — | — | — | 44,625 | 9,901 | 54,526 | ||||||||||||||||||||||||||||||||
Cash contributions from members of consolidated entities | — | — | — | — | 22,041 | 22,041 | — | — | — | — | 22,041 | 22,041 | ||||||||||||||||||||||||||||||||
Cash distributions to members of consolidated entities | — | — | — | — | (27,326 | ) | (27,326 | ) | — | — | — | — | (27,326 | ) | (27,326 | ) | ||||||||||||||||||||||||||||
Exercise of stock options | 158 | 1 | 284 | — | — | 285 | 158 | 1 | 284 | — | — | 285 | ||||||||||||||||||||||||||||||||
Offering costs related to secondary sale of common stock | — | — | (105 | ) | — | — | (105 | ) | — | — | (105 | ) | — | — | (105 | ) | ||||||||||||||||||||||||||||
Shares remitted to Company to satisfy employee personal income tax liabilities resulting from share based compensation plans | (99 | ) | — | (1,774 | ) | — | — | (1,774 | ) | (99 | ) | — | (1,774 | ) | — | — | (1,774 | ) | ||||||||||||||||||||||||||
Stock based compensation | 392 | 4 | 6,110 | — | — | 6,114 | 392 | 4 | 6,110 | — | — | 6,114 | ||||||||||||||||||||||||||||||||
Excess income tax benefit from stock based awards | — | — | 1,866 | — | — | 1,866 | — | — | 1,866 | — | — | 1,866 | ||||||||||||||||||||||||||||||||
Issuance of TEUs net of offering costs | — | — | 90,725 | — | — | 90,725 | — | — | 90,725 | — | — | 90,725 | ||||||||||||||||||||||||||||||||
Balance - December 31, 2014 | 31,887 | 319 | 408,969 | 160,627 | 27,231 | 597,146 | ||||||||||||||||||||||||||||||||||||||
Balance — December 31, 2014 | 31,887 | $ | 319 | $ | 408,969 | $ | 160,627 | $ | 27,231 | 597,146 | ||||||||||||||||||||||||||||||||||
Net income | — | — | — | 57,336 | 2,925 | 60,261 | — | — | — | 57,336 | 2,925 | 60,261 | ||||||||||||||||||||||||||||||||
Cash contributions from members of consolidated entities | — | — | — | — | 19,850 | 19,850 | — | — | — | — | 19,850 | 19,850 | ||||||||||||||||||||||||||||||||
Cash distributions to members of consolidated entities | — | — | — | — | (10,632 | ) | (10,632 | ) | — | — | — | — | (10,632 | ) | (10,632 | ) | ||||||||||||||||||||||||||||
Exercise of stock options | 48 | — | 106 | — | — | 106 | 48 | — | 106 | — | — | 106 | ||||||||||||||||||||||||||||||||
Shares remitted to Company to satisfy employee personal income tax liabilities resulting from share based compensation plans | (88 | ) | (1 | ) | (1,831 | ) | — | — | (1,832 | ) | (88 | ) | (1 | ) | (1,831 | ) | — | — | (1,832 | ) | ||||||||||||||||||||||||
Stock based compensation | 331 | 4 | 6,566 | — | — | 6,570 | 331 | 4 | 6,566 | — | — | 6,570 | ||||||||||||||||||||||||||||||||
Balance - December 31, 2015 | 32,178 | $ | 322 | $ | 413,810 | $ | 217,963 | $ | 39,374 | $ | 671,469 | 32,178 | $ | 322 | $ | 413,810 | $ | 217,963 | $ | 39,374 | 671,469 | |||||||||||||||||||||||
Net income | 59,696 | 8,271 | 67,967 | |||||||||||||||||||||||||||||||||||||||||
Cash contributions from members of consolidated entities | 38,334 | 38,334 | ||||||||||||||||||||||||||||||||||||||||||
Cash distributions to members of consolidated entities | (19,636 | ) | (19,636 | ) | ||||||||||||||||||||||||||||||||||||||||
Shares remitted to Company to satisfy employee personal income tax liabilities resulting from share based compensation plans | (82 | ) | (1 | ) | (941 | ) | (942 | ) | ||||||||||||||||||||||||||||||||||||
Stock based compensation | 628 | 7 | 6,412 | 6,419 | ||||||||||||||||||||||||||||||||||||||||
Reversal of excess income tax benefit from stock based awards | (182 | ) | (182 | ) | ||||||||||||||||||||||||||||||||||||||||
Balance - December 31, 2016 | 32,724 | $ | 328 | $ | 419,099 | $ | 277,659 | $ | 66,343 | 763,429 |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||
Operating activities: | ||||||||||||||||||||||
Net income | $ | 60,261 | $ | 54,526 | $ | 135,603 | $ | 67,967 | $ | 60,261 | $ | 54,526 | ||||||||||
Adjustments to reconcile net income to net cash used in operating activities: | ||||||||||||||||||||||
Depreciation and amortization | 2,663 | 2,874 | 3,795 | 2,006 | 2,663 | 2,874 | ||||||||||||||||
Stock based compensation expense | 6,570 | 6,114 | 3,793 | 6,419 | 6,570 | 6,114 | ||||||||||||||||
Equity in income of unconsolidated joint ventures | (3,239 | ) | (555 | ) | — | (5,606 | ) | (3,239 | ) | (555 | ) | |||||||||||
Distributions from unconsolidated joint ventures | 1,075 | 353 | — | 3,725 | 1,075 | 353 | ||||||||||||||||
Loss on sale of fixed asset | — | — | 4 | |||||||||||||||||||
Net change in deferred income taxes | 8,313 | 7,812 | (95,580 | ) | 3,975 | 8,313 | 7,812 | |||||||||||||||
Net changes in operating assets and liabilities, net of impact of Acquisition of Polygon Northwest Homes: | ||||||||||||||||||||||
Restricted cash | — | 350 | (1 | ) | 504 | — | 350 | |||||||||||||||
Receivables | 6,663 | (4,554 | ) | (6,050 | ) | (876 | ) | 6,663 | (4,554 | ) | ||||||||||||
Escrow proceeds receivable | (126 | ) | 1,465 | — | 2,956 | (126 | ) | 1,465 | ||||||||||||||
Real estate inventories — owned | (264,868 | ) | (277,997 | ) | (234,127 | ) | (69,598 | ) | (264,868 | ) | (277,997 | ) | ||||||||||
Real estate inventories — not owned | — | 12,960 | 26,069 | — | — | 12,960 | ||||||||||||||||
Other assets | 758 | (5,588 | ) | 1,069 | ||||||||||||||||||
Other assets, net | 2,367 | 758 | (5,588 | ) | ||||||||||||||||||
Accounts payable | 24,067 | 34,103 | (1,636 | ) | (1,599 | ) | 24,067 | 34,103 | ||||||||||||||
Accrued expenses | (15,045 | ) | 21,290 | 18,596 | 9,466 | (15,045 | ) | 21,290 | ||||||||||||||
Liabilities from real estate inventories not owned | — | (12,960 | ) | (26,069 | ) | — | — | (12,960 | ) | |||||||||||||
Net cash used in operating activities | (172,908 | ) | (159,807 | ) | (174,534 | ) | ||||||||||||||||
Net cash provided by (used in) operating activities | 21,706 | (172,908 | ) | (159,807 | ) | |||||||||||||||||
Investing activities: | ||||||||||||||||||||||
Investment in and advances to unconsolidated joint ventures | (1,000 | ) | (500 | ) | — | — | (1,000 | ) | (500 | ) | ||||||||||||
Cash paid for acquisitions, net | — | (492,418 | ) | — | — | — | (492,418 | ) | ||||||||||||||
Proceeds from repayment of notes receivable | 6,188 | — | — | |||||||||||||||||||
Purchases of property and equipment | (4,800 | ) | (2,078 | ) | (3,754 | ) | (1,029 | ) | (4,800 | ) | (2,078 | ) | ||||||||||
Net cash used in investing activities | (5,800 | ) | (494,996 | ) | (3,754 | ) | ||||||||||||||||
Net cash provided by (used in) investing activities | 5,159 | (5,800 | ) | (494,996 | ) |
Year Ended December 31, | Year Ended December 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||
Financing activities: | ||||||||||||||||||||||
Proceeds from borrowings on notes payable | 119,663 | 95,227 | 73,610 | 139,783 | 119,663 | 95,227 | ||||||||||||||||
Principal payments on notes payable | (58,217 | ) | (96,465 | ) | (65,037 | ) | (147,887 | ) | (58,217 | ) | (96,465 | ) | ||||||||||
Proceeds from issuance of 5 3/4% Senior Notes | — | 150,000 | — | — | — | 150,000 | ||||||||||||||||
Proceeds from issuance of 7% Senior Notes | 51,000 | 300,000 | — | — | 51,000 | 300,000 | ||||||||||||||||
Proceeds from issuance of bridge loan | — | 120,000 | — | — | — | 120,000 | ||||||||||||||||
Payments on bridge loan | — | (120,000 | ) | — | — | — | (120,000 | ) | ||||||||||||||
Proceeds from borrowings on revolver | 229,000 | 20,000 | — | 258,000 | 229,000 | 20,000 | ||||||||||||||||
Payments on revolver | (164,000 | ) | (20,000 | ) | — | (294,000 | ) | (164,000 | ) | (20,000 | ) | |||||||||||
Issuance of TEUs - Purchase Contracts | — | 94,284 | — | — | — | 94,284 | ||||||||||||||||
Offering costs related to TEUs | — | (3,830 | ) | — | — | — | (3,830 | ) | ||||||||||||||
Issuance of TEUs - Amortizing notes | — | 20,717 | — | — | — | 20,717 | ||||||||||||||||
Principal payments on subordinated amortizing notes | (6,651 | ) | — | — | (6,841 | ) | (6,651 | ) | — | |||||||||||||
Proceeds from issuance of 8 1/2% Senior Notes | — | — | 106,500 | |||||||||||||||||||
Proceeds from stock options exercised | 106 | 285 | — | — | 106 | 285 | ||||||||||||||||
Proceeds from issuance of common stock | — | — | 179,438 | |||||||||||||||||||
Offering costs related to issuance of common stock | — | (105 | ) | (15,753 | ) | — | — | (105 | ) | |||||||||||||
Purchase of common stock | (1,832 | ) | (1,774 | ) | — | (942 | ) | (1,832 | ) | (1,774 | ) | |||||||||||
Excess income tax benefit from stock based awards | — | 1,866 | — | (182 | ) | — | 1,866 | |||||||||||||||
Payment of deferred loan costs | (2,147 | ) | (19,018 | ) | (4,060 | ) | (1,085 | ) | (2,147 | ) | (19,018 | ) | ||||||||||
Payment of preferred stock dividends | — | — | (2,550 | ) | ||||||||||||||||||
Cash contributions from members of consolidated entities | 19,850 | 22,041 | 37,184 | 38,334 | 19,850 | 22,041 | ||||||||||||||||
Cash distributions to members of consolidated entities | (10,632 | ) | (27,326 | ) | (30,447 | ) | (19,636 | ) | (10,632 | ) | (27,326 | ) | ||||||||||
Net cash provided by financing activities | 176,140 | 535,902 | 278,885 | |||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (2,568 | ) | (118,901 | ) | 100,597 | |||||||||||||||||
Net cash (used in) provided by financing activities | (34,456 | ) | 176,140 | 535,902 | ||||||||||||||||||
Net decrease in cash and cash equivalents | (7,591 | ) | (2,568 | ) | (118,901 | ) | ||||||||||||||||
Cash and cash equivalents — beginning of period | 52,771 | 171,672 | 71,075 | 50,203 | 52,771 | 171,672 | ||||||||||||||||
Cash and cash equivalents — end of period | $ | 50,203 | $ | 52,771 | $ | 171,672 | $ | 42,612 | $ | 50,203 | $ | 52,771 | ||||||||||
Supplemental disclosures: | ||||||||||||||||||||||
Cash paid for taxes | $ | 24,955 | $ | 25,392 | $ | 9,300 | $ | 16,540 | $ | 24,955 | $ | 25,392 | ||||||||||
Cash paid for professional fees relating to the reorganization | $ | — | $ | — | $ | 464 | ||||||||||||||||
Supplemental disclosures of non-cash investing and financing activities: | ||||||||||||||||||||||
Conversion of convertible preferred stock to common stock | $ | — | $ | — | $ | 70,386 | ||||||||||||||||
Notes payable issued in conjunction with land acquisitions | $ | — | $ | 2,413 | $ | 16,238 | $ | 24,692 | $ | — | $ | 2,413 | ||||||||||
Liabilities assumed as part of cash acquisition of Polygon Northwest Homes | $ | — | $ | 4,574 | $ | — | $ | — | $ | — | $ | 4,574 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||
Warranty liability, beginning of period | $ | 18,155 | $ | 14,935 | $ | 14,317 | ||||||
Warranty provision during period | 7,423 | 9,601 | 5,641 | |||||||||
Warranty payments during period | (8,555 | ) | (7,409 | ) | (5,676 | ) | ||||||
Warranty charges related to construction services projects | 1,094 | 1,028 | 653 | |||||||||
Warranty liability, end of period | $ | 18,117 | $ | 18,155 | $ | 14,935 |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | ||||||||||
Warranty liability, beginning of period | $ | 18,117 | $ | 18,155 | $ | 14,935 | ||||||
Warranty provision during period | 8,237 | 7,423 | 9,601 | |||||||||
Warranty payments during period | (12,334 | ) | (8,555 | ) | (7,409 | ) | ||||||
Warranty charges related to construction services projects | 153 | 1,094 | 1,028 | |||||||||
Warranty liability, end of period | $ | 14,173 | $ | 18,117 | $ | 18,155 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||
Interest incurred | $ | 76,221 | $ | 65,560 | $ | 31,875 | $ | 83,218 | $ | 76,221 | $ | 65,560 | ||||||||||
