WCI Communities is a luxury homebuilder and developer of master-planned communities in Florida. In 2013, the company saw increases in new home orders, deliveries, revenues, and backlog compared to 2012. Key financial highlights included revenues from home deliveries increasing 53% to $213.5 million, new home orders up 17.2% to 531 homes, and net income of $127.0 million which included a $125.6 million tax benefit. The company also ended 2013 with $213.4 million of cash on hand, up 163.1% from the prior year. WCI attributes their continued growth to the ongoing recovery in the Florida real estate market and their expertise in developing amenity-rich
The document is an investor presentation for Flower One Holdings Inc. that provides an overview of the company, its flagship cannabis cultivation and production facility in Nevada, financial performance, leadership team, and growth strategy. Key points include Flower One operating the largest greenhouse facility in Nevada with potential annual production capacity of over 100,000 pounds, generating increasing quarterly revenues, restructuring to reduce debt and costs, and an experienced new leadership team to execute on strategic expansion plans.
Cedar Fair provides an investor presentation highlighting its strong financial performance in recent years, driven by record attendance and revenue. It outlines its FUNforward 2.0 growth strategy focused on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital productivity, developing adjacent lands, and introducing new attractions across its parks. The presentation details 2017 capital projects and new rides and discusses Cedar Fair's management team and significant real estate holdings near its parks.
Cedar Fair provides an investor presentation overviewing its business and growth strategy. Key points include:
- Cedar Fair has seen six consecutive years of record results and attracted over 24 million visitors in 2015.
- The presentation outlines Cedar Fair's FUNforward 2.0 growth strategy, which focuses on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital productivity, and developing adjacent lands.
- Cedar Fair expects to meet its $500 million adjusted EBITDA target before 2018 through executing this strategic plan.
The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
Cedar Fair provides an investor presentation summarizing its business and growth strategy. It discusses its record of seven consecutive years of revenue growth and outlines its FUNforward 2.0 growth plan targeting $500 million in adjusted EBITDA by 2018. The plan focuses on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital productivity, developing adjacent lands, and delivering new attractions, events and expansions across its parks in 2017.
The Alaska Department of Revenue forecasts that total state revenue will increase from $13.6 billion in FY 2012 to $15.3 billion in FY 2013 and $14.6 billion in FY 2014. Unrestricted General Fund revenue, which is used for budget planning, is forecast to decline from $9.5 billion in FY 2012 to $7.5 billion in FY 2013 and $7.0 billion in FY 2014 due to lower oil and gas production tax revenue. Restricted revenue, which includes the Constitutional Budget Reserve Fund and Permanent Fund earnings, is forecast to increase by over $3.7 billion between FY 2012 and FY 2013. Oil revenue continues to be the largest source of
The document is an investor presentation from Cedar Fair (NYSE: FUN) that outlines their business strategy and growth initiatives. Some key points:
- Cedar Fair owns and operates over a dozen amusement and water parks across North America that have seen record attendance and revenue in recent years.
- Their growth strategy, called FUNforward 2.0, focuses on improving the guest experience, encouraging advance ticket sales, embracing digital technology, managing capital efficiently, and developing unused land around their parks.
- Examples of initiatives include new rides and events, season pass programs, mobile apps, data analytics, and expanding accommodation and sports facilities near parks.
The document provides an investor presentation from Cedar Fair (NYSE: FUN) dated January 2017. It discusses Cedar Fair's forward-looking statements and key statistics such as annual visitors and rollercoasters. The presentation outlines Cedar Fair's record performance through six consecutive years of revenue growth. It then discusses Cedar Fair's strategy for continued growth called FUNforward 2.0, which focuses on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital and productivity, and developing adjacent land parcels. The presentation concludes by outlining Cedar Fair's capital expenditure plans and new attractions for 2017, and reiterates its goal of reaching $500 million in adjusted EBITDA before 2018.
The document is an investor presentation for Flower One Holdings Inc. that provides an overview of the company, its flagship cannabis cultivation and production facility in Nevada, financial performance, leadership team, and growth strategy. Key points include Flower One operating the largest greenhouse facility in Nevada with potential annual production capacity of over 100,000 pounds, generating increasing quarterly revenues, restructuring to reduce debt and costs, and an experienced new leadership team to execute on strategic expansion plans.
Cedar Fair provides an investor presentation highlighting its strong financial performance in recent years, driven by record attendance and revenue. It outlines its FUNforward 2.0 growth strategy focused on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital productivity, developing adjacent lands, and introducing new attractions across its parks. The presentation details 2017 capital projects and new rides and discusses Cedar Fair's management team and significant real estate holdings near its parks.
Cedar Fair provides an investor presentation overviewing its business and growth strategy. Key points include:
- Cedar Fair has seen six consecutive years of record results and attracted over 24 million visitors in 2015.
- The presentation outlines Cedar Fair's FUNforward 2.0 growth strategy, which focuses on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital productivity, and developing adjacent lands.
- Cedar Fair expects to meet its $500 million adjusted EBITDA target before 2018 through executing this strategic plan.
The document provides an overview of Sunoco LP (SUN) including:
1) SUN operates retail fuel and convenience stores across 30 states as well as wholesale fuel distribution.
2) SUN highlights include a leading market position, stable cash flows from diverse operations and geographic areas, and an experienced management team.
3) The presentation reviews SUN's history, acquisitions, financial metrics, debt profile, and operating performance for full year 2016 and first quarter 2017.
Cedar Fair provides an investor presentation summarizing its business and growth strategy. It discusses its record of seven consecutive years of revenue growth and outlines its FUNforward 2.0 growth plan targeting $500 million in adjusted EBITDA by 2018. The plan focuses on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital productivity, developing adjacent lands, and delivering new attractions, events and expansions across its parks in 2017.
