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PulteGroup Reports Second Quarter 2021 Financial Results

  • Reported Net Income of $1.90 Per Share
  • Adjusted Net Income of $1.72 Per Share
  • Net New Orders Increased 28% to 8,322 Homes; Net New Order Value Increased 59% to $4.3 Billion
  • Closings Increased 22% to 7,232 Homes
  • Home Sale Revenues Increased 31% to $3.2 Billion
  • Homebuilding Gross Margin Increased 270 Basis Points to 26.6%
  • Backlog Increased 52% to 20,056 Homes; Backlog Value Increased 70% to $9.8 Billion
  • Company Repurchased $200 Million of Stock in the Period
  • Debt-to-Capital Ratio Decreased to 22.7%; Net Debt-to-Capital Ratio of 4.5%

 

PulteGroup, Inc. (NYSE: PHM) announced today financial results for its second quarter ended June 30, 2021. For the quarter, the Company reported net income of $503 million, or $1.90 per share. Adjusted net income for the quarter was $456 million, or $1.72 per share, after excluding a $46 million pre-tax insurance benefit and a tax benefit of $12 million resulting from a change in valuation allowances associated with state net operating loss carryforwards. Prior year reported net income was $349 million, or $1.29 per share. Adjusted net income for the prior year period was $311 million, or $1.15 per share, after excluding a $61 million pre-tax insurance benefit and $10 million of pre-tax charges associated with actions taken in response to the COVID-19 pandemic.

“PulteGroup reported outstanding second quarter financial results, driven by strong top line growth in combination with a 270-basis point increase in our gross margin,” said Ryan Marshall, President and Chief Executive Officer of PulteGroup. “With a backlog exceeding 20,000 homes valued at $9.8 billion, I believe the Company is well positioned to realize further gains in the coming quarters as we work to grow our operations and continue to deliver high returns on equity, which totaled 25.7%* for the trailing 12 months.”

“We are experiencing very favorable market dynamics, led by strong housing demand and a generally limited inventory of new and existing homes,” added Marshall. “With the economy continuing to recover, a very positive job market, low interest rates and high levels of consumer confidence, we remain optimistic about demand conditions and the overall strength of the housing market going forward.”

Home sale revenues for the second quarter increased 31% over the second quarter of last year to $3.2 billion. The increase in revenues for the quarter was driven by a 22% increase in closings to 7,232 homes, along with a 7% increase in average sales price to $447,000. The increase in average sales price for the second quarter reflects the benefit of price increases the Company has realized across all buyer groups.

Homebuilding gross margin for the second quarter was 26.6%, which represents an increase of 270 basis points over the comparable prior year period and an increase of 110 basis points from the first quarter of 2021. The Company’s reported SG&A expense for the quarter of $272 million, or 8.4% of home sale revenues, included the $46 million pre-tax insurance benefit recorded in the period. Excluding this benefit, the Company’s adjusted SG&A expense for the quarter was $319 million, or 9.8% of home sale revenues. The Company’s reported SG&A expense for the second quarter of 2020 was $197 million, or 8.0% of home sale revenues, with an adjusted SG&A expense of $247 million, or 10.0% of home sale revenues.

Second quarter net new orders increased 28% over the prior year to 8,322 homes. The dollar value of net new orders was $­­­4.3 billion, which is an increase of 59% over the comparable prior year period. For the second quarter, the Company operated out of an average of 808 communities.

The Company’s unit backlog at the end of the second quarter was 20,056 homes, which represents an increase of 52%, or 6,842 homes, over the prior year backlog of 13,214 homes. The dollar value of homes in backlog was $9.8 billion, which represents an increase of 70% over last year.

Pre-tax income for the Company's financial services operations was $51 million, down from $60 million last year, as higher loan volumes were offset by a more competitive pricing environment. Mortgage capture rate for the second quarter was 86% compared with 87% last year.

Inclusive of the $12 million tax benefit realized in the period, the Company’s reported income tax expense was $136 million, representing an effective tax rate of 21.3%.

