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Share Name | Share Symbol | Market | Type |
---|---|---|---|
KB Home | NYSE:KBH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 64.76 | 0 | 12:12:44 |
ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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o
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
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Delaware
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95-3666267
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(State of incorporation)
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(IRS employer identification number)
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Large accelerated filer
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ý
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Accelerated filer
|
o
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Non-accelerated filer
|
o
(Do not check if a smaller reporting company)
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Smaller reporting company
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o
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Page
Number
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Consolidated Statements of Operations -
Three Months Ended February 29, 2016 and February 28, 2015 |
|
|
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Consolidated Balance Sheets -
February 29, 2016 and November 30, 2015 |
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|
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Consolidated Statements of Cash Flows -
Three Months Ended February 29, 2016 and February 28, 2015 |
|
|
|
|
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Item 1.
|
Financial Statements
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|
Three Months Ended
|
||||||
|
February 29,
2016 |
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February 28,
2015 |
||||
Total revenues
|
$
|
678,371
|
|
|
$
|
580,121
|
|
Homebuilding:
|
|
|
|
||||
Revenues
|
$
|
675,742
|
|
|
$
|
577,888
|
|
Construction and land costs
|
(568,818
|
)
|
|
(492,418
|
)
|
||
Selling, general and administrative expenses
|
(87,932
|
)
|
|
(71,072
|
)
|
||
Operating income
|
18,992
|
|
|
14,398
|
|
||
Interest income
|
152
|
|
|
103
|
|
||
Interest expense
|
(3,697
|
)
|
|
(5,338
|
)
|
||
Equity in loss of unconsolidated joint ventures
|
(603
|
)
|
|
(347
|
)
|
||
Homebuilding pretax income
|
14,844
|
|
|
8,816
|
|
||
Financial services:
|
|
|
|
||||
Revenues
|
2,629
|
|
|
2,233
|
|
||
Expenses
|
(859
|
)
|
|
(964
|
)
|
||
Equity in income (loss) of unconsolidated joint ventures
|
(587
|
)
|
|
414
|
|
||
Financial services pretax income
|
1,183
|
|
|
1,683
|
|
||
Total pretax income
|
16,027
|
|
|
10,499
|
|
||
Income tax expense
|
(2,900
|
)
|
|
(2,700
|
)
|
||
Net income
|
$
|
13,127
|
|
|
$
|
7,799
|
|
Earnings per share:
|
|
|
|
||||
Basic
|
$
|
.15
|
|
|
$
|
.08
|
|
Diluted
|
$
|
.14
|
|
|
$
|
.08
|
|
Weighted average shares outstanding:
|
|
|
|
||||
Basic
|
89,239
|
|
|
91,954
|
|
||
Diluted
|
99,427
|
|
|
101,700
|
|
||
Cash dividends declared per common share
|
$
|
.025
|
|
|
$
|
.025
|
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|
February 29,
2016 |
|
November 30,
2015 |
||||
Assets
|
|
|
|
||||
Homebuilding:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
323,076
|
|
|
$
|
559,042
|
|
Restricted cash
|
4,357
|
|
|
9,344
|
|
||
Receivables
|
152,089
|
|
|
152,682
|
|
||
Inventories
|
3,468,644
|
|
|
3,313,747
|
|
||
Investments in unconsolidated joint ventures
|
68,572
|
|
|
71,558
|
|
||
Deferred tax assets, net
|
779,396
|
|
|
782,196
|
|
||
Other assets
|
113,060
|
|
|
112,774
|
|
||
|
4,909,194
|
|
|
5,001,343
|
|
||
Financial services
|
12,862
|
|
|
14,028
|
|
||
Total assets
|
$
|
4,922,056
|
|
|
$
|
5,015,371
|
|
|
|
|
|
||||
Liabilities and stockholders’ equity
|
|
|
|
||||
Homebuilding:
|
|
|
|
||||
Accounts payable
|
$
|
167,575
|
|
|
$
|
183,770
|
|
Accrued expenses and other liabilities
|
483,286
|
|
|
513,414
|
|
||
Notes payable
|
2,652,705
|
|
|
2,625,536
|
|
||
|
3,303,566
|
|
|
3,322,720
|
|
||
Financial services
|
1,432
|
|
|
1,817
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock
|
115,548
|
|
|
115,548
|
|
||
Paid-in capital
|
681,699
|
|
|
682,871
|
|
||
Retained earnings
|
1,477,570
|
|
|
1,466,713
|
|
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Accumulated other comprehensive loss
|
(17,319
|
)
|
|
(17,319
|
)
|
||
Grantor stock ownership trust, at cost
|
(105,871
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)
|
|
(109,936
|
)
|
||
Treasury stock, at cost
|
(534,569
|
)
|
|
(447,043
|
)
|
||
Total stockholders’ equity
|
1,617,058
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|
|
1,690,834
|
|
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Total liabilities and stockholders’ equity
|
$
|
4,922,056
|
|
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$
|
5,015,371
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|
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Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
13,127
|
|
|
$
|
7,799
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
||||
Equity in (income) loss of unconsolidated joint ventures
|
1,190
|
|
|
(67
|
)
|
||
Amortization of discounts and issuance costs
|
1,881
|
|
|
1,920
|
|
||
Depreciation and amortization
|
900
|
|
|
805
|
|
||
Deferred income taxes
|
2,800
|
|
|
2,600
|
|
||
Stock-based compensation
|
2,893
|
|
|
3,181
|
|
||
Inventory impairments and land option contract abandonments
|
1,966
|
|
|
448
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Receivables
|
3,395
|
|
|
(13,872
|
)
|
||
Inventories
|
(150,265
|
)
|
|
(20,438
|
)
|
||
Accounts payable, accrued expenses and other liabilities
|
(19,954
|
)
|
|
(28,032
|
)
|
||
Other, net
|
(1,246
|
)
|
|
(3,253
|
)
|
||
Net cash used in operating activities
|
(143,313
|
)
|
|
(48,909
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Contributions to unconsolidated joint ventures
|
(291
|
)
|
|
(2,414
|
)
|
||
Purchases of property and equipment, net
|
(1,413
|
)
|
|
(586
|
)
|
||
Net cash used in investing activities
|
(1,704
|
)
|
|
(3,000
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Change in restricted cash
|
4,987
|
|
|
(749
|
)
|
||
Proceeds from issuance of debt
|
—
|
|
|
250,000
|
|
||
Payment of debt issuance costs
|
—
|
|
|
(2,989
|
)
|
||
Payments on mortgages and land contracts due to land sellers and other loans
|
(5,659
|
)
|
|
(2,722
|
)
|
||
Payments of cash dividends
|
(2,270
|
)
|
|
(2,299
|
)
|
||
Stock repurchases
|
(87,526
|
)
|
|
(21
|
)
|
||
Net cash provided by (used in) financing activities
|
(90,468
|
)
|
|
241,220
|
|
||
Net increase (decrease) in cash and cash equivalents
|
(235,485
|
)
|
|
189,311
|
|
||
Cash and cash equivalents at beginning of period
|
560,341
|
|
|
358,768
|
|
||
Cash and cash equivalents at end of period
|
$
|
324,856
|
|
|
$
|
548,079
|
|
1.
|
Basis of Presentation and Significant Accounting Policies
|
2.
