NWHM - Earnings call transcript Q3 2018

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Operator

Greetings and welcome to The New Home Company's Third Quarter 2018 Results Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to Drew Mackintosh with Investor Relations. Drew. ahead, go Please

Drew Mackintosh

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

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

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

Larry Webb

will Leonard level high John some then give market more market. numbers. color will our of earnings the provide detail and housing conditions today. the the This on joining everyone to call to procedure in on morning, break state and stock recent morning our weakness current provide on call like thoughts address additional good and the and Drew Thanks, company the and I would normal the from some us on

XX outstanding New at close, an to times market shares of million. roughly market XXX million backlog end or capitalization. equity Company of yesterday's at the compares share were the XXX shares two trading third of of for million our quarter This As full a of Home on $X.XX per the capitalization

shares the been have our actively a Our since and we trading valuation a better we positive buying profitability of X.X book more equity earnings why I value, authorization is times over purchasing back the stock XXX,XXX term is being slow we May. quarter believe investment value believe the that senior odds underappreciated. at embedded is third above community. markets by our and process, par. outstanding, currently That that bond outlook shares and consistent is shares that currently in in assessment from in has nearly path our XXX,XXX opportunity our company a at our a are and notes the with our where We trade stock, This long for been board in X% very is there for our company transition which we company, to but represents the that market realize received significant or

outstanding million current X.X X% an shares which our equate additional have under over yesterday's to in at repurchase closing shares the authorization, remaining of we We million of X.X excess or price.

homebuyers land affordable the given the and to term, price. in existing repurchases, to land In further adjust deals our as land investments weighing share the our we're in attractive builders stock see to continue potential holdings, today's value near choppy our we see against we remain market, expect results however, relative actively we to While trends both transitioning home detail the to our rates. have and confidence priced a current progress to in that, our we've product. more term, prices higher made, more With rising like Leonard Longer about the to to new turn over in strategy it company continue mortgage reality give markets. of and we I’d into our

Leonard Miller

communities, our Southern the agent Empire Larry. softer general, home mixed, markets for being the and as and Thanks, our housing business. in headwinds and more would economies home tailwinds limited being demand buyer see affordably Inland we trends and with the dynamic whole In strong local our to I coast. closer solid and inventory In characterize continue to construction California, order for in overall priced new both affordability weakening

the margin Seville was as several community points, during more for average. Empire the with to quarters. communities scheduled pace higher company, new This open in than in company bodes a standout well the have at Our affordable significantly gross the quarter our coming order and price Inland an we

Home for have lots dealt with through one with of at lots come. Bedford provide runway ventures. great refusal In XXX first well the New can addition, plan joint we on we years of right the master located, out of coming potentially a Corona over Bedford to our which of

to see higher trends the submarket. softer the pricing particular if or master the of market, plans end of continue We is of a at Irvine where demand at some the especially top end

X.X the is Hills example month in at right million feel good right Sky exposure our Irvine quarter opportunities at Ladera the before end average in that high there an of provided that sold of area. projects we all sales which in in the of product approximately this out close market, the wholly-owned our the neighborhood our submarket Ranch project We have is limited as Fortunately, the homes of location. $X opened A per are you remaining we're the selling the Ranch, price Covenant in do still models.

again location affordability in the weigh were our as California, continue buyers to to Turning main success market, price other the drivers and factors. Northern against of

closed X million. River just the Milpitas plan were priced few at market, community, we Island’s close well, selection not a per slow were the homes $X Sacramento order merchandise out Our our Ellison to In this range. with Belmont of community $XXX,XXX Community month, remaining homes where though model a in at at Tidewater Ladera, offers community one starting our the being more in the yet very in of saw homes Sales is experienced as order of offers good Inland, solid in in Park prices points master a Gilbert, Arizona, in affordably continues perform range. we with momentum sales as limited bit north $XXX,XXX lots Further open. function believe well pace communities we of a in also to trends which which

We communities with much will to to base and increase at exposure our in needed coming the communities give these down continue the spectrum market several buyers. move prices will believe scale in new deeper new pool us of coming between online XXX,XXX quarters XXX,XXX. the We price a and starting

it to over more to John like I’d on numbers. detail for the Now, turn

John Stephens

Thank you, and good Leonard morning.

