$HOV
HOVNANIAN ENTERPRISES INC

2018 Q3 Form 10-Q Financial Statement

#000143774918016802 Filed on September 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $456.7M $721.7M $592.0M
YoY Change -22.86% -10.36% -17.41%
Cost Of Revenue $374.8M $601.4M $502.5M
YoY Change -25.41% -11.9% -18.13%
Gross Profit $81.90M $120.3M $89.60M
YoY Change -8.59% -1.8% -13.09%
Gross Profit Margin 17.93% 16.67% 15.13%
Selling, General & Admin $53.90M $72.90M $61.20M
YoY Change -11.93% 35.75% -8.11%
% of Gross Profit 65.81% 60.6% 68.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $800.0K $1.000M $1.100M
YoY Change -27.27% 0.0% 22.22%
% of Gross Profit 0.98% 0.83% 1.23%
Operating Expenses $54.40M $73.00M $61.10M
YoY Change -10.97% 32.49% -9.48%
Operating Profit $27.50M $47.30M $28.50M
YoY Change -3.51% -29.82% -19.94%
Interest Expense -$23.10M -$35.00M -$36.30M
YoY Change -36.36% 9.38% 5.22%
% of Operating Profit -84.0% -74.0% -127.37%
Other Income/Expense, Net $26.00K
YoY Change -102.72%
Pretax Income $78.00K $12.31M -$50.20M
YoY Change -100.16% -61.72% -4692.86%
Income Tax $1.104M $464.0K $287.0M
% Of Pretax Income 1415.38% 3.77%
Net Earnings -$1.026M $11.84M -$337.2M
YoY Change -99.7% -46.88% 71041.14%
Net Earnings / Revenue -0.22% 1.64% -56.96%
Basic Earnings Per Share -$0.18 $0.08 -$2.28
Diluted Earnings Per Share -$0.18 $0.08 -$2.28
COMMON SHARES
Basic Shares Outstanding 5.947M 147.9M 147.7M
Diluted Shares Outstanding 5.947M 160.5M 147.7M

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $221.9M $463.7M $285.7M
YoY Change -22.33% 36.46% 50.37%
Cash & Equivalents $221.9M $469.3M $285.7M
Short-Term Investments
Other Short-Term Assets $41.50M $37.00M $43.50M
YoY Change -4.6% -20.94% -41.77%
Inventory $1.109B $1.010B $1.189B
Prepaid Expenses
Receivables $37.90M $58.10M $38.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.410B $1.569B $1.557B
YoY Change -9.41% -8.77% -13.4%
LONG-TERM ASSETS
Property, Plant & Equipment $20.10M $52.92M $52.40M
YoY Change -61.64% 5.14% 8.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $104.8M $115.1M $108.6M
YoY Change -3.5% 14.53% 23.41%
Other Assets $25.30M $2.100M $2.000M
YoY Change 1165.0% -46.15% -90.57%
Total Long-Term Assets $258.2M $332.3M $265.5M
YoY Change -2.76% -47.72% -55.08%
TOTAL ASSETS
Total Short-Term Assets $1.410B $1.569B $1.557B
Total Long-Term Assets $258.2M $332.3M $265.5M
Total Assets $1.668B $1.901B $1.822B
YoY Change -8.44% -19.28% -23.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $131.0M $128.8M $147.1M
YoY Change -10.94% -19.95% -25.03%
Accrued Expenses $51.80M $60.10M $51.40M
YoY Change 0.78% -3.99% -40.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $223.1M $224.9M $238.1M
YoY Change -6.3% -13.8% -27.32%
LONG-TERM LIABILITIES
Long-Term Debt $1.652B $1.757B $1.735B
YoY Change -4.77% 0.17% -6.83%
Other Long-Term Liabilities $294.0M $379.1M $320.7M
YoY Change -8.33% -19.05% -8.71%
Total Long-Term Liabilities $1.946B $2.136B $2.055B
YoY Change -5.32% -3.88% -7.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $223.1M $224.9M $238.1M
Total Long-Term Liabilities $1.946B $2.136B $2.055B
Total Liabilities $2.169B $2.361B $2.293B
YoY Change -5.42% -4.92% -9.73%
SHAREHOLDERS EQUITY
Retained Earnings -$1.230B -$1.188B -$1.200B
YoY Change 2.48% 38.8% 36.63%
Common Stock $707.9M $706.5M $707.5M
YoY Change 0.05% 0.05% 0.36%
Preferred Stock
YoY Change
Treasury Stock (at cost) $115.4M $115.4M $115.4M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity -$500.6M -$460.4M -$471.2M
YoY Change
Total Liabilities & Shareholders Equity $1.668B $1.901B $1.822B
YoY Change -8.44% -19.28% -23.72%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$1.026M $11.84M -$337.2M
YoY Change -99.7% -46.88% 71041.14%
Depreciation, Depletion And Amortization $800.0K $1.000M $1.100M
YoY Change -27.27% 0.0% 22.22%
Cash From Operating Activities -$26.60M $156.1M $28.30M
YoY Change -193.99% -18.87% -87.47%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$1.500M -$500.0K
YoY Change 100.0% -48.28% -85.29%
Acquisitions
YoY Change
Other Investing Activities -$5.600M -$5.700M -$2.200M
YoY Change 154.55% -55.47% -88.83%
Cash From Investing Activities -$6.600M -$7.100M -$2.800M
YoY Change 135.71% -54.78% -87.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.10M 36.10M -20.50M
YoY Change -154.15% -252.97% -85.59%
NET CHANGE
Cash From Operating Activities -26.60M 156.1M 28.30M
Cash From Investing Activities -6.600M -7.100M -2.800M
Cash From Financing Activities 11.10M 36.10M -20.50M
Net Change In Cash -22.10M 185.1M 5.000M
YoY Change -542.0% 20.9% -91.72%
FREE CASH FLOW
Cash From Operating Activities -$26.60M $156.1M $28.30M
Capital Expenditures -$1.000M -$1.500M -$500.0K
Free Cash Flow -$25.60M $157.6M $28.80M
YoY Change -188.89% -19.3% -87.43%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q3 hov Aggregate Retention For Construction Defects Warranty And Bodily Injury Claims
AggregateRetentionForConstructionDefectsWarrantyAndBodilyInjuryClaims
20000000
CY2017Q4 hov Aggregate Retention For Construction Defects Warranty And Bodily Injury Claims
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CY2018Q3 hov Bodily Injury Insurance Deductible
BodilyInjuryInsuranceDeductible
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CY2017Q4 hov Bodily Injury Insurance Deductible
BodilyInjuryInsuranceDeductible
