FOR IMMEDIATE RELEASE | CONTACT: Frederick N. Cooper (215) 938-8312 |
May 22, 2018 |
• | Net income was $111.8 million, or $0.72 per share diluted, compared to net income of $124.6 million, or $0.73 per share diluted, in FY 2017’s second quarter |
• | Pre-tax income was $152.7 million, compared to $199.2 million |
• | Impairments were $13.8 million compared to $4.3 million |
• | Income from unconsolidated entities was $2.6 million compared to $45.9 million |
• | Other income was $15.8 million compared to $14.0 million |
• | Revenues were $1.60 billion, the highest second quarter ever - up 17%; home building deliveries were 1,886 units - up 15% |
• | Net signed contract value was $2.38 billion, the highest quarter ever - up 18%; contract units were 2,666 - up 6% |
• | Per-community net signed contracts were 9.04 per community - up 16% - the highest second quarter since FY 2005 |
• | Backlog value at second-quarter end rose to $6.36 billion, the highest second quarter ever - up 27%; units totaled 7,030 - up 17% |
• | Gross margin, as a percentage of revenues, was 18.8% |
• | Adjusted Gross Margin, which excludes interest and inventory write-downs (“Adjusted Gross Margin”), was 22.5% |
• | SG&A, as a percentage of revenues, was 10.4% |
• | Income from operations was 8.4% of revenues |
• | Increased its dividend in April to $0.11 per share from $0.08 per share |
• | Repurchased approximately 1.8 million shares of its common stock at an average price of $45.44 per share for a total purchase price of approximately $81.5 million in its second quarter and approximately 6.2 million shares at an average price of $46.86 per share for a total purchase price of approximately $291.5 million to-date in FY 2018 |
• | Full FY 2018 deliveries of between 8,000 and 8,500 units with an average price of between $830,000 and $860,000; third-quarter deliveries of between 2,100 and 2,200 units with an average price of between $830,000 and $850,000 |
• | FY Adjusted Gross Margin of between 23.75% and 24.25% of revenues; third-quarter Adjusted Gross Margin of 23.4 % |
• | FY SG&A, as a percentage of FY revenues, of approximately 10.0%; third-quarter SG&A, as a percentage of third-quarter revenues, of approximately 9.6% |
• | FY Other income and Income from unconsolidated entities of between $130 million and $160 million, with approximately $20 million in the third quarter |
• | FY tax rate of between 23% and 25%; third-quarter tax rate of approximately 27.5% |
• | FY 2018’s second-quarter net income was $111.8 million, or $0.72 per share diluted, compared to FY 2017’s second-quarter net income of $124.6 million, or $0.73 per share diluted. |
• | FY 2018’s second-quarter pre-tax income was $152.7 million, compared to FY 2017’s second-quarter pre-tax income of $199.2 million. FY 2018’s second-quarter results included pre-tax inventory write-downs totaling $13.8 million ($13.3 million attributable to operating communities and $0.5 million attributable to future communities). FY 2017’s second-quarter results included pre-tax inventory write-downs of $4.3 million ($2.94 million attributable to operating communities and $1.32 million attributable to future communities). |
• | FY 2018’s second-quarter Income from unconsolidated entities was $2.6 million, compared to $45.9 million in FY 2017’s second quarter. FY 2017’s second-quarter Income from unconsolidated entities included $22.6 million from the sale of condominiums at the Company’s Pierhouse at Brooklyn Bridge Park joint venture and $20.5 million from the sale of a portion of the Company’s membership interest in The Morgan at Provost Square, a joint ventured rental property joint venture in Jersey City. |