X.X revenue, and average per a ratio lower at our million. in primarily During decrease to The we or ago. approximately was The in offset selling in in increase to lower $XXX a the XXX and $X XX year-over-year million. California down and by third sales pronounced approximately of our to by price driven the and none rate. selling quarter, in net XXXX as the mix interest four delivered. X% year-over-year primarily per homes million the average due XX% up XXXX where ramp XX% a new These net Southern costs. to marketing sales general share or third diluted homes a to a decrease we partially was communities effective our most and XX% $X.XX shift related which to largely backlog, income Based communities was as diluted lower The a of below in was average be The XXX,XXX a net share Home partially income price third was selling $X.X period. a to basis year expense expect the tax our price was in compared $X.XX increase year generated decrease million period. basis limited offset ASP home California higher million up due fourth to XXX quarter, of Southern to income year revenue prior were to gross quarter basis point expense point was margins ratio XXX,XXX for our selling in increase in items moderate in point deliveries, compared in $X increase the full on in the deliveries priced in change XXXX compared quarter with administrative by

basis, GAAP quarter On XX.X% period. a point deliveries to primarily from revenues out product of share home for XX.X% shift, compared from California, basis Area the XXX saw we in Coast, year basis due a our shift. The in lesser from in an point community prior third year gross XXXX. margin large products from and prior quarter margin and Milpitas. mix was cost a sequential a margin decline of in in including our in successful as gross closed interest increased The mix Newport to second a Our in sales included increase due XXXX the luxury Bay quarter the which to third gross was a to extent sales XXX improvement

sales, for the with of year home interest third prior the Excluding quarter gross sales margin from consistent cost was our XX.X%, and period. XXXX

in between XX.X% fourth full The year, quarter XX.X% gross our the primarily expect and to some guidance anticipating expected fourth absorption is communities. rates for from between XX.X% revenue are margin XX%. slower and be home to a full We decline the margin higher certain gross in pressure due anticipated margin year sales we decrease quarter margin previous coupled at projected in the with with quarter and

increased of and to quarter primarily personnel a advertising items prior Our costs related higher costs. partially year with The for for rate, These versus offset and XXX count. XX.X% higher percentage in due G&A communities, was higher resulting slightly XX.X% point the the was fees, a as increase from were basis higher and marketing to lower SG&A open related home rate, recently revenue, selling increased compensation sales period. co-broker costs lower revenues marketing commissions community sales by master associated third

at X% as the full delays associated expect lower fourth revenue anticipated for few XX% home construction absorption of high the we rate a range. the expected SG&A be the sales rate the range be rates with in as The for the to sales lower SG&A For previously in year, projects. year result quarter, well and and higher is our to full low

XX% building home venture in XX,XXX The year gross was margins average in Our up and XXXX income resulted the count. reduction joint lower income was in Net the share from driven community increase deliveries. JV mix compared quarter primarily which were XX% the year-over-year, by for an XXXX third a shift new in orders third XXX,XXX for to approximately of prior period. quarter

and higher The year. decline ago backlog third third The sales to period. absorption represented initial XXXX largely in compared in monthly for the XX% strong $X quarter average X.X a absorption million opened third third from rate affordably community XXXX, Area to at $X.X the due to quarter rate was per coupled with the it just active to of was per to mix homes increase value two end in activity Southern over in year in prior XXXX of active period XX that one was slower more to ended over the over $XXX September Our The end up a order XXXX quarter the of backlog we California X.X a in and was backlog in with million. quarter down absorptions shift community XX price the year Southern and priced due Bay third in prior end communities. the product. represented ASP California community the in with quarter the number million XX% was the compared lower XXXX of priced communities the home Arizona. expect quarter which The the and XX% to We communities, at backlog largely from

in timing year building a primarily XX the as of prior the third fee for start as in XXXX to was Our the was the revenue the construction period. mix of of to the year construction decrease compared $XX under compared period result revenue million and units ago. million quarter slight The

gross fee X.X quarter million or was X.X% building fee building margin from The margin revenues fee X.X% Our lower for $X.X resulted a million a lower in arrangement. the decrease the or prior building versus period. and in year

gross building the for X.X%. fourth to around fee our expect remain quarter We margin

The the into was tax to quarter as rate beginning XX.X% third XX.X% the Our new law lower the went the rate XXXX of to was third effective tax quarter. effect compare in tax at for XXXX. change effective XXXX that due

