2018 Q4 Form 10-Q Financial Statement

#000091584019000010 Filed on February 04, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $402.0M $372.5M
YoY Change 7.93% 9.8%
Cost Of Revenue $340.4M $311.7M
YoY Change 9.21% 9.12%
Gross Profit $60.66M $60.83M
YoY Change -0.29% 13.35%
Gross Profit Margin 15.09% 16.33%
Selling, General & Admin $54.40M $51.60M
YoY Change 5.43% 3.82%
% of Gross Profit 89.69% 84.83%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.800M $2.500M
YoY Change 12.0% -6.61%
% of Gross Profit 4.62% 4.11%
Operating Expenses $57.10M $54.10M
YoY Change 5.55% 3.24%
Operating Profit $3.506M $6.681M
YoY Change -47.52% 424.0%
Interest Expense $242.0K $3.435M
YoY Change -92.95% -34.6%
% of Operating Profit 6.9% 51.41%
Other Income/Expense, Net $200.0K $300.0K
YoY Change -33.33% 200.0%
Pretax Income $3.400M -$22.47M
YoY Change -115.13% 476.28%
Income Tax -$3.900M $108.1M
% Of Pretax Income -114.71%
Net Earnings $7.311M -$130.9M
YoY Change -105.58% 9063.54%
Net Earnings / Revenue 1.82% -35.15%
Basic Earnings Per Share -$4.08
Diluted Earnings Per Share $0.23 -$4.078M
COMMON SHARES
Basic Shares Outstanding 31.80M shares 32.06M shares
Diluted Shares Outstanding 32.06M shares 32.06M shares

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.40M $177.8M
YoY Change -52.53% 12.11%
Cash & Equivalents $97.04M $189.9M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.722B $1.627B
Prepaid Expenses
Receivables $19.30M $31.80M
Other Receivables $0.00 $100.0K
Total Short-Term Assets $1.826B $1.836B
YoY Change -0.58% 0.39%
LONG-TERM ASSETS
Property, Plant & Equipment $24.41M $18.74M
YoY Change 30.23% -3.07%
Goodwill $10.61M
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.650M $4.300M
YoY Change -15.12% -15.69%
Other Assets $230.7M $212.2M
YoY Change 8.72% -35.42%
Total Long-Term Assets $277.6M $384.6M
YoY Change -27.82% 7.15%
TOTAL ASSETS
Total Short-Term Assets $1.826B $1.836B
Total Long-Term Assets $277.6M $384.6M
Total Assets $2.103B $2.221B
YoY Change -5.3% 1.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $99.90M $97.50M
YoY Change 2.46% 12.46%
Accrued Expenses $61.20M $61.10M
YoY Change 0.16% -24.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $175.4M $173.5M
YoY Change 1.1% -5.04%
LONG-TERM LIABILITIES
Long-Term Debt $1.256B $1.325B
YoY Change -5.19% -0.9%
Other Long-Term Liabilities $37.10M $27.20M
YoY Change 36.4% 6.25%
Total Long-Term Liabilities $1.293B $1.352B
YoY Change -4.35% -0.76%
TOTAL LIABILITIES
Total Short-Term Liabilities $175.4M $173.5M
Total Long-Term Liabilities $1.293B $1.352B
Total Liabilities $1.468B $1.525B
YoY Change -3.73% -1.28%
SHAREHOLDERS EQUITY
Retained Earnings -$228.7M -$321.6M
YoY Change -28.88% 43.64%
Common Stock $863.8M $874.4M
YoY Change -1.21% 0.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $635.1M $552.8M
YoY Change
Total Liabilities & Shareholders Equity $2.103B $2.078B
YoY Change 1.22% -5.03%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $7.311M -$130.9M
YoY Change -105.58% 9063.54%
Depreciation, Depletion And Amortization $2.800M $2.500M
YoY Change 12.0% -6.61%
Cash From Operating Activities -$54.69M -$102.2M
YoY Change -46.5% 62.69%
INVESTING ACTIVITIES
Capital Expenditures $6.354M $3.702M
YoY Change 71.64% 28.81%
Acquisitions
YoY Change
Other Investing Activities $100.0K -$300.0K
YoY Change -133.33% -200.0%
Cash From Investing Activities -$6.300M -$4.039M
YoY Change 55.98% 55.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.50M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $4.778M -$8.452M
YoY Change -156.53% 159.9%
NET CHANGE
Cash From Operating Activities -$54.69M -$102.2M
Cash From Investing Activities -$6.300M -$4.039M
Cash From Financing Activities $4.778M -$8.452M
Net Change In Cash -$56.21M -$114.7M
YoY Change -51.0% 67.0%
FREE CASH FLOW
Cash From Operating Activities -$54.69M -$102.2M
Capital Expenditures $6.354M $3.702M
Free Cash Flow -$61.04M -$105.9M
YoY Change -42.37% 61.21%

