Build A Better Life
Inve vestor r Prese sent ntati ation September 2020 Build A - - PowerPoint PPT Presentation
Inve vestor r Prese sent ntati ation September 2020 Build A - - PowerPoint PPT Presentation
Inve vestor r Prese sent ntati ation September 2020 Build A Better Life Dis isclaimer our business and investment strategy; current or future financing arrangements; and This presentation contains forward-looking availability of
This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 related to management’s expectations about future conditions. Actual business, market or
- ther conditions may differ materially from
management’s expectations and, accordingly, may affect our sales and profitability or other results and liquidity. Actual results may differ materially due to various other factors, including: economic changes either nationally or in the markets in which we
- perate, including
declines in employment, levels of volatility in mortgage interest rates and inflation; continued
- r
increased downturn in the homebuilding industry; continued volatility and uncertainty in the credit markets and broader financial markets;
- ur limited operating history; our future
- perating results, financial condition and
liquidity; our business operations; changes in
- ur
business and investment strategy; availability of land to acquire and our ability to acquire such land on acceptable terms or at all; availability, terms and deployment of capital; continued
- r
increased disruption in the availability of mortgage financing or the number of foreclosures in the market; shortages
- f or increased prices for labor,
land or raw materials used in housing construction; delays in land development or home construction resulting from adverse weather conditions or
- ther
events
- utside
- ur
control; issues concerning our joint venture partnerships; the cost and availability of insurance and surety bonds; changes in, or the failure or inability to comply with, governmental laws and regulations; the timing of receipt of regulatory approvals and the opening of projects; the degree and nature of our competition; our leverage and debt service obligations; restrictive covenants relating to our operations in our current or future financing arrangements; and availability of qualified personnel and our ability to retain our key personnel. You should not rely upon forward-looking statements as predictions of future events. Although our management believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance
- r events and circumstances described in the
forward-looking statements will be achieved
- r occur. These forward-looking statements
speak only as of the date of this presentation. We assume no obligation to update any forward-looking information contained in this presentation. Additional information concerning these and other factors may be found in our filings with the Securities and Exchange Commission, including the “Risk Factors” in our most recent Annual Report
- n Form 10-K.
Dis isclaimer
2
Execu Executiv ive e Team Team
Rel elevant Exp xperie rience ce
- Former CEO, The New
Home Company (2009-2019)
- Founder, The New Home
Company (2009-Present)
- Former Co-Chief
Restructuring Officer of Land Source (2008-2009)
- Former CEO of John Laing
Homes (1995-2008)
Larry Web ebb
Executive Chairman
- The New Home Company
(2015-Present)
- Former CFO of M.D.C.
Holdings, Inc. (2012-2015)
- Former CFO of Standard
Pacific Corp. (2009-2011); Also former SVP, Treasurer & Corporate Controller (1996-2009)
John John Steph Stephens ens
EVP & Chief Financial Officer
- Transitioned to CEO role
effective August 30, 2019
- Former COO, The New
Home Company (2017-2019)
- Former California Regional
President for Richmond American Homes, a subsidiary of M.D.C. Holdings, Inc. (2004-2017)
Leonard Miller
President & Chief Executive Officer
3
The The New New Home Home Company Company Overvi Overview ew
New gener eration ion homebu
- mebuil
ilder der foun unded ed in 2009 2009
- Different by design
- Initial capital from founders
- IPO in 2014
Focus
- cus on premi
emier er loca cati tion
- ns
s
in high-growth, land-constrained markets; California focus with expansion into Arizona
Broa
- ad and
nd flexible ible prod
- duct
uct capa pabil biliti ities s with an established
high-end segment and a recent emphasis on more affordable price segments
St Strong relat lation ionsh ships ips
with land sellers/developers and trade partners
Awar ward-wi winnin ing homes mes and nd comm mmunit nitie ies; s; expertise in
design and architecture
4
Home Sales Revenue Wholly Owned Lots ts Owned & Controlled
Note: All data as of 6/30/20. Home sales revenue for the last twelve months ended 6/30/20
West West Co Coast ast Focused Focused
5
Active vely ly Sel elling ng Communiti unities es in Southern hern California nia, Northern n Calif ifor
- rnia
nia, and Arizona
- na
Arizona Souther ern Calif ifornia ia Norther ern Calif ifornia ia
36% 36% 34% 29% 29%
2,239 Lots
Arizona Souther ern Calif lifornia ia Norther ern Calif lifornia ia
12% 12% 55% 55%
$466M
33% 33%
Recent Recent Events Events
$12 124M 4M LTM M ope perati ting ng cash shflow low led d to $80M 0M de debt bt paydow paydown and reduced
Q2’20 net debt-to-capital ratio to 51.5% from 60.1% high watermark in Q1’19 (860 bps reduction)
Str Stron
- ng Ju
July ly and d Augus gust t absor bsorptio ption pa pace ce resulted
in a 100% increase in net
- rders for the first two
months of Q3 compared to the prior year
Right ight-si sized zed ov
- ver
erhead ad cost stru truct cture ure through
more efficient sales & marketing spending and lower personnel costs
6
2.0 2.2 3.2 3.4
18% (8%) 88% 64%
Q1'20 Q2'20 Jul'20 Aug'20
Monthly ly Absorptio ion Pace
7
Year-Over-Year Change %
The The New New Home Home Compan Company y Upda Update
25 25
Actively Selling Communities
534 534
Deliveries
$466m 66mm
Home Sales Revenue
$37m 7mm
- Adj. EBITDA
8
$873 73k
ASP
2,23 239
Lots Owned & Controlled
Note: All data for last twelve months as of 6/30/2020 except actively selling communities and lots owned and controlled which are as of 6/30/2020.
