2013 Q3 Form 10-Q Financial Statement

#000119312513440310 Filed on November 13, 2013

View on sec.gov

Income Statement

Concept 2013 Q3 2012 Q3
Revenue $491.0M $321.5M
YoY Change 52.75% -0.66%
Cost Of Revenue $309.5M $247.4M
YoY Change 25.1% -4.26%
Gross Profit $104.8M $74.15M
YoY Change 41.33% 13.73%
Gross Profit Margin 21.34% 23.07%
Selling, General & Admin $58.97M $32.35M
YoY Change 82.32% -54.51%
% of Gross Profit 56.27% 43.62%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization -$200.0K $2.100M
YoY Change -109.52% -25.0%
% of Gross Profit -0.19% 2.83%
Operating Expenses $58.97M $32.35M
YoY Change 82.32% -55.2%
Operating Profit $45.83M $41.81M
YoY Change 9.62% -697.27%
Interest Expense -$9.900M $3.700M
YoY Change -367.57% 362.5%
% of Operating Profit -21.6% 8.85%
Other Income/Expense, Net -$1.304M $898.0K
YoY Change -245.21%
Pretax Income $52.82M $44.02M
YoY Change 19.99% -810.03%
Income Tax $31.68M $1.586M
% Of Pretax Income 59.97% 3.6%
Net Earnings $14.26M $42.60M
YoY Change -66.52% -362.98%
Net Earnings / Revenue 2.9% 13.25%
Basic Earnings Per Share $0.43
Diluted Earnings Per Share $0.43 $55.89K
COMMON SHARES
Basic Shares Outstanding 32.86M shares
Diluted Shares Outstanding 122.3M shares

Balance Sheet

Concept 2013 Q3 2012 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $355.4M $412.8M
YoY Change -13.91%
Cash & Equivalents $355.4M $412.8M
Short-Term Investments
Other Short-Term Assets $101.9M $62.70M
YoY Change 62.52%
Inventory $2.269B $1.276B
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.828B $1.751B
YoY Change 61.49%
LONG-TERM ASSETS
Property, Plant & Equipment $6.724M $6.000M
YoY Change 12.07%
Goodwill $21.59M
YoY Change
Intangibles $14.78M
YoY Change
Long-Term Investments $125.0M $89.90M
YoY Change 39.04%
Other Assets $335.0M $44.60M
YoY Change 651.12%
Total Long-Term Assets $573.7M $405.0M
YoY Change 41.66%
TOTAL ASSETS
Total Short-Term Assets $2.828B $1.751B
Total Long-Term Assets $573.7M $405.0M
Total Assets $3.402B $2.156B
YoY Change 57.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $123.3M $88.90M
YoY Change 38.7%
Accrued Expenses $217.9M $167.8M
YoY Change 29.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $519.6M $452.8M
YoY Change 14.75%
LONG-TERM LIABILITIES
Long-Term Debt $1.408B $834.1M
YoY Change 68.82%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.408B $834.1M
YoY Change 68.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $519.6M $452.8M
Total Long-Term Liabilities $1.408B $834.1M
Total Liabilities $1.928B $1.295B
YoY Change 48.92%
SHAREHOLDERS EQUITY
Retained Earnings $18.46M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.474B $869.4M
YoY Change
Total Liabilities & Shareholders Equity $3.402B $2.156B
YoY Change 57.76%

Cashflow Statement

Concept 2013 Q3 2012 Q3
OPERATING ACTIVITIES
Net Income $14.26M $42.60M
YoY Change -66.52% -362.98%
Depreciation, Depletion And Amortization -$200.0K $2.100M
YoY Change -109.52% -25.0%
Cash From Operating Activities -$43.90M -$74.40M
YoY Change -40.99% -462.93%
INVESTING ACTIVITIES
Capital Expenditures -$1.400M -$800.0K
YoY Change 75.0% -46.67%
Acquisitions
YoY Change
Other Investing Activities -$2.300M $2.800M
YoY Change -182.14% -165.12%
Cash From Investing Activities -$3.700M $2.000M
YoY Change -285.0% -134.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.30M 112.2M
YoY Change -120.77% -752.33%
NET CHANGE
Cash From Operating Activities -43.90M -74.40M
Cash From Investing Activities -3.700M 2.000M
Cash From Financing Activities -23.30M 112.2M
Net Change In Cash -70.90M 39.80M
YoY Change -278.14% -1692.0%
FREE CASH FLOW
Cash From Operating Activities -$43.90M -$74.40M
Capital Expenditures -$1.400M -$800.0K
Free Cash Flow -$42.50M -$73.60M
YoY Change -42.26% -434.55%

