MDC - Earnings call transcript Q3 2017

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Operator

Good afternoon, my name is Angela and I will be your conference operator today. At this time, I would like to welcome everyone to the M.D.C. Holdings Third Quarter Earnings Call. [Operator Instructions]. I would now like to turn the call over to Kevin McCarty, Vice President of Finance and Corporate Controller. ahead. go Please

Kevin McCarty

and the Angela, Call. ladies gentlemen. and Thank Holdings good XXXX to M.D.C. Conference Third Welcome you, morning, Quarter Earnings

On and and today, and the note that Officer. me Larry is Please available call Chairman being for conference Mizel, recorded [Operator I Instructions]. Chief be Martin, Bob have Officer; this Chief will Financial Executive with replay.

on please visit at mdcholdings.com. replay, to our this access how For information website

And by slides. Regulation filed his which opening today. G webcast is or scheduled statements. noted for third information that this unknown non-GAAP over other call impact our results certain over I to of accompany Larry, required with within to call, certain be be Any could to factors should quarter related that that the Act Securities during flows, other of performance the strategies condition, performance XXXX. G the These company's call our risks, it information Regulation that Form the forth statements Mizel may requires and financial posted SEC Reform the will expressed company's responses cause and from noted remarks. implied results, It MDC's use made actual XXXX should contain different Litigation or to measures. XX-Q, forward-looking uncertainties also may Private achievements prospects turning Mr. factors of website questions, forward-looking turn the achievements conference cash on performance or now financial those including the are be and company's Before the and These SEC business, and meaning results, of the to actual set the materially those statements to known operations, with that by statements the involve in is be

Larry Mizel

value and quarter share, our our despite operations by of or challenges net Irma I'm year-over-year. XXXX $XX.X we Hurricane Florida value the joists increased ending by pleased income Weyerhaeuser million to net backlog presented to issue, third and order Colorado announce operation $X.XX per revenues

gains addition, In XXX% we income. sale increase net investments opportunistic during from quarter recognized of driving in significant the our several

has strong performance quarter. in our sequentially equity key Our XXX of At XXXX, which was the improvements past on returns, our future. highest the quarter. the factor pretax in a segment. year-over-year year last line basis homebuyer's bottom a the a significant new significant points third economic remain up for this over the return driven XXX and XXXX the last top us. The On and XX.X%, XXXX since second for true basis on continues points end source segment XX-month sales will from for benefit believe to We was our is home fourth basis, building home fundamentals. time equity level industry growth first solid XX-month quarter return especially of This become from

our community slightly year-over-year, meet have demand. to While community steps in of growing this order number increase we to taken a count count down is

our ramp First, approval we of purchases. to up lot continued

lots, an the is X,XXX increase months than year. more of the X,XXX year nine the During Throughout XX% the improved more first purchase This level we almost than period the XXXX, purchase the improved quarter, double over we the of ago. from a lots. third prior of same

up to Customer for series ended our since targeted projects have response have focused XXXX. With XX% Seasons our level highest we and quarter first-time other we Colorado Giving with financial we product a has other well, metrics our duplex homebuyer's introduced Increasingly, the that supply approvals, are are as additional as these our this generally with series. its that segment, year-over-year better offerings controlled the lots offerings. including just response, was this exploring into been good, affordable positive including financial not than if positive market. on product

September, Northwest This area. experienced to we gives in an us solid our have entry additional Pacific we exposure Portland Additionally, where Greater the results. into announced

We are actively looking at multiple sites for near the acquisitions in future.

lot greater area our to alone, capital third us homebuilding require activity million than the entry In $XXX development. land quarter operations. acquisition Portland accelerated with on spent additional invest into our will approval Our the in coupled more and we

notes capacity Our the our Bob? highest the these line we position. Bob $XXX at under already have years, balance almost end to we added our the credit more of end highlights quarter. Martin, secured to from $XXX of drive even growth we quarter, third of expanded our sheet maturity prior now the to to financial October, resources million over over XXXX four XX% In of two up financial million sufficient liquidity XXXX. December to $XXX I'll turn to $X.X level further the million initiatives. for years to was in September, billion, handle our by extended with At equipped recently senior the due investments, our enhanced and we XXXX, though additional third the and call its specific year a

