30% Increase in Homebuilding Revenue; 20%
Increase in Deliveries; and 18% Increase in Pre-Tax Income, for the
Full Year 2016
William Lyon Homes (NYSE: WLH), a leading
homebuilder in the Western U.S., announced results for the fourth
quarter and year ended December 31, 2016.
2016 Fourth Quarter Highlights (Comparison to 2015 Fourth
Quarter)
- Net income available to common
stockholders of $23.1 million, or $0.60 per diluted share
- Home sales revenue of $473.2 million,
up 19%
- New home deliveries of 902 homes, up
11%
- Dollar value of orders of $284.1
million, up 17%
- Net new home orders of 564, up 9%
- Dollar value of homes in backlog of
$410.7 million, up 5%
- Units in backlog of 733, down 1%
- Average sales locations of 79, up
7%
- Average sales price (ASP) of new homes
delivered of $524,600, up 7%
- Homebuilding gross margin of $80.6
million, up 11%
- Homebuilding gross margin percentage of
17.0%
- Adjusted homebuilding gross margin
percentage of 21.6%
- SG&A percentage of 9.0%, compared
to 9.3%
- Pre-tax Income of $40.4 million, up
6%
- Adjusted EBITDA of $63.2 million, up
2%
2016 Full Year Highlights (Comparison to 2015 Full
Year)
- Net income available to common
stockholders of $59.7 million, or $1.55 per diluted share, up 4%
and 5%, respectively
- Home sales revenue of $1,402.2 million,
up 30%
- New home deliveries of 2,781 homes, up
20%
- Dollar value of orders of $1,390.9
million, up 17%
- Net new home orders of 2,775, up
8%
- Average sales locations of 74, up
9%
- Average sales price (ASP) of new homes
delivered of $504,200, up 8%
- Homebuilding gross margin of $239.9
million, up 20%
- Homebuilding gross margin percentage of
17.1%
- Adjusted homebuilding gross margin
percentage of 22.9%
- SG&A percentage of 10.4%, compared
to 11.2%
- Pre-tax Income of $102.8 million, up
18%
- Adjusted EBITDA of $188.1 million, up
19%
“2016 was a year of continued growth for William Lyon Homes, as
we delivered 2,781 homes and achieved homebuilding revenues of $1.4
billion, up 20% and 30%, respectively, and at their highest levels
in ten years. Our fourth quarter of 2016 represented another
quarter of consistent year-over-year growth across a number of
important financial and operational metrics, with homebuilding
revenues of $473.2 million, up 19%, new home deliveries of 902
homes, up 11%, average sales price of $524,600, up 7%, and the
dollar value of orders of $284.1 million, up 17%. We achieved
pre-tax income of $40.4 million for the fourth quarter, up 6%,
resulting in net income available to common stockholders of $23.1
million, or $0.60 per diluted share,” said Matthew R. Zaist,
President and Chief Executive Officer.
Mr. Zaist continued, “We believe that 2017 will represent
another year of significant growth for William Lyon Homes. For the
full year, we currently expect 2017 results to include deliveries
of approximately 3,000 to 3,250 units, home sales revenue of
approximately $1.65 billion to $1.75 billion, and pre-tax income
before minority interest of approximately $135 million to $150
million. We continue to be focused on our operational initiatives
for 2017, which include opening up a number of new key strategic
assets to drive results in the back half of the year, maximizing
revenue from our existing communities, and improving cost controls
at our projects and at the corporate level, while continuing to
improve our balance sheet metrics.”
Operating Results
Home sales revenue for the fourth quarter of 2016 was $473.2
million, as compared to $397.2 million in the year-ago period, an
increase of 19%. The increase was driven by an 11% increase in
deliveries to 902 homes, compared to 809 in the fourth quarter of
2015, and an increase in the average sales price of homes delivered
to $524,600, up 7% from the prior year.
The dollar value of orders for the fourth quarter of 2016 was
$284.1 million, an increase of 17%, from $243.8 million in the
year-ago period. Net new home orders for the quarter were 564, up
9% from the fourth quarter of 2015. The increase in net new home
orders was driven by a 7% increase in community count to 79 average
sales locations, from 74 in the year-ago period, and by a
year-over-year increase in the average monthly absorption rate to
2.4 sales per community. At year end, the Company was selling from
81 sales locations. Net new home orders for January 2017 were up
12% year-over-year and up 25% sequentially from December.
