William Lyon Homes (NYSE: WLH), a leading homebuilder in the
Western U.S., announced results for its 2014 fourth quarter and
full year ended December 31, 2014.
2014 Fourth Quarter Highlights
(Comparison to 2013 Fourth Quarter)
- Net income available to common
stockholders of $18.0 million, or $0.52 per diluted share
- Consolidated revenue of $360.0 million,
up 72%
- Home sales revenue of $352.5 million,
up 93%
- New home deliveries of 717 homes, up
83%
- Average sales price (ASP) of new homes
delivered of $491,600, up 5%
- Homebuilding gross margin of $67.0
million, up 48%
- Homebuilding gross margin percentage of
19.0%
- Adjusted homebuilding gross margin
percentage of 23.5%
- Dollar value of orders of $216.8
million, up 27%
- Net new home orders of 467, up 60%
- Average sales locations of 55, up
77%
- Dollar value of homes in backlog of
$260.1 million, up 30%
- SG&A percentage of 10.4%
- Adjusted EBITDA of $48.9 million
2014 Full Year Highlights (Comparison to
2013 Full Year)
- Net income available to common
stockholders of $44.6 million, or $1.34 per diluted share
- Consolidated revenue of $896.7 million,
up 57%
- Home sales revenue of $857.0 million,
up 64%
- New home deliveries of 1,753 homes, up
29%
- Average sales price (ASP) of new homes
delivered of $488,900, up 28%
- Homebuilding gross margin of $179.5
million, up 55%
- Homebuilding gross margin percentage of
20.9%
- Adjusted homebuilding gross margin
percentage of 25.2%
- Dollar value of orders of $810.7
million, up 35%
- Net new home orders of 1,677, up
27%
- Average sales locations of 44, up
76%
- SG&A percentage of 11.7%
- Adjusted EBITDA of $122.7 million
“We are extremely pleased with our fourth quarter results, which
mark our highest quarterly home sales revenue and deliveries since
the fourth quarter of 2007,” said William H. Lyon, Chief Executive
Officer. “Home sales revenue increased by 93% to $352.5 million and
deliveries increased by 83% to 717 units, both of which exceeded
our expectations. We continue to improve our year-over-year
performance across a number of key operational and financial
metrics including net new home orders, the dollar value of orders
and backlog, and community count. In addition, we generated net
income of $18.0 million, or $0.52 per diluted share, for the fourth
quarter.” Mr. Lyon continued, “2014 was a transformational year for
William Lyon Homes as we expanded our geographic footprint with the
acquisition of Polygon Northwest Homes, and through our Coastal
California infill portfolio acquisition. We are well positioned to
capitalize on the continued housing recovery.”
Matthew R. Zaist, President and Chief Operating Officer, stated,
“In 2014, we delivered strong execution on our growth strategy,
generating net income of $44.6 million, while also increasing our
community count to 56 locations and delivering over 1,750 homes.”
Mr. Zaist continued, “As we turn our attention to the execution of
our 2015 objectives, we are focused on opening new communities and
driving meaningful increases in orders, deliveries, revenue and net
income.”
Operating Results
Home sales revenue for the fourth quarter of 2014 nearly doubled
to $352.5 million, as compared to $182.9 million in the year-ago
period. Our performance was driven by an 83% increase in the number
of deliveries to 717 homes and a 5% increase in the average sales
price of homes delivered to $491,600 in the quarter, compared to
391 homes delivered and a $467,700 average sales price,
respectively, in the year-ago period. The fourth quarter of 2014
represented our first full quarter including the operating results
of our recently acquired Washington and Oregon divisions, which
generated revenues during the quarter of $93.4 million, consisting
of 261 homes delivered at an average sales price of $357,900.