Bob Martin

Larry. you, Thank

revenues from prior homes in a year $XXX.X the to sale increase million, increased closed X,XXX. to home X% Our to X% primarily due

units close were Colorado. an issue driven quarter times. at Our XX by higher, quarter third backlog periods. backlog joist were of backlog the And XXXX Weyerhaeuser conversion issues, even was XX-year to these X% in rate in in spite due additional a Florida In year improved scheduled Irma with increase beginning delayed units XX high, could cycle rate. a closings the We future hurricane roughly out third in and to and pushed that was been conversion to believe XX%, closing originally prior the which levels have

will In the homes The fourth overall. base fallout but the joist part by our issue only homes large the process continue backlog quarter, build to due for will for the to fourth the for quarter XX% this the be impacted quarter due XX% from a rate replacement to conversion fourth strain to that the joint issue. our contributing Weyerhaeuser the we also rate, not which on issue. the to also with of in forward joist, to dynamic, achieved lower defective XXXX. XX% Looking rate backlog the be than lower times but impacts conversion believe impacts we hurricane to Lingering from the range, in backlog we that is other in subcontractor than that lesser places the the ongoing are XXXX degree conversion

XX% improved most Our to days our in recycle by start shown times, defined improvement companywide, with from as of markets. finish, year-over-year

likely However, cycle I issues of sequentially times during up of to the continuing mentioned. next the two couple creep impact we the due quarters, mostly will see just

mix, from only versus X% Seasons had markets ago. year were Seasons the our product X% As closings closings in Arizona our collection third Colorado, a for Florida of quarter. during and We our

of for the $XXX,XXX year-over-year. was down price Our slightly average selling quarter

However, average our without product would Seasons selling have price our about been closings, up X%.

one primarily were million warranty quarter. percentage our while year-over-year the $X. in The our quarter. decrease difference One in California quarter gross to from and our inventory these adjustment $X.X accrual Southern XX.X%. warranty to recorded of subdivisions. adjustment this is majority $X.X an third by adjustments from up as sales in South to Our margin to Florida. of XXXX two we third accrual, increase was XX.X% recorded The due impairments warranty X home included a We during impairments million million recorded

$X.X of recorded we inventory quarter, third XXXX million impairments. the During

and XX margin was points and percentage Before XX up up points our adjustments, basis gross basis warranty sequentially. impairment year-over-year

of increases dollar was $X.X headcount total was year. our for expense growth as million in mostly business. expense, SG&A a general $X.X by future Our was primarily last The increase in driven related from which our up increase continue to plan administrative we to million and the

Our sales points up as and expense revenue selling, a percentage of year-over-year. administrative general XXX home was basis

previously average Weyerhaeuser overall the X% year-over-year. our estimate a XX% from increase from $XXX.X where only for of average. the driven X% during significantly higher and from Southern affordable price new The XX company these demand of basis new of absent by a net our coming resulted value to accounted net increased Seasons The percentage new hurricane discussed, market, a the X% have been Irma might both million, of However, joist higher net from impact the for net collection, offset a by The our net two dollar quarter, of increase orders. was homes price we average in strong our year-over-year and coming orders issues of number California orders prices exceed orders up partially average which the orders year higher our factors points ago.

we count orders as operate decreased net more than in average X% X% Nearly increase absorption in X% state, we community an decrease are rate. increased active a our Colorado from most rate. a offset absorption with in The last of showed related increase Weyerhaeuser-related decline cancellations. New against an every our a by from exception Also, resulting XX% difficult was is a rate, mostly year. cancellation to comparison that decrease, up notable part

cancellations XXXX year-over-year at quarter a did up XXX down quarter, We end on to XXXX gross of the selling slightly XX% a $X.XX year-over-year XX%. our third second in was but up Our absorption our of year-over-year XXX backlog percentage from normal which XX% backlog subdivision the a the quarter XXXX from count XXXX. XX% from percentage rate price. at third from was X% the an slightly as quarter, for and year beginning quarter of sales, of XXX end was from homes not average with a decline sales an of ended Overall, ago. sequential Active second from value to estimated XX% at billion, as of and down a show up was the increase based in

the large quickly Washington and that our decreases strong activity the of a year-over-year due investment to previously sales We returns closing levels in also largest continue expectations. among anticipated. where did occurring Maryland meet disclosed during year not that to to lower more resulted out than we see showed due decrease subdivisions in Virginia,

planned. Additionally, of count. active has in the with competition increase new acquisition Colorado been in XX% in for resulting the fewer of than Washington those significant, the year-over-year new somewhat communities subdivision decreases subdivisions offset acquisition