|
Segment Information
|
|
Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Revenues:
|
|
|
|
||||
West Coast
|
$
|
283,846
|
|
|
$
|
277,255
|
|
Southwest
|
100,332
|
|
|
65,137
|
|
||
Central
|
202,161
|
|
|
159,148
|
|
||
Southeast
|
89,403
|
|
|
76,348
|
|
||
Total homebuilding revenues
|
675,742
|
|
|
577,888
|
|
||
Financial services
|
2,629
|
|
|
2,233
|
|
||
Total
|
$
|
678,371
|
|
|
$
|
580,121
|
|
|
|
|
|
||||
Pretax income (loss):
|
|
|
|
||||
West Coast
|
$
|
22,116
|
|
|
$
|
21,854
|
|
Southwest
|
12,503
|
|
|
3,443
|
|
||
Central
|
10,579
|
|
|
10,226
|
|
||
Southeast
|
(7,564
|
)
|
|
(9,613
|
)
|
||
Corporate and other
|
(22,790
|
)
|
|
(17,094
|
)
|
||
Total homebuilding pretax income
|
14,844
|
|
|
8,816
|
|
||
Financial services
|
1,183
|
|
|
1,683
|
|
||
Total
|
$
|
16,027
|
|
|
$
|
10,499
|
|
Inventory impairment charges:
|
|
|
|
||||
West Coast
|
$
|
—
|
|
|
$
|
—
|
|
Southwest
|
—
|
|
|
—
|
|
||
Central
|
787
|
|
|
—
|
|
||
Southeast
|
559
|
|
|
—
|
|
||
Total
|
$
|
1,346
|
|
|
$
|
—
|
|
|
|
|
|
||||
Land option contract abandonments:
|
|
|
|
||||
West Coast
|
$
|
160
|
|
|
$
|
—
|
|
Southwest
|
—
|
|
|
—
|
|
||
Central
|
460
|
|
|
—
|
|
||
Southeast
|
—
|
|
|
448
|
|
||
Total
|
$
|
620
|
|
|
$
|
448
|
|
|
February 29,
2016 |
|
November 30,
2015 |
||||
Inventories:
|
|
|
|
||||
Homes under construction
|
|
|
|
||||
West Coast
|
$
|
582,674
|
|
|
$
|
535,795
|
|
Southwest
|
106,733
|
|
|
112,032
|
|
||
Central
|
283,817
|
|
|
263,345
|
|
||
Southeast
|
137,602
|
|
|
120,184
|
|
||
Subtotal
|
1,110,826
|
|
|
1,031,356
|
|
||
|
|
|
|
||||
Land under development
|
|
|
|
||||
West Coast
|
873,838
|
|
|
788,607
|
|
||
Southwest
|
340,375
|
|
|
317,331
|
|
||
Central
|
435,758
|
|
|
421,783
|
|
||
Southeast
|
229,392
|
|
|
238,324
|
|
||
Subtotal
|
1,879,363
|
|
|
1,766,045
|
|
||
|
|
|
|
||||
Land held for future development
|
|
|
|
||||
West Coast
|
261,721
|
|
|
277,954
|
|
||
Southwest
|
90,322
|
|
|
104,677
|
|
||
Central
|
18,349
|
|
|
22,082
|
|
||
Southeast
|
108,063
|
|
|
111,633
|
|
||
Subtotal
|
478,455
|
|
|
516,346
|
|
||
Total
|
$
|
3,468,644
|
|
|
$
|
3,313,747
|
|
|
|
|
|
Assets:
|
|
|
|
||||
West Coast
|
$
|
1,831,971
|
|
|
$
|
1,740,299
|
|
Southwest
|
579,723
|
|
|
582,030
|
|
||
Central
|
844,836
|
|
|
829,811
|
|
||
Southeast
|
507,915
|
|
|
507,844
|
|
||
Corporate and other
|
1,144,749
|
|
|
1,341,359
|
|
||
Total homebuilding assets
|
4,909,194
|
|
|
5,001,343
|
|
||
Financial services
|
12,862
|
|
|
14,028
|
|
||
Total
|
$
|
4,922,056
|
|
|
$
|
5,015,371
|
|
3.
|
Financial Services
|
|
Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Revenues
|
|
|
|
||||
Insurance commissions
|
$
|
1,576
|
|
|
$
|
1,434
|
|
Title services
|
1,053
|
|
|
799
|
|
||
Total
|
2,629
|
|
|
2,233
|
|
||
|
|
|
|
||||
Expenses
|
|
|
|
||||
General and administrative
|
(859
|
)
|
|
(964
|
)
|
||
Operating income
|
1,770
|
|
|
1,269
|
|
||
Equity in income (loss) of unconsolidated joint ventures
|
(587
|
)
|
|
414
|
|
||
Pretax income
|
$
|
1,183
|
|
|
$
|
1,683
|
|
|
February 29,
2016 |
|
November 30,
2015 |
||||
Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
1,780
|
|
|
$
|
1,299
|
|
Receivables
|
1,201
|
|
|
2,245
|
|
||
Investments in unconsolidated joint ventures
|
9,853
|
|
|
10,440
|
|
||
Other assets
|
28
|
|
|
44
|
|
||
Total assets
|
$
|
12,862
|
|
|
$
|
14,028
|
|
Liabilities
|
|
|
|
||||
Accounts payable and accrued expenses
|
$
|
1,432
|
|
|
$
|
1,817
|
|
Total liabilities
|
$
|
1,432
|
|
|
$
|
1,817
|
|
4.
|
Earnings Per Share
|
|
Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Numerator:
|
|
|
|
||||
Net income
|
$
|
13,127
|
|
|
$
|
7,799
|
|
Less: Distributed earnings allocated to nonvested restricted stock
|
(10
|
)
|
|
(9
|
)
|
||
Less: Undistributed earnings allocated to nonvested restricted stock
|
(50
|
)
|
|
(20
|
)
|
||
Numerator for basic earnings per share
|
13,067
|
|
|
7,770
|
|
||
Effect of dilutive securities:
|
|
|
|
||||
Interest expense and amortization of debt issuance costs associated with convertible senior notes, net of taxes
|
667
|
|
|
667
|
|
||
Add: Undistributed earnings allocated to nonvested restricted stock
|
50
|
|
|
20
|
|
||
Less: Undistributed earnings reallocated to nonvested restricted stock
|
(45
|
)
|
|
(18
|
)
|
||
Numerator for diluted earnings per share
|
$
|
13,739
|
|
|
$
|
8,439
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Denominator:
|
|
|
|
||||
Weighted average shares outstanding — basic
|
89,239
|
|
|
91,954
|
|
||
Effect of dilutive securities:
|
|
|
|
||||
Share-based payments
|
1,786
|
|
|
1,344
|
|
||
Convertible senior notes
|
8,402
|
|
|
8,402
|
|
||
Weighted average shares outstanding — diluted
|
99,427
|
|
|
101,700
|
|
||
Basic earnings per share
|
$
|
.15
|
|
|
$
|
.08
|
|
Diluted earnings per share
|
$
|
.14
|
|
|
$
|
.08
|
|
5.
|
Inventories
|
|
February 29,
2016 |
|
November 30,
2015 |
||||
Homes under construction
|
$
|
1,110,826
|
|
|
$
|
1,031,356
|
|
Land under development
|
1,879,363
|
|
|
1,766,045
|
|
||
Land held for future development
|
478,455
|
|
|
516,346
|
|
||
Total
|
$
|
3,468,644
|
|
|
$
|
3,313,747
|
|
|
Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Capitalized interest at beginning of period
|
$
|
288,442
|
|
|
$
|
266,668
|
|
Interest incurred
|
46,251
|
|
|
45,003
|
|
||
Interest expensed
|
(3,697
|
)
|
|
(5,338
|
)
|
||
Interest amortized to construction and land costs (a)
|
(30,682
|
)
|
|
(22,293
|
)
|
||
Capitalized interest at end of period (b)
|
$
|
300,314
|
|
|
$
|
284,040
|
|
(a)
|
Interest amortized to construction and land costs for the three months ended February 29, 2016 included
$.5 million
related to land sales during the period.
|
(b)
|
Capitalized interest amounts presented in the table reflect the gross amount of capitalized interest, as inventory impairment charges recognized, if any, are not generally allocated to specific components of inventory.
|
6.
|
Inventory Impairments and Land Option Contract Abandonments
|
7.
|
Variable Interest Entities
|
|
February 29, 2016
|
|
November 30, 2015
|
||||||||||||
|
Cash
Deposits
|
|
Aggregate
Purchase Price
|
|
Cash
Deposits
|
|
Aggregate
Purchase Price
|
||||||||
Unconsolidated VIEs
|
$
|
24,714
|
|
|
$
|
465,727
|
|
|
$
|
32,436
|
|
|
$
|
611,567
|
|
Other land option contracts and other similar contracts
|
18,148
|
|
|
530,401
|
|
|
22,101
|
|
|
576,140
|
|
||||
Total
|
$
|
42,862
|
|
|
$
|
996,128
|
|
|
$
|
54,537
|
|
|
$
|
1,187,707
|
|
8.
|
Investments in Unconsolidated Joint Ventures
|
|
Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Revenues
|
$
|
3,338
|
|
|
$
|
3,210
|
|
Construction and land costs
|
(7,495
|
)
|
|
(3,743
|
)
|
||
Other expense, net
|
(1,123
|
)
|
|
(696
|
)
|
||
Loss
|
$
|
(5,280
|
)
|
|
$
|
(1,229
|
)
|
|
February 29,
2016 |
|
November 30,
2015 |
||||
Assets
|
|
|
|
||||
Cash
|
$
|
20,863
|
|
|
$
|
23,309
|
|
Receivables
|
1,838
|
|
|
7,546
|
|
||
Inventories
|
180,080
|
|
|
175,196
|
|
||
Other assets
|
837
|
|
|
910
|
|
||
Total assets
|
$
|
203,618
|
|
|
$
|
206,961
|
|
Liabilities and equity
|
|
|
|
||||
Accounts payable and other liabilities
|
$
|
15,679
|
|
|
$
|
17,108
|
|
Notes payable (a)
|
46,044
|
|
|
39,064
|
|
||
Equity
|
141,895
|
|
|
150,789
|
|
||
Total liabilities and equity
|
$
|
203,618
|
|
|
$
|
206,961
|
|
(a)
|
One
of our unconsolidated joint ventures has a construction loan agreement with a third-party lender to finance its land development activities that is secured by the underlying property and related project assets. Outstanding debt under the agreement is non-recourse to us and is scheduled to mature in August 2018. None of our other unconsolidated joint ventures had outstanding debt at
February 29, 2016
or
November 30, 2015
.
