Century Communities Reports Third Quarter 2018 Results

Century Communities, Inc. (NYSE:CCS), a leading national homebuilder, today announced financial results for its third quarter ended September 30, 2018.

Third Quarter 2018 Highlights Compared to Third Quarter 2017

  • Adjusted net income increased 46% to $26.1 million, or $0.86 per diluted share and net income increased 80% to $17.0 million, or $0.56 per diluted share
  • Home sales revenues increased 47% to a record $552.9 million
  • Adjusted homebuilding gross margin increased 49% to $117.0 million
  • Adjusted homebuilding gross margin percentage improved to 21.2%
  • Home deliveries grew 80% to a record 1,746 homes
  • Net new home contracts increased 66% to 1,515 homes
  • Backlog improved 80% to 2,988 homes
  • Backlog value increased 35% to $931.0 million
  • Adjusted EBITDA improved 29% to $50.3 million

Dale Francescon, Co-Chief Executive Officer, stated, We are pleased that the third quarter of 2018 marked another quarter of significant earnings improvement for Century and double-digit percentage increases across all operating metrics. While rising interest rates and tightening affordability have created an industry-wide deceleration in housing growth, underlying fundamentals in our markets remain supportive of our reaffirmed outlook for the full-year 2018. Furthermore, we are pleased to announce a new 4.5 million stock repurchase program, which provides us with an additional avenue to enhance returns on equity for our stockholders.

Rob Francescon, Co-Chief Executive Officer, said, Our year-to-date results through the third quarter are at record levels due to our disciplined approach of investing capital into attractive markets. We have remained focused on strengthening our balance sheet as evidenced by our record high stockholders equity of $840.8 million, an increase of 29% from the end of the prior year quarter. We continued to diversify our geographic footprint and product mix, especially in the entry-level segment. During the third quarter, we expanded Wade Jurney Homes asset-light, lower price point operations into Texas, Arizona, Indiana and Ohio, which we anticipate will begin generating deliveries early next year.

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Third Quarter 2018 Results

Adjusted net income for the third quarter increased 46% to $26.1 million, or $0.86 per diluted share, as compared to $17.9 million, or $0.69 per diluted share, for the prior year quarter. Adjusted net income excludes the impact of one-time items associated with homebuilder acquisitions. Net income for the third quarter 2018 increased 80% to $17.0 million, or $0.56 per diluted share as compared to $9.5 million or $0.37 per diluted share for the prior year quarter.

Home sales revenues for the third quarter 2018 increased 47% to $552.9 million, compared to $374.9 million for the prior year quarter. The growth in home sales revenues was primarily attributable to an 80% increase in deliveries to 1,746 homes compared to 968 homes for the prior year quarter. Unfavorable weather in the Southeast towards the end of the third quarter 2018 disrupted construction and delayed a portion of home deliveries, which the Company now expects to deliver in the fourth quarter 2018. Average sales price of home deliveries for the third quarter 2018 was $316,700, compared to $387,300 in the prior year quarter, consistent with the Companys expansion of its offering of entry level homes. Excluding the Wade Jurney Homes, the Companys legacy regions experienced growth in home sales revenues and deliveries of 24% and 21% respectively.

Adjusted homebuilding gross margin percentage, excluding interest and purchase price accounting, was consistent with our expectations at 21.2% in the third quarter 2018, as compared to 21.0% in the prior year quarter. Homebuilding gross margin percentage in the third quarter 2018 was 16.8%, as compared to 17.0% in the prior year quarter, with the difference attributable to a 220 basis point impact of purchase price accounting in the third quarter 2018 mostly offset by higher core profitability. SG&A as a percent of home sales revenues was 12.8%, compared to 12.3% in the prior year quarter, largely due to increased depreciation and amortization along with costs associated with our growth, including higher sales and marketing costs, headcount and costs related to the integration of Wade Jurney Homes.