XX% between our including discrete items. We be to full tax rate are and projecting year XX%,

to owned we joint through XXXX our lots XXXX the ended for through and and revolving nearly were included over Of real ventures million XXXX, our XX building million we million fee outstanding controlled balance $XX respect lots controlled under As business, XXXX lots XXX of including September or business, XX, sheet, cash, with lots. our million through approximately option in contracts. XXXX approximately XX% XXX lots, With the estate million in XXXX in which quarter wholly-owned inventories wholly-owned our facility. credit controlled $XXX debt,

quarter, ratio to spent We the we ratio XX approximately XX.X%. stock XXX,XXX of price capital aggregate for of average an $X.XX of net to during a land of a capital approximately per debt the to During and $X.X on at million. approximately the total and an repurchased XXXX. with share XX.X% and of the full ended million quarter debt shares million spend in XXX quarter, year expect we Also,

fourth cash flow generating we the quarter. leverage We expect slightly, decline positive fourth our anticipate to during quarter as

Now, regarding some I’d with additional XXXX fourth you the to like provide color quarter.

the home between back million. We’re million now income XXX,XXX. Joint and his for of venture revenue $XXX turn Larry I'll to call of Fee estimating $XXX million. revenue remarks. concluding and between million sales $XX $XX of building

Larry Webb

further the more In with lower quarter, transitioning home third of we conclusion, we in by the end John. pleased the spectrum. progress our our to offerings made I’m company as price the of Thanks, diversified

a the to grew and unit also We closings by our quarter table generation the XX%, of year. backlog setting for end cash strong

our a current to that but Home and ahead of Company lies better are in optimistic no means path profitability, believe chartered results We and are for have future by we about what XXXX the the with pleased New level in beyond.

term opportunistic the shares. our repurchase issues to industry in may our playing plan out new continue we currently the that we company confidence our value confidence show have impacted long our are of of and that the in our affordability fundamentals the results term While be negatively in to embedded by and markets, through

In addition, to complex know the we now, We emphasize simply, and team have I challenge. and we our remarks That that want happy management divisional concludes experienced extremely to we’ll to questions. Quite markets. in corporate an at both further take successfully prepared be levels. welcome how navigate your

Operator

first Our from & is the of with Zelman Instructions] [Operator Associates. Ratner coming line Alan question

Alan Ratner

where frustrating I So, Larry, your a see sentiments it I'm is. it's appreciate to on stock. the trading sure

I range profitability you're is your maybe tough XX%, and John a what they think insight some levels, I at and time, kind California have margins see the market what the XX% market, are your right be looking the think things this current clearly might where can provide at question, slowed. and same the today is thoughts, at in looking or the in but of now dynamics

significant on just for adjustments. I price maybe think buffer the profitability start companies need any it and you’re would large to at to jump withstand seem hear some starting some about from side, the activity frankly, quite to you have incentives least a don't

impairment So, know a how because conversation, been is you and us, there your quarter buffer to is various much relevant got information I up with sharing it's bit know business master when do there John, provide profit certainly every there. you not any analysis, analysis plan your is unique, developers guys you guys you've this point, deals a but just the do I the could an

you. would it than seem to looking margins? there's at perhaps, buffer more just So reported your Thank imply,

Larry Webb

actually first where the homebuilders. This really am think stock – is. record set and not a longest to the frustrated is John. ever Larry by asked over for our By question I the it I you way, I’ll turn I

mirror industry. in an the and is I the that opportunity. be to I community look investment in we went the understand shooters we straighter think represents the and where it

last the competitive that's XXXX -- beyond. Our moving give going we anticipated plan and been affordable been strategic but and market move results to a choppy, over advantage to and slowing up building be a as if into have the three feel years, more housing really we've us have more we had and

is we And it's see it's companies and buy, on the enough majority want the at. thoughtful and over look still see thing I’ll the to that. in clear and feel we and perform the to that has we've you'll particular continue is results wide to own if, turn laid on to investment it's you've one I'm very our the foundation, community. to to John. coming waiting but everyone our believe I I fair coming And and that better of community and of range and different So, overall, company But invest is your question so a about in me, company it been is think, investment and as

John Stephens

Yeah.