|
|
February 29,
2016 |
|
November 30,
2015 |
||||
Number of investments in unconsolidated joint ventures
|
7
|
|
|
7
|
|
||
Investments in unconsolidated joint ventures
|
$
|
68,572
|
|
|
$
|
71,558
|
|
Number of unconsolidated joint venture lots controlled under land option contracts and other similar contracts
|
647
|
|
|
677
|
|
9.
|
Other Assets
|
|
February 29,
2016 |
|
November 30,
2015 |
||||
Cash surrender value of insurance contracts
|
$
|
64,680
|
|
|
$
|
67,786
|
|
Debt issuance costs
|
23,920
|
|
|
25,408
|
|
||
Property and equipment, net
|
13,614
|
|
|
13,100
|
|
||
Prepaid expenses
|
10,846
|
|
|
6,480
|
|
||
Total
|
$
|
113,060
|
|
|
$
|
112,774
|
|
10.
|
Accrued Expenses and Other Liabilities
|
|
February 29,
2016 |
|
November 30,
2015 |
||||
Inventory-related obligations (a)
|
$
|
118,650
|
|
|
$
|
148,887
|
|
Self-insurance and other litigation liabilities
|
111,213
|
|
|
96,496
|
|
||
Employee compensation and related benefits
|
87,070
|
|
|
114,456
|
|
||
Accrued interest payable
|
79,337
|
|
|
62,645
|
|
||
Warranty liability
|
50,575
|
|
|
49,085
|
|
||
Customer deposits
|
16,930
|
|
|
14,563
|
|
||
Real estate and business taxes
|
10,367
|
|
|
14,255
|
|
||
Other
|
9,144
|
|
|
13,027
|
|
||
Total
|
$
|
483,286
|
|
|
$
|
513,414
|
|
(a)
|
Represents liabilities for inventory not owned associated with financing arrangements discussed in Note 7. Variable Interest Entities, as well as liabilities for fixed or determinable amounts associated with tax increment financing entity (“TIFE”) assessments. As homes are delivered, our obligation to pay the remaining TIFE assessments associated with each underlying lot is transferred to the homebuyer. As such, these assessment obligations will be paid by us only to the extent we do not deliver homes on applicable lots before the related TIFE obligations mature.
|
11.
|
Income Taxes
|
12.
|
Notes Payable
|
|
February 29,
2016 |
|
November 30,
2015 |
||||
Mortgages and land contracts due to land sellers and other loans
|
$
|
62,440
|
|
|
$
|
35,664
|
|
9.10% Senior notes due September 15, 2017
|
263,673
|
|
|
263,475
|
|
||
7 1/4% Senior notes due June 15, 2018
|
299,594
|
|
|
299,554
|
|
||
4.75% Senior notes due May 15, 2019
|
400,000
|
|
|
400,000
|
|
||
8.00% Senior notes due March 15, 2020
|
346,998
|
|
|
346,843
|
|
||
7.00% Senior notes due December 15, 2021
|
450,000
|
|
|
450,000
|
|
||
7.50% Senior notes due September 15, 2022
|
350,000
|
|
|
350,000
|
|
||
7.625% Senior notes due May 15, 2023
|
250,000
|
|
|
250,000
|
|
||
1.375% Convertible senior notes due February 1, 2019
|
230,000
|
|
|
230,000
|
|
||
Total
|
$
|
2,652,705
|
|
|
$
|
2,625,536
|
|
13.
|
Fair Value Disclosures
|
Level 1
|
|
Fair value determined based on quoted prices in active markets for identical assets or liabilities.
|
Level 2
|
|
Fair value determined using significant observable inputs, such as quoted prices for similar assets or liabilities or quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability, or inputs that are derived principally from or corroborated by observable market data, by correlation or other means.
|
Level 3
|
|
Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.
|
Description
|
|
Fair Value Hierarchy
|
|
February 29,
2016 |
|
November 30,
2015 |
||||
Inventories (a)
|
|
Level 2
|
|
$
|
1,054
|
|
|
$
|
—
|
|
Inventories (a)
|
|
Level 3
|
|
810
|
|
|
11,988
|
|
(a)
|
Amounts represent the aggregate fair value for real estate assets impacted by inventory impairment charges during the applicable period, as of the date the fair value measurements were made. The carrying value for these real estate assets may have subsequently increased or decreased from the fair value reflected due to activity that has occurred since the measurement date.
|
|
|
|
February 29, 2016
|
|
November 30, 2015
|
||||||||||||
|
Fair Value
Hierarchy
|
|
Carrying
Value
|
|
Estimated
Fair Value
|
|
Carrying
Value
|
|
Estimated
Fair Value
|
||||||||
Financial Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||
Senior notes
|
Level 2
|
|
$
|
2,360,265
|
|
|
$
|
2,329,187
|
|
|
$
|
2,359,872
|
|
|
$
|
2,429,850
|
|
Convertible senior notes
|
Level 2
|
|
230,000
|
|
|
202,688
|
|
|
230,000
|
|
|
211,313
|
|
14.
|
Commitments and Contingencies
|
|
Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Balance at beginning of period
|
$
|
49,085
|
|
|
$
|
45,196
|
|
Warranties issued
|
5,252
|
|
|
4,133
|
|
||
Payments (a)
|
(4,021
|
)
|
|
(7,595
|
)
|
||
Adjustments (b)
|
259
|
|
|
3,623
|
|
||
Balance at end of period
|
$
|
50,575
|
|
|
$
|
45,357
|
|
(a)
|
Payments for the three months ended February 28, 2015 included
$4.1 million
to repair homes affected by water intrusion-related issues in certain of our communities in central and southwest Florida. These issues were substantially resolved during the year ended November 30, 2015.
|
(b)
|
Adjustments for the three months ended February 29, 2016 and
February 28, 2015
included the reclassification of certain estimated minimum probable recoveries to receivables. The estimated minimum probable recoveries were included in receivables to the extent they exceeded the estimated remaining repair costs in our overall warranty liability with respect to the associated homes. The adjustments for each period had no impact on our consolidated statements of operations.
|
|
Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Balance at beginning of period
|
$
|
82,175
|
|
|
$
|
86,574
|
|
Self-insurance expense (a)
|
4,016
|
|
|
2,435
|
|
||
Payments, net of recoveries (b)
|
(4,730
|
)
|
|
(6,262
|
)
|
||
Balance at end of period
|
$
|
81,461
|
|
|
$
|
82,747
|
|
(a)
|
These expenses are included in selling, general and administrative expenses and are largely offset by contributions from subcontractors participating in the wrap-up policy.
|
(b)
|
Recoveries are reflected in the period we receive funds from subcontractors and/or their insurers.
|
15.
|
Legal Matters
|
16.
|
Stockholders’ Equity
|
|
|
Three Months Ended February 29, 2016
|
||||||||||||||||||||||||||
|
|
Common Stock
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Loss
|
|
Grantor Stock
Ownership Trust
|
|
Treasury Stock
|
|
Total Stockholders’ Equity
|
||||||||||||||
Balance at November 30, 2015
|
|
$
|
115,548
|
|
|
$
|
682,871
|
|
|
$
|
1,466,713
|
|
|
$
|
(17,319
|
)
|
|
$
|
(109,936
|
)
|
|
$
|
(447,043
|
)
|
|
$
|
1,690,834
|
|
Net income
|
|
—
|
|
|
—
|
|
|
13,127
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
13,127
|
|
|||||||
Dividends on common stock
|
|
—
|
|
|
—
|
|
|
(2,270
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,270
|
)
|
|||||||
Performance share-based stock issuance
|
|
—
|
|
|
(4,065
|
)
|
|
—
|
|
|
—
|
|
|
4,065
|
|
|
—
|
|
|
—
|
|
|||||||
Stock-based compensation
|
|
—
|
|
|
2,893
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,893
|
|
|||||||
Stock repurchases
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(87,526
|
)
|
|
(87,526
|
)
|
|||||||
Balance at February 29, 2016
|
|
$
|
115,548
|
|
|
$
|
681,699
|
|
|
$
|
1,477,570
|
|
|
$
|
(17,319
|
)
|
|
$
|
(105,871
|
)
|
|
$
|
(534,569
|
)
|
|
$
|
1,617,058
|
|
17.