The dollar value of our orders for the fourth quarter of 2014
was $216.8 million, an increase of 27%, from $170.5 million in the
year-ago period. Net new home orders for the quarter were 467, up
60% from 292 in the fourth quarter of 2013. The overall increase in
net new home orders was driven by an increase in community count to
55 average sales locations, from 31 in the year-ago period and
consistent absorption of 0.7 sales per project per week in both
periods. We ended the year with 56 active selling communities, a
75% increase as compared to 32 active selling communities at the
end of 2013.
The dollar value of homes in backlog was $260.1 million as of
December 31, 2014, an increase of 30% compared to $199.5 million as
of December 31, 2013. The increase was driven by a 30% increase in
units in backlog to 478 from 368 in the year-ago period and a
relatively stable average sales price of homes in backlog of
$544,200, as compared to $542,200 in the year-ago period.
Homebuilding gross margins for the fourth quarter of 2014 were
19.0%. In conjunction with the adoption of purchase accounting
related to the Polygon acquisition, GAAP margins were impacted by
170 basis points during the quarter. Adjusted homebuilding gross
margin percentage was 23.5% during the fourth quarter of 2014.
SG&A expense during the fourth quarter of 2014 was 10.4% of
homebuilding revenue, an improvement of 130 basis points from 11.7%
in the year-ago quarter. Breaking down the components of SG&A,
sales and marketing expense was 5.1% of homebuilding revenue during
the quarter, compared to 4.7% in the year-ago quarter, driven
primarily by higher advertising costs and outside broker
commissions. General administrative expenses decreased to 5.3% of
homebuilding revenue, compared to 7.0% in the year-ago quarter, as
we continued to leverage off of a larger operating platform with a
lower relative cost structure.
Balance Sheet Update
At year end, cash, cash equivalents and restricted cash totaled
$53.3 million, real estate inventories totaled $1.4 billion, total
debt was $940.1 million and total equity was almost $600.0 million.
During the fourth quarter we executed a registered public offering
of tangible equity units which generated net proceeds of
approximately $111.4 million to the Company, which we used to pay
off in full the senior unsecured bridge loan facility that we had
entered into in connection with the closing of the Polygon
Northwest Homes acquisition. At December 31, 2014, net debt to net
book capitalization was 59.8%, and total debt to total book
capitalization was 61.2%.
Conference Call
The Company will host a conference call to discuss these results
today, Friday, February 20, 2015, at 9:00 a.m. Pacific Time. The
call will be available via both the telephone at (877) 280-4961 or
(857) 244-7318, passcode #27184096, or through the Company’s
website at www.lyonhomes.com in the Investor Relations section of
the site. A replay of the call will be available through March 5,
2015, by dialing (888) 286-8010 or (617) 801-6888, passcode
#50466741. A webcast replay of the call will also be available on
the Company’s website approximately two hours after the
broadcast.
About William Lyon Homes
William Lyon Homes is one of the largest Western U.S. regional
homebuilders. Headquartered in Newport Beach, California, the
Company is primarily engaged in the design, construction, marketing
and sale of single-family detached and attached homes in
California, Arizona, Nevada, Colorado, Washington and Oregon. Its
core markets include Orange County, Los Angeles, San Diego, the San
Francisco Bay Area, Phoenix, Las Vegas, Denver, Seattle and
Portland. The Company has a distinguished legacy of more than 59
years of homebuilding operations, over which time it has sold in
excess of 93,000 homes. The Company markets and sells its homes
under the William Lyon Homes brand in all of its markets except for
Colorado, where the Company operates under the Village Homes brand,
and Washington and Oregon, where the Company operates under the
Polygon Northwest brand.
Financial data included herein includes the Washington and
Oregon operations from August 12, 2014 (date of the Polygon
Northwest Homes acquisition) through December 31, 2014. There were
no operations in the Company’s Washington and Oregon divisions for
the three or twelve months ended December 31, 2013; therefore,
period-over-period comparisons for Washington and Oregon are not
meaningful (“NM”) as indicated in the comparative tables in the
schedules attached to this release.
