EXHIBIT 99.1
Investor Contact: Steve Zenker
(239) 498-8066
stevezenker@wcicommunities.com
Media Contact: Ken Plonski
(239) 498-8691
kenplonski@wcicommunities.com
FOR IMMEDIATE RELEASE
WCI REPORTS FULL YEAR 2004 EARNINGS UP 13.8%
FINANCIAL HIGHLIGHTS:
- - Full year 2004 net income: $120.2 million - up 13.8%
- - Full year 2004 diluted EPS: $2.62 - up 12.0%
- - Full year 2004 revenues: $1.81 billion - up 24.8%
- - Full year 2004 new orders: up 73.7% in units, 59.4% in dollars
- - Fourth quarter net income: $58.9 million - down 1.2%
- - Fourth quarter diluted EPS: $1.27 - down 3.1%
- - Fourth quarter revenues: $736.1 million - up 28.0%
- - Fourth quarter new orders: $650.5 million - up 42.5%
- - Year-end backlog: $1.85 billion - up 95.2%
- - Projected 2005 EPS of $3.10 to $3.50
BONITA SPRINGS, FL (FEB. 9, 2005) WCI Communities, Inc. (NYSE: WCI) today
reported results for the year ended 2004. For the twelve months ended December
31, 2004, net income rose 13.8% to $120.2 million from $105.6 million in the
same period a year ago, while diluted earnings per share rose 12.0% to $2.62
from $2.34. The company's Northeast U.S. operations, acquired in May 2004,
contributed six cents to the earnings. Revenues over the same period increased
24.8% to $1.81 billion from $1.45 billion in the previous year.
For the fourth quarter, net income was little changed at $58.9 million from
$59.6 million earned in the fourth quarter of 2003. Diluted earnings per share
were $1.27 compared to $1.31 earned during the same period a year ago. Revenues
advanced 28.0% to $736.1 million from $575.2 million in the year earlier period.
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EXHIBIT 99.1
As expected, results for the quarter were impacted by delays resulting from four
third-quarter hurricanes, most notably Frances and Jeanne, which caused repeated
damage to WCI's communities and homes under construction on Florida's east
coast. In total, about 270 homes valued at approximately $120.0 million,
originally slated for delivery in 2004, are now expected to close in 2005. This
is an increase over the 160 homes, valued at $69.0 million, that were initially
anticipated to be delayed when the company released its third quarter results.
The company expects all of the 270 homes to close in the first half of 2005.
"Despite an impact greater than originally anticipated from the storms in the
third quarter of 2004, we are pleased with the results of the fourth quarter and
for the entire year," said WCI President Jerry Starkey. "During the year, we
experienced lengthening construction permit and inspection delays on the east
coast of Florida, principally relating to demand driven backlogs that burdened
the infrastructure of local municipal building departments. The increased
workload arising from the storm damage further burdened these agencies, as well
as the utility companies. Consequently, we expect to continue to experience
longer construction cycles and increased costs on homes being built in our east
coast Florida communities. That said, we continue to see very strong demand for
our products on the east coast of Florida and have shifted to `managed sales
releases' which we believe will bring our margins in these communities in the
second half of the year back to more normal levels."
For the full year 2004, new orders rose to 3,798 units or $2.31 billion, up
73.7% in units and 59.4% in dollars. Orders for the fourth quarter totaled 1,081
units or $650.5 million, up 61.8% in units and 42.5% in dollars from the orders
recorded in the fourth quarter of 2003. The average sales price for orders
during both periods decreased, as contracts for more moderately-priced
retirement homes and tower residences made up a greater proportion of the total
orders. This shift in mix was the result of a sharp increase in demand for the
company's retirement communities as well as the company offering a broader range
of tower products priced from $500,000 to $1,000,000. Also, in last year's
fourth quarter, the company reported a substantial number of orders from one
large tower with units priced at an average $2.0 million, which skewed average
prices higher. The company's backlog rose to a year-end record $1.85 billion, up
95.2% from the $947.7 million reported a year earlier.
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EXHIBIT 99.1
"Orders for the quarter and the year have exceeded our expectations," said
Starkey. "Our strategy of augmenting our tower product offering with
moderately-priced towers has been successful as those products have been very
well received by consumers. The strong market acceptance of these new towers
produced a record backlog and an 83% sell-out of the tower units under
construction at the end of 2004, compared with 77% at the end of 2003."