The dollar value of homes in backlog was $410.7 million as of
December 31, 2016, an increase of 5% compared to $391.8 million as
of December 31, 2015. The increase was driven by a 6% increase in
ASP in backlog to $560,300 from $530,100 in the fourth quarter of
2015, partially offset by a 1% decline in units in backlog to 733
from 739 in the year-ago period. In addition, our ASP in backlog as
of December 31, 2016 was 7% higher than the ASP of homes closed in
the fourth quarter.
Homebuilding gross margin percentage during the fourth quarter
of 2016 was 17.0%. Adjusted homebuilding gross margin percentage
was 21.6% during the quarter.
Sales and marketing expense during the fourth quarter of 2016
was 4.5% of homebuilding revenue, compared to 4.8% in the year-ago
quarter, driven primarily by higher homebuilding revenue and
leverage on advertising and marketing costs, partially offset by an
increase in outside broker costs, compared to the prior year
period. General and administrative expenses were 4.5% of
homebuilding revenue, consistent with the prior year, and up in
dollars, due in part to certain severance costs associated with
divisional personnel changes, earlier than expected expenses
related to sales and construction management software systems, and
an increase in outside professional services.
Balance Sheet Update
At year end, cash and cash equivalents totaled $42.6 million,
real estate inventories totaled $1.8 billion, total assets were
$2.0 billion and total equity was $763 million. Total debt to book
capitalization was 58.6%, and net debt to net book capitalization
was 57.6% at December 31, 2016, compared to 62.2% and 61.1%,
respectively, as of December 31, 2015.
Share Repurchase Authorization
In addition, the Company is announcing today that its Board of
Directors has authorized the repurchase of up to $50.0 million of
the Company’s Class A common stock in open market purchases,
privately negotiated transactions or other transactions. The timing
and amount of repurchases will be determined by the Company’s
management at its discretion based on a variety of factors, such as
the market price of the Company’s Class A common stock, corporate
requirements, general market and economic conditions and legal
requirements.
Conference Call
The Company will host a conference call to discuss these results
today, Wednesday, February 22, 2017 at 9:00 a.m. Pacific Time. The
call will be available via both the telephone at (855) 851-4524 or
(720) 634-2900, passcode #60683099, 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 1, 2017 by
dialing (855) 859-2056 or (404) 537-3406, passcode #60683099. 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, the Inland Empire,
the San Francisco Bay Area, Phoenix, Las Vegas, Denver, Portland
and Seattle. The Company has a distinguished legacy of more than 60
years of homebuilding operations, over which time it has sold in
excess of 99,000 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.
Forward-Looking Statements
Information presented herein for the fourth quarter and year
ended December 31, 2016 is subject to finalization of the Company’s
regulatory filings, related financial and accounting reporting
procedures and external auditor procedures. Certain statements
contained in this release and the accompanying comments during our
conference call that are not historical information may constitute
“forward-looking statements” as defined by the Private Securities
Litigation Reform Act of 1995, including, but not limited to,
forward-looking statements related to: anticipated new home
deliveries, revenue and pre-tax income, gross margin performance,
backlog conversion rates, operating and financial results for the
first quarter of 2017 and full year 2017, community count growth
and project performance, market and industry trends, the continued
housing market recovery, average sale price of homes to be closed
in various periods, SG&A percentage, future cash needs and
liquidity, leverage ratios and reduction strategies and land