The Alaska Department of Revenue forecasts that total state revenue will increase from $13.6 billion in FY 2012 to $15.3 billion in FY 2013 and $14.6 billion in FY 2014. Unrestricted General Fund revenue, which is used for budget planning, is forecast to decline from $9.5 billion in FY 2012 to $7.5 billion in FY 2013 and $7.0 billion in FY 2014 due to lower oil and gas production tax revenue. Restricted revenue, which includes the Constitutional Budget Reserve Fund and Permanent Fund earnings, is forecast to increase by over $3.7 billion between FY 2012 and FY 2013. Oil revenue continues to be the largest source of
The document is an investor presentation from Cedar Fair (NYSE: FUN) that outlines their business strategy and growth initiatives. Some key points:
- Cedar Fair owns and operates over a dozen amusement and water parks across North America that have seen record attendance and revenue in recent years.
- Their growth strategy, called FUNforward 2.0, focuses on improving the guest experience, encouraging advance ticket sales, embracing digital technology, managing capital efficiently, and developing unused land around their parks.
- Examples of initiatives include new rides and events, season pass programs, mobile apps, data analytics, and expanding accommodation and sports facilities near parks.
The document provides an investor presentation from Cedar Fair (NYSE: FUN) dated January 2017. It discusses Cedar Fair's forward-looking statements and key statistics such as annual visitors and rollercoasters. The presentation outlines Cedar Fair's record performance through six consecutive years of revenue growth. It then discusses Cedar Fair's strategy for continued growth called FUNforward 2.0, which focuses on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital and productivity, and developing adjacent land parcels. The presentation concludes by outlining Cedar Fair's capital expenditure plans and new attractions for 2017, and reiterates its goal of reaching $500 million in adjusted EBITDA before 2018.
The operations report discusses first quarter 2017 execution across EnLink's asset portfolio. Key highlights include expansion projects in Central Oklahoma bringing total processing capacity to nearly 1 Bcf/d by year-end. In the Delaware Basin, the Lobo system is expanding its capacity to 185 MMcf/d. The Ascension pipeline began operations in Louisiana. In the Midland Basin, the Chickadee crude oil gathering system became operational. Overall, EnLink continues focused execution across its integrated asset base.
Sunoco LP is transitioning its business model away from directly operating convenience stores to focus on fuel logistics and distribution. It is divesting the majority of its company-operated retail operations to 7-Eleven through a $3.3 billion sale expected to close in January 2018. It is also converting its 207 West Texas sites to a commission agent model. This transformation is laying the foundation for improved financial metrics through significantly reduced operating and capital expenses and a portfolio of stable income streams from the 7-Eleven agreement and other fuel distribution channels.
09 25-17 wolfe power & gas leaders conference finalAES_BigSky
The document provides an overview of the AES Corporation's presentation at the Wolfe Power & Gas Leaders Conference on September 26, 2017. It discusses AES' business operations, financial projections, growth strategies and capital allocation plans. Key points include AES targeting 8-10% annual growth in EPS and free cash flow through 2020, increasing its average contract length to 10 years by adding over 8 GW of new capacity, and improving risk profiles by reducing coal exposure and increasing US dollar-denominated cash flows.
October 2014 NGKF – GCS Investor Presentationirbgcpartners
This document provides an overview and disclaimer for an investor presentation by BGC Partners, Inc. It discusses BGC's two business segments: Financial Services and Real Estate Services. For Real Estate Services, it summarizes that the business has seen strong revenue and earnings growth recently, provides recurring and variable revenue streams, and has expanded its footprint through the recent acquisition of Cornish & Carey Commercial.
This document provides an investor presentation from Cedar Fair (NYSE: FUN) from December 2016. It includes the following key points:
- Cedar Fair has seen six consecutive years of record results and expects 2016 to also be a record year. Through October 2016, preliminary net revenues were up 4% and out-of-park revenues were up 6%.
- The presentation outlines Cedar Fair's FUNforward 2.0 growth strategy, which focuses on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital and productivity, and developing land adjacent to parks.
- Key initiatives in 2017 include new rides at several parks, the expansion of water parks and festivals, and the development
The document is an investor presentation from Cedar Fair (NYSE: FUN) providing an overview of the company's business and growth strategy. Some key points:
- Cedar Fair had over $1 billion in revenue and $459 million in adjusted EBITDA in 2015, its sixth consecutive year of record results.
- The company's strategy for continued growth, called FUNforward 2.0, focuses on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital productivity, developing land around parks, and meeting a $500 million adjusted EBITDA target before 2018.
- Cedar Fair has a strong balance sheet and owns over 4,000 acres of developed and undeveloped
Aes barclays ceo energy-power conference finalAES_BigSky
This document provides an overview of The AES Corporation and its business strategy and outlook. Some key points:
- AES operates in several strategic business units globally, with the largest portions of its business in the US, Andes region, and Mexico/Central America/Caribbean.
- It has a portfolio of long-term contracted generation assets that is approximately 80% US dollar denominated.
- AES has several large construction projects underway that will come online between 2018-2020, increasing its contracted portfolio.
- The company aims to strengthen its balance sheet, grow key metrics like free cash flow by 8-10% annually through 2020, and reshape its business mix toward gas and renewables.
08 08-17 second quarter 2017 financial review finalAES_BigSky
- The AES Corporation released its Second Quarter 2017 Financial Review, which contained forward-looking statements and non-GAAP financial measures.
- Key highlights included adjusted EPS increasing $0.08 to $0.25 driven by higher availability in MCAC and Argentina, and reaffirming 2017 guidance and expectations through 2020.
- Projects totaling 4,659 MW are under construction and expected to come online through 2020, and AES acquired or has agreements for 1.8 GW of wind and solar to be added through 2020.