TRADITIONAL HOMEBUILDING
For 2004, Traditional Homebuilding revenues, including lot sales, rose 19.1% to
$774.3 million. The company closed about the same number of homes as the
previous year but average closing price rose 20.8%, which was a primary driver
of the increase in revenue. Price increases and mix changes toward larger, more
expensive units were primarily seen in the company's retirement and primary home
communities, while luxury golf course homes in excess of $1 million had less
pricing power.
Fourth quarter revenues in the Traditional Homebuilding Division, including lot
sales, were $388.1 million, up 24.9% from the $310.8 million posted in the
fourth quarter of 2003. Fourth quarter unit deliveries totaled 791 compared to
710 during the same period last year. Total deliveries included 125 units added
by our Northeast U.S. operations. Results were negatively affected by the loss
of about 270 deliveries due to home construction delays resulting from the
hurricanes that impacted Florida and due to reduced closings in a large
Southeast Florida community where deliveries were delayed until 2005 by longer
than expected permitting time frames. The average home price at delivery was up
18.8% to $480,000 from $404,000 in the year earlier period, due to changes in
the mix of units delivered and price increases. Gross margin, including lot
sales, decreased to 18.1% of revenue from 23.9% in the same period a year ago.
Excluding lot sales, gross margin declined to 17.9% from 21.7% in the fourth
quarter of 2003 due in part to higher raw material and labor costs at two
Southeast Florida communities where home deliveries were delayed, as discussed
earlier. Other factors impacting margins were higher warranty costs, and
increases in construction overhead costs as the company incurred costs of
starting up new communities.
New orders for the quarter rose 44.8% to 711, while the value of new orders rose
77.6% to $333.7 million, as demand for new homes in the company's communities
continued to exhibit strength.
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EXHIBIT 99.1
For the year, new orders totaled 2,658 units with a value of $1.15 billion, up
58.3% compared with 1,679 units and a value of $718.7 million in the prior year.
The average order price for the year was $432,000 compared to $428,000 in 2003.
Traditional Homebuilding backlog ended the year at a record $1.00 billion, up
129.7% over last year's $435.4 million.
TOWER HOMEBUILDING
For 2004, revenues in the Tower Homebuilding Division jumped 37.6% to $817.4
million, benefiting from more towers under construction with a higher percentage
of units sold as well as strong sales of the company's higher-priced finished
inventory tower units. Gross margin as a percentage of revenue rose to 30.0%
from 28.9% a year earlier as cost savings at certain completed buildings and
lower incentives on completed inventory sales offset the effect of the broader
offering of tower units under $1 million dollars, which often have margins in
the 20% to 30% range.
Fourth quarter revenues in the Tower Homebuilding Division rose 37.8% to $292.4
million from $212.2 million in the fourth quarter of 2003. During the quarter,
seven new buildings began recognizing revenue. Overall, 17 towers were under
construction and recognizing revenue in the quarter compared with 12 in the same
period a year ago. Gross margin as a percentage of revenue decreased to 28.6%
from 31.4% in the same period last year, consistent with company expectations,
as more moderately-priced towers began recognizing revenue during the quarter.
In addition, the year-ago period benefited from the initial revenue recognition
of one large sold-out tower, which had margins in excess of 45%.
New orders for the quarter jumped 109.0% to 370 units on the strength of orders
from four new towers which began booking orders during the quarter. The value of
total orders for the quarter rose 18.0% from a year ago to $316.9 million. For
the year, new orders equaled 1,140 units with a value of $1.16 billion, up
124.4% compared with 508 units, with a value of $728.0 million, in the same
period a year ago. The average sales price for tower units sold in 2004 was $1.0
million, compared to $1.4 million in 2003, reflecting the mix of a broader range
of products offered. Tower backlog reached a record $852.6 million, a 66.5%
increase over the $512.2 million achieved at the end of the fourth quarter of
2003.