Net new home contracts in the third quarter 2018 increased 66% to 1,515 homes, compared to 914 homes in the prior year quarter, attributable to stronger demand trends within the Texas and Southeast Regions and the benefit of our Wade Jurney Homes acquisitions, partly offset by constrained selling activities in portions of the Southeast due to unfavorable weather conditions in key markets near quarter end. Excluding Wade Jurney Homes, the Companys legacy regions experienced growth of 20% in net new home contracts. At the end of the third quarter 2018, the Company had 2,988 homes in backlog, representing $931.0 million of backlog dollar value, compared to 1,664 homes in backlog, representing $689.3 million of backlog dollar value in the prior year quarter, an increase of 80% in units and 35% in dollar value.

Financial services generated pre-tax income of $1.7 million in the third quarter 2018 as compared to $0.5 million in the prior year quarter.

Stock Repurchase Program

The Board of Directors has authorized a stock repurchase program under which the Company may repurchase up to 4,500,000 shares of its outstanding common stock. The shares may be repurchased from time to time in open market transactions at prevailing market prices, negotiated private transactions, or by other means in accordance with federal securities laws. The actual manner, timing, amount and value of share repurchases under the stock repurchase program will be determined by management at its discretion and will depend on a number of factors, including the market price of the Companys common stock and general market and economic conditions. The stock repurchase program expires on November 6, 2020 and there is no guarantee as to the number of shares that will be repurchased, and the stock repurchase program may be extended, suspended or discontinued at any time without notice at the Companys discretion. As of November 6, 2018, the Company had approximately 30.8 million shares of common stock outstanding.

Full Year 2018 Outlook

David Messenger, Chief Financial Officer of the Company, commented, Our year-to-date results put us on solid footing to achieve our objectives for the full year 2018. Based on our current market outlook, we reiterate our full year 2018 expectations for home deliveries to be in a range of 6,000 to 6,500 homes and home sales revenues expected to be in a range of $2.0 billion to $2.3 billion.

Conference Call

The Company will host a webcast and conference call on Tuesday, November 6, 2018 at 5:00 p.m. Eastern time, 3:00 p.m. Mountain time, to review the Companys third quarter 2018 results, discuss recent events and conduct a question-and-answer period. To participate in the call, please dial 877-451-6152 (domestic) or 201-389-0879 (international). The live webcast will be available at www.centurycommunities.com in the Investors section. A replay of the conference call will be available through December 6, 2018, by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the pass code 13683944. A replay of the webcast will be available on the Companys website through December 6, 2018.

About Century Communities

Century Communities, Inc. (NYSE:CCS) is a top-10 U.S. homebuilder. Century is engaged in all aspects of homebuilding, including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Colorado-based Company sells its Century Communities and Wade Jurney Homes in 15 states across the West, Mountain, Texas and Southeast U.S. regions and offers title, insurance, and lending services in select markets through its Parkway Title, IHL Insurance Agency, and Inspire Home Loan subsidiaries. To learn more about Century Communities please visit www.centurycommunities.com.

Non-GAAP Financial Measures

In addition to the Companys operating results presented in accordance with generally accepted accounting principles (GAAP), this press release includes the following non-GAAP financial measures: Adjusted Diluted Earnings per Common Share (Adjusted Diluted EPS), Adjusted Homebuilding Gross Margin, Adjusted EBITDA, and Ratio of Homebuilding Net Debt to Net Capital. These non-GAAP financial measures should not be used as a substitute for the Companys operating results presented in accordance with GAAP, and an analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. Please refer to the reconciliation of each of the above referenced non-GAAP financial measures following the historical financial information presented in this press release.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions. Forward-looking statements may be identified by the use of words such as anticipate, believe, expect, estimate, plan, continue, outlook, and project and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this release include the companys operating and financial guidance for 2018. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on managements reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Companys control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. The following important factors could cause actual results to differ materially from those expressed in the forward-looking statement: adverse changes in general economic conditions, ability to identify and acquire desirable land, availability of financing, the effect of interest rate and tax changes, reliance on contractors, and the other factors included in the Companys most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law.