Less: Interest capitalized | (76,221 | ) | (65,560 | ) | (29,273 | ) | (83,218 | ) | (76,221 | ) | (65,560 | ) | ||||||||||
Interest expense, net of amounts capitalized | $ | — | $ | — | $ | 2,602 | $ | — | $ | — | $ | — | ||||||||||
Cash paid for interest | $ | 72,254 | $ | 46,779 | $ | 29,769 | $ | 79,734 | $ | 72,254 | $ | 46,779 |
Purchase consideration | $ | 552,252 | |
Net proceeds received from Polygon inventory involved in land banking transactions | (59,834 | ) | |
$ | 492,418 |
Assets Acquired | |||||
Real estate inventories | $ | 435,054 | |||
Goodwill | 52,693 | ||||
Intangible asset - brand name | 6,700 | ||||
Joint venture in mortgage business | 2,000 | ||||
Other | 545 | ||||
Total Assets | $ | 496,992 | |||
Liabilities Assumed | |||||
Accounts payable | $ | 603 | |||
Accrued expenses | 3,971 | ||||
Total liabilities | 4,574 | ||||
Net assets acquired | $ | 492,418 |
Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2014 | ||||||||||
Operating revenues | $ | 1,048.6 | $ | 864.4 | $ | 1,048.6 | ||||||
Net income available to common stockholders | $ | 53.4 | $ | 141.1 | $ | 53.4 | ||||||
Income per share - basic | $ | 1.68 | $ | 5.70 | $ | 1.68 | ||||||
Income per share - diluted | $ | 1.61 | $ | 5.47 | $ | 1.61 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||
Cancellation of debt | $ | — | $ | — | $ | — | |||||
Plan implementation and fresh start valuation adjustments | — | — | — | ||||||||
Professional fees | — | — | (464 | ) | |||||||
Write-off of old notes deferred loan costs | — | — | — | ||||||||
Total reorganization items, net | $ | — | $ | — | $ | (464 | ) |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | |||||||||
Revenues | $ | 12,314 | $ | 2,015 | $ | — | |||||
Cost of sales | (5,842 | ) | (906 | ) | — | ||||||
Income of unconsolidated joint ventures | $ | 6,472 | $ | 1,109 | $ | — |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||
Revenues | $ | 21,156 | $ | 12,314 | $ | 2,015 | |||||
Cost of sales | (10,407 | ) | (5,842 | ) | (906 | ) | |||||
Income of unconsolidated joint ventures | $ | 10,749 | $ | 6,472 | $ | 1,109 |
December 31, | December 31, | |||||||||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||
Cash | $ | 6,340 | $ | 765 | Cash | $ | 10,208 | $ | 6,340 | |||||||||||
Loans held for sale | 29,312 | — | Loans held for sale | 18,791 | 29,312 | |||||||||||||||
Accounts receivable | 309 | 71 | Accounts receivable | 764 | 309 | |||||||||||||||
Other assets | 390 | 29 | Other assets | 56 | 390 | |||||||||||||||
Total Assets | $ | 36,351 | $ | 865 | Total Assets | $ | 29,819 | $ | 36,351 | |||||||||||
Liabilities and Equity | Liabilities and Equity | Liabilities and Equity | ||||||||||||||||||
Accounts payable | $ | 651 | $ | 404 | Accounts payable | $ | 694 | $ | 651 | |||||||||||
Accrued expenses | 774 | 161 | Accrued expenses | 1,026 | 774 | |||||||||||||||
Credit lines payable | 27,350 | — | Credit lines payable | 17,748 | 27,350 | |||||||||||||||
Other liabilities | 515 | — | Other liabilities | 17 | 515 | |||||||||||||||
Members equity | 7,061 | 300 | Members equity | 10,334 | 7,061 | |||||||||||||||
Total Liabilities and Equity | $ | 36,351 | $ | 865 | Total Liabilities and Equity | $ | 29,819 | $ | 36,351 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||
Operating revenue: | ||||||||||||||||||||||
California (1) | $ | 404,434 | $ | 536,908 | $ | 295,022 | $ | 494,189 | $ | 401,934 | $ | 534,982 | ||||||||||
Arizona | 69,510 | 59,195 | 129,089 | 125,951 | 69,510 | 59,195 | ||||||||||||||||
Nevada | 130,845 | 121,815 | 78,148 | 191,711 | 130,845 | 121,815 | ||||||||||||||||
Colorado | 107,014 | 46,460 | 70,276 | 128,530 | 107,014 | 46,460 | ||||||||||||||||
Washington | 181,258 | 65,886 | — | 154,600 | 181,258 | 65,886 | ||||||||||||||||
Oregon | 213,491 | 66,415 | — | 311,059 | 213,491 | 66,415 | ||||||||||||||||
Total operating revenue | $ | 1,106,552 | $ | 896,679 | $ | 572,535 | $ | 1,406,040 | $ | 1,104,052 | $ | 894,753 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||
Income before (provision) benefit for income taxes: | ||||||||||||||||||||||
California | $ | 46,752 | $ | 84,379 | $ | 50,052 | $ | 47,692 | $ | 46,752 | $ | 84,379 | ||||||||||
Arizona | 5,743 | 6,112 | 17,861 | 12,004 | 5,743 | 6,112 | ||||||||||||||||
Nevada | 13,022 | 9,925 | 9,180 | 19,182 | 13,022 | 9,925 | ||||||||||||||||
Colorado | 3,291 | (271 | ) | 736 | 6,978 | 3,291 | (271 | ) | ||||||||||||||
Washington | 18,652 | 6,483 | — | 9,528 | 18,652 | 6,483 | ||||||||||||||||
Oregon | 24,787 | 5,498 | — | 41,617 | 24,787 | 5,498 | ||||||||||||||||
Corporate | (25,180 | ) | (33,803 | ) | (24,528 | ) | (34,184 | ) | (25,180 | ) | (33,803 | ) | ||||||||||
Income before (provision) benefit from income taxes | $ | 87,067 | $ | 78,323 | $ | 53,301 | ||||||||||||||||
Income before provision from income taxes | $ | 102,817 | $ | 87,067 | $ | 78,323 |
December 31, | December 31, | ||||||
2015 | 2014 | ||||||
Total assets: | |||||||
California | $ | 721,066 | $ | 572,900 | |||
Arizona | 197,828 | 179,529 | |||||
Nevada | 183,019 | 135,358 | |||||
Colorado | 118,307 | 131,085 | |||||
Washington | 249,615 | 281,456 | |||||
Oregon | 228,183 | 200,761 | |||||
Corporate (1) | 225,432 | 158,635 | |||||
Total assets | $ | 1,923,450 | $ | 1,659,724 |
December 31, | December 31, | ||||||
2016 | 2015 | ||||||
Total assets: | |||||||
California | $ | 716,955 | $ | 721,066 | |||
Arizona | 191,581 | 197,828 | |||||
Nevada | 189,248 | 183,019 | |||||
Colorado | 124,580 | 118,307 | |||||
Washington | 343,973 | 249,615 | |||||
Oregon | 238,766 | 228,183 | |||||
Corporate (1) | 193,048 | 225,432 | |||||
Total assets | $ | 1,998,151 | $ | 1,923,450 |
(1) | Comprised primarily of cash and cash equivalents, receivables, deferred income taxes, and other assets. |
December 31, | December 31, | |||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||
Real estate inventories: | ||||||||||||||
Land deposits | $ | 61,514 | $ | 65,873 | $ | 50,429 | $ | 61,514 | ||||||
Land and land under development | 1,013,650 | 1,057,860 | 1,069,001 | 1,013,650 | ||||||||||
Homes completed and under construction | 495,966 | 225,496 | 545,310 | 495,966 | ||||||||||
Model homes | 103,976 | 55,410 | 107,258 | 103,976 | ||||||||||
Total | $ | 1,675,106 | $ | 1,404,639 | $ | 1,771,998 | $ | 1,675,106 |
December 31, | |||||||
2015 | 2014 | ||||||
California | $ | 6,801 | $ | 6,801 | |||
Arizona | 5,951 | 5,951 | |||||
Nevada | 1,457 | 1,457 | |||||
Washington | 31,200 | 26,485 | |||||
Oregon | 21,493 | 20,193 | |||||
Total goodwill | $ | 66,902 | $ | 60,887 |
December 31, | |||||||
2016 | 2015 | ||||||
California | $ | 6,801 | $ | 6,801 | |||
Arizona | 5,951 | 5,951 | |||||
Nevada | 1,457 | 1,457 | |||||
Colorado | — | — | |||||
Washington | 31,200 | 31,200 | |||||
Oregon | 21,493 | 21,493 | |||||
Total | $ | 66,902 | $ | 66,902 |
December 31, 2015 | December 31, 2014 | ||||||||||||||||||||||
Carrying Value | Accumulated Amortization | Net Carrying Amount | Carrying Value | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Construction management contracts | $ | 4,640 | $ | (4,640 | ) | $ | — | $ | 4,640 | $ | (3,683 | ) | $ | 957 | |||||||||
Brand Name - Polygon Northwest Homes | $ | 6,700 | $ | — | $ | 6,700 | $ | 6,700 | $ | — | $ | 6,700 | |||||||||||
Total intangibles | $ | 11,340 | $ | (4,640 | ) | $ | 6,700 | $ | 11,340 | $ | (3,683 | ) | $ | 7,657 |
December 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Carrying Value | Accumulated Amortization | Net Carrying Amount | Carrying Value | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Brand Name - Polygon Northwest Homes | $ | 6,700 | $ | — | $ | 6,700 | $ | 6,700 | $ | — | $ | 6,700 |
December 31, | December 31, | |||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||
Notes payable | ||||||||||||||
Revolving line of credit | $ | 65,000 | $ | — | $ | 29,000 | $ | 65,000 | ||||||
Construction notes payable | 110,181 | 38,688 | 102,076 | 110,181 | ||||||||||
Seller financing | — | 547 | 24,692 | — | ||||||||||
Total notes payable | $ | 175,181 | $ | 39,235 | $ | 155,768 | $ | 175,181 | ||||||
Subordinated amortizing notes | 14,066 | 20,717 | 7,225 | 14,066 | ||||||||||
Senior notes | ||||||||||||||
5 3/4% Senior Notes due April 15, 2019 | 148,295 | 147,766 | 148,826 | 148,295 | ||||||||||
8 1/2% Senior Notes due November 15, 2020 | 422,896 | 422,889 | 422,817 | 422,896 | ||||||||||
7% Senior Notes due August 15, 2022 | 345,338 | 294,791 | 346,014 | 345,338 | ||||||||||
Total Debt | $ | 1,105,776 | $ | 925,398 | $ | 1,080,650 | $ | 1,105,776 |
Year Ended December 31, | |||
2016 | $ | 15,378 | |
2017 | 160,607 | ||
2018 | 13,262 | ||
2019 | 150,000 | ||
2020 | 425,000 | ||
Thereafter | 350,000 | ||
$ | 1,114,247 |
Year Ended December 31, | |||
2017 | $ | 50,805 | |
2018 | 62,785 | ||
2019 | 199,403 | ||
2020 | 425,000 | ||
2021 | — | ||
Thereafter | 350,000 | ||
$ | 1,087,993 |
Issuance Date | Facility Size | Outstanding | Maturity | Current Rate | ||||||||||
March, 2016 | $ | 33.4 | $ | 17.4 | September, 2018 | 3.69 | % | (1) | ||||||
January, 2016 | 35.0 | 21.5 | February, 2019 | 4.02 | % | (2) | ||||||||
November, 2015 | 42.5 | 20.6 | November, 2017 | 4.75 | % | (1) | ||||||||
August, 2015 (4) | 14.2 | — | (5) | August, 2017 | 4.50 | % | (1) | |||||||
August, 2015 (4) | 37.5 | — | (5) | August, 2017 | 4.75 | % | (1) | |||||||
July, 2015 | 22.5 | 13.8 | July, 2018 | 4.25 | % | (3) | ||||||||
April, 2015 | 18.5 | 2.3 | October, 2017 | 4.25 | % | (3) | ||||||||
November, 2014 | 24.0 | 7.2 | November, 2017 | 4.25 | % | (3) | ||||||||
November, 2014 | 22.0 | 9.4 | November, 2017 | 4.25 | % | (3) | ||||||||
March, 2014 | 26.0 | 9.9 | April, 2018 | 3.71 | % | (1) | ||||||||
$ | 275.6 | $ | 102.1 |
Issuance Date | Facility Size | Outstanding | Maturity | Current Rate | ||||||||||
November, 2015 | $ | 42.5 | $ | 15.0 | November, 2017 | 4.50 | % | (1) | ||||||
August, 2015 | 14.2 | 2.8 | August, 2017 | 4.50 | % | (1) | ||||||||
August, 2015 | 37.5 | 13.2 | August, 2017 | 4.50 | % | (1) | ||||||||
July, 2015 | 22.5 | 13.3 | July, 2018 | 4.00 | % | (2) | ||||||||
April, 2015 | 18.5 | 10.6 | October, 2017 | 4.00 | % | (2) | ||||||||
November, 2014 | 24.0 | 19.1 | November, 2017 | 4.00 | % | (2) | ||||||||
November, 2014 | 22.0 | 20.8 | November, 2017 | 4.00 | % | (2) | ||||||||
March, 2014 | 26.0 | 15.0 | October, 2016 | 3.42 | % | (1) | ||||||||
December, 2013 | 18.6 | 0.4 | January, 2016 | 4.50 | % | (1) | ||||||||
$ | 225.8 | $ | 110.2 |
Year | Percentage | |
April 15, 2016 | 104.313 | % |
October 15, 2016 | 102.875 | % |
April 15, 2017 | 101.438 | % |
April 15, 2018 and thereafter | 100.000 | % |
Year | Percentage | |
2016 | 104.250 | % |
2017 | 102.125 | % |
2018 and thereafter | 100.000 | % |
Year | Percentage | |
August 15, 2017 | 103.500 | % |
August 15, 2018 | 101.750 | % |
August 15, 2019 and thereafter | 100.000 | % |
Unconsolidated | Unconsolidated | |||||||||||||||||||||||||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | |||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 44,331 | $ | 2,724 | $ | 3,148 | $ | — | $ | 50,203 | $ | — | $ | 36,204 | $ | 272 | $ | 6,136 | $ | — | $ | 42,612 | ||||||||||||||||||||||
Restricted cash | — | 504 | — | — | — | 504 | ||||||||||||||||||||||||||||||||||||||||
