- Net New Home Contracts Increase 351% in Fourth Quarter -
- Home Closings Increase 240% in Fourth Quarter -
- Net Income Increases 136% in Fourth Quarter -
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--
Century Communities, Inc. (NYSE:CCS) today announced financial results
for its fourth quarter and full year ending December 31, 2014.
Fourth Quarter 2014 Highlights Compared to Fourth Quarter 2013*
-
Net income of $7.2 million, an increase of 136%
-
Pre-tax income of $11.0 million, an increase of 133%
-
Total revenues of $140.9 million, an increase of 121%
-
Home closings increased 240% to 462 homes
-
Homebuilding gross margin of $24.1 million, an increase of 60%
-
Adjusted EBITDA of $16.2 million, an increase of 163%
-
Selling, General & Administrative (“SG&A”) as a percent of home sales
revenues of 11.8%, an improvement of 450 basis points
-
Net new home contracts increased 351% to 365 homes
-
Homes in backlog increased 248% to 772 homes
-
Average open communities increased 204% to 73
-
Open communities at the end of the quarter increased 261% to 83
-
Ratio of net debt to net capital of 34.9% at December 31, 2014
-
In October 2014, the Company entered into a new three year, $120
million senior unsecured credit facility with an accordion feature
allowing the Company to increase the borrowing capacity to $200
million.
-
In November 2014, the Company’s Board of Directors authorized a stock
repurchase program allowing the Company to repurchase up to 2,000,000
shares of its outstanding common stock.
-
In November 2014, acquired Peachtree Communities in Atlanta, Georgia
for a purchase price of approximately $57 million, inclusive of the
true-up amount under the Asset Purchase Agreement, establishing the
Company’s footprint in the Southeast Region.
Full Year 2014 Highlights Compared to Full Year 2013*
-
Net income of $20.0 million, an increase of 61%
-
Pre-tax income of $31.0 million, an increase of 71%
-
Total revenues of $362.4 million, an increase of 112%
-
Home closings increased 133% to 1,046 homes
-
Homebuilding gross margin of $75.4 million, an increase of 82%
-
Adjusted EBITDA of $41.0 million, an increase of 100%
-
At year-end 2014, owned and controlled lots totaled 11,463,
representing an increase of 37%
-
Successfully completed three homebuilder acquisitions in 2014,
expanding the Company’s presence in Las Vegas, Nevada, Houston, Texas
and Atlanta, Georgia and adding a combined 54 communities and 4,480
owned and controlled lots
“We are pleased with another quarter of solid execution and performance
across our key metrics to close out 2014 and achieve our 12th
consecutive year of profitability,” stated Dale Francescon, Co-Chief
Executive Officer. “During the fourth quarter, we more than doubled our
home sales revenues and net income reflecting the continued expansion of
our operations and improved leverage on our fixed cost base. As we move
forward in 2015, our commitment towards growth remains firm as we strive
to further increase our revenues, grow our footprint in existing and new
markets, enhance our profitability and deploy our capital
opportunistically to drive shareholder value.”
“We ended the year with a well-positioned backlog, land supply and
community count as a result of our strategic focus on acquiring leading
homebuilders in attractive markets,” said Rob Francescon, Co-Chief
Executive Officer. “Our acquisition of Peachtree Communities during the
fourth quarter expanded our geographical footprint into the rapidly
growing Southeast market and builds on our successful track record of
expanding our presence into healthy markets with improving fundamentals.
We are excited by our growth prospects for 2015 with our planned
community openings and high quality land positions providing a solid
runway to drive another year of strong top-line growth and profit
improvement.”
Fourth Quarter 2014 Results*
Net income for the fourth quarter 2014 was $7.2 million, or $0.34 per
share, compared to $3.0 million, or $0.18 per share, in the prior year
quarter. The improvement in net income was primarily attributable to an
increase in home sales revenues generated by a higher number of closings.
Home sales revenues for the fourth quarter 2014 were $134.1 million,
compared to $63.6 million in the prior year quarter. The increase in
home sales revenues was primarily due to home closings increasing 240%
to 462 homes from 136. The average selling price of homes closed was
$290,236, compared to $467,875 in the prior year quarter, largely due to
a shift in regional and product mix from new communities and
acquisitions.