4
EXHIBIT 99.1
REAL ESTATE SERVICES
In 2004, Real Estate Services revenue increased 24.3% to $141.6 million. Gross
margin as a percentage of revenue fell to 15.3% from 16.3% due to the effects of
the hurricanes on transaction volume in the third and fourth quarters of 2004
and due to lower profitability of the mortgage banking business, as refinancing
transactions decreased substantially and demand increased for adjustable rate
mortgages, which tend to be less profitable compared to fixed rate mortgages.
Revenues for Prudential Florida WCI Realty, the largest segment of the Real
Estate Services Division, rose 32.5% to $114.6 million during the year. Gross
margin as a percentage of revenue increased to 14.9% compared to 13.9% in the
same period a year ago as a higher volume of transactions per office resulted in
operating efficiencies.
Fourth quarter revenues in the Real Estate Services Division totaled $33.5
million, up 12.8% from the $29.7 million recorded in the fourth quarter of 2003.
Fourth quarter gross margin as a percentage of revenue increased to 15.2% from
15.1% in the same period a year ago, as strong results at WCI's real estate
brokerage business offset weakness in its mortgage banking business.
OTHER ITEMS
The Amenities Division experienced a loss for both the full year and fourth
quarter periods, $3.5 million and $1.6 million respectively, as an increase in
revenues from five new country clubs was offset by operating deficits at those
new clubs, fewer equity membership sales, and far fewer slip sales than the year
earlier periods. While these new clubs initially operate at a deficit, they are
an important factor driving prices and absorption of traditional and tower homes
in their respective communities.
For all of 2004, land sale revenues totaled $20.9 million compared to $38.2
million in 2003. Land sales for the fourth quarter totaled $8.0 million compared
to $9.1 million in the fourth quarter of 2003.
For 2004, other income of $26.3 million included $18.2 million in distributions
from the company's sale of its interest in Bighorn Development, L.P., as well as
$4.0 million from the sale of certain development rights. Other income for the
fourth quarter totaled $5.1 million for
5
EXHIBIT 99.1
the quarter compared to $1.6 million in the same period a year ago. Most of the
other income for the period came from the aforementioned development rights
transaction.
During the year, the company recorded costs associated with the four hurricanes
of $10.2 million and recorded anticipated insurance recoveries totaling $9.0
million, including a $5.0 million reimbursement received in the fourth quarter.
The company anticipates receiving further insurance proceeds in 2005.
Selling, general, and administrative expenses including real estate taxes (SG&A)
as a percentage of revenue declined to 7.4%, compared to 7.7% in the fourth
quarter of the previous year, as expenses were spread over a higher level of
revenue. For the year, these expenses as a percentage of revenue equaled 10.1%.
CASH FLOW/FINANCIAL POSITION/BALANCE SHEET
For the twelve months ended December 31, 2004, net cash used by operating
activities, including the purchase and development of real estate inventories,
totaled $114.7 million compared to cash used of $8.4 million in the same period
a year ago, due in large part to increases in inventories and contracts
receivable, reflecting increased building activity, land purchases, and the
acquisition of Spectrum Communities in May, 2004, which enabled the company to
expand its operations to the Northeast United States.
Total liquidity, measured as the sum of cash plus available capacity under the
revolving facility, totaled approximately $597.8 million at December 31, 2004.
The maximum amount available to borrow under the company's senior unsecured
revolving credit facility was increased prior to year-end to $686.5 million from
$405.0 million at December 31, 2003. On January 5, 2005, the unsecured credit
line was increased to $750 million. The facility matures in August 2008. The
ratio of net debt to net capitalization of 53.8% is slightly higher than
previously expected in part due to the delay in home closings mentioned above.
FINANCIAL GUIDANCE
For 2005, the company projects revenue growth of 30% to 40%, and net income
growth of 19% to 34% over the previous year. Earnings per share for 2005 is
expected to range from $3.10 to
6
EXHIBIT 99.1
$3.50, depending upon the success of new towers marketed during the year and
land sales planned for the year, among other factors.
The lingering effects of the hurricanes and permitting delays on Florida's East
Coast, as well as the purchase price accounting treatment of the company's
Northeast U.S. homebuilding acquisition of May 2004 is expected to suppress
Traditional Homebuilding margins in the first half of 2005. Traditional home
margins are expected to begin the year at 15.0% to 16.0%, rising to 21.0% to
22.0% in the latter half of the year, bringing the average for the year to about
19.0%, over 50 basis points favorable to 2004 margins. Traditional home closings
for the year are expected to range between 2,500 and 2,700.
