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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| William Lyon Homes | NYSE:WLH | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 24.37 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
William Lyon Homes (NYSE: WLH), a leading homebuilder in the Western U.S., announced results for its 2014 third quarter ended September 30, 2014. On August 12, 2014, the Company completed its acquisition of the residential homebuilding business of Polygon Northwest Homes (“Polygon Northwest”), the largest private homebuilder in the Pacific Northwest Region. The Company’s consolidated results for the third quarter ended September 30, 2014 include the financial results of Polygon Northwest from the date of acquisition, as Washington and Oregon divisions.
2014 Third Quarter Highlights (Comparison to 2013 Third Quarter)
Select pro forma results including Polygon Northwest for the full Third Quarter ended September 30, 2014, assuming the acquisition had closed as of July 1, 2014:
“This was an important quarter for the Company. Not only did we continue to improve our year-over-year performance across a number of operating and financial metrics, we also completed our acquisition of Polygon Northwest Homes, the largest private homebuilder in the Pacific Northwest,” said William H. Lyon, Chief Executive Officer. “We realized significant increases in home sales revenue, the dollar value of orders and backlog, and the number of active selling communities. Our net income was $5.6 million, or $0.17 per diluted share for the quarter ended September 30, 2014, or $10.2 million and $0.31 per diluted share as adjusted to exclude one-time transaction expenses. We are excited to welcome the Polygon team into the William Lyon Homes family as we expand our geographic footprint and increase the scale of our existing operations within the Western region of the U.S. by adding Portland, Oregon and Seattle, Washington to our operating platform. While the sales environment in some of our markets has been less robust than desired, we believe that our operating strategy of focusing on the best residential markets in the western United States will allow us to continue to drive outsized growth and shareholder value.”
Matthew R. Zaist, President and Chief Operating Officer, stated, “We are extremely proud of the continued progress of our operating teams as evident in our third quarter results. On a fully combined pro forma basis for the quarter, homebuilding revenues topped $230 million, new home deliveries of 518 were up 46% and new home orders of 495 were up almost 60%. We believe that the scale of the combined company will allow us to meaningfully drive top line growth, while the cost synergies of the transaction will allow us to continue to drive efficiencies on the SG&A side of our business.” Mr. Zaist continued, “The fourth quarter is off to a strong start, as we have seen strong growth in October, with year-over-year increases in new home orders of 103%, new home deliveries of 47%, and homebuilding revenue of 51% as compared to October 2013. In the fourth quarter of 2014, we anticipate 650 to 700 new home deliveries and homebuilding revenue between $300 million and $330 million.”
Operating Results
Home sales revenue for the third quarter of 2014 was $196.1 million, as compared to $141.4 million in the year-ago period, an increase of 39%. Our performance was driven by a 19% increase in the number of deliveries to 424 homes and a 16% increase in the average sales price of homes delivered to $462,500 in the quarter, compared to 356 homes delivered and a $397,100 average sales price, respectively, in the year-ago period. Average sales price of homes delivered increased in most of our divisions, driven by price appreciation in certain communities and a 105% increase in deliveries in Southern California with ASPs of $574,500. Included in this quarter’s results, since August 12, 2014, were revenues from the newly acquired Washington and Oregon divisions of $38.9 million combined, consisting of 104 homes delivered at an average sales price of $374,100.
The dollar value of our orders for the third quarter of 2014 was $199.2 million, an increase of 40%, from $142.4 million in the year-ago period. Net new home orders for the quarter were 422, up 35% from 312 in the third quarter of 2013. The overall increase in net new home orders was driven by an increase in community count to 49 average sales locations, from 26 in the year-ago period, offset by a decrease in absorption from 4.0 sales per project per month in the year-ago period to 2.9 sales per month in the current period. Absorption was strong in the Pacific Northwest at 1.3 sales per project per week, as well as in Southern California at 0.9 sales per project per week. We ended the quarter with 55 active selling communities, a 90% increase as compared to 29 active selling communities at the end of the year-ago period.