Homebuilding gross margin percentage in the fourth quarter 2014 was
18.0%, compared to 23.7% in the prior year quarter. Adjusted
homebuilding gross margin percentage, excluding purchase price
accounting and interest in cost of homes sales revenues, was 21.0%
compared to 25.0% in the prior year quarter, mainly attributable to
regional and product mix. SG&A as a percent of home sales revenues was
11.8% compared to 16.3% in the prior year quarter, primarily as a result
of higher home sales revenues, which more than offset an increase in
personnel costs and additional investments to support a higher number of
communities, and an increase in costs associated with being a publicly
traded company.
Net new home contracts in the fourth quarter 2014 increased to 365
homes, an increase of 351% compared to 81 homes in the prior year
quarter, largely attributable to a higher number of average open
communities. At the end of the fourth quarter 2014, the Company had 772
homes in backlog, representing $246.3 million of backlog dollar value,
compared to 222 homes, representing $103.3 million of backlog dollar
value in the prior year quarter.
Full Year 2014 Results*
Net income for the full year 2014 was $20.0 million, or $1.03 per share,
compared to $12.4 million, or $0.95 per share, in the prior year. Home
sales revenues for 2014 were $351.8 million, compared to $171.1 million
in 2013. The increase in home sales revenues was primarily due to home
closings increasing 133% to 1,046 homes. The average selling price of
homes closed was $336,354 in 2014 compared to $381,994 in 2013.
Homebuilding gross margin percentage in 2014 was 21.4%, compared to
24.2% in 2013. Adjusted homebuilding gross margin percentage, excluding
purchase price accounting and interest in cost of home sales revenues,
was 23.4% compared to 25.5% in the prior year. SG&A as a percent of home
sales revenues was 13.3% compared to 13.8% in the prior year.
Net new home contracts in 2014 increased to 1,042 homes, an increase of
157% compared to 406 homes in the prior year, largely attributable to a
higher number of average open communities.
* Financial and operating results in the fourth quarter and full year
2014 include the impact of the acquisitions of Jimmy Jacobs Homes
(“Jimmy Jacobs”) in Central Texas in September 2013, Dunhill Homes Las
Vegas Operations (Las Vegas Land Holdings, “LVLH”) in Las Vegas, Nevada
in April 2014, Grand View Builders in Houston, Texas in August 2014, and
Peachtree Communities in Atlanta, Georgia in November 2014, from the
date of each respective acquisition. The fourth quarter and full year
2013 results include the impact of the acquisition of Jimmy Jacobs from
the date of the acquisition.
Balance Sheet and Liquidity
In October 2014, the Company entered into a new three year, $120 million
senior unsecured credit facility with an accordion feature allowing the
Company to increase the borrowing capacity to $200 million, subject to
certain approvals. Borrowings under the credit facility bear interest at
a rate of LIBOR plus a spread of 2.75% to 3.25%, depending on the
Company’s leverage ratio. The Company ended the quarter with $100
million of availability on its unsecured credit facility and an undrawn
$80 million accordion.
In November 2014, the Company announced that its Board of Directors had
authorized a stock repurchase program under which the Company may
repurchase up to 2,000,000 shares of its outstanding common stock, $0.01
par value per share. As of December 31, 2014, the Company had
repurchased 608,000 shares at a weighted average price of $16.00 per
share.
As of December 31, 2014, the Company had total assets of $676.0 million,
including cash and cash equivalents totaling $33.5 million, and
inventories of $556.3 million. Liabilities totaled $310.8 million at
year end 2014, including $229.6 million of long-term debt.
Acquisition Activity
In November 2014, the Company completed the acquisition of the
operations and assets of Peachtree Communities in Atlanta, Georgia,
adding 36 communities and 2,120 owned or controlled lots. The purchase
price for the acquisition was approximately $57 million, inclusive of
the true-up amount under the Asset Purchase Agreement, and was based on
the total assets of Peachtree Communities, less cash and cash
equivalents and less certain assumed trade payables.
Full Year 2015 Outlook
Dave Messenger, Chief Financial Officer, commented, “We remain confident
in the long term recovery in our housing markets, supported by improving
fundamentals including job gains, new household formations and
strengthening regional economies. Based on our current market outlook,
for the full year 2015 we expect our home deliveries to be in the range
of 2,000 to 2,500 homes and our home sales revenues to be in the range
of $650 million to $800 million, excluding the impact of any future
acquisitions. At the end of full year 2015, we expect our active selling
community count to be in the range of 80-90 communities.”
