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• | Net income available to common stockholders was $64.0 million, or $0.43 per diluted share, compared to $72.3 million, or $0.48 per diluted share |
• | Home sales revenue of $771.8 million compared to $648.6 million, an increase of 19% |
◦ | New home deliveries of 1,205 homes compared to 1,111 homes, an increase of 8% |
◦ | Average sales price of homes delivered of $640,000 compared to $584,000, an increase of 10% |
• | Homebuilding gross margin percentage of 21.3% compared to 19.5%, an increase of 180 basis points |
◦ | Excluding interest and impairments and lot option abandonments, adjusted homebuilding gross margin percentage was 24.0%* |
• | SG&A expense as a percentage of homes sales revenue of 10.7% compared to 10.2%, an increase of 50 basis points |
• | New home orders of 1,035 compared to 1,268, a decrease of 18% |
• | Active selling communities averaged 127.3 compared to 129.8, a decrease of 2% |
◦ | New home orders per average selling community were 8.1 orders (2.7 monthly) compared to 9.8 orders (3.3 monthly) |
◦ | Cancellation rate increased to 19% compared to 15% |
• | Backlog units at quarter end of 2,101 homes compared to 2,265, a decrease of 7% |
◦ | Dollar value of backlog at quarter end of $1.4 billion compared to $1.5 billion, a decrease of 3% |
◦ | Average sales price of homes in backlog at quarter end of $681,000 compared to $654,000, an increase of 4% |
• | Ratios of debt-to-capital and net debt-to-net capital of 43.7% and 42.3%*, respectively, as of September 30, 2018 |
• | Repurchased 9,852,009 shares of common stock at a weighted average price per share of $14.14 for an aggregate dollar amount of $139.3 million in the three months ended September 30, 2018 |
• | Ended third quarter of 2018 with total liquidity of $569.9 million, including cash of $83.1 million and $486.8 million of availability under the Company's unsecured revolving credit facility |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2018 | 2017 | Change | 2018 | 2017 | Change | ||||||||||||||||||
Operating Data: | |||||||||||||||||||||||
Home sales revenue | $ | 771,768 | $ | 648,638 | $ | 123,130 | $ | 2,123,135 | $ | 1,609,458 | $ | 513,677 | |||||||||||
Homebuilding gross margin | $ | 164,715 | $ | 126,720 | $ | 37,995 | $ | 461,484 | $ | 314,895 | $ | 146,589 | |||||||||||
Homebuilding gross margin % | 21.3 | % | 19.5 | % | 1.8 | % | 21.7 | % | 19.6 | % | 2.1 | % | |||||||||||
Adjusted homebuilding gross margin %* | 24.0 | % | 22.0 | % | 2.0 | % | 24.3 | % | 22.0 | % | 2.3 | % | |||||||||||
SG&A expense | $ | 82,963 | $ | 66,135 | $ | 16,828 | $ | 240,287 | $ | 193,502 | $ | 46,785 | |||||||||||
SG&A expense as a % of home sales revenue | 10.7 | % | 10.2 | % | 0.5 | % | 11.3 | % | 12.0 | % | (0.7 | )% | |||||||||||
Net income available to common stockholders | $ | 63,969 | $ | 72,264 | $ | (8,295 | ) | $ | 170,529 | $ | 113,171 | $ | 57,358 | ||||||||||
Adjusted EBITDA* | $ | 115,333 | $ | 139,550 | $ | (24,217 | ) | $ | 312,221 | $ | 237,755 | $ | 74,466 | ||||||||||