Receivables | — | 8,986 | 937 | 4,915 | — | 14,838 | — | 2,989 | 3,303 | 3,246 | — | 9,538 | ||||||||||||||||||||||||||||||||||
Escrow proceeds receivable | — | 2,020 | 1,021 | — | — | 3,041 | — | 85 | — | — | — | 85 | ||||||||||||||||||||||||||||||||||
Real estate inventories | — | 922,990 | 589,762 | 162,354 | — | 1,675,106 | — | 910,594 | 645,341 | 216,063 | — | 1,771,998 | ||||||||||||||||||||||||||||||||||
Invest in unconsolidated joint ventures | — | 5,263 | 150 | — | 5,413 | — | 7,132 | 150 | — | — | 7,282 | |||||||||||||||||||||||||||||||||||
Goodwill | — | 14,209 | 52,693 | — | — | 66,902 | — | 14,209 | 52,693 | — | — | 66,902 | ||||||||||||||||||||||||||||||||||
Intangibles, net | — | — | 6,700 | — | — | 6,700 | — | — | 6,700 | — | — | 6,700 | ||||||||||||||||||||||||||||||||||
Deferred income taxes, net | — | 79,726 | — | — | — | 79,726 | — | 75,751 | — | — | — | 75,751 | ||||||||||||||||||||||||||||||||||
Other assets | — | 18,981 | 1,737 | 299 | — | 21,017 | ||||||||||||||||||||||||||||||||||||||||
Other assets, net | — | 15,779 | 1,089 | 415 | — | 17,283 | ||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 632,095 | (34,522 | ) | (561,546 | ) | — | (36,027 | ) | — | 697,086 | (23,736 | ) | (573,650 | ) | — | (99,700 | ) | — | ||||||||||||||||||||||||||||
Intercompany receivables | — | — | 239,248 | — | (239,248 | ) | — | — | — | 252,860 | — | (252,860 | ) | — | ||||||||||||||||||||||||||||||||
Total assets | $ | 632,095 | $ | 1,062,488 | $ | 333,426 | $ | 170,716 | $ | (275,275 | ) | $ | 1,923,450 | $ | 697,086 | $ | 1,039,007 | $ | 388,758 | $ | 225,860 | $ | (352,560 | ) | $ | 1,998,151 | ||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 45,065 | $ | 27,807 | $ | 3,009 | $ | — | $ | 75,881 | $ | — | $ | 52,380 | $ | 16,416 | $ | 5,486 | $ | — | $ | 74,282 | ||||||||||||||||||||||
Accrued expenses | — | 62,167 | 8,059 | 98 | — | 70,324 | — | 75,058 | 4,634 | 98 | — | 79,790 | ||||||||||||||||||||||||||||||||||
Notes payable | — | 80,915 | — | 94,266 | — | 175,181 | — | 50,713 | 2,979 | 102,076 | — | 155,768 | ||||||||||||||||||||||||||||||||||
Subordinated Amortizing Notes | — | 14,066 | — | — | 14,066 | — | 7,225 | — | — | — | 7,225 | |||||||||||||||||||||||||||||||||||
5 3/4% Senior Notes | — | 148,295 | — | — | 148,295 | — | 148,826 | — | — | — | 148,826 | |||||||||||||||||||||||||||||||||||
8 1/2% Senior Notes | — | 422,896 | — | — | — | 422,896 | — | 422,817 | — | — | — | 422,817 | ||||||||||||||||||||||||||||||||||
7% Senior Notes | — | 345,338 | — | — | 345,338 | — | 346,014 | — | — | — | 346,014 | |||||||||||||||||||||||||||||||||||
Intercompany payables | — | 170,757 | — | 68,491 | (239,248 | ) | — | — | 177,267 | — | 75,593 | (252,860 | ) | — | ||||||||||||||||||||||||||||||||
Total liabilities | — | 1,289,499 | 35,866 | 165,864 | (239,248 | ) | 1,251,981 | — | 1,280,300 | 24,029 | 183,253 | (252,860 | ) | 1,234,722 | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||
William Lyon Homes stockholders’ equity | 632,095 | (227,011 | ) | 297,560 | (34,522 | ) | (36,027 | ) | 632,095 | 697,086 | (241,291 | ) | 364,727 | (23,736 | ) | (99,700 | ) | 697,086 | ||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | 39,374 | — | 39,374 | — | — | — | 66,343 | — | 66,343 | ||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 632,095 | $ | 1,062,488 | $ | 333,426 | $ | 170,716 | $ | (275,275 | ) | $ | 1,923,450 | $ | 697,086 | $ | 1,039,009 | $ | 388,756 | $ | 225,860 | $ | (352,560 | ) | $ | 1,998,151 |
Unconsolidated | Unconsolidated | |||||||||||||||||||||||||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | |||||||||||||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 48,462 | $ | 573 | $ | 3,736 | $ | — | $ | 52,771 | $ | — | $ | 44,331 | $ | 2,724 | $ | 3,148 | $ | — | $ | 50,203 | ||||||||||||||||||||||
Restricted cash | — | 504 | — | — | — | 504 | — | 504 | — | — | — | 504 | ||||||||||||||||||||||||||||||||||
Receivables | — | 16,783 | 878 | 3,589 | — | 21,250 | — | 8,986 | 937 | 4,915 | — | 14,838 | ||||||||||||||||||||||||||||||||||
Escrow proceeds receivable | — | 613 | 2,302 | — | — | 2,915 | — | 2,020 | 1,021 | — | — | 3,041 | ||||||||||||||||||||||||||||||||||
Real estate inventories | — | 755,748 | 554,170 | 94,721 | — | 1,404,639 | — | 922,990 | 589,762 | 162,354 | — | 1,675,106 | ||||||||||||||||||||||||||||||||||
Investment in unconsolidated joint ventures | — | 2,350 | 150 | — | — | 2,500 | ||||||||||||||||||||||||||||||||||||||||
Invest in unconsolidated joint ventures | — | 5,263 | 150 | — | — | 5,413 | ||||||||||||||||||||||||||||||||||||||||
Goodwill | — | 14,209 | 46,678 | — | — | 60,887 | — | 14,209 | 52,693 | — | — | 66,902 | ||||||||||||||||||||||||||||||||||
Intangibles, net | — | 957 | 6,700 | — | — | 7,657 | — | — | 6,700 | — | — | 6,700 | ||||||||||||||||||||||||||||||||||
Deferred income taxes, net | — | 88,039 | — | — | — | 88,039 | — | 79,726 | — | — | — | 79,726 | ||||||||||||||||||||||||||||||||||
Other assets | — | 16,178 | 2,026 | 358 | — | 18,562 | ||||||||||||||||||||||||||||||||||||||||
Other assets, net | — | 18,981 | 1,737 | 299 | — | 21,017 | ||||||||||||||||||||||||||||||||||||||||
Investments in subsidiaries | 569,915 | (35,961 | ) | (574,129 | ) | — | 40,175 | — | 632,095 | (34,522 | ) | (561,546 | ) | — | (36,027 | ) | — | |||||||||||||||||||||||||||||
Intercompany receivables | — | — | 232,895 | — | (232,895 | ) | — | — | — | 239,248 | — | (239,248 | ) | — | ||||||||||||||||||||||||||||||||
Total assets | $ | 569,915 | $ | 907,882 | $ | 272,243 | $ | 102,404 | $ | (192,720 | ) | $ | 1,659,724 | $ | 632,095 | $ | 1,062,488 | $ | 333,426 | $ | 170,716 | $ | (275,275 | ) | $ | 1,923,450 | ||||||||||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | $ | — | $ | 28,792 | $ | 19,023 | $ | 3,999 | $ | — | $ | 51,814 | $ | — | $ | 45,065 | $ | 27,807 | $ | 3,009 | $ | — | $ | 75,881 | ||||||||||||||||||||||
Accrued expenses | — | 76,664 | 8,610 | 92 | — | 85,366 | — | 62,167 | 8,059 | 98 | — | 70,324 | ||||||||||||||||||||||||||||||||||
Notes payable | — | 384 | 162 | 38,689 | — | 39,235 | — | 80,915 | — | 94,266 | — | 175,181 | ||||||||||||||||||||||||||||||||||
Subordinated Amortizing Notes | — | 20,717 | — | — | 20,717 | — | 14,066 | — | — | — | 14,066 | |||||||||||||||||||||||||||||||||||
5 3/4% Senior Notes | — | 147,766 | — | — | 147,766 | — | 148,295 | — | — | — | 148,295 | |||||||||||||||||||||||||||||||||||
8 1/2% Senior Notes | — | 422,889 | — | — | — | 422,889 | — | 422,896 | — | — | — | 422,896 | ||||||||||||||||||||||||||||||||||
7% Senior Notes | — | 294,791 | — | — | 294,791 | — | 345,338 | — | — | — | 345,338 | |||||||||||||||||||||||||||||||||||
Intercompany payables | — | 164,541 | — | 68,354 | (232,895 | ) | — | — | 170,757 | — | 68,491 | (239,248 | ) | — | ||||||||||||||||||||||||||||||||
Total liabilities | — | 1,156,544 | 27,795 | 111,134 | (232,895 | ) | 1,062,578 | — | 1,289,499 | 35,866 | 165,864 | (239,248 | ) | 1,251,981 | ||||||||||||||||||||||||||||||||
Equity | ||||||||||||||||||||||||||||||||||||||||||||||
William Lyon Homes stockholders’ equity | 569,915 | (248,662 | ) | 244,448 | (35,961 | ) | 40,175 | 569,915 | 632,095 | (227,011 | ) | 297,560 | (34,522 | ) | (36,027 | ) | 632,095 | |||||||||||||||||||||||||||||
Noncontrolling interests | — | — | — | 27,231 | — | 27,231 | — | — | — | 39,374 | — | 39,374 | ||||||||||||||||||||||||||||||||||
Total liabilities and equity | $ | 569,915 | $ | 907,882 | $ | 272,243 | $ | 102,404 | $ | (192,720 | ) | $ | 1,659,724 | $ | 632,095 | $ | 1,062,488 | $ | 333,426 | $ | 170,716 | $ | (275,275 | ) | $ | 1,923,450 |
Unconsolidated | |||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | ||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Sales | $ | — | $ | 462,490 | $ | 568,774 | $ | 50,164 | $ | — | $ | 1,081,428 | |||||||||||
Construction services | — | 25,124 | — | — | — | 25,124 | |||||||||||||||||
Management fees | — | (1,506 | ) | — | — | 1,506 | — | ||||||||||||||||
— | 486,108 | 568,774 | 50,164 | 1,506 | 1,106,552 | ||||||||||||||||||
Operating costs | |||||||||||||||||||||||
Cost of sales | — | (360,522 | ) | (475,043 | ) | (43,653 | ) | (1,506 | ) | (880,724 | ) | ||||||||||||
Construction services | — | (21,181 | ) | — | — | — | (21,181 | ) | |||||||||||||||
Sales and marketing | — | (26,626 | ) | (31,231 | ) | (3,682 | ) | — | (61,539 | ) | |||||||||||||
General and administrative | — | (47,385 | ) | (11,776 | ) | — | — | (59,161 | ) | ||||||||||||||
Amortization of intangible assets | — | (957 | ) | — | — | — | (957 | ) | |||||||||||||||
Other | — | (3,477 | ) | 1,505 | — | — | (1,972 | ) | |||||||||||||||
— | (460,148 | ) | (516,545 | ) | (47,335 | ) | (1,506 | ) | (1,025,534 | ) | |||||||||||||
Income (loss) from subsidiaries | 57,336 | (2,395 | ) | — | — | (54,941 | ) | — | |||||||||||||||
Operating income | 57,336 | 23,565 | 52,229 | 2,829 | (54,941 | ) | 81,018 | ||||||||||||||||
Equity in income of unconsolidated joint ventures | — | 1,912 | 1,327 | — | — | 3,239 | |||||||||||||||||
Other income (expense), net | — | 7,140 | 4,793 | (9,123 | ) | — | 2,810 | ||||||||||||||||
Income (loss) before provision for income taxes | 57,336 | 32,617 | 58,349 | (6,294 | ) | (54,941 | ) | 87,067 | |||||||||||||||
Provision for income taxes | — | (26,806 | ) | — | — | — | (26,806 | ) | |||||||||||||||
Net income (loss) | 57,336 | 5,811 | 58,349 | (6,294 | ) | (54,941 | ) | 60,261 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (2,925 | ) | — | (2,925 | ) | |||||||||||||||
Net income (loss) available to common stockholders | $ | 57,336 | $ | 5,811 | $ | 58,349 | $ | (9,219 | ) | $ | (54,941 | ) | $ | 57,336 |
Unconsolidated | |||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | ||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Sales | $ | — | $ | 524,990 | $ | 236,245 | $ | 97,716 | $ | — | $ | 858,951 | |||||||||||
Construction services | — | 37,728 | — | — | — | 37,728 | |||||||||||||||||
Management fees | — | (2,926 | ) | — | — | 2,926 | — | ||||||||||||||||
— | 559,792 | 236,245 | 97,716 | 2,926 | 896,679 | ||||||||||||||||||
Operating costs | |||||||||||||||||||||||
Cost of sales | — | (400,712 | ) | (196,773 | ) | (78,649 | ) | (2,926 | ) | (679,060 | ) | ||||||||||||
Construction services | — | (30,700 | ) | — | — | — | (30,700 | ) | |||||||||||||||
Sales and marketing | — | (27,418 | ) | (14,186 | ) | (4,299 | ) | — | (45,903 | ) | |||||||||||||
General and administrative | — | (47,353 | ) | (7,271 | ) | (2 | ) | — | (54,626 | ) | |||||||||||||
Transaction expenses | — | (5,832 | ) | — | — | — | (5,832 | ) | |||||||||||||||
Amortization of intangible assets | — | (1,814 | ) | — | — | — | (1,814 | ) | |||||||||||||||
Other | — | (3,685 | ) | 825 | (14 | ) | — | (2,874 | ) | ||||||||||||||
— | (517,514 | ) | (217,405 | ) | (82,964 | ) | (2,926 | ) | (820,809 | ) | |||||||||||||
Income from subsidiaries | 44,625 | 11,575 | — | — | (56,200 | ) | — | ||||||||||||||||
Operating income | 44,625 | 53,853 | 18,840 | 14,752 | (56,200 | ) | 75,870 | ||||||||||||||||
Income from unconsolidated joint ventures | — | — | 555 | — | — | 555 | |||||||||||||||||
Other income (expense), net | — | 2,883 | (23 | ) | (962 | ) | — | 1,898 | |||||||||||||||
Income before provision for income taxes | 44,625 | 56,736 | 19,372 | 13,790 | (56,200 | ) | 78,323 | ||||||||||||||||
Provision for income taxes | — | (23,797 | ) | — | — | — | (23,797 | ) | |||||||||||||||