 
Century Communities, Inc.
Condensed Consolidated Statements of Operations

(Unaudited)

 

(in thousands, except share and per share amounts)

 
  Three months ended September 30,   Nine months ended September 30,
2018   2017 2018   2017
Revenues
Home sales revenues $ 552,876 $ 374,935 $ 1,469,871 $ 888,942
Land sales and other revenues   1,131     1,826     4,304     6,216  
554,007 376,761 1,474,175 895,158
Financial services revenue   7,722     2,955     21,292     4,697  
Total revenues 561,729 379,716 1,495,467 899,855
Homebuilding Cost of Revenues

 

 

Cost of home sales revenues (460,144 ) (311,365 ) (1,206,924 ) (727,577 )
Cost of land sales and other revenues   (1,093 )   (2,104 )   (3,010 )   (4,994 )
(461,237 ) (313,469 ) (1,209,934 ) (732,571 )
Financial services costs (6,056 ) (2,450 ) (15,836 ) (4,648 )
Selling, general, and administrative (70,975 ) (46,165 ) (191,130 ) (113,597 )
Acquisition expense (58 ) (7,205 ) (395 ) (8,645 )
Equity in income of unconsolidated subsidiaries 3,716 14,849 7,648
Other income (expense)   (545 )   1,013     (553 )   2,274  
Income before income tax expense 22,858 15,156 92,468 50,316
Income tax expense   (5,810 )   (5,686 )   (22,207 )   (17,216 )
Net income $ 17,048   $ 9,470   $ 70,261   $ 33,100  
 
Earnings per share:
Basic $ 0.56 $ 0.37 $ 2.35 $ 1.42
Diluted $ 0.56 $ 0.37 $ 2.33 $ 1.41
Weighted average common shares outstanding:
Basic 30,232,376 25,445,552 29,885,858 23,038,390
Diluted 30,554,881 25,726,137 30,189,058 23,275,320
 
 
Century Communities, Inc.
Condensed Consolidated Balance Sheets

(Unaudited)

 

(in thousands, except share amounts)

     
September 30, December 31,
2018 2017
Assets (Unaudited)
Cash and cash equivalents $ 15,927 $ 88,832
Cash held in escrow 31,906 37,723
Accounts receivable 28,015 12,999
Inventories 1,834,897 1,390,354
Mortgage loans held for sale 62,440 52,327
Prepaid expenses and other assets 100,245 60,812
Property and equipment, net 32,827 27,911
Investment in unconsolidated subsidiaries 28,208
Deferred tax assets, net 10,412 5,555
Amortizable intangible assets, net 5,205 2,938
Goodwill   30,620   27,363
Total assets $ 2,152,494 $ 1,735,022
Liabilities and stockholders’ equity
Liabilities:
Accounts payable $ 40,614 $ 24,831
Accrued expenses and other liabilities 190,305 150,356
Notes payable 787,455 776,283
Revolving line of credit 236,000
Mortgage repurchase facilities   57,327   48,319
Total liabilities   1,311,701   999,789
Stockholders’ equity:
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none outstanding
Common stock, $0.01 par value, 100,000,000 shares authorized, 30,758,852 and 29,502,624 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively 308 295
Additional paid-in capital 602,659 566,790
Retained earnings   237,826   168,148
Total stockholders’ equity   840,793   735,233
Total liabilities and stockholders’ equity $ 2,152,494 $ 1,735,022
 
 
Century Communities, Inc.
Homebuilding Operational Data
 
Net New Home Contracts
 
  Three Months Ended
September 30,
2018     2017     % Change
West 214 114 87.7 %
Mountain 308 373 (17.4 ) %
Texas 150 133 12.8 %
Southeast 422 294 43.5 %
Wade Jurney Homes 421 NM    
Total 1,515 914 65.8   %
 
Nine months ended

September 30,

2018 2017 % Change
West 616 114 440.4 %
Mountain 1,313 1,290 1.8 %
Texas 493 360 36.9 %
Southeast 1,449 1,128 28.5 %
Wade Jurney Homes 565 NM    
Total 4,436 2,892 53.4   %
 

NM “ Not meaningful

 
Home Deliveries

(dollars in thousands)