03 27-17 march investor presentation finalAES_BigSky
The document provides an overview of The AES Corporation's 2017-2020 strategic roadmap. It discusses AES' diversified portfolio of generation and utility businesses, focus on growth in high-growth markets, and targets of 8-10% average annual growth in key metrics through 2020. AES plans to allocate $3.75 billion in discretionary cash through 2020 to maximize returns, including investments in natural gas and renewable projects. The presentation also covers AES' cost savings initiatives, debt reduction goals, and regulatory developments regarding its Dayton Power and Light subsidiary.
04 03-17 april investor presentation finalAES_BigSky
This document provides an overview of The AES Corporation, including forward-looking statements and non-GAAP financial measures. It summarizes AES' diversified power generation portfolio across six strategic business units. It outlines targets for 8-10% average annual growth in free cash flow, EPS, and dividends through 2020. Key drivers of growth include construction projects, cost savings initiatives, and internally generated cash. The presentation provides details on AES' major construction projects and improving credit metrics with a goal of investment grade ratings by 2020.
The document is an investor presentation from Cedar Fair (NYSE: FUN) that outlines their business strategy and growth initiatives. Some key points:
- Cedar Fair owns and operates 11 amusement and water parks across North America that have seen record attendance and revenue in recent years.
- Their growth strategy, called "FUNforward 2.0", focuses on improving the guest experience, encouraging advance ticket sales, embracing digital technology, managing capital productivity, and developing adjacent land around their parks.
- Examples provided show successes from recent investments and initiatives at several parks that have driven improved performance. The strategy is aimed at continuing their track record of growth in the coming years.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It includes presentation titles, subtitles, logos and dates. The bulk of the document consists of forward-looking statements and disclaimers about future events, activities and results being subject to risks and uncertainties. It also includes brief sections on company information, contacts, and the Crestwood corporate structure.
Yamana Gold provided a corporate summary for Q3 2019 that included the following key points:
1. Yamana has a portfolio of five producing gold and silver mines located in Brazil, Canada, Chile and Argentina that are expected to produce over 1 million gold-equivalent ounces annually.
2. The mines - Jacobina, Canadian Malartic, El Peñón, Cerro Moro, and Minera Florida - have long mine lives and provide geographic and commodity diversification.
3. Yamana is uniquely positioned with both producing assets and a pipeline of development projects that can be advanced or monetized to provide additional value.
Corporate Summary from December 2016. It discusses Yamana Gold's vision, strategy, and portfolio post the spin out of Brio Gold. Key points include:
Yamana's vision is to be a recognized leader in precious metals mining focused in the Americas. The spin out of Brio Gold will allow greater focus on Yamana's remaining high quality assets and internal growth opportunities.
Post spin out, Yamana will have a streamlined portfolio of producing, development and exploration assets in low-risk jurisdictions. This includes 3 to 4 world class mines that will provide significant cash flow and a strengthened balance sheet to fund growth.
The Brio Gold transaction is expected to maximize value for both companies' shareholders by
1. The document is a waiver and release of liability for participants in the Toronto Island Lake Swim event.
2. It acknowledges various risks of the swimming event, which takes place outdoors, including injuries from collisions, drowning, and weather conditions.
3. By signing, participants waive their right to sue the event organizers for any injuries or damages that occur as a result of participating in the event.
The document provides an earnings conference call summary for WCI Communities for Q2 2016:
- Homebuilding revenues increased 14.2% to $132 million and deliveries increased 26.3% to 307 homes. Gross margin was 24.8% and adjusted gross margin was 27.5%.
- Real estate services revenues increased 4.5% to $30.4 million. Brokerage transactions decreased slightly but average selling price increased.
- The company has a land portfolio of over 14,000 owned or controlled home sites positioned for continued growth in Florida. The balance sheet remains conservative with $88 million of cash and available liquidity to execute the growth strategy.
WCI Communities reported strong full year 2015 results, with revenues increasing 38.5% to $563.6 million. Homebuilding revenues grew 49.6% to $438 million due to a 45.7% increase in home deliveries to 938 homes. Adjusted EBITDA increased 50.1% to $74 million. The company has a conservative balance sheet with $135 million in cash and an undrawn $115 million revolving credit facility. Management is positioned to continue executing its growth strategy through land acquisition opportunities in Florida.
The document discusses how to determine audience and choose an appropriate writing style. It addresses understanding the audience's knowledge, attitudes, and needs to decide what information to include. It also covers analyzing the writer's purpose, attitude, and the audience's expectations to choose an appropriate role. Finally, it discusses how the relationship between the audience and writer influences the selection of a language level.
This document summarizes lessons that can be learned from Mark 6:1-6. It outlines six lessons: 1) Go back to influence your roots for good, 2) Keep doing good works so others see, 3) Don't let backgrounds influence respect, 4) Recognize the good things you have or others will take them, 5) If not growing in comfort, change environments, and 6) God wants to help but can't perform miracles without permission from unbelief. The overall message is about overcoming rejection through faith and good works.
Social media world and e business world 2013 - Νίκη Κουλούρη: What the Google...InfoCom Conferences
Η παρουσίαση αυτή έγινε στα πλαίσια των Συνεδρίων Social Media World και e-Business World 2013, τα οποία πραγματοποιήθηκαν στις 19 Ιουνίου, στο Divani Caravel στην Αθήνα
The operations report discusses first quarter 2017 execution across EnLink's asset portfolio. Key highlights include expansion projects in Central Oklahoma bringing total processing capacity to nearly 1 Bcf/d by year-end. In the Delaware Basin, the Lobo system is expanding its capacity to 185 MMcf/d. The Ascension pipeline began operations in Louisiana. In the Midland Basin, the Chickadee crude oil gathering system became operational. Overall, EnLink continues focused execution across its integrated asset base.