Interest incurred | $ | 23,942 | $ | 22,865 | $ | 1,077 | $ | 67,089 | $ | 61,669 | $ | 5,420 | |||||||||||
Interest in cost of home sales | $ | 20,128 | $ | 15,623 | $ | 4,505 | $ | 53,926 | $ | 38,448 | $ | 15,478 | |||||||||||
Other Data: | |||||||||||||||||||||||
Net new home orders | 1,035 | 1,268 | (233 | ) | 3,874 | 4,012 | (138 | ) | |||||||||||||||
New homes delivered | 1,205 | 1,111 | 94 | 3,344 | 2,940 | 404 | |||||||||||||||||
Average sales price of homes delivered | $ | 640 | $ | 584 | $ | 56 | $ | 635 | $ | 547 | $ | 88 | |||||||||||
Cancellation rate | 19 | % | 15 | % | 4 | % | 16 | % | 15 | % | 1 | % | |||||||||||
Average selling communities | 127.3 | 129.8 | (2.5 | ) | 129.0 | 127.4 | 1.6 | ||||||||||||||||
Selling communities at end of period | 125 | 127 | (2 | ) | |||||||||||||||||||
Backlog (estimated dollar value) | $ | 1,431,225 | $ | 1,482,265 | $ | (51,040 | ) | ||||||||||||||||
Backlog (homes) | 2,101 | 2,265 | (164 | ) | |||||||||||||||||||
Average sales price in backlog | $ | 681 | $ | 654 | $ | 27 | |||||||||||||||||
September 30, | December 31, | ||||||||||||||||||||||
2018 | 2017 | Change | |||||||||||||||||||||
Balance Sheet Data: | |||||||||||||||||||||||
Cash and cash equivalents | $ | 83,086 | $ | 282,914 | $ | (199,828 | ) | ||||||||||||||||
Real estate inventories | $ | 3,377,735 | $ | 3,105,553 | $ | 272,182 | |||||||||||||||||
Lots owned or controlled | 28,401 | 27,312 | 1,089 | ||||||||||||||||||||
Homes under construction (1) | 2,887 | 1,941 | 946 | ||||||||||||||||||||
Homes completed, unsold | 213 | 269 | (56 | ) | |||||||||||||||||||
Debt | $ | 1,519,198 | $ | 1,471,302 | $ | 47,896 | |||||||||||||||||
Stockholders' equity | $ | 1,960,397 | $ | 1,929,722 | $ | 30,675 | |||||||||||||||||
Book capitalization | $ | 3,479,595 | $ | 3,401,024 | $ | 78,571 | |||||||||||||||||
Ratio of debt-to-capital | 43.7 | % | 43.3 | % | 0.4 | % | |||||||||||||||||
Ratio of net debt-to-net capital* | 42.3 | % | 38.1 | % | 4.2 | % |
(1) | Homes under construction included 91 and 60 models at September 30, 2018 and December 31, 2017, respectively. |
* | See “Reconciliation of Non-GAAP Financial Measures” |
September 30, | December 31, | ||||||
2018 | 2017 | ||||||
Assets | (unaudited) | ||||||
Cash and cash equivalents | $ | 83,086 | $ | 282,914 | |||
Receivables | 85,026 | 125,600 | |||||
Real estate inventories | 3,377,735 | 3,105,553 | |||||
Investments in unconsolidated entities | 4,275 | 5,870 | |||||
Goodwill and other intangible assets, net | 160,560 | 160,961 | |||||
Deferred tax assets, net | 59,113 | 76,413 | |||||
Other assets | 107,309 | 48,070 | |||||
Total assets | $ | 3,877,104 | $ | 3,805,381 | |||
Liabilities | |||||||
Accounts payable | $ | 83,711 | $ | 72,870 | |||
Accrued expenses and other liabilities | 313,194 | 330,882 | |||||
Unsecured revolving credit facility | 100,000 | — | |||||
Senior notes | 1,419,198 | 1,471,302 | |||||
Total liabilities | 1,916,103 | 1,875,054 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
Stockholders' Equity: | |||||||
Preferred stock, $0.01 par value, 50,000,000 shares authorized; no shares issued and outstanding as of September 30, 2018 and December 31, 2017, respectively | — | — | |||||