|
Stock-Based Compensation
|
|
Options
|
|
Weighted
Average Exercise
Price
|
|||
Options outstanding at beginning of period
|
12,635,644
|
|
|
$
|
19.39
|
|
Granted
|
—
|
|
|
—
|
|
|
Exercised
|
—
|
|
|
—
|
|
|
Cancelled
|
—
|
|
|
—
|
|
|
Options outstanding at end of period
|
12,635,644
|
|
|
$
|
19.39
|
|
Options exercisable at end of period
|
10,389,722
|
|
|
$
|
20.35
|
|
18.
|
Supplemental Disclosure to Consolidated Statements of Cash Flows
|
|
Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Summary of cash and cash equivalents at end of period:
|
|
|
|
||||
Homebuilding
|
$
|
323,076
|
|
|
$
|
545,641
|
|
Financial services
|
1,780
|
|
|
2,438
|
|
||
Total
|
$
|
324,856
|
|
|
$
|
548,079
|
|
|
|
|
|
||||
Supplemental disclosures of cash flow information:
|
|
|
|
||||
Interest paid, net of amounts capitalized
|
$
|
(12,955
|
)
|
|
$
|
(3,892
|
)
|
Income taxes paid
|
458
|
|
|
150
|
|
||
|
|
|
|
||||
Supplemental disclosures of noncash activities:
|
|
|
|
||||
Reclassification of warranty recoveries to receivables
|
$
|
1,758
|
|
|
$
|
3,623
|
|
Decrease in consolidated inventories not owned
|
(28,511
|
)
|
|
—
|
|
||
Increase in inventories due to distributions of land and land development from an unconsolidated joint venture
|
2,674
|
|
|
8,006
|
|
||
Inventories acquired through seller financing
|
32,435
|
|
|
—
|
|
19.
|
Supplemental Guarantor Information
|
|
Three Months Ended February 29, 2016
|
||||||||||||||||||
|
KB Home
Corporate
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Total
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
601,343
|
|
|
$
|
77,028
|
|
|
$
|
—
|
|
|
$
|
678,371
|
|
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
601,343
|
|
|
$
|
74,399
|
|
|
$
|
—
|
|
|
$
|
675,742
|
|
Construction and land costs
|
—
|
|
|
(501,866
|
)
|
|
(66,952
|
)
|
|
—
|
|
|
(568,818
|
)
|
|||||
Selling, general and administrative expenses
|
(24,340
|
)
|
|
(53,136
|
)
|
|
(10,456
|
)
|
|
—
|
|
|
(87,932
|
)
|
|||||
Operating income (loss)
|
(24,340
|
)
|
|
46,341
|
|
|
(3,009
|
)
|
|
—
|
|
|
18,992
|
|
|||||
Interest income
|
134
|
|
|
18
|
|
|
—
|
|
|
—
|
|
|
152
|
|
|||||
Interest expense
|
(44,370
|
)
|
|
(1,881
|
)
|
|
—
|
|
|
42,554
|
|
|
(3,697
|
)
|
|||||
Intercompany interest
|
74,043
|
|
|
(28,063
|
)
|
|
(3,426
|
)
|
|
(42,554
|
)
|
|
—
|
|
|||||
Equity in loss of unconsolidated joint ventures
|
—
|
|
|
(603
|
)
|
|
—
|
|
|
—
|
|
|
(603
|
)
|
|||||
Homebuilding pretax income (loss)
|
5,467
|
|
|
15,812
|
|
|
(6,435
|
)
|
|
—
|
|
|
14,844
|
|
|||||
Financial services pretax income
|
—
|
|
|
—
|
|
|
1,183
|
|
|
—
|
|
|
1,183
|
|
|||||
Total pretax income (loss)
|
5,467
|
|
|
15,812
|
|
|
(5,252
|
)
|
|
—
|
|
|
16,027
|
|
|||||
Income tax benefit (expense)
|
700
|
|
|
(3,600
|
)
|
|
—
|
|
|
—
|
|
|
(2,900
|
)
|
|||||
Equity in net income of subsidiaries
|
6,960
|
|
|
—
|
|
|
—
|
|
|
(6,960
|
)
|
|
—
|
|
|||||
Net income (loss)
|
$
|
13,127
|
|
|
$
|
12,212
|
|
|
$
|
(5,252
|
)
|
|
$
|
(6,960
|
)
|
|
$
|
13,127
|
|
|
Three Months Ended February 28, 2015
|
||||||||||||||||||
|
KB Home
Corporate
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Total
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
510,996
|
|
|
$
|
69,125
|
|
|
$
|
—
|
|
|
$
|
580,121
|
|
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenues
|
$
|
—
|
|
|
$
|
510,996
|
|
|
$
|
66,892
|
|
|
$
|
—
|
|
|
$
|
577,888
|
|
Construction and land costs
|
—
|
|
|
(430,333
|
)
|
|
(62,085
|
)
|
|
—
|
|
|
(492,418
|
)
|
|||||
Selling, general and administrative expenses
|
(15,672
|
)
|
|
(45,622
|
)
|
|
(9,778
|
)
|
|
—
|
|
|
(71,072
|
)
|
|||||
Operating income (loss)
|
(15,672
|
)
|
|
35,041
|
|
|
(4,971
|
)
|
|
—
|
|
|
14,398
|
|
|||||
Interest income
|
101
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
103
|
|
|||||
Interest expense
|
(43,580
|
)
|
|
(1,460
|
)
|
|
—
|
|
|
39,702
|
|
|
(5,338
|
)
|
|||||
Intercompany interest
|
70,468
|
|
|
(26,638
|
)
|
|
(4,128
|
)
|
|
(39,702
|
)
|
|
—
|
|
|||||
Equity in loss of unconsolidated joint ventures
|
—
|
|
|
(347
|
)
|
|
—
|
|
|
—
|
|
|
(347
|
)
|
|||||
Homebuilding pretax income (loss)
|
11,317
|
|
|
6,597
|
|
|
(9,098
|
)
|
|
—
|
|
|
8,816
|
|
|||||
Financial services pretax income
|
—
|
|
|
—
|
|
|
1,683
|
|
|
—
|
|
|
1,683
|
|
|||||
Total pretax income (loss)
|
11,317
|
|
|
6,597
|
|
|
(7,415
|
)
|
|
—
|
|
|
10,499
|
|
|||||
Income tax benefit (expense)
|
200
|
|
|
(3,100
|
)
|
|
200
|
|
|
—
|
|
|
(2,700
|
)
|
|||||
Equity in net loss of subsidiaries
|
(3,718
|
)
|
|
—
|
|
|
—
|
|
|
3,718
|
|
|
—
|
|
|||||
Net income (loss)
|
$
|
7,799
|
|
|
$
|
3,497
|
|
|
$
|
(7,215
|
)
|
|
$
|
3,718
|
|
|
$
|
7,799
|
|
|
February 29, 2016
|
||||||||||||||||||
|
KB Home
Corporate
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
257,361
|
|
|
$
|
58,798
|
|
|
$
|
6,917
|
|
|
$
|
—
|
|
|
$
|
323,076
|
|
Restricted cash
|
4,357
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,357
|
|
|||||
Receivables
|
2,829
|
|
|
144,885
|
|
|
4,375
|
|
|
—
|
|
|
152,089
|
|
|||||
Inventories
|
—
|
|
|
3,127,883
|
|
|
340,761
|
|
|
—
|
|
|
3,468,644
|
|
|||||
Investments in unconsolidated joint ventures
|
—
|
|
|
66,071
|
|
|
2,501
|
|
|
—
|
|
|
68,572
|
|
|||||
Deferred tax assets, net
|
191,744
|
|
|
497,554
|
|
|
90,098
|
|
|
—
|
|
|
779,396
|
|
|||||
Other assets
|
97,345
|
|
|
12,610
|
|
|
3,105
|
|
|
—
|
|
|
113,060
|
|
|||||
|
553,636
|
|
|
3,907,801
|
|
|
447,757
|
|
|
—
|
|
|
4,909,194
|
|
|||||
Financial services
|
—
|
|
|
—
|
|
|
12,862
|
|
|
—
|
|
|
12,862
|
|
|||||
Intercompany receivables
|
3,739,159
|
|
|
—
|
|
|
101,267
|
|
|
(3,840,426
|
)
|
|
—
|
|
|||||
Investments in subsidiaries
|
49,584
|
|
|
—
|
|
|
—
|
|
|
(49,584
|
)
|
|
—
|
|
|||||
Total assets
|
$
|
4,342,379
|
|
|
$
|
3,907,801
|
|
|
$
|
561,886
|
|
|
$
|
(3,890,010
|
)
|
|
$
|
4,922,056
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
144,023
|
|
|
$
|
395,048
|
|