Sunoco LP is transitioning its business model away from directly operating convenience stores to focus on fuel logistics and distribution. It is divesting the majority of its company-operated retail operations to 7-Eleven through a $3.3 billion sale expected to close in January 2018. It is also converting its 207 West Texas sites to a commission agent model. This transformation is laying the foundation for improved financial metrics through significantly reduced operating and capital expenses and a portfolio of stable income streams from the 7-Eleven agreement and other fuel distribution channels.
09 25-17 wolfe power & gas leaders conference finalAES_BigSky
The document provides an overview of the AES Corporation's presentation at the Wolfe Power & Gas Leaders Conference on September 26, 2017. It discusses AES' business operations, financial projections, growth strategies and capital allocation plans. Key points include AES targeting 8-10% annual growth in EPS and free cash flow through 2020, increasing its average contract length to 10 years by adding over 8 GW of new capacity, and improving risk profiles by reducing coal exposure and increasing US dollar-denominated cash flows.
October 2014 NGKF – GCS Investor Presentationirbgcpartners
This document provides an overview and disclaimer for an investor presentation by BGC Partners, Inc. It discusses BGC's two business segments: Financial Services and Real Estate Services. For Real Estate Services, it summarizes that the business has seen strong revenue and earnings growth recently, provides recurring and variable revenue streams, and has expanded its footprint through the recent acquisition of Cornish & Carey Commercial.
This document provides an investor presentation from Cedar Fair (NYSE: FUN) from December 2016. It includes the following key points:
- Cedar Fair has seen six consecutive years of record results and expects 2016 to also be a record year. Through October 2016, preliminary net revenues were up 4% and out-of-park revenues were up 6%.
- The presentation outlines Cedar Fair's FUNforward 2.0 growth strategy, which focuses on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital and productivity, and developing land adjacent to parks.
- Key initiatives in 2017 include new rides at several parks, the expansion of water parks and festivals, and the development
The document is an investor presentation from Cedar Fair (NYSE: FUN) providing an overview of the company's business and growth strategy. Some key points:
- Cedar Fair had over $1 billion in revenue and $459 million in adjusted EBITDA in 2015, its sixth consecutive year of record results.
- The company's strategy for continued growth, called FUNforward 2.0, focuses on improving the guest experience, encouraging advance sales, embracing digital technology, managing capital productivity, developing land around parks, and meeting a $500 million adjusted EBITDA target before 2018.
- Cedar Fair has a strong balance sheet and owns over 4,000 acres of developed and undeveloped
Aes barclays ceo energy-power conference finalAES_BigSky
This document provides an overview of The AES Corporation and its business strategy and outlook. Some key points:
- AES operates in several strategic business units globally, with the largest portions of its business in the US, Andes region, and Mexico/Central America/Caribbean.
- It has a portfolio of long-term contracted generation assets that is approximately 80% US dollar denominated.
- AES has several large construction projects underway that will come online between 2018-2020, increasing its contracted portfolio.
- The company aims to strengthen its balance sheet, grow key metrics like free cash flow by 8-10% annually through 2020, and reshape its business mix toward gas and renewables.
08 08-17 second quarter 2017 financial review finalAES_BigSky
- The AES Corporation released its Second Quarter 2017 Financial Review, which contained forward-looking statements and non-GAAP financial measures.
- Key highlights included adjusted EPS increasing $0.08 to $0.25 driven by higher availability in MCAC and Argentina, and reaffirming 2017 guidance and expectations through 2020.
- Projects totaling 4,659 MW are under construction and expected to come online through 2020, and AES acquired or has agreements for 1.8 GW of wind and solar to be added through 2020.
03 27-17 march investor presentation finalAES_BigSky
The document provides an overview of The AES Corporation's 2017-2020 strategic roadmap. It discusses AES' diversified portfolio of generation and utility businesses, focus on growth in high-growth markets, and targets of 8-10% average annual growth in key metrics through 2020. AES plans to allocate $3.75 billion in discretionary cash through 2020 to maximize returns, including investments in natural gas and renewable projects. The presentation also covers AES' cost savings initiatives, debt reduction goals, and regulatory developments regarding its Dayton Power and Light subsidiary.
04 03-17 april investor presentation finalAES_BigSky
This document provides an overview of The AES Corporation, including forward-looking statements and non-GAAP financial measures. It summarizes AES' diversified power generation portfolio across six strategic business units. It outlines targets for 8-10% average annual growth in free cash flow, EPS, and dividends through 2020. Key drivers of growth include construction projects, cost savings initiatives, and internally generated cash. The presentation provides details on AES' major construction projects and improving credit metrics with a goal of investment grade ratings by 2020.
The document is an investor presentation from Cedar Fair (NYSE: FUN) that outlines their business strategy and growth initiatives. Some key points:
- Cedar Fair owns and operates 11 amusement and water parks across North America that have seen record attendance and revenue in recent years.
- Their growth strategy, called "FUNforward 2.0", focuses on improving the guest experience, encouraging advance ticket sales, embracing digital technology, managing capital productivity, and developing adjacent land around their parks.
- Examples provided show successes from recent investments and initiatives at several parks that have driven improved performance. The strategy is aimed at continuing their track record of growth in the coming years.
The document discusses Crestwood Midstream Partners LP and Crestwood Equity Partners LP. It includes presentation titles, subtitles, logos and dates. The bulk of the document consists of forward-looking statements and disclaimers about future events, activities and results being subject to risks and uncertainties. It also includes brief sections on company information, contacts, and the Crestwood corporate structure.
Yamana Gold provided a corporate summary for Q3 2019 that included the following key points:
1. Yamana has a portfolio of five producing gold and silver mines located in Brazil, Canada, Chile and Argentina that are expected to produce over 1 million gold-equivalent ounces annually.