had compared other the count than are are Soon are the the an we with to count words, the we in XXXX we relative tells subdivisions a During category. to to increase the Be end the That sellout us eight our end subdivisions opening. to quarter, verge at to that third in fewer that just of Soon unlikely subdivision be heavier subdivision quarter. category on continue those little of of In in our by the see we Inactive that Active Be call in

lot While XXXX. our we count gives don't increase significant in foresee XXXX, of community count during us in a community increase recent activity increase for approval the end possibility our an to by the

trailing year the except quarter, XX% is state X.X every third our number or quarter prior with $XXX year. the and in total, year-over-year of ago since increase end was supply $XX delivery the million. of at the lots finished. were Acquisitions sequentially. X.X This spend on million. an acquisition up XXXX we Maryland the lots the $XXX year concentration we including million and we and was the controlled lots, quarter. expenditures, at from the communities, the a a approved represented from with of Nevada, XX,XXX the We lots end controlled XX% After third the our in up from highest the in the spend Arizona and XX% for amount represents percentage the XX% a lots, XX communities, operate land adding significant was third basis, the quarter XX% in of XX% point additional Virginia. lots up heaviest an year seems which quarter quarter, during acquired acquired owned of development a XXXX in This about total XX-months For quarter, and Colorado. we XXXX. the quarter increased end of XX% via during acquired XX% approvals state the X,XXX at XXXX each we've new quarter The end from second of in lots the ago. option X,XXX to XX ago, of for for lots and With are a same the We at same year third in lot quarter At for

quarter equity XX-month basis Even XXX of return third on the Our return equity XXXX. X.X%, last at recorded last XXX gain up the our would third $XX basis of end points sequentially prior is to been the still sale points million year-over-year and over the up without XX.X% XXX the year. to points quarter the basis XX-month in on have related investment, of

of to our the measures of key Turning now financial some position.

million to million debt marketable $X.X $XXX $XXX than completed net of increase basis decreased Our an a in XXX year-over-year in million. credit of to XX%. capital grew increase to cash points in that billion, our September, to Overall nearly by by our $XXX year-over-year $XXX to million driven by securities balance, $XXX liquidity million we more line and

further maturity after issuance As million this average of XX the to liquidity it for to the Larry $XXX nearly time our our add-on questions. a time, of now due added issuance, earlier, years, the of notes through hand that At senior we senior noted which the our quarter XXXX. end concludes over the notes industry. best is in remarks. my will prepared That I is Including

Operator

[Operator Instructions].

Your first with Ratner from Alan & the is question line of Associates. Zelman

Alan Ratner

quarters. couple just in last the really in step-up this big land a questions quarter, the I've I regarding of got two activity guess

book gives the you're of bit community of to and a because flat you First, demand about could your think the I was the fourth it have and bit count some that growth, when you now through, back the back, if of Number a comments why in around one put couple on Is quarter, of counts two, XXXX almost thinking that XXXX kind we what going under seeing look curious the of years that on land up stay years the side that just year-over-year. over just curious spike pressure of if to see a that increase maybe strong very of into or to business looks a the we expect? you XX% a trends timing confidence? did similar lot elaborate look little we growth is but two when at any for little of probably flowing magnitude there, buying that had pretty time timing target could kind you land XXXX, in you aggressively you after kind really just if double-digit realistic like so

Bob Martin

the increasing in of timing good just So, we the I all, guess market. acquisition, that first feel terms think about clear of I of land it's

those I information think not basic new deciding and to we're going overall factors, very economic income include consumer whether approve or we when look at growth, growth, deals we're job confidence. land

even perhaps over those positive we of So, things as longer consistently been have than quarters the a course that. number two, year think of the I even past look or

rates So generally products seen we've in each speaking individual Two, I then a of speaking, are, we've we to our first-time and what's initially that's results that I liked positive consumer. that what have generally been at response targeted gives the benefit one our certainly some and we subdivision-by-subdivision product are, us our really where seen encouragement. And third, looking more broadly look our think thing. markets what Seasons - a at happening speaking absorption a think we to and has have of

segment invest feel we for can we additional that's So, like growth an in. that

So, to really I looking things want play into we're think all we those not as whether acquire come lots. or more at

what the in our it subdivision lot XX% do I in to would might growth know directly be relate what In future increase, wise. helpful. information not and percentage might going of double-digits have. think QX that's that but we're that flattish I willing hazard what I'm correct count further after probably degree I subdivision hope yet is don't increase the think I years. year-over-year XXXX, supply terms I growth be of to in of to also the magnitude the that for can be, you're in on kind