250000
CY2018Q3 hov Bodily Injury Insurance Limit
BodilyInjuryInsuranceLimit
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CY2017Q4 hov Bodily Injury Insurance Limit
BodilyInjuryInsuranceLimit
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hov Carrying Value Of Communities Tested For Impairment
CarryingValueOfCommunitiesTestedForImpairment
11200000
hov Carrying Value Of Communities Tested For Impairment
CarryingValueOfCommunitiesTestedForImpairment
82700000
CY2018Q3 hov Cash Received From Subcontractors For Owner Controlled Insurance Program
CashReceivedFromSubcontractorsForOwnerControlledInsuranceProgram
1300000
CY2017Q3 hov Cash Received From Subcontractors For Owner Controlled Insurance Program
CashReceivedFromSubcontractorsForOwnerControlledInsuranceProgram
1100000
hov Cash Received From Subcontractors For Owner Controlled Insurance Program
CashReceivedFromSubcontractorsForOwnerControlledInsuranceProgram
3300000
hov Cash Received From Subcontractors For Owner Controlled Insurance Program
CashReceivedFromSubcontractorsForOwnerControlledInsuranceProgram
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CY2018Q3 hov Common Stock Dividends Percent Of Increase From Class A To Class B
CommonStockDividendsPercentOfIncreaseFromClassAToClassB
1.1
hov Conversion Of Stock From Class B To Class A Conversion Ratio
ConversionOfStockFromClassBToClassAConversionRatio
1
CY2018Q3 hov Corporate General And Administrative
CorporateGeneralAndAdministrative
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CY2017Q3 hov Corporate General And Administrative
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hov Corporate General And Administrative
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hov Corporate General And Administrative
CorporateGeneralAndAdministrative
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CY2018Q3 hov Debt Covenant Fixed Charge Coverage Ratio Minimum
DebtCovenantFixedChargeCoverageRatioMinimum
2
CY2018Q3 hov Deposits Associated With Land And Lot Options Of Unconsolidated Variable Interest Entities
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CY2018Q3 hov Exchangeable Note Unit Rate Stated Percentage
ExchangeableNoteUnitRateStatedPercentage
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CY2018Q3 hov General Liability Insurance Deductible
GeneralLiabilityInsuranceDeductible
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CY2017Q4 hov General Liability Insurance Deductible
GeneralLiabilityInsuranceDeductible
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hov Increase In Interest Incurred Per Year Amount
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hov Inventory Impairments And Land Option Cost Write Offs
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hov Inventory Impairments And Land Option Cost Write Offs
InventoryImpairmentsAndLandOptionCostWriteOffs
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CY2018Q3 hov Joint Venture Total Debt To Capitalization Ratio
JointVentureTotalDebtToCapitalizationRatio
0.55
CY2018Q3 hov Loans Held For Sale Mortgages Unpaid Principal
LoansHeldForSaleMortgagesUnpaidPrincipal
80300000
CY2017Q4 hov Loans Held For Sale Mortgages Unpaid Principal
LoansHeldForSaleMortgagesUnpaidPrincipal
128400000
hov Number Of Communities Evaluated For Impairment
NumberOfCommunitiesEvaluatedForImpairment
405
hov Number Of Communities Evaluated For Impairment
NumberOfCommunitiesEvaluatedForImpairment
380
hov Number Of Communities Performed Detailed Impairment Calculations
NumberOfCommunitiesPerformedDetailedImpairmentCalculations
5
hov Number Of Communities Performed Detailed Impairment Calculations
NumberOfCommunitiesPerformedDetailedImpairmentCalculations
10
CY2018Q3 hov Number Of Loans Reserved For
NumberOfLoansReservedFor
45
CY2017Q3 hov Number Of Loans Reserved For
NumberOfLoansReservedFor
94
CY2017Q1 hov Number Of Optioned Communities Transferred To The Joint Venture
NumberOfOptionedCommunitiesTransferredToTheJointVenture
3
CY2017Q1 hov Number Of Owned Communities Transferred To The Joint Venture
NumberOfOwnedCommunitiesTransferredToTheJointVenture
1
hov Payment Of Financing Costs For Debt Issuance And Land Bank Financing
PaymentOfFinancingCostsForDebtIssuanceAndLandBankFinancing
7010000
hov Payment Of Financing Costs For Debt Issuance And Land Bank Financing
PaymentOfFinancingCostsForDebtIssuanceAndLandBankFinancing
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CY2018Q3 hov Payments By Insurance Companies For Claims
PaymentsByInsuranceCompaniesForClaims
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CY2017Q3 hov Payments By Insurance Companies For Claims
PaymentsByInsuranceCompaniesForClaims
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hov Payments By Insurance Companies For Claims
PaymentsByInsuranceCompaniesForClaims
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hov Payments By Insurance Companies For Claims
PaymentsByInsuranceCompaniesForClaims
700000
hov Payments For Land Bank Financing Program
PaymentsForLandBankFinancingProgram
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hov Payments For Land Bank Financing Program
PaymentsForLandBankFinancingProgram
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hov Payments For Model Sale Leaseback Financing Programs
PaymentsForModelSaleLeasebackFinancingPrograms