2. The mines - Jacobina, Canadian Malartic, El Peñón, Cerro Moro, and Minera Florida - have long mine lives and provide geographic and commodity diversification.
3. Yamana is uniquely positioned with both producing assets and a pipeline of development projects that can be advanced or monetized to provide additional value.
Corporate Summary from December 2016. It discusses Yamana Gold's vision, strategy, and portfolio post the spin out of Brio Gold. Key points include:
Yamana's vision is to be a recognized leader in precious metals mining focused in the Americas. The spin out of Brio Gold will allow greater focus on Yamana's remaining high quality assets and internal growth opportunities.
Post spin out, Yamana will have a streamlined portfolio of producing, development and exploration assets in low-risk jurisdictions. This includes 3 to 4 world class mines that will provide significant cash flow and a strengthened balance sheet to fund growth.
The Brio Gold transaction is expected to maximize value for both companies' shareholders by
1. The document is a waiver and release of liability for participants in the Toronto Island Lake Swim event.
2. It acknowledges various risks of the swimming event, which takes place outdoors, including injuries from collisions, drowning, and weather conditions.
3. By signing, participants waive their right to sue the event organizers for any injuries or damages that occur as a result of participating in the event.
The document provides an earnings conference call summary for WCI Communities for Q2 2016:
- Homebuilding revenues increased 14.2% to $132 million and deliveries increased 26.3% to 307 homes. Gross margin was 24.8% and adjusted gross margin was 27.5%.
- Real estate services revenues increased 4.5% to $30.4 million. Brokerage transactions decreased slightly but average selling price increased.
- The company has a land portfolio of over 14,000 owned or controlled home sites positioned for continued growth in Florida. The balance sheet remains conservative with $88 million of cash and available liquidity to execute the growth strategy.
WCI Communities reported strong full year 2015 results, with revenues increasing 38.5% to $563.6 million. Homebuilding revenues grew 49.6% to $438 million due to a 45.7% increase in home deliveries to 938 homes. Adjusted EBITDA increased 50.1% to $74 million. The company has a conservative balance sheet with $135 million in cash and an undrawn $115 million revolving credit facility. Management is positioned to continue executing its growth strategy through land acquisition opportunities in Florida.
The document discusses how to determine audience and choose an appropriate writing style. It addresses understanding the audience's knowledge, attitudes, and needs to decide what information to include. It also covers analyzing the writer's purpose, attitude, and the audience's expectations to choose an appropriate role. Finally, it discusses how the relationship between the audience and writer influences the selection of a language level.
This document summarizes lessons that can be learned from Mark 6:1-6. It outlines six lessons: 1) Go back to influence your roots for good, 2) Keep doing good works so others see, 3) Don't let backgrounds influence respect, 4) Recognize the good things you have or others will take them, 5) If not growing in comfort, change environments, and 6) God wants to help but can't perform miracles without permission from unbelief. The overall message is about overcoming rejection through faith and good works.
Social media world and e business world 2013 - Νίκη Κουλούρη: What the Google...InfoCom Conferences
Η παρουσίαση αυτή έγινε στα πλαίσια των Συνεδρίων Social Media World και e-Business World 2013, τα οποία πραγματοποιήθηκαν στις 19 Ιουνίου, στο Divani Caravel στην Αθήνα
- The document discusses First American Financial Corporation's strategy and performance. It aims to profitably grow its core title and settlement business, strengthen operations through data and processes, and manage complementary businesses.
- First American has strengthened its balance sheet, enhanced statutory capital, and increased its dividend capacity in order to return more capital to shareholders. It expects continued earnings growth and margin expansion.
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Cara Menggugurkan Janin Dalam Kandungan 3 Jam Bersih Tuntas Tanpa Kuret Secara Aman Dari Usia Kehamilan 1 – 7 Bulan.
Obat Penggugur Kandungan BPOM yang dijual di Apotik Cytotec dan Gastrul yaitu obat penggugur kandungan ampuh yang direkomendasi oleh Alodokter dan Halodoc sebagai obat aborsi manjur. Obat cytotec misoprostol 200mcg sangat ampuh untuk menggugurkan janin kuat (Bandel) bergaransi dijamin tuntas 100%.__
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__Cara gugurkan kandungan awal kehamilan di luar nikah, cara menggugurkan kandungan usia 5 bulan dengan alkohol, anak luar nikah, secara alami dan cepat dalam 1 hari, cara menggugurkan janin di luar kandungan secara alami, Cara menggugurkan kandungan dengan paramex, feminax, cara menggugurkan kandungan dengan cepat selesai dalam 24 jam secara alami buah buahan yang masih gumpalah darah, hitungan hari.__
Selain itu, ini juga dapat dikerjakan jika memang benar-benar ada abnormalitas janin yang menyebabkan janin lepas dari kandungan. Dan di posting ini kali kami akan menjelaskan 4 cara menggugurkan kandungan dan percepat haid, Dengan Paramex, Dengan Paracetamol, Dengan Alkohol dan berikut penuturannya.
Obat MENGGUGURKAN kehamilan Kuat dengan cepat selesai dalam waktu 24 jam secara alami – Cara Menggugurkan Kandungan Usia Janin 1, 2, 3, 4, 5, 6, 7, 8 Bulan Dengan Cepat Dalam Hitungan jam Secara Alami.
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- WCI Communities reported a 63.9% increase in homebuilding revenues and a 84.1% increase in home deliveries for the first quarter of 2016 compared to the same period in 2015.
- The average selling price of new home orders increased 11.2% to $496,000. Real estate services revenues declined 4.8% due to a 9.8% decrease in brokerage transactions.