Depending upon the actual mix of tower units sold during the year, Tower
Division margins are expected to remain between 25.0% and 30.0%. A total of 8 to
12 towers, with a combined sell-out value of $700 to $900 million and an average
unit sales price of $900,000 to $1 million, are expected to begin recognizing
revenues during the year.
The company expects net income for the first quarter, historically the least
significant quarter of the year, to represent approximately 9% of the total
year's net income. Subsequent quarters are expected to represent 15%, 30% and
46% of 2005 net income. The third quarter projection includes $15 to $20 million
related to a large land sale which may occur earlier in the year, which would
create a more balanced quarterly flow of earnings.
CONFERENCE CALL
WCI will conduct a conference call today at 8:30 AM EDT in conjunction with this
release. The call will be broadcast live at http://www.wcicommunities.com in the
Investor Relations area or can be accessed by telephone at (706) 679-5866 and
asking for the WCI Communities conference call. A replay will be available after
the call for a period of 36 hours by dialing (706) 645-9291 and entering
conference code 3652920. The replay will also be available on the company's
website. A slide presentation will accompany the call and can be accessed on the
company's website in the Investor Relations section.
7
EXHIBIT 99.1
ABOUT WCI
WCI Communities, Inc., named America's Best Builder in 2004 by the National
Association of Home Builders and Builder Magazine, has been creating
amenity-rich, master-planned lifestyle communities since 1946. Florida-based WCI
caters to primary, retirement, and second-home buyers in Florida, New York, New
Jersey, and Connecticut. The company offers traditional and tower home choices
with prices from the mid-$100,000s to more than $10 million and features a wide
array of recreational amenities in its communities. In addition to homebuilding,
WCI generates revenues from its Prudential Florida WCI Realty Division, its
mortgage and title businesses, and its amenities, as well as through land sales
and joint ventures. The company currently owns and controls developable land of
over 17,000 acres.
###
FOR MORE INFORMATION ABOUT WCI AND ITS RESIDENTIAL COMMUNITIES VISIT
WWW.WCICOMMUNITIES.COM
Certain information included herein and in other company reports, Security and
Exchange Commission filings, statements and presentations is forward-looking
within the meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements about the company's anticipated
operating results, financial resources, ability to acquire land, ability to sell
homes and properties, ability to deliver homes from backlog, and ability to
secure materials and subcontractors. Such forward-looking information involves
important risks and uncertainties that could significantly affect actual results
and cause them to differ materially from expectations expressed herein and in
other company reports, filings, statements and presentations. These risks and
uncertainties include WCI's ability to compete in real estate markets where we
conduct business; the availability and cost of land in desirable areas in
Florida and elsewhere and our ability to expand successfully into those areas;
WCI's ability to obtain necessary permits and approvals for the development of
its lands; the availability of capital to WCI and our ability to effect growth
strategies successfully; WCI's ability to pay principal and interest on its
current and future debts; WCI's ability to maintain or increase historical
revenues and profit margins; availability of labor and materials and material
increases in labor and material costs; increases in interest rates and
availability of mortgage financing; the level of consumer confidence; adverse
legislation or regulations; unanticipated litigation or legal proceedings;
natural disasters; and changes in general economic, real estate and business
conditions. If one or more of the assumptions underlying our forward-looking
statements proves incorrect, then the company's actual results, performance or
achievements could differ materially from those expressed in, or implied by the
forward-looking statements contained in this report. Therefore, we caution you
not to place undue reliance on our forward-looking statements. We undertake no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise. This statement is
provided as permitted by the Private Securities Litigation Reform Act of 1995.