 
  Three months ended September 30,    
2018   2017 % Change
Homes  

Average Sales Price

Homes  

Average Sales Price

Homes

Average Sales Price

West 193 $ 548.6 151 $ 488.0 27.8 % 12.4 %
Mountain 377 430.2 375 417.3 0.5 % 3.1 %
Texas 177 316.7 90 397.5 96.7 % (20.3 ) %
Southeast 424 333.2 352 309.7 20.5 % 7.6 %
Wade Jurney Homes 575   152.1   NM   NM    
Total / Weighted Average 1,746 $ 316.7 968 $ 387.3 80.4 % (18.2 ) %
 
Nine months ended September 30,
2018 2017 % Change
Homes

Average Sales Price

Homes

Average Sales Price

Homes

Average Sales Price

West 606 $ 584.2 151 $ 488.0 301.3 % 19.7 %
Mountain 1,141 $ 425.5 1,046 $ 421.1 9.1 % 1.0 %
Texas 491 $ 320.2 266 $ 409.6 84.6 % (21.8 ) %
Southeast 1,093 $ 329.7 866 $ 307.0 26.2 % 7.4 %
Wade Jurney Homes 740 $ 152.3 $ NM   NM    
Total / Weighted Average 4,071 $ 361.1 2,329 $ 381.7 74.8 % (5.4 ) %
 

NM “ Not meaningful

 
Century Communities, Inc.
Homebuilding Operational Data
 
Selling Communities
 

Selling communities at period end

  As of September 30,     Increase/(Decrease)
2018   2017 Amount   % Change
 
West 17 10 7 70.0 %
Mountain 34 33 1 3.0 %
Texas 23 24 (1 ) (4.2 ) %
Southeast 51 40 11 27.5 %
Wade Jurney Homes N/A N/A N/A   N/A    
Total 125 107 18   16.8   %
 

N/A “ Not applicable

 
Backlog

(dollars in thousands)

 
  September 30,      
2018   2017 % Change
Homes   Dollar Value  

Average Sales Price

Homes   Dollar Value  

Average Sales Price

Homes Dollar Value

Average Sales Price

West 280 $ 153,121 $ 546.9 290 $ 161,013 $ 555.2 (3.4 ) % (4.9 ) % (1.5 ) %
Mountain 627 283,534 $ 452.0 573 247,876 $ 432.3 9.4 % 14.4 % 4.6 %
Texas 217 75,129 $ 346.2 245 101,125 $ 412.8 (11.4 ) % (25.7 ) % (16.1 ) %
Southeast 736 241,943 $ 328.7 556 179,324 $ 322.5 32.4 % 34.9 % 1.9 %
Wade Jurney Homes 1,128   177,224 $ 157.1   $ NM     NM     NM    
Total / Weighted Average 2,988 $ 930,951 $ 311.5 1,664 $ 689,338 $ 414.3 79.6   % 35.1   % (24.8 ) %
 

NM “ Not meaningful

 

Lot Inventory

 
  September 30,      
2018   2017 % Change
 
Owned   Controlled   Total Owned   Controlled   Total Owned Controlled Total
 
West 3,611 1,908 5,519 3,542 2,630 6,172 1.9 % (27.5 ) % (10.6 ) %
Mountain 5,426 5,479 10,905 4,291 5,068 9,359 26.5 % 8.1 % 16.5 %
Texas 3,883 2,075 5,958 2,223 4,795 7,018 74.7 % (56.7 ) % (15.1 ) %
Southeast 5,120 4,229 9,349 4,790 4,657 9,447 6.9 % (9.2 ) % (1.0 ) %
Wade Jurney Homes 3,088 3,328 6,416 NM   NM     NM    
Total 21,128 17,019 38,147 14,846 17,150 31,996 42.3 % (0.8 ) % 19.2   %
 

NM “ Not meaningful

Century Communities, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited)

Adjusted Diluted Earnings per Common Share (Adjusted Diluted EPS) is a non-GAAP financial measure that we believe is useful to management, investors and other users of the Companys financial information in evaluating its operating results and understanding its operating trends without the effect of certain non-recurring items. The Company believes excluding certain non-recurring items provides more comparable assessment of its financial results from period to period. Adjusted Diluted EPS is calculated by excluding the effect of acquisition costs and purchase price accounting for acquired work in process from the calculation of reported EPS.

