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01.08.2017 12:00:00
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M.D.C. Holdings Announces 2017 Second Quarter Results
DENVER, Aug. 1, 2017 /PRNewswire/ -- M.D.C. Holdings, Inc. (NYSE: MDC) announced results for the quarter ended June 30, 2017.
2017 Second Quarter Highlights and Comparisons to 2016 Second Quarter
- Net income up 26% to $33.9 million, or $0.64 per diluted share, from $26.9 million or $0.52 per diluted share*
- Home sale revenues up 13% to $647.6 million from $571.2 million
- Selling, general and administrative expenses as a percentage of home sale revenues ("SG&A rate") improved 40 basis points from 11.3% to 10.9%
- Dollar value of net new orders of $710.6 million versus $722.5 million
- Monthly sales absorption pace of 3.41 improved 2%
- Ending backlog dollar value up 4% to $1.68 billion from $1.61 billion
- Approved 3,342 lots for purchase in 44 communities
- Last twelve months return on equity improved 340 basis points to 9.3%
*Per share amount for 2016 second quarter has been adjusted for the 5% stock dividend declared and paid in the 2016 fourth quarter. |
Larry A. Mizel, MDC's Chairman and Chief Executive Officer, stated, "We are pleased to announce our 2017 second quarter results, highlighted by a 26% year-over-year increase in our net income. For the second consecutive quarter, we realized a year-over-year improvement in our backlog conversion rate, which helped to drive a double-digit increase in home sale revenues and improved operating leverage. The improved backlog conversion rate was achieved based on stabilizing build-to-order construction cycle times, which decreased sequentially for the first time in almost two years."
Mr. Mizel continued, "Income for both our homebuilding and financial services operations increased for the 2017 second quarter, driving a seventh consecutive quarter of improvement to our last twelve months return on equity, which expanded by 340 basis points year-over-year. We achieved this improvement without losing focus on the balance sheet, which features a unique combination of low leverage, carefully managed exposure to homebuilding assets, and liquidity of nearly $1.0 billion."
Mr. Mizel concluded, "With our returns rising, we have focused increasingly on sourcing new communities to drive future growth for our core homebuilding business. In the second quarter alone, we approved more than 3,300 lots for acquisition, far exceeding the activity for any other quarter in the past three years. Our acquisition activities have maintained a focus on affordability, given the success of our more affordable SeasonsTM product line, which is now selling in four states and accounted for just over 10% of total net new orders in the quarter. Overall, our outlook for the homebuilding industry remains positive, supported by a solid macroeconomic environment and favorable dynamics in the balance between housing supply and demand."
Homebuilding
Home sale revenues for the 2017 second quarter increased 13% to $647.6 million, primarily driven by an 11% increase in deliveries, which was mostly the result of an 8% year-over-year increase in our homes in beginning backlog coupled with a 100 basis point improvement in our backlog conversion rate.
For the 2017 second quarter, our gross margin from home sales percentage was 16.8%, a 40 basis point improvement from 16.4% in the prior year period. Our 2016 second quarter included $1.6 million, or 30 basis points, of inventory impairments while our 2017 second quarter included no such inventory impairments.
Selling, general and administrative expenses for the 2017 second quarter were $70.7 million, up $6.3 million from $64.4 million for the same period in 2016 primarily due to increased compensation-related expenses driven by higher average headcount. Our SG&A rate improved by 40 basis points to 10.9% for the 2017 second quarter from 11.3% in the 2016 second quarter. This decrease in our SG&A rate was primarily the result of an increased ability to leverage our fixed overhead as a result of our increase in home sale revenues.
The dollar value of net new orders for the 2017 second quarter decreased 2% year-over-year to $710.6 million, as a 4% decline in our average active community count was partly offset by a 2% increase in our monthly sales absorption pace.
Our backlog value at the end of the 2017 second quarter was up 4% year-over-year to $1.68 billion. The improvement was due to both a 2% increase in the number of units in backlog and a 2% increase in the average selling price. The increase in the number of units in backlog was driven by strong sales activity during the past twelve months. Price increases implemented in the past twelve months drove the increase in average selling price, but the price increases were slightly offset by the lower selling price of our more affordable homes.
Financial Services
Income before taxes for our financial services operations for the 2017 second quarter was $11.7 million, a $2.7 million increase from $9.1 million in the 2016 second quarter. This improvement was due to increased profitability in our mortgage operations segment as a result of (1) year-over-year increases in the dollar value of loans locked, originated, and sold, and (2) higher gains on loans locked and originated. In addition, we realized higher income before taxes from our other financial services subsidiaries as a result of the increase in new home deliveries.