Net income | 44,625 | 32,939 | 19,372 | 13,790 | (56,200 | ) | 54,526 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (9,901 | ) | — | (9,901 | ) | |||||||||||||||
Net income available to common stockholders | $ | 44,625 | $ | 32,939 | $ | 19,372 | $ | 3,889 | $ | (56,200 | ) | $ | 44,625 |
Unconsolidated | |||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | ||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Sales | $ | — | $ | 310,919 | $ | 180,673 | $ | 48,410 | $ | — | $ | 540,002 | |||||||||||
Construction services | — | 32,533 | — | — | — | 32,533 | |||||||||||||||||
Management fees | — | 1,351 | — | — | (1,351 | ) | — | ||||||||||||||||
— | 344,803 | 180,673 | 48,410 | (1,351 | ) | 572,535 | |||||||||||||||||
Operating costs | |||||||||||||||||||||||
Cost of sales | — | (236,165 | ) | (150,450 | ) | (34,924 | ) | 1,351 | (420,188 | ) | |||||||||||||
Construction services | — | (25,598 | ) | — | — | — | (25,598 | ) | |||||||||||||||
Sales and marketing | — | (15,615 | ) | (8,908 | ) | (1,579 | ) | — | (26,102 | ) | |||||||||||||
General and administrative | — | (37,031 | ) | (3,720 | ) | (19 | ) | — | (40,770 | ) | |||||||||||||
Amortization of intangible assets | — | (1,854 | ) | — | — | — | (1,854 | ) | |||||||||||||||
Other | — | (2,163 | ) | (3 | ) | — | — | (2,166 | ) | ||||||||||||||
— | (318,426 | ) | (163,081 | ) | (36,522 | ) | 1,351 | (516,678 | ) | ||||||||||||||
Income from subsidiaries | 129,132 | 21,889 | — | — | (151,021 | ) | — | ||||||||||||||||
Operating income | 129,132 | 48,266 | 17,592 | 11,888 | (151,021 | ) | 55,857 | ||||||||||||||||
Interest expense, net of amounts capitalized | — | (2,476 | ) | (126 | ) | — | — | (2,602 | ) | ||||||||||||||
Other income (expense), net | — | 1,745 | (147 | ) | (1,088 | ) | — | 510 | |||||||||||||||
Income before reorganization items and benefit (provision) for income taxes | 129,132 | 47,535 | 17,319 | 10,800 | (151,021 | ) | 53,765 | ||||||||||||||||
Reorganization items, net | — | (464 | ) | — | — | — | (464 | ) | |||||||||||||||
Income before benefit (provision) for income taxes | 129,132 | 47,071 | 17,319 | 10,800 | (151,021 | ) | 53,301 | ||||||||||||||||
Benefit (provision) for income taxes | — | 82,315 | (13 | ) | — | — | 82,302 | ||||||||||||||||
Net income | 129,132 | 129,386 | 17,306 | 10,800 | (151,021 | ) | 135,603 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (6,471 | ) | — | (6,471 | ) | |||||||||||||||
Net income attributable to William Lyon Homes | 129,132 | 129,386 | 17,306 | 4,329 | (151,021 | ) | 129,132 | ||||||||||||||||
Preferred stock dividends | (1,528 | ) | — | — | — | — | (1,528 | ) | |||||||||||||||
Net income available to common stockholders | $ | 127,604 | $ | 129,386 | $ | 17,306 | $ | 4,329 | $ | (151,021 | ) | $ | 127,604 |
Unconsolidated | |||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | ||||||||||||||||||
Operating activities | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (4,844 | ) | $ | (123,099 | ) | $ | 26,398 | $ | (76,207 | ) | $ | 4,844 | $ | (172,908 | ) | |||||||
Investing activities | |||||||||||||||||||||||
Investment in and advances to joint ventures | — | (1,000 | ) | — | — | — | (1,000 | ) | |||||||||||||||
Purchases of property and equipment | — | (4,918 | ) | 89 | 29 | — | (4,800 | ) | |||||||||||||||
Investments in subsidiaries | — | (3,833 | ) | (12,584 | ) | — | 16,417 | — | |||||||||||||||
Net cash (used in) provided by investing activities | — | (9,751 | ) | (12,495 | ) | 29 | 16,417 | (5,800 | ) | ||||||||||||||
Financing activities | |||||||||||||||||||||||
Proceeds from borrowings on notes payable | — | 34,955 | — | 84,708 | — | 119,663 | |||||||||||||||||
Principal payments on notes payable | — | (28,924 | ) | (162 | ) | (29,131 | ) | — | (58,217 | ) | |||||||||||||
Proceeds from issurance of 7 % Senior Notes | — | 51,000 | — | — | — | 51,000 | |||||||||||||||||
Proceeds from borrowings on revolver | — | 229,000 | — | — | — | 229,000 | |||||||||||||||||
Payments on revolver | — | (164,000 | ) | — | — | — | (164,000 | ) | |||||||||||||||
Principle payments on Subordinated amortizing notes | — | (6,651 | ) | — | — | — | (6,651 | ) | |||||||||||||||
Proceeds from stock options exercised | — | 106 | — | — | — | 106 | |||||||||||||||||
Purchase of common stock | — | (1,832 | ) | — | — | — | (1,832 | ) | |||||||||||||||
Payments of deferred loan costs | (2,147 | ) | — | — | (2,147 | ) | |||||||||||||||||
Noncontrolling interest contributions | — | — | — | 19,850 | — | 19,850 | |||||||||||||||||
Noncontrolling interest distributions | — | — | — | (10,632 | ) | — | (10,632 | ) | |||||||||||||||
Advances to affiliates | — | — | (5,237 | ) | 10,658 | (5,421 | ) | — | |||||||||||||||
Intercompany receivables/payables | 4,844 | 17,212 | (6,353 | ) | 137 | (15,840 | ) | — | |||||||||||||||
Net cash provided by (used in) by financing activities | 4,844 | 128,719 | (11,752 | ) | 75,590 | (21,261 | ) | 176,140 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (4,131 | ) | 2,151 | (588 | ) | — | (2,568 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 48,462 | 573 | 3,736 | — | 52,771 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 44,331 | $ | 2,724 | $ | 3,148 | $ | — | $ | 50,203 |
Unconsolidated | |||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | ||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Sales | $ | — | $ | 573,191 | $ | 680,138 | $ | 148,874 | $ | — | $ | 1,402,203 | |||||||||||
Construction services | — | 3,837 | — | — | — | 3,837 | |||||||||||||||||
Management fees | — | (4,362 | ) | — | — | 4,362 | — | ||||||||||||||||
— | 572,666 | 680,138 | 148,874 | 4,362 | 1,406,040 | ||||||||||||||||||
Operating costs | |||||||||||||||||||||||
Cost of sales | — | (462,153 | ) | (564,596 | ) | (131,226 | ) | (4,362 | ) | (1,162,337 | ) | ||||||||||||
Construction services | — | (3,485 | ) | — | — | — | (3,485 | ) | |||||||||||||||
Sales and marketing | — | (27,329 | ) | (36,170 | ) | (9,010 | ) | — | (72,509 | ) | |||||||||||||
General and administrative | — | (60,141 | ) | (13,256 | ) | (1 | ) | — | (73,398 | ) | |||||||||||||
Other | — | (442 | ) | 100 | (1 | ) | — | (343 | ) | ||||||||||||||
— | (553,550 | ) | (613,922 | ) | (140,238 | ) | (4,362 | ) | (1,312,072 | ) | |||||||||||||
Income (loss) from subsidiaries | 59,696 | 8,331 | — | — | (68,027 | ) | — | ||||||||||||||||
Operating income | 59,696 | 27,447 | 66,216 | 8,636 | (68,027 | ) | 93,968 | ||||||||||||||||
Equity in income of unconsolidated joint ventures | — | 4,369 | 1,237 | — | — | 5,606 | |||||||||||||||||
Other income (expense), net | — | 4,640 | (34 | ) | (1,363 | ) | — | 3,243 | |||||||||||||||
Income (loss) before provision for income taxes | 59,696 | 36,456 | 67,419 | 7,273 | (68,027 | ) | 102,817 | ||||||||||||||||
Provision for income taxes | (34,850 | ) | — | — | — | (34,850 | ) | ||||||||||||||||
Net income (loss) | 59,696 | 1,606 | 67,419 | 7,273 | (68,027 | ) | 67,967 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (8,271 | ) | — | (8,271 | ) | |||||||||||||||
Net income (loss) available to common stockholders | $ | 59,696 | $ | 1,606 | $ | 67,419 | $ | (998 | ) | $ | (68,027 | ) | $ | 59,696 |
Unconsolidated | |||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | ||||||||||||||||||
Operating activities | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (97,110 | ) | $ | 369,750 | $ | (510,453 | ) | $ | (19,104 | ) | $ | 97,110 | $ | (159,807 | ) | |||||||
Investing activities | |||||||||||||||||||||||
Investment in and advances to joint ventures | — | — | (500 | ) | — | — | (500 | ) | |||||||||||||||
Cash paid for acquisitions, net | — | (439,040 | ) | (53,378 | ) | — | — | (492,418 | ) | ||||||||||||||
Purchases of property and equipment | — | (1,826 | ) | (267 | ) | 15 | — | (2,078 | ) | ||||||||||||||
Investments in subsidiaries | — | 57,515 | 574,125 | — | (631,640 | ) | — | ||||||||||||||||
Net cash (used in) provided by investing activities | — | (383,351 | ) | 519,980 | 15 | (631,640 | ) | (494,996 | ) | ||||||||||||||
Financing activities | |||||||||||||||||||||||
Proceeds from borrowings on notes payable | — | — | — | 95,227 | — | 95,227 | |||||||||||||||||
Principal payments on notes payable | — | (11,898 | ) | (4,012 | ) | (80,555 | ) | — | (96,465 | ) | |||||||||||||
Proceeds from issuance of 5 3/4% Senior Notes | — | 150,000 | — | — | — | 150,000 | |||||||||||||||||
Proceeds from issurance of 7 % Senior Notes | — | 300,000 | — | — | — | 300,000 | |||||||||||||||||
Proceeds from issuance of bridge loan | — | 120,000 | — | — | — | 120,000 | |||||||||||||||||
Payments on bridge loan | — | (120,000 | ) | — | — | — | (120,000 | ) | |||||||||||||||
Proceeds from borrowings on revolver | — | 20,000 | — | — | — | 20,000 | |||||||||||||||||
Payments on revolver | — | (20,000 | ) | — | — | — | (20,000 | ) | |||||||||||||||
Issuance of TEUs - Purchase Contracts, net of offering costs | — | 94,284 | — | — | — | 94,284 | |||||||||||||||||
Offering costs related to issuance of TEUs | — | (3,830 | ) | — | — | — | (3,830 | ) | |||||||||||||||
Issuance of TEUs - Subordinated amortizing notes | — | 20,717 | — | — | — | 20,717 | |||||||||||||||||
Proceeds from stock options exercised | — | 285 | — | — | — | 285 | |||||||||||||||||
Offering costs related to issuance of common stock | — | (105 | ) | — | — | — | (105 | ) | |||||||||||||||
Purchase of common stock | — | (1,774 | ) | — | — | — | (1,774 | ) | |||||||||||||||
Excess income tax benefit from stock based awards | — | 1,866 | — | — | — | 1,866 | |||||||||||||||||
Payments of deferred loan costs | (19,018 | ) | — | — | (19,018 | ) | |||||||||||||||||
Noncontrolling interest contributions | — | — | — | 22,041 | — | 22,041 | |||||||||||||||||
Noncontrolling interest distributions | — | — | — | (27,326 | ) | — | (27,326 | ) | |||||||||||||||
Advances to affiliates | — | — | (99 | ) | (49,825 | ) | 49,924 | — | |||||||||||||||
Intercompany receivables/payables | 97,110 | (634,980 | ) | (4,871 | ) | 58,135 | 484,606 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 97,110 | (104,453 | ) | (8,982 | ) | 17,697 | 534,530 | 535,902 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (118,054 | ) | 545 | (1,392 | ) | — | (118,901 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 166,516 | 28 | 5,128 | — | 171,672 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 48,462 | $ | 573 | $ | 3,736 | $ | — | $ | 52,771 |
Unconsolidated | |||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | ||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Sales | $ | — | $ | 459,990 | $ | 568,774 | $ | 50,164 | $ | — | $ | 1,078,928 | |||||||||||
Construction services | — | 25,124 | — | — | — | 25,124 | |||||||||||||||||
Management fees | — | (1,506 | ) | — | — | 1,506 | — | ||||||||||||||||
— | 483,608 | 568,774 | 50,164 | 1,506 | 1,104,052 | ||||||||||||||||||
Operating costs | |||||||||||||||||||||||
Cost of sales | — | (358,793 | ) | (475,043 | ) | (43,653 | ) | (1,506 | ) | (878,995 | ) | ||||||||||||
Construction services | — | (21,181 | ) | — | — | — | (21,181 | ) | |||||||||||||||
Sales and marketing | — | (26,626 | ) | (31,231 | ) | (3,682 | ) | — | (61,539 | ) | |||||||||||||
General and administrative | — | (47,385 | ) | (11,776 | ) | — | — | (59,161 | ) | ||||||||||||||
Amortization of intangible assets | — | (957 | ) | — | — | — | (957 | ) | |||||||||||||||