The Company ended the second quarter with $1.7 billion of cash after using available funds to repurchase 3.6 million of its common shares for $200 million, or an average price of $55.84 per share. At quarter end, the Company had a net debt-to-capital ratio of 4.5%.

A conference call discussing PulteGroup's second quarter 2021 results is scheduled for Tuesday, July 27, 2021, at 8:30 a.m. Eastern Time. Interested investors can access the live webcast via PulteGroup's corporate website at www.pultegroup.com.

* The Company's return on equity is calculated as net income for the trailing twelve months divided by average shareholders' equity, where average shareholders' equity is the sum of ending shareholders' equity balances of the trailing five quarters divided by five.

Forward-Looking Statements

This release includes “forward-looking statements.” These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “may,” “can,” “could,” “might,” “should,” “will,” “seek,” and similar expressions identify forward-looking statements, including statements related to any potential impairment charges and the impacts or effects thereof, expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.

Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; competition within the industries in which we operate; the availability and cost of land and other raw materials used by us in our homebuilding operations; the impact of any changes to our strategy in responding to the cyclical nature of the industry, including any changes regarding our land positions and the levels of our land spend; the availability and cost of insurance covering risks associated with our businesses; shortages and the cost of labor; weather related slowdowns; slow growth initiatives and/or local building moratoria; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans; the interpretation of or changes to tax, labor and environmental laws which could have a greater impact on our effective tax rate or the value of our deferred tax assets than we anticipate; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; legal or regulatory proceedings or claims; our ability to generate sufficient cash flow in order to successfully implement our capital allocation priorities; required accounting changes; terrorist acts and other acts of war; the negative impact of the COVID-19 pandemic on our financial position and ability to continue our Homebuilding or Financial Services activities at normal levels or at all in impacted areas; the duration, effect and severity of the COVID-19 pandemic; the measures that governmental authorities take to address the COVID-19 pandemic which may precipitate or exacerbate one or more of the above-mentioned and/or other risks and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period of time; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See PulteGroup's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and other public filings with the Securities and Exchange Commission (the "SEC") for a further discussion of these and other risks and uncertainties applicable to our businesses. PulteGroup undertakes no duty to update any forward-looking statement, whether as a result of new information, future events or changes in PulteGroup's expectations.

About PulteGroup

PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 40 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams.

For more information about PulteGroup, Inc. and PulteGroup’s brands, go to pultegroup.com; www.pulte.com; www.centex.com; www.delwebb.com; www.divosta.com; www.jwhomes.com; and www.americanwesthomes.com. Follow PulteGroup, Inc. on Twitter: @PulteGroupNews.

PulteGroup, Inc.

Consolidated Statements of Operations

($000's omitted, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2021

 

2020

 

2021

 

2020

Revenues:

 

 

 

 

 

 

 

Homebuilding

 

 

 

 

 

 

 

Home sale revenues

$

3,235,379

 

 

 

$

2,472,029

 

 

 

$

5,831,889

 

 

 

$

4,693,532

 

 

Land sale and other revenues

33,076

 

 

 

26,950

 

 

 

60,235

 

 

 

45,877

 

 

 

3,268,455

 

 

 

2,498,979

 

 

 

5,892,124

 

 

 

4,739,409

 

 

Financial Services

91,029

 

 

 

94,802

 

 

 

197,150

 

 

 

149,352

 

 

Total revenues

3,359,484

 

 

 

2,593,781

 

 

 

6,089,274

 

 

 

4,888,761

 

 

 

 

 

 

 

 

 

 

Homebuilding Cost of Revenues:

 

 

 

 

 

 

 

Home sale cost of revenues

(2,375,495

)

 

 

(1,880,209

)

 

 

(4,311,130

)

 

 

(3,575,074

)

 

Land sale and other cost of revenues

(31,195

)

 

 

(20,041

)

 

 

(55,831

)

 

 

(35,055

)

 

 

(2,406,690

)

 

 

(1,900,250

)

 

 

(4,366,961

)

 

 

(3,610,129

)

 

 

 

 

 

 

 

 

 

Financial Services expenses

(40,411

)

 

 