- Adjusted EBITDA grew 52% to $15.2 million for the quarter, with an improved adjusted EBITDA margin of 11.0%. Net income attributable to shareholders rose 17.5% to $6.7 million.
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Third Quarter 2015 Earnings Conference Call October 28, 2015investorswci
- WCI Communities reported strong financial results for the third quarter of 2015, with homebuilding revenues up 93.1% and net income attributable to common shareholders increasing 229.0% compared to the prior year period.
- Key operating metrics also improved, with deliveries up 76.7%, average selling price per home delivered increasing 8.2%, and adjusted gross margin from homes delivered rising 90 basis points.
- The company has a conservative balance sheet with $149 million of cash and an undrawn $75 million revolving credit facility to fund continued growth initiatives, including a high quality land portfolio of approximately 14,400 owned or controlled home sites positioned across Florida.
Second Quarter 2015 Earnings Conference Callinvestorswci
- WCI Communities held an earnings conference call to discuss its strong second quarter 2015 results.
- Homebuilding revenues increased 89.8% and deliveries grew 69.9% compared to the second quarter of 2014. New orders and average selling prices also increased.
- The real estate services business saw revenue growth of 9.8% due to increased brokerage transactions and title revenues.
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- Homebuilding revenues increased 39.6% to $67 million due to a 17.9% rise in home deliveries. Adjusted EBITDA grew 77.3% to $10 million.
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- Income from continuing operations before taxes increased 117.9% in the fourth quarter and 73.1% for the full year due to growth across the homebuilding business and improved operating leverage.
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- WCI has a strong land portfolio with over 10,000 owned and controlled home sites, positioning the company for future growth. The portfolio increased from around 8,600 sites in the prior year.
- WCI Communities held an earnings conference call to discuss its third quarter 2014 results.
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- WCI has a strong balance sheet with $170 million of cash and an undrawn $75 million credit facility, positioning it well for future growth through land acquisition and development.
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2. 1
Disclosure Statement
This presentation contains forward-looking statements. All statements that are not statements of historical fact, including
statements about the Company’s beliefs and expectations, are forward-looking statements within the meaning of the federal
securities laws, and should be evaluated as such. Forward-looking statements include information concerning the Company’s
future goals, expected growth, market conditions and outlook, expected liquidity and possible or assumed future results of
operations, including descriptions of its business plan and strategies. These forward-looking statements may be identified by
the use of such forward-looking terminology, including the terms “believe,” “estimate,” “project,” “anticipate,” “expect,” “seek,”
“predict,” “contemplate,” “continue,” “possible,” “intend,” “may,” “might,” “will,” “could,” “would,” “should,” “forecast,” or “assume”
or, in each case, their negative, or other variations or comparable terminology.
For more information concerning factors that could cause actual results to differ materially from those contained in the forward-
looking statements please refer to the “Risk Factors” section in our most recent report on Form 10-K filed with the Securities
and Exchange Commission on February 27, 2014 and subsequent filings by the Company. The Company bases these
forward-looking statements or projections on its current expectations, plans and assumptions that it has made in light of its
experience in the industry, as well as its perceptions of historical trends, current conditions, expected future developments and
other factors it believes are appropriate under the circumstances and at such time. As you read and consider this presentation,
you should understand that these statements are not guarantees of performance or results. The forward-looking statements
and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on
these forward-looking statements or projections. Although the Company believes that these forward-looking statements and
projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could
affect the Company’s actual financial results or results of operations and could cause actual results to differ materially from
those expressed in the forward-looking statements and projections. The Company undertakes no obligation to update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise. If the Company does
update one or more forward-looking statements, there should be no inference that it will make additional updates with respect
to those or other forward-looking statements.
In addition to the financial measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), this
presentation contains the non-GAAP financial measures Adjusted EBITDA and Adjusted gross margin from homes
delivered. The reasons for the use of these measures, a reconciliation of these measures to the most directly comparable
GAAP measures and other information relating to these measures are included below in the appendix to this presentation.
3. 2
Company Presenters
Keith E. Bass
President, Chief Executive Officer and Director
Over 25 years of real estate and homebuilding experience
Former President of Pinnacle Land Advisers, Senior Vice President at The Ryland Group and its
President of the South Region and Florida President at Taylor Woodrow
Bachelor’s Degree in Business Administration from North Carolina Wesleyan College
Licensed general contractor and real estate broker in Florida
Russell Devendorf
Senior Vice President and Chief Financial Officer
CFO since 2008
Former Vice President – Finance at Meritage Homes Corporation and Vice President, Treasurer
and Secretary at TOUSA, Inc.
B.S. and Master of Accounting with tax concentration from Florida State University
Certified Public Accountant and Certified Treasury Professional
4. 3
WCI Communities at a Glance
Lifestyle community developer and
luxury homebuilder throughout Florida
Expertise and reputation for developing
amenity rich master-planned
communities
– Creates value by enhancing the
lifestyle component of our communities
– Increases marketability, sales volume
and value of homes delivered
Legacy that spans more than 60 years
Approximately 8,500 home sites owned
or controlled as of December 31, 2013
– Majority located within mature, well-
amenitized communities
Target move-up, second home and
active adult customers
Strategic realty business
Geographic Footprint
Total Home Sites Owned & Controlled as of 12/31/2013
Home Sites Inventory
Central FL
29.3%
Southwest FL
46.6%
Southeast FL
8.7%
Northeast FL
0.7%
Northwest FL
14.7%
5. 4
Key Differentiators
Pure play opportunity to capitalize on the
Florida housing market
Luxury coastal homebuilder with sizeable
and attractive land positions
Attractive land cost basis due in large
part to fresh start accounting in 2009
High proportion of cash buyers
– 48% of 4Q13 deliveries / 44% in 2013
High ASP relative to peers
– $433k full year 2013 deliveries
– Diverse buyer mix and pricing range
Low cancellation rate – 4.7% in 2013
Strong balance sheet - $213 million cash
Real Estate Services & Amenities
businesses are value add
Home Deliveries by Price Range
Buyer Profile with Low Reliance on Financing
Loan to Value Percentage – 4Q13 Deliveries
31.5%
27.6%
24.5%
26.3%
44.0%
37.3%
38.4%
25.6%
24.5%
35.1%
37.1%
48.1%
0%
10%
20%
30%
40%
50%
60%
2012 Deliveries 2013 Deliveries 4Q13 Deliveries 12/31/13 Backlog
$150k - $300k $301-$450k $451k+
Cash
47.7%
LTV 1% - 64%
15.2%
LTV 65% - 80%
31.8%
LTV >81%
5.3%
6. 5
Expertise in Lifestyle Creation
Fort Myers, FL
Total Planned Homes: 2,400
Remaining Home Sites: 1,146
Price Range: $160K – $480K
Size Range: 1,200 – 2,700 sq. ft.