right where some, participation and communities, as you we our of than participation others. are obviously have you further plans, in many master the that said, You're are in proper

little provide a bit was of a would in sort there downtick that room, of So if and pricing margins.

deals Now our Most selling. communities our communities in are of and of participation. are proper master not all opening plan with

project of margin. sort You mark, sort meet a a have doesn't or you're that the two at of always where

always and lot have think looked margins. disturbed So, sort you're that the of where terms not sensitivity the they're But, now list communities, mean. two, before of They're those say, projects, would or call, we've always of a any of into sort at you start the have our is sort our you're project watch what comparing part, most we prices list. to of in of the we to something but closer for the right go and on I of without evaluating short a sort of getting evaluating, you would most

but say at right all. to that So, there. don't don't now it's outlier where have we say an not or you if stands, that know hard I But, to helps here

lots we to thing option. mention The I of under number have other was wanted the

under deposits two-thirds lots are of that land We were had sellers. We million couple with a $XX have down XX% from about where option, option our about quarters we of outstanding, maybe in ago.

and in certain a back a community seller in certain tighter we evaluating going expected that maybe or cases or originally to what than deals are we're are little the two. margins We and talking underwrote

So those real the deposits maximum this are a is think that point, a ongoing amount at about which risk of point sort couple of is, believe But spots. not a of me it's discussions to to positive. and I

Alan Ratner

you but mean, most projects your Just go cash I today it around but though, to deals sensitivity, way that don't on much I guess the if down it of it be think impairment say would thinking of follow to would the flow are margins said, the kind XX% the have centered mean, about if were the up so correct into then pretty mean way? Am negative that X%, of assume are side, to situation. your most and is I wrong effectively about push you prices a I those you

Larry Webb

not No, really.

you because X% the asset, before think, sort I to seen marketing net the you or have the erosion probably a down X%. like of margin, see of never you in which of dispose XX% more is in sort get have cost, margin, your the

have of a near second Let's be in but lots of go master our any of back on plans have it in to a one no majority want of part are vast safety. kind is communities we we very we risk way I we two, second. and a in and is, We have impairment clear, majority lot in of -- again, outlier option, lot or the it's have where number partially, -- term are of if an may of the

typically right that our a [indiscernible]. for on position good you participation but bad, always or or overall, example, look in there's Irvine two So And at times to and XX% project now. the community XX%, is we're solid a in

Operator

is with Scott from Next the Schrier question line Citigroup. of

Scott Schrier

of forward, your you're as that experience market builder the the allows curious a to? where the affordable expect your be do by part you but and the homes luxury you're somewhat to I'm cycle understanding you're really more see you you pivoting market up of of picks driven and do strategy, to that your think true So you is the core, you I participate in that know that that look pivoting remainder at luxury in or just

Larry Webb

Well, or let me it turn make to Leonard I’ll John. three points then over and

Company, are strategic off and in all, and luxury [indiscernible] price we builder. it to that a we markets, fact at ranges. First Prior the worked it Home Company did as plan core, and was have strongest, as to our focus best successful. our we New a are. are driven, in team The of we XXXX core, focused most started on very to the of we wherever a was all to year result market at in want the locations it New leadership homes But our continue Home be consumer a focused deepest going had of we And we been and that. builder

Sky California so by Orange our house, whole. making incredibly one. $X our in submarket for is a are Number Like a all as Ranch we're that's South two, submarket, location. too at Right example, well. many selling way Now, by now, people County, business million about project our overgeneralizations location markets, seeing,

a have that’s project priced success just One mediocrity. make mile versus below a slightly is of that difference much that. We slower can

So it by is really submarket submarket.

versus perspective, there about that luxury. overgeneralization that in trouble. an can overgeneralization think And moveout lot entry awful builders level in our my versus has been industry from of I get

consumers, This approach Two the million, year, understand million. $X our was a our for will has markets over deepest sales sales provide about be see our our them. less. somewhere been ago, little what price years So, where are and $X housing price average to is maybe average

luxury housing. between communities it'll and on of California the is now bringing we're be year, under new which be year and next Next still lower in will not $XXX,XXX, most

Scott Schrier

I incentives how give on expect pace rates a what can impact color your you're or incentives if thinking to you of use of some versus margins? disperse demand, and this it’s little And just of think or of whether incentives, about types them price any then about or how you kind