Including the newly acquired Washington and Oregon divisions, the dollar value of homes in backlog was $382.9 million as of September 30, 2014, an increase of 84% compared to $208.1 million as of September 30, 2013. The increase was driven by a 56% increase in units in backlog to 728 from 467 in the year-ago period and an increase in the average sales price of homes in backlog to $525,900, up 18% from $445,600 in the year-ago period, and up 14% from the averages sales price of homes closed during the third quarter of 2014 of $462,500.
Homebuilding gross margins for the third quarter of 2014 were 19.6%, as compared to gross margins of 23.6% in the year-ago period. The decrease in gross margin is attributable to a lower number of homes closed during the quarter that benefit from fresh start accounting, primarily in Southern California and Nevada. In addition, with the adoption of purchase accounting related to the Polygon acquisition, GAAP margins were impacted by 200 basis points. Adjusted homebuilding gross margin percentage was 24.6% during the third quarter of 2014, as compared to 30.2% in the year-ago period.
Breaking down the components of SG&A, sales and marketing expense was 6.4% of homebuilding revenue during the third quarter of 2014, compared to 4.7% in the year-ago quarter, driven by higher advertising and model operations costs associated with the startup of new models and an increase in total selling communities. Excluding one-time transaction expenses, general administrative expenses decreased to 6.5% of homebuilding revenue, compared to 7.2% in the year-ago quarter, as we continued to leverage higher revenues with a lower relative cost structure.
Balance Sheet Update
At quarter end, cash, cash equivalents and restricted cash totaled $35.6 million, escrow proceeds receivable totaled $14.6 million, real estate inventories totaled $1,378.4 million and total debt was $1,041.7 million. Net debt to net book capitalization was 68.1%, and total debt to total book capitalization was 68.9% at September 30, 2014.
Conference Call
The Company will host a conference call to discuss these results today, Friday, November 7, 2014 at 9:00 a.m. Pacific Time. The call will be available via both the telephone at (877) 280-4957 or (857) 244-7314, passcode #67683693, 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 November 21, 2014 by dialing (888) 286-8010 or (617) 801-6888, passcode #12442501. 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, San Diego, the San Francisco Bay Area, Phoenix, Las Vegas, Denver, Seattle and Portland. The Company has a distinguished legacy of more than 58 years of homebuilding operations, over which time it has sold in excess of 93,000 homes. The Company markets and sells its homes under the William Lyon Homes brand in all of its markets except for Colorado, where the Company operates under the Village Homes brand, and Washington and Oregon, where the Company operates under the Polygon Northwest brand.
Certain statements contained in this release and the accompanying comments during our conference call that are not historical information contain forward-looking statements, including, but not limited to, statements related to: anticipated fourth quarter home closing revenue and deliveries, market and industry trends, the anticipated financial and operating results from execution of the Company’s growth strategy and focus on markets in the Western United States, and the anticipated benefits to be realized from the consummation of the Polygon Northwest acquisition. 