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hov Payments For Model Sale Leaseback Financing Programs
PaymentsForModelSaleLeasebackFinancingPrograms
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hov Proceeds From Land Bank Financing Program
ProceedsFromLandBankFinancingProgram
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hov Proceeds From Land Bank Financing Program
ProceedsFromLandBankFinancingProgram
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hov Proceeds From Model Sale Leaseback Financing Programs
ProceedsFromModelSaleLeasebackFinancingPrograms
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hov Proceeds From Model Sale Leaseback Financing Programs
ProceedsFromModelSaleLeasebackFinancingPrograms
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CY2017Q1 hov Proceeds From Transfer Of Land To Joint Venture
ProceedsFromTransferOfLandToJointVenture
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CY2018Q3 hov Purchase Price Associated With Land And Lot Options Of Unconsolidated Variable Interest Entities
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CY2018Q3 hov Real Estate Inventory Expense Not Eligible For Capitalization
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CY2017Q3 hov Real Estate Inventory Expense Not Eligible For Capitalization
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hov Real Estate Inventory Expense Not Eligible For Capitalization
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hov Real Estate Inventory Expense Not Eligible For Capitalization
RealEstateInventoryExpenseNotEligibleForCapitalization
68483000
hov Revaluation Of Deferred Tax Asset Decrease
RevaluationOfDeferredTaxAssetDecrease
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hov Revaluation Of Deferred Tax Liabilities Decrease
RevaluationOfDeferredTaxLiabilitiesDecrease
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CY2008Q3 hov Shareholder Ownership Percentage Of Increase
ShareholderOwnershipPercentageOfIncrease
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hov Stock Issued During Period Value Restricted Stock Awards Net Of Forfeitures And Adjustments To Additional Paid In Capital Share Based Compensation Requisite Service Period Recognition Value
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CY2018Q3 us-gaap Accrued Income Taxes
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CY2017Q4 us-gaap Accrued Income Taxes
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CY2018Q3 us-gaap Additional Paid In Capital Common Stock
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CY2018Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2018Q3 us-gaap Allowance For Loan And Lease Losses Adjustments Net
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CY2017Q3 us-gaap Allowance For Loan And Lease Losses Adjustments Net
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us-gaap Allowance For Loan And Lease Losses Adjustments Net
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us-gaap Allowance For Loan And Lease Losses Adjustments Net
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us-gaap Amortization Of Financing Costs And Discounts
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us-gaap Amortization Of Financing Costs And Discounts
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CY2018Q3 us-gaap Assets
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CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Impairment Of Real Estate
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2018Q3 us-gaap Cash Equivalents At Carrying Value
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CY2018Q3 us-gaap Costs And Expenses
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CY2017Q3 us-gaap Costs And Expenses
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us-gaap Costs And Expenses
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us-gaap Costs And Expenses
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Depreciation
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us-gaap Depreciation
Depreciation
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 27pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18.</div></div></div> </td> <td> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;">Recent Accounting Pronouncements</div></div> </td> </tr> </table> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.5pt;text-align:left;text-indent:46.2pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2014, </div>the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> &#x201c;Revenue from Contracts with Customers&#x201d; (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">606</div>), (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09&#x201d;</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> requires entities to recognize revenue that represents the transfer of promised goods or services to customers in an amount equivalent to the consideration to which the entity expects to be entitled to in exchange for those goods or services. The following steps should be applied to determine this amount: (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>) identify the contract(s) with a customer; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div>) identify the performance obligations in the contract; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div>) determine the transaction price; (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4</div>) allocate the transaction price to the performance obligations in the contract; and (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div>) recognize revenue when (or as) the entity satisfies a performance obligation. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> supersedes the revenue recognition requirements in ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605,</div> &#x201c;Revenue Recognition,&#x201d; and most industry-specific guidance in the Accounting Standards Codification. The FASB has also issued a number of updates to this standard. The standard is effective for us for annual and interim periods beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2018, </div>and at that time, we expect to apply the modified retrospective method of adoption. We have been involved in industry-specific discussions with the FASB and within our industry on the treatment of certain items. Due to the nature of our operations, we expect to identify similar performance obligations in our contracts under ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> compared with the deliverables and separate units of account we have identified under existing accounting standards. As a result, we expect the timing of our recognition of revenues to remain generally the same. We do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect significant changes to our business processes, systems, or internal controls as a result of adopting the standard. We also do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect the adoption of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> to have a material impact on our financial statements. Nonetheless, we are still evaluating the impact of specific parts of this ASU, and expect our revenue-related disclosures to change upon its adoption.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> &#x201c;Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>)&#x201d; (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02&#x201d;</div>), which provides guidance for accounting for leases. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> requires lessees to classify leases as either finance or operating leases and to record a right-of-use asset and a lease liability for all leases with a term greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months regardless of the lease classification. The lease classification will determine whether the lease expense is recognized based on an effective interest rate method or on a straight line basis over the term of the lease. Accounting for lessors remains largely unchanged from current GAAP. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> is effective for the Company beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2019. </div>Early adoption is permitted. In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> &#x201c;Codification Improvements to Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,</div> Leases&#x201d; (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10&#x201d;</div>) and ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div> &#x201c;Leases (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>) Targeted Improvements&#x201d; (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11&#x201d;</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> provides certain amendments that affect narrow aspects of the guidance issued in ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02.</div> ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div> allows all entities adopting ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> to choose an additional (and optional) transition method of adoption, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div> also allows lessors to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> separate nonlease components from the associated&nbsp;lease component if certain conditions are met. We are currently evaluating both the method and the impact of adopting this guidance on our Condensed Consolidated Financial Statements.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div> &#x201c;Statement of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>): Classification of Certain Cash Receipts and Cash Payments&#x201d; (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15&#x201d;</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> is effective for the Company&#x2019;s fiscal year beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2018. </div>Early adoption is permitted. We are currently evaluating the potential impact of adopting this guidance on our Condensed Consolidated Financial Statements.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,</div> &#x201c;Statement of Cash Flows (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">230</div>): Restricted Cash&#x201d; (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18&#x201d;</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> amends the classification and presentation of changes in restricted cash or restricted cash equivalents in the statement of cash flows. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div> is effective for the Company&#x2019;s fiscal year beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2018. </div>Early adoption is permitted. We are currently evaluating the potential impact of adopting this guidance on our Condensed Consolidated Financial Statements.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 2016, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,</div> &#x201c;Income Taxes (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">740</div>): Intra-Entity Transfers of Assets Other Than Inventory&#x201d; (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16&#x201d;</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div> provides guidance&nbsp;for the accounting of income taxes related to intra-entity transfers of assets other than inventory. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div> is effective for the Company&#x2019;s fiscal year beginning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 1, 2018. </div>Early adoption is permitted. We are currently evaluating the potential impact of adopting this guidance on our Condensed Consolidated Financial Statements.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: left; text-indent: 45pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09,</div> &#x201c;Codification Improvements&#x201d; (&#x201c;ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09&#x201d;</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> provides amendments to a wide variety of topics in the FASB&#x2019;s Accounting Standards Codification, which applies to all reporting entities within the scope of the affected accounting guidance. The transition and effective date guidance are&nbsp;based on the facts and circumstances of each amendment. Some of the amendments in ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09</div> do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require transition guidance and were&nbsp;effective upon issuance of ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">09.</div> However, many of the amendments do have transition guidance with effective dates for annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018. </div>We are currently evaluating the potential impact of adopting the applicable guidance on our Condensed Consolidated Financial Statements.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7pt 0pt 0pt; text-align: left; text-indent: 45pt;"></div></div>
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Equity Method Investment Dividends Or Distributions
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us-gaap Fair Value Of Assets Acquired
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us-gaap Fair Value Of Assets Acquired
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us-gaap Gain Loss On Disposition Of Assets
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CY2018Q3 us-gaap Income Loss From Equity Method Investments
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CY2017Q3 us-gaap Income Loss From Equity Method Investments
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us-gaap Income Tax Expense Benefit
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us-gaap Impairment Of Real Estate
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CY2018Q3 us-gaap Impairment Of Real Estate
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Equity Method Investments
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us-gaap Income Loss From Equity Method Investments
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CY2017Q3 us-gaap Income Tax Expense Benefit
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CY2018Q3 us-gaap Net Income Loss
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CY2017Q3 us-gaap Net Income Loss
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CY2018Q3 us-gaap Other Commitment
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CY2017Q3 us-gaap Other Operating Income Expense Net
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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us-gaap Increase Decrease In Customer Deposits
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us-gaap Increase Decrease In Customer Deposits
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CY2017Q3 us-gaap Increase Decrease In Interest Payable Net
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us-gaap Increase Decrease In Interest Payable Net
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us-gaap Increase Decrease In Interest Payable Net
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Inventories
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us-gaap Increase Decrease In Mortgage Loans Held For Sale
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us-gaap Increase Decrease In Mortgage Loans Held For Sale
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us-gaap Increase Decrease In Other Operating Assets
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CY2018Q3 us-gaap Interest Paid
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CY2017Q3 us-gaap Interest Paid
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us-gaap Interest Paid
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us-gaap Interest Paid
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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CY2017Q4 us-gaap Interest Payable Current And Noncurrent
