30% Increase in Homebuilding Revenue; 30%
Increase in Net Income Available to Common Stockholders; Dollar
Value of Orders up 31%; and 22% Increase in Average Community
Count
William Lyon Homes (NYSE: WLH), a leading homebuilder in the
Western U.S., announced results for its second quarter ended June
30, 2017.
2017 Second Quarter Highlights (Comparison to 2016 Second
Quarter)
- Net income available to common
stockholders of $19.0 million, up 30%, or $0.49 per diluted share,
up 29%
- Home sales revenue of $422.6 million,
up 30%
- New home deliveries of 831 homes, up
25%
- Net new home orders of 1,017, up
17%
- Dollar value of orders of $554.0
million, up 31%
- Average sales locations of 88, up
22%
- Average sales price (ASP) of new homes
delivered of $508,600, up 4%
- Dollar value of homes in backlog of
$755.3 million, up 31%
- Units in backlog of 1,285, up 18%
- Homebuilding gross margin percentage in
backlog of 18.3%
- Homebuilding gross margin percentage of
16.5%
- Homebuilding gross margin of $69.6
million, up 23%
- Adjusted homebuilding gross margin
percentage of 22.1%
- SG&A percentage of 9.7%, compared
to 10.7%
- Pre-Tax Income of $29.5 million, up
30%
- Adjusted EBITDA of $53.3 million, up
10%
“We are pleased with our financial results for the second
quarter, with several key metrics up over the prior year, including
homebuilding revenues of $422.6 million, up 30%, deliveries of 831,
up 25%, pre-tax income of $29.5 million, up 30%, net income of
$19.0 million, up 30%, and earnings per share on a diluted basis of
$0.49, up 29%,” said Matthew R. Zaist, President and Chief
Executive Officer. “During the quarter, our GAAP homebuilding gross
margins were up 90 basis points sequentially, and we are extremely
pleased with the momentum of our gross margins in backlog growing
to 18.3%, which represents a 180 basis point improvement over the
second quarter. We expect to see our gross margin improvement drive
meaningful profitability growth in the balance of the year.”
Mr. Zaist continued, “Second quarter net new home orders were
1,017, up 17%, and dollar value of orders was up 31% to $554.0
million. Our monthly absorption rate for the second quarter was 3.9
sales per community. We are pleased to see the sales momentum
continue into the third quarter with July up 18% over the prior
year and a monthly absorption rate of 3.0 sales per community
compared to 2.8 in the prior year.
“The strong performance in the first half of 2017 positions us
well to achieve our goals for the year and our revised expectations
for the full year include new home deliveries of approximately
3,150 to 3,350, homebuilding revenue of approximately $1.725
billion to $1.8 billion, and pre-tax income before non-controlling
interest of approximately $140 million to $150 million.”
Operating Results
Home sales revenue for the second quarter of 2017 was $422.6
million, as compared to $325.1 million in the year-ago period, an
increase of 30%. The increase was driven by a 25% increase in
deliveries to 831 homes, compared to 663 in the second quarter of
2016, combined with an increase in the average sales price of homes
delivered to $508,600, up 4% from the prior year.
The dollar value of orders for the second quarter of 2017 was
$554.0 million, an increase of 31%, from $423.6 million in the
year-ago period. Net new home orders for the quarter were 1,017, up
17% from 871 in the second quarter of 2016. The overall increase in
net new home orders was primarily driven by an increase in
community count to 88 average sales locations, from 72 in the
year-ago period.
The dollar value of homes in backlog was $755.3 million as of
June 30, 2017, an increase of 31%, compared to $575.5 million as of
June 30, 2016. The increase was driven by an 18% increase in units
in backlog to 1,285 from 1,093 in the year-ago period and a 12%
increase in ASP in backlog to $587,800 from $526,500 in the second
quarter of 2016. In addition, our ASP in backlog as of June 30,
2017 was 16% higher than the ASP of homes closed in the second
quarter.
Homebuilding gross margin percentage for homes closed during the
second quarter of 2017 was 16.5%, up from 15.6% gross margins in
the first quarter of 2017. Adjusted homebuilding gross margin
percentage for the quarter was 22.1%.
Sales and marketing expense during the second quarter of 2017
was 5.0% of homebuilding revenue, compared to 5.6% in the year-ago
quarter, driven primarily by higher homebuilding revenue and
leverage on our advertising and marketing costs, compared to the
second quarter of 2016. General and administrative expenses
decreased to 4.6% of homebuilding revenue, compared to 5.1% in the
year-ago quarter, as we continue to benefit from a lower relative
cost structure due to the higher revenue and positive operating
leverage.