Amenities: Plaza del Sol Town Center, a 40,000 sq.
ft. town center, outdoor and indoor pools, restaurant,
fitness center, 99 seat movie theater, spa facilities,
fishing pier and pickleball courts
Bonita Springs, FL
Total Planned Homes: 1,400
Remaining Home Sites: 518
Price Range: $435K – $810K
Size Range: 2,100 – 2,961 sq. ft.
Amenities: Award-winning clubs, panoramic views of
Gulf of Mexico, 34-acre island beach club, 18-hole
championship golf course, 28,000 sq. ft. clubhouse,
tennis, spa & fitness facilities
Note: Price range represents minimum base price to maximum home price including lot premiums and upgrades on units in backlog as of 12/31/13
Remaining home sites are approximate based on current community plan and amenities listed may or may not be owned and/or operated by WCI.
Parkland, FL (Ft. Lauderdale)
Total Planned Homes: 3,000
Remaining Home Sites: 226
Price Range: $490K – $875K
Size Range: 2,677 – 4,250 sq. ft.
Amenities: 18-hole championship golf course,
approximately 32,000 sq. ft. clubhouse, fitness, resort
style pools and spa, clay tennis and basketball courts,
indoor racquetball and meeting facilities
2nd Home Active Adult Primary
7. 6
Land Portfolio Positioned for Growth
Existing home site supply
supports near and medium-term
operations and allows us to focus
on longer-term acquisition,
entitlement and development
projects
Majority located within mature,
well-amenitized, developed
communities with established
demand for homes
Book value of majority of home
sites reset to then-current fair
market value in 2009, at or near
the U.S. housing market cyclical
low
Home Site Position by Region (as of 12/31/13)
Inventory by Development Status
Raw
27.4%
Partially
Developed
38.9%
Finished
15.6%
High Rise
18.2%
2,327
3,307
1,324
1,549
Total homes sites owned or controlled as of 12/31/13
Owned Controlled High Rise Total
Southwest 2,694 676 591 3,961
Central 2,336 - 160 2,496
Northwest 456 - 798 1,254
Southeast 740 - - 740
Northeast 56 - - 56
Total 6,282 676 1,549 8,507
8. 7
Complimentary Amenities & Real Estate Services Businesses
Create value by enhancing the lifestyle component
of our communities
Increases marketability, sales volume and value of
homes delivered
Our expertise in developing and operating various
amenities provides a distinct land acquisition
advantage
Strong barrier to entry because of significant
upfront capital investment
2013 Amenities revenue of $23.2 million; a 10.5%
increase over 2012
We design our amenities with a clear exit strategy
– During 2012, we sold two amenity facilities for a
total of $11.4 million and resulting in a profit of
$2.6 million
3rd largest brokerage in Florida
42 offices and ~1,500 licensed independent real
estate agents as of 12/31/13
Source of real time market information for
Homebuilding operations
2013 Brokerage ASP increased 8.9% over 2012
Title services business facilitates with the closing of
real estate
76% title capture rate of WCI new homebuyers for
2013 deliveries
Amenities Real Estate Services
$-
$50
$100
$150
$200
$250
$300
$350
$400
$450
$500
-
2,000
4,000
6,000
8,000
10,000
12,000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
Closed Transactions ASP($K)
9. 8
(1) US Census Bureau
(2) Florida Realtors’ ® December/ Q4 2013 Florida Housing Market statewide data reports for single family homes
Continued Growth in the Florida Real Estate Market
3rd highest population growth state (1)
2nd highest state permits issued in 2013 (1)
Permit growth exceeding national rate
– 2013 Florida permits grew by 35% (1)
– 2013 U.S. Permits grew by 18% (1)
– 2013 permits still ~70% off 2005 peak level
Continued strength in resale market (2)
– 2013 vs. 2012
– Closings up 15.9%
– Median price up 11.5%
– 4Q13 vs. 4Q12
– Closings up 4.7%
– Median price up 13.3%
– Median days on market averaged 49 days,
down 15.5%
Florida Annual Permit Activity (1)
Median Days on Market by MSA (2)
0
50,000
100,000
150,000
200,000
250,000
300,000
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013(e)
Single Family Multi Family
0
20
40
60
80
100
120
Ft. Myers Ft. Lauderdale Naples Sarasota /
Bradenton
Tampa
4Q12 4Q13
10. 9
2013 Highlights
Revenues from homes delivered up 53.0% to $213.5 million
– Deliveries up 40.1% to 493 homes
– Adjusted gross margin from homes delivered of 32.0%
New orders up 17.2% to 531 homes
– Contract value of new orders up 31.9% to $243.2 million
– Average selling price per new order up 12.5% to $458,000
Real Estate Services gross margin up 123.9% to $3.1 million
Net income of $127.0 million
