2015 Q2 Form 10-Q Financial Statement
#000156459015005833 Filed on July 30, 2015
Income Statement
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| Revenue | $1.244B | $1.102B |
| YoY Change | 12.85% | 9.13% |
| Cost Of Revenue | $986.9M | $882.8M |
| YoY Change | 11.79% | 5.81% |
| Gross Profit | $259.4M | $220.7M |
| YoY Change | 17.54% | 24.06% |
| Gross Profit Margin | 20.86% | 20.03% |
| Selling, General & Admin | $104.8M | $106.2M |
| YoY Change | -1.32% | 14.94% |
| % of Gross Profit | 40.4% | 48.12% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $5.400M | $4.200M |
| YoY Change | 28.57% | 40.0% |
| % of Gross Profit | 2.08% | 1.9% |
| Operating Expenses | $104.8M | $106.2M |
| YoY Change | -1.32% | 14.94% |
| Operating Profit | $154.6M | $114.5M |
| YoY Change | 35.02% | 33.92% |
| Interest Expense | -$6.000M | $5.723M |
| YoY Change | -204.84% | 6.49% |
| % of Operating Profit | -3.88% | 5.0% |
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $148.7M | $108.8M |
| YoY Change | 36.64% | 35.72% |
| Income Tax | $55.30M | $40.65M |
| % Of Pretax Income | 37.19% | 37.35% |
| Net Earnings | $93.40M | $68.18M |
| YoY Change | 36.99% | 34.5% |
| Net Earnings / Revenue | 7.51% | 6.19% |
| Basic Earnings Per Share | $15.68 | |
| Diluted Earnings Per Share | $21.91 | $15.17 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 4.065M | 4.349M shares |
| Diluted Shares Outstanding | 4.495M shares |
Balance Sheet
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $495.7M | $551.9M |
| YoY Change | -10.18% | -29.0% |
| Cash & Equivalents | $495.7M | $553.7M |
| Short-Term Investments | ||
| Other Short-Term Assets | ||
| YoY Change | ||
| Inventory | $1.088B | $959.3M |
| Prepaid Expenses | ||
| Receivables | $16.00M | $15.20M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $1.600B | $1.526B |
| YoY Change | 4.8% | -12.41% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $50.70M | $50.70M |
| YoY Change | 0.0% | 55.05% |
| Goodwill | $441.0K | $441.0K |
| YoY Change | 0.0% | |
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $67.30M | $82.20M |
| YoY Change | -18.13% | |
| Other Assets | ||
| YoY Change | ||
| Total Long-Term Assets | $996.5M | $855.7M |
| YoY Change | 16.46% | 8.51% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $1.600B | $1.526B |
| Total Long-Term Assets | $996.5M | $855.7M |
| Total Assets | $2.596B | $2.382B |
| YoY Change | 8.99% | -5.89% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $282.6M | $255.8M |
| YoY Change | 10.48% | 15.12% |
| Accrued Expenses | $299.6M | $296.0M |
| YoY Change | 1.22% | 19.35% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $1.300M |
| YoY Change | -100.0% | -18.75% |
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $720.6M | $681.4M |
| YoY Change | 5.75% | 11.78% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $599.2M | $599.1M |
| YoY Change | 0.02% | 0.02% |
| Other Long-Term Liabilities | $1.700M | $2.300M |
| YoY Change | -26.09% | 0.0% |
| Total Long-Term Liabilities | $600.9M | $601.4M |
| YoY Change | -0.08% | 0.02% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $720.6M | $681.4M |
| Total Long-Term Liabilities | $600.9M | $601.4M |
| Total Liabilities | $1.321B | $1.283B |
| YoY Change | 3.01% | 5.94% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | $4.698B | |
| YoY Change | 6.16% | |
| Common Stock | $1.278B | |
| YoY Change | 6.8% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | $4.876B | |
| YoY Change | 13.37% | |
| Treasury Stock Shares | 16.34M shares | |
| Shareholders Equity | $1.275B | $1.099B |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $2.596B | $2.382B |
| YoY Change | 8.99% | -5.89% |