Conference Call
The Company will host a webcast and conference call on Thursday,
February 19, 2015 at 5:00 p.m. Eastern time, 3:00 p.m. Mountain time, to
review the Company’s fourth quarter and full year 2014 results, discuss
recent events and conduct a question-and-answer period. To participate
in the call, please dial 877-705-6003 (domestic) or 201-493-6725
(international). The live webcast will be available at www.centurycommunities.com
in the Investors section. A replay of the conference call will be
available through March 19, 2015, by dialing 877-870-5176 (domestic) or
858-384-5517 (international) and entering the pass code 13599963.
About Century Communities
Founded in 2002, Colorado-based Century Communities is a builder of
single-family homes, townhomes and flats in select major metropolitan
markets in Colorado, Texas, Nevada, and Georgia. The Company offers a
wide variety of product lines and is engaged in all aspects of
homebuilding, including the acquisition, entitlement and development of
land and the construction, marketing and sale of homes. Century
Communities is one of the top five fastest growing homebuilders in the
United States by total revenue. To learn more about Century Communities
please visit www.centurycommunities.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and, as
such, may involve known and unknown risks, uncertainties and
assumptions. Forward-looking statements may be identified by the use of
words such as “anticipate,” “believe,” “expect,” “estimate,” “plan,”
“outlook,” and “project” and other similar expressions that predict or
indicate future events or trends or that are not statements of
historical matters. Forward-looking statements should not be read as a
guarantee of future performance or results, and will not necessarily be
accurate indications of the times at, or by, which such performance or
results will be achieved. Forward-looking statements are based on
historical information available at the time the statements are made and
are based on management’s reasonable belief or expectations with respect
to future events, and are subject to risks and uncertainties, many of
which are beyond the Company’s control, that could cause actual
performance or results to differ materially from the belief or
expectations expressed in or suggested by the forward-looking
statements. Forward-looking statements speak only as of the date on
which they are made and the Company undertakes no obligation to update
any forward-looking statement to reflect future events, developments or
otherwise, except as may be required by applicable law. Investors are
referred to the Company’s registration statements on Form S-1 and Form
S-4 for additional information regarding the risks and uncertainties
that may cause actual results to differ materially from those expressed
in any forward-looking statement.
|
|
|
Century Communities, Inc.
Consolidated Statement of Operations
(Unaudited)
|
|
|
|
(in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Revenue
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home sales revenues
|
|
$
|
134,089
|
|
|
$
|
63,631
|
|
|
$
|
351,823
|
|
|
$
|
171,133
|
|
|
Land sales revenues
|
|
|
4,800
|
|
|
|
—
|
|
|
|
4,800
|
|
|
|
—
|
|
|
Golf course and other revenue
|
|
|
2,018
|
|
|
|
—
|
|
|
|
5,769
|
|
|
|
—
|
|
|
Total revenue
|
|
|
140,907
|
|
|
|
63,631
|
|
|
|
362,392
|
|
|
|
171,133
|
|
|
Costs and expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of homes sales revenues
|
|
|
110,019
|
|
|
|
48,567
|
|
|
|
276,386
|
|
|
|
129,651
|
|
|
Cost of land sales revenues
|
|
|
1,808
|
|
|
|
—
|
|
|
|
1,808
|
|
|
|
—
|
|
|
Cost of golf course and other revenue
|
|
|
1,971
|
|
|
|
—
|
|
|
|
6,301
|
|
|
|
—
|
|
|
Selling, general, and administrative
|
|
|
15,889
|
|
|
|
10,391
|
|
|
|
46,795
|
|
|
|
23,622
|
|
|
Total operating costs and expenses
|
|
|
129,687
|
|
|
|
58,958
|
|
|
|
331,290
|
|
|
|
153,273
|
|
|
Operating income
|
|
|
11,220
|
|
|
|
4,673
|
|
|
|
31,102
|
|
|
|
17,860
|
|
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
95
|
|
|
|
90
|
|
|
|
362
|
|
|
|
228
|
|
|
Interest expense
|
|
|
(13
|
)
|
|
|
—
|
|
|
|
(26
|
)
|
|
|
—
|
|
|
Acquisition expense
|
|
|
(490
|
)
|
|
|
(204
|
)
|
|
|
(1,414
|
)
|
|
|
(533
|
)
|
|
Other income
|
|
|
150
|
|
|
|
175
|
|
|
|
736
|
|
|
|
507
|
|
|
Gain on disposition of assets
|
|
|
55
|
|
|
|
2
|
|
|
|
199
|
|
|
|
11
|
|
|
Income before tax expense
|
|
|
11,017
|
|
|
|
4,736
|
|
|
|
30,959
|
|
|
|
18,073
|
|
|
Income tax expense
|
|
|
3,828
|
|
|
|
1,686
|
|
|
|
10,937
|
|
|
|
5,015
|
|
|
Deferred taxes on conversion to a corporation
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
627
|
|
|
Consolidated net income of Century Communities, Inc.