|
$
|
111,790
|
|
|
$
|
—
|
|
|
$
|
650,861
|
|
Notes payable
|
2,565,155
|
|
|
87,550
|
|
|
—
|
|
|
—
|
|
|
2,652,705
|
|
|||||
|
2,709,178
|
|
|
482,598
|
|
|
111,790
|
|
|
—
|
|
|
3,303,566
|
|
|||||
Financial services
|
—
|
|
|
—
|
|
|
1,432
|
|
|
—
|
|
|
1,432
|
|
|||||
Intercompany payables
|
16,143
|
|
|
3,409,390
|
|
|
414,893
|
|
|
(3,840,426
|
)
|
|
—
|
|
|||||
Stockholders’ equity
|
1,617,058
|
|
|
15,813
|
|
|
33,771
|
|
|
(49,584
|
)
|
|
1,617,058
|
|
|||||
Total liabilities and stockholders’ equity
|
$
|
4,342,379
|
|
|
$
|
3,907,801
|
|
|
$
|
561,886
|
|
|
$
|
(3,890,010
|
)
|
|
$
|
4,922,056
|
|
|
November 30, 2015
|
||||||||||||||||||
|
KB Home
Corporate
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Total
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
444,850
|
|
|
$
|
98,281
|
|
|
$
|
15,911
|
|
|
$
|
—
|
|
|
$
|
559,042
|
|
Restricted cash
|
9,344
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,344
|
|
|||||
Receivables
|
39
|
|
|
148,338
|
|
|
4,305
|
|
|
—
|
|
|
152,682
|
|
|||||
Inventories
|
—
|
|
|
2,979,617
|
|
|
334,130
|
|
|
—
|
|
|
3,313,747
|
|
|||||
Investments in unconsolidated joint ventures
|
—
|
|
|
69,057
|
|
|
2,501
|
|
|
—
|
|
|
71,558
|
|
|||||
Deferred tax assets, net
|
190,770
|
|
|
501,454
|
|
|
89,972
|
|
|
—
|
|
|
782,196
|
|
|||||
Other assets
|
97,590
|
|
|
11,783
|
|
|
3,401
|
|
|
—
|
|
|
112,774
|
|
|||||
|
742,593
|
|
|
3,808,530
|
|
|
450,220
|
|
|
—
|
|
|
5,001,343
|
|
|||||
Financial services
|
—
|
|
|
—
|
|
|
14,028
|
|
|
—
|
|
|
14,028
|
|
|||||
Intercompany receivables
|
3,627,150
|
|
|
—
|
|
|
102,103
|
|
|
(3,729,253
|
)
|
|
—
|
|
|||||
Investments in subsidiaries
|
39,383
|
|
|
—
|
|
|
—
|
|
|
(39,383
|
)
|
|
—
|
|
|||||
Total assets
|
$
|
4,409,126
|
|
|
$
|
3,808,530
|
|
|
$
|
566,351
|
|
|
$
|
(3,768,636
|
)
|
|
$
|
5,015,371
|
|
Liabilities and stockholders’ equity
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, accrued expenses and other liabilities
|
$
|
136,352
|
|
|
$
|
442,529
|
|
|
$
|
118,303
|
|
|
$
|
—
|
|
|
$
|
697,184
|
|
Notes payable
|
2,564,762
|
|
|
60,774
|
|
|
—
|
|
|
—
|
|
|
2,625,536
|
|
|||||
|
2,701,114
|
|
|
503,303
|
|
|
118,303
|
|
|
—
|
|
|
3,322,720
|
|
|||||
Financial services
|
—
|
|
|
—
|
|
|
1,817
|
|
|
—
|
|
|
1,817
|
|
|||||
Intercompany payables
|
17,178
|
|
|
3,305,227
|
|
|
406,848
|
|
|
(3,729,253
|
)
|
|
—
|
|
|||||
Stockholders’ equity
|
1,690,834
|
|
|
—
|
|
|
39,383
|
|
|
(39,383
|
)
|
|
1,690,834
|
|
|||||
Total liabilities and stockholders’ equity
|
$
|
4,409,126
|
|
|
$
|
3,808,530
|
|
|
$
|
566,351
|
|
|
$
|
(3,768,636
|
)
|
|
$
|
5,015,371
|
|
|
Three Months Ended February 29, 2016
|
||||||||||||||||||
|
KB Home
Corporate
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Total
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
13,908
|
|
|
$
|
(141,026
|
)
|
|
$
|
(16,195
|
)
|
|
$
|
—
|
|
|
$
|
(143,313
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Contributions to unconsolidated joint ventures
|
—
|
|
|
(291
|
)
|
|
—
|
|
|
—
|
|
|
(291
|
)
|
|||||
Purchases of property and equipment, net
|
(1,129
|
)
|
|
(265
|
)
|
|
(19
|
)
|
|
—
|
|
|
(1,413
|
)
|
|||||
Intercompany
|
(115,459
|
)
|
|
—
|
|
|
—
|
|
|
115,459
|
|
|
—
|
|
|||||
Net cash used in investing activities
|
(116,588
|
)
|
|
(556
|
)
|
|
(19
|
)
|
|
115,459
|
|
|
(1,704
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in restricted cash
|
4,987
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,987
|
|
|||||
Payments on mortgages and land contracts due to land sellers and other loans
|
—
|
|
|
(5,659
|
)
|
|
—
|
|
|
—
|
|
|
(5,659
|
)
|
|||||
Payments of cash dividends
|
(2,270
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,270
|
)
|
|||||
Stock repurchases
|
(87,526
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(87,526
|
)
|
|||||
Intercompany
|
—
|
|
|
107,758
|
|
|
7,701
|
|
|
(115,459
|
)
|
|
—
|
|
|||||
Net cash provided by (used in) financing activities
|
(84,809
|
)
|
|
102,099
|
|
|
7,701
|
|
|
(115,459
|
)
|
|
(90,468
|
)
|
|||||
Net decrease in cash and cash equivalents
|
(187,489
|
)
|
|
(39,483
|
)
|
|
(8,513
|
)
|
|
—
|
|
|
(235,485
|
)
|
|||||
Cash and cash equivalents at beginning of period
|
444,850
|
|
|
98,281
|
|
|
17,210
|
|
|
—
|
|
|
560,341
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
257,361
|
|
|
$
|
58,798
|
|
|
$
|
8,697
|
|
|
$
|
—
|
|
|
$
|
324,856
|
|
|
Three Months Ended February 28, 2015
|
||||||||||||||||||
|
KB Home
Corporate
|
|
Guarantor
Subsidiaries
|
|
Non-Guarantor
Subsidiaries
|
|
Consolidating
Adjustments
|
|
Total
|
||||||||||
Net cash provided by (used in) operating activities
|
$
|
5,369
|
|
|
$
|
(27,884
|
)
|
|
$
|
(26,394
|
)
|
|
$
|
—
|
|
|
$
|
(48,909
|
)
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Contributions to unconsolidated joint ventures
|
—
|
|
|
(2,414
|
)
|
|
—
|
|
|
—
|
|
|
(2,414
|
)
|
|||||
Purchases of property and equipment, net
|
(37
|
)
|
|
(528
|
)
|
|
(21
|
)
|
|
—
|
|
|
(586
|
)
|
|||||
Intercompany
|
(80,424
|
)
|
|
—
|
|
|
—
|
|
|
80,424
|
|
|
—
|
|
|||||
Net cash used in investing activities
|
(80,461
|
)
|
|
(2,942
|
)
|
|
(21
|
)
|
|
80,424
|
|
|
(3,000
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Change in restricted cash
|
(749
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(749
|
)
|
|||||
Proceeds from issuance of debt
|
250,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250,000
|
|
|||||
Payment of debt issuance costs
|
(2,989
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,989
|
)
|
|||||
Payments on mortgages and land contracts due to land sellers and other loans
|
—
|
|
|
(2,722
|
)
|
|
—
|
|
|
—
|
|
|
(2,722
|
)
|
|||||
Payments of cash dividends
|
(2,299
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,299
|
)
|
|||||
Stock repurchases
|
(21
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21
|
)
|
|||||
Intercompany
|
—
|
|
|
59,593