New Home’s Investment Highlights
9
1 Premium brand rewarded for customer service, quality and design 2 Strategically positioned in highly attractive submarkets 3 Diversified product offering Focused on cash flow generation and reducing leverage 4 Fee business leverages overhead and adds supplemental profits 6 Repositioned balance sheet with focus on margin improvement 5
Premi Premium um Brand Brand
10
- The
he New w Home
- me Com
- mpa
pany y is is a Pre remium ium Bran and d and nd wi will ll le leve verag age it its s expe perti tise se across ss pr produc
- duct
t se segme gments ts
- New Home has expanded its portfolio to include more affordable product
- fferings in strong locations, but remains committed to its premium brand
through The New Home Difference:
Highly Highly Attr Attract active ive Subma Submarket rkets
11
- The
he New w Home
- me Compan
mpany will ll lever verag age e its Prem emium ium Bran and wher ere e it can an be rewar arded ed for
- r
its expe xpertis tise:
Well located, highly amenitized master plan communities
- Southern CA: Irvine, Rancho Mission Viejo, Great
Park, Civita, Bedford
- Northern CA: Russell Ranch & Whitney Ranch
- AZ: Eastmark & Estrella
Exceptional locations
- Southern CA: Coastal & Inland Empire “A” Markets
- Northern CA: Clover Valley, Granite Bay, Urban
Sacramento & Rocklin
- AZ: Central, Southeast & Southwest Valleys
Placemaking: Mini-Master Plans
- Southern CA: Lambert Ranch & Parkside
- Northern CA: McKinley Village
- AZ: Mosaic & Mariposa
Recent New w Co Communit ity Successes
12
➢ 60 homesites priced in the $1.0M range (2,500 sq. ft.) ➢ Opened in late March without a grand opening event ➢ Utilized virtual tours, social media and online sales concierge, as well as highly personalized private tours, to present the model homes ➢ Monthly absorption of 6.3 homes per month since opening late March
Sterling (Rancho Mission Viejo, CA)
Amenitized MP Exceptional Location Placemaking
13
➢ Grand Opening event in late February ➢ 2nd Move Up Community with $900k ASP in Sacramento area ➢ Sold consistently at an absorption pace of 2.9 homes per month even through stay-at-home order
Silver Crest (Folsom, CA)
Recent New w Co Communit ity Successes
Amenitized MP Exceptional Location Placemaking
14
➢ NWHM’s first entry level community in AZ ($350k ASP) ➢ Medium-Density Mini Master Plan ➢ 3 Product Types totaling 222 homes: Row Towns, Backyard Towns and Flats ➢ Sold 54 homes since models completed in late May (4.5/month per product line)
Mosaic (Gilbert, AZ)
Recent New w Co Communit ity Successes
Amenitized MP Exceptional Location Placemaking
($29M) ($32M) ($74M) M) ($4M) ($12M) $31M $40M $40M $63M $63M $17M $5M $5M
Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20
LTM Operating Cash Flow: $124M LTM Operating Cash Flow: -$59M
Focus on C Cash Flow Genera ration
15
Operating Cash Flow
$2.7 2.7 $5. 5.1 $7 $7.5 .5 $7 $7.4 .4 $6.7 6.7 $4.0 4.0
2014 2014 2015 2015 2016 2016 2017 2017 2018 2018 2019 2019
Fee Fee Build Buildin ing Contr Contributi tion n Mar argin gin1
➢ Lever
verages s ove
- verhead
ad and d gener enerates tes su suppleme pplemental l income come using sing nomin
- minal
al capit pital al
- Increases market scale
- Strengthens purchasing power
➢ Curr
rrent t empha mphasi sis s is s on growi
- wing
ng fee ee bu busines siness s with th oth ther r land nd owne ners
($ in Millions)
(1) Excludes joint venture management fees.