Income Taxes
For the three months ended June 30, 2017 and 2016, we had effective income tax rates of 34.7% and 33.5%, respectively. The year-over-year increase in our effective tax rate was primarily the result of our estimate of the full year effective tax rate for 2016 including an estimate for energy credits whereas our estimate for the 2017 full year includes no such energy credit as the credit has not been approved by the U.S. Congress.
About MDC
M.D.C. Holdings, Inc. was founded in 1972. MDC's homebuilding subsidiaries, which operate under the name Richmond American Homes, have built and financed the American Dream for more than 190,000 homebuyers since 1977. MDC's commitment to customer satisfaction, quality and value is reflected in each home its subsidiaries build. MDC is one of the largest homebuilders in the United States. Its subsidiaries have homebuilding operations across the country, including the metropolitan areas of Denver, Northern Colorado, Colorado Springs, Salt Lake City, Las Vegas, Phoenix, Tucson, Riverside-San Bernardino, Los Angeles, San Diego, Orange County, San Francisco Bay Area, Sacramento, Washington D.C., Baltimore, Orlando, Jacksonville, South Florida and Seattle. MDC's subsidiaries also provide mortgage financing, insurance and title services, primarily for Richmond American homebuyers, through HomeAmerican Mortgage Corporation, American Home Insurance Agency, Inc. and American Home Title and Escrow Company, respectively. MDC's stock is traded on the New York Stock Exchange under the symbol "MDC" For more information, visit www.mdcholdings.com.
Forward-Looking Statements
Certain statements in this release, including statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of MDC to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among other things, (1) general economic conditions, including changes in consumer confidence, inflation or deflation and employment levels; (2) changes in business conditions experienced by MDC, including cancellation rates, net home orders, home gross margins, land and home values and subdivision counts; (3) changes in interest rates, mortgage lending programs and the availability of credit; (4) changes in the market value of MDC's investments in marketable securities; (5) uncertainty in the mortgage lending industry, including repurchase requirements associated with HomeAmerican Mortgage Corporation's sale of mortgage loans (6) the relative stability of debt and equity markets; (7) competition; (8) the availability and cost of land and other raw materials used by MDC in its homebuilding operations; (9) the availability and cost of performance bonds and insurance covering risks associated with our business; (10) shortages and the cost of labor; (11) weather related slowdowns and natural disasters; (12) slow growth initiatives; (13) building moratoria; (14) governmental regulation, including the interpretation of tax, labor and environmental laws; (15) terrorist acts and other acts of war; (16) changes in energy prices; and (17) other factors over which MDC has little or no control. Additional information about the risks and uncertainties applicable to MDC's business is contained in MDC's Form 10-Q for the quarter ended June 30, 2017, which is scheduled to be filed with the Securities and Exchange Commission today. All forward-looking statements made in this press release are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this press release will increase with the passage of time. MDC undertakes no duty to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise. However, any further disclosures made on related subjects in our subsequent filings, releases or webcasts should be consulted.