 
Adjusted Diluted Earnings Per Common Share
 

(in thousands, except share and per share amounts)

 
  Three Months Ended   Nine months ended
September 30, September 30,
2018   2017 2018   2017
Numerator
Net income $ 17,048 $ 9,470 $ 70,261 $ 33,100
Less: Undistributed earnings allocated to participating securities       (52 )   (58 )   (289 )
Net income allocable to common stockholders $ 17,048   $ 9,418   $ 70,203   $ 32,811  
Denominator
Weighted average common shares outstanding – basic 30,232,376 25,445,552 29,885,858 23,038,390
Dilutive effect of restricted stock units   322,505     280,585     303,200     236,930  
Weighted average common shares outstanding – diluted   30,554,881     25,726,137     30,189,058     23,275,320  
Earnings per share:
Basic $ 0.56 $ 0.37 $ 2.35 $ 1.42
Diluted $ 0.56 $ 0.37 $ 2.33 $ 1.41
 
Adjusted earnings per share
Numerator
Income before income tax expense $ 22,858 $ 15,156 $ 92,468 $ 50,316
Purchase price accounting for acquired work in process inventory 11,934 6,214 28,367 6,331
Gain on previously held interest in WJH (7,219 )
Acquisition expense   58     7,205     395     8,645  
Adjusted income before income tax expense 34,850 28,575 114,011 65,292
Adjusted income tax expense(1)   (8,713 )   (10,720 )   (28,503 )   (22,340 )
Adjusted net income 26,137 17,855 85,508 42,952
Less: Adjusted undistributed earnings allocated to participating securities       (99 )   (71 )   (375 )
Adjusted net income allocable to common stockholders $ 26,137   $ 17,756   $ 85,437   $ 42,577  
 
Denominator – Diluted 30,554,881 25,726,137 30,189,058 23,275,320
 
Adjusted diluted earnings per share $ 0.86 $ 0.69 $ 2.83 $ 1.83
 

(1)

  For the three and nine months ended September 30, 2018, the tax rate used in adjusted net income was 25%. This rate is inclusive of our estimated annual rate of 26.6% offset by the estimated annual benefit associated with federal energy credits related to homes delivered. For the three and nine months ended September 30, 2017, the Companys GAAP tax rate was utilized.
 

Century Communities, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited)

Adjusted homebuilding gross margin excluding interest and purchase price accounting for acquired work in process inventory is not a measurement of financial performance under United States generally accepted accounting principles; however, the Companys management believes that this information is meaningful as it isolates the impact that indebtedness and acquisitions have on homebuilding gross margin and permits the Companys stockholders to make better comparisons with the Companys competitors, who adjust gross margins in a similar fashion. This non-GAAP financial measure should not be used as a substitute for the Companys operating results. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.

 
Adjusted Homebuilding Gross Margin

(in thousands)

 
  Three months ended September 30,
2018   %   2017   %
 
Home sales revenues $ 552,876 100.0 % $ 374,935 100.0 %
Cost of home sales revenues   (460,144 ) (83.2 ) %   (311,365 ) (83.0 ) %
Gross margin from home sales 92,732 16.8 % 63,570 17.0 %
Add: Interest in cost of home sales revenues   12,334   2.2   %   8,794   2.3   %
Adjusted homebuilding gross margin excluding interest 105,066 19.0 % 72,364 19.3 %
Add: Purchase price accounting for acquired work in process inventory   11,934   2.2   %   6,214   1.7   %
Adjusted homebuilding gross margin excluding interest and purchase price accounting for acquired work in process inventory $ 117,000   21.2   % $ 78,578   21.0   %
 