206 537 644 820 600 309 Deliveries
Fee Fee Build Buildin ing Add Adds s Sup Suppl plem ement ntal l Profi Profits ts
16
Recent Fi t Financi cial P l Perfo form rmance
17
Q2 Q2 2020 YTD 2020 YTD Finan Financial ials s
(1) For reconciliation of this non-GAAP financial measure, see appendix. (2) Adjusted homebuilding GM% excludes interest in COS and impairments, if any. For reconciliation of this non-GAAP financial measure, see appendix..
18
YTD Q2 2020 YTD Q2 2019 YoY Growth % Operating Statistics
Monthly Absorption
2.1 2.0 5%
Net Orders
296 266 11%
Ending Community Count
25 20 25%
Backlog
235 207 14%
Backlog ASP
$718k $974k (26%)
Deliveries
210 250 (16%)
Deliveries ASP
$826k $959k (14%)
(Dollars in millions)
Financial Statistics
Home Sales Revenue
$173.4 $239.7 (28%)
Land Sales Revenue
$0.2
- 100%
Fee Revenue
$57.4 $41.9 37%
Total Revenue
$231.0 $281.6 (18%)
Homebuilding GM% (excl. imp.) 1
13.0% 12.3% 70 bps
- Adj. Homebuilding GM% 2
19.2% 17.0% 220 bps
SG&A% (excl. restructuring)
14.9% 12.4% 250 bps
Adjusted EBITDA 1
$13.4 $17.9 (25%)
LTM Adjusted EBITDA 1
$36.9 $46.5 (21%)
(Dollars in millions)
Jun 30, 2020 Dec 31, 2019
Assets Cash
$85.7 $79.4
Inventory
$370.9 $433.9
JV Investment
$12.9 $30.2
Total Assets
$541.6 $603.2
Liabilities & Equity Revolver
- Senior Notes, net
$295.1 $304.8
Total Debt
$295.1 $304.8
Total Liabilities
$344.5 $370.4
Total Equity
$197.0 $232.6
➢ $298M senior notes due Apr’22
- Repurchased $27M starting in
Q1’19
➢ $60M unsecured revolving credit
facility
- Extended maturity to Sep’21
(1) For reconciliation of this non-GAAP financial measure, see appendix. (2) Excludes Joint Venture investment
Balan Balance ce Sheet Sheet
19
Jun 30, 2020 Dec 31, 2019 Change
Metrics Debt-to-Capital
60.0% 56.7%
330 bps Net Debt-to-Capital (1)
51.5% 49.2%
230 bps Debt-to-LTM Adj. EBITDA(1)
8.0x 7.4x 0.6x
Net Debt-to-LTM Adj. EBITDA(1)
5.7x 5.4x 0.2x
LTM Interest Coverage
1.4x 1.4x (0.0x)
Cash & Inventory to Debt(2)
1.5x 1.7x (0.1x)
Conclu Conclusion ion
Diversif sified ied Produc
- duct
t Offeri ering ng Highly ghly Attractiv tractive e Sub-Mar arkets ts Focused cused on Cash Flow Gener erati ation
- n
Premium emium Brand nd Fee Business siness Add Adds Supp upplemental lemental Inco come
20
Repositi positione
- ned
d Balance ance Sheet
Appendix ix
21
Ac Active tive Whol Wholly ly Owne wned Comm mmun uniti ities es
Southern thern Califor lifornia nia
(1) Homes not closed as of June 30, 2020 (2) Actual revenue may vary
22
Future ASP Remaining
($ in 000's)
Homes(1)
Agave Brea $690 80 24 Cobalt Rancho Mission Viejo $620 72 12 Marywood Orange $1,930 40 9 Parson Corona $490 96 49 Promontory Bluffs San Diego $1,170 40 10 Promontory Heights San Diego $800 93 36 Nova Rancho Cucamonga $400 135 131 Seabluff Playa Vista $1,180 75 6 Seville Ontario $600 75 10 Sky Ranch Ladera Ranch $2,770 28 3 Sterling Rancho Mission Viejo $1,020 60 60 Whitney Corona $640 41 17 $680 $680 835 835 3 367
Homes Southern California Location Project
Future ASP Remaining
($ in 000's)
Homes(1)
Bristol Vacaville $600 64 44 Gala Davis $600 120 60 Canyon View Rocklin $850 92 34 Ellison Park Milpitas $1,250 114 17 Nuvo at Artisan Square Natomas $340 145 145 Oxford Vacaville $630 80 59 Park View Rocklin $570 60 32 Preston Vacaville $530 87 69 Sheffield Vacaville $570 120 106 Silver Crest Folsom $910 108 104 Tidewater Lathrop $610 131 21 $610 $610 1121 1121 6 691 Belmont Gilbert $1,300 53 1 Icon Scottsdale $1,270 26 12 Mosaic Row Towns Chandler $330 87 87 Mosaic Backyard Towns Chandler $380 69 69 Mosaic Flats Chandler $360 66 66 $400 $400 301 301 235 235