Other | — | (3,477 | ) | 1,505 | — | — | (1,972 | ) | |||||||||||||||
— | (458,419 | ) | (516,545 | ) | (47,335 | ) | (1,506 | ) | (1,023,805 | ) | |||||||||||||
Income (loss) from subsidiaries | 57,336 | (2,395 | ) | — | — | (54,941 | ) | — | |||||||||||||||
Operating income | 57,336 | 22,794 | 52,229 | 2,829 | (54,941 | ) | 80,247 | ||||||||||||||||
Equity in income of unconsolidated joint ventures | — | 1,912 | 1,327 | — | — | 3,239 | |||||||||||||||||
Other income (expense), net | — | 7,911 | 4,793 | (9,123 | ) | — | 3,581 | ||||||||||||||||
Income (loss) before provision for income taxes | 57,336 | 32,617 | 58,349 | (6,294 | ) | (54,941 | ) | 87,067 | |||||||||||||||
Provision for income taxes | — | (26,806 | ) | — | — | — | (26,806 | ) | |||||||||||||||
Net income (loss) | 57,336 | 5,811 | 58,349 | (6,294 | ) | (54,941 | ) | 60,261 | |||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (2,925 | ) | — | (2,925 | ) | |||||||||||||||
Net income (loss) available to common stockholders | $ | 57,336 | $ | 5,811 | $ | 58,349 | $ | (9,219 | ) | $ | (54,941 | ) | $ | 57,336 |
Unconsolidated | |||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | ||||||||||||||||||
Operating activities | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | — | $ | (164,848 | ) | $ | 15,759 | $ | (25,445 | ) | $ | — | $ | (174,534 | ) | ||||||||
Investing activities | |||||||||||||||||||||||
Purchases of property and equipment | — | (3,651 | ) | (104 | ) | 1 | — | (3,754 | ) | ||||||||||||||
Investments in subsidiaries | — | 35,574 | — | — | (35,574 | ) | — | ||||||||||||||||
Net cash provided by (used in) investing activities | — | 31,923 | (104 | ) | 1 | (35,574 | ) | (3,754 | ) | ||||||||||||||
Financing activities | |||||||||||||||||||||||
Proceeds from borrowings on notes payable | — | 18,969 | 1,762 | 52,879 | — | 73,610 | |||||||||||||||||
Principal payments on notes payable | — | (30,735 | ) | — | (34,302 | ) | — | (65,037 | ) | ||||||||||||||
Proceeds from issurance of 8 1/2% Senior Notes | — | 106,500 | — | — | — | 106,500 | |||||||||||||||||
Proceeds from issuance of common stock | — | 179,438 | — | — | — | 179,438 | |||||||||||||||||
Offering costs related to issuance of common stock | — | (15,753 | ) | — | — | — | (15,753 | ) | |||||||||||||||
Payment of deferred loan costs | — | (4,060 | ) | — | — | — | (4,060 | ) | |||||||||||||||
Payment of preferred stock dividends | — | (2,550 | ) | — | — | — | (2,550 | ) | |||||||||||||||
Noncontrolling interest contributions | — | — | — | 37,184 | — | 37,184 | |||||||||||||||||
Noncontrolling interest distributions | — | — | — | (30,447 | ) | — | (30,447 | ) | |||||||||||||||
Advances to affiliates | — | — | 362 | (17,914 | ) | 17,552 | — | ||||||||||||||||
Intercompany receivables/payables | — | (21,744 | ) | (17,816 | ) | 21,538 | 18,022 | — | |||||||||||||||
Net cash provided by (used in) financing activities | — | 230,065 | (15,692 | ) | 28,938 | 35,574 | 278,885 | ||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | 97,140 | (37 | ) | 3,494 | — | 100,597 | ||||||||||||||||
Cash and cash equivalents at beginning of period | — | 69,376 | 65 | 1,634 | — | 71,075 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 166,516 | $ | 28 | $ | 5,128 | $ | — | $ | 171,672 |
Unconsolidated | |||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | ||||||||||||||||||
Operating revenue | |||||||||||||||||||||||
Sales | $ | — | $ | 523,064 | $ | 236,245 | $ | 97,716 | $ | — | $ | 857,025 | |||||||||||
Construction services | — | 37,728 | — | — | — | 37,728 | |||||||||||||||||
Management fees | — | (2,926 | ) | — | — | 2,926 | — | ||||||||||||||||
— | 557,866 | 236,245 | 97,716 | 2,926 | 894,753 | ||||||||||||||||||
Operating costs | |||||||||||||||||||||||
Cost of sales | — | (399,183 | ) | (196,773 | ) | (78,649 | ) | (2,926 | ) | (677,531 | ) | ||||||||||||
Construction services | — | (30,700 | ) | — | — | — | (30,700 | ) | |||||||||||||||
Sales and marketing | — | (27,418 | ) | (14,186 | ) | (4,299 | ) | — | (45,903 | ) | |||||||||||||
General and administrative | — | (47,353 | ) | (7,271 | ) | (2 | ) | — | (54,626 | ) | |||||||||||||
Transaction expenses | — | (5,832 | ) | — | — | — | (5,832 | ) | |||||||||||||||
Amortization of intangible assets | — | (1,814 | ) | — | — | — | (1,814 | ) | |||||||||||||||
Other | — | (3,685 | ) | 825 | (14 | ) | — | (2,874 | ) | ||||||||||||||
— | (515,985 | ) | (217,405 | ) | (82,964 | ) | (2,926 | ) | (819,280 | ) | |||||||||||||
Income from subsidiaries | 44,625 | 11,575 | — | — | (56,200 | ) | — | ||||||||||||||||
Operating income | 44,625 | 53,456 | 18,840 | 14,752 | (56,200 | ) | 75,473 | ||||||||||||||||
Income from unconsolidated joint ventures | — | — | 555 | — | — | 555 | |||||||||||||||||
Other income (expense), net | — | 3,280 | (23 | ) | (962 | ) | — | 2,295 | |||||||||||||||
Income before provision for income taxes | 44,625 | 56,736 | 19,372 | 13,790 | (56,200 | ) | 78,323 | ||||||||||||||||
Provision for income taxes | — | (23,797 | ) | — | — | — | (23,797 | ) | |||||||||||||||
Net income | 44,625 | 32,939 | 19,372 | 13,790 | (56,200 | ) | 54,526 | ||||||||||||||||
Less: Net income attributable to noncontrolling interests | — | — | — | (9,901 | ) | — | (9,901 | ) | |||||||||||||||
Net income available to common stockholders | $ | 44,625 | $ | 32,939 | $ | 19,372 | $ | 3,889 | $ | (56,200 | ) | $ | 44,625 |
Unconsolidated | |||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | ||||||||||||||||||
Operating activities | |||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | (5,295 | ) | $ | 64,780 | $ | (778 | ) | $ | (42,296 | ) | $ | 5,295 | $ | 21,706 | ||||||||
Investing activities | |||||||||||||||||||||||
Proceeds from repayment of notes receivable | 6,188 | — | — | — | 6,188 | ||||||||||||||||||
Purchases of property and equipment | — | (1,004 | ) | 85 | (110 | ) | — | (1,029 | ) | ||||||||||||||
Investments in subsidiaries | — | (2,455 | ) | 12,104 | — | (9,649 | ) | — | |||||||||||||||
Net cash provided by (used in) investing activities | — | 2,729 | 12,189 | (110 | ) | (9,649 | ) | 5,159 | |||||||||||||||
Financing activities | |||||||||||||||||||||||
Proceeds from borrowings on notes payable | — | 2,211 | — | 137,572 | — | 139,783 | |||||||||||||||||
Principal payments on notes payable | — | (18,125 | ) | — | (129,762 | ) | — | (147,887 | ) | ||||||||||||||
Proceeds from borrowings on revolver | — | 258,000 | — | — | — | 258,000 | |||||||||||||||||
Payments on revolver | — | (294,000 | ) | — | — | — | (294,000 | ) | |||||||||||||||
Principle payments on Subordinated amortizing notes | — | (6,841 | ) | — | — | — | (6,841 | ) | |||||||||||||||
Purchase of common stock | — | (942 | ) | — | — | — | (942 | ) | |||||||||||||||
Excess income tax benefit from stock based awards | — | (182 | ) | — | — | — | (182 | ) | |||||||||||||||
Payments of deferred loan costs | — | (1,085 | ) | — | — | — | (1,085 | ) | |||||||||||||||
Noncontrolling interest contributions | — | — | — | 38,334 | — | 38,334 | |||||||||||||||||
Noncontrolling interest distributions | — | — | — | (19,636 | ) | — | (19,636 | ) | |||||||||||||||
Advances to affiliates | — | — | (252 | ) | 11,784 | (11,532 | ) | — | |||||||||||||||
Intercompany receivables/payables | 5,295 | (14,672 | ) | (13,611 | ) | 7,102 | 15,886 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 5,295 | (75,636 | ) | (13,863 | ) | 45,394 | 4,354 | (34,456 | ) | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (8,127 | ) | (2,452 | ) | 2,988 | — | (7,591 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 44,331 | 2,724 | 3,148 | — | 50,203 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 36,204 | $ | 272 | $ | 6,136 | $ | — | $ | 42,612 |
Unconsolidated | |||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | ||||||||||||||||||
Operating activities | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (4,844 | ) | $ | (123,099 | ) | $ | 26,398 | $ | (76,207 | ) | $ | 4,844 | $ | (172,908 | ) | |||||||
Investing activities | |||||||||||||||||||||||
Investment in and advances to joint ventures | — | (1,000 | ) | — | — | — | (1,000 | ) | |||||||||||||||
Purchases of property and equipment | — | (4,918 | ) | 89 | 29 | — | (4,800 | ) | |||||||||||||||
Investments in subsidiaries | — | (3,833 | ) | (12,584 | ) | — | 16,417 | — | |||||||||||||||
Net cash (used in) provided by investing activities | — | (9,751 | ) | (12,495 | ) | 29 | 16,417 | (5,800 | ) | ||||||||||||||
Financing activities | |||||||||||||||||||||||
Proceeds from borrowings on notes payable | — | 34,955 | — | 84,708 | — | 119,663 | |||||||||||||||||
Principal payments on notes payable | — | (28,924 | ) | (162 | ) | (29,131 | ) | — | (58,217 | ) | |||||||||||||
Proceeds from issuance of 7 % Senior Notes | — | 51,000 | — | — | — | 51,000 | |||||||||||||||||
Proceeds from borrowings on revolver | — | 229,000 | — | — | — | 229,000 | |||||||||||||||||
Payments on revolver | — | (164,000 | ) | — | — | — | (164,000 | ) | |||||||||||||||
Principle payments on Subordinated amortizing notes | — | (6,651 | ) | — | — | — | (6,651 | ) | |||||||||||||||
Proceeds from stock options exercised | — | 106 | — | — | — | 106 | |||||||||||||||||
Purchase of common stock | — | (1,832 | ) | — | — | — | (1,832 | ) | |||||||||||||||
Payments of deferred loan costs | (2,147 | ) | — | — | (2,147 | ) | |||||||||||||||||
Noncontrolling interest contributions | — | — | — | 19,850 | — | 19,850 | |||||||||||||||||
Noncontrolling interest distributions | — | — | — | (10,632 | ) | — | (10,632 | ) | |||||||||||||||
Advances to affiliates | — | — | (5,237 | ) | 10,658 | (5,421 | ) | — | |||||||||||||||
Intercompany receivables/payables | 4,844 | 17,212 | (6,353 | ) | 137 | (15,840 | ) | — | |||||||||||||||
Net cash provided by (used in) financing activities | 4,844 | 128,719 | (11,752 | ) | 75,590 | (21,261 | ) | 176,140 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (4,131 | ) | 2,151 | (588 | ) | — | (2,568 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 48,462 | 573 | 3,736 | — | 52,771 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 44,331 | $ | 2,724 | $ | 3,148 | $ | — | $ | 50,203 |
Unconsolidated | |||||||||||||||||||||||
Delaware Lyon | California Lyon | Guarantor Subsidiaries | Non-Guarantor Subsidiaries | Eliminating Entries | Consolidated Company | ||||||||||||||||||
Operating activities | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (97,110 | ) | $ | 369,750 | $ | (510,453 | ) | $ | (19,104 | ) | $ | 97,110 | $ | (159,807 | ) | |||||||
Investing activities | |||||||||||||||||||||||
Investment in and advances to joint ventures | — | — | (500 | ) | — | — | (500 | ) | |||||||||||||||
Cash paid for acquisitions, net | — | (439,040 | ) | (53,378 | ) | — | — | (492,418 | ) | ||||||||||||||
Purchases of property and equipment | — | (1,826 | ) | (267 | ) | 15 | — | (2,078 | ) | ||||||||||||||
Investments in subsidiaries | — | 57,515 | 574,125 | — | (631,640 | ) | — | ||||||||||||||||
Net cash (used in) provided by investing activities | — | (383,351 | ) | 519,980 | 15 | (631,640 | ) | (494,996 | ) | ||||||||||||||
Financing activities | |||||||||||||||||||||||
Proceeds from borrowings on notes payable | — | — | — | 95,227 | — | 95,227 | |||||||||||||||||
Principal payments on notes payable | — | (11,898 | ) | (4,012 | ) | (80,555 | ) | — | (96,465 | ) | |||||||||||||