Common stock, $0.01 par value, 500,000,000 shares authorized; 142,202,313 and 151,162,999 shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively | 1,422 | 1,512 | |||||
Additional paid-in capital | 661,570 | 793,980 | |||||
Retained earnings | 1,297,405 | 1,134,230 | |||||
Total stockholders' equity | 1,960,397 | 1,929,722 | |||||
Noncontrolling interests | 604 | 605 | |||||
Total equity | 1,961,001 | 1,930,327 | |||||
Total liabilities and equity | $ | 3,877,104 | $ | 3,805,381 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Homebuilding: | |||||||||||||||
Home sales revenue | $ | 771,768 | $ | 648,638 | $ | 2,123,135 | $ | 1,609,458 | |||||||
Land and lot sales revenue | 2,225 | 68,218 | 3,966 | 69,661 | |||||||||||
Other operations revenue | 598 | 584 | 1,795 | 1,752 | |||||||||||
Total revenues | 774,591 | 717,440 | 2,128,896 | 1,680,871 | |||||||||||
Cost of home sales | 607,053 | 521,918 | 1,661,651 | 1,294,563 | |||||||||||
Cost of land and lot sales | 2,234 | 12,001 | 4,163 | 13,299 | |||||||||||
Other operations expense | 590 | 575 | 1,781 | 1,726 | |||||||||||
Sales and marketing | 44,854 | 33,179 | 128,881 | 92,209 | |||||||||||
General and administrative | 38,109 | 32,956 | 111,406 | 101,293 | |||||||||||
Homebuilding income from operations | 81,751 | 116,811 | 221,014 | 177,781 | |||||||||||
Equity in income (loss) of unconsolidated entities | 15 | — | (384 | ) | 1,646 | ||||||||||
Other (expense) income, net | (477 | ) | 26 | (379 | ) | 147 | |||||||||
Homebuilding income before income taxes | 81,289 | 116,837 | 220,251 | 179,574 | |||||||||||
Financial Services: | |||||||||||||||
Revenues | 480 | 295 | 1,154 | 881 | |||||||||||
Expenses | 125 | 82 | 391 | 233 | |||||||||||
Equity in income of unconsolidated entities | 1,986 | 1,351 | 4,972 | 2,911 | |||||||||||
Financial services income before income taxes | 2,341 | 1,564 | 5,735 | 3,559 | |||||||||||
Income before income taxes | 83,630 | 118,401 | 225,986 | 183,133 | |||||||||||
Provision for income taxes | (19,661 | ) | (46,112 | ) | (55,457 | ) | (69,824 | ) | |||||||
Net income | 63,969 | 72,289 | 170,529 | 113,309 | |||||||||||
Net income attributable to noncontrolling interests | — | (25 | ) | — | (138 | ) | |||||||||
Net income available to common stockholders | $ | 63,969 | $ | 72,264 | $ | 170,529 | $ | 113,171 | |||||||
Earnings per share | |||||||||||||||
Basic | $ | 0.43 | $ | 0.48 | $ | 1.13 | $ | 0.73 | |||||||
Diluted | $ | 0.43 | $ | 0.48 | $ | 1.13 | $ | 0.73 | |||||||
Weighted average shares outstanding | |||||||||||||||
Basic | 147,725,074 | 151,214,744 | 150,377,472 | 155,238,206 | |||||||||||
Diluted | 148,318,032 | 152,129,825 | 151,482,456 | 155,936,076 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||
New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | ||||||||||||||||||||
New Homes Delivered: | |||||||||||||||||||||||||||
Maracay | 137 | $ | 487 | 164 | $ | 477 | 383 | $ | 476 | 447 | $ | 459 | |||||||||||||||
Pardee Homes | 354 | 634 | 328 | 502 | 1,005 | 645 | 896 | 478 | |||||||||||||||||||