Northern California Arizona Location Homes Project
23
(1) Homes not closed as of June 30, 2020 (2) Actual revenue may vary
Ac Active tive Whol Wholly ly Owne wned Comm mmun uniti ities es
Nort rther hern n Califor lifornia nia and Ari rizo zona na
Fu Future ture Whol Wholly ly Owned wned Comm mmun uniti ities
(1) Actual base pricing may vary.
- Est. Average
Base Price(1)
($ in 000's)
Nuvo at Piemonte Attached Ontario Q3'21 $430 72 Nuvo at Parkside Paseo Detached Ontario Q4'21 $410 90 Nuvo at Parkside 2 Story Sm Detached Ontario Q4'21 $370 50 Nuvo at Parkside 2 Story Lrg Detached Ontario Q4'21 $420 111 Nuvo at Parkside 8 Pack Detached Ontario Q4'21 $460 52 $420 $420 375 375 Gold Hill Detached Folsom Q4'20 $820 77 Eureka Grove Detached Granite Bay Q3'21 $700 72 $760 $760 149 149 Mariposa Cottages Detached Chandler Q3'20 $430 55 Mariposa Courts Detached Chandler Q3'20 $370 38 Mariposa Towns Attached Chandler Q3'20 $330 106 Centella at Estrella Detached Goodyear Q3'20 $320 80 Element at Eastmark Detached Mesa Q2'21 $310 135 $340 $340 414 414 $440 $440 938 938
Homes Estimated Opening Arizona Project Location Southern California Product Northern California
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His Histo toric rical l Fina Financ ncia ial l Su Summa mmary
($ in Millions, except Delivery ASP and Homebuilding GM per Delivery)
(1) For reconciliation of these non-GAAP financial measures, reference the appendix. (2) Includes homebuilding, land sales and JV investment impairments
2014 2015 2016 2017 2018 2019
Net New Orders
79 174 253 412 536 532
Active Community Count
4 10 15 17 20 21
Deliveries (Homebuilding)
53 148 250 341 498 574
Delivery ASP (000s)
$1,058 $1,893 $2,032 $1,645 $1,012 $927
Home Sales Revenue
$56.1 $280.2 $507.9 $560.8 $504.0 $532.4
Growth %
57% 400% 81% 10%
- 10%
6%
Land Sales Revenue
- $41.7
Fee Building Revenue
$93.6 $149.9 $186.5 $190.3 $163.5 $95.3
Total Revenue
$149.7 $430.1 $694.5 $751.2 $667.6 $669.3
Growth %
80% 187% 61% 8%
- 11%
0%
Homebuilding GM
$9.3 $45.0 $72.0 $85.4 $57.5 $54.5
Homebuilding GM %
16.5% 16.1% 14.2% 15.2% 11.4% 10.2%
Adjusted Homebuilidng GM (1)
$9.8 $47.5 $79.7 $98.7 $86.2 $89.1
Adjusted Homebuilidng GM % (1)
17.4% 16.9% 15.7% 17.6% 17.1% 16.7%
Homebuilding GM per Delivery (000s)
$174.5 $303.9 $288.2 $250.5 $115.5 $94.9
Adjusted Homebuilding GM per Delivery (000s) (1)
$184.6 $320.9 $318.9 $289.4 $173.0 $155.2
Impairments (2)
- $3.5
$2.2 $30.0 $13.7
Fee Building GM
$4.5 $10.2 $8.4 $5.5 $4.4 $2.1
Fee Building GM %
4.8% 6.8% 4.5% 2.9% 2.7% 2.2%
JV Income
$8.4 $13.8 $7.7 $0.9
- $19.7
- $3.5
SG&A
$16.4 $34.0 $52.6 $59.0 $62.0 $62.1
SG&A as a % of Home Sales Revenue
29.2% 12.1% 10.4% 10.5% 12.3% 11.7%
Adjusted EBITDA (1)
$6.6 $46.2 $43.1 $50.1 $39.9 $41.4
Pretax Income
$5.0 $33.9 $33.9 $32.5
- $20.3
- $11.8
Net Income
$4.8 $21.7 $21.0 $17.2
- $14.2
- $8.0
25
Reconc Reconcil ilia iatio tion of
- f Non
Non-GA GAAP AP Finan Financi cial l Measu Measures
The following table reconciles the Company’s ratio of debt-to-capital to the ratio of net debt-to-capital. We believe that the ratio of net debt-to-capital is a relevant financial measure for management and investors to understand the leverage employed in our operations and as an indicator of the Company’s ability to obtain financing.