M.D.C. HOLDINGS, INC. | |||||||||||
Consolidated Statements of Operations and Comprehensive Income | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(Dollars in thousands, except per share amounts) | |||||||||||
(Unaudited) | |||||||||||
Homebuilding: | |||||||||||
Home sale revenues | $ | 647,620 | $ | 571,195 | $ | 1,211,099 | $ | 965,615 | |||
Land sale revenues | 1,351 | 316 | 1,598 | 2,640 | |||||||
Total home and land sale revenues | 648,971 | 571,511 | 1,212,697 | 968,255 | |||||||
Home cost of sales | (539,077) | (475,836) | (1,008,019) | (805,862) | |||||||
Land cost of sales | (1,202) | (216) | (1,413) | (1,879) | |||||||
Inventory impairments | - | (1,600) | (4,850) | (1,600) | |||||||
Total cost of sales | (540,279) | (477,652) | (1,014,282) | (809,341) | |||||||
Gross margin | 108,692 | 93,859 | 198,415 | 158,914 | |||||||
Selling, general and administrative expenses | (70,709) | (64,440) | (137,007) | (120,717) | |||||||
Interest and other income | 2,847 | 2,553 | 5,174 | 3,489 | |||||||
Other expense | (666) | (278) | (1,017) | (905) | |||||||
Other-than-temporary impairment of marketable securities | (1) | (288) | (51) | (719) | |||||||
Homebuilding pretax income | 40,163 | 31,406 | 65,514 | 40,062 | |||||||
Financial Services: | |||||||||||
Revenues | 19,073 | 15,823 | 37,052 | 26,840 | |||||||
Expenses | (8,500) | (7,543) | (16,398) | (13,784) | |||||||
Interest and other income | 1,238 | 772 | 2,217 | 1,613 | |||||||
Other-than-temporary impairment of marketable securities | (80) | - | (131) | - | |||||||
Financial services pretax income | 11,731 | 9,052 | 22,740 | 14,669 | |||||||
Income before income taxes | 51,894 | 40,458 | 88,254 | 54,731 | |||||||
Provision for income taxes | (18,023) | (13,545) | (32,134) | (18,255) | |||||||
Net income | $ | 33,871 | $ | 26,913 | $ | 56,120 | $ | 36,476 | |||
Other comprehensive income related to available for sale securities, net of tax | 1,944 | 895 | 3,930 | 2,843 | |||||||
Comprehensive income | $ | 35,815 | $ | 27,808 | $ | 60,050 | $ | 39,319 | |||
Earnings per share: | |||||||||||
Basic | $ | 0.65 | $ | 0.52 | $ | 1.09 | $ | 0.71 | |||
Diluted | $ | 0.64 | $ | 0.52 | $ | 1.07 | $ | 0.71 | |||
Weighted average common shares outstanding | |||||||||||
Basic | 51,514,309 | 51,293,917 | 51,428,079 | 51,281,643 | |||||||
Diluted | 52,444,123 | 51,304,829 | 52,065,968 | 51,291,359 | |||||||
Dividends declared per share | $ | 0.25 | $ | 0.24 | $ | 0.50 | $ | 0.48 | |||
M.D.C. HOLDINGS, INC. | |||||
Consolidated Balance Sheets | |||||
June 30, | December 31, | ||||
2017 | 2016 | ||||
ASSETS | (Dollars in thousands, except | ||||
per share amounts) | |||||
Homebuilding: | (Unaudited) | ||||
Cash and cash equivalents | $ | 314,814 | $ | 259,087 | |
Marketable securities | 65,268 | 59,770 | |||
Restricted cash | 5,027 | 3,778 | |||
Trade and other receivables | 37,747 | 42,492 | |||
Inventories: | |||||
Housing completed or under construction | 909,911 | 874,199 | |||
Land and land under development | 846,825 | 884,615 | |||
Total inventories | 1,756,736 | 1,758,814 | |||
Property and equipment, net | 27,194 | 28,041 | |||
Deferred tax asset, net | 62,446 | 74,888 | |||
Metropolitan district bond securities (related party) | 31,864 | 30,162 | |||
Prepaid and other assets | 67,009 | 60,463 | |||
Total homebuilding assets | 2,368,105 | 2,317,495 | |||