• | FY 2018’s six-month net income was $243.9 million, or $1.55 per share diluted, compared to FY 2017’s six-month net income of $195.1 million, or $1.15 per share diluted. |
• | FY 2018’s six-month pre-tax income was $284.3 million, compared to FY 2017’s six-month pre-tax income of $309.0 million. |
• | FY 2018’s six-month pre-tax income results included pre-tax inventory write-downs totaling $17.7 million ($17.1 million attributable to operating communities and $0.6 million attributable to future communities). FY 2017’s six-month results included pre-tax inventory write-downs of $8.9 million ($6.9 million attributable to operating communities and $2.0 million attributable to future communities). |
• | FY 2018’s second-quarter total revenues of $1.60 billion, the highest second-quarter total in the Company’s history, and 1,886 units increased 17% in dollars and 15% in units, compared to FY 2017’s second-quarter total revenues of $1.36 billion and 1,638 units. The average price of homes delivered increased to $847,900, compared to $832,400 in FY 2017’s second quarter. |
• | FY 2018’s six-month total revenues of $2.77 billion and 3,309 units rose 21% in dollars and 17% in units, compared to FY 2017’s six-month period totals of $2.28 billion and 2,828 units. |
• | The Company’s FY 2018 second-quarter net signed contracts of $2.38 billion, the highest quarterly total in the Company’s history, and 2,666 units increased 18% in dollars and 6% in units, compared to FY 2017’s second-quarter net signed contracts of $2.02 billion and 2,511 units. The average price of net signed contracts was $893,900, compared to $804,200 in FY 2017’s second quarter, driven by strong contract results in California. |
• | On a per-community basis, FY 2018’s second-quarter net signed contracts were 9.04 units per community, compared to second-quarter totals of 7.82 in FY 2017, 6.80 in FY 2016, 7.43 in FY 2015, and 7.14 in FY 2014. FY 2018’s second-quarter results were the highest second quarter since FY 2005. |
• | The Company’s FY 2018 six-month net signed contracts of $4.07 billion and 4,488 units increased 25% in dollars and 11% in units, compared to net signed contracts of $3.26 billion and 4,033 units in FY 2017’s six-month period. |
• | In FY 2018, second-quarter-end backlog of $6.36 billion, the highest second-quarter total in the Company’s history, and 7,030 units increased 27% in dollars and 17% in units, compared to FY 2017’s second-quarter-end backlog of $5.00 billion and 6,018 units. The average price of homes in backlog was $904,800, compared to $831,000 at FY 2017’s second-quarter end. |
• | FY 2018’s second-quarter gross margin, as a percentage of revenues, was 18.8%, compared to 21.0% in FY 2017’s second quarter. FY 2018’s second-quarter Adjusted Gross Margin was 22.5%, compared to 24.3% in FY 2017’s second quarter. |
• | Interest included in cost of sales was 2.8% of revenue in FY 2018’s second quarter, compared to 3.0% in FY 2017’s second quarter. |
• | SG&A, as a percentage of revenues, was 10.4%, compared to 10.8% in FY 2017’s second quarter. |
• | Income from operations of $134.4 million represented 8.4% of revenues in FY 2018’s second quarter, compared to $138.2 million and 10.1% of revenues in FY 2017’s second quarter. |
• | Income from operations of $218.1 million represented 7.9% of revenues in FY 2018’s six-month period, compared to $190.0 million and 8.3% of revenues in FY 2017’s six-month period. |
• | Other income and Income from unconsolidated entities in FY 2018’s second quarter totaled $18.4 million, compared to $59.9 million in FY 2017’s second quarter. |
• | Other income and Income from unconsolidated entities in FY 2018’s six-month period totaled $66.2 million, compared to $119.0 million in FY 2017’s six-month period. |