|
|
|
7,189
|
|
|
|
3,050
|
|
|
|
20,022
|
|
|
|
12,431
|
|
|
Net income attributable to the non-controlling interests
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
52
|
|
|
Net income attributable to common stockholders
|
|
$
|
7,189
|
|
|
$
|
3,050
|
|
|
$
|
20,022
|
|
|
$
|
12,379
|
|
|
Earnings per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
$
|
0.34
|
|
|
$
|
0.18
|
|
|
$
|
1.03
|
|
|
$
|
0.95
|
|
|
Weighted average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted
|
|
|
20,978,802
|
|
|
|
17,075,000
|
|
|
|
19,226,504
|
|
|
|
12,873,562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial and operating results in the fourth quarter and full year
2014 include the impact of the acquisitions of Jimmy Jacobs Homes
(“Jimmy Jacobs”) in Central Texas in September 2013, Dunhill Homes Las
Vegas Operations (Las Vegas Land Holdings, “LVLH”) in Las Vegas, Nevada
in April 2014, Grand View Builders in Houston, Texas in August 2014, and
Peachtree Communities in Atlanta, Georgia in November 2014, from the
date of each respective acquisition. The fourth quarter and full year
2013 results include the impact of the acquisition of Jimmy Jacobs from
the date of the acquisition.
|
|
|
Century Communities, Inc.
Consolidated Balance Sheet
(Unaudited)
|
|
|
|
|
|
|
|
|
|
(in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
As of December 31,
|
|
|
|
2014
|
|
2013
|
|
Assets
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
33,462
|
|
$
|
109,998
|
|
Accounts receivable
|
|
|
13,799
|
|
|
4,438
|
|
Inventories
|
|
|
556,323
|
|
|
184,072
|
|
Prepaid expenses and other assets
|
|
|
28,796
|
|
|
8,415
|
|
Property and equipment, net
|
|
|
12,471
|
|
|
3,360
|
|
Deferred tax asset, net
|
|
|
1,359
|
|
|
—
|
|
Amortizable intangible assets, net
|
|
|
8,632
|
|
|
1,877
|
|
Goodwill
|
|
|
21,137
|
|
|
479
|
|
Total assets
|
|
$
|
675,979
|
|
$
|
312,639
|
|
Liabilities and equity
|
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
$
|
17,135
|
|
$
|
8,313
|
|
Accrued expenses and other liabilities
|
|
|
64,029
|
|
|
30,358
|
|
Deferred tax liability, net
|
|
|
—
|
|
|
912
|
|
Notes payable and revolving line agreement
|
|
|
229,610
|
|
|
1,500
|
|
Total liabilities
|
|
|
310,774
|
|
|
41,083
|
|
Stockholder's equity:
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none
outstanding
|
|
|
—
|
|
|
—
|
|
Common stock, $0.01 par value, 100,000,000 shares authorized,
20,875,547 and 17,257,774 shares issued and outstanding at December
31, 2014 and 2013, respectively
|
|
|
213
|
|
|
173
|
|
Additional paid-in capital
|
|
|
336,568
|
|
|
262,982
|
|
Retained earnings
|
|
|
28,424
|
|
|
8,401
|
|
Total stockholders’ equity
|
|
|
365,205
|
|
|
271,556
|
|
Total liabilities and stockholders’ equity
|
|
$
|
675,979
|
|
$
|
312,639
|
|
|
|
|
|
|
|
|
Financial and operating results in the fourth quarter and full year
2014 include the impact of the acquisitions of Jimmy Jacobs Homes
(“Jimmy Jacobs”) in Central Texas in September 2013, Dunhill Homes Las
Vegas Operations (Las Vegas Land Holdings, “LVLH”) in Las Vegas, Nevada
in April 2014, Grand View Builders in Houston, Texas in August 2014, and
Peachtree Communities in Atlanta, Georgia in November 2014, from the
date of each respective acquisition. The fourth quarter and full year
2013 results include the impact of the acquisition of Jimmy Jacobs from
the date of the acquisition.
|
|
|
Century Communities, Inc.