Financial Services: | |||||
Cash and cash equivalents | 23,162 | 23,822 | |||
Marketable securities | 38,666 | 36,436 | |||
Mortgage loans held-for-sale, net | 95,283 | 138,774 | |||
Other assets | 11,195 | 12,062 | |||
Total financial services assets | 168,306 | 211,094 | |||
Total Assets | $ | 2,536,411 | $ | 2,528,589 | |
LIABILITIES AND EQUITY | |||||
Homebuilding: | |||||
Accounts payable | $ | 48,327 | $ | 42,088 | |
Accrued liabilities | 148,199 | 144,566 | |||
Revolving credit facility | 15,000 | 15,000 | |||
Senior notes, net | 842,232 | 841,646 | |||
Total homebuilding liabilities | 1,053,758 | 1,043,300 | |||
Financial Services: | |||||
Accounts payable and accrued liabilities | 49,873 | 50,734 | |||
Mortgage repurchase facility | 69,127 | 114,485 | |||
Total financial services liabilities | 119,000 | 165,219 | |||
Total Liabilities | 1,172,758 | 1,208,519 | |||
Stockholders' Equity | |||||
Preferred stock, $0.01 par value; 25,000,000 shares authorized; none issued or outstanding | - | - | |||
Common stock, $0.01 par value; 250,000,000 shares authorized; 51,862,230 and 51,485,090 issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 519 | 515 | |||
Additional paid-in-capital | 992,870 | 983,532 | |||
Retained earnings | 344,263 | 313,952 | |||
Accumulated other comprehensive income | 26,001 | 22,071 | |||
Total Stockholders' Equity | 1,363,653 | 1,320,070 | |||
Total Liabilities and Stockholders' Equity | $ | 2,536,411 | $ | 2,528,589 | |
M.D.C. HOLDINGS, INC. | |||||||||||
Consolidated Statement of Cash Flows | |||||||||||
Three Months Ended | Six Months Ended | ||||||||||
June 30, | June 30, | ||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||
(Dollars in thousands) | |||||||||||
(Unaudited) | |||||||||||
Operating Activities: | |||||||||||
Net income | $ | 33,871 | $ | 26,913 | $ | 56,120 | $ | 36,476 | |||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
Stock-based compensation expense | 1,443 | 3,176 | 2,038 | 6,163 | |||||||
Depreciation and amortization | 1,376 | 1,294 | 2,704 | 2,367 | |||||||
Inventory impairments | - | 1,600 | 4,850 | 1,600 | |||||||
Other-than-temporary impairment of marketable securities | 81 | 288 | 182 | 719 | |||||||
Gain on sale of marketable securities | (1,197) | (1,177) | (1,758) | (262) | |||||||
Deferred income tax expense | 6,813 | 6,085 | 10,033 | 7,873 | |||||||
Net changes in assets and liabilities: | |||||||||||
Restricted cash | (798) | (597) | (1,249) | (196) | |||||||
Trade and other receivables | (1,907) | (10,984) | 5,419 | (26,235) | |||||||
Mortgage loans held-for-sale | 2,090 | (36,506) | 43,491 | (3,029) | |||||||
Housing completed or under construction | (18,841) | (71,448) | (39,707) | (186,805) | |||||||
Land and land under development | 8,491 | 54,390 | 37,521 | 122,701 | |||||||
Prepaid expenses and other assets | (5,195) | (3,886) | (7,602) | (2,975) | |||||||
Accounts payable and accrued liabilities | 774 | 23,751 | 8,845 | 19,517 | |||||||
Net cash provided by (used in) operating activities | 27,001 | (7,101) | 120,887 | (22,086) | |||||||
Investing Activities: | |||||||||||
Purchases of marketable securities | (6,682) | (9,944) | (12,043) | (15,426) | |||||||
Sales of marketable securities | 6,467 | 30,165 | 11,450 | 50,765 | |||||||
Purchases of property and equipment | (242) | (1,173) | (1,364) | (3,117) | |||||||
Net cash provided by (used in) investing activities | (457) | 19,048 | (1,957) | 32,222 | |||||||
Financing Activities: | |||||||||||