• | FY 2018’s second-quarter cancellation rate (current-quarter cancellations divided by current-quarter signed contracts) was 5.2%, compared to 3.5%, in FY 2017’s second quarter. As a percentage of beginning-quarter backlog, FY 2018’s second-quarter cancellation rate was 2.4%, compared to 1.7% in FY 2017’s second quarter. |
• | The Company ended its FY 2018 second quarter with $475.1 million in cash, compared to $508.3 million in cash at 2018’s first-quarter end, and $691.3 million in cash at FY 2017’s second-quarter end. At FY 2018’s second-quarter end, the Company also had $1.15 billion available under its $1.295 billion, 20-bank credit facility, which matures in May 2021. |
• | During the second quarter of FY 2018, the Company repurchased approximately 1.8 million shares of its common stock at an average price of $45.44, for a total purchase price of approximately $81.5 million. |
• | To-date in FY 2018, the Company has repurchased approximately 6.2 million shares of its common stock at an average price of $46.86, for a total purchase price of approximately $291.5 million. |
• | The Company’s Stockholders’ Equity at FY 2018’s second-quarter end was $4.48 billion, compared to $4.45 billion at FY 2017’s second-quarter end. |
• | The Company ended its FY 2018 second quarter with a debt-to-capital ratio of 44.6%, compared to 44.2% at FY 2018’s first-quarter end and 45.4% at FY 2017’s second-quarter end. The Company ended FY 2018’s second quarter with a net debt-to-capital ratio(1) of 40.4%, compared to 40.1% at FY 2018’s first-quarter end, and 39.8% at FY 2017’s second-quarter end. |
• | The Company ended FY 2018’s second quarter with approximately 51,000 lots owned and optioned, compared to 49,500 one quarter earlier, and 46,600 one year earlier. Approximately 32,000 of these 51,000 lots were owned, of which approximately 17,000 lots, including those in backlog, were substantially improved. |
• | In the second quarter of FY 2018, the Company purchased 1,693 lots for $176.9 million. |
• | The Company ended FY 2018’s second quarter with 283 selling communities, compared to 295 at FY 2018’s first-quarter end and 316 at FY 2017’s second-quarter end. |
• | Based on FY 2018’s second-quarter-end backlog and the pace of activity at its communities, the Company now estimates it will deliver between 8,000 and 8,500 homes in FY 2018, compared to previous guidance of 7,800 and 8,600 units. It now believes the average delivered price for FY 2018 will be between $830,000 and $860,000 per home. This translates to projected revenues of between $6.64 billion and $7.31 billion in FY 2018, compared to $5.82 billion in FY 2017. |
• | The Company now expects FY 2018 Other income and Income from unconsolidated entities of between $130 million and $160 million. |
• | The Company reaffirms its previous guidance for full FY 2018 Adjusted Gross Margin of between 23.75% and 24.25%, SG&A, as a percentage of revenues, of approximately 10.0% and a FY 2018 tax rate of between 23% and 25%. |
• | The Company expects FY 2018 third-quarter deliveries of between 2,100 and 2,200 units with an average price of between $830,000 and $850,000. |
• | The Company expects its third-quarter FY 2018 Adjusted Gross Margin to be approximately 23.4% of revenues. |
• | FY 2018 third-quarter SG&A is expected to be approximately 9.6% of third quarter revenues. |
• | The Company’s third-quarter FY 2018 Other income and Income from unconsolidated entities is expected to be approximately $20 million. |
• | FY 2018’s third-quarter effective tax rate is expected to be approximately 27.5%. |