Certain statements contained in this release and the
accompanying comments during our conference call that are not
historical information contain forward-looking statements,
including, but not limited to, statements related to: market and
industry trends, the anticipated financial and operating results
from execution of the Company’s growth strategy and focus on
markets in the Western United States, the continued housing market
recovery, expected community count growth, anticipated operating
results for the first quarter of 2015 and the spring selling
season, expected SG&A percentage, and the anticipated benefits
to be realized from the consummation of the Polygon Northwest
acquisition. The forward-looking statements involve risks and
uncertainties and actual results may differ materially from those
projected or implied. The Company makes no commitment, and
disclaims any duty, to update or revise any forward-looking
statements to reflect future events or changes in these
expectations. Further, certain forward-looking statements are based
on assumptions of future events which may not prove to be accurate.
Factors that may impact such forward-looking statements include,
among others: our ability to realize the anticipated benefits from
the acquisition of Polygon Northwest; our ability to integrate
successfully the Polygon Northwest operation with our existing
operations; any adverse effect on our business operations, or those
of Polygon Northwest, following consummation of the acquisition;
worsening in general economic conditions either nationally or in
regions in which we operate; conditions in our newly entered
markets and newly acquired operations; worsening in markets for
residential housing; decline in real estate values resulting in
impairment of our real estate assets; volatility in the banking
industry and credit markets; uncertainties in the capital and
securities markets; terrorism or other hostilities involving the
United States; whether an ownership change occurred that could,
under certain circumstances, have resulted in the limitation of our
ability to offset prior years’ taxable income with net operating
losses; changes in mortgage and other interest rates; conditions in
the capital, credit and financial markets, including mortgage
lending standards and the availability of mortgage financing;
changes in generally accepted accounting principles or
interpretations of those principles; changes in prices of
homebuilding materials; the availability of labor and homebuilding
materials; adverse weather conditions; competition for home sales
from other sellers of new and resale homes; cancellations and our
ability to realize our backlog; the occurrence of events such as
landslides, soil subsidence and earthquakes that are uninsurable,
not economically insurable or not subject to effective
indemnification agreements; changes in governmental laws and
regulations; our financial leverage and level of indebtedness and
any inability to comply with financial and other covenants under
our debt instruments; whether we are able to refinance the
outstanding balances of our debt obligations at their maturity;
anticipated tax refunds; limitations on our ability to utilize our
tax attributes; limitations on our ability to reverse any remaining
portion of our valuation allowance with respect to our deferred tax
assets; the timing of receipt of regulatory approvals and the
opening of projects; the impact of construction defect, product
liability and home warranty claims, including the adequacy of
self-insurance accruals, and the applicability and sufficiency of
our insurance coverage; the availability and cost of land for
future development; and additional factors discussed under the
sections captioned “Risk Factors” included in our annual and
quarterly reports filed with the Securities and Exchange
Commission. The foregoing list is not exhaustive. New risk factors
may emerge from time to time and it is not possible for management
to predict all such risk factors or to assess the impact of such
risk factors on our business.