8
EXHIBIT 99.1
WCI COMMUNITIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
DECEMBER 31,
----------------------------------------
2004 2003
------------------ -----------------
ASSETS
Cash and cash equivalents $ 101,973 $ 95,005
Contracts receivable 758,406 546,696
Real estate inventories 1,477,966 1,105,866
Property and equipment 176,589 168,920
Other assets 417,458 344,145
------------------ -----------------
Total assets $ 2,932,392 $ 2,260,632
================== =================
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable, accruals and other liabilities $ 894,292 $ 651,108
------------------ -----------------
Debt obligations:
Senior unsecured credit facility 190,730 -
Mortgages and notes payable 150,238 46,918
Senior subordinated notes 678,321 678,859
Contingent convertible senior subordinated notes 125,000 125,000
------------------ -----------------
Total debt obligations 1,144,289 850,777
------------------ -----------------
Total shareholders' equity 893,811 758,747
------------------ -----------------
Total liabilities and shareholders' equity $ 2,932,392 $ 2,260,632
================== =================
OTHER BALANCE SHEET DATA
Debt $ 1,144,289 $ 850,777
Shareholders' equity 893,811 758,747
------------------ -----------------
Capitalization $ 2,038,100 $ 1,609,524
================== =================
Ratio of debt to capitalization 56.1% 52.9%
Debt, net of cash and cash equivalents $ 1,042,316 $ 755,772
Shareholders' equity 893,811 758,747
------------------ -----------------
Capitalization, net of cash and cash equivalents $ 1,936,127 $ 1,514,519
================== =================
Ratio of net debt to net capitalization 53.8% 49.9%
9
EXHIBIT 99.1
WCI COMMUNITIES, INC.
SELECTED REVENUES AND EARNINGS INFORMATION
(IN THOUSANDS, EXCEPT PER SHARE DATA)
FOR THE THREE MONTHS ENDED FOR THE YEARS ENDED
DECEMBER 31, DECEMBER 31,
-------------------------- --------------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------
REVENUES
Homebuilding:
Traditional $ 379,834 $ 287,099 $ 753,328 $ 624,219
Towers 292,379 212,183 817,356 593,893
Lots 8,257 23,725 21,011 25,677
Real estate services 33,467 29,657 141,591 113,893
Amenity membership and operations 14,138 13,428 51,433 56,369
Land sales 7,981 9,096 20,898 38,154
----------- ----------- ----------- -----------
Total revenues 736,056 575,188 1,805,617 1,452,205
----------- ----------- ----------- -----------
GROSS MARGIN
Homebuilding:
Traditional 67,946 62,420 135,376 142,397
Towers 83,638 66,639 245,288 171,856
Lots 2,156 11,898 6,250 12,268
Real estate services 5,097 4,487 21,705 18,605
Amenity membership and operations (1,607) 2,660 (3,486) 7,024
Land sales 5,422 1,339 9,528 9,840
----------- ----------- ----------- -----------
Total gross margin 162,652 149,443 414,661 361,990
----------- ----------- ----------- -----------
OTHER INCOME AND EXPENSES
Equity in losses (earnings) from joint ventures 593 94 1,206 (607)
Other income (5,089) (1,644) (26,250) (5,075)
Hurricane costs, net of actual and estimated insurance
recoveries of $9,000 (4,345) -- 1,236 --
Selling, general and administrative,
including real estate taxes, net 54,530 44,225 182,815 151,809
Depreciation and amortization 3,748 3,081 13,717 11,211
Interest expense, net 13,239 8,987 43,443 34,842
----------- ----------- ----------- -----------
Income before minority interests and income taxes 99,976 94,700 198,494 169,810
Minority interests 3,349 -- 1,204 --
Income tax expense 37,758 35,108 77,087 64,250
----------- ----------- ----------- -----------
Net income $ 58,869 $ 59,592 $ 120,203 $ 105,560
=========== =========== =========== ===========
EARNINGS PER SHARE
Basic $ 1.32 $ 1.37 $ 2.72 $ 2.41
Diluted $ 1.27 $ 1.31 $ 2.62 $ 2.34
WEIGHTED AVERAGE NUMBER OF SHARES
Basic 44,558 43,549 44,219 43,831
Diluted 46,194 45,327 45,859 45,206
OPERATING DATA
Interest incurred, excluding warehouse credit facility $ 21,537 $ 19,002 $ 81,488 $ 70,608
Interest included in cost of sales $ 11,121 $ 12,065 $ 29,447 $ 28,040
10
EXHIBIT 99.1
