2017 Q3 Form 10-Q Financial Statement

#000079526617000076 Filed on October 05, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $1.144B $913.3M
YoY Change 25.26% 8.32%
Cost Of Revenue $955.0M $760.5M
YoY Change 25.58% 7.25%
Gross Profit $188.1M $151.9M
YoY Change 23.84% 14.13%
Gross Profit Margin 16.44% 16.63%
Selling, General & Admin $109.1M $98.14M
YoY Change 11.16% 3.23%
% of Gross Profit 58.0% 64.61%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $700.0K $1.000M
YoY Change -30.0% 11.11%
% of Gross Profit 0.37% 0.66%
Operating Expenses $109.1M $98.14M
YoY Change 11.16% 3.23%
Operating Profit $76.69M $51.48M
YoY Change 48.98% 43.06%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit 0.0% 0.0%
Other Income/Expense, Net
YoY Change
Pretax Income $79.21M $53.46M
YoY Change 48.15% 57.46%
Income Tax $29.00M $14.10M
% Of Pretax Income 36.61% 26.37%
Net Earnings $50.21M $39.36M
YoY Change 27.55% 69.27%
Net Earnings / Revenue 4.39% 4.31%
Basic Earnings Per Share $0.58 $0.46
Diluted Earnings Per Share $0.51 $0.42
COMMON SHARES
Basic Shares Outstanding 85.97M shares 84.46M shares
Diluted Shares Outstanding 98.91M shares 95.20M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $494.1M $334.7M
YoY Change 47.62% -5.18%
Cash & Equivalents $494.8M $337.7M
Short-Term Investments
Other Short-Term Assets $9.700M $28.80M
YoY Change -66.32% -16.76%
Inventory $3.514B $3.598B
Prepaid Expenses
Receivables $98.50M $149.2M
Other Receivables $130.5M $0.00
Total Short-Term Assets $4.247B $4.110B
YoY Change 3.31% 4.09%
LONG-TERM ASSETS
Property, Plant & Equipment $18.72M $13.01M
YoY Change 43.92% 4.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $77.20M $75.70M
YoY Change 1.98% -10.73%
Other Assets $683.1M $757.2M
YoY Change -9.79% -9.32%
Total Long-Term Assets $853.0M $917.4M
YoY Change -7.02% -8.23%
TOTAL ASSETS
Total Short-Term Assets $4.247B $4.110B
Total Long-Term Assets $853.0M $917.4M
Total Assets $5.100B $5.028B
YoY Change 1.43% 1.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $189.5M $195.8M
YoY Change -3.22% 9.63%
Accrued Expenses $544.1M $447.2M
YoY Change 21.67% -5.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $565.1M $470.6M
YoY Change 20.08% -4.17%
LONG-TERM LIABILITIES
Long-Term Debt $2.502B $2.675B
YoY Change -6.45% 1.68%
Other Long-Term Liabilities $1.600M $4.100M
YoY Change -60.98% -47.44%
Total Long-Term Liabilities $2.504B $2.679B
YoY Change -6.53% 1.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $565.1M $470.6M
Total Long-Term Liabilities $2.504B $2.679B
Total Liabilities $3.259B $3.345B
YoY Change -2.59% 1.12%
SHAREHOLDERS EQUITY
Retained Earnings $1.654B $1.528B
YoY Change 8.19% 7.25%
Common Stock $840.0M $811.9M
YoY Change 3.47% 2.11%
Preferred Stock
YoY Change
Treasury Stock (at cost) $537.3M $534.6M
YoY Change 0.5% 19.65%
Treasury Stock Shares
Shareholders Equity $1.841B $1.682B
YoY Change
Total Liabilities & Shareholders Equity $5.100B $5.028B
YoY Change 1.43% 1.6%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $50.21M $39.36M
YoY Change 27.55% 69.27%
Depreciation, Depletion And Amortization $700.0K $1.000M
YoY Change -30.0% 11.11%
Cash From Operating Activities $167.9M $64.90M
YoY Change 158.71% -42.97%
INVESTING ACTIVITIES
Capital Expenditures -$2.500M $200.0K
YoY Change -1350.0% -140.0%
Acquisitions
YoY Change
Other Investing Activities -$2.900M $3.300M
YoY Change -187.88% -46.77%
Cash From Investing Activities -$5.400M $3.400M
YoY Change -258.82% -40.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -17.00M -7.100M
YoY Change 139.44% -96.57%
NET CHANGE
Cash From Operating Activities 167.9M 64.90M
Cash From Investing Activities -5.400M 3.400M
Cash From Financing Activities -17.00M -7.100M
Net Change In Cash 145.5M 61.20M
YoY Change 137.75% -170.1%
FREE CASH FLOW
Cash From Operating Activities $167.9M $64.90M
Capital Expenditures -$2.500M $200.0K
Free Cash Flow $170.4M $64.70M
YoY Change 163.37% -43.39%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
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24800000 USD
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24600000 USD
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us-gaap Depreciation And Amortization
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2151000 USD
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0 USD
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0 USD
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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 Effective Income Tax Rate Continuing Operations
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169738000 USD
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us-gaap Financial Services Costs
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890000 USD
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2525000 USD
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2003000 USD
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1535000 USD
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3172000 USD
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0 USD
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us-gaap Home Building Revenue
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2600000 USD
CY2016Q3 us-gaap Impairment Of Real Estate
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2579000 USD
us-gaap Impairment Of Real Estate
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13900000 USD
us-gaap Impairment Of Real Estate
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49600000 USD
CY2017Q3 us-gaap Impairment Of Real Estate
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7100000 USD
CY2017Q3 us-gaap Impairment Of Real Estate
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7094000 USD
us-gaap Impairment Of Real Estate
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14600000 USD
us-gaap Impairment Of Real Estate
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us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
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us-gaap Income Loss From Subsidiaries Net Of Tax
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0 USD
us-gaap Income Loss From Subsidiaries Net Of Tax
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6700000 USD
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10400000 USD
CY2017Q3 us-gaap Income Tax Credits And Adjustments
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2600000 USD
us-gaap Income Tax Credits And Adjustments
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3800000 USD
CY2016Q3 us-gaap Income Tax Expense Benefit
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14100000 USD
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26200000 USD
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29000000 USD
us-gaap Income Tax Expense Benefit
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56400000 USD
us-gaap Increase Decrease In Accounts And Notes Receivable
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24761000 USD
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us-gaap Increase Decrease In Deferred Income Taxes
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us-gaap Increase Decrease In Deferred Income Taxes
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265529000 USD
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95850000 USD
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3900000 USD
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5063000 USD
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2017Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
IncrementalCommonSharesAttributableToConversionOfDebtSecurities
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us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2016Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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CY2017Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Insurance Commissions And Fees