Proceeds from issuance of 5 3/4% Senior Notes | — | 150,000 | — | — | — | 150,000 | |||||||||||||||||
Proceeds from issuance of 7 % Senior Notes | — | 300,000 | — | — | — | 300,000 | |||||||||||||||||
Proceeds from issuance of bridge loan | — | 120,000 | — | — | — | 120,000 | |||||||||||||||||
Payments on bridge loan | — | (120,000 | ) | — | — | — | (120,000 | ) | |||||||||||||||
Proceeds from borrowings on revolver | — | 20,000 | — | — | — | 20,000 | |||||||||||||||||
Payments on revolver | — | (20,000 | ) | — | — | — | (20,000 | ) | |||||||||||||||
Issuance of TEUs - Purchase Contracts, net of offering costs | — | 94,284 | — | — | — | 94,284 | |||||||||||||||||
Offering costs related to issuance of TEUs | — | (3,830 | ) | — | — | — | (3,830 | ) | |||||||||||||||
Issuance of TEUs - Subordinated amortizing notes | — | 20,717 | — | — | — | 20,717 | |||||||||||||||||
Proceeds from stock options exercised | — | 285 | — | — | — | 285 | |||||||||||||||||
Offering costs related to issuance of common stock | — | (105 | ) | — | — | — | (105 | ) | |||||||||||||||
Purchase of common stock | — | (1,774 | ) | — | — | — | (1,774 | ) | |||||||||||||||
Excess income tax benefit from stock based awards | — | 1,866 | — | — | — | 1,866 | |||||||||||||||||
Payments of deferred loan costs | (19,018 | ) | — | — | (19,018 | ) | |||||||||||||||||
Noncontrolling interest contributions | — | — | — | 22,041 | — | 22,041 | |||||||||||||||||
Noncontrolling interest distributions | — | — | — | (27,326 | ) | — | (27,326 | ) | |||||||||||||||
Advances to affiliates | — | — | (99 | ) | (49,825 | ) | 49,924 | — | |||||||||||||||
Intercompany receivables/payables | 97,110 | (634,980 | ) | (4,871 | ) | 58,135 | 484,606 | — | |||||||||||||||
Net cash provided by (used in) financing activities | 97,110 | (104,453 | ) | (8,982 | ) | 17,697 | 534,530 | 535,902 | |||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | (118,054 | ) | 545 | (1,392 | ) | — | (118,901 | ) | ||||||||||||||
Cash and cash equivalents at beginning of period | — | 166,516 | 28 | 5,128 | — | 171,672 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | 48,462 | $ | 573 | $ | 3,736 | $ | — | $ | 52,771 |
• | 5 3/4% Senior Notes—The 5 3/4% Senior Notes are traded over the counter and their fair value was based upon published quotes; |
• | 8 1/2% Senior Notes—The 8 1/2% Senior Notes are traded over the counter and their fair value was based upon published quotes; |
December 31, 2015 | December 31, 2014 | December 31, 2016 | December 31, 2015 | |||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||||||||||||||
Financial liabilities: | ||||||||||||||||||||||||||||||
Notes payable | $ | 175,181 | $ | 175,181 | $ | 39,235 | $ | 39,235 | $ | 155,768 | $ | 155,768 | $ | 175,181 | $ | 175,181 | ||||||||||||||
Subordinated amortizing notes | 14,066 | 12,122 | 20,717 | 20,717 | 7,225 | 7,478 | 14,066 | 12,122 | ||||||||||||||||||||||
5 3/4% Senior Notes due 2019 | 148,295 | 147,750 | 147,766 | 149,250 | 148,826 | 151,125 | 148,295 | 147,750 | ||||||||||||||||||||||
8 1/2% Senior Notes due 2020 | 422,896 | 449,438 | 422,889 | 462,410 | 422,817 | 444,125 | 422,896 | 449,438 | ||||||||||||||||||||||
7% Senior Notes due 2022 | 345,338 | 350,875 | 294,791 | 300,750 | 346,014 | 363,125 | 345,338 | 350,875 |
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||
Current | ||||||||||||||||||||||
Federal | $ | (15,296 | ) | $ | (13,284 | ) | $ | (12,156 | ) | $ | (26,978 | ) | $ | (15,296 | ) | $ | (13,284 | ) | ||||
State | (3,350 | ) | (2,691 | ) | (1,132 | ) | (4,077 | ) | (3,350 | ) | (2,691 | ) | ||||||||||
Deferred | ||||||||||||||||||||||
Federal | (5,259 | ) | (4,748 | ) | 74,000 | (1,395 | ) | (5,259 | ) | (4,748 | ) | |||||||||||
State | (2,901 | ) | (3,074 | ) | 21,590 | (2,400 | ) | (2,901 | ) | (3,074 | ) | |||||||||||
$ | (26,806 | ) | $ | (23,797 | ) | $ | 82,302 | $ | (34,850 | ) | $ | (26,806 | ) | $ | (23,797 | ) |
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | |||||||||||||||||
2015 | 2014 | 2013 | 2016 | 2015 | 2014 | |||||||||||||||||
(Provision) benefit for federal income taxes at the statutory rate | $ | (30,473 | ) | $ | (27,413 | ) | $ | (18,656 | ) | |||||||||||||
Provision for federal income taxes at the statutory rate | $ | (35,986 | ) | $ | (30,473 | ) | $ | (27,413 | ) | |||||||||||||
Increases/(decreases) in tax resulting from: | ||||||||||||||||||||||
Provision for state income taxes, net of federal income tax benefits | (4,063 | ) | (3,784 | ) | 13,297 | (4,210 | ) | (4,063 | ) | (3,784 | ) | |||||||||||
Change in valuation allowance | 1,626 | 1,629 | 153,526 | — | 1,626 | 1,629 | ||||||||||||||||
Domestic production activities deduction | 2,087 | 1,228 | 618 | 2,481 | 2,087 | 1,228 | ||||||||||||||||
Nondeductible items-other | (52 | ) | (84 | ) | (105 | ) | (58 | ) | (52 | ) | (84 | ) | ||||||||||
Non-controlling interests | 1,024 | 3,465 | 2,265 | 2,895 | 1,024 | 3,465 | ||||||||||||||||
Change in RBIL estimate | 1,771 | — | — | — | 1,771 | — | ||||||||||||||||
Cancellation of indebtedness attribute reduction | — | (4 | ) | (70,993 | ) | — | — | (4 | ) | |||||||||||||
Tax credits | 1,272 | 316 | — | 166 | 1,272 | 316 | ||||||||||||||||
Stock based compensation | 27 | — | — | |||||||||||||||||||
Other, net | 2 | 850 | 2,350 | (165 | ) | 2 | 850 | |||||||||||||||
$ | (26,806 | ) | $ | (23,797 | ) | $ | 82,302 | $ | (34,850 | ) | $ | (26,806 | ) | $ | (23,797 | ) |
December 31, | December 31, | |||||||||||||
2015 | 2014 | 2016 | 2015 | |||||||||||
Deferred tax assets | ||||||||||||||
Impairment and other reserves | $ | 58,991 | $ | 65,063 | $ | 53,806 | $ | 58,991 | ||||||
Compensation deductible for tax purposes when paid | 9,124 | 9,130 | 9,161 | 9,124 | ||||||||||
Goodwill and other intangibles | 129 | 2,582 | — | 129 | ||||||||||
AMT credit carryover | 1,384 | 1,384 | 1,384 | 1,384 | ||||||||||
Unused recognized built-in loss | 19,053 | 27,645 | 18,651 | 19,053 | ||||||||||
Net operating loss | 4,430 | 1,776 | 3,172 | 4,430 | ||||||||||
Valuation allowance | — | (1,626 | ) | |||||||||||
Effect of book/tax differences for general and administrative | 6,427 | — | ||||||||||||
Other | 1,378 | 1,556 | 694 | 1,378 | ||||||||||
94,489 | 107,510 | 93,295 | 94,489 | |||||||||||
Deferred tax liabilities | ||||||||||||||
Effect of book/tax differences for joint ventures | (3,537 | ) | (2,974 | ) | (2,706 | ) | (3,537 | ) | ||||||
Effect of book/tax differences for capitalized interest/general and administrative | (14,566 | ) | (13,203 | ) | ||||||||||
Effect of book/tax differences for capitalized interest | (11,103 | ) | (14,566 | ) | ||||||||||
Fixed assets and intangibles | (755 | ) | (2,104 | ) | (1,716 | ) | (755 | ) | ||||||
Goodwill and other intangibles | (1,541 | ) | — | |||||||||||
Other | 4,095 | (1,190 | ) | (478 | ) | 4,095 | ||||||||
(14,763 | ) | (19,471 | ) | (17,544 | ) | (14,763 | ) | |||||||
Total deferred tax assets, net | $ | 79,726 | $ | 88,039 | $ | 75,751 | $ | 79,726 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||
Basic weighted average number of shares outstanding (1) | 36,546,227 | 31,753,110 | 24,736,841 | 36,764,799 | 36,546,227 | 31,753,110 | ||||||||||||||||
Effect of dilutive securities: | ||||||||||||||||||||||
Preferred shares, stock options, and warrants | 1,326,399 | 1,424,272 | 1,059,356 | 815,171 | 1,326,399 | 1,424,272 | ||||||||||||||||
Tangible Equity Units | 894,930 | 58,961 | — | 894,930 | 894,930 | 58,961 | ||||||||||||||||
Diluted average shares outstanding | 38,767,556 | 33,236,343 | 25,796,197 | 38,474,900 | 38,767,556 | 33,236,343 | ||||||||||||||||
Net income available to common stockholders | $ | 57,336 | $ | 44,625 | $ | 127,604 | $ | 59,696 | $ | 57,336 | $ | 44,625 | ||||||||||
Basic income per common share | $ | 1.57 | $ | 1.41 | $ | 5.16 | $ | 1.62 | $ | 1.57 | $ | 1.41 | ||||||||||
Dilutive income per common share | $ | 1.48 | $ | 1.34 | $ | 4.95 | $ | 1.55 | $ | 1.48 | $ | 1.34 | ||||||||||
Potentially antidilutive securities not included in the calculation of diluted income per common share (weighted average): | ||||||||||||||||||||||
Unvested stock options | 180,000 | N/A | N/A | 240,000 | 180,000 | N/A |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||
Expected dividend yield | N/A | ||||||
Risk-free interest rate | N/A | ||||||
Expected volatility | N/A | ||||||
Expected life (in years) | N/A |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | Options | Weighted Average Exercise Price | |||||||||||||||||||||||||||||||||||
Options outstanding at beginning of year | 419,238 | $ | 8.66 | 576,651 | $ | 8.66 | 576,651 | $ | 8.66 | 611,313 | $ | 15.40 | 419,238 | $ | 8.66 | 576,651 | $ | 8.66 | ||||||||||||||||||||||||||||
Granted (1) | 240,000 | $ | 25.82 | — | N/A | — | N/A | — | N/A | 240,000 | $ | 25.82 | — | N/A | ||||||||||||||||||||||||||||||||
Exercised | (47,925 | ) | $ | 8.66 | (157,413 | ) | $ | 8.66 | — | N/A | (15,000 | ) | $ | 8.66 | (47,925 | ) | $ | 8.66 | (157,413 | ) | $ | 8.66 | ||||||||||||||||||||||||
Canceled | — | N/A | — | N/A | — | N/A | — | N/A | — | N/A | — | N/A | ||||||||||||||||||||||||||||||||||
Options outstanding at end of year | 611,313 | $ | 15.40 | 419,238 | $ | 8.66 | 576,651 | $ | 8.66 | 596,313 | $ | 15.57 | 611,313 | $ | 15.40 | 419,238 | $ | 8.66 | ||||||||||||||||||||||||||||
Options vested and expected to vest | 611,313 | $ | 15.40 | 419,238 | $ | 8.66 | 576,651 | $ | 8.66 | 596,313 | $ | 15.57 | 611,313 | $ | 15.40 | 419,238 | $ | 8.66 | ||||||||||||||||||||||||||||
Options exercisable at end of year (2) | 371,313 | $ | 8.66 | 419,238 | $ | 8.66 | 480,571 | $ | 8.66 | 356,313 | $ | 8.66 | 371,313 | $ | 8.66 | 419,238 | $ | 8.66 | ||||||||||||||||||||||||||||
Price range of options exercised | $ | 8.66 | $ | 8.66 | N/A | $ | 8.66 | $ | 8.66 | $ | 8.66 | |||||||||||||||||||||||||||||||||||
Price range of options outstanding | $8.66-$25.82 | $ | 8.66 | $ | 8.66 | $8.66-$25.82 | $8.66-$25.82 | $ | 8.66 |
(1) | The weighted average grant date fair value of the stock options during December 31, 2015 was $12.01. |
(2) | No options vested during the |
Outstanding | Outstanding | Exercisable | Outstanding | Exercisable | ||||||||||||||||||||||||
Exercise Price | Exercise Price | Number of Shares | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | Number of Shares | Exercise Price | Number of Shares | Weighted Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value | Number of Shares | ||||||||||||||||||
$ | 8.66 | 371,313 | 6.75 | $ | 2,911,094 | 371,313 | 8.66 | 356,313 | 5.75 | $ | 3,694,966 | 356,313 | ||||||||||||||||
25.82 | 25.82 | 240,000 | 9.25 | — | — | 25.82 | 240,000 | 8.25 | — | — |
Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | ||||||||||||||||||
Number of Shares | Weighted Avg Grant Date Fair Value | Number of Shares | Weighted Avg Grant Date Fair Value | Number of Shares | Weighted Avg Grant Date Fair Value | |||||||||||||||
Non-vested shares at beginning of year | 225,687 | $ | 23.65 | 79,335 | $ | 24.84 | 99,661 | $ | 11.49 | |||||||||||
Granted | 291,368 | 14.14 | 208,715 | 23.11 | 79,575 | 27.70 | ||||||||||||||
Vested | (126,073 | ) | 21.81 | (55,571 | ) | 23.24 | (99,901 | ) | 13.81 | |||||||||||
Canceled (1) | (44,058 | ) | 19.06 | (6,792 | ) | 24.28 | — | N/A | ||||||||||||
Non-vested shares at end of year | 346,924 | $ | 16.91 | 225,687 | $ | 23.65 | 79,335 | $ | 24.84 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | ||||||||||||||||||