(1)The ratio of debt-to-capital is computed as the quotient obtained by dividing total debt by the sum of total notes payable plus equity, exclusive of noncontrolling interest. (2)The ratio of net debt-to-net capital is computed as the quotient obtained by dividing net debt (which is notes payable less cash to the extent necessary to reduce the debt balance to zero) by net total capital, exclusive of noncontrolling interest. The most directly comparable GAAP financial measure is the ratio of debt-to-capital. We believe the ratio of net debt-to-net capital is a relevant financial measure for investors to understand the leverage employed in our operations and as an indicator of our ability to obtain
- financing. We believe that by deducting our cash from our notes payable, we provide a measure of our indebtedness that takes into account our cash liquidity. We believe this
provides useful information as the ratio of debt-to net capital does not take into account our liquidity and we believe that the ratio net of cash provides supplemental information by which our financial position may be considered. Investors may also find this to be helpful when comparing our leverage to the leverage of our competitors that present similar information.
June 30, December 31, 2020 2019 Total Debt 295,124 $ 304,832 $ Equity, exclusive of non-controlling interest 196,966 232,647 Total capital 492,090 $ 537,479 $ Ratio of debt-to-capital (1) 60.0% 56.7% Total Debt 295,124 $ 304,832 $ Less: cash. cash equivalents and restricted cash 85,732 79,431 Net debt 209,392 225,401 Equity, exclusive of non-controlling interest 196,966 232,647 Total capital 406,358 $ 458,048 $ Ratio of net debt-to-capital (2) 51.5% 49.2% (Dollars in thousands)
26
Reconc Reconcil ilia iatio tion of
- f Non
Non-GAAP GAAP Finan Financi cial al Measu Measures es
See the table below reconciling this non-GAAP financial measure to homebuilding gross margin, the nearest GAAP equivalent.
(1)Homebuilding gross margin before impairments and adjusted homebuilding gross margin are non-GAAP financial measures. We believe this information is meaningful as it isolates the impact that home sales impairments and leverage have on homebuilding gross margin and permits investors to make better comparisons with our competitors who also break out and adjust gross margins in a similar fashion.