Quadrant Homes | 73 | 898 | 79 | 686 | 241 | 795 | 206 | 649 | |||||||||||||||||||
Trendmaker Homes | 150 | 516 | 104 | 504 | 389 | 501 | 343 | 493 | |||||||||||||||||||
TRI Pointe Homes | 367 | 721 | 332 | 720 | 983 | 723 | 783 | 669 | |||||||||||||||||||
Winchester Homes | 124 | 590 | 104 | 579 | 343 | 571 | 265 | 561 | |||||||||||||||||||
Total | 1,205 | $ | 640 | 1,111 | $ | 584 | 3,344 | $ | 635 | 2,940 | $ | 547 | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||||||
New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | New Homes Delivered | Average Sales Price | ||||||||||||||||||||
New Homes Delivered: | |||||||||||||||||||||||||||
California | 513 | $ | 718 | 535 | $ | 640 | 1,429 | $ | 733 | 1,272 | $ | 603 | |||||||||||||||
Colorado | 63 | 598 | 30 | 591 | 182 | 594 | 97 | 593 | |||||||||||||||||||
Maryland | 87 | 533 | 77 | 562 | 253 | 539 | 192 | 534 | |||||||||||||||||||
Virginia | 37 | 724 | 27 | 625 | 90 | 661 | 73 | 633 | |||||||||||||||||||
Arizona | 137 | 487 | 164 | 477 | 383 | 476 | 447 | 459 | |||||||||||||||||||
Nevada | 145 | 571 | 95 | 458 | 377 | 538 | 310 | 414 | |||||||||||||||||||
Texas | 150 | 516 | 104 | 504 | 389 | 501 | 343 | 493 | |||||||||||||||||||
Washington | 73 | 898 | 79 | 686 | 241 | 795 | 206 | 649 | |||||||||||||||||||
Total | 1,205 | $ | 640 | 1,111 | $ | 584 | 3,344 | $ | 635 | 2,940 | $ | 547 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||
Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | ||||||||||||||||
Net New Home Orders: | |||||||||||||||||||||||
Maracay | 97 | 11.0 | 158 | 13.5 | 382 | 12.6 | 504 | 15.3 | |||||||||||||||
Pardee Homes | 357 | 36.8 | 421 | 30.8 | 1,294 | 34.3 | 1,282 | 29.3 | |||||||||||||||
Quadrant Homes | 64 | 7.0 | 84 | 8.3 | 226 | 6.8 | 311 | 7.6 | |||||||||||||||
Trendmaker Homes | 139 | 27.5 | 113 | 29.3 | 455 | 28.7 | 393 | 30.9 | |||||||||||||||
TRI Pointe Homes | 266 | 30.3 | 378 | 34.7 | 1,133 | 32.5 | 1,144 | 31.9 | |||||||||||||||
Winchester Homes | 112 | 14.7 | 114 | 13.2 | 384 | 14.1 | 378 | 12.4 | |||||||||||||||
Total | 1,035 | 127.3 | 1,268 | 129.8 | 3,874 | 129.0 | 4,012 | 127.4 | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||
Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | Net New Home Orders | Average Selling Communities | ||||||||||||||||
Net New Home Orders: | |||||||||||||||||||||||
California | 416 | 45.3 | 632 | 45.2 | 1,651 | 45.0 | 1,885 | 43.1 | |||||||||||||||
Colorado | 72 | 6.8 | 40 | 8.0 | 251 | 6.9 | 144 | 6.5 | |||||||||||||||
Maryland | 69 | 9.0 | 81 | 10.0 | 254 | 9.2 | 265 | 9.0 | |||||||||||||||
Virginia | 43 | 5.7 | 33 | 3.2 | 130 | 4.9 | 113 | 3.4 | |||||||||||||||
Arizona | 97 | 11.0 | 158 | 13.5 | 382 | 12.6 | 504 | 15.3 | |||||||||||||||
Nevada | 135 | 15.0 | 127 | 12.3 | 525 | 14.9 | 397 | 11.6 | |||||||||||||||
Texas | 139 | 27.5 | 113 | 29.3 | 455 | 28.7 | 393 | 30.9 | |||||||||||||||
Washington | 64 | 7.0 | 84 | 8.3 | 226 | 6.8 | 311 | 7.6 | |||||||||||||||
Total | 1,035 | 127.3 | 1,268 | 129.8 | 3,874 | 129.0 | 4,012 | 127.4 |
As of September 30, 2018 | As of September 30, 2017 | ||||||||||||||||||||