Number of Shares | Weighted Avg Grant Date Fair Value | Number of Shares | Weighted Avg Grant Date Fair Value | Number of Shares | Weighted Avg Grant Date Fair Value | |||||||||||||||
Non-vested shares at beginning of year | 79,335 | $ | 24.84 | 99,661 | $ | 11.49 | 109,850 | $ | 8.66 | |||||||||||
Granted | 208,715 | 23.11 | 79,575 | 27.70 | 79,509 | 14.56 | ||||||||||||||
Vested | (55,571 | ) | 23.24 | (99,901 | ) | 13.81 | (89,698 | ) | 10.74 | |||||||||||
Canceled (1) | (6,792 | ) | 24.28 | — | N/A | — | N/A | |||||||||||||
Non-vested shares at end of year | 225,687 | $ | 23.65 | 79,335 | $ | 24.84 | 99,661 | $ | 11.49 |
Year Ended December 31, 2015 | Year Ended December 31, 2014 | Year Ended December 31, 2013 | Year Ended December 31, 2016 | Year Ended December 31, 2015 | Year Ended December 31, 2014 | ||||||||||||||||||||||||||||||||||||
Number of Shares | Weighted Avg Grant Date Fair Value | Number of Shares | Weighted Avg Grant Date Fair Value | Number of Shares | Weighted Avg Grant Date Fair Value | Number of Shares | Weighted Avg Grant Date Fair Value | Number of Shares | Weighted Avg Grant Date Fair Value | Number of Shares | Weighted Avg Grant Date Fair Value | ||||||||||||||||||||||||||||||
Non-vested shares at beginning of year | 506,846 | $ | 23.84 | 291,450 | $ | 14.03 | — | $ | — | 480,757 | $ | 24.18 | 506,846 | $ | 23.84 | 291,450 | $ | 14.03 | |||||||||||||||||||||||
Granted | 284,809 | 23.50 | 312,551 | 29.94 | 291,450 | 14.03 | 566,092 | 13.88 | 284,809 | 23.50 | 312,551 | 29.94 | |||||||||||||||||||||||||||||
Vested | (154,467 | ) | 19.58 | (97,155 | ) | 14.03 | — | — | (190,977 | ) | 20.58 | (154,467 | ) | 19.58 | (97,155 | ) | 14.03 | ||||||||||||||||||||||||
Canceled (1) | (156,431 | ) | 28.86 | — | N/A | — | — | (200,739 | ) | 23.38 | (156,431 | ) | 28.86 | — | N/A | ||||||||||||||||||||||||||
Non-vested shares at end of year | 480,757 | $ | 24.18 | 506,846 | $ | 23.84 | $ | 291,450 | $ | 14.03 | 655,133 | $ | 17.81 | 480,757 | $ | 24.18 | 506,846 | $ | 23.84 |
Year Ending December 31 | ||||||
2016 | $ | 2,397 | ||||
2017 | 2,159 | $ | 2,612 | |||
2018 | 2,148 | 2,559 | ||||
2019 | 1,922 | 2,235 | ||||
2020 | 1,694 | 2,008 | ||||
2021 | 1,897 | |||||
Thereafter | 2,424 | 888 | ||||
Total | $ | 12,744 | $ | 12,199 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2015 | June 30, 2015 | September 30, 2015 | December 31, 2015 | March 31, 2016 | June 30, 2016 | September 30, 2016 | December 31, 2016 | |||||||||||||||||||||||
Home, lots, land, and other sales | $ | 189,715 | $ | 247,740 | $ | 246,811 | $ | 397,162 | ||||||||||||||||||||||
Cost of homes, lots, land and other sales | (154,081 | ) | (200,248 | ) | (202,057 | ) | (324,338 | ) | ||||||||||||||||||||||
Home sales | $ | 261,295 | $ | 325,059 | $ | 342,628 | $ | 473,221 | ||||||||||||||||||||||
Cost of sales | (215,171 | ) | (268,638 | ) | (285,896 | ) | (392,632 | ) | ||||||||||||||||||||||
Gross profit | 35,634 | 47,492 | 44,754 | 72,824 | 46,124 | 56,421 | 56,732 | 80,589 | ||||||||||||||||||||||
Other income, costs and expenses, net | (28,028 | ) | (34,242 | ) | (32,477 | ) | (45,696 | ) | (36,183 | ) | (41,335 | ) | (40,218 | ) | (54,163 | ) | ||||||||||||||
Net income | 7,606 | 13,250 | 12,277 | 27,128 | 9,941 | 15,086 | 16,514 | 26,426 | ||||||||||||||||||||||
Net income available to common stockholders | $ | 6,682 | $ | 12,277 | $ | 12,082 | $ | 26,295 | $ | 9,014 | $ | 14,561 | $ | 13,069 | $ | 23,052 | ||||||||||||||
Income per common share: | ||||||||||||||||||||||||||||||
Basic | $ | 0.18 | $ | 0.34 | $ | 0.33 | $ | 0.72 | $ | 0.25 | $ | 0.40 | $ | 0.36 | $ | 0.63 | ||||||||||||||
Diluted | $ | 0.18 | $ | 0.32 | $ | 0.31 | $ | 0.68 | $ | 0.24 | $ | 0.38 | $ | 0.34 | $ | 0.60 |
Three Months Ended | Three Months Ended | |||||||||||||||||||||||||||||
March 31, 2014 | June 30, 2014 | September 30, 2014 | December 31, 2014 | March 31, 2015 | June 30, 2015 | September 30, 2015 | December 31, 2015 | |||||||||||||||||||||||
Home, lots, land, and other sales | $ | 140,299 | $ | 169,868 | $ | 196,305 | $ | 352,479 | ||||||||||||||||||||||
Cost of homes, lots, land and other sales | (106,212 | ) | (129,626 | ) | (157,774 | ) | (285,448 | ) | ||||||||||||||||||||||
Home sales | $ | 189,715 | $ | 247,740 | $ | 244,311 | $ | 397,162 | ||||||||||||||||||||||
Cost of sales | (154,081 | ) | (200,248 | ) | (200,328 | ) | (324,338 | ) | ||||||||||||||||||||||
Gross profit | 34,087 | 40,242 | 38,531 | 67,031 | 35,634 | 47,492 | 43,983 | 72,824 | ||||||||||||||||||||||
Other income, costs and expenses, net | (22,745 | ) | (25,490 | ) | (30,909 | ) | (46,221 | ) | (28,028 | ) | (34,242 | ) | (31,706 | ) | (45,696 | ) | ||||||||||||||
Net income | 11,342 | 14,752 | 7,622 | 20,810 | 7,606 | 13,250 | 12,277 | 27,128 | ||||||||||||||||||||||
Net income available to common stockholders | $ | 8,697 | $ | 12,285 | $ | 5,638 | $ | 18,005 | $ | 6,682 | $ | 12,277 | $ | 12,082 | $ | 26,295 | ||||||||||||||
Income per common share: | ||||||||||||||||||||||||||||||
Basic | $ | 0.28 | $ | 0.39 | $ | 0.18 | $ | 0.54 | $ | 0.18 | $ | 0.34 | $ | 0.33 | $ | 0.72 | ||||||||||||||
Diluted | $ | 0.27 | $ | 0.38 | $ | 0.17 | $ | 0.52 | $ | 0.18 | $ | 0.32 | $ | 0.31 | $ | 0.68 |
Exhibit Number | Description | ||
2.1 | Purchase and Sale Agreement, dated as of June 22, 2014, by and among PNW Home Builders, L.L.C., PNW Home Builders North, L.L.C., PNW Home Builders South, L.L.C., Crescent Ventures, L.L.C. and William Lyon Homes, Inc. (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on June 23, 2014). | ||
3.1 | Third Amended and Restated Certificate of Incorporation of William Lyon Homes (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on May 28, 2013). | ||
3.2 | Amended and Restated Bylaws of William Lyon Homes (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on May 28, 2013). | ||
3.3 | Amended and Restated Bylaws of William Lyon Homes (Incorporated by reference to Exhibit 3.1 of the Company's Form 8-K filed July 22, 2015) | ||
4.1 | Indenture (including form of 8.5% Senior Note due 2020), dated as of November 8, 2012, by and between William Lyon Homes, Inc., William Lyon Homes, certain of William Lyon Homes’s subsidiaries (as guarantors) and U.S. Bank National Association, as trustee (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on November 8, 2012). | ||
4.2 | Officers' certificate, dated October 24, 2013, delivered pursuant to the Indenture, and setting forth the terms of the notes (incorporated by reference to Exhibit 4.1 of the Company's Current Report on Form 8-K filed on October 25, 2013). | ||
4.3 | Indenture (including form of 5.75% Senior Notes due 2019), dated March 31, 2014, among William Lyon Homes, Inc., William Lyon Homes, certain of William Lyon Homes' subsidiaries (as guarantors) and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K filed on April 1, 2014). | ||
4.4 | Indenture (including form of 7.00% Senior Notes due 2022), dated August 11, 2014, among WLH PNW Finance Corp., the guarantors from time to time party thereto and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company's Form 8-K filed August 13, 2014). | ||
4.5 | Second Supplemental Indenture, dated as of August 12, 2014, among William Lyon Homes, Inc., the subsidiary guarantors named therein and U.S. Bank National Association, relating to the 8.5% Senior Notes due 2020 (incorporated by reference to Exhibit 4.3 of the Company's Form 8-K filed August 13, 2014). | ||
4.6 | First Supplemental Indenture, dated as of August 12, 2014, among William Lyon Homes, Inc., the subsidiary guarantors named therein and U.S. Bank National Association, relating to the 5.75% Senior Notes due 2019 (incorporated by reference to Exhibit 4.4 of the Company's Form 8-K filed August 13, 2014). | ||
4.7 | First Supplemental Indenture, dated as of August 12, 2014, among William Lyon Homes, Inc., William Lyon Homes, the subsidiary guarantors named therein and U.S. Bank National Association, relating to the 7.00% Senior Notes due 2022 (incorporated by reference to Exhibit 4.5 of the Company's Form 8-K filed August 13, 2014). | ||
Exhibit Number | Description | ||
4.8 | Second Supplemental Indenture, dated as of August 12, 2014, among William Lyon Homes, Inc., the subsidiary guarantors named therein and U.S. Bank National Association, relating to the 7.00% Senior Notes due 2022 (incorporated by reference to Exhibit 4.6 of the Company's Form 8-K filed August 13, 2014). | ||
4.9 | Indenture, dated November 21, 2014, between William Lyon Homes and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 to William Lyon Homes’ Current Report on Form 8-K filed with the SEC on November 21, 2014). | ||
4.10 | First Supplemental Indenture (including form of 5.50% Senior Subordinated Amortizing Notes due December 1, 2017), dated November 21, 2014, between William Lyon Homes and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.2 to William Lyon Homes’ Current Report on Form 8-K filed with the SEC on November 21, 2014). | ||
4.11 | Purchase Contract Agreement (including form of unit and form of prepaid stock purchase contract), dated November 21, 2014, among William Lyon Homes, U.S. Bank National Association, as trustee, and U.S. Bank National Association, as purchase contract agent and as attorney-in-fact for the holders from time to time as provided therein (incorporated by reference to Exhibit 4.3 to William Lyon Homes’ Current Report on Form 8-K filed with the SEC on November 21, 2014). | ||
4.12 | Officers’ Certificate, dated September 15, 2015, delivered pursuant to the Indenture dated August 11, 2014 relating to the 7.00% Senior Notes due 2022, and setting forth the terms of the Additional Notes (incorporated by reference to Exhibit 4.1 of the Company’s Form 8-K filed September 15, 2015) | ||
4.13 | Indenture dated January 31, 2017, among California Lyon, the Guarantors and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.1 of the Company’s Form 8-K filed January 31, 2017) | ||
4.14 | Form of 5.875% Senior Notes due 2025 (incorporated by reference to Exhibit 4.2 of the Company’s Form 8-K filed January 31, 2017) | ||
4.15 | Third Supplemental Indenture, dated January 31, 2017, among California Lyon, Parent, the guarantors party thereto and U.S. Bank National Association, as trustee (incorporated by reference to Exhibit 4.3 of the Company’s Form 8-K filed January 31, 2017) | ||
10.1 | Form of Indemnity Agreement, between William Lyon Homes, a Delaware corporation, and the directors and officers of William Lyon Homes (incorporated by reference to William Lyon Homes’s Annual Report on Form 10-K for the year-ended December 31, 1999). | ||
10.2 | The Presley Companies Non-Qualified Retirement Plan for Outside Directors (incorporated by reference to William Lyon Homes’s Annual Report on Form 10-K for the year-ended December 31, 2002). | ||
10.3 | Aircraft Purchase and Sale Agreement dated as of September 3, 2009, by and between Presley CMR, Inc., and Martin Aviation, Inc., or its designee (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on September 10, 2009). | ||
10.4 | Secured Promissory Note dated September 9, 2009 from Martin Aviation, Inc., a California corporation payable to William Lyon Homes, Inc., a California corporation (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on September 10, 2009). | ||