Homebuilding Operational Data
|
|
|
|
Net New Home Contracts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
Year Ended
|
|
|
|
|
|
|
|
December 31,
|
|
December 31,
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
% Change
|
|
2014
|
|
2013
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta
|
|
|
|
|
|
129
|
|
—
|
|
N/A
|
|
|
129
|
|
—
|
|
N/A
|
|
|
Central Texas
|
|
|
|
|
|
27
|
|
17
|
|
59
|
%
|
|
133
|
|
28
|
|
375
|
%
|
|
Colorado
|
|
|
|
|
|
120
|
|
64
|
|
88
|
%
|
|
539
|
|
378
|
|
43
|
%
|
|
Houston
|
|
|
|
|
|
47
|
|
—
|
|
N/A
|
|
|
56
|
|
—
|
|
N/A
|
|
|
Nevada
|
|
|
|
|
|
42
|
|
—
|
|
N/A
|
|
|
185
|
|
—
|
|
N/A
|
|
|
Total
|
|
|
|
|
|
365
|
|
81
|
|
351
|
%
|
|
1,042
|
|
406
|
|
157
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Home Closings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
2014
|
|
2013
|
|
% Change
|
|
|
|
|
|
Average Sales
|
|
|
|
Average
|
|
|
|
Average Sales
|
|
|
|
Homes
|
|
Price
|
|
Homes
|
|
Sales Price
|
|
Homes
|
|
Price
|
|
|
|
|
|
|
|
|
|
Atlanta
|
|
173
|
|
$
|
212.3
|
|
—
|
|
$
|
—
|
|
N/A
|
|
|
|
N/A
|
|
|
|
Central Texas
|
|
37
|
|
|
354.0
|
|
41
|
|
|
429.4
|
|
(10
|
)
|
%
|
|
(18
|
)
|
%
|
|
Colorado
|
|
138
|
|
|
379.1
|
|
95
|
|
|
484.5
|
|
45
|
|
%
|
|
(22
|
)
|
%
|
|
Houston
|
|
45
|
|
|
224.3
|
|
—
|
|
|
—
|
|
N/A
|
|
|
|
N/A
|
|
|
|
Nevada
|
|
69
|
|
|
316.7
|
|
—
|
|
|
—
|
|
N/A
|
|
|
|
N/A
|
|
|
|
Total / W.A.
|
|
462
|
|
$
|
290.2
|
|
136
|
|
$
|
467.9
|
|
240
|
|
%
|
|
(38
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2014
|
|
2013
|
|
% Change
|
|
|
|
|
|
Average Sales
|
|
|
|
Average
|
|
|
|
Average Sales
|
|
|
|
Homes
|
|
Price
|
|
Homes
|
|
Sales Price
|
|
Homes
|
|
Price
|
|
|
|
|
|
|
|
|
|
Atlanta
|
|
173
|
|
$
|
212.3
|
|
—
|
|
$
|
—
|
|
N/A
|
|
|
|
N/A
|
|
|
|
Central Texas
|
|
134
|
|
|
416.8
|
|
52
|
|
|
406.5
|
|
158
|
|
%
|
|
3
|
|
%
|
|
Colorado
|
|
449
|
|
|
393.8
|
|
396
|
|
|
377.3
|
|
13
|
|
%
|
|
4
|
|
%
|
|
Houston
|
|
81
|
|
|
215.5
|
|
—
|
|
|
—
|
|
N/A
|
|
|
|
N/A
|
|
|
|
Nevada
|
|
209
|
|
|
310.9
|
|
—
|
|
|
—
|
|
N/A
|
|
|
|
N/A
|
|
|
|
Total / W.A.