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CY2018Q3 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
1692284000 USD
CY2018Q4 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
1722120000 USD
CY2018Q3 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
907793000 USD
CY2018Q4 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
925728000 USD
CY2017Q4 us-gaap Inventory Write Down
InventoryWriteDown
0 USD
CY2018Q4 us-gaap Inventory Write Down
InventoryWriteDown
1007000 USD
CY2018Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
4035000 USD
CY2018Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
3650000 USD
CY2018Q3 us-gaap Land Available For Development
LandAvailableForDevelopment
83173000 USD
CY2018Q4 us-gaap Land Available For Development
LandAvailableForDevelopment
83177000 USD
CY2018Q3 us-gaap Liabilities
Liabilities
1484075000 USD
CY2018Q4 us-gaap Liabilities
Liabilities
1468281000 USD
CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2103390000 USD
CY2018Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
2128102000 USD
CY2017Q4 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
3145000 USD
CY2018Q4 us-gaap Other Cost And Expense Operating
OtherCostAndExpenseOperating
42000 USD
CY2017Q4 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
421000 USD
CY2018Q3 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
200000000 USD
CY2018Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
183500000 USD
CY2018Q3 us-gaap Litigation Reserve
LitigationReserve
3656000 USD
CY2018Q4 us-gaap Litigation Reserve
LitigationReserve
3348000 USD
CY2017Q4 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-8452000 USD
CY2018Q4 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4778000 USD
CY2017Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4039000 USD
CY2018Q4 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6300000 USD
CY2017Q4 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-102224000 USD
CY2018Q4 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-54690000 USD
CY2017Q4 us-gaap Net Income Loss
NetIncomeLoss
-130947000 USD
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
7311000 USD
CY2018Q4 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
3 segment
CY2018Q4 us-gaap Number Of States In Which Entity Operates
NumberOfStatesInWhichEntityOperates
13 state
CY2017Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
6681000 USD
CY2018Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
3506000 USD
CY2018Q3 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
35880000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
37082000 USD
CY2018Q3 us-gaap Other Assets
OtherAssets
9339000 USD
CY2018Q4 us-gaap Other Assets
OtherAssets
8197000 USD
CY2018Q3 us-gaap Other Liabilities
OtherLiabilities
126389000 USD
CY2018Q4 us-gaap Other Liabilities
OtherLiabilities
112633000 USD
CY2017Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
CY2018Q4 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
16500000 USD
CY2017Q4 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
5649000 USD
CY2018Q4 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
400000 USD
CY2017Q4 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1322000 USD
CY2018Q4 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1850000 USD
CY2018Q4 us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
0 USD
CY2017Q4 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0 USD
CY2018Q4 us-gaap Payments To Acquire Interest In Subsidiaries And Affiliates
PaymentsToAcquireInterestInSubsidiariesAndAffiliates
0 USD
CY2017Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3702000 USD
CY2018Q4 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6354000 USD
CY2018Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q4 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
25555000 USD
CY2018Q4 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
24921000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-228721000 USD
CY2017Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
372489000 USD
CY2018Q4 us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
ProceedsFromEquityMethodInvestmentDividendsOrDistributionsReturnOfCapital
0 USD
CY2017Q4 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
39000 USD
CY2018Q4 us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
1148000 USD
CY2017Q4 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
400000000 USD
CY2018Q4 us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
0 USD
CY2017Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2018Q4 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
100000000 USD
CY2017Q4 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2018Q4 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
7000 USD
CY2017Q4 us-gaap Proceeds From Sale Of Buildings
ProceedsFromSaleOfBuildings
84000 USD
CY2018Q4 us-gaap Proceeds From Sale Of Buildings
ProceedsFromSaleOfBuildings
54000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20843000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24408000 USD
CY2017Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-1000 USD
CY2018Q4 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
CY2017Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
139203000 USD
CY2017Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
144847000 USD
CY2018Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
144645000 USD
CY2018Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
151886000 USD
CY2017Q4 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
16476000 USD
CY2018Q4 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
17323000 USD
CY2017Q4 us-gaap Repayments Of Debt
RepaymentsOfDebt
401481000 USD
CY2018Q4 us-gaap Repayments Of Debt
RepaymentsOfDebt
1479000 USD
CY2017Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2018Q4 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
75000000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
12082000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
13443000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
12637000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-236032000 USD
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
402040000 USD
CY2017Q4 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
14356000 USD
CY2018Q4 us-gaap Sales Commissions And Fees
SalesCommissionsAndFees
15737000 USD
CY2017Q4 us-gaap Share Based Compensation
ShareBasedCompensation
2610000 USD
CY2018Q4 us-gaap Share Based Compensation
ShareBasedCompensation
2114000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
441991 shares
CY2017Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
18091000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
15816000 USD
CY2018Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
15331000 USD
CY2018Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
13432000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
4191000 USD
CY2018Q4 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2330000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-2296000 USD
CY2018Q4 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-1874000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
4212000 USD
CY2018Q4 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2305000 USD
CY2018Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000 USD
CY2018Q4 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
33500000 USD
CY2018Q4 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
1600000 shares
CY2018Q4 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
16500000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
644027000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
635109000 USD
CY2018Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
14336000 USD
CY2018Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
13651000 USD
CY2017Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32055000 shares
CY2018Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32222000 shares
CY2017Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32055000 shares
CY2018Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31967000 shares
CY2017Q4 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
3173000 USD
CY2018Q4 us-gaap Write Off Of Deferred Debt Issuance Cost
WriteOffOfDeferredDebtIssuanceCost
0 USD
CY2018Q4 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make informed estimates and judgments that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Accordingly, actual results could differ from these estimates.</font></div></div>

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