WILLIAM LYON HOMES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands except number of shares
and per share data)
(unaudited)
Three Three Months Months
Ended Ended December 31, December 31,
2014 2013 Operating revenue Home sales $ 352,479 $
182,876 Lots, land and other sales - 15,444 Construction services
7,542 11,094 360,021
209,414 Operating costs Cost of sales — homes
(285,448 ) (137,564 ) Cost of sales — lots, land and other -
(11,854 ) Construction services (5,965 ) (8,126 ) Sales and
marketing (17,945 ) (8,620 ) General and administrative (18,745 )
(12,754 ) Transaction expenses (64 ) - Amortization of intangible
assets (520 ) (681 ) Other (574 ) (420 )
(329,261 ) (180,019 ) Operating income 30,760 29,395 Other
income, net 1,068 253 Income before
(provision) benefit from income taxes 31,828 29,648 (Provision)
benefit from income taxes (11,018 ) 88,668 Net
income 20,810 118,316 Less: Net income attributable to
noncontrolling interests (2,805 ) (1,592 ) Net income
available to common stockholders $ 18,005 $ 116,724
Income per common share: Basic $ 0.54 $ 3.77 Diluted $ 0.52
$ 3.64 Weighted average common shares outstanding: Basic (1)
33,439,411 30,987,546 Diluted (1) 34,851,823 32,058,724 (1)
In conjunction with the issuance of Tangible Equity Units by the
Company in November 2014, weighted average common shares
outstanding increased as follows: Basic Diluted Three Months Ended
December 31, 2014 2,191,835 2,425,758
WILLIAM LYON HOMES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands except number of shares
and per share data)
Year Ended Year Ended December 31,
December 31, 2014 2013 (unaudited)
Operating revenue Home sales $ 857,025 $ 521,310 Lots, land and
other sales 1,926 18,692 Construction services 37,728
32,533 896,679 572,535
Operating costs Cost of sales — homes (677,531 ) (405,496 ) Cost of
sales — lots, land and other (1,529 ) (14,692 ) Construction
services (30,700 ) (25,598 ) Sales and marketing (45,903 ) (26,102
) General and administrative (54,626 ) (40,770 ) Transaction
expenses (5,832 ) - Amortization of intangible assets (1,814 )
(1,854 ) Other (2,319 ) (2,166 ) (820,254 )
(516,678 ) Operating income 76,425 55,857 Interest expense,
net of amounts capitalized - (2,602 ) Other income, net
1,898 510 Income before reorganization items
78,323 53,765 Reorganization items, net - (464
) Income before (provision) benefit from income taxes 78,323 53,301
(Provision) benefit from income taxes (23,797 )
82,302 Net income 54,526 135,603 Less: Net income
attributable to noncontrolling interests (9,901 )
(6,471 ) Net income attributable to William Lyon Homes 44,625
129,132 Preferred stock dividends - (1,528 )
Net income available to common stockholders $ 44,625 $
127,604 Income per common share: Basic $ 1.41 $ 5.16
Diluted $ 1.34 $ 4.95 Weighted average common shares outstanding:
Basic (1) 31,753,110 24,736,841 Diluted (1) 33,236,343 25,796,197
(1) In conjunction with the issuance of Tangible Equity
Units by the Company in November 2014, weighted average common
shares outstanding increased as follows: Basic Diluted Twelve
Months Ended December 31, 2014 552,463 611,424
WILLIAM LYON HOMES
CONSOLIDATED BALANCE SHEETS
(in thousands, except number of shares
and par value per share)
December 31, December 31, 2014
2013 (unaudited) ASSETS Cash and cash
equivalents $ 52,771 $ 171,672 Restricted cash 504 854 Receivables
21,250 16,459 Escrow proceeds receivable 2,915 4,380 Real estate
inventories Owned 1,404,639 671,790 Not owned - 12,960 Deferred
loan costs, net 15,988 9,575 Goodwill 60,887 14,209
Intangibles, net of accumulated
amortization of $9,420 and $7,611 as of December 31, 2014 and 2013,
respectively
7,657 2,765
Deferred income taxes, net, including
valuation allowance of $1,626 and $3,959 at December 31, 2014 and
2013, respectively
88,039 95,580 Other assets, net 19,777 10,167 Total
assets $ 1,674,427 $ 1,010,411
LIABILITIES AND EQUITY
Accounts payable $ 51,814 $ 17,099 Accrued expenses 85,366 60,203
Liabilities from inventories not owned - 12,960 Notes payable
39,235 38,060 Subordinated Amortizing Notes (1) 20,717 -
53/4% Senior Notes due April 15, 2019
150,000 -
81/2% Senior Notes due November 15,
2020
430,149 431,295 7% Senior Notes due August 15, 2022 300,000
- 1,077,281 559,617 Commitments and
contingencies Equity: William Lyon Homes stockholders’ equity
Preferred stock, par value $0.01 per
share; 10,000,000 shares authorized and no shares issued and
outstanding at December 31, 2014 and 2013, respectively
- -
Common stock, Class A, par value $0.01 per
share; 150,000,000 shares authorized; 28,073,438 and 27,622,283
shares issued, 27,487,257 and 27,216,813 shares outstanding at
December 31, 2014 and 2013, respectively
281 276
Common stock, Class B, par value $0.01 per
share; 30,000,000 shares authorized; 3,813,844 shares issued and
outstanding at December 31, 2014 and 2013, respectively
38 38 Additional paid-in capital (1) 408,969 311,863 Retained
earnings 160,627 116,002 Total William Lyon Homes
stockholders' equity 569,915 428,179 Noncontrolling interests
27,231 22,615 Total equity 597,146
450,794 Total liabilities and equity $ 1,674,427 $ 1,010,411
(1)
In conjunction with the issuance of
Tangible Equity Units in November 2014, the Company recorded $20.7
million as Subordinated Amortizing Notes and $90.7 million as
Additional Paid in Capital for the year ended December 31,
2014.