|
|
|
20,831
|
|
|
(80,424
|
)
|
|
—
|
|
|||||
Net cash provided by financing activities
|
243,942
|
|
|
56,871
|
|
|
20,831
|
|
|
(80,424
|
)
|
|
241,220
|
|
|||||
Net increase (decrease) in cash and cash equivalents
|
168,850
|
|
|
26,045
|
|
|
(5,584
|
)
|
|
—
|
|
|
189,311
|
|
|||||
Cash and cash equivalents at beginning of period
|
303,280
|
|
|
37,112
|
|
|
18,376
|
|
|
—
|
|
|
358,768
|
|
|||||
Cash and cash equivalents at end of period
|
$
|
472,130
|
|
|
$
|
63,157
|
|
|
$
|
12,792
|
|
|
$
|
—
|
|
|
$
|
548,079
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
|
Three Months Ended
|
|||||||||
|
February 29,
2016 |
|
February 28,
2015 |
|
Variance
|
|||||
Revenues:
|
|
|
|
|
|
|||||
Homebuilding
|
$
|
675,742
|
|
|
$
|
577,888
|
|
|
17
|
%
|
Financial services
|
2,629
|
|
|
2,233
|
|
|
18
|
|
||
Total revenues
|
$
|
678,371
|
|
|
$
|
580,121
|
|
|
17
|
%
|
Pretax income:
|
|
|
|
|
|
|||||
Homebuilding
|
$
|
14,844
|
|
|
$
|
8,816
|
|
|
68
|
%
|
Financial services
|
1,183
|
|
|
1,683
|
|
|
(30
|
)
|
||
Total pretax income
|
16,027
|
|
|
10,499
|
|
|
53
|
|
||
Income tax expense
|
(2,900
|
)
|
|
(2,700
|
)
|
|
(7
|
)
|
||
Net income
|
$
|
13,127
|
|
|
$
|
7,799
|
|
|
68
|
%
|
Basic earnings per share
|
$
|
.15
|
|
|
$
|
.08
|
|
|
88
|
%
|
Diluted earnings per share
|
$
|
.14
|
|
|
$
|
.08
|
|
|
75
|
%
|
|
|
Three Months Ended
|
||||||
|
|
February 29,
2016 |
|
February 28,
2015 |
||||
Net orders
|
|
2,272
|
|
|
2,189
|
|
||
Net order value (a)
|
|
$
|
824,674
|
|
|
$
|
753,176
|
|
Cancellation rate (b)
|
|
27
|
%
|
|
25
|
%
|
||
Ending backlog — homes
|
|
4,285
|
|
|
3,505
|
|
||
Ending backlog — value
|
|
$
|
1,433,507
|
|
|
$
|
1,109,278
|
|
Ending community count
|
|
241
|
|
|
235
|
|
||
Average community count
|
|
244
|
|
|
231
|
|
(a)
|
Net order value represents the potential future housing revenues associated with net orders generated during a period as well as homebuyer spending on lot and product premiums and design studio options and upgrades for homes in backlog during the same period.
|
(b)
|
The cancellation rate represents the total number of contracts for new homes canceled during a period divided by the total (gross) orders for new homes generated during the same period.
|
|
|
Three Months Ended
|
||||||
|
|
February 29,
2016 |
|
February 28,
2015 |
||||
Revenues:
|
|
|
|
|
||||
Housing
|
|
$
|
672,646
|
|
|
$
|
524,841
|
|
Land
|
|
3,096
|
|
|
53,047
|
|
||
Total
|
|
675,742
|
|
|
577,888
|
|
|
|
Three Months Ended
|
||||||
|
|
February 29,
2016 |
|
February 28,
2015 |
||||
Costs and expenses:
|
|
|
|
|
||||
Construction and land costs
|
|
|
|
|
||||
Housing
|
|
$
|
(564,828
|
)
|
|
$
|
(445,383
|
)
|
Land
|
|
(3,990
|
)
|
|
(47,035
|
)
|
||
Total
|
|
(568,818
|
)
|
|
(492,418
|
)
|
||
Selling, general and administrative expenses
|
|
(87,932
|
)
|
|
(71,072
|
)
|
||
Total
|
|
(656,750
|
)
|
|
(563,490
|
)
|
||
Operating income
|
|
$
|
18,992
|
|
|
$
|
14,398
|
|
Homes delivered
|
|
1,953
|
|
|
1,593
|
|
||
Average selling price
|
|
$
|
344,400
|
|
|
$
|
329,500
|
|
Housing gross profit margin as a percentage of housing revenues
|
|
16.0
|
%
|
|
15.1
|
%
|
||
Adjusted housing gross profit margin as a percentage of housing revenues
|
|
20.7
|
%
|
|
19.5
|
%
|
||
Selling, general and administrative expenses as a percentage of housing revenues
|
|
13.1
|
%
|
|
13.5
|
%
|
||
Operating income as a percentage of homebuilding revenues
|
|
2.8
|
%
|
|
2.5
|
%
|
|
|
Three Months Ended
|
||||||||||||||||||||
|
|
Homes Delivered
|
|
Net Orders
|
|
Cancellation Rates
|
||||||||||||||||
Segment
|
|
February 29,
2016 |
|
February 28,
2015 |
|
February 29,
2016 |
|
February 28,
2015 |
|
February 29,
2016 |
|
February 28,
2015 |
||||||||||
West Coast
|
|
508
|
|
|
414
|
|
|
555
|
|
|
552
|
|
|
24
|
%
|
|
18
|
%
|
||||
Southwest
|
|
350
|
|
|
237
|
|
|
359
|
|
|
389
|
|
|
24
|
|
|
16
|
|
||||
Central
|
|
765
|
|
|
653
|
|
|
901
|
|
|
870
|
|
|
31
|
|
|
31
|
|
||||
Southeast
|
|
330
|
|
|
289
|
|
|
457
|
|
|
378
|
|
|
25
|
|
|
27
|
|
||||
Total
|
|
1,953
|
|
|
1,593
|
|
|
2,272
|
|
|
2,189
|
|
|
27
|
%
|
|
25
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Net Order Value
|
|
Average Community Count
|
||||||||||||||||||
Segment
|
|
February 29,
2016 |
|
February 28,
2015 |
|
Variance
|
|
February 29,
2016 |
|
February 28,
2015 |
|
Variance
|
||||||||||
West Coast
|
|
$
|
337,611
|
|
|
$
|
317,557
|
|
|
6
|
%
|
|
56
|
|
|
47
|
|
|
19
|
%
|
||
Southwest
|
|
107,288
|
|
|
108,658
|
|
|
(1
|
)
|
|
39
|
|
|
32
|
|
|
22
|
|
||||
Central
|
|
253,215
|
|
|
227,043
|
|
|
12
|
|
|
90
|
|
|
94
|
|
|
(4
|
)
|
||||
Southeast
|
|
126,560
|
|
|
99,918
|
|
|
27
|
|
|
59
|
|
|
58
|
|
|
2
|
|
||||
Total
|
|
$
|
824,674
|
|
|
$
|
753,176
|
|
|
9
|
%
|
|
244
|
|
|
231
|
|
|
6
|
%
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0-2 years
|
|
3-5 years
|
|
6-10 years
|
|
Greater than
10 years
|
|
Total
|
||||||||||
Inventories
|
$
|
1,496.5
|
|
|
$
|
1,487.4
|
|
|
$
|
354.3
|
|
|
$
|
130.4
|
|
|
$
|
3,468.6
|
|
|
|
Three Months Ended
|
||||||
|
|
February 29,
2016 |
|
February 28,
2015 |
||||
Housing revenues
|
|
$
|
672,646
|
|
|
$
|
524,841
|
|
Housing construction and land costs
|
|
(564,828
|
)
|
|
(445,383
|
)
|
||
Housing gross profits
|
|
107,818
|
|
|
79,458
|
|
||
Add: Amortization of previously capitalized interest (a)
|
|
30,206
|
|
|
22,293
|
|
||
Inventory-related charges (b)
|
|
1,179
|
|
|
448
|
|
||
Adjusted housing gross profits
|
|
$
|
139,203
|
|
|
$
|
102,199
|
|
Housing gross profit margin as a percentage of housing revenues
|
|
16.0
|
%
|
|
15.1
|
%
|
||
Adjusted housing gross profit margin as a percentage of housing revenues
|
|
20.7
|
%
|
|
19.5
|
%
|
(a)
|
Represents the amortization of previously capitalized interest associated with housing operations.
|
(b)
|
Represents inventory impairment and land option contract abandonment charges associated with housing operations.
