AV Homes, Inc.

CIK:0000039677|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues
Revenues	$ 203,560	$ 201,194	$ 355,568	$ 356,742
Expenses
Real estate expenses	168,368	166,346	294,820	294,523
Selling, general and administrative expenses	28,718	27,014	54,233	49,385
Interest income and other	(581)	(253)	(850)	(258)
Interest expense	3,012	3,685	6,403	4,522
Loss on extinguishment of debt		2,933	0	2,933
Total expenses	199,517	199,725	354,606	351,105
Segment operating income (loss)	4,043	1,469	962	5,637
Income tax expense	1,044	822	306	2,551
Net income (loss)	$ 2,999	$ 647	$ 656	$ 3,086
Basic earnings (loss) per share (in dollars per share)	$ 0.13	$ 0.03	$ 0.03	$ 0.14
Basic weighted average shares outstanding (in shares)	22,584	22,487	22,577	22,479
Diluted earnings (loss) per share (in dollars per share)	$ 0.13	$ 0.03	$ 0.03	$ 0.14
Diluted weighted average shares outstanding (in shares)	22,925	22,800	22,908	22,785
Homebuilding
Revenues
Revenues	$ 198,656	$ 196,884	$ 343,801	$ 345,544
Expenses
Real estate expenses	164,055	162,600	285,032	285,465
Amenity and other
Revenues
Revenues	4,289	4,125	9,107	8,762
Expenses
Real estate expenses	4,106	3,566	9,350	7,896
Land sales
Revenues
Revenues	615	185	2,660	2,436
Expenses
Real estate expenses	$ 207	$ 180	$ 438	$ 1,162

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Operating Activities
Net income (loss)	$ 656	$ 3,086
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	4,261	3,585
Amortization of share-based compensation	1,460	1,529
Change in fair value of contingent consideration	(1,294)
Impairment charges	1,222	219
Loss on extinguishment of debt	0	2,933
Deferred income taxes, net	286	2,394
Other adjustments	143	366
Changes in operating assets and liabilities:
Receivables	9,336	1,327
Land and other inventories	(101,029)	(46,457)
Prepaid expenses and other assets	(4,227)	(4,022)
Accounts payable, estimated development liability, and accrued and other liabilities	6,807	(6,599)
Customer deposits	4,154	5,689
Net cash used in operating activities	(78,225)	(35,950)
Investing Activities
Investment in property and equipment	(3,685)	(1,256)
Business acquisitions	(42,423)	(41,053)
Investment in unconsolidated entities		(12)
Net cash used in investing activities	(46,108)	(42,321)
Financing Activities
Proceeds from issuance of debt		400,000
Gross proceeds from Senior Secured Credit Facility		30,000
Payments of Senior Secured Credit Facility		(30,000)
Debt issuance costs		(8,091)
Principal payments of senior debt		(47,248)
Contingent consideration and other financing activities	(50)	(2,782)
Net cash used in financing activities	(50)	341,879
Increase (decrease) in cash, cash equivalents and restricted cash	(124,383)	263,608
Cash, cash equivalents and restricted cash at beginning of year	242,155	69,023
Cash, cash equivalents and restricted cash at end of year	117,772	332,631
Supplemental cash flow information:
Interest paid, net of capitalized interest	5,017	1,530
Income taxes paid	190	580
Supplemental non-cash investing activity:
Accrual of contingent consideration as of the acquisition date	$ 2,418	$ 1,818

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets
Cash and cash equivalents	$ 115,978	$ 240,990
Restricted cash	1,794	1,165
Receivables	4,366	13,702
Land and other inventories	731,552	603,851
Property and equipment, net	39,948	32,664
Prepaid expenses and other assets	21,693	17,117
Deferred tax assets, net	70,079	70,365
Goodwill	39,023	30,290
Total assets	1,024,433	1,010,144
Liabilities
Accounts payable	40,542	35,810
Accrued and other liabilities	33,418	29,193
Customer deposits	13,730	9,507
Estimated development liability	31,363	31,556
Senior debt, net	473,086	472,108
Total liabilities	592,139	578,174
Stockholders' Equity
Common stock, par value $1 per share	22,472	22,475
Additional paid-in capital	406,292	404,859
Retained earnings	6,549	7,655
Equity before treasury stock	435,313	434,989
Treasury stock	(3,019)	(3,019)
Total stockholders’ equity	432,294	431,970
Total liabilities and stockholders' equity	$ 1,024,433	$ 1,010,144