(1) | See “Reconciliation of Non-GAAP Measures” below for more information on the calculation of the Company’s net debt-to-capital ratio. |
April 30, 2018 | October 31, 2017 | ||||||
(Unaudited) | |||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 475,113 | $ | 712,829 | |||
Restricted cash and investments | 1,161 | 2,482 | |||||
Inventory | 7,871,569 | 7,281,453 | |||||
Property, construction and office equipment, net | 185,676 | 189,547 | |||||
Receivables, prepaid expenses and other assets | 599,755 | 542,217 | |||||
Mortgage loans held for sale | 111,811 | 132,922 | |||||
Customer deposits held in escrow | 135,072 | 102,017 | |||||
Investments in unconsolidated entities | 466,591 | 481,758 | |||||
Deferred tax assets, net of valuation allowances | 6,807 | ||||||
$ | 9,853,555 | $ | 9,445,225 | ||||
LIABILITIES AND EQUITY | |||||||
Liabilities: | |||||||
Loans payable | $ | 649,299 | $ | 637,416 | |||
Senior notes | 2,860,290 | 2,462,463 | |||||
Mortgage company loan facility | 103,550 | 120,145 | |||||
Customer deposits | 469,586 | 396,026 | |||||
Accounts payable | 324,605 | 275,223 | |||||
Accrued expenses | 946,243 | 959,353 | |||||
Income taxes payable | 13,386 | 57,509 | |||||
Total liabilities | 5,366,959 | 4,908,135 | |||||
Equity: | |||||||
Stockholders’ Equity | |||||||
Common stock | 1,779 | 1,779 | |||||
Additional paid-in capital | 715,949 | 720,115 | |||||
Retained earnings | 4,690,272 | 4,474,064 | |||||
Treasury stock, at cost | (925,317 | ) | (662,854 | ) | |||
Accumulated other comprehensive loss | (1,980 | ) | (1,910 | ) | |||
Total stockholders' equity | 4,480,703 | 4,531,194 | |||||
Noncontrolling interest | 5,893 | 5,896 | |||||
Total equity | 4,486,596 | 4,537,090 | |||||
$ | 9,853,555 | $ | 9,445,225 |
Six Months Ended April 30, | Three Months Ended April 30, | ||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||||||||
$ | % | $ | % | $ | % | $ | % | ||||||||||||||||
Revenues | $ | 2,774,667 | $ | 2,284,242 | $ | 1,599,199 | $ | 1,363,512 | |||||||||||||||
Cost of revenues | 2,232,637 | 80.5 | % | 1,810,443 | 79.3 | % | 1,298,157 | 81.2 | % | 1,077,441 | 79.0 | % | |||||||||||
Gross margin | 542,030 | 19.5 | % | 473,799 | 20.7 | % | 301,042 | 18.8 | % | 286,071 | 21.0 | % | |||||||||||
Selling, general and administrative expenses | 323,919 | 11.7 | % | 283,847 | 12.4 | % | 166,652 | 10.4 | % | 146,752 | 10.8 | % | |||||||||||
Income from operations | 218,111 | 7.9 | % | 189,952 | 8.3 | % | 134,390 | 8.4 | % | 139,319 | 10.2 | % | |||||||||||
Other: | |||||||||||||||||||||||
Income from unconsolidated entities | 41,444 | 92,349 | 2,564 | 45,904 | |||||||||||||||||||
Other income - net | 24,791 | 26,689 | 15,794 | 13,986 | |||||||||||||||||||
Income before income taxes | 284,346 | 308,990 | 152,748 | 199,209 | |||||||||||||||||||
Income tax provision | 40,429 | 113,936 | 40,938 | 74,571 | |||||||||||||||||||
Net income | $ | 243,917 | $ | 195,054 | $ | 111,810 | $ | 124,638 | |||||||||||||||
Per share: | |||||||||||||||||||||||
Basic earnings | $ | 1.58 | $ | 1.20 | $ | 0.73 | $ | 0.76 | |||||||||||||||
Diluted earnings | $ | 1.55 | $ | 1.15 | $ | 0.72 | $ | 0.73 | |||||||||||||||
Cash dividend declared | $ | 0.19 | $ | 0.08 | $ | 0.11 | $ | 0.08 | |||||||||||||||
Weighted-average number of shares: | |||||||||||||||||||||||
Basic | 154,306 | 163,040 | 152,731 | 163,492 | |||||||||||||||||||
Diluted | 157,013 | 170,910 | 155,129 | 171,403 | |||||||||||||||||||
Effective tax rate | 14.2% | 36.9% | 26.8% | 37.4% |
Six Months Ended April 30, | Three Months Ended April 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Impairment charges recognized: | |||||||||||||||
Cost of sales - land owned/controlled for future communities | $ | 624 | $ | 1,982 | $ | 507 | $ | 1,321 | |||||||