WILLIAM LYON HOMES
SELECTED FINANCIAL AND OPERATING
INFORMATION
(unaudited)
Three Months Ended December 31, 2014
2013 Consolidated
Consolidated Percentage % Total Total
Change
Selected Financial Information (1)
(dollars in thousands)
Homes closed 717 391 83 % Home sales
revenue $ 352,479 $ 182,876 93 %
Cost of sales (excluding interest and
purchase accounting adjustments)
(269,543 ) (125,365 ) 115 % Adjusted homebuilding
gross margin (2) $ 82,936 $ 57,511 44 % Adjusted
homebuilding gross margin percentage (2) 23.5 % 31.4
% (25 %) Interest in cost of sales (10,014 ) (11,124 ) (10 %)
Purchase accounting adjustments (5,891 ) (1,075 ) 448
% Gross margin $ 67,031 $ 45,312 48 % Gross margin
percentage 19.0 % 24.8 % (23 %)
Number of
homes closed California 287 188 53 % Arizona 50 102 (51 %)
Nevada 73 74 (1 %) Colorado 46 27 70 % Washington 111 - NM Oregon
150 - NM
Total
717 391 83 %
Average sales
price of homes closed California $ 604,900 $ 652,000 (7 %)
Arizona 254,700 266,800 (5 %) Nevada 681,300 293,600 132 % Colorado
500,400 420,500 19 % Washington 413,400 - NM Oregon 316,700
- NM Total $ 491,600 $ 467,700
5 %
Number of net new home orders California
155 182 (15 %) Arizona 41 38 8 % Nevada 37 49 (24 %) Colorado 40 23
74 % Washington 92 - NM Oregon 102 - NM
Total 467 292 60 %
Average number of sales locations during period California
19 14 36 % Arizona 5 6 (17 %) Nevada 9 7 29 % Colorado 12 4 200 %
Washington 5 - NM Oregon 5 - NM
Total 55 31 77 % (1)
For the periods presented, the Company is reporting in six
segments: California, Arizona, Nevada, Colorado, Washington and
Oregon. (2) Adjusted homebuilding gross margin is a financial
measure that is not prepared in accordance with U.S. generally
accepted accounting principles, or U.S. GAAP. It is used by
management in evaluating operating performance and in making
strategic decisions regarding sales pricing, construction and
development pace, product mix and other operating decisions. We
believe this information is meaningful as it isolates the impact
that interest and purchase accounting adjustments have on
homebuilding gross margin and allows investors to make better
comparisons with our competitors.