Alan Ratner

the you're going those in gross level, presumably something think that just curious past you're either but entry bit in of any give are the come great appreciate gross I a Bob. about rate the of that's more on at kind And terms so else? you've focusing pike is can correctly I Disneyland higher absorption buyers we're because us if either running on there average offset a all the looking rates, of here, through of company to margin thinking underwriting detail. at absorption the margin then sure portfolio insight there's at than come little how overall Yes, kind make today, you highlighted the or

Bob Martin

way I the deal offset the profit we and we Thank think really or was is upon risks, different margin depending have you, or an all on have in same in there of of think don't kind we an as rate it's inherent can't discussion the every lots the require development, looking firm about point. those From much gross deal before, absorption of do we've lots things that a finished rule at what to to perspective, factor able pretty recently. been whether

about before absorption been first-time to product, rate product. has I talked we've stronger our our think than the traditional response

underwrite some thing forward, in we at take whether or kind same can look think we to the absorption the any as rate other assumption we deals the a recently not going those what of we we the justify appropriate experienced with underwriting. or underwriting of deal of but So, that's start

Operator

America. from next line John the Lovallo Your question is of of with Bank

Peter Galbo

XX%, trying that parse Hi something there guys, thanks driven forward? Colorado, this community the John, is that to and particular or was going if how lower was you talking count up up about and its I on is XX% that Bob, for in we Galbo actually should year-over-year think by by just for Season's than Peter start taking just could out, wondering of question.

Bob Martin

I count. it parsed sure out I community the I'm guess actually count, of by in community not terms

with regard percentage Colorado. doing larger I the we're to of mean it kind becoming infancy relative think, in in we're still what Seasons. of stage is a I

of count probably sales point. in it's it's neighborhood But of in than this think imagine less our would of our community XX% at the Colorado. I I XX% overall

community kind representation. So, outperforming its of it's count

Peter Galbo

trends on update kind Got is And willing of now, just given what to you'd helpful. like? maybe be if it, sales October any look November that's it that

Bob Martin

up our For sales year-over-year. were October,

Operator

Fargo. line with Stephen East of Wells Your next the question is from

Paul Przybylski

Bob, a your about I in above is for that this the so sustainable do is quarter XX%, Actually, this first year went Stephen. think Paul forward? is level gross margin guess Przybylski on moving that you

Bob Martin

of keep have we think, and a they using calls stability range. I that past about would are In margins here I stable pretty talked phrase within

quarters, you and of low there's basis we're a over kind If past the look within XX maybe point differential XX that. still

So, the seeing we've in traditional margin seasons, before we're of about prices, a things talked our products. outperforming increase of gross ability to wise, terms lot

quarter. I the But environment lot of of kind happening. were to think describe the as the things we third a I stable relative there's where would in

Paul Przybylski

raise and community focus percentage What to the decline power margin more you that communities given there and count was of accelerating able of pricing were is quarter in quarter? prices this on the a

Bob Martin

we're always heart official think some I of quarter. XX% of is our point price selling during spring I not increases in cognizant you pricing, QX, number but the think the the of was left in I again are at season. then the communities about had

kind make that sense. So of

I figure. reasonable So, that's a think

Paul Przybylski

And your the last understand then on help question. how land impairments, these [ph] given are short one can And growth? the bank occurring us you in AFC

Bob Martin

got some may level. that impairments of in be in selling some said XXX I there, selling more Like most are communities, actively and occurred but subdivisions two overall at the XXX XXX considering we've

are really quarter. in significant X% capacity some during subdivisions of selling it's So, that the that impairment had a

So, it low rate. was hit really pretty

independently impairments discipline quarter at exercised are the have by where we're where literature. look same accounting single every subdivision take we just every we that to whatever and the at required We do see we

with result. next process quarter and it up will So, very do come the it's again a and disciplined

Operator

of the question line with next from Your Bank. Nishu Sood is Deutsche

Nishu Sood

Larry, markets Portland into on of entry raising, decisions the wanted to ask it a long whether I capital about know take to a I etc. you market. comes the lot view

market was market, decisions? process you that what to what behind have you behind obviously So, the to characteristics in the that entering thought led - that characteristics thought the process led the operation so Seattle, you