 
Nine months ended September 30,
2018 % 2017 %
 
Home sales revenues $ 1,469,871 100.0 % $ 888,942 100.0 %
Cost of home sales revenues   (1,206,924 ) (82.1 ) %   (727,577 ) (81.8 ) %
Gross margin from home sales 262,947 17.9 % 161,365 18.2 %
Add: Interest in cost of home sales revenues   33,577   2.3   %   20,625   2.3   %
Adjusted homebuilding gross margin excluding interest 296,524 20.2 % 181,990 20.5 %
Add: Purchase price accounting for acquired work in process inventory   28,367   1.9   %   6,331   0.7   %
Adjusted homebuilding gross margin excluding interest and purchase price accounting for acquired work in process inventory $ 324,891   22.1   % $ 188,321   21.2   %
 

Century Communities, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited)

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure we use as a supplemental measure in evaluating operating performance. The Company defines adjusted EBITDA as consolidated net income before (i) income tax expense, (ii) interest in cost of home sales revenues, (iii) other interest expense, (iv) depreciation and amortization expense, and (v) adjustments resulting from the application of purchase accounting for acquired work in process inventory related to business combinations. The Company believes adjusted EBITDA provides an indicator of general economic performance that is not affected by fluctuations in interest rates or effective tax rates, levels of depreciation or amortization, and items considered to be non-recurring. Accordingly, the Companys management believes that this measurement is useful for comparing general operating performance from period to period. Adjusted EBITDA should be considered in addition to, and not as a substitute for, consolidated net income in accordance with GAAP as a measure of performance. The Companys presentation of adjusted EBITDA should not be construed as an indication that its future results will be unaffected by unusual or non-recurring items. Adjusted EBITDA is limited as an analytical tool, and should not be considered in isolation or as a substitute for analysis of the Companys results as reported under GAAP.

 

(in thousands)

 
  Three months ended September 30,   Nine months ended September 30,
2018   2017   % Change 2018   2017   % Change
Net income $ 17,048 $ 9,470   80.0 % $ 70,261 $ 33,100   112.3 %
Income tax expense 5,810 5,686 2.2 % 22,207 17,216 29.0 %
Interest in cost of home sales revenues 12,334 8,794 40.3 % 33,577 20,625 62.8 %
Interest expense (income) (205 ) (778 ) (73.7 ) % (579 ) (1,323 ) (56.2 ) %
Depreciation and amortization expense   3,291     2,256     45.9   %   8,803     5,073     73.5   %
EBITDA 38,278 25,428 50.5 % 134,269 74,691 79.8 %
Purchase price accounting for acquired work in process inventory 11,934 6,214 92.1 % 28,367 6,331 348.1 %
Purchase price accounting for investment in unconsolidated subsidiaries outside basis 30 (100.0 ) % 60 885 (93.2 ) %
Acquisition expense   58     7,205     (99.2 ) %   395     8,645     (95.4 ) %
Adjusted EBITDA $ 50,270   $ 38,877     29.3   % $ 163,091   $ 90,552     80.1   %
 

Century Communities, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited)

Ratio of Net Homebuilding Debt to Net Capital

The following table presents the Companys ratio of net homebuilding debt to net capital, which is a non-GAAP financial measure. The Company calculates this by dividing net homebuilding debt (senior notes payable and revolving line of credit less cash held in escrow and cash and cash equivalents) by net capital (net homebuilding debt plus total stockholders equity). The most directly comparable GAAP measure is the ratio of debt to capital. The Company believes the ratio of net homebuilding debt to net capital is a relevant and useful financial measure to investors in understanding the leverage employed in its operations and as an indicator of the Companys ability to obtain external financing.

 

(in thousands)

 
  September 30,   December 31,
2018 2017
Total homebuilding debt $ 1,023,455 $ 776,283
Total stockholders’ equity   840,793     735,233  
Total capital $ 1,864,248   $ 1,511,516  
Debt to capital   54.9 %   51.4 %
 
Total homebuilding debt $ 1,023,455 $ 776,283
Cash and cash equivalents (15,927 ) (88,832 )
Cash held in escrow   (31,906 )   (37,723 )
Net homebuilding debt 975,622 649,728
Total stockholders’ equity   840,793     735,233  
Net capital $ 1,816,415   $ 1,384,961  
 
Net homebuilding debt to net capital   53.7 %   46.9 %

Century Communities, Inc.
Investor Relations:
303-268-8398
[email protected]

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