Leonard Miller

maybe I mean, the of generally with I’ll other shot up most we're whether is the across -- I this. the with at from mean, we're that This X% XXX move spiking may homes, market. companies, trying first our see to of a take Leonard. to case you closer they're the points you inventory is to Yeah. and close looking move do seeing seeing each level in your board, when people basis incentives kind not their competitors see X.X% homes I'll where what X% really year-end. incentives to when are start a than end of go of to to

absorption, of where just far new to really because the we're As communities margin. find erodes really to community inventory been that the and it's disappointed the it and absorb, only with it’s try kind last home continue and concerned, as where we not your adjustment extending community those really is can’t the lots a the homes. over to three by close community, year-to-date, great move the community. an and we've obviously, lots those get There we and going location of If extending there but and we its found will move the cost there We to you are lifecycle months, a slightly think make community by is at. certain to replace try not to really those market absorb incentivize stock

that correction. we adjustments, what’s how versus So margin keep look analysis, and looking making will we far at maybe in the at do tradeoff pace, if at adjusting current the incentive the an today

Scott Schrier

affordable terms of the seeing, in want level of you're and I'm and thinking was in California some and that more California. that the Southern noise you interest, more you're just you in product traffic, I to California affordable I in could with of of into talk getting product about of around of what it's out see guys you're terms just toward Southern Southern curious just everything, the more pace absorption some it product if and when month, how with in whether Last absorptions, entry more all that

Larry Webb

we communities Well, for maybe us, mean, first edge and and our a I par last year. pretty for or the was even third our mover quarter were solid with on our entry second,

to had prices. a is but in right have that the part slowing pretty that the markets date, right We and remain of in October, optimistic darn we positioned we're with seasonality

still consumer our being but basis in pause through we research homes term strongest concerned, as at that that were confidence. and basis. -- a as try you So terms still really visited of we're those successful. to affordable be as hope master the our did plans our quite this have going And all far to have September We're we where in are of you year, high we're end is what long on in are in housing vigilant The can the are growth. sitting and for on well marketplace, have projects very calls weekly of last still here land other few in we're the ascertain are sales the whether doing of have very We really this really we heard on a sure have We We to part clearly been demographics good. each still I’m as it weeks. much constraints. have markets we level of us, entry level job fixed opened and have entry rate

Leonard Miller

that, you add I Really, California, think, is much at thing. the pretty change, happening. and can seeing the then is seasonal than a point, that deeper things absorption slightly in I Greater in not actually just I it's you you and Sacramento, commuter Leonard. Area, the when week Yeah. see you're one markets This Valley up you at Inland cover those markets I’m look in a really in things are you markets seeing Bay go consistent. over Central maybe price all Empire, the week look in really at when When look the of couple

has when And dramatically then normalized. becoming price If down, XX% Bay certainly see Southern couple you to Area, or resale like market feels you absorbing go it does down in core slowed is going feels California, a that year San like points. the things more move has those XX% you're this slowed Jose of the there. and it pretty It prices or up on

home seeing, as California in a little sell, to had more certainly it have an with that trends side you on well. if inventory what the that's and with we're an the impact then of buyer, a So Asian Southern issue with that’s bit with

Operator

you. Thank

Our is Barron question Center. next from of the line Research with Alex Housing

Alex Barron

Well, sure understood guess I I just I wanted to correctly. make

everybody you're relying what the Is where like of else feel like some to see before or sort or do, right guys. moment would the something, much. sounds guess to year the like it of just your there to the to sounds too relative strategy end maybe not to which, competitors you because your at close it pushing to and a quarter, thing from is on those at homes trying incentives point understand try you I or end need would of really I’m that's So hard

John Stephens

Stephens. is This John

We of of we a homes that’s adjustment, to with, community. construction to hurry there great sort we're sure the limited be get before hard need be or making of hand is that, well get a the some close. If use versus in earlier, in still supply address But not as out like going will location, communities end. big because just year an I incentives lots but have Leonard close the on you not could you of and we're the incentive to get through to think, sort don't by we Leonard said, back certain to issue sort a of seeing as this are comfortable absorption indicated that of it perhaps rate it's community we're pushing where really that sort

try move median rate, it's targets, we're we’re the some things not selling to but, we absorption simple. reasonable going of not sure absorption to going do If in real much. of to So, incentivize inventory. to the are we’re If our a

