NWHM - Earnings call transcript Q4 2017

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Operator

Greetings and welcome to The New Home Company's Fourth Quarter and Full Year 2017 Results Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to turn this conference over to Drew Mackintosh, Investor Relations. you. Thank

begin. may You

Drew Mackintosh

detailing welcome at today, New financial the quarter of XXXX. the And the available conference Relations Investor results Company's call. fourth section Documents year full Earlier company company's and results to morning. are Home in website The the earnings for these nwhm.com. Good released its

facts, in that the begins, to I are in The report call, forward-looking the that those risks annual update in made course of filings statements in of its A call on are the Form such from call. would statements XX-K including this everyone discussion statements no factors operating Before during risks quarterly and the undertakes the are could these which XX-Q. are most and detailed uncertainty. historical Form and results in forward-looking not reports on certain that actual and materially cause recent involve other like made statements to forward-looking to that company's course of duty differ its company remind SEC, with important uncertainties this the made

call financial measures Chief Financial now to Hosting is Webb, Officer; Operating Reconciliations these most discussed Larry Home the New will that, SEC. today financial in on is With I call Also turn filings Officer. on may Chief this and its with of GAAP the the in over Leonard John Officer. the Stephens, conference comparable Larry. accessed measures Chief call. to accordance Executive the call and Miller, prepared The through be non-GAAP measures with non-GAAP be Additionally, can Company's website

Larry Webb

small Home today. XXXX deliveries generating fee gross and joining year's revenue morning whole our call the while the of owned Company considering in is note full home building the year-over-year a orders for increases Drew, the everyone strong home regenerated again home margin. wholly quarter. to The good quarterly us business the our in once projections quarter, new XX% which significant improvement We recording Thanks, fourth ended sales solid to on met during on and New

increase XXXX affordable transition year began this opening a product initial New in The our more of have very quarter communities will to XX% phases six results to units. the of The very of of selling was open ahead season. our half Looking eight quarter of spring price with backlog and year, planned communities promising to We as by during back, earnest for new Home which the in first been evidenced several year-end new the initial positive open first the Company. the the the

to transition Thanks significantly still this We average revenue. result XXXX increase expect as selling in and the to unit. year-over-year home While optic lower in sale compared to product XXXX. a in post prices will

short, I our increasingly emphasis forward developing portfolio experience The better In results are and carrier. diverse consistent am to visibility our very addition, dependence like throughout NX Company. overtime. more should best In produce in this our lessons and the homes I would on product And is affordable pass our successfully New project team is that Home convinced enhances more for

levels demand optimistic confidence. positioning Company suggest we and by am markets. increases that risen is fundamental that increased healthy see have XXXX, in our substantially is improving Home inventory. existing continue. for characterized real growth, about As homes and The home consumer be the of local California I trend and These many Prices markets very about am and to our build in continue heading business. drivers we of have economies new been will Arizona markets The job new also driven I markets California. within in this demand we by are optimistic and which demand the in well particularly our in New current

We country. the plan communities the most in operate in master of in some locations continue to

it to guidance The broadened as as momentum our to future Well, as anticipated number New appeal at limits remains job year it's increase good and growth and a to adults. into in with the an effects for positive. what economic a give enter an a will Company are for continue will targeted net who more With for business. In that drive the wide centers, summary, of We turn holds. general shift access the will rate of Home corporate and has We that in around going company I'd product, the results is our are will a California to both its XXXX. will tax schools both have us a of excited since it company. new continue new our the of detail have and state negative for for lower impact we what employment with future in mortgage new some unemployment byer to deduction Tax to specifically for result active And Incomes for lower believe sense call result record that John, activity go industry even should and new expected the way enhancing to like preliminary rate Overall, also we incoming tell house a property price tax Comments and segment tax. appears over as lows. growth. of lot associated out approach to communities lower positive I am designed too and amenities. rise overwhelming hold Laws of early that My opportunities our this create in be maturity

John Stephens

with We the strong earnings on fenced fourth quarter a you, Thank core good our and note of expectations. Larry morning.