Cashflow Statement
| Concept | 2015 Q2 | 2014 Q2 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $93.40M | $68.18M |
| YoY Change | 36.99% | 34.5% |
| Depreciation, Depletion And Amortization | $5.400M | $4.200M |
| YoY Change | 28.57% | 40.0% |
| Cash From Operating Activities | -$38.80M | -$1.300M |
| YoY Change | 2884.62% | -89.52% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$3.700M | -$15.40M |
| YoY Change | -75.97% | 234.78% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $4.300M | $3.200M |
| YoY Change | 34.38% | 60.0% |
| Cash From Investing Activities | $600.0K | -$12.20M |
| YoY Change | -104.92% | 351.85% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 3.300M | -312.2M |
| YoY Change | -101.06% | 6.12% |
| NET CHANGE | ||
| Cash From Operating Activities | -38.80M | -1.300M |
| Cash From Investing Activities | 600.0K | -12.20M |
| Cash From Financing Activities | 3.300M | -312.2M |
| Net Change In Cash | -34.90M | -325.7M |
| YoY Change | -89.28% | 5.3% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$38.80M | -$1.300M |
| Capital Expenditures | -$3.700M | -$15.40M |
| Free Cash Flow | -$35.10M | $14.10M |
| YoY Change | -348.94% | -280.77% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2014Q4 | us-gaap |
Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
|
300855000 | |
| CY2015Q2 | us-gaap |
Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
|
68500000 | |
| CY2014Q4 | us-gaap |
Deposits Assets
DepositsAssets
|
294676000 | |
| CY2014Q4 | nvr |
Letters Of Credit Related To Lots
LettersOfCreditRelatedToLots
|
4674000 | |
| CY2014Q4 | nvr |
Contingent Specific Performance Obligations
ContingentSpecificPerformanceObligations
|
1505000 | |
| CY2014Q4 | nvr |
Finished Lots Committed To Purchase
FinishedLotsCommittedToPurchase
|
10 | |
| CY2015Q2 | nvr |
Number Of Joint Ventures
NumberOfJointVentures
|
5 | |
| CY2015Q2 | nvr |
Expected Production Of Finished Lots From Joint Ventures
ExpectedProductionOfFinishedLotsFromJointVentures
|
8300 | |
| us-gaap |
Interest Expense
InterestExpense
|
11874000 | ||
| CY2014Q4 | us-gaap |
Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
|
4072000 | |
| CY2015Q2 | us-gaap |
Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
|
4332000 | |
| us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
691000 | ||
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
187000 | ||
| us-gaap |
Interest Costs Incurred
InterestCostsIncurred
|
12525000 | ||
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
41000 | ||
| us-gaap |
Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
|
149000 | ||
| CY2015Q2 | us-gaap |
Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
|
4546000 | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
753000 | ||
| CY2015Q2 | us-gaap |
Goodwill
Goodwill
|
441000 | |
| CY2015Q2 | us-gaap |
Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
|
4232000 | |
| us-gaap |
Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
|
P4Y | ||
| CY2015Q1 | us-gaap |
Goodwill And Intangible Asset Impairment
GoodwillAndIntangibleAssetImpairment
|
0 | |
| CY2015Q2 | us-gaap |
Revenues
Revenues
|
1243633000 | |
| CY2014Q4 | nvr |
Contract Land Deposits
ContractLandDeposits
|
350750000 | |
| CY2015Q2 | nvr |
Maximum Percentage Of Deposits Required Under Purchase Agreements
MaximumPercentageOfDepositsRequiredUnderPurchaseAgreements
|
0.10 | |
| CY2015Q2 | nvr |
Lots Controlled By Company
LotsControlledByCompany
|
65300 | |
| CY2015Q2 | nvr |
Contract Land Deposits On Fixed Price Purchase Agreements
ContractLandDepositsOnFixedPricePurchaseAgreements
|
347900000 | |
| CY2015Q2 | nvr |
Letter Of Credit On Fixed Price Purchase Agreements