|
|
1,046
|
|
$
|
336.4
|
|
448
|
|
$
|
382.0
|
|
133
|
|
%
|
|
(12
|
)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial and operating results in the fourth quarter and full year
2014 include the impact of the acquisitions of Jimmy Jacobs Homes
(“Jimmy Jacobs”) in Central Texas in September 2013, Dunhill Homes Las
Vegas Operations (Las Vegas Land Holdings, “LVLH”) in Las Vegas, Nevada
in April 2014, Grand View Builders in Houston, Texas in August 2014, and
Peachtree Communities in Atlanta, Georgia in November 2014, from the
date of each respective acquisition. The fourth quarter and full year
2013 results include the impact of the acquisition of Jimmy Jacobs from
the date of the acquisition.
|
|
|
Century Communities, Inc.
|
|
Homebuilding Operational Data
|
|
|
|
Selling Communities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
|
|
|
|
|
|
|
|
2014
|
|
2013
|
|
% Change
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta
|
|
|
|
|
|
29
|
|
—
|
|
N/A
|
|
|
Central Texas
|
|
|
|
|
|
14
|
|
9
|
|
56
|
%
|
|
Colorado
|
|
|
|
|
|
29
|
|
14
|
|
107
|
%
|
|
Houston
|
|
|
|
|
|
8
|
|
—
|
|
N/A
|
|
|
Nevada
|
|
|
|
|
|
3
|
|
—
|
|
N/A
|
|
|
Total
|
|
|
|
|
|
83
|
|
23
|
|
261
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Backlog
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
|
|
|
|
2014
|
|
2013
|
|
% Change
|
|
|
|
|
|
|
|
Average Sales
|
|
|
|
Dollar
|
|
Average Sales
|
|
|
|
|
|
Average
|
|
|
|
Homes
|
|
Dollar Value
|
|
Price
|
|
Homes
|
|
Value
|
|
Price
|
|
Homes
|
|
Dollar Value
|
|
Sales Price
|
|
|
|
|
|
|
|
|
|
Atlanta
|
|
353
|
|
$
|
79,084
|
|
$
|
224.0
|
|
—
|
|
$
|
—
|
|
$
|
—
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
Central Texas
|
|
91
|
|
|
41,112
|
|
|
451.8
|
|
94
|
|
|
48,640
|
|
|
517.4
|
|
(3)
|
%
|
|
(15)
|
%
|
|
(13)
|
%
|
|
Colorado
|
|
218
|
|
|
96,150
|
|
|
441.1
|
|
128
|
|
|
54,610
|
|
|
426.6
|
|
70
|
%
|
|
76
|
%
|
|
3
|
%
|
|
Houston
|
|
77
|
|
|
20,100
|
|
|
261.0
|
|
—
|
|
|
—
|
|
|
—
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
Nevada
|
|
33
|
|
|
9,881
|
|
|
299.4
|
|
—
|
|
|
—
|
|
|
—
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
Total / W.A.
|
|
772
|
|
$
|
246,327
|
|
$
|
319.1
|
|
222
|
|
$
|
103,250
|
|
$
|
465.1
|
|
248
|
%
|
|
139
|
%
|
|
(31)
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lot Inventory
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31,
|
|
|
|
2014
|
|
2013
|
|
% Change
|
|
|
|
Owned
|
|
Controlled
|
|
Total
|
|
Owned
|
|
Controlled
|
|
Total
|
|
Owned
|
|
Controlled
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Atlanta
|
|
686
|
|
1,735
|
|
2,421
|
|
—
|
|
—
|
|
—
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
Central Texas
|
|
1,089
|
|
1,195
|
|
2,284
|
|
241
|
|
3,327
|
|
3,568
|
|
352
|
%
|
|
(64)
|
%
|
|
(36)
|
%
|
|
Colorado
|
|
3,349
|
|
530
|
|
3,879
|
|
2,896
|
|
1,789
|
|
4,685
|
|
16
|
%
|
|
(70)
|
%
|
|
(17)
|
%
|
|
Houston
|
|
233
|
|
668
|
|
901
|
|
—
|
|
—
|
|
—
|
|
N/A
|
|
|
N/A
|
|
|
N/A
|
|
|
Nevada
|
|
1,644
|
|
334
|
|
1,978
|
|
88
|
|
—
|
|
88
|
|
1,768
|
%
|
|
N/A
|
|
|
2,148
|
%
|
|
Total
|
|
7,001
|
|
4,462
|
|
11,463
|
|
3,225
|
|
5,116
|
|
8,341
|
|
117
|
%
|
|
(13)
|
%
|
|
37
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial and operating results in the fourth quarter and full year
2014 include the impact of the acquisitions of Jimmy Jacobs Homes
(“Jimmy Jacobs”) in Central Texas in September 2013, Dunhill Homes Las
Vegas Operations (Las Vegas Land Holdings, “LVLH”) in Las Vegas, Nevada
in April 2014, Grand View Builders in Houston, Texas in August 2014, and
Peachtree Communities in Atlanta, Georgia in November 2014, from the
date of each respective acquisition. The fourth quarter and full year
2013 results include the impact of the acquisition of Jimmy Jacobs from
the date of the acquisition.