revaluing share in $X.XX XXXX year $XX.X or to share resulting fourth Our quarter and our net included differed Tax Act diluted charge for $XX.X tax million per The diluted a Jobs $XX XXXX prior passage in diluted the December. Cuts income the or from to compared tax million asset fourth was million share or $X.XX per related the per of period. quarter the $X.XX non-cash

was $X.XX XX a for in was price would been $XXX The joint million flat income to our to price to $XX.X sales net and in the fourth million year-over-year have a million differed was primarily was quarter the margin year-over-year prior our compared million increase asset XX.X%. share in where slight decrease year. net prior the due the our as in decline quarter in approximately by and to gross $XXX largely average in sales due Excluding home or points per with higher was income, offset California venture decrease and tax declines basis mix Home $XXX,XXX. $X offset to period. average reduction X% in $X was A from charge, which diluted X% partially in a compared income and million to to Northern year largely nearly selling The increase deliveries margin. XX% a in ASP deliveries slightly proportion a our XXX selling revenue These our home million selling due revenue expenses building marketing fourth percentage basis sales and of decrease point shift ago. $X.X a gross a year revenue product operations, a of increase were $X.X by increase home sales million improvement as a fee

$XXX,XXX we first range scheduled our $XXX,XXX between we the close more quarter our head of into count to our XXXX, our our expect of part and to as $XXX,XXX deliver overall to we to year and homes XXXX portfolio to affordably strategy. Based full ASPs we in be selling the backlog increase million offer expect term approximately long first priced product $X to on our for As average the community to expand homes XXXX, quarter. price as

to lower in impairments for including fourth prior margin warranty fourth The adjustment. XXX from a and our impact XXXX included $X.X favorable for as the The basis Crystal margin year sales XX.X% to over impairments the gross included an versus higher million Cove from XXXX inventory compared our quarter combined at with points quarter. also coastal fourth benefit quarter prior a primarily up in Newport inventory year. product the $XXX,XXX $XXX,XXX home period. in mix XXXX XXXX shift quarter reserve was Coast margin communities from gross The fourth a two Our the improvement was due

interest gross home costs our year from in XX.X% basis versus a sales XX.X% and was quarter sales point margin Excluding prior XXX impairments, fourth for in the period, XXXX increase.

cost higher Coast related increased our community California marketing in marketing to and openings. and selling to luxury XX home model compared with increased prior Our coupled marketing new calculate X.X% revenue attributable expenses operating SG&A rate for increase to period. in point a in the sales basis the percentage as primarily rate due was of The to Newport communities quarter from selling fourth X.X% was two and as costs

to our For run in the SG&A full year expect full mid-XX% we to our year rate range. similar XXXX XXXX, rate be the

earlier year the rates and SG&A improve them our higher in expect expect thereafter with quarter increase. sequentially each revenues as We to

we QX, in rate low be expect SG&A For high XX% the to our XX% range. to

Sacramento The for was JV lower fourth the influenced mix decrease reduction gross higher a of primarily year from land $XXX,XXX to compared new extent and more million income $X.X a community a Net venture as deliveries XXXX. lesser decrease sales lower in by sales was sales XXXX to the from Tennessee over in XX% to fourth for a venture communities attributable in a in home prior large were JV year. decrease joint the the XXXX prior XXXX venture year-over-year XX% quarter quarter due was sales. from shift up in share to compared Our XX% A margin margins joint in to joint home period. gross home margin in orders revenue to income deliveries,

backlog California. in The at XX% Absorption homes over in the in community rate fourth of year and Northern number the were per at value year over prior XXXX Southern per the rates community Our XX% the X.X and of year prior up multi-sales was quarter. any California quarter absorption million. $XXX sales in end our versus increased up the totaled X.X XX% backlog XX%

as and in backlog close strong of $X.X the strategy in priced combined luxury ASPs backlog million the end our consistent Cove to The $X.X with XXXX compared a communities out However Coast. with expand more was two product the price Crystal to decline portfolio at affordably ago. Newport at our to year of product million

was activity guidance, year-over-year a revenue as the million starts. $XX decreased fee quarter construction than decline our building ago. million the fee compared was revenue to was year quarter higher fewer $XX due to The including for fourth however Our previous

was million joint building revenues venture JV lower gross quarter gross margin sales year-over-year a measure building $X.X the lower was year in fee fee to fee lower as million home percentage and Our prior to from compared land fees margin activity. reduction $X and for due period. the The in resulting