WILLIAM LYON HOMES
SELECTED FINANCIAL AND OPERATING
INFORMATION
(unaudited)
Year Ended December 31, 2014
2013 Consolidated Combined
Percentage % Total Total Change
Selected Financial Information (1)
(dollars in thousands)
Homes closed 1,753 1,360 29 % Home
sales revenue $ 857,025 $ 521,310 64 %
Cost of sales (excluding interest and
purchase accounting adjustments)
(641,042 ) (366,728 ) 75 % Adjusted homebuilding
gross margin (2) $ 215,983 $ 154,582 40 % Adjusted
homebuilding gross margin percentage (2) 25.2 % 29.7
% (15 %) Interest in cost of sales (26,510 ) (31,853 ) (17 %)
Purchase accounting adjustments (9,979 ) (6,915 ) 44
% Gross margin $ 179,494 $ 115,814 55 % Gross margin
percentage 20.9 % 22.2 % (6 %)
Number of
homes closed California 840 451 86 % Arizona 217 448 (52 %)
Nevada 236 291 (19 %) Colorado 95 170 (44 %) Washington 154 - NM
Oregon 211 - NM Total
1,753 1,360 29 %
Average sales
price California $ 594,000 $ 582,000 2 % Arizona 264,900
246,400 8 % Nevada 516,200 268,500 92 % Colorado 489,100 413,400 18
% Washington 427,800 - NM Oregon 314,800 -
NM Total $ 488,900 $ 383,300 28
%
Number of net new home orders California 792 597 33
% Arizona 201 340 (41 %) Nevada 237 273 (13 %) Colorado 152 115 32
% Washington 134 - NM Oregon 161 - NM
Total 1,677 1,325 27 %
Average number of sales locations during period California
17 9 89 % Arizona 6 6 0 % Nevada 9 6 50 % Colorado 8 4 100 %
Washington 2 - NM Oregon 2 - NM
Total 44 25 76 % (1)
For the periods presented, the Company is reporting in six
segments: California, Arizona, Nevada, Colorado, Washington and
Oregon. (2) Adjusted homebuilding gross margin is a financial
measure that is not prepared in accordance with U.S. generally
accepted accounting principles, or U.S. GAAP. It is used by
management in evaluating operating performance and in making
strategic decisions regarding sales pricing, construction and
development pace, product mix and other operating decisions. We
believe this information is meaningful as it isolates the impact
that interest and purchase accounting adjustments have on
homebuilding gross margin and allows investors to make better
comparisons with our competitors.
WILLIAM LYON HOMES
SELECTED FINANCIAL AND OPERATING
INFORMATION
(unaudited)
As of December 31, 2014
2013 Consolidated Consolidated Percentage
% Total Total Change Backlog of homes
sold but not closed at end of period California 158 206 (23 %)
Arizona 47 63 (25 %) Nevada 73 72 1 % Colorado 84 27 211 %
Washington 62 - NM Oregon 54 - NM Total
478 368 30 %
Dollar amount of homes sold but not
closed at end of period (in thousands) California $ 93,912 $
131,174 (28 %) Arizona 13,408 17,676 (24 %) Nevada 62,847 37,514 68
% Colorado 37,935 13,159 188 % Washington 34,309 - NM Oregon
17,716 - NM Total $ 260,127 $ 199,523 30 %
Lots owned and controlled at end of period Lots owned
California 2,140 1,935 11 % Arizona 5,421 5,376 1 % Nevada 2,941
2,828 4 % Colorado 979 762 28 % Washington 1,427 - NM Oregon
1,195 - NM Total 14,103 10,901 29 %
Lots controlled California 1,538 1,853 (17 %) Arizona
- 210 (100 %) Nevada 156 285 (45 %) Colorado 183 498 (63 %)
Washington 728 - NM Oregon 834 - NM Total
3,439 2,846 21 %
Total lots owned and
controlled California 3,678 3,788 (3 %) Arizona 5,421 5,586 (3
%) Nevada 3,097 3,113 (1 %) Colorado 1,162 1,260 (8 %) Washington
2,155 - NM Oregon 2,029 - NM
Total
17,542 13,747 28 %
WILLIAM LYON HOMES
SUPPLEMENTAL FINANCIAL
INFORMATION
(unaudited)
Three Three Months Months
Year Year Ended Ended Ended
Ended December 31, December 31, December
31, December 31, 2014 2013 2014