Balance Sheet Update
At quarter end, cash and cash equivalents totaled $32.6 million,
real estate inventories totaled $1.9 billion, total assets were
$2.1 billion and total equity was $813.9 million. Total debt to
book capitalization was 57.9%, and net debt to total capital (net
of cash) was 57.2% at June 30, 2017, compared to 61.6% and 60.8% at
June 30, 2016, and 58.6% and 57.6% at December 31, 2016,
respectively.
Conference Call
The Company will host a conference call to discuss these results
today, Monday, August 7, 2017 at 9:00 a.m. Pacific Time. The call
will be available via both the telephone at (855) 851-4524 or (720)
634-2900, conference ID #59688752, or through the Company’s website
at www.lyonhomes.com in the Investor
Relations section of the site.
A replay of the call will be available through August 14, 2017
by dialing (855) 859-2056 or (404) 537-3406, conference ID
#59688752. A webcast replay of the call will also be available on
the Company’s website approximately two hours after the
broadcast.
About William Lyon Homes
William Lyon Homes is one of the largest Western U.S. regional
homebuilders. Headquartered in Newport Beach, California, the
Company is primarily engaged in the design, construction, marketing
and sale of single-family detached and attached homes in
California, Arizona, Nevada, Colorado, Washington and Oregon. Its
core markets include Orange County, Los Angeles, the Inland Empire,
the San Francisco Bay Area, Phoenix, Las Vegas, Denver, Portland
and Seattle. The Company has a distinguished legacy of more than 60
years of homebuilding operations, over which time it has sold in
excess of 100,000 homes. The Company markets and sells its homes
under the William Lyon Homes brand in all of its markets except for
Washington and Oregon, where the Company operates under the Polygon
Northwest brand.
Forward-Looking Statements
Certain statements contained in this release and the
accompanying comments during our conference call that are not
historical information may constitute “forward-looking statements”
as defined by the Private Securities Litigation Reform Act of 1995,
including, but not limited to, forward-looking statements related
to: anticipated new home deliveries, revenue and pre-tax income,
gross margin performance, backlog conversion rates, operating and
financial results for the third quarter of 2017 and full year 2017,
community count growth and project performance, market and industry
trends, the continued housing market recovery, average sale price
of homes to be closed in various periods, SG&A percentage,
future cash needs and liquidity, leverage ratios and reduction
strategies and land acquisition spending. The forward-looking
statements involve risks and uncertainties and actual results may
differ materially from those projected or implied. The Company
makes no commitment, and disclaims any duty, to update or revise
any forward-looking statements to reflect future events or changes
in these expectations. Further, certain forward-looking statements
are based on assumptions of future events which may not prove to be
accurate. Factors that may impact such forward-looking statements
include, among others: adverse weather conditions; the availability
of labor and homebuilding materials and increased construction
cycle times; the availability and timing of mortgage financing; our
financial leverage and level of indebtedness and any inability to
comply with financial and other covenants under our debt
instruments; continued volatility and worsening in general economic
conditions either internationally, nationally or in regions in
which we operate; increased outside broker costs; increased costs
of homebuilding materials; changes in governmental laws and
regulations and compliance, increased costs, fees and delays
associated therewith; potential changes to the tax code; worsening
in markets for residential housing; the impact of construction
defect, product liability and home warranty claims, including the
adequacy of self-insurance accruals, and the applicability and
sufficiency of our insurance coverage; defects in manufactured
products or other homebuilding materials; decline in real estate
values resulting in impairment of our real estate assets;
volatility in the banking industry, credit and capital markets;
terrorism or other hostilities involving the United States;
building moratorium or “slow-growth” or “no-growth” initiatives
that could be implemented in states in which we operate; changes in
mortgage and other interest rates; conditions in the capital,
credit and financial markets, including mortgage lending standards
and the availability of mortgage financing; changes in generally
accepted accounting principles or interpretations of those
principles; competition for home sales from other sellers of new
and resale homes; cancellations and our ability to realize our
backlog; the occurrence of events such as landslides, soil
subsidence and earthquakes that are uninsurable, not economically
insurable or not subject to effective indemnification agreements;
limitations on our ability to utilize our tax attributes; whether
an ownership change occurred that could, under certain
circumstances, have resulted in the limitation of our ability to
offset prior years’ taxable income with net operating losses; the
timing of receipt of regulatory approvals and the opening of
projects; the availability and cost of land for future development;
and additional factors discussed under the sections captioned “Risk
Factors” included in our annual and quarterly reports filed with
the Securities and Exchange Commission. The foregoing list is not
exhaustive. New risk factors may emerge from time to time and it is
not possible for management to predict all such risk factors or to
assess the impact of such risk factors on our business.