debt-to-cap controlled which lots debt-to-capital lots outstanding for XXXX nearly million $XX over inventories debt. controlled end and $XXX quarter a or flows And year facility business, our a owned X,XXX revolving year approximately in of ended net X,XXX the and business, we million With wholly lots. XX.X%. gross of building year owned were cash cash the of our we ended approximately as million lots activities ventures from by included no our through under in XXXX fee XX.X% owned XXXX, cash, during and of $XXX million XX, to December $XXX joint ratio lots in and and through of had the estate borrowings wholly credit contract. $XXX respect operating of unsecured As auction a through XXX flows with about the We had and million of ratio controls the the balance real sheet, generating XX% solidly

year Now full a update on first like to and guidance. I'd quarter you

anticipating years, our approximately of following. approximately are $XXX between in very back in are sales the revenue revenues be quarter. second XX% to last year For the the we to our loaded Much home revenue full the $XXX will with million. and of expected generated end fourth few XXXX, sales Home half the the million year be with like deliver XX%

which yet XXXX causes communities to expect in in loading. the affordably delivery which sale our open a time we anticipate from with we more deliveries generating we have product, X shorter backend priced to XXXX new from While

are fee million $XXX revenue We million. estimating and $XXX building between of

be building XX%. lower expected venture fees and to margin In Irvine community. we lower margin margins anticipated lower fee well to is between X.X%. gross home expect are year gross due as The as from addition, range sales our full management building a slightly from joint Gross fee fee percentage primarily to about XX.X%

as and new Given our improve half in the half nix in our and community year we gross current a second communities delivery new to margins be expect openings, the the of expect come first lower online.

We about full of joint year are venture million. income projecting $X

activity end federal be wholly from to Based respect our to rate during affective impact in the projected would income currently we estimated XX% tax lender XXXX. any which selling community plan to items. ended of are communities increase with owned year the to XX year of XX% where We X wholly discrete end the we or state with pricing below excluding owned effectively currently base on We approximately With we potential this to to to open communities expect new our XX% have starting are a estimated ventures, $XXX,XXX. XX communities. expect an our that closeouts, represent joint five half XXXX, which

revenue million. of sales $XX For revenues $XX the of and between million and building and $XX million estimating first are quarter $XX fee between million of XXXX, home we

sales the these first closeout home to to I emphasize long trend. margins low XX% not term communities short the from of and issue XX.X%. margin margin including mix some for be gross our range to expect a are a that in lower quarter want We term

are new to Our in communities have quarter. what we north the produced than margins fourth projected

For first We concluding turn the first quarter. to Larry communities. for joint and X estimating joint wholly quarter owned about communities his venture for the XX $XXX,XXX in now back with we're venture I'll call the remarks. income, except

Larry Webb

and positive. markets have pleased industry In demand. head in to our our beyond. with I'm some fundamental you, healthy we extremely XXXX that is new in about very prospects our great Thank our as XXXX home of conclusion, and company's and John. The offerings optimistic into we remains meet backdrop Demand performance

that running. may there get shorter result be cost as have transition and place am margins overtime. in better increased results some volatility This our in got the short we right quarterly stronger, While term confident and should haul. product cycles, building a our communities transform with controls, homebuilder a portfolio strategy more become absorptions long still that we and I up to higher new diversified

year. like since new beginnings now, team I'd Company We've created. in take your members my our XXXX happy always, long built to confident can questions. Home we've the a of come the and That this that New the to very remarks. to proud way the culture team of I'm thank in humble I And concludes prepared I'm take be great at heights our another all future. company would As The we've here company and for

Operator

session. At will your comes [Operator Associates. Instructions] from question. be first this time with Our Alan question question-and-answer a conducting Zelman Ratner with Please proceed

Alan Ratner

congrats Good my morning. and guys. busy a Hi, Thanks taking year. questions for on

of a for I had I So related questions couple or modeling guidance. the guess related

First on margin. gross the

obviously because margins reliant begin see of on master the self-developing some have that to early evolved the profit maybe your positively closer think as year averages of been as to business on margins industry kind should last I participation P&L, trending a kind conveyed the that you've here two plan. flow were early for you land or you been was gravitate and little on Your that message bit of the the deals the and very through that you

you with looks above communities it of a delivered to of some toward margins guiding kind margin of XXXX for newer have compression. little bit might the that And the So what John that did step a the end are you quarter. like fourth guidance, make be remarks your the comment going that backward in

could maybe you these the bit I gross an and just us underwriting takes think hoping maybe the they heading communities a a give was give as of exactly more you're where where XXXX what and running the color think right get Thanks. can be bit maybe contribute So into level and the on puts as leverage? you on or you for start and them to indication up to about running to you is margin little little