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4844000 USD
CY2017Q3 us-gaap Insurance Commissions And Fees
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1897000 USD
us-gaap Insurance Commissions And Fees
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4515000 USD
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us-gaap Interest And Other Income
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us-gaap Interest Expense
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63400000 USD
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56100000 USD
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us-gaap Investment Income Interest
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395000 USD
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us-gaap Investment Income Interest
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64016000 USD
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64513000 USD
CY2016Q4 us-gaap Investments In And Advances To Affiliates Amount Of Equity
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0 USD
CY2017Q3 us-gaap Investments In And Advances To Affiliates Amount Of Equity
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0 USD
CY2016Q4 us-gaap Letters Of Credit Outstanding Amount
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31000000 USD
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33000000 USD
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CY2017Q3 us-gaap Line Of Credit Facility Current Borrowing Capacity
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275000000 USD
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500000000 USD
CY2017Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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1050000000 USD
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179000000 USD
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0 USD
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350000000 USD
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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CY2017Q3 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss Available To Common Stockholders Basic
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
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CY2017Q3 us-gaap Notes And Loans Payable
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us-gaap Operating Income Loss
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36102000 USD
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10000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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31000 USD
CY2017Q3 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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14000 USD
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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43000 USD
us-gaap Payments For Proceeds From Other Investing Activities
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0 USD
us-gaap Payments For Proceeds From Other Investing Activities
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0 USD
us-gaap Payments For Proceeds From Productive Assets
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2680000 USD
us-gaap Payments For Proceeds From Productive Assets
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6643000 USD
us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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2543000 USD
us-gaap Payments Of Debt Issuance Costs
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0 USD
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6479000 USD
us-gaap Payments To Acquire Interest In Joint Venture
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1000000 USD
us-gaap Payments To Acquire Interest In Joint Venture
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CY2017Q3 us-gaap Pledged Assets Not Separately Reported Real Estate
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73500000 USD
CY2016Q4 us-gaap Prepaid Expense Current And Noncurrent
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4894000 USD
CY2017Q3 us-gaap Prepaid Expense Current And Noncurrent
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3495000 USD
us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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7351000 USD
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20677000 USD
us-gaap Proceeds From Payments For Other Financing Activities
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0 USD
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0 USD
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8742000 USD
us-gaap Proceeds From Repayments Of Restricted Cash Financing Activities
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0 USD
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us-gaap Proceeds From Repayments Of Secured Debt
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0 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
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652000 USD
CY2017Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
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0 USD
us-gaap Product Warranty Accrual Preexisting Increase Decrease
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0 USD
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CY2016Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
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CY2016Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
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CY2016Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
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306723000 USD
CY2017Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
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303984000 USD
CY2017Q3 us-gaap Real Estate Inventory Capitalized Interest Costs
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40424000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
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106663000 USD
CY2017Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
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55204000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
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145059000 USD
CY2016Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
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46485000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
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138994000 USD
CY2017Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
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43434000 USD
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
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136857000 USD
us-gaap Repayments Of Senior Debt
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0 USD
us-gaap Repayments Of Senior Debt
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105326000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
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1563742000 USD
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
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1653512000 USD
CY2016Q3 us-gaap Revenues
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913283000 USD
us-gaap Revenues
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CY2017Q3 us-gaap Revenues
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us-gaap Revenues
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SelfInsuranceReserve
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98144000 USD
us-gaap Selling General And Administrative Expense
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279886000 USD