WILLIAM LYON HOMES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands except number of shares
and per share data)
(unaudited)
Three Three Months Months
Ended Ended June 30, June 30,
2017 2016 Operating revenue Home sales $ 422,633 $
325,059 Construction services 59 594
422,692 325,653 Operating costs Cost of
sales — homes (353,057 ) (268,638 ) Construction services (6 ) (548
) Sales and marketing (21,284 ) (18,112 ) General and
administrative (19,550 ) (16,685 ) Other (560 ) (487
) (394,457 ) (304,470 ) Operating income 28,235
21,183 Equity in income of unconsolidated joint ventures 1,213
1,194 Other income, net 8 228 Income
before provision for income taxes 29,456 22,605 Provision for
income taxes (9,205 ) (7,519 ) Net income 20,251
15,086 Less: Net income attributable to noncontrolling interests
(1,297 ) (525 ) Net income available to common
stockholders $ 18,954 $ 14,561 Income per
common share: Basic $ 0.51 $ 0.40 Diluted $ 0.49 $ 0.38 Weighted
average common shares outstanding: Basic 37,051,967 36,786,268
Diluted 38,298,624 38,356,722
WILLIAM LYON HOMES
CONSOLIDATED STATEMENTS OF
OPERATIONS
(in thousands except number of shares
and per share data)
(unaudited)
Six Six Months Months
Ended Ended June 30, June 30,
2017 2016 Operating revenue Home sales $ 681,487 $
586,354 Construction services 59 3,724
681,546 590,078 Operating costs Cost of
sales — homes (571,512 ) (483,809 )
Construction services
(6 ) (3,372 ) Sales and marketing (35,989 ) (33,105 )
General and administrative
(38,496 ) (34,519 ) Other (1,000 ) (810 )
(647,003 ) (555,615 ) Operating income 34,543 34,463 Equity
in income of unconsolidated joint ventures 1,462 2,375 Other
income, net 353 753 Income before
extinguishment of debt 36,358 37,591 Loss on extinguishment of debt
(21,828 ) - Income before provision for income
taxes 14,530 37,591 Provision for income taxes (3,575 )
(12,564 ) Net income 10,955 25,027 Less: Net income
attributable to noncontrolling interests (2,001 )
(1,452 ) Net income available to common stockholders $ 8,954
$ 23,575 Income per common share: Basic $ 0.24 $ 0.64
Diluted $ 0.23 $ 0.62 Weighted average common shares outstanding:
Basic 36,980,540 36,719,057 Diluted 38,231,201 38,302,047
WILLIAM LYON HOMES
CONSOLIDATED BALANCE SHEETS
(in thousands, except number of shares
and par value per share)
June 30, December 31, 2017 2016
(unaudited) ASSETS Cash and cash equivalents $ 32,573
$ 42,612 Receivables 8,332 9,538 Escrow proceeds receivable 39 85
Real estate inventories 1,863,092 1,771,998 Investment in
unconsolidated joint ventures 8,206 7,282 Goodwill 66,902 66,902
Intangibles, net of accumulated amortization of $4,640 as of June
30, 2017 and December 31, 2016 6,700 6,700 Deferred income taxes
75,280 75,751 Lease right-of-use assets 15,632 12,605 Other assets,
net 18,865 17,283 Total assets $ 2,095,621 $
2,010,756
LIABILITIES AND EQUITY Accounts payable $
78,792 $ 74,282 Accrued expenses 81,657 92,395 Revolving credit
facility 65,000 29,000 Joint venture notes payable 98,411 102,077
Land notes payable 20,055 24,691 Subordinated amortizing note 3,488
7,225 53/4% Senior Notes due April 15, 2019 149,089 148,826 8 1/2%
Senior Notes due November 15, 2020 - 422,817 7% Senior Notes due