John Stephens

Yeah. this Hey, morning, good is Alan, John.

right. The to of going trend gross the move margin is is year. throughout You're sequentially kind increase

and into communities. our some product higher of are newer older newer transitioning we on communities, out margins are Alan We expecting the

little As of sometimes open, time. communities does know getting some take bit you these more a

there and in them there's communities. getting So maybe better are margins newer I much open on slippage of terms little a been the think expecting we a

where we just we the So and fourth wider new new talked year, through it's in north we but of move our of communities the we in year. expect as of as a year the we of improve to first quarter have ended this offering lot half prepared them about communities, eight the remarks a them

going improve to real move success. little throughout a getting as of just a margins opens those key there. our the to So is deliveries And and we bit to timing do year getting we get issue as be expect and we those

Larry Webb

the really price is these the returns highest with we're we years we've focus. The away. publicly to affordable our we our margin industry. in logical intelligent this are they member, But long the Clearly growing really this more into last homebuilder average price still getting that and two bring communities, a the smart reason at our new as term would transitioned ranges company positive our that is Alan, Larry. felt in And the assume improving held improvement And right on will we more and even results. approach over affordability I see primary business

becomes as consistent in still our business. past the program XXXX done XXXX goal we have looking at that in is not which thing into, very been the heading overtime the but will that's plan then we see loaded. you'll which reloaded overall that - backend look other is XXXX grow more a business The a at we a and be and is we XXXX look situation we've if together, We're lot

John Stephens

a cost be higher full other the what in where volumes a we think ago. higher XX the than anticipating just we sales probably the XXXX, or about two run versus gain interest basis will thing maybe the ago, we're I year were quarter too in of Alan

Alan Ratner

Got it.

brought Larry, focus say been thanks that for as the over equity equity. up moving million line headwinds on you've JVs the of in look at your you've of joint been been higher, XX year-over-year Okay. It's you of then equity one And the really got margins that's the details. up and your has of is business and on JVs XX% kind active of And I actually return If facing total terms your number I'd up equity, helpful. has of shrinking returns. about tied venture XX% in communities,

next on profitability monetize mean fairly on or us So there going give at year, maybe with are in expectations be modest just there. hire a should an side looking JV I at you now way quick profitability because terms of returns. update your cash is some to what's but that significant point minimal drag pretty it of a on unlock on find investment some a at the maybe profitability ways that to right

Larry Webb

John the and the is sure could is day. where as an positions. that the in area great way lever a grew land It equity really company we when do we - on private JVs as Alan, focused single it's our position We we every company recognize that

grading X,XXX in returns today and be handful projects opportunity while be and we larger and that mid-year going have opening we long a not market. also of We're a the master plan Our poor of grand JVs more mix we're the we And land process a on deals. day our in XXXX. where a with master much for focus that's we're to and plan owned focus And a number from Corona doing. brand land strong to there But term about we to went a are and new that. focus today public doing in a deals will an plan what us those is a incredible was to hit the of supply positive couple and will JVs wholly land City in larger in we're have on builder showing in lot development really Folsom will sale of win that of master very are

land on of to And big out continue and a supply to other we for as basis on add so want we business getting So things kind know to get at that. side, focus be least lot has a can to a JV in John you limited the picture forward. move sale I

John Stephens

next generating is Alan side, forward right. of now JV not right income provide line it and bigger as several Yeah. that the portion lot Larry it is through land is investment in going JV a we the move on so is the on but years. the The to we're necessarily supply over

that down this and our anticipating ratcheting more come coming investment the down in beyond. that that then is XXXX for the others start plan in Our year of balance and probably range

So out of again as of we that's sort start plan. taking the JVs lots those

another LA area. that be sort Shadows and and our have Calabasas bigger income that's the level before the generated focus communities will couple said It's of one property of are about to set the winding converting lower down one and will or terms out of will today. but those the a to that year we But joint in other like years in year is down take bring of where business. be we a In that really one the the Phoenix XXXX this Larry ventures Sacramento investment two in we wholly-owned be Mountain again going our up into