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
109095000 USD
us-gaap Selling General And Administrative Expense
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305901000 USD
us-gaap Share Based Compensation
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10180000 USD
us-gaap Share Based Compensation
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9893000 USD
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0 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.95
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.30
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
17.17
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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28.51
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
51400000 USD
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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StandardProductWarrantyAccrual
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StandardProductWarrantyAccrual
48837000 USD
CY2016Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
52124000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
56682000 USD
CY2017Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
60037000 USD
CY2017Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
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us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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CY2017Q3 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
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us-gaap Standard Product Warranty Accrual Payments
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19573000 USD
CY2017Q3 us-gaap Standard Product Warranty Accrual Warranties Issued
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10041000 USD
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
25965000 USD
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CY2017Q3 us-gaap Stockholders Equity
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1840942000 USD
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14370000 USD
CY2017Q3 us-gaap Taxes Payable Current And Noncurrent
TaxesPayableCurrentAndNoncurrent
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CY2017Q3 us-gaap Treasury Stock Value
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537268000 USD
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2543000 USD
CY2016Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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180000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
296000 USD
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
307000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
602000 USD
CY2016Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
180000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
296000 USD
CY2017Q3 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
307000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Diluted
UndistributedEarningsLossAllocatedToParticipatingSecuritiesDiluted
602000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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100000 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
100000 USD
CY2017Q3 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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200000.0 USD
us-gaap Valuation Allowances And Reserves Adjustments
ValuationAllowancesAndReservesAdjustments
0 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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95203000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
96437000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
98912000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97624000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84457000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
85952000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
85974000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
85517000 shares
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the Financial Accounting Standards Board (&#8220;FASB&#8221;) issued Accounting Standards Update No. 2014-09, &#8220;Revenue from Contracts with Customers (Topic 606)&#8221; (&#8220;ASU 2014-09&#8221;). The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, &#8220;Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date,&#8221; which delayed the effective date of ASU 2014-09 by one year. In 2016 and 2017, the FASB issued accounting standards updates that amended several aspects of ASU 2014-09. ASU 2014-09, as amended, is effective for us for annual and interim periods beginning December 1, 2018 (with early adoption permitted beginning in our 2018 fiscal year) and allows for full retrospective or modified retrospective methods of adoption. We expect to adopt ASU 2014-09 under the modified retrospective method in our 2019 first quarter. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements and disclosures, and have been involved in industry specific discussions with the FASB on the treatment of certain items. We do not believe the adoption of ASU 2014-09 will have a material impact on the amount or timing of our homebuilding revenues. We are also continuing to evaluate the impact adopting this guidance may have on other aspects of our business.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued Accounting Standards Update No. 2016-02, &#8220;Leases (Topic 842)&#8221; (&#8220;ASU 2016-02&#8221;). ASU 2016-02 will require lessees to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for leases with lease terms of more than 12 months. Lessor accounting remains substantially similar to current GAAP. In addition, disclosures of leasing activities are to be expanded to include qualitative along with specific quantitative information. ASU 2016-02 will be effective for us beginning December 1, 2019 (with early adoption permitted) and mandates a modified retrospective transition method. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In March 2016, the FASB issued Accounting Standards Update No. 2016-09, &#8220;Compensation &#8212; Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting&#8221; (&#8220;ASU 2016-09&#8221;). ASU 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 will be effective for us beginning December 1, 2017 (with early adoption permitted). We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued Accounting Standards Update No. 2016-15, &#8220;Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments&#8221; (&#8220;ASU 2016-15&#8221;). ASU 2016-15 provides guidance on how certain cash receipts and cash payments are to be presented and classified in the statement of cash flows. ASU 2016-15 will be effective for us beginning after December 1, 2018 (with early adoption permitted). We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued Accounting Standards Update No. 2016-18, &#8220;Statement of Cash Flows (Topic 230): Restricted Cash&#8221; (&#8220;ASU 2016-18&#8221;). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 will be effective for us beginning December 1, 2018 (with early adoption permitted) and will be applied using a retrospective transition method to each period presented. We are currently evaluating the potential impact of adopting this guidance on our consolidated financial statements.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font><font style="font-family:inherit;font-size:10pt;">Certain amounts in our consolidated financial statements for prior years have been reclassified to conform to the current period presentation.</font></div></div>
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;padding-left:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;"></font><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font></div></div>

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