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: our ability to realize the anticipated benefits from the acquisition of Polygon Northwest; our ability to integrate successfully the Polygon Northwest operation with our existing operations; any adverse effect on our business operations, or those of Polygon Northwest, following consummation of the acquisition; worsening in general economic conditions either nationally or in regions in which we operate; conditions in our newly entered markets and newly acquired operations; worsening in markets for residential housing; decline in real estate values resulting in impairment of our real estate assets; volatility in the banking industry and credit markets; uncertainties in the capital and securities markets; terrorism or other hostilities involving the United States; 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; 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; changes in prices of homebuilding materials; the availability of labor and homebuilding materials; adverse weather conditions; 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; changes in governmental laws and regulations; our financial leverage and level of indebtedness and any inability to comply with financial and other covenants under our debt instruments; whether we are able to refinance the outstanding balances of our debt obligations at their maturity; anticipated tax refunds; limitations on our ability to utilize our tax attributes; limitations on our ability to reverse any remaining portion of our valuation allowance with respect to our deferred tax assets; the timing of receipt of regulatory approvals and the opening of projects; 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; 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 September 30, September 30, 2014 2013 Operating revenue Home sales $ 196,090 $ 141,352 Lots, land and other sales 215 - Construction services 10,593 9,478 206,898 150,830 Operating costs Cost of sales — homes (157,565 ) (107,957 ) Cost of sales — lots, land and other (209 ) - Construction services (8,262 ) (8,135 ) Sales and marketing (12,476 ) (6,679 ) General and administrative (12,726 ) (10,200 ) Transaction expenses (5,768 ) - Amortization of intangible assets (174 ) (191 ) Other (454 ) (695 ) (197,634 ) (133,857 ) Operating income 9,264 16,973 Interest expense, net of amounts capitalized - (51 ) Other income, net 357 114 Income before provision for income taxes 9,621 17,036 Provision for income taxes (1,999 ) (6,356 ) Net income 7,622 10,680Less: Net income attributable to noncontrolling interest
(1,984 ) (3,118 ) Net income available to common stockholders $ 5,638 $ 7,562 Income per common share: Basic $ 0.18 $ 0.24 Diluted $ 0.17 $ 0.24 Weighted average common shares outstanding: Basic 31,232,655 30,975,160 Diluted 32,760,746 31,895,814WILLIAM LYON HOMES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except number of shares and per share data)
(unaudited)
Nine Nine Months Months Ended Ended September 30, September 30, 2014 2013 Operating revenue Home sales $ 504,546 $ 338,434 Lots, land and other sales 1,926 3,248 Construction services 30,186 21,439 536,658 363,121 Operating costs Cost of sales — homes (392,083 ) (267,932 ) Cost of sales — lots, land and other (1,529 ) (2,838 ) Construction services (24,735 ) (17,472 ) Sales and marketing (27,958 ) (17,482 ) General and administrative (35,881 ) (28,016 ) Transaction expenses (5,768 ) - Amortization of intangible assets (1,294 ) (1,173 ) Other (1,745 ) (1,746 ) (490,993 ) (336,659 ) Operating income 45,665 26,462 Interest expense, net of amounts capitalized - (2,602 ) Other income, net 830 257 Income before reorganization items 46,495 24,117 Reorganization items, net - (464 ) Income before provision for income taxes 46,495 23,653 Provision for income taxes (12,779 ) (6,366 ) Net income 33,716 17,287Less: Net income attributable to noncontrolling interest