|
|
February 29,
2016 |
|
November 30,
2015 |
||||
Notes payable
|
$
|
2,652,705
|
|
|
$
|
2,625,536
|
|
Stockholders’ equity
|
1,617,058
|
|
|
1,690,834
|
|
||
Total capital
|
$
|
4,269,763
|
|
|
$
|
4,316,370
|
|
Ratio of debt to capital
|
62.1
|
%
|
|
60.8
|
%
|
||
|
|
|
|
||||
Notes payable
|
$
|
2,652,705
|
|
|
$
|
2,625,536
|
|
Less: Cash and cash equivalents and restricted cash
|
(327,433
|
)
|
|
(568,386
|
)
|
||
Net debt
|
2,325,272
|
|
|
2,057,150
|
|
||
Stockholders’ equity
|
1,617,058
|
|
|
1,690,834
|
|
||
Total capital
|
$
|
3,942,330
|
|
|
$
|
3,747,984
|
|
Ratio of net debt to capital
|
59.0
|
%
|
|
54.9
|
%
|
|
|
Three Months Ended
|
|||||||||
|
|
February 29,
2016 |
|
February 28,
2015 |
|
Variance
|
|||||
Revenues
|
|
$
|
283,846
|
|
|
$
|
277,255
|
|
|
2
|
%
|
Construction and land costs
|
|
(238,797
|
)
|
|
(235,591
|
)
|
|
(1
|
)
|
||
Selling, general and administrative expenses
|
|
(21,241
|
)
|
|
(17,493
|
)
|
|
(21
|
)
|
||
Operating income
|
|
23,808
|
|
|
24,171
|
|
|
(2
|
)
|
||
Other expense, net
|
|
(1,692
|
)
|
|
(2,317
|
)
|
|
27
|
|
||
Pretax income
|
|
$
|
22,116
|
|
|
$
|
21,854
|
|
|
1
|
%
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|||||||||
|
|
February 29,
2016 |
|
February 28,
2015 |
|
Variance
|
|||||
|
|
|
|
|
|
|
|||||
Homes delivered
|
|
508
|
|
|
414
|
|
|
23
|
%
|
||
Average selling price
|
|
$
|
558,800
|
|
|
$
|
550,600
|
|
|
1
|
%
|
Housing gross profit margin
|
|
15.9
|
%
|
|
15.6
|
%
|
|
30
|
bps
|
|
|
Three Months Ended
|
|||||||||
|
|
February 29,
2016 |
|
February 28,
2015 |
|
Variance
|
|||||
Revenues
|
|
$
|
202,161
|
|
|
$
|
159,148
|
|
|
27
|
%
|
Construction and land costs
|
|
(167,155
|
)
|
|
(131,416
|
)
|
|
(27
|
)
|
||
Selling, general and administrative expenses
|
|
(24,102
|
)
|
|
(17,518
|
)
|
|
(38
|
)
|
||
Operating income
|
|
10,904
|
|
|
10,214
|
|
|
7
|
|
||
Other income (expense), net
|
|
(325
|
)
|
|
12
|
|
|
(a)
|
|
||
Pretax income
|
|
$
|
10,579
|
|
|
$
|
10,226
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|||||
Homes delivered
|
|
765
|
|
|
653
|
|
|
17
|
%
|
||
Average selling price
|
|
$
|
260,200
|
|
|
$
|
238,000
|
|
|
9
|
%
|
Housing gross profit margin
|
|
18.0
|
%
|
|
17.8
|
%
|
|
20
|
bps
|
(a)
|
Percentage not meaningful.
|
|
Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Revenues
|
$
|
2,629
|
|
|
$
|
2,233
|
|
Expenses
|
(859
|
)
|
|
(964
|
)
|
||
Equity in income (loss) of unconsolidated joint ventures
|
(587
|
)
|
|
414
|
|
||
Pretax income
|
$
|
1,183
|
|
|
$
|
1,683
|
|
|
|
|
|
|
Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Total originations (a):
|
|
|
|
||||
Loans
|
878
|
|
|
895
|
|
||
Principal
|
$
|
217,390
|
|
|
$
|
216,061
|
|
Percentage of homebuyers using HCM
|
49
|
%
|
|
65
|
%
|
||
Average FICO score
|
711
|
|
|
716
|
|
||
|
|
|
|
||||
Loans sold (a):
|
|
|
|
||||
Loans sold to Nationstar
|
1,040
|
|
|
1,000
|
|
||
Principal
|
$
|
269,013
|
|
|
$
|
243,063
|
|
Loans sold to third parties
|
45
|
|
|
27
|
|
||
Principal
|
$
|
9,888
|
|
|
$
|
4,583
|
|
•
|
internally generated cash flows;
|
•
|
public issuances of our common stock;
|
•
|
public issuances of debt securities;
|
•
|
land option contracts and other similar contracts and seller notes; and
|
•
|
letters of credit and performance bonds.
|
•
|
land acquisition and land development;
|
•
|
home construction;
|
•
|
operating expenses;
|
•
|
principal and interest payments on notes payable; and
|
•
|
cash collateral.
|
|
|
February 29, 2016
|
|
November 30, 2015
|
|
Variance
|
|||||||||||||||
Segment
|
|
Lots
|
|
$
|
|
Lots
|
|
$
|
|
Lots
|
|
$
|
|||||||||
West Coast
|
|
11,509
|
|
|
$
|
1,718,233
|
|
|
11,420
|
|
|
$
|
1,602,356
|
|
|
89
|
|
|
$
|
115,877
|
|
Southwest
|
|
8,950
|
|
|
537,430
|
|
|
8,981
|
|
|
534,040
|
|
|
(31
|
)
|
|
3,390
|
|
|||
Central
|
|
18,559
|
|
|
737,924
|
|
|
17,747
|
|
|
707,210
|
|
|
812
|
|
|
30,714
|
|
|||
Southeast
|
|
9,193
|
|
|
475,057
|
|
|
9,251
|
|
|
470,141
|
|
|
(58
|
)
|
|
4,916
|
|
|||
Total
|
|
48,211
|
|
|
$
|
3,468,644
|
|
|
47,399
|
|
|
$
|
3,313,747
|
|
|
812
|
|
|
$
|
154,897
|
|
|
February 29,
2016 |
|
November 30,
2015 |
|
Variance
|
||||||
Mortgages and land contracts due to land sellers and other loans
|
$
|
62,440
|
|
|
$
|
35,664
|
|
|
$
|
26,776
|
|
Senior notes
|
2,360,265
|
|
|
2,359,872
|
|
|
393
|
|
|||
Convertible senior notes
|
230,000
|
|
|
230,000
|
|
|
—
|
|
|||
Total
|
$
|
2,652,705
|
|
|
$
|
2,625,536
|
|
|
$
|
27,169
|
|
Financial Covenants and Other Requirements
|
|
Covenant Requirement
|
|
Actual
|
|
Consolidated tangible net worth
|
|
>
|
$1.17 billion
|
|
$1.62 billion
|
Leverage Ratio
|
|
<
|
.700
|
|
.621
|
Interest Coverage Ratio (a)
|
|
>
|
1.400
|
|
1.744
|
Minimum liquidity (a)
|
|
>
|
$186.1 million
|
|
$323.1 million
|
Investments in joint ventures and non-guarantor subsidiaries
|
|
<
|
$440.8 million
|
|
$102.3 million
|
Borrowing base in excess of borrowing base indebtedness (as defined)
|
|
|
n/a
|
|
$284.4 million
|
(a)
|
Under the terms of the Credit Facility, we are required to meet either the Interest Coverage Ratio or a minimum level of liquidity, but not both. As of
February 29, 2016
, we met both the Interest Coverage Ratio and the minimum liquidity requirements.
|
|
Three Months Ended
|
||||||
|
February 29,
2016 |
|
February 28,
2015 |
||||
Net cash provided by (used in):
|
|
|
|
||||
Operating activities
|
$
|
(143,313
|
)
|
|
$
|
(48,909
|
)
|
Investing activities
|
(1,704
|
)
|
|
(3,000
|
)
|
||
Financing activities
|
(90,468
|
)
|
|
241,220
|
|
||
Net increase (decrease) in cash and cash equivalents
|
$
|
(235,485
|
)
|
|
$
|
189,311
|
|
•
|
We expect our housing revenues to be in the range of $710 million to $770 million, compared to $604.9 million in the year-earlier quarter, reflecting both the conversion of our higher backlog at February 29, 2016 into homes delivered and an anticipated year-over-year increase in the overall average selling price of those homes.