Alan Ratner

for Thanks right. luck, detail. Good guys. All it. Got that

John Stephens

Thanks. problem. No

Operator

question comes Our with proceed from Michael your JPMorgan. next question. Rehaut with Please

Unidentified Analyst

count, to What Mike of just what be ASPs maybe is XXXX this three come? when about more two Hi, could we becomes I out kind sort type things of of for what of or looking number Rehaut. community [indiscernible] should consistent. and years wanted thinking little kind

John Stephens

and We'll land more expect would business. to In in money we of around XX% XXXX move are growth, we I count more to our investments but give a expecting probably community XXXX more as we XXXX is XX% the we reasonable as in out see and sort what our the year growth we're of Yeah we to community see XXth opportunities. in count year, further lot procure expectation. year, set this I in information move XXXX? our you owned But end will up, wholly putting of through a say do probably guys obviously think because

Larry Webb

positive. will here average But As appears visionary I group, our yeah, when be own to in showing John range. probably price control think deliveries will to XXXX pretty a we be we planning be the and job in New the time andwill this my bit the at But always sales solid Home be a higher And very XXXX $XXX,XXX-$XXX,XXX we more The it's come our optimistic who to today, XX% down plan set the going very, in conservative appears be one - showing of price baked down year XXXX, I so we're very a is we're XXXX today. little work margins better for believe is than okay. Company.

Unidentified Analyst

Maybe you last the to guys communities, just just more prices quarters, pricing wondering quarter? in two that able In XX% one on of you trend. your are saw raise Great. this what

John Stephens

those we positive. our saw it's so of that's say the sort during - communities range where of average. be the the X.X% our thirds is I about consistent, about across increases. on And part of smidge price two probably of average probably XX% quarter Pretty would

offset well. continue you I we're think be to is are on increases. But as those that following have obtain cops materials the other so increases know closely able probably you and we've side, the been labor to cost other pressure builders guys I generally seeing on the with thing some pricing very side the that there

Unidentified Analyst

Okay. Thanks.

Operator

proceed question. is your question with Citigroup. with Will from next Our Randow Please

Will Randow

the morning Hey, progress. on congratulations and good

John Stephens

you. Thank

Larry Webb

Will. Thanks

Will Randow

what long do lots wondering dipping but sheet of typical a you cycle you going balance some something margin of the slightly that think of terms time do wholly-owned in XXXX. capitalized only the but profile gross to goes? actually XXXX the Do of about with in has you about margin least profile? gross gross was going out make we upward a to close this guess talk expect at those not closer how margins because into on to inflection I you probably I ASPs lower And can when sort sort kind builder, California as and see when interests out, drawn you feel

John Stephens

margin in gross indications outer better. of to open. communities lot them of new terms years, we well, again to in our on a But be current of expect based have our communities we Yeah, would the

better margin in a be sort our the expectation XXXX - than what what year in terms little that premature. But of we us they delivered point pinpointing new So at gross than is communities a is this we on of last probably again XXXX. will

In interest terms of there that the for of cost and X.X%. XXXX excepting around increase will and year in whole and we about probably an sales probably we're X.X% we see about

moves XX into or out move up you our XXXX As but maybe to current it points basis so expectation. that's again

Larry Webb

options. down is lots, delivery, Will, we on think lines Larry. the something to I XXX,XXX focused allows of on those it's own lots changing when position a market be or any lots are take and Along these XX% this is in to a over think while us lots That lets we us control puts just it time. perfect of in And quite world adapt slightly in strong conditions. company that heavily will that I new home in very a

So before be building land. in able be to homes take we such will those lots even the situation down

our line we bottom it doing focuses said reflective improving more be returns margins. is there. will of on XXXX be Then know our I will and result their the As that and before, we improving reality will show

Will Randow

of other is So on at day number SG&A kind of on than you side, once the actually scale equity given structures are or fair? take the returns end your a your down that better builders perhaps of

Larry Webb

key need sure Well, shows I - on and but is, the answer focused I And hope would it's compare we know that that day. a we really we the so the for single business anybody don't every that's goal. our something else to

Will Randow

perspective, communities then skilled ramp be just fixed SG&A? portion do you SG&A, scale communities you're a larger could with you obviously XXXX, the you from think will organization of And holding today's more up but to for of as kind guide XXXX, HQ incremental much in