Cost of sales - operating communities | 17,061 | 6,935 | 13,325 | 2,935 | |||||||||||
$ | 17,685 | $ | 8,917 | $ | 13,832 | $ | 4,256 | ||||||||
Depreciation and amortization | $ | 12,520 | $ | 12,123 | $ | 6,349 | $ | 6,089 | |||||||
Interest incurred | $ | 81,269 | $ | 85,310 | $ | 42,582 | $ | 43,536 | |||||||
Interest expense: | |||||||||||||||
Charged to cost of sales | $ | 78,912 | $ | 68,486 | $ | 45,027 | $ | 40,558 | |||||||
Charged to other income - net | 1,001 | 1,995 | 285 | 1,953 | |||||||||||
$ | 79,913 | $ | 70,481 | $ | 45,312 | $ | 42,511 | ||||||||
Home sites controlled: | |||||||||||||||
Owned | 31,991 | 32,561 | |||||||||||||
Optioned | 19,001 | 14,031 | |||||||||||||
50,992 | 46,592 |
April 30, 2018 | October 31, 2017 | ||||||
Land and land development costs | $ | 1,948,108 | $ | 1,861,820 | |||
Construction in progress | 5,087,716 | 4,720,926 | |||||
Sample homes | 557,229 | 506,557 | |||||
Land deposits and costs of future development | 252,997 | 167,445 | |||||
Other | 25,519 | 24,705 | |||||
$ | 7,871,569 | $ | 7,281,453 |
North: | Connecticut, Illinois, Massachusetts, Michigan, Minnesota, New Jersey and New York |
Mid-Atlantic: | Delaware, Maryland, Pennsylvania and Virginia |
South: | Florida, North Carolina and Texas |
West: | Arizona, Colorado, Idaho, Nevada, and Washington |
California: | California |
Three Months Ended April 30, | |||||||||||||||||||||
Units | $ (Millions) | Average Price Per Unit $ | |||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
HOME BUILDING REVENUES | |||||||||||||||||||||
North | 338 | 277 | $ | 226.2 | $ | 189.3 | $ | 669,300 | $ | 683,600 | |||||||||||
Mid-Atlantic | 398 | 367 | 254.9 | 226.5 | 640,500 | 617,100 | |||||||||||||||
South | 319 | 274 | 240.7 | 195.1 | 754,600 | 712,100 | |||||||||||||||
West | 532 | 441 | 349.4 | 302.7 | 656,700 | 686,400 | |||||||||||||||
California | 270 | 248 | 438.4 | 373.3 | 1,623,500 | 1,505,300 | |||||||||||||||
Traditional Home Building | 1,857 | 1,607 | 1,509.6 | 1,286.9 | 812,900 | 800,800 | |||||||||||||||
City Living | 29 | 31 | 89.6 | 76.6 | 3,090,800 | 2,469,700 | |||||||||||||||
Total consolidated | 1,886 | 1,638 | $ | 1,599.2 | $ | 1,363.5 | $ | 847,900 | $ | 832,400 | |||||||||||
CONTRACTS | |||||||||||||||||||||
North | 363 | 408 | $ | 252.5 | $ | 264.2 | $ | 695,600 | $ | 647,400 | |||||||||||
Mid-Atlantic | 548 | 563 | 347.8 | 346.9 | 634,600 | 616,200 | |||||||||||||||
South | 466 | 406 | 339.5 | 294.1 | 728,400 | 724,500 | |||||||||||||||
West | 660 | 703 | 445.1 | 438.2 | 674,400 | 623,400 | |||||||||||||||
California | 564 | 388 | 901.2 | 594.1 | 1,597,900 | 1,531,200 | |||||||||||||||
Traditional Home Building | 2,601 | 2,468 | 2,286.1 | 1,937.5 | 878,900 | 785,100 | |||||||||||||||
City Living | 65 | 43 | 97.1 | 81.8 | 1,494,300 | 1,901,000 | |||||||||||||||
Total consolidated | 2,666 | 2,511 | $ | 2,383.2 | $ | 2,019.3 | $ | 893,900 | $ | 804,200 | |||||||||||
BACKLOG | |||||||||||||||||||||
North | 1,304 | 1,175 | $ | 905.6 | $ | 793.7 | $ | 694,500 | $ | 675,500 | |||||||||||
Mid-Atlantic | 1,285 | 1,265 | 839.7 | 782.9 | 653,400 | 618,900 | |||||||||||||||
South | 1,284 | 1,168 | 982.2 | 897.2 | 765,000 | 768,200 | |||||||||||||||
West | 1,602 | 1,427 | 1,143.6 | 975.9 | 713,800 | 683,900 | |||||||||||||||
California | 1,384 | 744 | 2,316.8 | 1,203.9 | 1,674,000 | 1,618,100 | |||||||||||||||
Traditional Home Building | 6,859 | 5,779 | 6,187.9 | 4,653.6 | 902,200 | 805,300 | |||||||||||||||
City Living | 171 | 239 | 172.5 | 347.3 | 1,009,000 | 1,453,000 | |||||||||||||||
Total consolidated | 7,030 | 6,018 | $ | 6,360.4 | $ | 5,000.9 | $ | 904,800 | $ | 831,000 |
Six Months Ended April 30, | |||||||||||||||||||||