WCI COMMUNITIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
FOR THE YEARS ENDED
DECEMBER 31,
-----------------------
2004 2003
--------- ----------
Cash flows from operating activities:
Net income $ 120,203 $ 105,560
Increase in real estate inventories (212,611) (75,741)
Increase in contracts receivable (211,710) (31,675)
Increase in customer deposits 146,039 47,602
Increase in restricted cash (53,280) (78,078)
Increase in accounts payable and other liabilities 25,773 30,093
All other 70,891 (6,200)
--------- ---------
Net cash used in operating activities (114,695) (8,439)
--------- ---------
Cash flows from investing activities:
Net cash paid for acquisition (58,517) --
Other (37,054) (60,464)
--------- ---------
Net cash used in investing activities (95,571) (60,464)
--------- ---------
Cash flows from financing activities:
Net borrowings under debt obligations 222,304 119,759
All other (5,070) (5,640)
--------- ---------
Net cash provided by financing activities 217,234 114,119
--------- ---------
Net increase in cash and cash equivalents $ 6,968 $ 45,216
========= =========
SUPPLEMENTAL INFORMATION
Reconciliation of cash flows from operating
activities to EBITDA (1)
Net cash (used in) provided by operating activities $(114,695) $ (8,439)
Interest expense, net 43,443 34,842
Interest included in cost of sales 29,447 28,040
Income tax expense 77,087 64,250
Depreciation and amortization 13,717 11,211
Increase in real estate inventories 212,611 75,741
Increase in contracts receivable 211,710 31,675
Increase in customer deposits (146,039) (47,602)
Increase in restricted cash 53,280 78,078
Increase in accounts payable and other liabilities (25,773) (30,093)
All other (70,891) 6,200
--------- ---------
Total EBITDA $ 283,897 $ 243,903
========= =========
(1) Earnings before interest, taxes, depreciation and amortization (EBITDA) is
not a generally accepted accounting principle (GAAP) financial statement
measurement. EBITDA should not be considered an alternative to cash flows
from operations determined in accordance with GAAP as a measure of
liquidity. The Company's management believes that EBITDA is an indication
of the Company's ability to generate funds from operations that are
available to pay principal and interest on debt obligations and to meet
other cash needs. A reconciliation of cash from operating activities to
EBITDA, the most directly comparable GAAP measure, is provided above.
11
EXHIBIT 99.1
WCI COMMUNITIES, INC.
HOMEBUILDING OPERATIONAL DATA
(IN THOUSANDS)
FOR THE THREE MONTHS ENDED FOR THE YEARS ENDED
DECEMBER 31, DECEMBER 31,
-------------------------------------- ----------------------------------------
2004 2003 2004 2003
----------------- ----------------- ----------------- -------------------
Traditional Homebuilding
Average Selling Price Per Home Closed $ 480 $ 404 $ 453 $ 375
Homes Closed (Units) 791 710 1,663 1,666
Net New Orders For Homes (Units) 711 491 2,658 1,679
Contract Values of New Orders $ 333,670 $ 187,924 $1,148,697 $ 718,690
Average Selling Price Per New Order $ 469 $ 383 $ 432 $ 428
TOWER HOMEBUILDING
Net New Orders (Units) 370 177 1,140 508
Contract Values of New Orders $ 316,858 $ 268,572 $ 1,157,913 $ 727,970
Average Selling Price Per New Order $ 856 $ 1,517 $ 1,016 $ 1,433
COMBINED TRADITIONAL AND TOWER HOMEBUILDING
Net New Orders (Units) 1,081 668 3,798 2,187
Contract Values of New Orders $ 650,528 $ 456,496 $ 2,306,610 $ 1,446,660
Average Selling Price Per New Order $ 602 $ 683 $ 607 $ 661
DECEMBER 31,
-----------------------------
2004 2003
------------- -------------
TRADITIONAL HOMEBUILDING
Backlog (Units) 2,109 882
Backlog Contract Values $ 1,001,618 $ 435,419
Active Selling Communities 20 14
TOWER HOMEBUILDING
Cumulative Contract Values $1,616,998 $1,063,125
Less: Cumulative Revenues Recognized (764,433) (550,887)
------------- -------------
Backlog Contract Values $ 852,565 $ 512,238
============= =============
Towers under construction during the
period recognizing revenue 23 20
Aggregate Backlog Contract Values,
Traditional and Tower Homebuilding $1,854,183 $ 947,657
12