(34,378

)

 

 

(80,086

)

 

 

(69,327

)

 

Selling, general, and administrative expenses

(272,286

)

 

 

(196,858

)

 

 

(543,973

)

 

 

(460,527

)

 

Loss on debt retirement

 

 

 

 

 

 

(61,469

)

 

 

 

 

Goodwill impairment

 

 

 

 

 

 

 

 

 

(20,190

)

 

Other expense, net

(624

)

 

 

(5,286

)

 

 

(3,259

)

 

 

(7,810

)

 

Income before income taxes

639,473

 

 

 

457,009

 

 

 

1,033,526

 

 

 

720,778

 

 

Income tax expense

(136,074

)

 

 

(108,389

)

 

 

(226,020

)

 

 

(168,447

)

 

Net income

$

503,399

 

 

 

$

348,620

 

 

 

$

807,506

 

 

 

$

552,331

 

 

 

 

 

 

 

 

 

 

Per share:

 

 

 

 

 

 

 

Basic earnings

$

1.91

 

 

 

$

1.29

 

 

 

$

3.04

 

 

 

$

2.03

 

 

Diluted earnings

$

1.90

 

 

 

$

1.29

 

 

 

$

3.03

 

 

 

$

2.03

 

 

Cash dividends declared

$

0.14

 

 

 

$

0.12

 

 

 

$

0.28

 

 

 

$

0.24

 

 

 

 

 

 

 

 

 

 

Number of shares used in calculation:

 

 

 

 

 

 

 

Basic

262,099

 

 

 

268,324

 

 

 

263,744

 

 

 

269,167

 

 

Effect of dilutive securities

648

 

 

 

701

 

 

 

627

 

 

 

960

 

 

Diluted

262,747

 

 

 

269,025

 

 

 

264,371

 

 

 

270,127

 

 

PulteGroup, Inc.

Condensed Consolidated Balance Sheets

($000's omitted)

(Unaudited)

 

 

June 30,

2021

 

December 31,

2020

 

 

 

 

ASSETS

 

 

 

 

 

 

 

Cash and equivalents

$

1,663,270

 

 

$

2,582,205

 

Restricted cash

57,852

 

 

50,030

 

Total cash, cash equivalents, and restricted cash

1,721,122

 

 

2,632,235

 

House and land inventory

8,378,951

 

 

7,721,798

 

Land held for sale

38,574

 

 

27,962

 

Residential mortgage loans available-for-sale

581,150

 

 

564,979

 

Investments in unconsolidated entities

44,800

 

 

35,562

 

Other assets

1,020,518

 

 

923,270

 

Intangible assets

153,464

 

 

163,425

 

Deferred tax assets

143,441

 

 

136,267

 

 

$

12,082,020

 

 

$

12,205,498

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Liabilities:

 

 

 

Accounts payable

$

441,826

 

 

$

511,321

 

Customer deposits

730,995

 

 

449,474

 

Deferred tax liabilities

115,519

 

 

103,548

 

Accrued and other liabilities

1,436,251

 

 

1,407,043

 

Financial Services debt

352,627

 

 

411,821

 

Notes payable

2,046,334

 

 

2,752,302

 

 

5,123,552

 

 

5,635,509

 

Shareholders' equity

6,958,468

 

 

6,569,989

 

 

$

12,082,020

 

 

$

12,205,498

 

PulteGroup, Inc.

Consolidated Statements of Cash Flows

($000's omitted)

(Unaudited)

 

 

Six Months Ended

 

June 30,

 

2021

 

2020

Cash flows from operating activities:

 

 

 

Net income

$

807,506

 

 

 

$

552,331

 

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

Deferred income tax expense

4,781

 

 

 

49,661

 

 

Land-related charges

3,254

 

 

 

12,181

 

 

Loss on debt retirement

61,469

 

 

 

 

 

Goodwill impairment

 

 

 

20,190

 

 

Depreciation and amortization

35,407

 

 

 

31,538

 

 

Share-based compensation expense

21,603

 

 

 

16,682

 

 

Other, net

(2,922

)

 