(7,096 ) (4,879 ) Net income attributable to William Lyon Homes 26,620 12,408 Preferred stock dividends - (1,528 ) Net income available to common stockholders $ 26,620 $ 10,880 Income per common share: Basic $ 0.85 $ 0.48 Diluted $ 0.81 $ 0.46 Weighted average common shares outstanding: Basic 31,184,101 22,569,810 Diluted 32,725,164 23,446,954WILLIAM LYON HOMES
CONSOLIDATED BALANCE SHEETS
(in thousands, except number of shares and par value per share)
(unaudited)
September 30, December 31, 2014 2013 (unaudited) ASSETS Cash and cash equivalents $ 35,119 $ 171,672 Restricted cash 504 854 Receivables 19,840 16,459 Escrow proceeds receivable 14,606 4,380 Real estate inventories Owned 1,378,432 671,790 Not owned - 12,960 Deferred loan costs, net 25,975 9,575 Goodwill 63,128 14,209 Intangibles, net of accumulated amortization of $8,900 as of September 30, 2014 and $7,611 as of December 31, 2013 7,377 2,766 Deferred income taxes, net valuation allowance of $3,211 as of September 30, 2014 and $3,959 as of December 31, 2013. 91,055 95,580 Other assets, net 17,613 10,166 Total assets $ 1,653,649 $ 1,010,411 LIABILITIES AND EQUITY Accounts payable $ 47,898 $ 17,099 Accrued expenses 93,642 60,203 Liabilities from inventories not owned - 12,960 Notes payable 41,264 38,060 Senior unsecured facility 120,000 -5 3/4% Senior Notes due April 15, 2019
150,000 -8 1/2% Senior Notes due November 15, 2020
430,443 431,295 7% Senior Notes due August 15, 2022 300,000 - 1,183,247 559,617 Commitments and contingencies Equity: William Lyon Homes stockholders’ equity Preferred Stock, par value $0.01 per share; 10,000,000 and no shares authorized; no shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively - - Common stock, Class A, par value $0.01 per share; 150,000,000 shares authorized; 28,078,301 and 27,622,283 shares issued, 27,430,927 and 27,216,813 outstanding at September 30, 2014 and December 31, 2013, respectively 281 276 Common stock, Class B, par value $0.01 per share; 30,000,000 shares authorized; 3,813,884 shares issued and outstanding at September 30, 2014 and December 31, 2013 38 38 Additional paid-in capital 313,356 311,863 Retained earnings 142,622 116,002 Total William Lyon Homes stockholders' equity 456,297 428,179 Noncontrolling interest 14,105 22,615 Total equity 470,402 450,794 Total liabilities and equity $ 1,653,649 $ 1,010,411WILLIAM LYON HOMES
SELECTED FINANCIAL AND OPERATING INFORMATION
(unaudited)
Three Months Ended September 30, 2014 2013 Consolidated Consolidated Percentage % Total Total Change Selected Financial Information (dollars in thousands) Homes closed 424 356 19 % Home sales revenue $ 196,090 $ 141,352 39 %Cost of sales (excluding interest and purchase accounting adjustments)
(147,793 ) (98,653 ) 50 % Adjusted homebuilding gross margin (1) $ 48,297 $ 42,699 13 % Adjusted homebuilding gross margin percentage (1) 24.6 % 30.2 % (18 %) Interest in cost of sales (5,970 ) (7,569 ) (21 %) Purchase accounting adjustments (3,802 ) (1,735 ) 119 % Gross margin $ 38,525 $ 33,395 15 % Gross margin percentage 19.6 % 23.6 % (17 %) Number of homes closed Southern California 133 65 105 % Northern California 44 46 (4 %) Arizona 62 122 (49 %) Nevada 63 79 (20 %) Colorado 18 44 (59 %) Washington 43 - NM Oregon 61 - NM Total 424 356 19 % Average sales price of homes closed Southern California $ 574,500 $ 764,300 (25 %) Northern California 420,000 398,100 6 % Arizona 270,200 256,200 5 % Nevada 580,000 302,800 92 % Colorado 500,300 413,300 21 % Washington 465,000 - NM Oregon 310,000 - NM Total $ 462,500 $ 397,100 16 % Number of net new home orders Southern California 122 138 (12 %) Northern California 60 28 114 % Arizona 45 72 (38 %) Nevada 49 62 (21 %) Colorado 45 12 275 % Washington 42 - NM Oregon 59 - NM Total 422 312 35 % Average number of sales locations during period Southern California 11 9 22 % Northern California 7 2 250 % Arizona 5 6 (17 %) Nevada 9 6 50 % Colorado 11 3 267 % Washington 3 - NM Oregon 3 - NM Total 49 26 88 % (1) Adjusted homebuilding gross margin is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles ("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 has on homebuilding gross margin and allows investors to make better comparisons with our competitors. For comparative purposes, purchase accounting is the net adjustment in basis related to the acquisition of our Colorado, Washington and Oregon operating divisions.WILLIAM LYON HOMES