Larry Webb

Yeah.

we all - believe in. do then that in are we first jump of me can in at without can are lot all jump and And we a controller think adding looked my markets existing Let that SG&A people. in. We we of new first expanding in absolutely that

we the expansion the Inland we our continued in Empire our see California in existing best to addition, are Southern business. they initial terrific. In team is and in in again Operationally, believe

a think in in Empire lot our the in have focus markets at looking that we growth the mean G&A. other we're Inland now but we so in does primary markets in expansion We're right And opportunities of Empire. a not the jump Inland

John Stephens

leverage we're have that with if and at range, can If higher this revenue again an we do leverage the of to expecting sort of our for give we we increases point a see opportunity that. end better Yeah expect the our flat. than But SG&A get we'll XXXX, Will, overtime would there. would

Will Randow

Sounds good. good and guys luck. Thanks

Larry Webb

you. Thank

John Stephens

you. Thank

Operator

Please with Our with Center. next Alex Barron is Housing question question. from Research proceed your

Alex Barron

Yeah.

Larry Webb

Hi, Alex. This is Larry.

Alex Barron

Hi, Larry.

Larry Webb

name. pronounce last to how your Well,

Alex Barron

on Well, say you it in okay. or English depends it's Spanish, if but

Larry Webb

know how Okay. pronounce All right. to Well it, right. we

Alex Barron

Yeah.

or at the Southern So I've demand seeing whether you that impacted in California, I any in and any curious rate seen not I have of whether are to recently differences in sense recently also was Northern level gotten level Southern the this Northern interest versus but been demand guys yet? haven't you've

Leonard Miller

seems six our adopt the absorption high very, is to spread week January the I'll and COO. us competitors, sales it a California in Leonard bay, Miller, kicked of later. I seen the the find very year, sales the want. market early if in weeks start. project, South that even We've typically very strong you and to off be a our were take say California seems both definitely one in is Southern This to Northern for first will four it in great we the

we're California, seeing well. couple that on about market really lot last Southern weeks, get traction we a as feel the more

Alex Barron

go did seems to I and Yeah. the is there? demand your pretty multi-project like phenomenal

John Stephens

very It's been strong up that what and with gone since we opened. wondered projects prices

Leonard Miller

Plus in seen we've but last left even in X% range quarter XX% pricing. the approximately

times relationship keeping we out, out a we really make far sub-contractors get don't so with ton with that So too building delivery. little sure of supply. there from sales The down up to is to the key in demand and slow your

Larry Webb

the Alex America. on more call around listeners For homes the any sees investment community, in to human the in

Alex Barron

- probably then appreciate John, the And guess back gross the I to That's Larry. go on I margin. just that, true.

margins So that out the really the like in gross we I right through cost of goods be are the you sold? they're range, would they reason that running guys interest basically if the like in the guess more look backed XX% XX%

John Stephens

Well, again again XX.X% for is that XX% to GAAP first the a quarter number.

XXX I us. mean quarter, little it's are if XXX our interest, first of to cost. the quarter very you for I another XX% probably margins would generally - add before So revenue And say lower. interest a you're

similar look If you the and to going last you back see couple a trend. years, go very are at

well. expect first quarter on the coupled be on it's we're So that some with count some as the less communities to would closing we Irvine, which the of profit forward, that out out we communities. communities community or Again and reliant in older as less are reliant closing have move participation fact sort we some the of expand company as of higher

it of part that's as So well.

Alex Barron

the Great. year. and Okay. wishes Congrats for best

John Stephens

very you much. Thank

Operator

back [Operator reached the Instructions] end session. Webb we would call time, Larry remarks. question-and-answer for Ladies have like this to gentlemen, At turn concluding the I the and of

Larry Webb

year we half priced I'd that support say Thank all that And a like look that, going believe XXXX you. We at leg and thank And a we And of affordably of I great have this that your much questions solid we and very, very would product. I before just and the to you. confidence. very but saying in our And will second a summarize it's more everyone's transformation appreciate and the Home with business Company. New be not is XXXX your move done of XXXX was approach passion. smart, by for that. appreciate The to positive second and it's we're something excel very XXXX into

Operator

concludes This conference. today's

this for You participation. may disconnect we you time and lines your your thank at

New Home (NWHM) 14 Feb 182017 Q4 Earnings call transcript