 

(975

)

 

Increase (decrease) in cash due to:

 

 

 

Inventories

(632,647

)

 

 

101,766

 

 

Residential mortgage loans available-for-sale

(16,384

)

 

 

114,139

 

 

Other assets

(85,049

)

 

 

(3,772

)

 

Accounts payable, accrued and other liabilities

235,050

 

 

 

(85,869

)

 

Net cash provided by (used in) operating activities

432,068

 

 

 

807,872

 

 

Cash flows from investing activities:

 

 

 

Capital expenditures

(31,547

)

 

 

(36,746

)

 

Investments in unconsolidated entities

(15,920

)

 

 

(664

)

 

Distributions of capital from unconsolidated entities

10,500

 

 

 

13,619

 

 

Business acquisition

(10,400

)

 

 

(83,256

)

 

Other investing activities, net

(17

)

 

 

1,597

 

 

Net cash provided by (used in) investing activities

(47,384

)

 

 

(105,450

)

 

Cash flows from financing activities:

 

 

 

Repayments of notes payable

(797,395

)

 

 

(10,106

)

 

Borrowings under revolving credit facility

 

 

 

700,000

 

 

Repayments under revolving credit facility

 

 

 

(700,000

)

 

Financial Services borrowings (repayments), net

(59,193

)

 

 

(70,214

)

 

Stock option exercises

11

 

 

 

99

 

 

Share repurchases

(353,703

)

 

 

(95,676

)

 

Cash paid for shares withheld for taxes

(10,607

)

 

 

(14,853

)

 

Dividends paid

(74,910

)

 

 

(65,332

)

 

Net cash provided by (used in) financing activities

(1,295,797

)

 

 

(256,082

)

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

(911,113

)

 

 

446,340

 

 

Cash, cash equivalents, and restricted cash at beginning of period

2,632,235

 

 

 

1,251,456

 

 

Cash, cash equivalents, and restricted cash at end of period

$

1,721,122

 

 

 

$

1,697,796

 

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

Interest paid (capitalized), net

$

11,606

 

 

 

$

3,206

 

 

Income taxes paid (refunded), net

$

154,658

 

 

 

$

5,865

 

 

PulteGroup, Inc.

Segment Data

($000's omitted)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2021

 

2020

 

2021

 

2020

HOMEBUILDING:

 

 

 

 

 

 

 

Home sale revenues

$

3,235,379

 

 

 

$

2,472,029

 

 

 

$

5,831,889

 

 

 

$

4,693,532

 

 

Land sale and other revenues

33,076

 

 

 

26,950

 

 

 

60,235

 

 

 

45,877

 

 

Total Homebuilding revenues

3,268,455

 

 

 

2,498,979

 

 

 

5,892,124

 

 

 

4,739,409

 

 

 

 

 

 

 

 

 

 

Home sale cost of revenues

(2,375,495

)

 

 

(1,880,209

)

 

 

(4,311,130

)

 

 

(3,575,074

)

 

Land sale and other cost of revenues

(31,195

)

 

 

(20,041

)

 

 

(55,831

)

 

 

(35,055

)

 

Selling, general, and administrative expenses ("SG&A")

(272,286

)

 

 

(196,858

)

 

 

(543,973

)

 

 

(460,527

)

 

Loss on debt retirement

 

 

 

 

 

 

(61,469

)

 

 

 

 

Goodwill impairment

 

 

 

 

 

 

 

 

 

(20,190

)

 

Other expense, net

(1,460

)

 

 

(5,286

)

 

 

(3,998

)

 

 

(7,759

)

 

Income before income taxes

$

588,019

 

 

 

$

396,585

 

 

 

$

915,723

 

 

 

$

640,804

 

 

 

 

 

 

 

 

 

 

FINANCIAL SERVICES:

 

 

 

 

 

 

 

Income before income taxes

$

51,454

 

 

 

$

60,424

 

 

 

$

117,803

 

 

 

$

79,974

 

 

 

 

 

 

 

 

 

 

CONSOLIDATED:

 

 

 

 

 

 

 