Advances (payments) on mortgage repurchase facility, net | (1,415) | 33,076 | (45,358) | 4,686 | |||||||
Dividend payments | (12,912) | (12,252) | (25,809) | (24,504) | |||||||
Proceeds from exercise of stock options | 5,697 | - | 7,304 | - | |||||||
Net cash used in financing activities | (8,630) | 20,824 | (63,863) | (19,818) | |||||||
Net increase (decrease) in cash and cash equivalents | 17,914 | 32,771 | 55,067 | (9,682) | |||||||
Cash and cash equivalents: | |||||||||||
Beginning of period | 320,062 | 138,535 | 282,909 | 180,988 | |||||||
End of period | $ | 337,976 | $ | 171,306 | $ | 337,976 | $ | 171,306 | |||
M.D.C. HOLDINGS, INC. | |||||||||||||||||||||||
Homebuilding Operational Data | |||||||||||||||||||||||
New Home Deliveries | |||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||
2017 | 2016 | % Change | |||||||||||||||||||||
Homes | Dollar | Average Price | Homes | Dollar | Average | Homes | Dollar | Average | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Arizona | 212 | $ | 68,943 | $ | 325.2 | 201 | $ | 60,976 | $ | 303.4 | 5% | 13% | 7% | ||||||||||
California | 210 | 131,746 | 627.4 | 192 | 117,985 | 614.5 | 9% | 12% | 2% | ||||||||||||||
Nevada | 215 | 75,687 | 352.0 | 148 | 51,834 | 350.2 | 45% | 46% | 1% | ||||||||||||||
Washington | 91 | 47,382 | 520.7 | 85 | 39,236 | 461.6 | 7% | 21% | 13% | ||||||||||||||
West | 728 | 323,758 | 444.7 | 626 | 270,031 | 431.4 | 16% | 20% | 3% | ||||||||||||||
Colorado | 414 | 203,141 | 490.7 | 353 | 172,100 | 487.5 | 17% | 18% | 1% | ||||||||||||||
Utah | 48 | 19,864 | 413.8 | 51 | 17,935 | 351.7 | (6)% | 11% | 18% | ||||||||||||||
Mountain | 462 | 223,005 | 482.7 | 404 | 190,035 | 470.4 | 14% | 17% | 3% | ||||||||||||||
Maryland | 64 | 27,760 | 433.8 | 83 | 41,639 | 501.7 | (23)% | (33)% | (14)% | ||||||||||||||
Virginia | 53 | 32,365 | 610.7 | 75 | 38,623 | 515.0 | (29)% | (16)% | 19% | ||||||||||||||
Florida | 105 | 40,732 | 387.9 | 84 | 30,867 | 367.5 | 25% | 32% | 6% | ||||||||||||||
East | 222 | 100,857 | 454.3 | 242 | 111,129 | 459.2 | (8)% | (9)% | (1)% | ||||||||||||||
Total | 1,412 | $ | 647,620 | $ | 458.7 | 1,272 | $ | 571,195 | $ | 449.1 | 11% | 13% | 2% | ||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||
2017 | 2016 | % Change | |||||||||||||||||||||
Homes | Dollar | Average | Homes | Dollar | Average | Homes | Dollar | Average | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||
Arizona | 400 | $ | 124,619 | $ | 311.5 | 361 | $ | 106,038 | $ | 293.7 | 11% | 18% | 6% | ||||||||||
California | 439 | 268,229 | 611.0 | 317 | 193,515 | 610.5 | 38% | 39% | 0% | ||||||||||||||
Nevada | 402 | 141,820 | 352.8 | 255 | 90,260 | 354.0 | 58% | 57% | (0)% | ||||||||||||||
Washington | 192 | 98,170 | 511.3 | 159 | 71,593 | 450.3 | 21% | 37% | 14% | ||||||||||||||
West | 1,433 | 632,838 | 441.6 | 1,092 | 461,406 | 422.5 | 31% | 37% | 5% | ||||||||||||||
Colorado | 750 | 363,328 | 484.4 | 602 | 293,675 | 487.8 | 25% | 24% | (1)% | ||||||||||||||
Utah | 81 | 32,568 | 402.1 | 90 | 32,510 | 361.2 | (10)% | 0% | 11% | ||||||||||||||
Mountain | 831 | 395,896 | 476.4 | 692 | 326,185 | 471.4 | 20% | 21% | 1% | ||||||||||||||
Maryland | 99 | 44,363 | 448.1 | 117 | 57,445 | 491.0 | (15)% | (23)% | (9)% | ||||||||||||||
Virginia | 103 | 58,894 | 571.8 | 115 | 58,777 | 511.1 | (10)% | 0% | 12% | ||||||||||||||
Florida | 202 | 79,108 | 391.6 | 163 | 61,802 | 379.2 | 24% | 28% | 3% | ||||||||||||||
East | 404 | 182,365 | 451.4 | 395 | 178,024 | 450.7 | 2% | 2% | 0% | ||||||||||||||
Total | 2,668 | $ | 1,211,099 | $ | 453.9 | 2,179 | $ | 965,615 | $ | 443.1 | 22% | 25% | 2% | ||||||||||