27
Quarter Ended June 30, 2020 % 2019 % Home sales revenue 77,757 $ 100.0% 140,464 $ 100.0% Cost of home sales 85,216 109.6% 123,525 87.9% Homebuilding gross margin (7,459)
- 9.6%
16,939 12.1% Add: Home sales impairment 19,000 24.4%
- 0.0%
Homebuilding gross margin before impairments (1) 11,541 14.8% 16,939 12.1% Add: interest in cost of home sales 4,601 6.0% 6,301 4.4% Adjusted homebuilding gross margin 16,142 $ 20.8% 23,240 $ 16.5%
Year Ended December 31, 2019 % 2018 % 2017 % 2016 % 2015 % 2014 % Home sales revenue 532,352 $ 100% 504,029 $ 100% 560,842 $ 100% 507,949 $ 100% 280,208 $ 100% 56,094 $ 100% Cost of home sales 477,857 89.8% 446,530 88.6% 475,413 84.8% 435,909 85.8% 235,231 83.9% 46,843 83.5% Homebuilding gross margin 54,495 10.2% 57,499 11.4% 85,429 15.2% 72,040 14.2% 44,977 16.1% 9,251 16.5% Add: Home sales impairment 8,300 1.6% 10,000 2.0% 2,200 0.4% 2,350 0.5%
- 0.0%
- 0.0%
Homebuilding gross margin before impairments (1 62,795 11.8% 67,499 13.4% 87,629 15.6% 74,390 14.6% 44,977 16.1% 9,251 16.5% Add: interest in cost of home sales 26,304 4.9% 18,678 3.7% 11,052 2.0% 5,331 1.0% 2,511 0.9% 532 0.9% Adjusted homebuilding gross margin 89,099 $ 16.7% 86,177 $ 17.1% 98,681 $ 17.6% 79,721 $ 15.7% 47,488 $ 16.9% 9,783 $ 17.4%
Reconc Reconcil ilia iatio tion of
- f Non
Non-GAAP GAAP Finan Financi cial al Measu Measures es
A reconciliation of net income attributable to us to adjusted EBITDA, adjusted EBITDA margin percentage and the ratio of adjusted EBITDA to total interest incurred is provided in the following table: 28
LTM June 30, Quarter Ended June 30, 2020 2019 2020 2019
($ in Thousands) ($ in Thousands)
Net income (40,374) $ (14,090) $ (24,293) $ 1,591 $ Add: Interest amortized to cost of sales and other expense 28,817 $ 23,317 5,872 6,301 Provision for income taxes (30,991) $ (4,972) (16,929) 974 Depreciation and amortization 7,538 $ 9,027 1,778 2,386 Amortization of equity-based compensation 2,281 $ 2,475 521 523 Cash distributions of income from unconsolidated joint ventures 95 $ 279
- 19
Severance charges 1,091 $ 1,788 1,091
- Non-cash impairments & adandonments
43,405 $ 10,182 19,094 14 Less: Gain from early extinguishment of debt (774) $ (969) (702) (552) Gain from notes payable principal reduction
- $
- Income from unconsolidated joint ventures
25,771 $ 19,499 19,962 (185) Adjusted EBITDA 36,859 $ 46,536 $ 6,394 $ 11,071 $ Total Revenue 618,745 $ 670,377 $ 98,960 $ 162,749 $ Adjusted EBITDA margin percentage 6.0% 6.9% 6.5% 6.8% Interest Incurred 25,982 $ 30,416 $ 6,150 $ 7,606 $ Ratio of adjusted EBITDA to total interest incurred 1.4x 1.5x 1.0x 1.5x
Reconc Reconcil ilia iatio tion of
- f Non
Non-GAAP GAAP Finan Financi cial al Measu Measures es
A reconciliation of net income attributable to us to adjusted EBITDA, adjusted EBITDA margin percentage and the ratio of adjusted EBITDA to total interest incurred is provided in the following table: 29
Year Ended December 31, 2019 2018 2017 2016 2015 2014
($ in Thousands) ($ in Thousands)
Net income (8,001) $ (14,230) $ 17,141 $ 20,926 $ 21,378 $ 4,757 $ Add: Interest amortized to cost of sales and other expense 27,234 19,908 11,057 5,331 2,511 532 Provision for income taxes (3,815) (6,075) 15,390 13,024 12,533 246 Depreciation and amortization 8,957 6,631 449 511 473 381 Amortization of equity-based compensation 2,260 3,090 2,803 3,471 3,884 2,322 Cash distributions of income from unconsolidated joint ventures 374 715 1,588 3,742 18,477 6,040 Severance charges 1,788
- Non-cash impairments & adandonments
10,294 10,206 2,583 4,080 635 754 Less: Gain from early extinguishment of debt (1,164)
- Gain from notes payable principal reduction
- (250)
- Income from unconsolidated joint ventures
3,503 19,653 (866) (7,691) (13,767) (8,443) Adjusted EBITDA 41,430 $ 39,898 $ 50,145 $ 43,143 $ 46,124 $ 6,589 $ Total Revenue 669,349 $ 667,566 $ 751,166 $ 694,456 $ 430,099 $ 149,657 $ Adjusted EBITDA margin percentage 6.2% 6.0% 6.7% 6.2% 10.7% 4.4% Interest Incurred 28,819 $ 28,377 $ 21,978 $ 7,484 $ 4,722 $ 1,857 $ Ratio of adjusted EBITDA to total interest incurred 1.5x 1.4x 2.3x 5.8x 9.8x 3.5x
30