|
|
|
Century Communities, Inc.
Earnings Per Share
(Unaudited)
|
|
|
|
(in thousands, except share and per share amounts)
|
|
|
|
|
|
Three Months Ended December 31,
|
|
Year Ended December 31,
|
|
|
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
Numerator
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
7,189
|
|
|
$
|
3,050
|
|
|
$
|
20,022
|
|
|
$
|
12,431
|
|
|
Less: Net income attributable to the non-controlling interests
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
(52
|
)
|
|
Less: Undistributed earnings allocated to participating securities
|
|
|
(123
|
)
|
|
|
(32
|
)
|
|
|
(296
|
)
|
|
|
(104
|
)
|
|
Numerator for basic and diluted EPS
|
|
$
|
7,066
|
|
|
$
|
3,018
|
|
|
$
|
19,726
|
|
|
$
|
12,275
|
|
|
Denominator
|
|
|
|
|
|
|
|
|
—
|
|
|
|
—
|
|
|
Basic and diluted EPS—weighted average shares
|
|
|
20,978,802
|
|
|
|
17,075,000
|
|
|
|
19,226,504
|
|
|
|
12,873,562
|
|
|
Basic and diluted EPS
|
|
$
|
0.34
|
|
|
$
|
0.18
|
|
|
$
|
1.03
|
|
|
$
|
0.95
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial and operating results in the fourth quarter and full year
2014 include the impact of the acquisitions of Jimmy Jacobs Homes
(“Jimmy Jacobs”) in Central Texas in September 2013, Dunhill Homes Las
Vegas Operations (Las Vegas Land Holdings, “LVLH”) in Las Vegas, Nevada
in April 2014, Grand View Builders in Houston, Texas in August 2014, and
Peachtree Communities in Atlanta, Georgia in November 2014, from the
date of each respective acquisition. The fourth quarter and full year
2013 results include the impact of the acquisition of Jimmy Jacobs from
the date of the acquisition.
|
|
|
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
|
|
|
|
Gross Margin from Home Sales Excluding Interest and Purchase
Price Accounting for Acquired Work in Process Inventory
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
2014
|
|
%
|
|
2013
|
|
%
|
|
Home sales revenues
|
|
$
|
134,089
|
|
100.0
|
%
|
|
$
|
63,631
|
|
100.0
|
%
|
|
Cost of home sales revenues
|
|
|
110,019
|
|
82.0
|
%
|
|
|
48,567
|
|
76.3
|
%
|
|
Gross margin from home sales
|
|
|
24,070
|
|
18.0
|
%
|
|
|
15,064
|
|
23.7
|
%
|
|
Add: Interest in cost of home sales revenues
|
|
|
1,083
|
|
0.8
|
%
|
|
|
183
|
|
0.3
|
%
|
|
Adjusted homebuilding gross margin excluding interest
|
|
|
25,153
|
|
18.8
|
%
|
|
|
15,247
|
|
24.0
|
%
|
|
Add: Purchase price accounting for acquired work in process inventory
|
|
|
2,965
|
|
2.2
|
%
|
|
|
633
|
|
1.0
|
%
|
|
Adjusted homebuilding gross margin excluding interest and purchase
price accounting for acquired work in process inventory
|
|
$
|
28,118
|
|
21.0
|
%
|
|
$
|
15,880
|
|
25.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2014
|
|
%
|
|
2013
|
|
%
|
|
Home sales revenues
|
|
$
|
351,823
|
|
100.0
|
%
|
|
$
|
171,133
|
|
100.0
|
%
|
|
Cost of home sales revenues
|
|
|
276,386
|
|
78.6
|
%
|
|
|
129,651
|
|
75.8
|
%
|
|
Gross margin from home sales
|
|
|
75,437
|
|
21.4
|
%
|
|
|
41,482
|
|
24.2
|
%
|
|
Add: Interest in cost of home sales revenues
|
|
|
2,366
|
|
0.7
|
%
|
|
|
1,521
|
|
0.9
|
%
|
|
