Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WILLIAM LYON HOMES | d503411d8k.htm |
 2012
Q4 and Year-End Earnings Call March 14, 2013, 11:00am PST
Exhibit 99.1 |
 Disclosure Statement
1
Certain statements contained in this release that are not historical information contain forward
looking statements. The forward-looking statements involve risks and uncertainties and
actual results may differ materially from those projected or implied. 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,
changes in general economic conditions and in the markets in which the Company competes,
terrorism or hostilities involving the United States, changes in mortgage and other interest
rates, changes in prices of homebuilding materials, weather conditions, the occurrence of
events such as landslides, soil subsidence and earthquakes that are uninsurable, not
economically insurable or not subject to effective indemnification agreements, the availability of
labor and homebuilding materials, changes in governmental laws and regulations, the timing of
receipt of regulatory approvals and the opening of projects, and the availability and cost of
land for future development, as well as the other factors discussed in the Company’s
reports filed with the Securities and Exchange Commission. |
 Key
Highlights 2
1
3
The Company issued Common and Convertible Preferred Stock for $30 million in
cash. Immediately began to operate as the Colorado division of the Company
with operations in Denver and Fort Collins metropolitan areas.
9 closings, 13 orders, since acquisition on December 7
, 2012, and backlog value of approximately
$34 million at the time of acquisition.
Acquisition of Village Homes on December 7, 2012
Improved Balance Sheet
Re-financed Debt Through High-Yield Market
2
Lower cost of capital (8.5%) and extended maturities (2020).
Growth Strategy
4
Current backlog of over 500 units with a value of approximately $165 million.
23 new communities in 2013, over half in California and remaining in Nevada and
Colorado. th |
 2012
Q4 and YTD Operational Results 3
% y-o-y change:
+69%
+76%
2012
2011
2012
2011
% y-o-y change:
+78%
+85%
2012
2011
2012
2011
% y-o-y change:
+192%
+294%
2012
2011
2012
2011
% y-o-y change:
+55%
+76%
2012
2011
2012
2011
Net New Home Orders (Units)
Net Orders per Average Sales Location (Units)
Backlog
Homes Delivered (Units)
669
130
1,131
229
FY
Q4
35.2
6.5
62.8
12.1
FY
Q4
614
184
950
323
FY
Q4
139
$29.3
406
$115.5
Year
-
end (Units)
Year-end Value ($ millions) |
 Lot
Count 4
Lots Owned and Controlled by Region (Units)
% y-o-y change:
+13%
2012
2011
2012
2011
2012
2011
2012
2011
2012
2011
2012
% y-o-y change:
+46%
+22%
(2%)
+8%
827
767
6,194
2,676
-
10,464
1,210
933
6,082
2,884
733
11,842
SoCal
NoCal
Arizona
Nevada
Colorado
TOTAL |
 2012
Q4 and YTD Financial Results 5
Home Sales Revenue ($ Millions)
% y-o-y change:
+26%
+67%
2012
2011
2012
2011 |
 Average Sales Price
6
Average Sales Price of Homes Delivered ($ Thousands)
% y-o-y change:
(18%)
(25%)
(31%)
(21%)
(5%)
2012
2011
2012
2011
2012
2011
2012
2011
2012
2011 |
 Margins
7
Adjusted Homebuilding Gross Margin
% y-o-y change:
+620bps
(40bps)
+410bps
+410bps
+1,140bps
2012
2011
2012
2011
2012
2011
2012
2011
2012
2011 |
 Selected Financial Data
8
(1) SG&A excludes intangibles amortization and stock-based compensation
expense. Selected Financial Data
($ Thousands)
2012
2011
2012
2011
SG&A Expense
(1)
13,564
$
9,289
$
41,570
$
39,259
$
SG&A as a % of Homebuilding Revenue
13.8%
15.7%
15.9%
19.0%
Interest Expense, net
1,800
$
6,548
$
11,634
$
24,529
$
Operating Income (Loss)
2,478
$
(114,250)
$
1,982
$
(148,015)
$
Net (Loss) Income Available to
Common Shareholders
(2,193)
$
(131,300)
$
216,781
$
(193,330)
$
Adjusted EBITDA
19,138
$
(13,716)
$
31,347
$
(21,357)
$
Three Months Ended
Year Ended
December 31,
December 31, |
 Adjusted EBITDA
9
2012
2011
2012
2011
Net (loss) income attributable to
William Lyon Homes
(1,248)
$
(131,300)
$
219,524
$
(193,330)
$
Benefit from income taxes
-
-
-
10
Interest expense
Interest incurred
8,192
15,701
37,672
61,464
Interest capitalized
(6,391)
(9,153)
(26,037)
(36,935)
Amortization of capitalized interest
included in cost of sales
11,528
6,565
29,151
18,082
Non-cash impairment charge
-
103,418
-
128,314
Loss on retirement of debt
2,367
-
1,392
-
Stock based compensation
3,699
-
3,699
-
Gain on reorganzation
-
-
(241,271)
-
Loss on sale of fixed asset
-
83
-
83
Depreciation and amortization
991
970
7,217
3,875
Cash distributions of income from
unconsolidated joint ventures
-
-
-
685
Equity in (income) loss of
unconsolidated joint ventures
-
-
-
(3,605)
Adjusted EBITDA
19,138
$
(13,716)
$
31,347
$
(21,357)
$
December 31,
December 31,
Three Months Ended
Year Ended |
 2012 Q4 and Year-End Earnings Call
March 14, 2013, 11:00am PST |