Backlog Units | Backlog Dollar Value | Average Sales Price | Backlog Units | Backlog Dollar Value | Average Sales Price | ||||||||||||||||
Backlog: | |||||||||||||||||||||
Maracay | 216 | $ | 122,617 | $ | 568 | 305 | $ | 154,324 | $ | 506 | |||||||||||
Pardee Homes | 698 | 451,398 | 647 | 646 | 436,376 | 676 | |||||||||||||||
Quadrant Homes | 129 | 127,136 | 986 | 206 | 160,202 | 778 | |||||||||||||||
Trendmaker Homes | 239 | 143,000 | 598 | 213 | 107,968 | 507 | |||||||||||||||
TRI Pointe Homes | 627 | 460,700 | 735 | 659 | 481,537 | 731 | |||||||||||||||
Winchester Homes | 192 | 126,374 | 658 | 236 | 141,858 | 601 | |||||||||||||||
Total | 2,101 | $ | 1,431,225 | $ | 681 | 2,265 | $ | 1,482,265 | $ | 654 | |||||||||||
As of September 30, 2018 | As of September 30, 2017 | ||||||||||||||||||||
Backlog Units | Backlog Dollar Value | Average Sales Price | Backlog Units | Backlog Dollar Value | Average Sales Price | ||||||||||||||||
Backlog: | |||||||||||||||||||||
California | 888 | $ | 654,929 | $ | 738 | 1,015 | $ | 750,947 | $ | 740 | |||||||||||
Colorado | 169 | 92,037 | 545 | 106 | 65,563 | 619 | |||||||||||||||
Maryland | 114 | 64,672 | 567 | 175 | 98,920 | 565 | |||||||||||||||
Virginia | 78 | 61,701 | 791 | 61 | 42,937 | 704 | |||||||||||||||
Arizona | 216 | 122,617 | 568 | 305 | 154,324 | 506 | |||||||||||||||
Nevada | 268 | 165,133 | 616 | 184 | 101,404 | 551 | |||||||||||||||
Texas | 239 | 143,000 | 598 | 213 | 107,968 | 507 | |||||||||||||||
Washington | 129 | 127,136 | 986 | 206 | 160,202 | 778 | |||||||||||||||
Total | 2,101 | $ | 1,431,225 | $ | 681 | 2,265 | $ | 1,482,265 | $ | 654 |
September 30, | December 31, | ||||
2018 | 2017 | ||||
Lots Owned or Controlled(1): | |||||
Maracay | 3,211 | 2,519 | |||
Pardee Homes | 15,404 | 15,144 | |||
Quadrant Homes | 1,855 | 1,726 | |||
Trendmaker Homes | 1,821 | 1,855 | |||
TRI Pointe Homes | 4,214 | 3,964 | |||
Winchester Homes | 1,896 | 2,104 | |||
Total | 28,401 | 27,312 | |||
September 30, | December 31, | ||||
2018 | 2017 | ||||
Lots Owned or Controlled(1): | |||||
California | 16,148 | 16,292 | |||
Colorado | 870 | 742 | |||
Maryland | 1,258 | 1,507 | |||
Virginia | 638 | 597 | |||
Arizona | 3,211 | 2,519 | |||
Nevada | 2,600 | 2,074 | |||
Texas | 1,821 | 1,855 | |||
Washington | 1,855 | 1,726 | |||
Total | 28,401 | 27,312 | |||
September 30, | December 31, | ||||
2018 | 2017 | ||||
Lots by Ownership Type: | |||||
Lots owned | 23,890 | 23,940 | |||
Lots controlled(1) | 4,511 | 3,372 | |||
Total | 28,401 | 27,312 |
(1) | As of September 30, 2018 and December 31, 2017, lots controlled included lots that were under land option contracts or purchase contracts. |
Three Months Ended September 30, | |||||||||||||
2018 | % | 2017 | % | ||||||||||
(dollars in thousands) | |||||||||||||
Home sales revenue | $ | 771,768 | 100.0 | % | $ | 648,638 | 100.0 | % | |||||
Cost of home sales | 607,053 | 78.7 | % | 521,918 | 80.5 | % | |||||||
Homebuilding gross margin | 164,715 | 21.3 | % | 126,720 | 19.5 | % | |||||||
Add: interest in cost of home sales | 20,128 | 2.6 | % | 15,623 | 2.4 | % | |||||||