Larry Webb

end is thing I was extra that people experienced believe as in more I has that to and say of most also private make term in opening spent is or evaluated it a corporate it's clear cutting and fair long And and once waters it deliveries that, than and these of builder. my think navigating to difference have said career an business. extremely this a four be prices industry three on the It just in one -- a times some about at and focused in right the have both the for now organization team properly highly turbulent are our in we at the but times. divisional and looking is everything we good and remarks, I'm as project I and make times And are uncertain in we we're year. to we this one

We being focusing be on times properly turbulent we and really times. well in good are so positioned, can conservatively in well leveraged, capitalized, being being successful

Alex Barron

on somebody have center, guess, most on No. with think in you of the are reach feel tools to effective, the is the what I fair. And down been given to be you hear so your who some understand like and it's guys, you buy for effective. buy would versus you because obviously needed point trying products past, the probably I what guys people main guess that’s guys buy points, if your of like did where in that homes, it think that not you're I'm be your think of absorption they you from why and you else, do hasn't location, sort I like choose to or that you you prices would a at type I would probably don't them felt But, that’s of necessary you like helping rate the driver type feel just I think focused more -- you I design the increase rates, commodity. most not

Larry Webb

type project in come and have and some is rates in that be malaise get mortgage understand -- be put the is issue, is all. lowering some from it In people be we rising every those, in, pace, creative at you rates, case, in core community it’s for question an would landscaping just industry fits following. If it the has that's your of buydowns wise your at And differently. Well, down, for any the and what that would sales person But to in of. really, it of pocket much what incentive answered to was have to want a of I cases that have seen to cases, not community slows an it something a In center the people, help. size me them. varies Is literally a it quick any by guess the could specific we our will more. happening. market It it has incentive you really if what that affordability for why’s a isn’t community. the heart it one other dealt can different, and cases, I if seems very prices because it's down? to to be more their with the out If the slowing in reason something it's could put And a first, then overall house not of that community design most

sales here, that just And people, size, that as and because opportunity our right in on thing but staff, be puts my Division let’s marketing COO been a also a our Presidents cut our experience, so in the to Leonard thoughtful on on tremendous burden, one has prices do. not more to

Alex Barron

Okay.

where homes to ability of is guys gets direction Now options, going much everything. spec you most the the right to input buyer too and have that of an just building outright aren't still in in the your confirm, an are

Larry Webb

lowest of reasons choices rate more a the correct. And would on spec most mean we people building homes, phase by priced That's lowered I one the the industry. way, our cancellation probably, the offers say, still increase home one that probably or Yeah. I a -- still but than our why our of in we're builders. two, that's builder with is the in

Alex Barron

Okay.

gears to switching guys as share Now capital. the buybacks, you allocate

book So is value. below stock obviously, your significantly

like somewhere do range if something it. strategically, at continue at stays recently. I'm it you mathematically, this been just stock it’s pursue, do where in feel them to you to that's makes the thinking So will

John Stephens

Absolutely.

think do will X I have think But going capital board in part We authorization. if we left a authorization, be it's values, allocation will over million these investment. -- we our good that at forward. we that a of the board limitation, have

Alex Barron

John. million, X

John Stephens

X in the little what’s million current authorization. left, a Yeah. over That’s

Operator

the you. Thank for session I’d the Ladies and back closing of gentlemen, question-and-answer we’ve turn and like call reached Larry the to remarks. Webb to end

Larry Webb

you. better to to you. do, And in run, a want couple recognize listen comments. of key times, New at and everyone thing your it questions that taking a energy because strong succeed I'm people are we your of Thank which spoken leave our right our coupled Thank we we every me Company that strong attacking like seems and says of we we believe appreciate we're position. the importantly, an the to I me But One time secondly uncertain marketplace is and today still company That consumer I've as indicators every do is major energized this challenge. welcome I'd and people do. look how proud to, an really proud our to more a and in same still believes I'm is, building a extremely high I of single but for our with investment working and with we these little get focus our that and that understand by underserved we economist, or under points. maybe will issues the believe for all thing really day. confidence at in and everything way are economic that and I to Home the are the of we're to you these you is long this, the industry. I

Operator

conference. This you. today's Thank concludes

time. your Thank you disconnect for this may You lines your at participation.

New Home (NWHM) 25 Oct 182018 Q3 Earnings call transcript