|
•
|
We expect our housing gross profit margin will be relatively flat on a sequential basis. We believe our selling, general and administrative expenses as a percentage of housing revenues will improve on a sequential and year-over-year basis due to our cost containment efforts and anticipated improved operating leverage from a higher volume of homes delivered and corresponding revenues.
|
•
|
We expect to generate year-over-year improvement in our homebuilding operating income margin in the range of 50 to 100 basis points. We are projecting an effective income tax rate of approximately 37% for the quarter, based on our present forecasts for pretax income and the impact of federal energy tax credits for the period.
|
•
|
We expect our housing revenues to be in the range of $3.35 billion to $3.65 billion, an increase from $2.91 billion in 2015, driven by both a higher volume of homes delivered and a higher overall average selling price of those homes.
|
•
|
We expect our housing gross profit margin will be above 17%, reflecting sequential expansion in the second half of 2016.
|
•
|
We expect our selling, general and administrative expenses as a percentage of housing revenues will be in the low 11% range, a year-over-year improvement anticipated to result from the factors noted above with respect to our 2016 second quarter ratio.
|
•
|
We expect our effective income tax rate for the full year will be approximately 34% to 35%, based on our actual first quarter results and our projected pretax income and the impact of federal energy tax credits for the balance of the year.
|
•
|
We currently own and control all of the lots needed to meet our current 2016 delivery forecast and a majority of the lots we currently expect to need for 2017. We believe we will have the capacity to invest up to $1.3 billion towards land and land development (inclusive of fees) in 2016 to support home delivery and revenue growth in 2017 and beyond, and remain cash flow neutral for the year. This capacity level considers, among other things, our current capital allocation program, including our investment of
$385.7 million
in land and land development and our repurchases of shares of our outstanding common
|
•
|
We expect our average community count for both the second quarter and the full year to be relatively even with the corresponding periods of 2015.
|
•
|
general economic, employment and business conditions;
|
•
|
population growth, household formations and demographic trends;
|
•
|
adverse market conditions, including an increased supply of unsold homes, declining home prices and greater foreclosure and short sale activity, among other things, that could negatively affect our consolidated financial statements, including due to additional inventory impairment or land option contract abandonment charges, lower revenues and operating and other losses;
|
•
|
conditions in the capital, credit and financial markets (including mortgage lending standards, the availability of mortgage financing and mortgage foreclosure rates);
|
•
|
material prices and availability;
|
•
|
trade costs and availability;
|
•
|
changes in interest rates;
|
•
|
inflation;
|
•
|
our debt level, including our ratio of debt to capital, and our ability to adjust our debt level, maturity schedule and structure and to access the equity, credit, capital or other financial markets or other external financing sources, including raising capital through the public or private issuance of common stock, debt or other securities, and/or project financing, on favorable terms;
|
•
|
our compliance with the terms and covenants of the Credit Facility;
|
•
|
volatility in the market price of our common stock;
|
•
|
weak or declining consumer confidence, either generally or specifically with respect to purchasing homes;
|
•
|
competition for home sales from other sellers of new and resale homes, including lenders and other sellers of homes obtained through foreclosures or short sales;
|
•
|
the impact of weather events, significant natural disasters and other climate and environmental factors, including the severe prolonged drought and related water-constrained conditions in the southwest United States and California;
|
•
|
government actions, policies, programs and regulations directed at or affecting the housing market (including the Dodd-Frank Act, tax credits, tax incentives and/or subsidies for home purchases, tax deductions for mortgage interest payments and property taxes, tax exemptions for profits on home sales, programs intended to modify existing mortgage loans and to prevent mortgage foreclosures and the standards, fees and size limits applicable to the purchase or insuring of mortgage loans by government-sponsored enterprises and government agencies), the homebuilding industry, or construction activities;
|
•
|
decisions regarding federal fiscal and monetary policies, including those relating to taxation, government spending, interest rates and economic stimulus measures;
|
•
|
the availability and cost of land in desirable areas;
|
•
|
our warranty claims experience with respect to homes previously delivered and actual warranty costs incurred, including our warranty claims and costs experience at certain of our communities in Florida;
|
•
|
costs and/or charges arising from regulatory compliance requirements or from legal, arbitral or regulatory proceedings, investigations, claims or settlements, including unfavorable outcomes in any such matters resulting in actual or potential monetary damage awards, penalties, fines or other direct or indirect payments, or injunctions, consent decrees or other voluntary or involuntary restrictions or adjustments to our business operations or practices that are beyond our current expectations and/or accruals;
|
•
|
our ability to use/realize the net deferred tax assets we have generated;
|
•
|
our ability to successfully implement our current and planned strategies and initiatives with respect to product, geographic and market positioning (including our efforts to expand our inventory base/pipeline with desirable land positions or interests at reasonable cost and to expand our community count, open additional communities for sales, sell higher-priced homes and more design studio options, increase the size and value of our backlog, and our operational and investment concentration in markets in California), revenue growth, asset optimization (including by effectively balancing home sales prices and sales pace in our communities), asset activation and/or monetization, local field management and talent investment, containing and leveraging overhead costs, gaining share and scale in our served markets and increasing our housing gross profit margins and profitability;
|
•
|
consumer traffic to our communities and consumer interest in our product designs and offerings, particularly higher-income consumers;
|
•
|
cancellations and our ability to realize our backlog by converting net orders to home deliveries and revenues;
|
•
|
our home sales and delivery performance, particularly in key markets in California;
|
•
|
our ability to generate cash from our operations, enhance our asset efficiency, increase our operating income margin and/or improve our return on invested capital;
|
•
|
the manner in which our homebuyers are offered and whether they are able to obtain mortgage loans and mortgage banking services, including from HCM;
|
•
|
the performance of HCM;
|
•
|
information technology failures and data security breaches; and
|
•
|
other events outside of our control.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
|
Maximum Number of Shares That May Yet be Purchased Under the Plans or Programs
|
|||||
December 1-31
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
4,000,000
|
|
January 1-31
|
|
5,451,052
|
|
|
10.24
|
|
|
5,450,000
|
|
|
4,550,000
|
|
|
February 1-29
|
|
3,077,405
|
|
|
10.30
|
|
|
2,923,000
|
|
|
1,627,000
|
|
|
Total
|
|
8,528,457
|
|
|
$
|
10.26
|
|
|
8,373,000
|
|
|
|
Exhibits
|
|
|
|
|
|
31.1
|
|
Certification of Jeffrey T. Mezger, President and Chief Executive Officer of KB Home Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of Jeff J. Kaminski, Executive Vice President and Chief Financial Officer of KB Home Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification of Jeffrey T. Mezger, President and Chief Executive Officer of KB Home Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
|
|
Certification of Jeff J. Kaminski, Executive Vice President and Chief Financial Officer of KB Home Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101
|
|
The following materials from KB Home’s Quarterly Report on Form 10-Q for the quarter ended February 29, 2016, formatted in eXtensible Business Reporting Language (XBRL): (a) Consolidated Statements of Operations for the three months ended February 29, 2016 and February 28, 2015, (b) Consolidated Balance Sheets as of February 29, 2016 and November 30, 2015, (c) Consolidated Statements of Cash Flows for the three months ended February 29, 2016 and February 28, 2015, and (d) Notes to Consolidated Financial Statements.
|
|
KB HOME
Registrant
|
Dated
|
April 7, 2016
|
|
By:
|
/s/ JEFF J. KAMINSKI
|
|
|
|
|
Jeff J. Kaminski
Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
|
Dated
|
April 7, 2016
|
|
By:
|
/s/ WILLIAM R. HOLLINGER
|
|
|
|
|
William R. Hollinger
Senior Vice President and Chief Accounting Officer
(Principal Accounting Officer)
|
|
|
|
31.1
|
|
Certification of Jeffrey T. Mezger, President and Chief Executive Officer of KB Home Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
31.2
|
|
Certification of Jeff J. Kaminski, Executive Vice President and Chief Financial Officer of KB Home Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.1
|
|
Certification of Jeffrey T. Mezger, President and Chief Executive Officer of KB Home Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
32.2
|
|
Certification of Jeff J. Kaminski, Executive Vice President and Chief Financial Officer of KB Home Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
101
|
|
The following materials from KB Home’s Quarterly Report on Form 10-Q for the quarter ended February 29, 2016, formatted in eXtensible Business Reporting Language (XBRL): (a) Consolidated Statements of Operations for the three months ended February 29, 2016 and February 28, 2015, (b) Consolidated Balance Sheets as of February 29, 2016 and November 30, 2015, (c) Consolidated Statements of Cash Flows for the three months ended February 29, 2016 and February 28, 2015, and (d) Notes to Consolidated Financial Statements.
|
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