Add: impairments and lot option abandonments | 568 | 0.1 | % | 374 | 0.1 | % | |||||||
Adjusted homebuilding gross margin | $ | 185,411 | 24.0 | % | $ | 142,717 | 22.0 | % | |||||
Homebuilding gross margin percentage | 21.3 | % | 19.5 | % | |||||||||
Adjusted homebuilding gross margin percentage | 24.0 | % | 22.0 | % |
Nine Months Ended September 30, | |||||||||||||
2018 | % | 2017 | % | ||||||||||
(dollars in thousands) | |||||||||||||
Home sales revenue | $ | 2,123,135 | 100.0 | % | $ | 1,609,458 | 100.0 | % | |||||
Cost of home sales | 1,661,651 | 78.3 | % | 1,294,563 | 80.4 | % | |||||||
Homebuilding gross margin | 461,484 | 21.7 | % | 314,895 | 19.6 | % | |||||||
Add: interest in cost of home sales | 53,926 | 2.5 | % | 38,448 | 2.4 | % | |||||||
Add: impairments and lot option abandonments | 1,425 | 0.1 | % | 1,169 | 0.1 | % | |||||||
Adjusted homebuilding gross margin | $ | 516,835 | 24.3 | % | $ | 354,512 | 22.0 | % | |||||
Homebuilding gross margin percentage | 21.7 | % | 19.6 | % | |||||||||
Adjusted homebuilding gross margin percentage | 24.3 | % | 22.0 | % |
September 30, 2018 | December 31, 2017 | ||||||
Unsecured revolving credit facility | $ | 100,000 | $ | — | |||
Senior notes | 1,419,198 | 1,471,302 | |||||
Total debt | 1,519,198 | 1,471,302 | |||||
Stockholders’ equity | 1,960,397 | 1,929,722 | |||||
Total capital | $ | 3,479,595 | $ | 3,401,024 | |||
Ratio of debt-to-capital(1) | 43.7 | % | 43.3 | % | |||
Total debt | $ | 1,519,198 | $ | 1,471,302 | |||
Less: Cash and cash equivalents | (83,086 | ) | (282,914 | ) | |||
Net debt | 1,436,112 | 1,188,388 | |||||
Stockholders’ equity | 1,960,397 | 1,929,722 | |||||
Net capital | $ | 3,396,509 | $ | 3,118,110 | |||
Ratio of net debt-to-net capital(2) | 42.3 | % | 38.1 | % |
(1) | The ratio of debt-to-capital is computed as the quotient obtained by dividing debt by the sum of debt plus equity. |
(2) | The ratio of net debt-to-net capital is computed as the quotient obtained by dividing net debt (which is debt less cash and cash equivalents) by the sum of net debt plus equity. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in thousands) | |||||||||||||||
Net income available to common stockholders | $ | 63,969 | $ | 72,264 | $ | 170,529 | $ | 113,171 | |||||||
Interest expense: | |||||||||||||||
Interest incurred | 23,942 | 22,865 | 67,089 | 61,669 | |||||||||||
Interest capitalized | (23,942 | ) | (22,865 | ) | (67,089 | ) | (61,669 | ) | |||||||
Amortization of interest in cost of sales | 20,293 | 15,899 | 54,199 | 38,771 | |||||||||||
Provision for income taxes | 19,661 | 46,112 | 55,457 | 69,824 | |||||||||||
Depreciation and amortization | 7,002 | 867 | 19,581 | 2,567 | |||||||||||
EBITDA | 110,925 | 135,142 | 299,766 | 224,333 | |||||||||||
Amortization of stock-based compensation | 3,765 | 3,887 | 10,955 | 11,631 | |||||||||||
Impairments and lot option abandonments | 643 | 374 | 1,500 | 1,203 | |||||||||||
Restructuring charges | — | 147 | — | 588 | |||||||||||
Adjusted EBITDA | $ | 115,333 | $ | 139,550 | $ | 312,221 | $ | 237,755 |
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