Units | $ (Millions) | Average Price Per Unit $ | |||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
HOME BUILDING REVENUES | |||||||||||||||||||||
North | 547 | 486 | $ | 360.5 | $ | 335.0 | $ | 659,000 | $ | 689,300 | |||||||||||
Mid-Atlantic | 730 | 664 | 461.9 | 410.5 | 632,700 | 618,200 | |||||||||||||||
South | 540 | 464 | 412.2 | 337.3 | 763,300 | 726,900 | |||||||||||||||
West | 944 | 776 | 607.4 | 513.8 | 643,400 | 662,100 | |||||||||||||||
California | 455 | 403 | 725.5 | 593.1 | 1,594,500 | 1,471,700 | |||||||||||||||
Traditional Home Building | 3,216 | 2,793 | 2,567.5 | 2,189.7 | 798,400 | 784,000 | |||||||||||||||
City Living | 93 | 35 | 207.2 | 94.5 | 2,228,000 | 2,700,000 | |||||||||||||||
Total consolidated | 3,309 | 2,828 | $ | 2,774.7 | $ | 2,284.2 | $ | 838,500 | $ | 807,700 | |||||||||||
CONTRACTS | |||||||||||||||||||||
North | 634 | 684 | $ | 450.0 | $ | 435.9 | $ | 709,800 | $ | 637,300 | |||||||||||
Mid-Atlantic | 872 | 943 | 559.9 | 583.5 | 642,100 | 618,800 | |||||||||||||||
South | 769 | 672 | 578.5 | 498.1 | 752,300 | 741,200 | |||||||||||||||
West | 1,149 | 1,055 | 779.0 | 684.4 | 678,000 | 648,700 | |||||||||||||||
California | 952 | 614 | 1,547.2 | 929.3 | 1,625,200 | 1,513,500 | |||||||||||||||
Traditional Home Building | 4,376 | 3,968 | 3,914.6 | 3,131.2 | 894,600 | 789,100 | |||||||||||||||
City Living | 112 | 65 | 159.0 | 131.1 | 1,419,600 | 2,016,900 | |||||||||||||||
Total consolidated | 4,488 | 4,033 | $ | 4,073.6 | $ | 3,262.3 | $ | 907,700 | $ | 808,900 |
Units | $ (Millions) | Average Price Per Unit $ | |||||||||||||||||||
2018 | 2017 | 2018 | 2017 | 2018 | 2017 | ||||||||||||||||
Three months ended April 30, | |||||||||||||||||||||
Revenues | 26 | 56 | $ | 35.4 | $ | 153.2 | $ | 1,360,000 | $ | 2,736,100 | |||||||||||
Contracts | 44 | 41 | $ | 69.6 | $ | 36.5 | $ | 1,583,000 | $ | 889,600 | |||||||||||
Six months ended April 30, | |||||||||||||||||||||
Revenues | 54 | 143 | $ | 67.9 | $ | 370.6 | $ | 1,257,700 | $ | 2,591,700 | |||||||||||
Contracts | 118 | 69 | $ | 191.8 | $ | 79.9 | $ | 1,625,100 | $ | 1,158,400 | |||||||||||
Backlog at April 30, | 180 | 110 | $ | 291.3 | $ | 180.8 | $ | 1,618,300 | $ | 1,643,600 |
Three Months Ended April 30, | ||||||||
2018 | 2017 | |||||||
Revenues | $ | 1,599,199 | $ | 1,363,512 | ||||
Cost of revenues | 1,298,157 | 1,077,441 | ||||||
Gross margin | 301,042 | 286,071 | ||||||
Add: | Interest recognized in cost of sales | 45,027 | 40,558 | |||||
Inventory write-downs | 13,832 | 4,256 | ||||||
Adjusted gross margin | $ | 359,901 | $ | 330,885 | ||||
Gross margin as a percentage of revenues | 18.8 | % | 21.0 | % | ||||
Adjusted Gross Margin | 22.5 | % | 24.3 | % | ||||
April 30, 2018 | April 30, 2017 | January 31, 2018 | ||||||||||
Loans payable | $ | 649,299 | $ | 637,931 | $ | 631,791 | ||||||
Senior notes | 2,860,290 | 2,993,882 | 2,859,689 | |||||||||
Mortgage company loan facility | 103,550 | 61,129 | 38,344 | |||||||||
Total debt | 3,613,139 | 3,692,942 | 3,529,824 | |||||||||
Total stockholders' equity | 4,480,703 | 4,448,088 | 4,458,994 | |||||||||
Total capital | $ | 8,093,842 | $ | 8,141,030 | $ | 7,988,818 | ||||||
Ratio of debt-to-capital | 44.6 | % | 45.4 | % | 44.2 | % | ||||||
Total debt | $ | 3,613,139 | $ | 3,692,942 | $ | 3,529,824 | ||||||
Less: | Mortgage company loan facility | (103,550 | ) | (61,129 | ) | (38,344 | ) | |||||
Cash and cash equivalents | (475,113 | ) | (691,266 | ) | (508,277 | ) | ||||||
Total net debt | 3,034,476 | 2,940,547 | 2,983,203 | |||||||||
Total stockholders' equity | 4,480,703 | 4,448,088 | 4,458,994 | |||||||||
Total net capital | $ | 7,515,179 | $ | 7,388,635 | $ | 7,442,197 | ||||||
Net debt-to-capital ratio | 40.4 | % | 39.8 | % | 40.1 | % |