acquisition spending. 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: the availability of labor and homebuilding materials
and increased construction cycle times; the availability and timing
of mortgage financing; adverse weather conditions; our financial
leverage and level of indebtedness and any inability to comply with
financial and other covenants under our debt instruments; continued
volatility and worsening in general economic conditions either
internationally, nationally or in regions in which we operate;
increased outside broker costs; changes in governmental laws and
regulations and increased costs, fees and delays associated
therewith; potential changes to the tax code; worsening in markets
for residential housing; 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; decline in real estate values resulting in
impairment of our real estate assets; volatility in the banking
industry, credit and capital markets; terrorism or other
hostilities involving the United States; building moratorium or
“slow-growth” or “no-growth” initiatives that could be implemented
in states in which we operate; 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; 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; limitations on our ability to utilize
our tax attributes; 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; the timing of receipt of regulatory approvals and
the opening of projects; 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, 2016
2015 Operating revenue Home sales $ 473,221 $ 397,162
Construction services 27 5,820
473,248 402,982 Operating costs Cost of sales
— homes (392,632 ) (324,338 ) Construction services (27 ) (5,108 )
Sales and marketing (21,158 ) (19,059 ) General and administrative
(21,519 ) (17,817 ) Amortization of intangible assets - (248 )
Other 269 (422 ) (435,067 )
(366,992 ) Operating income 38,181 35,990 Equity in income of
unconsolidated joint ventures 1,796 1,458 Other income, net
440 706 Income before provision for income
taxes 40,417 38,154 Provision for income taxes (13,991 )
(11,026 ) Net income 26,426 27,128 Less: Net income
attributable to noncontrolling interests (3,374 )
(833 ) Net income available to common stockholders $ 23,052
$ 26,295 Income per common share: Basic $ 0.63 $ 0.72
Diluted $ 0.60 $ 0.68 Weighted average common shares outstanding:
Basic 36,818,513 36,580,867 Diluted 38,740,148 38,546,342
WILLIAM LYON HOMES CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands except number of shares and per
share data) Year Year
Ended Ended December 31, December 31,
2016 2015 Operating revenue Home sales $ 1,402,203 $
1,078,928 Construction services 3,837 25,124
1,406,040 1,104,052 Operating
costs Cost of sales — homes (1,162,337 ) (878,995 ) Construction
services (3,485 ) (21,181 ) Sales and marketing (72,509 ) (61,539 )
General and administrative (73,398 ) (59,161 ) Amortization of
intangible assets - (958 ) Other (343 ) (1,971 )
(1,312,072 ) (1,023,805 ) Operating income 93,968
80,247 Equity in income of unconsolidated joint ventures 5,606
3,239 Other income, net 3,243 3,581
Income before provision for income taxes 102,817 87,067 Provision
for income taxes (34,850 ) (26,806 ) Net income
67,967 60,261 Less: Net income attributable to noncontrolling
interests (8,271 ) (2,925 ) Net income available to
common stockholders $ 59,696 $ 57,336 Income
per common share: Basic $ 1.62 $ 1.57 Diluted $ 1.55 $ 1.48
Weighted average common shares outstanding: Basic 36,764,799
36,546,227 Diluted 38,474,900 38,767,556
WILLIAM
LYON HOMES CONSOLIDATED BALANCE SHEETS (in thousands,
except number of shares and par value per share)
December 31, December 31, 2016
2015 (unaudited) ASSETS Cash and cash
equivalents $ 42,612 $ 50,203 Restricted cash - 504 Receivables
9,538 14,838 Escrow proceeds receivable 85 3,041 Real estate
inventories 1,771,998 1,675,106 Investment in unconsolidated joint
ventures 7,282 5,413 Goodwill 66,902 66,902 Intangibles, net of
accumulated amortization of $4,640 as of December 31, 2016 and