M.D.C. HOLDINGS, INC. | |||||||||||||||||||||||||||
Homebuilding Operational Data | |||||||||||||||||||||||||||
Net New Orders | |||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||||||||
2017 | 2016 | % Change | |||||||||||||||||||||||||
Homes | Dollar | Average | Monthly | Homes | Dollar | Average | Monthly | Homes | Dollar | Average | Monthly | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Arizona | 230 | $ | 75,049 | $ | 326.3 | 2.89 | 236 | $ | 70,699 | $ | 299.6 | 2.62 | (3)% | 6% | 9% | 10% | |||||||||||
California | 234 | 143,208 | 612.0 | 4.59 | 308 | 177,934 | 577.7 | 5.33 | (24)% | (20)% | 6% | (14)% | |||||||||||||||
Nevada | 267 | 92,407 | 346.1 | 4.45 | 230 | 80,263 | 349.0 | 3.48 | 16% | 15% | (1)% | 28% | |||||||||||||||
Washington | 127 | 68,876 | 542.3 | 4.34 | 118 | 55,934 | 474.0 | 3.42 | 8% | 23% | 14% | 27% | |||||||||||||||
West | 858 | 379,540 | 442.4 | 3.90 | 892 | 384,830 | 431.4 | 3.59 | (4)% | (1)% | 3% | 9% | |||||||||||||||
Colorado | 458 | 215,472 | 470.5 | 3.59 | 413 | 192,543 | 466.2 | 4.02 | 11% | 12% | 1% | (11)% | |||||||||||||||
Utah | 67 | 29,046 | 433.5 | 3.19 | 77 | 28,057 | 364.4 | 3.21 | (13)% | 4% | 19% | (1)% | |||||||||||||||
Mountain | 525 | 244,518 | 465.7 | 3.54 | 490 | 220,600 | 450.2 | 3.87 | 7% | 11% | 3% | (9)% | |||||||||||||||
Maryland | 32 | 14,819 | 463.1 | 1.19 | 69 | 31,918 | 462.6 | 1.67 | (54)% | (54)% | 0% | (29)% | |||||||||||||||
Virginia | 63 | 32,790 | 520.5 | 4.20 | 73 | 36,892 | 505.4 | 2.95 | (14)% | (11)% | 3% | 42% | |||||||||||||||
Florida | 120 | 38,940 | 324.5 | 2.05 | 122 | 48,236 | 395.4 | 2.32 | (2)% | (19)% | (18)% | (12)% | |||||||||||||||
East | 215 | 86,549 | 402.6 | 2.14 | 264 | 117,046 | 443.4 | 2.23 | (19)% | (26)% | (9)% | (4)% | |||||||||||||||
Total | 1,598 | $ | 710,607 | $ | 444.7 | 3.41 | 1,646 | $ | 722,476 | $ | 438.9 | 3.34 | (3)% | (2)% | 1% | 2% | |||||||||||
Six Months Ended June 30, | |||||||||||||||||||||||||||
2017 | 2016 | % Change | |||||||||||||||||||||||||
Homes | Dollar | Average | Monthly | Homes | Dollar | Average | Monthly | Homes | Dollar | Average | Monthly | ||||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||||||||
Arizona | 446 | $ | 143,119 | $ | 320.9 | 2.86 | 459 | $ | 139,785 | $ | 304.5 | 2.49 | (3)% | 2% | 5% | 15% | |||||||||||
California | 477 | 298,621 | 626.0 | 4.31 | 537 | 321,162 | 598.1 | 4.54 | (11)% | (7)% | 5% | (5)% | |||||||||||||||
Nevada | 562 | 192,898 | 343.2 | 4.65 | 459 | 160,074 | 348.7 | 3.57 | 22% | 21% | (2)% | 30% | |||||||||||||||
Washington | 266 | 144,368 | 542.7 | 4.14 | 242 | 116,073 | 479.6 | 3.17 | 10% | 24% | 13% | 31% | |||||||||||||||
West | 1,751 | 779,006 | 444.9 | 3.88 | 1,697 | 737,094 | 434.4 | 3.34 | 3% | 6% | 2% | 16% | |||||||||||||||
Colorado | 959 | 456,162 | 475.7 | 3.93 | 906 | 428,747 | 473.2 | 4.11 | 6% | 6% | 1% | (4)% | |||||||||||||||
Utah | 123 | 52,616 | 427.8 | 2.52 | 143 | 52,629 | 368.0 | 3.03 | (14)% | (0)% | 16% | (17)% | |||||||||||||||
Mountain | 1,082 | 508,778 | 470.2 | 3.69 | 1,049 | 481,376 | 458.9 | 3.92 | 3% | 6% | 2% | (6)% | |||||||||||||||
Maryland | 83 | 37,189 | 448.1 | 1.49 | 158 | 74,068 | 468.8 | 2.09 | (47)% | (50)% | (4)% | (29)% | |||||||||||||||
Virginia | 127 | 67,229 | 529.4 | 3.61 | 158 | 81,036 | 512.9 | 3.07 | (20)% | (17)% | 3% | 18% | |||||||||||||||
Florida | 251 | 91,117 | 363.0 | 2.20 | 230 | 96,279 | 418.6 | 2.42 | 9% | (5)% | (13)% | (9)% | |||||||||||||||
East | 461 | 195,535 | 424.2 | 2.25 | 546 | 251,383 | 460.4 | 2.46 | (16)% | (22)% | (8)% | (9)% | |||||||||||||||