Income before income taxes

$

639,473

 

 

 

$

457,009

 

 

 

$

1,033,526

 

 

 

$

720,778

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

OPERATING METRICS:

 

 

 

 

 

 

 

Gross margin % (a)(b)

26.6

 

%

 

23.9

 

%

 

26.1

 

%

 

23.8

 

%

SG&A % (a)

(8.4

)

%

 

(8.0

)

%

 

(9.3

)

%

 

(9.8

)

%

Operating margin % (a)

18.2

 

%

 

16.0

 

%

 

16.7

 

%

 

14.0

 

%

(a)

As a percentage of home sale revenues

(b)

Gross margin represents home sale revenues minus home sale cost of revenues

PulteGroup, Inc.

Segment Data, continued

($000's omitted)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Home sale revenues

$

3,235,379

 

 

$

2,472,029

 

 

$

5,831,889

 

 

$

4,693,532

 

 

 

 

 

 

 

 

 

Closings - units

 

 

 

 

 

 

 

Northeast

497

 

 

260

 

 

814

 

 

570

 

Southeast

1,175

 

 

1,104

 

 

2,229

 

 

2,032

 

Florida

1,692

 

 

1,380

 

 

3,112

 

 

2,590

 

Midwest

1,042

 

 

808

 

 

1,881

 

 

1,516

 

Texas

1,519

 

 

1,194

 

 

2,744

 

 

2,322

 

West

1,307

 

 

1,191

 

 

2,496

 

 

2,280

 

 

7,232

 

 

5,937

 

 

13,276

 

 

11,310

 

Average selling price

$

447

 

 

$

416

 

 

$

439

 

 

$

415

 

 

 

 

 

 

 

 

 

Net new orders - units

 

 

 

 

 

 

 

Northeast

475

 

 

383

 

 

1,083

 

 

831

 

Southeast

1,364

 

 

1,095

 

 

2,925

 

 

2,236

 

Florida

2,203

 

 

1,488

 

 

4,607

 

 

3,173

 

Midwest

1,300

 

 

896

 

 

2,861

 

 

1,915

 

Texas

1,459

 

 

1,431

 

 

3,351

 

 

2,940

 

West

1,521

 

 

1,229

 

 

3,347

 

 

2,922

 

 

8,322

 

 

6,522

 

 

18,174

 

 

14,017

 

Net new orders - dollars

$

4,258,133

 

 

$

2,677,074

 

 

$

8,888,450

 

 

$

5,945,823

 

 

 

 

 

 

 

 

 

Unit backlog

 

 

 

 

 

 

 

Northeast

 

 

 

 

1,222

 

 

850

 

Southeast

 

 

 

 

3,036

 

 

2,069

 

Florida

 

 

 

 

5,149

 

 

2,889

 

Midwest

 

 

 

 

3,179

 

 

1,939

 

Texas

 

 

 

 

3,660

 

 

2,468

 

West

 

 

 

 

3,810

 

 

2,999

 

 

 

 

 

 

20,056

 

 

13,214

 

Dollars in backlog

 

 

 

 

$

9,849,743

 

 

$

5,788,096

 

PulteGroup, Inc.

Segment Data, continued

($000's omitted)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2021

 

2020

 

2021

 

2020

MORTGAGE ORIGINATIONS:

 

 

 

 

 

 

 

Origination volume

5,296

 

 

4,474

 

 

10,004

 

 

8,344

 

Origination principal

$

1,811,523

 

 

$

1,436,103

 

 

$

3,376,191

 

 

$

2,649,370

 

Capture rate

85.8

%

 

86.8

%

 

86.9

%

 

86.8

%

Supplemental Data

($000's omitted)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

June 30,

 

June 30,

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

Interest in inventory, beginning of period

$

193,352

 

 

 

$

213,425

 

 

 

$

193,409

 

 

 

$

210,383

 

 

Interest capitalized

31,476

 

 

 

39,686

 

 

 

66,103

 

 

 

79,599

 

 

Interest expensed

(39,395

)

 

 

(45,169

)

 

 

(74,079

)

 

 

(82,040

)

 

Interest in inventory, end of period

$

185,433

 

 

 

$

207,942

 

 

 

$

185,433

 

 

 

$

207,942

 

 

PulteGroup, Inc.