December 31, 2015 6,700 6,700 Deferred income taxes, net 75,751
79,726 Other assets, net 17,283 21,017 Total assets $
1,998,151 $ 1,923,450
LIABILITIES AND EQUITY Accounts
payable $ 74,282 $ 75,881 Accrued expenses 79,790 70,324 Revolving
credit facility 29,000 65,000 Construction notes payable - 15,915
Joint venture notes payable 102,077 94,266 Land notes payable
24,691 - Subordinated amortizing note 7,225 14,066 53/4% Senior
Notes due April 15, 2019 148,826 148,295 8 1/2% Senior Notes due
November 15, 2020 422,817 422,896 7% Senior Notes due August 15,
2022 346,014 345,338 1,234,722
1,251,981 Commitments and contingencies Equity: William Lyon Homes
stockholders’ equity Preferred stock, par value $0.01 per share;
10,000,000 and no shares issued and outstanding at December 31,
2016 and December 31, 2015, respectively - - Common stock, Class A,
par value $0.01 per share; 150,000,000 shares authorized;
28,909,781 and 28,363,879 shares issued, 27,907,724 and 27,657,435
outstanding at December 31, 2016 and December 31, 2015,
respectively 290 284 Common stock, Class B, par value $0.01 per
share; 30,000,000 shares authorized; 3,813,884 shares issued and
outstanding at December 31, 2016 and December 31, 2015,
respectively 38 38 Additional paid-in capital 419,099 413,810
Retained earnings 277,659 217,963 Total William Lyon
Homes stockholders' equity 697,086 632,095 Noncontrolling interests
66,343 39,374 Total equity 763,429
671,469 Total liabilities and equity $ 1,998,151 $ 1,923,450
WILLIAM LYON HOMES SELECTED FINANCIAL AND
OPERATING INFORMATION (unaudited) Three
Months Ended December 31, 2016 2015
Consolidated Consolidated Percentage
% Total Total Change Selected Financial
Information (1) (dollars in thousands) Homes closed
902 809 11 % Home sales revenue $
473,221 $ 397,162 19 % Cost of sales (excluding interest and
purchase accounting adjustments) (371,169 ) (301,194
) 23 % Adjusted homebuilding gross margin (2) $ 102,052 $
95,968 6 % Adjusted homebuilding gross margin percentage (2)
21.6 % 24.2 % (11 %) Interest in cost of sales
(17,987 ) (14,666 ) 23 % Purchase accounting adjustments
(3,476 ) (8,478 ) (59 %) Gross margin $ 80,589 $
72,824 11 % Gross margin percentage 17.0 %
18.3 % (7 %)
Number of homes closed California 264
225 17 % Arizona 149 120 24 % Nevada 111 73 52 % Colorado 81 80 1 %
Washington 64 133 (52 %) Oregon 233 178
31 % Total 902 809 11 %
Average sales price of homes closed California $ 700,600 $
693,300 1 % Arizona 272,200 256,100 6 % Nevada 565,000 560,400 1 %
Colorado 526,500 469,500 12 % Washington 657,600 427,700 54 %
Oregon 430,300 421,800 2 % Total $
524,600 $ 490,900 7 %
Number of net new
home orders California 161 122 32 % Arizona 101 91 11 % Nevada
46 79 (42 %) Colorado 44 24 83 % Washington 59 87 (32 %) Oregon
153 113 35 % Total 564
516 9 %
Average number of sales locations
during period California 24 19 26 % Arizona 9 8 13 % Nevada 11
13 (15 %) Colorado 11 12 (8 %) Washington 5 6 (17 %) Oregon
19 16 19 % Total 79 74
7 % (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, 2016 2015
Consolidated Consolidated Percentage %
Total Total Change Selected Financial
Information (1) (dollars in thousands) Homes closed
2,781 2,314 20 % Home sales revenue $
1,402,203 $ 1,078,928 30 % Cost of sales (excluding interest and
purchase accounting adjustments) (1,081,626 )
(811,660 ) 33 % Adjusted homebuilding gross margin (2) $ 320,577
$ 267,268 20 % Adjusted homebuilding gross margin
percentage (2) 22.9 % 24.8 % (8 %) Interest in cost
of sales (57,297 ) (38,416 ) 49 % Purchase accounting adjustments
(23,414 ) (28,919 ) (19 %) Gross margin $ 239,866
$ 199,933 20 % Gross margin percentage 17.1 %
18.5 % (8 %)
Number of homes closed California
722 633 14 % Arizona 473 252 88 % Nevada 331 230 44 % Colorado 251
230 9 % Washington 289 434 (33 %) Oregon 715
535 34 % Total 2,781 2,314 20 %
Average sales price of homes closed California $
679,200 $ 599,200 13 % Arizona 266,300 265,900 0 % Nevada 579,200
568,900 2 % Colorado 512,100 465,300 10 % Washington 534,900