SELECTED FINANCIAL AND OPERATING INFORMATION
(unaudited)
Nine Months Ended September 30, 2014 2013 Consolidated Consolidated Percentage % Total Total Change Selected Financial Information (dollars in thousands) Homes closed 1,036 969 7 % Home sales revenue $ 504,546 $ 338,434 49 %Cost of sales (excluding interest and purchase accounting adjustments)
(371,499 ) (241,345 ) 54 % Adjusted homebuilding gross margin (1) $ 133,047 $ 97,089 37 % Adjusted homebuilding gross margin percentage (1) 26.4 % 28.7 % (8 %) Interest in cost of sales (16,496 ) (20,729 ) (20 %) Purchase accounting adjustments (4,088 ) (5,858 ) (30 %) Gross margin $ 112,463 $ 70,502 60 % Gross margin percentage 22.3 % 20.8 % 7 % Number of homes closed Southern California 438 164 167 % Northern California 115 99 16 % Arizona 167 346 (52 %) Nevada 163 217 (25 %) Colorado 49 143 (66 %) Washington 43 - NM Oregon 61 - NM Total 1,036 969 7 % Average sales price Southern California $ 631,700 $ 633,800 (0 %) Northern California 423,300 363,200 17 % Arizona 268,000 240,400 11 % Nevada 442,200 260,000 70 % Colorado 478,400 412,000 16 % Washington 465,000 - NM Oregon 310,000 - NM Total $ 487,000 $ 349,300 39 % Number of net new home orders Southern California 475 310 53 % Northern California 162 105 54 % Arizona 160 301 (47 %) Nevada 200 222 (10 %) Colorado 112 92 22 % Washington 42 - NM Oregon 59 - NM Total 1,210 1,030 17 % Average number of sales locations during period Southern California 11 6 83 % Northern California 5 2 150 % Arizona 6 6 0 % Nevada 9 5 80 % Colorado 7 4 75 % Washington 1 - NM Oregon 1 - NM Total 40 23 74 % (1) Adjusted homebuilding gross margin is a financial measure that is not prepared in accordance with U.S. generally accepted accounting principles ("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 has on homebuilding gross margin and allows investors to make better comparisons with our competitors. For comparative purposes, purchase accounting is the net adjustment in basis related to the acquisition of our Colorado, Washington and Oregon operating divisions.WILLIAM LYON HOMES
SELECTED FINANCIAL AND OPERATING INFORMATION
(unaudited)
As of September 30, 2014 2013 Consolidated Consolidated Percentage % Total Total Change Backlog of homes sold but not closed at end of period Southern California 206 178 16 % Northern California 84 34 147 % Arizona 56 127 (56 %) Nevada 109 97 12 % Colorado 90 31 190 % Washington 81 - NM Oregon 102 - NM Total 728 467 56 % Dollar amount of homes sold but not closed at end of period (in thousands) Southern California $ 135,020 $ 113,769 19 % Northern California 37,554 14,007 168 % Arizona 14,817 33,776 (56 %) Nevada 88,825 32,828 171 % Colorado 42,350 13,701 209 % Washington 32,301 - NM Oregon 32,000 - NM Total $ 382,867 $ 208,081 84 % Lots owned and controlled at end of period Lots owned Southern California 1,124 1,186 (5 %) Northern California 1,060 869 22 % Arizona 5,471 5,653 (3 %) Nevada 2,909 2,864 2 % Colorado 1,025 546 88 % Washington 1,538 - NM Oregon 1,340 - NMTotal
14,467 11,118 30 % Lots controlled Southern California 1,038 577 80 % Northern California 544 684 (20 %) Arizona - 220 (100 %) Nevada 215 215 0 % Colorado 186 342 (46 %) Washington 786 - NM Oregon 839 - NM Total 3,608 2,038 77 % Total lots owned and controlled Southern California 2,162 1,763 23 % Northern California 1,604 1,553 3 % Arizona 5,471 5,873 (7 %) Nevada 3,124 3,079 1 % Colorado 1,211 888 36 % Washington 2,324 - NM Oregon 2,179 - NM Total 18,075 13,156 37 %WILLIAM LYON HOMES