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

This report contains information about our operating results reflecting certain adjustments, including net income, diluted earnings per share ("EPS"), operating margin, and debt-to-capital ratio. These measures are considered non-GAAP financial measures under the SEC's rules and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures. We believe that reflecting these adjustments provides investors relevant and useful information for evaluating the comparability of financial information presented and comparing our profitability and liquidity to other companies in the homebuilding industry. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate these measures and any adjustments thereto before comparing our measures to those of such other companies.

The following tables set forth a reconciliation of the non-GAAP financial measures to the GAAP financial measures that management believes to be most directly comparable ($000's omitted, except per share data):

Adjusted EPS

 

 

 

Three Months Ended

 

Results of Operations Classification

 

June 30,

 

 

2021

 

2020

 

 

 

 

 

 

Net income, as reported

 

 

$

503,399

 

 

 

$

348,620

 

 

Adjustments to income before income taxes:

 

 

 

 

 

Insurance adjustments

SG&A

 

(46,215

)

 

 

(60,662

)

 

Severance expense

SG&A

 

*

 

10,328

 

 

Income tax effect of the above items

Income tax expense

 

11,323

 

 

 

12,347

 

 

Tax benefit

Income tax expense

 

(12,078

)

 

 

*

Adjusted net income

 

 

$

456,429

 

 

 

$

310,633

 

 

 

 

 

 

 

 

EPS (diluted), as reported

 

 

$

1.90

 

 

 

$

1.29

 

 

Adjusted EPS (diluted)

 

 

$

1.72

 

 

 

$

1.15

 

 

Adjusted Operating Margin

 

Three Months Ended

 

June 30,

 

2021

 

2020

 

 

 

 

 

 

Home sale revenues

$

3,235,379

 

 

 

$

2,472,029

 

 

 

 

 

 

 

 

 

Gross margin (a)

$

859,884

 

26.6

%

 

$

591,820

 

 

23.9

 

%

 

 

 

 

 

 

SG&A, as reported

$

272,286

 

8.4

%

 

$

196,858

 

 

8.0

 

%

Adjustments:

 

 

 

 

 

Insurance adjustments

46,215

 

1.4

%

 

60,662

 

 

2.5

 

%

Severance expense

*

*

 

(10,328

)

 

(0.4

)

%

Adjusted SG&A

$

318,501

 

9.8

%

 

$

247,192

 

 

10.0

 

%

 

 

 

 

 

 

Operating margin, as reported (b)

 

18.2

%

 

 

16.0

 

%

Adjusted operating margin (c)

 

16.7

%

 

 

13.9

 

%

 

 

 

 

 

 

*Item not meaningful for the period presented

(a) Gross margin represents home sale revenues minus home sale cost of revenues

(b) Operating margin represents gross margin less SG&A

(c) Adjusted operating margin represents gross margin less adjusted SG&A

Debt-to-Capital Ratios

 

 

 

 

 

 

 

June 30,

2021

 

December 31,

2020

Notes payable

 

$

2,046,334

 

 

 

$

2,752,302

 

 

Shareholders' equity

 

6,958,468

 

 

 

6,569,989

 

 

Total capital

 

$

9,004,802

 

 

 

$

9,322,291

 

 

Debt-to-capital ratio

 

22.7

 

%

 

29.5

 

%

 

 

 

 

 

Notes payable

 

$

2,046,334

 

 

 

$

2,752,302

 

 

Less: Total cash, cash equivalents, and

restricted cash

 

(1,721,122

)

 

 

(2,632,235

)

 

Total net debt

 

$

325,212

 

 

 

$

120,067

 

 

Shareholders' equity

 

6,958,468

 

 

 

6,569,989

 

 

Total net capital

 

$

7,283,680

 

 

 

$

6,690,056

 

 

Net debt-to-capital ratio

 

4.5

 

%

 

1.8

 

%

 

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