August 15, 2022 346,385 346,014 57/8% Senior Notes due January 31,
2025 438,893 - 1,281,770 1,247,327
Commitments and contingencies Equity: William Lyon Homes
stockholders’ equity
Preferred stock, par value $0.01 per
share; 10,000,000 shares authorized and no shares issued and
outstanding at June 30, 2017 and December 31, 2016
- - Common stock, Class A, par value $0.01 per share; 150,000,000
shares authorized; 29,290,550 and 28,909,781 shares issued,
28,132,743 and 27,907,724 shares outstanding at June 30, 2017 and
December 31, 2016, respectively 290 290 Common stock, Class B, par
value $0.01 per share; 30,000,000 shares authorized; 3,813,884
shares issued and outstanding at June 30, 2017 and December 31,
2016 38 38 Additional paid-in capital 420,934 419,099 Retained
earnings 286,613 277,659 Total William Lyon Homes
stockholders' equity 707,875 697,086 Noncontrolling interests
105,976 66,343 Total equity 813,851
763,429 Total liabilities and equity $ 2,095,621 $ 2,010,756
WILLIAM LYON HOMES
SELECTED FINANCIAL AND OPERATING
INFORMATION
(unaudited)
Three Months Ended June 30, 2017
2016 Consolidated
Consolidated Percentage % Total Total
Change Selected Financial Information (1) (dollars
in thousands) Homes closed 831 663
25 % Home sales revenue $ 422,633 $ 325,059 30 % Cost of sales
(excluding interest and purchase accounting adjustments)
(329,058 ) (246,960 ) 33 % Adjusted homebuilding gross
margin (2) $ 93,575 $ 78,099 20 % Adjusted
homebuilding gross margin percentage (2) 22.1 % 24.0
% (8 %) Interest in cost of sales (20,689 ) (14,020 ) 48 % Purchase
accounting adjustments (3,310 ) (7,658 ) (57 %) Gross
margin $ 69,576 $ 56,421 23 % Gross margin percentage
16.5 % 17.4 % (5 %)
Number of homes
closed California 216 147 47 % Arizona 181 134 35 % Nevada 53
73 (27 %) Colorado 58 47 23 % Washington 106 83 28 % Oregon
217 179 21 % Total 831
663 25 %
Average sales price of homes closed
California $ 691,200 $ 688,400 0 % Arizona 289,300 265,600 9 %
Nevada 564,800 666,500 (15 %) Colorado 534,600 514,400 4 %
Washington 662,800 450,200 47 % Oregon 413,700
436,100 (5 %) Total $ 508,600 $ 490,300 4 %
Number of net new home orders California 280 238 18 %
Arizona 149 142 5 % Nevada 93 97 (4 %) Colorado 86 72 19 %
Washington 164 88 86 % Oregon 245 234 5
% Total 1,017 871 17 %
Average number of sales locations during period California
23 18 28 % Arizona 8 8 0 % Nevada 14 12 17 % Colorado 15 11 36 %
Washington 10 6 67 % Oregon 18 17 6 %
Total
88 72 22 % (1) For
the periods presented, the Company is reporting in six segments:
California, Arizona, Nevada, Colorado, Washington and Oregon. (2)
Adjusted homebuilding gross margin is a financial measure that is
not prepared in accordance with U.S. generally accepted accounting
principles, or U.S. GAAP. It is used by management in evaluating
operating performance and in making strategic decisions regarding
sales pricing, construction and development pace, product mix and
other operating decisions. We believe this information is
meaningful as it isolates the impact that interest and purchase
accounting adjustments have on homebuilding gross margin and allows
investors to make better comparisons with our competitors.
