William Lyon Homes Reports Second Quarter 2017 Results

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

NEWPORT BEACH, Calif.--()--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
 

Contacts

Investor/Media Contacts:
Financial Profiles, Inc.
Larry Clark, (310) 622-8223
WLH@finprofiles.com

Recent Stories

RSS feed for William Lyon Homes

Release Summary

William Lyon Homes Reports Second Quarter 2017 Results

William Lyon Homes