Adjusted homebuilding gross margin excluding interest
|
|
|
77,803
|
|
22.1
|
%
|
|
|
43,003
|
|
25.1
|
%
|
|
Add: Purchase price accounting for acquired work in process inventory
|
|
|
4,697
|
|
1.3
|
%
|
|
|
633
|
|
0.4
|
%
|
|
Adjusted homebuilding gross margin excluding interest and purchase
price accounting for acquired work in process inventory
|
|
$
|
82,500
|
|
23.4
|
%
|
|
$
|
43,636
|
|
25.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial and operating results in the fourth quarter and full year
2014 include the impact of the acquisitions of Jimmy Jacobs Homes
(“Jimmy Jacobs”) in Central Texas in September 2013, Dunhill Homes Las
Vegas Operations (Las Vegas Land Holdings, “LVLH”) in Las Vegas, Nevada
in April 2014, Grand View Builders in Houston, Texas in August 2014, and
Peachtree Communities in Atlanta, Georgia in November 2014, from the
date of each respective acquisition. The fourth quarter and full year
2013 results include the impact of the acquisition of Jimmy Jacobs from
the date of the acquisition.
|
|
|
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended December 31,
|
|
|
|
2014
|
|
2013
|
|
% Change
|
|
Consolidated net income of Century Communities, Inc.
|
|
$
|
7,189
|
|
$
|
3,050
|
|
136
|
%
|
|
Income tax expense
|
|
|
3,828
|
|
|
1,686
|
|
127
|
%
|
|
Interest in cost of home sales revenues
|
|
|
1,083
|
|
|
183
|
|
492
|
%
|
|
Interest expense
|
|
|
13
|
|
|
—
|
|
100
|
%
|
|
Depreciation and amortization expense
|
|
|
1,151
|
|
|
627
|
|
84
|
%
|
|
EBITDA
|
|
|
13,264
|
|
|
5,546
|
|
139
|
%
|
|
Purchase price accounting for acquired work in process inventory
|
|
|
2,965
|
|
|
633
|
|
368
|
%
|
|
Adjusted EBITDA
|
|
$
|
16,229
|
|
$
|
6,179
|
|
163
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|
|
|
2014
|
|
2013
|
|
% Change
|
|
Consolidated net income of Century Communities, Inc.
|
|
$
|
20,022
|
|
$
|
12,431
|
|
61
|
%
|
|
Income tax expense
|
|
|
10,937
|
|
|
5,015
|
|
118
|
%
|
|
Interest in cost of home sales revenues
|
|
|
2,366
|
|
|
1,521
|
|
56
|
%
|
|
Interest expense
|
|
|
26
|
|
|
—
|
|
100
|
%
|
|
Depreciation and amortization expense
|
|
|
2,941
|
|
|
937
|
|
214
|
%
|
|
EBITDA
|
|
|
36,292
|
|
|
19,904
|
|
82
|
%
|
|
Purchase price accounting for acquired work in process inventory
|
|
|
4,697
|
|
|
633
|
|
642
|
%
|
|
Adjusted EBITDA
|
|
$
|
40,989
|
|
$
|
20,537
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
|
|
Financial and operating results in the fourth quarter and full year
2014 include the impact of the acquisitions of Jimmy Jacobs Homes
(“Jimmy Jacobs”) in Central Texas in September 2013, Dunhill Homes Las
Vegas Operations (Las Vegas Land Holdings, “LVLH”) in Las Vegas, Nevada
in April 2014, Grand View Builders in Houston, Texas in August 2014, and
Peachtree Communities in Atlanta, Georgia in November 2014, from the
date of each respective acquisition. The fourth quarter and full year
2013 results include the impact of the acquisition of Jimmy Jacobs from
the date of the acquisition.
Century Communities, Inc.
Investor Relations:
303-268-8398
[email protected]
Source: Century Communities, Inc.