LetterOfCreditOnFixedPricePurchaseAgreements
|
2300000 | |
| CY2014Q4 | nvr |
Loss Reserve On Contract Land Deposits
LossReserveOnContractLandDeposits
|
56074000 | |
| CY2015Q2 | nvr |
Joint Venture Lots Not Under Contract With Company
JointVentureLotsNotUnderContractWithCompany
|
3300 | |
| CY2015Q2 | nvr |
Aggregate Additional Funding Commitments
AggregateAdditionalFundingCommitments
|
12100000 | |
| CY2015Q2 | nvr |
Number Joint Ventures With Additional Funding Commitment
NumberJointVenturesWithAdditionalFundingCommitment
|
3 | |
| CY2015Q2 | nvr |
Number Of Joint Ventures Company Is Not Primary Beneficiary
NumberOfJointVenturesCompanyIsNotPrimaryBeneficiary
|
4 | |
| CY2015Q2 | nvr |
Number Of Raw Parcels Of Land Acquired
NumberOfRawParcelsOfLandAcquired
|
4 | |
| CY2015Q2 | us-gaap |
Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
|
25554000 | |
| CY2015Q2 | nvr |
Number Of Finished Lots Intended To Be Developed From Raw Parcels Of Land
NumberOfFinishedLotsIntendedToBeDevelopedFromRawParcelsOfLand
|
380 | |
| CY2015Q2 | nvr |
Aggregate Finished Lots Under Contract To Be Sold To Unrelated Party Under Agreement
AggregateFinishedLotsUnderContractToBeSoldToUnrelatedPartyUnderAgreement
|
90 | |
| CY2015Q2 | nvr |
Finished Lots Sold Under Contract To Unrelated Party
FinishedLotsSoldUnderContractToUnrelatedParty
|
1 | |
| nvr |
Finished Lots Sold Under Contract To Unrelated Party
FinishedLotsSoldUnderContractToUnrelatedParty
|
6 | ||
| nvr |
Finished Lots Sold Under Contract To Unrelated Party
FinishedLotsSoldUnderContractToUnrelatedParty
|
0 | ||
| CY2015Q2 | nvr |
Amount Of Finished Lots Sold Under Contract To Unrelated Party
AmountOfFinishedLotsSoldUnderContractToUnrelatedParty
|
259000 | |
| nvr |
Amount Of Finished Lots Sold Under Contract To Unrelated Party
AmountOfFinishedLotsSoldUnderContractToUnrelatedParty
|
1535000 | ||
| CY2013Q4 | us-gaap |
Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
|
3294000 | |
| us-gaap |
Interest Costs Incurred
InterestCostsIncurred
|
12423000 | ||
| us-gaap |
Interest Expense
InterestExpense
|
11517000 | ||
| us-gaap |
Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
|
391000 | ||
| us-gaap |
Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
|
390000 | ||
| CY2014Q2 | us-gaap |
Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
|
3810000 | |
| CY2014Q2 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
346000 | |
| us-gaap |
Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
|
75000 | ||
| CY2014Q2 | nvr |
Warranty Reserve Provision Single Completed Community
WarrantyReserveProvisionSingleCompletedCommunity
|
3000000 | |
| nvr |
Warranty Reserve Provision Single Completed Community
WarrantyReserveProvisionSingleCompletedCommunity
|
3975000 | ||
| CY2015Q2 | nvr |
Warranty Reserve Provision Written Off Single Completed Community
WarrantyReserveProvisionWrittenOffSingleCompletedCommunity
|
1300000 | |
| CY2014Q2 | us-gaap |
Revenues
Revenues
|
1102054000 | |
| us-gaap |
Revenues
Revenues
|
2201382000 | ||
| us-gaap |
Revenues
Revenues
|
1913364000 | ||
| nvr |
Fair Value Measurement Assumed Gain Loss From Loan Sale
FairValueMeasurementAssumedGainLossFromLoanSale
|
-1262000 | ||
| nvr |
Fair Value Measurements Interest Rate Movement Effect
FairValueMeasurementsInterestRateMovementEffect
|
-6325000 | ||
| nvr |
Fair Value Measurements Changes In Servicing Rights Value
FairValueMeasurementsChangesInServicingRightsValue
|
8164000 | ||
| nvr |
Fair Value Measurements Security Price Change Included In Earnings
FairValueMeasurementsSecurityPriceChangeIncludedInEarnings
|
4859000 | ||
| us-gaap |
Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
|
5436000 |
