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Proposal No. 1DirectorVotes ForVotes AgainstVotes AbstainedBrokerNon-VotesDouglas F. BauerLawrence B. BurrowsDaniel S. FultonSteven J. GilbertVicki D. McWilliamsConstance B. MooreProposal No. 2Broker Non-VotesProposal No. 3Votes For Every One YearVotes ForEvery Two YearsVotes For Every Three YearsProposal No. 4KEY OPERATIONS AND FINANCIAL DATAThree Months Ended March 31,20202019Change% ChangeOperating Data:Home sales revenue20.7%Homebuilding gross margin71.4%Homebuilding gross margin %20.5%14.4%6.1%Adjusted homebuilding gross margin %*23.4%18.4%5.0%SG&A expense6.3%SG&A expense as a % of home sales revenue13.9%15.7%(1.8)%Net income44,805.6%Adjusted EBITDA*141.4%Interest incurred(11.1)%Interest in cost of home sales18.5%Other Data:Net new home orders25.7%New homes delivered17.7%Average sales price of homes delivered2.6%Cancellation rate13%15%(2)%Average selling communities(4.7)%Selling communities at end of period(2.1)%Backlog (estimated dollar value)30.8%Backlog (homes)33.3%Average sales price in backlog(1.9)%March 31,December 31,Balance Sheet Data:(unaudited)Cash and cash equivalents89.7%Real estate inventories4.2%Lots owned or controlled6.6%Homes under construction (1)13.0%Homes completed, unsold(10.2)%Debt39.0%Stockholders’ equity(3.3)%Book capitalization12.4%Ratio of debt-to-capital45.8%37.0%8.8%Ratio of net debt-to-net capital*35.4%30.4%CONSOLIDATED BALANCE SHEETSAssetsReceivablesInvestments in unconsolidated entitiesGoodwill and other intangible assets, netDeferred tax assets, netOther assetsTotal assetsLiabilitiesAccounts payableAccrued expenses and other liabilitiesLoans payableSenior notesTotal liabilitiesCommitments and contingenciesEquityStockholders’ equity:Preferred stock, $0.01 par value, 50,000,000 shares authorized; no
shares issued and outstanding as of March 31, 2020 and
December 31, 2019, respectively—Common stock, $0.01 par value, 500,000,000 shares authorized;
130,236,981 and 136,149,633 shares issued and outstanding at
March 31, 2020 and December 31, 2019, respectivelyAdditional paid-in capitalRetained earningsTotal stockholders’ equityNoncontrolling interestsTotal equityTotal liabilities and equityCONSOLIDATED STATEMENT OF OPERATIONSHomebuilding:Land and lot sales revenueOther operations revenueTotal revenuesCost of home salesCost of land and lot salesOther operations expenseSales and marketingGeneral and administrativeHomebuilding income (loss) from operationsEquity in loss of unconsolidated entitiesOther income, netHomebuilding income (loss) before income taxesFinancial Services:RevenuesExpensesEquity in income of unconsolidated entitiesFinancial services income before income taxesIncome before income taxesProvision for income taxesEarnings per shareBasicDilutedWeighted average shares outstandingMARKET DATA BY REPORTING SEGMENT & STATENewHomesDeliveredAverageSalesPriceNew Homes Delivered:MaracayPardee HomesQuadrant HomesTrendmaker HomesTRI Pointe HomesWinchester HomesTotalCaliforniaColoradoMarylandVirginiaArizonaNevadaTexasWashingtonMARKET DATA BY REPORTING SEGMENT & STATE, continuedNet New
Home
OrdersAverage
Selling
CommunitiesNet New Home Orders:As of March 31, 2020As of March 31, 2019Backlog
UnitsBacklog
Dollar
ValueAverage
Sales
PriceBacklog:Quadrant HomesTrendmaker HomesTRI Pointe HomesWinchester HomesLots Owned or Controlled(1):North CarolinaSouth CarolinaLots by Ownership Type:Lots ownedLots controlled(1)RECONCILIATION OF NON-GAAP FINANCIAL MEASURES%(dollars in thousands)100.0%79.5%85.6%Add: interest in cost of home sales2.8%2.9%Add: impairments and lot option abandonments0.1%1.1%Adjusted homebuilding gross marginHomebuilding gross margin percentageAdjusted homebuilding gross margin percentageRECONCILIATION OF NON-GAAP FINANCIAL MEASURES (continued)March 31, 2020December 31, 2019Total debtTotal capitalRatio of debt-to-capital(1)Less: Cash and cash equivalentsNet debtNet capitalRatio of net debt-to-net capital(2)(in thousands)Interest expense:Interest capitalizedAmortization of interest in cost of salesDepreciation and amortizationEBITDAAmortization of stock-based compensationImpairments and lot option abandonmentsAdjusted EBITDAPK ! >'^ ^ docProps/app.xml
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