Total | 3,294 | $ | 1,483,319 | $ | 450.3 | 3.47 | 3,292 | $ | 1,469,853 | $ | 446.5 | 3.30 | 0% | 1% | 1% | 5% | |||||||||||
* Calculated as total net new orders in period ÷ average active communities during period ÷ number of months in period |
M.D.C. HOLDINGS, INC. | ||||||||||||||||||
Homebuilding Operational Data | ||||||||||||||||||
Active Subdivisions | ||||||||||||||||||
Average Active Subdivisions | Average Active Subdivisions | |||||||||||||||||
Active Subdivisions | Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | % | June 30, | % | June 30, | % | |||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | 2017 | 2016 | Change | ||||||||||
Arizona | 26 | 30 | (13)% | 27 | 30 | (10)% | 26 | 31 | (16)% | |||||||||
California | 17 | 20 | (15)% | 17 | 19 | (11)% | 18 | 20 | (10)% | |||||||||
Nevada | 18 | 22 | (18)% | 20 | 22 | (9)% | 20 | 21 | (5)% | |||||||||
Washington | 9 | 10 | (10)% | 10 | 12 | (17)% | 11 | 13 | (15)% | |||||||||
West | 70 | 82 | (15)% | 74 | 83 | (11)% | 75 | 85 | (12)% | |||||||||
Colorado | 44 | 28 | 57% | 43 | 34 | 26% | 41 | 37 | 11% | |||||||||
Utah | 6 | 8 | (25)% | 7 | 8 | (13)% | 8 | 8 | 0% | |||||||||
Mountain | 50 | 36 | 39% | 50 | 42 | 19% | 49 | 45 | 9% | |||||||||
Maryland | 9 | 13 | (31)% | 9 | 14 | (36)% | 9 | 13 | (31)% | |||||||||
Virginia | 5 | 9 | (44)% | 5 | 8 | (38)% | 6 | 9 | (33)% | |||||||||
Florida | 19 | 19 | 0% | 20 | 18 | 11% | 19 | 16 | 19% | |||||||||
East | 33 | 41 | (20)% | 34 | 40 | (15)% | 34 | 38 | (11)% | |||||||||
Total | 153 | 159 | (4)% | 158 | 165 | (4)% | 158 | 168 | (6)% | |||||||||
Backlog | ||||||||||||||||||||||
At June 30, | ||||||||||||||||||||||
2017 | 2016 | % Change | ||||||||||||||||||||
Homes | Dollar | Average | Homes | Dollar | Average | Homes | Dollar | Average | ||||||||||||||
(Dollars in thousands) | ||||||||||||||||||||||
Arizona | 368 | $ | 125,097 | $ | 339.9 | 419 | $ | 129,591 | $ | 309.3 | (12)% | (3)% | 10% | |||||||||
California | 519 | 347,822 | 670.2 | 562 | 360,450 | 641.4 | (8)% | (4)% | 4% | |||||||||||||
Nevada | 467 | 160,349 | 343.4 | 399 | 138,604 | 347.4 | 17% | 16% | (1)% | |||||||||||||
Washington | 311 | 169,045 | 543.6 | 262 | 127,968 | 488.4 | 19% | 32% | 11% | |||||||||||||
West | 1,665 | 802,313 | 481.9 | 1,642 | 756,613 | 460.8 | 1% | 6% | 5% | |||||||||||||
Colorado | 1,173 | 571,956 | 487.6 | 1,126 | 546,356 | 485.2 | 4% | 5% | 0% | |||||||||||||
Utah | 146 | 62,225 | 426.2 | 161 | 59,133 | 367.3 | (9)% | 5% | 16% | |||||||||||||
Mountain | 1,319 | 634,181 | 480.8 | 1,287 | 605,489 | 470.5 | 2% | 5% | 2% | |||||||||||||
Maryland | 76 | 38,329 | 504.3 | 131 | 61,623 | 470.4 | (42)% | (38)% | 7% | |||||||||||||
Virginia | 135 | 70,384 | 521.4 | 144 | 76,278 | 529.7 | (6)% | (8)% | (2)% | |||||||||||||
Florida | 315 | 132,628 | 421.0 | 241 | 107,679 | 446.8 | 31% | 23% | (6)% | |||||||||||||
East | 526 | 241,341 | 458.8 | 516 | 245,580 | 475.9 | 2% | (2)% | (4)% | |||||||||||||
Total | 3,510 | $ | 1,677,835 | $ | 478.0 | 3,445 | $ | 1,607,682 | $ | 466.7 | 2% | 4% | 2% | |||||||||
M.D.C. HOLDINGS, INC. | ||||||
Homebuilding Operational Data | ||||||
Homes Completed or Under Construction (WIP lots) | ||||||
June 30, | % | |||||
2017 | 2016 | Change | ||||
Unsold: | ||||||
Completed | 77 | 100 | (23)% | |||
Under construction | 153 | 263 | (42)% | |||
Total unsold started homes | 230 | 363 | (37)% | |||
Sold homes under construction or completed | 2,547 | 2,535 | 0% | |||
Model homes under construction or completed | 316 | 289 | 9% | |||