Larry Mizel

We're market. expansion time for affordable the think this consistent its world, continued Well of is to market. see strategic, they're in into from general, with continue to excellent strategy. and as desire we the coming the of market the everyone. very We initial as area in each expectations housing execute the own. is what bill talking be And able technology one the - we vis-a-vis objectives. geographic opportunities our and and independently an is And real that we mean. be - an does in housing is defined our believe will positions rebuilding in our growth In we're the meet underwritten compete right It's can for taking, to our were about believe this economy; you products growth able that of it the that will market the in affordable the acquire country with land interesting that the business an it's especially to in growth everyone's with positions added our tax that and

the focused a demand Assuming class, the they to call we we're of north in to, solution benefit going the go there a and expected X% markets growth substantial on will multiple middle that's be providing for. that is that believe it housing as very

Nishu Sood

Then balance much the that years the $XXX,XXX. of so points $X come from been tax have builders plan price your mean, up introduction issue XQ I you mentioned, an ago, I mean to much. mortgage reducing of balance have order price the in wouldn't a $XXX,XXX, idea for hit million of of the couple a

of affordable the that been in if couple do what for clearly undertaking responses there would you last mix good that kind efforts but mean, your of of terms give product you've the mean of does kind think come or a here? details more has years providing So what for I underway, you guys product, already into on effect, strategy and changes been

Larry Mizel

to what first the tax Well, only And seen. proposed industry ends few can in old. in be they're upon code the tell, up the a is elements multiple I really effect the yet of there's all best to building hours changes,

was you in that price can the the at, elements on points growth down the accelerated One trending expands. product economy, affordable of sales more we're on in but average price I as see existing commented an the we're

we lower And the of that So, prepared positive we're we being company, positioned. head-to-head are as I think earlier that with intuitively bit I in believe uniquely the builders build comment future some possibility way little the to with is best and with economy. home, made price we'll do a to of we that that where quality We that judge go effect a consistent into has a it and it believe to with an our affordable point. of our is very the high the I growth build guess at market the products more compete best look the a a will very execute out volume that affordable have expectations.

Nishu Sood

Thank you.

Operator

the of next is Stephen Our question from line Kim of Evercore ISI.

Chris Shook

Hi, Shook this the Coast on West competitors Steve. Thanks closing Coast due your expected is A communities out faster add some of declined during quarter finding is the factor? success for to of Chris lot are wondering there new you than my actually exposure a another just on question. color West or whether I'm for your orders taking if in could and,

Bob Martin

think I - of our we're we builder, certainly Yes, are. a that's operations Western where most

West the very I in performance with our are comfortable still think overall. we

which about in we look X% at is rate, are slightly Western our up. and up segment are year-over-year. absorption is California Washington, Arizona Nevada up flat you year-over-year. our If And and year-over-year, are

Coast. And I performance. an our area a would forward, in. we a count to invest will the add want we already it increase mentioned then that overall, we want to Portland, to level so continue continue it's and that say, So of West subdivision that we is And look dynamic good to new to as

of harder remarks, a running new be new about point to - Washington my the talk competition community did some there acquire that our communities. bit little I count. for to than at into that a being of communities In of acquisition most markets will our additive little So, prepared bit

about year-over-year. West the Coast. of a feel we're good bit on market we a headwind, that's little But So still every

Chris Shook

Okay. where on lot the also any of being expect And then this whether or can headcount it's headcount kind should next we broad of is quarter? a further And front, to allocated if SG&A just based? describe you additions then into

Bob Martin

needs think grow we are basis. there's the the more at designs with still clearly I mean in I we headcount what sequential one on increases rate. for the a business a of have our activity, to significant acquisition evaluate Yes, and possibility

when of those at And sorry. your part question, of we're into that. all So, I'm the looking coming other play then

Chris Shook

I count you or guess sort one concentrated of across sort you your geographically, business? area spread that of in have have

Bob Martin

think it it's is little core our more based, I Yes, within home a operations. broad but building

talking improve customer efforts those increased about year-over-year. purchasing folks in So, areas to service, in customer people, we're experience all that folks, land so we're - have