WILLIAM LYON HOMES
SELECTED FINANCIAL AND OPERATING
INFORMATION
(unaudited)
Six Months Ended June 30, 2017
2016 Consolidated Consolidated
Percentage % Total Total Change
Selected Financial Information (1) (dollars in
thousands) Homes closed 1,330 1,206
10 % Home sales revenue $ 681,487 $ 586,354 16 % Cost of sales
(excluding interest and purchase accounting adjustments)
(533,404 ) (443,791 ) 20 % Adjusted homebuilding gross
margin (2) $ 148,083 $ 142,563 4 % Adjusted
homebuilding gross margin percentage (2) 21.7 % 24.3
% (11 %) Interest in cost of sales (32,297 ) (25,767 ) 25 %
Purchase accounting adjustments (5,811 ) (14,251 )
(59 %) Gross margin $ 109,975 $ 102,545 7 % Gross
margin percentage 16.1 % 17.5 % (8 %)
Number of homes closed California 337 289 17 % Arizona 275
216 27 % Nevada 101 135 (25 %) Colorado 96 100 (4 %) Washington 176
151 17 % Oregon 345 315 10 % Total
1,330 1,206 10 %
Average
sales price of homes closed California $ 686,200 $ 671,100 2 %
Arizona 287,600 262,200 10 % Nevada 598,800 588,100 2 % Colorado
545,200 505,700 8 % Washington 646,200 465,300 39 % Oregon
419,100 430,200 (3 %) Total $ 512,400 $
486,200 5 %
Number of net new home orders
California 545 400 36 % Arizona 277 250 11 % Nevada 170 163 4 %
Colorado 147 150 (2 %) Washington 316 172 84 % Oregon 427
425 0 % Total 1,882 1,560
21 %
Average number of sales locations during
period California 24 18 33 % Arizona 8 8 0 % Nevada 12 12 0 %
Colorado 13 10 30 % Washington 9 6 50 % Oregon 19
16 19 % Total 85 70 21 %
(1) For the periods presented, the Company is
reporting in six segments: California, Arizona, Nevada, Colorado,
Washington and Oregon. (2) Adjusted homebuilding gross margin is a
financial measure that is not prepared in accordance with U.S.
generally accepted accounting principles, or U.S. GAAP. It is used
by management in evaluating operating performance and in making
strategic decisions regarding sales pricing, construction and
development pace, product mix and other operating decisions. We
believe this information is meaningful as it isolates the impact
that interest and purchase accounting adjustments have on
homebuilding gross margin and allows investors to make better
comparisons with our competitors.
WILLIAM LYON HOMES
SELECTED FINANCIAL AND OPERATING
INFORMATION
(unaudited)
As of June 30, 2017 2016
Consolidated Consolidated Percentage %
Total Total Change Backlog of homes sold
but not closed at end of period California 432 305 42 % Arizona
206 243 (15 %) Nevada 128 143 (10 %) Colorado 126 128 (2 %)
Washington 192 65 195 % Oregon 201 209 (4 %) Total
1,285 1,093 18 %
Dollar amount of homes
sold but not closed at end of period (in thousands) California
$ 345,604 $ 223,080 55 % Arizona 63,435 66,816 (5 %) Nevada 84,348
82,993 2 % Colorado 59,266 66,122 (10 %) Washington 115,018 42,851
168 % Oregon 87,652 93,617 (6 %) Total $ 755,323 $
575,479 31 %
Lots owned and controlled at end of
period Lots owned California 1,653 1,652 0 % Arizona
4,660 4,985 (7 %) Nevada 2,941 3,251 (10 %) Colorado 1,415 698 103
% Washington 1,303 1,449 (10 %) Oregon 1,449 1,133 28
% Total 13,421 13,168 2 %
Lots
controlled California 1,141 1,288 (11 %) Arizona - - 0 % Nevada
420 55 664 % Colorado 192 1,148 (83 %) Washington 973 1,093 (11 %)
Oregon 2,386 2,083 15 % Total 5,112
5,667 (10 %)
Total lots owned and controlled
California 2,794 2,940 (5 %) Arizona 4,660 4,985 (7 %) Nevada 3,361
3,306 2 % Colorado 1,607 1,846 (13 %) Washington 2,276 2,542 (10 %)
Oregon 3,835 3,216 19 % Total 18,533
18,835 (2 %)
WILLIAM LYON HOMES
SUPPLEMENTAL FINANCIAL
INFORMATION
(dollars in thousands)
(unaudited)
Three Three Six Six
Months Months Months Months
Ended Ended Ended Ended June 30,
June 30, June 30, June 30, 2017
2016 2017 2016 Net income available to
common stockholders $ 18,954 $ 14,561 $ 8,954 $ 23,575 Net income,
adjusted for loss on extinguishment of debt, net of tax benefit (3)
$ 18,954 $ 14,561 $ 23,030 $ 23,575 Net cash used in operating
activities $ (25,431 ) $ (15,369 ) $ (66,812 ) $ (74,905 ) Interest
incurred $ 18,822 $ 20,558 $ 38,246 $ 40,819 Adjusted EBITDA (1) $
53,269 $ 48,458 $ 75,811 $ 81,990 Adjusted EBITDA Margin (2) 12.6 %
14.9 % 11.1 % 13.9 % Ratio of adjusted EBITDA to interest incurred
2.8 2.4 2.0 2.0
Balance Sheet Data
June 30, December 31,
2017 2016 Cash and cash equivalents $ 32,573 $
42,612 Total William Lyon Homes stockholders’ equity 707,875
697,086 Noncontrolling interest 105,976 66,343 Total debt
1,121,321 1,080,650 Total capital $ 1,935,172
$ 1,844,079 Ratio of debt to total capital
57.9 % 58.6 % Ratio of net debt to total capital (net of cash) 57.2
% 57.6 % (1) Adjusted EBITDA means net income
available to common stockholders plus (i) provision for income
taxes, (ii) interest expense, (iii) amortization of capitalized
interest included in cost of sales, (iv) stock based compensation,
(v) depreciation and amortization, (vi) non-cash purchase
accounting adjustments, (vii) cash distributions of income from
unconsolidated joint ventures, (viii) equity in income of
unconsolidated joint ventures, and (ix) loss on extinguishment of
debt. Other companies may calculate adjusted EBITDA differently.