Total homes completed or under construction | 3,093 | 3,187 | (3)% | |||
Lots Owned and Optioned (including homes completed or under construction) | ||||||||||||||
June 30, 2017 | June 30, 2016 | |||||||||||||
Lots Owned | Lots Optioned | Total | Lots Owned | Lots Optioned | Total | Total % Change | ||||||||
Arizona | 1,794 | 553 | 2,347 | 1,565 | 259 | 1,824 | 29% | |||||||
California | 1,491 | 502 | 1,993 | 1,834 | 79 | 1,913 | 4% | |||||||
Nevada | 1,709 | 907 | 2,616 | 2,087 | 67 | 2,154 | 21% | |||||||
Washington | 671 | 49 | 720 | 816 | 35 | 851 | (15)% | |||||||
West | 5,665 | 2,011 | 7,676 | 6,302 | 440 | 6,742 | 14% | |||||||
Colorado | 4,684 | 1,934 | 6,618 | 3,937 | 1,423 | 5,360 | 23% | |||||||
Utah | 302 | 123 | 425 | 424 | - | 424 | 0% | |||||||
Mountain | 4,986 | 2,057 | 7,043 | 4,361 | 1,423 | 5,784 | 22% | |||||||
Maryland | 142 | 69 | 211 | 297 | 168 | 465 | (55)% | |||||||
Virginia | 283 | 37 | 320 | 498 | 107 | 605 | (47)% | |||||||
Florida | 928 | 916 | 1,844 | 1,038 | 512 | 1,550 | 19% | |||||||
East | 1,353 | 1,022 | 2,375 | 1,833 | 787 | 2,620 | (9)% | |||||||
Total | 12,004 | 5,090 | 17,094 | 12,496 | 2,650 | 15,146 | 13% | |||||||
M.D.C. HOLDINGS, INC. | ||||||||||||||||||
Other Financial Data | ||||||||||||||||||
Selling, General and Administrative Expense | ||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||
2017 | 2016 | Change | 2017 | 2016 | Change | |||||||||||||
(Dollars in thousands) | ||||||||||||||||||
General and administrative expenses | $ | 32,292 | $ | 31,414 | $ | 878 | $ | 64,661 | $ | 62,880 | $ | 1,781 | ||||||
General and administrative expense as a percentage of home sale revenues | 5.0% | 5.5% | (50) bps | 5.3% | 6.5% | (120) bps | ||||||||||||
Marketing expenses | $ | 16,976 | $ | 14,433 | $ | 2,543 | $ | 32,100 | $ | 26,466 | $ | 5,634 | ||||||
Marketing expenses as a percentage of home sale revenues | 2.6% | 2.5% | 10 bps | 2.7% | 2.7% | 0 bps | ||||||||||||
Commissions expenses | $ | 21,441 | $ | 18,593 | $ | 2,848 | $ | 40,246 | $ | 31,371 | $ | 8,875 | ||||||
Commissions expenses as a percentage of home sale revenues | 3.3% | 3.3% | 0 bps | 3.3% | 3.2% | 10 bps | ||||||||||||
Total selling, general and administrative expenses | $ | 70,709 | $ | 64,440 | $ | 6,269 | $ | 137,007 | $ | 120,717 | $ | 16,290 | ||||||
Total selling, general and administrative expenses as a percentage of home sale revenues | 10.9% | 11.3% | (40) bps | 11.3% | 12.5% | (120) bps | ||||||||||||
Capitalized Interest | ||||||||||||
Three Months Ended | Six Months Ended | |||||||||||
June 30, | June 30, | |||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||
(Dollars in thousands) | ||||||||||||
Homebuilding interest incurred | $ | 13,194 | $ | 13,106 | $ | 26,382 | $ | 26,324 | ||||
Less: Interest capitalized | (13,194) | (13,106) | (26,382) | (26,324) | ||||||||
Homebuilding interest expensed | $ | - | $ | - | $ | - | $ | - | ||||
Interest capitalized, beginning of period | $ | 66,076 | $ | 79,783 | $ | 68,085 | $ | 77,541 | ||||
Plus: Interest capitalized during period | 13,194 | 13,106 | 26,382 | 26,324 | ||||||||
Less: Previously capitalized interest included in home and land cost of sales | (17,179) | (15,739) | (32,376) | (26,715) | ||||||||
Interest capitalized, end of period | $ | 62,091 | $ | 77,150 | $ | 62,091 | $ | 77,150 | ||||
View original content:http://www.prnewswire.com/news-releases/mdc-holdings-announces-2017-second-quarter-results-300497075.html
SOURCE M.D.C. Holdings, Inc.
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