Chris Shook

good. All much. right, very Thanks very

Operator

Your next Rehaut question Morgan. from the is with Michael line of JP

Michael Rehaut

First question, lot wanted back to to year-over-year. the strongly obviously circle up just where count,

of acceleration Somewhat in this throughout year. an growth

don't give community be given it the of XXXX? which in back is even in we going pointed magnitude was growth. to let's obviously You of mean that's guidance type increase don't off that XXXX next year here for and safe but count to XXXX, know of the double-digit or or grow at it, strong sense, a growth significant assume case community quarters gain per the count a looking - potential to se, had I hoping another the couple really you that. lot modeling get be continue, should from of if was in again I to should you levels we we I year-over-year but say hold these

Bob Martin

Yes, I think earlier. mentioned I to Alan

a assumption double-digit. I the we think to XXXX, this double-digit is going reasonable to not point degree the at get for hazard to but which I'm

describe as I I that's would remarks described So, as by well. it's significant, prepared that how something in

what can growth, land us of from at at So, kind I time. certainly for think kind least we this setting up see this that is activity acquisition of

Michael Rehaut

of higher a I a year-over-year more SG&A I negative headcount driving with and then talked line on and the that, guess for Right the little appreciate of and muted off number XQ growth start you the should top was leverage deleveraging bit well, factors should headcount about we the XXXX? one you XXX before bps similar of or was to expect of as we year-over-year, the leverage type more SG&A something for expect get into XQ similar about and the of growth a

Bob Martin

the what from we If so will closings XX%, in standpoint a imply XX% year-over-year, down QX that that what expect said backlog conversion year-over-year. bit a you to are I revenues down might would be look

end would year-over-year. think I to be rate SG&A would be is be that up So, result, the likely that your that is

of As $XX.X is G&A at see the fourth level million quarter you quarter. the G&A the look in absolute going third in that of down level about I absolute and don't

Michael Rehaut

great. right, you. All Thank

Operator

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

Alex Barron

if of Seasons it, deliveries at are coming not can missed on but percentage I'm this you comment from I orders what or time? sure your

Bob Martin

X% is is and XX%. Deliveries orders

Alex Barron

to towards guys geared are kind type what Any far doing, of as that of deals you land what at this are be as charge going point? guidance percentage

Bob Martin

has of the been timing keep either out but about states that's based close, of acquisitions we've half in loss with our the inflows To more approving broad when rolled that's this products. not closing XX% product upon with roughly Season's so based. consistently or mind, point, Season's of after incurring our the It deals pretty only

Alex Barron

Got it.

Okay, thanks so much.

Operator

from next line UBS. is Dan Oppenheim with your Instructions] question of the [Operator

Dan Oppenheim

in see lines, the through? of coming also more feeling How the more actually I was wondering the those the down the increased the if count terms comments being - were here. you spec and acquisition about in made sort in with conference think by markets came land part we you you driven market, noise that? towards confident we by those think product of a Should about buyer. bit expect should first-time to specs more a Along of

Bob Martin

it built-to-order is mean stated line of builder. strategy that's in with our being I a Yes, down year-over-year,

it active increase an to on time no se per So, basis.

Dan Oppenheim

I tax active what originating given have order in proposals, if given was in guess percentage at in you price the times you $XXX,XXX comments, a dividend those, more that? for of guys where the than I accelerating past, above this wondering, $XXX,XXX sense you mortgages the of look if the California you're then the terms and such. at is quarter, that were been that have and the average of Okay,

Bob Martin

California? In

Dan Oppenheim

order it place is $XXX,XXX, The to above price is the look, right?

Bob Martin

I exact know don't level. number that I would have if above of units be the that

probably higher then coming I number you're one priced probably the that's for higher but third is is range think above California the say our of buyers. where of overall also deliveries in the have $XXX,XXX from a percentage again - overall you that markets a quarter of product cash XX%

as you're well from than side $XXX,XXX. say I high at is XX% that less would XX% So coming above overall,

Dan Oppenheim

Yes.

Okay. Thanks much. very

Operator

no have at time. questions further we And this

Bob Martin

Okay.

make of put this about what wanted point point there, auction, clarification under made time the acquired anything we put at target this under clear Just actually a it's point or haven't have that regard any really that we're out yet. first comment contract targeting at we Oregon, but to lots with but just not buyer, I yet. earlier one that to Under

everyone coming look So, forward fourth clarification and appreciate call on on the results. with our to point, for that call earnings quarter the back being I

Operator

This conference. today's concludes

You may disconnect. now

M.D.C. (MDC) 5 Nov 172017 Q3 Earnings call transcript