10.5 | Aircraft Mortgage and Security Agreement between Martin Aviation, Inc., a California corporation and William Lyon Homes, Inc., dated as of September 9, 2009 (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on September 10, 2009). | ||
Exhibit Number | Description | ||
10.6 | Form of Class A Common Stock Registration Rights Agreement, dated as of February 25, 2012, by and among William Lyon Homes and the Holders (as defined therein) (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.7 | Class B Common Stock and Warrant Purchase Agreement, dated as of February 25, 2012, by and between William Lyon Homes and the Purchaser (as defined therein) (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.8 | Warrant to Purchase Shares of Class B Common Stock of William Lyon Homes, dated as of February 25, 2012 (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). |
10.9 | Class B Common Stock Registration Rights Agreement, dated as of February 25, 2012, by and among William Lyon Homes and the Holders (as defined therein) (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.10 | Form of Convertible Preferred Stock and Class C Common Stock Registration Rights Agreement, dated as of February 25, 2012, by and among William Lyon Homes and the Holders party thereto (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.11† | Employment Agreement, dated as of February 25, 2012, by and among William Lyon Homes, William Lyon Homes, Inc. and General William Lyon (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.12† | Employment Agreement, dated as of February 25, 2012, by and among William Lyon Homes, William Lyon Homes, Inc. and William H. Lyon (incorporated by reference to the Company’s Current Report on Form 8-K filed with the Commission on March 6, 2012). | ||
10.13† | William Lyon Homes 2012 Equity Incentive Plan (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
10.14† | William Lyon Homes 2012 Equity Incentive Plan form of Stock Option Agreement (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
10.15† | William Lyon Homes 2012 Equity Incentive Plan form of Restricted Stock Award Agreement (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
10.16† | Form of Employment Agreement, dated September 1, 2012 (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
10.17 | Class A Common Stock and Convertible Preferred Stock Subscription Agreement, dated October 12, 2012, by and between William Lyon Homes and WLH Recovery Acquisition LLC (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
10.18 | Amendment of and Joinder to Class A Common Stock Registration Rights Agreement, dated October 12, 2012, by and between WLH Recovery Acquisition LLC and William Lyon Homes (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
Exhibit Number | Description | ||
10.19 | Amendment of and Joinder to Convertible Preferred Stock and Class C Common Stock Registration Rights Agreement, dated October 12, 2012, by and between WLH Recovery Acquisition LLC and William Lyon Homes (incorporated by reference to the Company’s Registration Statement on Form S-1/A filed with the Commission on December 6, 2012). | ||
10.20† | William Lyon Homes 2012 Equity Incentive Plan Form of Restricted Stock Award Agreement (performance-based) (incorporated by reference to William Lyon Homes’s Form S-1 Registration Statement filed April 9, 2013 (File No. 333-187819)). | ||
10.21† | Revised Form of Employment Agreement, dated April 1, 2013 (incorporated by reference to William Lyon Homes’s Form S-1 Registration Statement filed April 9, 2013 (File No. 333-187819)). | ||
10.22† | Amendment to Employment Agreement, dated March 6, 2013, by and between William Lyon Homes, Inc., and Matthew R. Zaist (incorporated by reference to William Lyon Homes’s Form S-1 Registration Statement filed April 9, 2013 (File No. 333-187819)). | ||
10.23 | Amendment No. 1 to Warrant to Purchase Shares of Class B Common Stock (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on May 28, 2013). | ||
10.24 | Form of indemnification agreement (incorporated by reference to William Lyon Homes’s Current Report on Form 8-K filed with the Commission on May 28, 2013). | ||
10.25† | Amendment No. 1 to the William Lyon Homes 2012 Equity Incentive Plan (incorporated by reference to Exhibit 10.23(a) to the Company’s Form S-1 Registration Statement filed May 6, 2013 (File No. 333-187819)). | ||
10.26 | Credit Agreement among William Lyon Homes, Inc., as Borrower, William Lyon Homes, as Parent, The Lenders from time to time party thereto, and Credit Suisse AG, as Administrative Agent, dated as of August 7, 2013 (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2013). | ||
10.27† | Amendment No. 2 to the William Lyon Homes 2012 Equity Incentive Plan (incorporated by reference to Exhibit 99.3 of the Company’s Form S-8 Registration Statement filed August 12, 2013 (File No. 333-190571)) | ||
10.28† | William Lyon Homes 2012 Equity Incentive Plan Form of Restricted Stock Award Agreement (performance-based) (incorporated by reference to Exhibit 10.42 of the Company's Form S-4 Registration Statement filed December 27, 2013 (file no. 333-193112)). | ||
10.29† | William Lyon Homes 2012 Equity Incentive Plan Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.43 of the Company's Form S-4 Registration Statement filed December 27, 2013 (file no. 333-193112)). | ||
10.30† | William Lyon Homes 2012 Equity Incentive Plan Form of Stock Option Agreement (incorporated by reference to Exhibit 10.44 of the Company's Form S-4 Registration Statement filed December 27, 2013 (file no. 333-193112)). | ||
10.31† | William Lyon Homes 2012 Equity Incentive Plan Form of Amendment No. 1 to Stock Option Agreement (Five-Year Options) (incorporated by reference to Exhibit 10.45 of the Company's Form S-4 Registration Statement filed December 27, 2013 (file no. 333-193112)). | ||
Exhibit Number | Description | ||
10.32 | Bridge Loan Agreement, dated as of August 12, 2014, among William Lyon Homes, Inc., as Borrower, William Lyon Homes, as Parent, the Lenders from time to time party thereto, and J.P. Morgan Chase Bank, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed August 13, 2014). | ||
10.33 | Amendment No. 1 to Credit Agreement among William Lyon Homes, Inc., as Borrower, William Lyon Homes, as Parent, The Lenders from time to time party thereto, and Credit Suisse AG, as Administrative Agent, dated as of August 7, 2013 (incorporated by reference to Exhibit 10.2 of the Company's Form 10-Q filed on November 12, 2014). | ||
10.34† | Amendment No. 1 to Employment Agreement, dated as of February 25, 2012, by and among William Lyon Homes, William Lyon Homes, Inc. and General William Lyon (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed December 31, 2014). | ||
10.35† | Amendment No. 1 to Employment Agreement, dated as of February 25, 2012, by and among William Lyon Homes, William Lyon Homes, Inc. and William H. Lyon (incorporated by reference to Exhibit 10.2 of the Company's Form 8-K filed December 31, 2014). | ||
10.36 | Amendment and Restatement Agreement dated as of March 27, 2015 among William Lyon Homes, Inc., a California corporation, as Borrower, William Lyon Homes, a Delaware corporation, as Parent, each subsidiary of the Borrower party thereto, the lenders listed on Schedule 1 thereto, and Credit Suisse AG, as administrative agent (incorporated by reference to Exhibit 10.1 of the Company's Quarterly Report on Form 10-Q filed May 8, 2015) | ||
10.37† | Employment Agreement by and among William Lyon Homes, William Lyon Homes, Inc. and William H. Lyon, dated as of March 31, 2015 (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed April 2, 2015) | ||
10.38† | Employment Agreement by and among William Lyon Homes, William Lyon Homes, Inc. and Matthew R. Zaist, dated as of March 31, 2015 (incorporated by reference to Exhibit 10.2 of the Company's Form 8-K filed April 2, 2015) | ||
10.39† | Offer Letter by and between William Lyon Homes, Inc. and William Lyon, dated as of March 31, 2015 (incorporated by reference to Exhibit 10.3 of the Company's Form 8-K filed April 2, 2015) | ||
Amendment No. 1 dated as of December 21, 2015 to the Amended and Restated Credit Agreement dated as of March 27, 2015 among William Lyon Homes, Inc., a California corporation, as Borrower, William Lyon Homes, a Delaware corporation, as Parent, the lenders from time to time party thereto, and Credit Suisse AG, as administrative | |||
10.41† | William Lyon Homes 2012 Equity Incentive Plan Form of Restricted Stock Award Agreement (Performance Based) (incorporated by reference to Exhibit 10.1 of the Company's Form 10-Q filed May 9, 2016) | ||
10.42† | William Lyon Homes 2012 Equity Incentive Plan Form of Restricted Stock Award Agreement (incorporated by reference to Exhibit 10.2 of the Company's Form 10-Q filed May 9, 2016) | ||
10.43† | Offer letter by and between William Lyon Homes, Inc. and General William Lyon, dated as of March 22, 2016 (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed March 24, 2016) | ||
10.44 | Amendment and Restatement Agreement dated as of July 1, 2016 among William Lyon Homes, Inc., a California corporation, as Borrower, William Lyon Homes, a Delaware corporation, as Parent, each subsidiary of the Borrower party thereto, the lenders listed on Schedule 1 thereto, and Credit Suisse AG, as administrative agent (incorporated by reference to Exhibit 10.1 of the Company's Form 8-K filed July 7, 2016) |
Exhibit Number | Description | ||
10.45+ | Amendment No. 1 dated as of January 27, 2017 to the Second Amended and Restated Credit Agreement dated as of July 1, 2016, among William Lyon Homes, Inc., a California corporation, as Borrower, William Lyon Homes, a Delaware corporation, as Parent, the lenders from time to time party thereto, and Credit Suisse AG, as administrative agent. | ||
12.1+ | Statement Regarding the Computation of Ratio of Earnings (Loss) to Fixed Charges and Preferred Stock Dividends for the Years Ended December 31, 2016, 2015, 2014 and 2013, the Period from January 1, 2012 through February 24, 2012, and the Period from February 25, 2012 through December 31, | ||
21.1+ | List of Subsidiaries of the Company. | ||
23.1+ | Consent of KPMG LLP, Independent Registered Public Accounting Firm. | ||
31.1+ | Certification of | ||
31.2+ | |||
Certification of Principal Financial Officer Required Under Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended | |||
32.1* | Certification of | ||
32.2* | Certification of | ||
101.INS* ** | XBRL Instance Document | ||
101.SCH* ** | XBRL Taxonomy Extension Schema Document | ||
101.CAL* ** | XBRL Taxonomy Extension Calculation Linkbase Document | ||
101.DEF* ** | XBRL Taxonomy Extension Definition Linkbase Document | ||
101.LAB* ** | XBRL Taxonomy Extension Label Linkbase Document | ||
101.PRE* ** | XBRL Taxonomy Extension Presentation Linkbase Document |
+ | Filed herewith |
† | Management contract or compensatory agreement |
* | The information in Exhibits 32.1 |
** | Pursuant to Rule 406T of Regulation S-T, the XBRL information will not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934 and will not be deemed filed or part of a registration statement or prospectus for purposes of Sections 11 and 12 of the Securities Act of 1933, or otherwise subject to liability under those Sections. |