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CY2018Q3 us-gaap Liabilities
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CY2017Q4 us-gaap Liabilities
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CY2018Q3 us-gaap Liabilities And Stockholders Equity
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CY2017Q4 us-gaap Liabilities And Stockholders Equity
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CY2018Q3 us-gaap Loans Pledged As Collateral
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CY2018Q2 us-gaap Mortgage Loans On Real Estate Writedown Or Reserve Amount1
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CY2017Q2 us-gaap Mortgage Loans On Real Estate Writedown Or Reserve Amount1
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CY2018Q3 us-gaap Mortgage Loans On Real Estate Writedown Or Reserve Amount1
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CY2017Q3 us-gaap Mortgage Loans On Real Estate Writedown Or Reserve Amount1
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CY2018Q3 us-gaap Mortgages Held For Sale Fair Value Disclosure
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Income Loss
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us-gaap Payments For Origination Of Mortgage Loans Held For Sale
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us-gaap Payments For Origination Of Mortgage Loans Held For Sale
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us-gaap Payments To Acquire Interest In Joint Venture
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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CY2018Q3 us-gaap Preferred Stock Liquidation Preference Value
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Secured Notes Payable
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us-gaap Proceeds From Unsecured Notes Payable
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us-gaap Proceeds From Unsecured Notes Payable
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CY2017Q3 us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Payments
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us-gaap Product Warranty Accrual Payments
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CY2017Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
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us-gaap Product Warranty Accrual Preexisting Increase Decrease
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us-gaap Product Warranty Accrual Preexisting Increase Decrease
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CY2018Q3 us-gaap Provision For Loan And Lease Losses
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CY2017Q3 us-gaap Provision For Loan And Lease Losses
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41000
us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
107000
us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
120000
CY2018Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
65355000
CY2017Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
90960000
CY2017Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
71051000
CY2016Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
96688000
CY2018Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
67510000
CY2017Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
87119000
CY2018Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
13424000
CY2017Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
19371000
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
45080000
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
58030000
CY2018Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
40438000
CY2017Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
39089000
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
121617000
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
116944000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
110570000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
165935000
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
285095000
us-gaap Repayments Of Senior Debt
RepaymentsOfSeniorDebt
861976000
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1230034000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1188376000
CY2018Q3 us-gaap Revenues
Revenues
456712000
CY2017Q3 us-gaap Revenues
Revenues
592035000
us-gaap Revenues
Revenues
1376422000
us-gaap Revenues
Revenues
1729979000
us-gaap Share Based Compensation
ShareBasedCompensation
2706000
us-gaap Share Based Compensation
ShareBasedCompensation
1606000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-460371000
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
-500631000
CY2018Q3 us-gaap Treasury Stock Value
TreasuryStockValue
115360000
CY2017Q4 us-gaap Treasury Stock Value
TreasuryStockValue
115360000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148669000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147748000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
148377000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
147628000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
148669000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147748000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
148377000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
147628000

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