417,600 28 % Oregon 435,000 399,000 9 %
Total $ 504,200 $ 466,300 8 %
Number of net
new home orders California 752 669 12 % Arizona 468 414 13 %
Nevada 275 272 1 % Colorado 248 224 11 % Washington 297 416 (29 %)
Oregon 735 580 27 % Total 2,775
2,575 8 %
Average number of sales
locations during period California 20 18 11 % Arizona 8 7 14 %
Nevada 12 11 9 % Colorado 10 13 (23 %) Washington 6 6 0 % Oregon
18 13 38 % Total 74
68 9 % (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, 2016 2015 Consolidated
Consolidated Percentage % Total Total
Change Backlog of homes sold but not closed at end of
period California 224 194 15 % Arizona 204 209 (2 %) Nevada 59
115 (49 %) Colorado 75 78 (4 %) Washington 52 44 18 % Oregon
119 99 20 % Total 733 739 (1 %)
Dollar amount of homes sold but not closed at end of period (in
thousands) California $ 182,300 $ 152,673 19 % Arizona 59,563
53,527 11 % Nevada 45,034 77,151 (42 %) Colorado 39,569 40,952 (3
%) Washington 34,789 24,414 42 % Oregon 49,420 43,053
15 % Total $ 410,675 $ 391,770 5 %
Lots owned and
controlled at end of period Lots owned California 1,484
2,200 (33 %) Arizona 4,932 5,204 (5 %) Nevada 3,028 2,888 5 %
Colorado 1,475 798 85 % Washington 1,367 1,144 19 % Oregon
1,340 1,245 8 % Total 13,626 13,479 1 %
Lots controlled California 971 601 62 % Arizona - - 0 %
Nevada 43 554 (92 %) Colorado 86 134 (36 %) Washington 1,036 871 19
% Oregon 2,096 1,775 18 % Total 4,232
3,935 8 %
Total lots owned and controlled California
2,455 2,801 (12 %) Arizona 4,932 5,204 (5 %) Nevada 3,071 3,442 (11
%) Colorado 1,561 932 67 % Washington 2,403 2,015 19 % Oregon
3,436 3,020 14 % Total 17,858 17,414 3
%
WILLIAM LYON HOMES SUPPLEMENTAL FINANCIAL
INFORMATION (dollars in thousands) (unaudited)
Three Three Months Months Year
Year Ended Ended Ended Ended
December 31, December 31, December 31,
December 31, 2016 2015
2016
2015 Net income available to common stockholders $
23,052 $ 26,295 $ 59,696 $ 57,336
Net cash provided by (used in) operating
activities
$ 104,684 $ 47,446 $ 21,706 $ (172,908 ) Interest incurred $ 21,106
$ 20,307 $ 83,218 $ 76,222 Adjusted EBITDA (1) $ 63,226 $ 61,854 $
188,121 $ 158,546 Adjusted EBITDA Margin (2) 13.4 % 15.3 % 13.4 %
14.4 % Ratio of adjusted EBITDA to interest incurred 3.0 3.0 2.3
2.1
Balance Sheet Data
December 31, December 31, 2016
2015 Cash, cash equivalents and restricted cash $
42,612 $ 50,707 Total William Lyon Homes stockholders’
equity 697,086 632,095 Noncontrolling interest 66,343 39,374 Total
debt 1,080,650 1,105,776 Total book
capitalization $ 1,844,079 $ 1,777,245 Ratio
of debt to total book capitalization 58.6 % 62.2 % Ratio of debt to
total book capitalization (net of cash) 57.6 % 61.1 % (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) non-cash purchase accounting adjustments, (vii)
cash distributions of income from unconsolidated joint ventures,
and (viii) 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 (dollars in thousands)
(unaudited)
Three Three Months Months
Year Year Ended Ended Ended
Ended December 31, December 31, December
31, December 31, 2016 2015 2016
2015
Net income available to common
stockholders
$ 23,052 $ 26,295 $ 59,696 $ 57,336 Provision for income taxes
13,991 11,026 34,850 26,806 Interest expense Interest incurred
21,106 20,307 83,218 76,222 Interest capitalized (21,106 ) (20,307
) (83,218 ) (76,222 )
Amortization of capitalized interest
included in cost of sales
18,418 14,666 60,160 38,416 Stock based compensation 2,757 1,742
6,844 6,570 Depreciation and amortization 498 727 2,006 2,663
Non-cash purchase accounting adjustments 3,476 8,478 26,445 28,919
Cash distributions of income from unconsolidated joint ventures
2,830 378 3,726 1,075 Equity in income of unconsolidated joint
ventures (1,796 ) (1,458 ) (5,606 )
(3,239 ) Adjusted EBITDA $ 63,226 $ 61,854 $ 188,121
$ 158,546
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170222005628/en/
Investors/Media:Financial Profiles, Inc.Larry Clark,
310-622-8223WLH@finprofiles.com
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