Adjusted EBITDA is not a financial measure prepared in accordance
with U.S. GAAP. Adjusted EBITDA is presented herein because
management believes the presentation of adjusted EBITDA provides
useful information to the Company’s investors regarding the
Company’s financial condition and results of operations because
adjusted EBITDA is a widely utilized indicator of a company's
operating performance. Adjusted EBITDA should not be considered as
an alternative for net income, cash flows from operating activities
and other consolidated income or cash flow statement data prepared
in accordance with accounting principles generally accepted in the
United States or as a measure of profitability or liquidity. A
reconciliation of net income available to common stockholders to
adjusted EBITDA is provided in the following table:
Three Three
Six Six
Months Months Months Months
Ended Ended Ended Ended June 30,
June 30, June 30, June 30, 2017
2016 2017 2016 Net income available to
common stockholders $ 18,954 $ 14,561 $ 8,954 $ 23,575 Provision
for income taxes 9,205 7,519 3,575 12,564 Interest expense Interest
incurred 18,822 20,558 38,246 40,819 Interest capitalized (18,822 )
(20,558 ) (38,246 ) (40,819 )
Amortization of capitalized interest
included in cost of sales
20,689 15,014 32,297 26,761 Stock based compensation 1,539 1,069
3,215 2,561 Depreciation and amortization 442 507 891 1,005
Non-cash purchase accounting adjustments 3,310 10,689 5,811 17,282
Cash distributions of income from unconsolidated joint ventures 343
293 702 617 Equity in income of unconsolidated joint ventures
(1,213 ) (1,194 ) (1,462 ) (2,375 ) Loss on extinguishment of debt
- - 21,828 -
Adjusted EBITDA $ 53,269 $ 48,458 $ 75,811
$ 81,990 (2) Calculated as
Adjusted EBITDA as a percentage of operating revenue. (3)
Adjusted net income means net income available to common
stockholders plus the loss for the extinguishment of the 8.5%
Senior Notes. Adjusted net income is not a financial measure
prepared in accordance with U.S. GAAP. Adjusted net income is
presented herein because management believes the presentation of
adjusted net income provides useful information to the Company’s
investors regarding the Company’s results of operations because
adjusted net income isolates the impact of the infrequent
extinguishment fees. Adjusted net income should not be considered
as an alternative for net income, cash flows from operating
activities and other consolidated income or cash flow statement
data prepared in accordance with accounting principles generally
accepted in the United States or as a measure of profitability or
liquidity. A reconciliation of net income available to common
stockholders to adjusted net income is provided in the following
table:
Three Six
Months Months Ended Ended June
30, June 30, 2017 2017 Net income
available to common stockholders $ 18,954 $ 8,954 Add: Loss on
extinguishment of debt - 21,828 Less: Income tax benefit applicable
to loss on extinguishment of debt - (7,752 )
Net income, adjusted for loss on
extinguishment of debt, net of tax benefit
$ 18,954 $ 23,030 Diluted weighted average common shares
outstanding 38,298,624 38,231,201 Adjusted net income excluding
noncontrolling interest per diluted share $ 0.49 $ 0.60
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170807005334/en/
Investor/Media Contacts:Financial Profiles, Inc.Larry
Clark, (310) 622-8223WLH@finprofiles.com
William Lyon Homes (NYSE:WLH)
Historical Stock Chart
From Sep 2024 to Oct 2024
William Lyon Homes (NYSE:WLH)
Historical Stock Chart
From Oct 2023 to Oct 2024