2013 Net income attributable to William Lyon Homes $
18,005 $ 116,724 $ 44,625 $ 129,132 Net cash provided by (used in)
operating activities $ 19,317 $ (9,614 ) $ (161,872 ) $ (174,533 )
Interest incurred $ 26,741 $ 9,365 $ 65,559 $ 31,875 Adjusted
EBITDA (1) $ 48,933 $ 43,453 $ 122,696 $ 95,793 Adjusted EBITDA
Margin (2) 13.6 % 20.7 % 13.7 % 16.7 % Ratio of adjusted EBITDA to
interest incurred 1.83 4.64 1.87 3.01
Balance
Sheet Data December 31, December 31,
2014 2013 Cash, cash equivalents and
restricted cash $ 53,275 $ 172,526 Total William Lyon Homes
stockholders’ equity 569,915 428,179 Noncontrolling interest 27,231
22,615 Total debt 940,101 469,355 Total
book capitalization $ 1,537,247 $ 920,149
Ratio of debt to total book capitalization 61.2 % 51.0 % Ratio of
debt to total book capitalization (net of cash) 59.8 % 39.7 %
(1) Adjusted EBITDA means net income (loss)
attributable to William Lyon Homes plus (i) provision for income
taxes, (ii) interest expense, (iii) amortization of capitalized
interest included in cost of sales, (iv) stock based compensation,
(v) depreciation and amortization, (vi) one-time cash transaction
expenses related to the acquisition of Polygon Northwest Homes,
(vii) loss on sale of fixed asset, (viii) non-cash purchase
accounting adjustments, (ix) cash distributions of income from
unconsolidated joint ventures, and (x) equity in income of
unconsolidated joint ventures. Other companies may calculate
adjusted EBITDA differently. Adjusted EBITDA is not a financial
measure prepared in accordance with U.S. GAAP. Adjusted EBITDA is
presented herein because management believes the presentation of
adjusted EBITDA provides useful information to the Company’s
investors regarding the Company’s financial condition and results
of operations because adjusted EBITDA is a widely utilized
indicator of a company's operating performance. Adjusted EBITDA
should not be considered as an alternative for net (loss) income,
cash flows from operating activities and other consolidated income
or cash flow statement data prepared in accordance with accounting
principles generally accepted in the United States or as a measure
of profitability or liquidity. A reconciliation of net income
attributable to William Lyon Homes to adjusted EBITDA is provided
in the following table: (2) Calculated as Adjusted EBITDA as
a percentage of operating revenue.
WILLIAM LYON HOMES
SUPPLEMENTAL FINANCIAL
INFORMATION
(unaudited)
Three Three Months Months
Year Year Ended Ended Ended
Ended December 31, December 31, December
31, December 31, 2014 2013 2014
2013
Net income attributable to William Lyon
Homes
$ 18,005 $ 116,724 $ 44,625 $ 129,132 Provision (benefit) from
income taxes 11,018 (88,668 ) 23,797 (82,302 ) Interest expense:
Interest incurred 26,741 9,365 65,559 31,875 Interest capitalized
(26,741 ) (9,365 ) (65,559 ) (29,273 )
Amortization of capitalized interest
included in cost of sales
10,014 11,124 26,510 31,853 Stock based compensation 3,342 1,587
6,114 3,794 Loss on sale of fixed asset - - - 4 Depreciation and
amortization 801 1,611 6,041 3,795 Transaction expenses 64 - 5,832
- Non-cash purchase accounting adjustments 5,891 1,075 9,979 6,915
Cash distributions of income from unconsolidated joint ventures 207
- 353 - Equity in income of unconsolidated joint ventures
(409 ) - (555 ) - Adjusted
EBITDA $ 48,933 $ 43,453 $ 122,696 $ 95,793
Investor/Media Contacts:Financial Profiles, Inc.Larry
Clark, (310) 622-8223WLH@finprofiles.comorLisa Mueller, (310)
622-8231WLH@finprofiles.com
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