SUPPLEMENTAL FINANCIAL INFORMATION
(unaudited)
SELECTED FINANCIAL DATA (dollars in thousands):
Three
Months Ended
September 30,
2014
Three
Months Ended
September 30,
2013
Nine
Months Ended
September 30,
2014
Nine
Months Ended
September 30,
2013
Net income attributable to William Lyon Homes $ 5,638 $ 7,562 $ 26,620 $ 12,408Net cash provided by/(used in) operating activities
$ 21,352 $ (98,224 ) $ (181,189 ) $ (164,919 ) Interest incurred $ 17,504 $ 7,511 $ 38,818 $ 22,511 Adjusted EBITDA (1) $ 26,652 $ 24,710 $ 73,763 $ 52,358 Adjusted EBITDA Margin (2) 12.9 % 16.4 % 13.7 % 14.4 % Ratio of adjusted EBITDA to interest incurred 1.52 3.29 1.90 2.33 Balance Sheet DataSeptember 30,
2014
December 31,
2013
Cash, cash equivalents and restricted cash $ 35,623 $ 172,526 Total William Lyon Homes stockholders’ equity 456,297 428,179 Noncontrolling interest 14,105 22,615 Total debt 1,041,707 469,355 Total book capitalization $ 1,512,109 $ 920,149 Ratio of debt to total book capitalization 68.9 % 51.0 % Ratio of debt to total book capitalization (net of cash) 68.1 % 39.7 % (1)Adjusted EBITDA means net income (loss) attributable to William Lyon Homes 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) one-time cash transaction expenses related to the acquisition of Polygon Northwest Homes, and (vii) non-cash purchase accounting adjustments. 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 (loss) 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 attributable to William Lyon Homes to adjusted EBITDA is provided as follows:
(2) Calculated as Adjusted EBITDA as a percentage of operating revenue.WILLIAM LYON HOMES
SUPPLEMENTAL FINANCIAL INFORMATION
(unaudited)
Three Three Nine Nine Months Months Months Months Ended Ended Ended Ended September 30, September 30, September 30, September 30, 2014 2013 2014 2013 Net income attributable to William Lyon Homes $ 5,638 $ 7,562 $ 26,620 $ 12,408 Provision for income taxes 1,999 6,356 12,779 6,366 Interest expense Interest incurred 17,504 7,511 38,818 22,511 Interest capitalized (17,504 ) (7,460 ) (38,818 ) (19,909 )Amortization of capitalized interest included in cost of sales
5,970 7,569 16,496 20,729 Stock based compensation 918 880 2,772 2,207 Loss on sale of fixed asset - - - 4 Depreciation and amortization 2,557 557 5,240 2,184 Transaction expenses 5,768 - 5,768 - Non-cash purchase accounting adjustments 3,802 1,735 4,088 5,858 Adjusted EBITDA $ 26,652 $ 24,710 $ 73,763 $ 52,358The following table reconciles earnings per share as reported on a GAAP basis to non-GAAP earnings per share. We believe that this non-GAAP measure provides useful information to investors regarding the ongoing performance of the Company excluding expenses that do no relate to our homebuilding operations:
Three Months Ended
September 30, 2014
Nine Months Ended
September 30, 2014
Net Income Diluted EPS Net Income Diluted EPS As reported $ 5,638 $ 0.17 $ 26,620 $ 0.81 Transaction expenses 5,768 0.18 5,768 0.18 Tax impact of transaction expenses (1,198 ) (0.04 ) (1,585 ) (0.05 ) Non-GAAP Measure $ 10,208 $ 0.31 $ 30,803 $ 0.94The following table reconciles our select operating results as presented to pro forma results including Polygon Northwest Homes for the full third quarter ended September 30, 2014, assuming the acquisition had closed as of July 1, 2014:
As reportedActivity from
July 1, 2014
through
acquisition
Pro Forma Homebuilding revenue$
196,090
$ 33,924$
230,014
New home deliveries 424 94 518 Net new home orders 422 73 495 Dollar Value of home orders $ 199,243 $ 26,625 $ 225,868
Investor/Media Contacts:Financial Profiles, Inc.Larry Clark, (310) 622-8223WLH@finprofiles.comorLisa Mueller, (310) 622-8231WLH@finprofiles.com
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