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dei Trading Symbol
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11.57
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P4Y7M6D
us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b>Reclassifications &#x2014;</b> Certain prior year balances affected by purchase price accounting in the accompanying consolidated financial statements were reclassified in accordance with ASC 805 <i>Business Combinations</i>. The reclassifications have no effect on the previously reported net income and are described in more detail in Note 2 &#x2013; Summary of Significant Accounting Policies &#x2013; Darling Acquisition</p> </div>
us-gaap Debt Instrument Redemption Price Percentage Of Principal Amount Redeemed
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1.01 pure
us-gaap Weighted Average Number Of Shares Restricted Stock
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us-gaap Line Of Credit Facility Covenant Terms
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The financial covenants would be in effect for any fiscal quarter during which any (a) loans under the Restated Revolving Credit Facility are outstanding during the last day of such fiscal quarter or on more than five separate days during such fiscal quarter or (b) undrawn letters of credit (except to the extent cash collateralized) issued under the Restated Revolving Credit Facility in an aggregate amount greater than $40.0 million or unreimbursed letters of credit issued under the Restated Revolving Credit Facility, in each case, are outstanding on the last day of such fiscal quarter or for more than five consecutive days during such fiscal quarter.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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125000 shares
us-gaap Use Of Estimates
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<div> <p style="MARGIN-TOP: 12pt; FONT-FAMILY: Times New Roman; MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt"> <b>Use of Estimates</b>&#xA0;&#x2014; The preparation of financial statements in accordance with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates include the purchase price allocations, valuation of certain real estate, valuation of equity awards, valuation allowance on deferred tax assets and reserves for warranty and self-insured risks. Actual results could differ from those estimates.</p> </div>
us-gaap Goodwill Period Increase Decrease
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us-gaap Debt Instrument Redemption Description
DebtInstrumentRedemptionDescription
Upon a "Change of Control" (as defined in the indenture governing the 2020 Senior Notes), the Bond Co-Issuers would be required to make an offer to repurchase all outstanding 2020 Senior Notes at a purchase price equal to 101% of the aggregate principal amount, plus accrued and unpaid interest
us-gaap Home Building Revenue
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1484928000
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-793000
CY2012Q3 tmhc Income Loss Excluding Portion Attributable To Noncontrolling Interest Net Of Tax
IncomeLossExcludingPortionAttributableToNoncontrollingInterestNetOfTax
42602000
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0120 pure
CY2013Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.43
CY2013Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
122317000 shares
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5650 pure
CY2013Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.43
CY2013Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y3M11D
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.08
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000 pure
CY2013Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
8000 shares
CY2013Q3 us-gaap Home Building Revenue
HomeBuildingRevenue
622126000
CY2013Q3 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
1332000
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32858000 shares
CY2013Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
15718000
CY2013Q3 us-gaap Gross Profit
GrossProfit
134223000
CY2013Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
84307000
CY2013Q3 us-gaap Other Comprehensive Income Loss Finalization Of Pension And Non Pension Postretirement Plan Valuation Net Of Tax
OtherComprehensiveIncomeLossFinalizationOfPensionAndNonPensionPostretirementPlanValuationNetOfTax
263000
CY2013Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1304000
CY2013Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
3324000
CY2013Q3 us-gaap Product Warranty Accrual Currency Translation Increase Decrease
ProductWarrantyAccrualCurrencyTranslationIncreaseDecrease
146000
CY2013Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
5147000
CY2013Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
53103000
CY2013Q3 us-gaap Product Warranty Accrual Preexisting Increase Decrease
ProductWarrantyAccrualPreexistingIncreaseDecrease
1252000
CY2013Q3 us-gaap Revenue Other Financial Services
RevenueOtherFinancialServices
7791000
CY2013Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales
RealEstateInventoryCapitalizedInterestCostsCostOfSales
16344000
CY2013Q3 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
DilutiveSecuritiesEffectOnBasicEarningsPerShareOther
38840000
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
14263000
CY2013Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
5410000
CY2013Q3 us-gaap Land Sales
LandSales
4524000
CY2013Q3 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
52632000
CY2013Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
9425000
CY2013Q3 us-gaap Real Estate Revenue Net
RealEstateRevenueNet
634441000
CY2013Q3 us-gaap Cost Of Goods Sold Amortization
CostOfGoodsSoldAmortization
400000
CY2013Q3 us-gaap Cost Of Real Estate Revenue
CostOfRealEstateRevenue
500218000
CY2013Q3 us-gaap Home Building Costs
HomeBuildingCosts
489713000
CY2013Q3 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
0
CY2013Q3 us-gaap Other Financial Services Costs
OtherFinancialServicesCosts
4385000
CY2013Q3 us-gaap Costs Of Real Estate Services And Land Sales
CostsOfRealEstateServicesAndLandSales
6120000
CY2013Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
21944000
CY2013Q3 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
22034000
CY2013Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
37029000
CY2013Q3 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
2113000
CY2013Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
-600000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1224000
CY2013Q3 us-gaap Noncontrolling Interest In Net Income Loss Joint Venture Partners Redeemable
NoncontrollingInterestInNetIncomeLossJointVenturePartnersRedeemable
-471000
CY2013Q3 us-gaap Noncontrolling Interest In Net Income Loss Preferred Unit Holders Redeemable
NoncontrollingInterestInNetIncomeLossPreferredUnitHoldersRedeemable
38840000
CY2013Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
31675000
CY2013Q3 tmhc General Administrative And Amortization Of Intangibles Expense
GeneralAdministrativeAndAmortizationOfIntangiblesExpense
1100000
CY2013Q3 tmhc Product Warranty Accrual Purchase Price Allocation Adjustments
ProductWarrantyAccrualPurchasePriceAllocationAdjustments
57000
CY2013Q3 tmhc Indemnification Income Expense
IndemnificationIncomeExpense
-396000
CY2013Q3 tmhc Weighted Average Number Of Shares Outstanding Conversion Of Principal Equityholders Noncontrolling Interest
WeightedAverageNumberOfSharesOutstandingConversionOfPrincipalEquityholdersNoncontrollingInterest
89451000 shares
CY2013Q3 tmhc Income Loss Excluding Portion Attributable To Noncontrolling Interest Net Of Tax
IncomeLossExcludingPortionAttributableToNoncontrollingInterestNetOfTax
53103000

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