– $125.6 million income tax benefit related to the reversal of deferred tax
asset valuation allowances
Adjusted EBITDA up 116.0% to $37.5 million
Closed on 1,900 future home sites across 10 neighborhoods
Increased ending active selling neighborhood count by 25%
Ending cash balance of $213.4 million, up 163.1%
Successfully accessed debt and equity capital markets
11. 10
Annual Trending ($ in thousands)
$300
$325
$350
$375
$400
$425
$450
$475
$500
-
100
200
300
400
500
600
2011 2012 2013
New Orders
New Orders New Order ASP
$300
$325
$350
$375
$400
$425
$450
$475
$500
-
100
200
300
400
500
600
2011 2012 2013
Deliveries
Deliveries Deliveries ASP
$300
$325
$350
$375
$400
$425
$450
$475
$500
-
50
100
150
200
250
300
350
2011 2012 2013
Backlog
Backlog Backlog ASP
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
60.0%
$-
$10,000
$20,000
$30,000
$40,000
$50,000
2011 2012 2013
Selling, General & Adminstrative
SGA SGA %
Note: SG&A % measured as a percentage of Homebuilding revenues
12. 11
Quarterly Trending ($ in thousands)
New Orders
Continued quarter over quarter
increases
Same Store Traffic
– Active Adult up 39% from 4Q12
– Second Home up 82% from 4Q12
Same Store Orders
– Active Adult up 52% from 4Q12
– Second Home up 140% from 4Q12
Deliveries
57% of 2012 deliveries were stacked in
Q4
Strategically implemented evenflow
production scheduling to reduce
concentration of deliveries
– 31% of 2013 deliveries occurred in Q4
19
50
81
202
79
122
141
151
Q1 Q2 Q3 Q4
Deliveries 2012 2013
114
128
105 106
140
147
128
116
Q1 Q2 Q3 Q4
New Orders 2012 2013
13. 12
5.1%
3.1%
4Q12 4Q13
Incentives % of Base Price
$423
$516
4Q12 4Q13
New Orders ASP
$44,869
$59,849
4Q12 4Q13
Contract Value of New
Orders
Fourth Quarter 2013 Summary($ in thousands)
255
293
4Q12 4Q13
Backlog Units
6,862
8,507
4Q12 4Q13
Owned & Controlled
Homesites
$447
$491
4Q12 4Q13
Backlog ASP
+33%
+22%
+15%
+10% +24%
- 200 bps
14. 13
33.2%
32.0%
2012 2013
Adjusted GM % (1)
HB
$146.9
HB
$214.0
RES
$73.1
RES
$80.1AM
$21.0
AM
$23.2
$241.0
$317.3
2012 2013
Revenues
($ in millions)
21.4%
16.0%
0.5%
2.4%
21.9%
18.5%
2012 2013
SG&A % (2)
Stock Based Comp
Improving SG&A Leverage Driving Adjusted EBITDA Expansion
Total Revenues 31.7% higher than
2012
– Homebuilding revenue up 45.7%
Continued gross margin strength
– Product delivery mix is a key
factor
– Broader range of neighborhoods
delivering homes
Rapidly improving SG&A leverage
– 2013 SG&A includes $4.5M of
additional non-cash stock based
compensation than 2012
– Improved by 540 basis points from
2012 excluding non-cash stock
based compensation
(1) Represents Adjusted gross margin from homes delivered
(2) Measured as a percentage of homebuilding; 2013 does not foot due to rounding
(3) Measured as a percentage of total revenues
7.2%
11.8%
2012 2013
Adjusted EBITDA % (3)
15. 14
Selected Full Year Operating Results
$ in thousands, except per share amounts 2013 2012 Variance %
Homebuilding revenues $214,016 $146,926 45.7%
Real estate services revenues 80,096 73,070 9.6%
Amenities revenues 23,237 21,012 10.6%
Total revenues $317,349 $241,008 31.7%
Total gross margin $65,324 $44,293 47.5%
Adjusted gross margin % from homes delivered 32.0% 33.2% -120 bps
Adjusted EBITDA $37,494 $17,362 116.0%
Adjusted EBITDA margin 11.8% 7.2% +460 bps
Net income (loss) attributable to common shareholders $126,968 $50,823 149.8%
Earnings per share - diluted $5.86 $3.50 67.4%
Preferred stock dividends (19,680) - -
Preferred stock dividends per diluted share ($0.91) - -
Expenses related to early repayment of debt (5,105) (16,984) 69.9%
Expenses related to early repayment of debt per diluted share ($0.24) ($1.17) 79.5%
Income tax benefit 125,709 52,233 140.7%
Income tax benefit per diluted share $5.80 $3.60 61.1%
Weighted average shares outstanding - diluted 21,680 14,515 49.4%
SG&A % of homebuilding revenues 18.5% 21.9% -340 bps
Non-cash stock-based compensation included in SG&A 2.4% 0.5% +190 bps
Homes delivered 493 352 40.1%
Average selling price per home delivered $433 $396 9.3%
16. 15
$ in thousands, except per share amounts
Three Months Ended
December 31,
2013 2012
Variance
%
Homebuilding revenues $68,962 $81,946 -15.8%
Real estate services revenues 19,181 17,533 9.4%
Amenities revenues 6,617 5,771 14.7%
Total revenues $94,760 $105,250 -10.0%
Total gross margin $19,461 $24,406 -20.3%
Net income (loss) attributable to common shareholders $135,198 $17,918 654.5%
Earnings per share - diluted $5.16 $0.99 421.2%
Weighted average shares outstanding - diluted 26,206 18,040 45.3%
Adjusted EBITDA $11,770 $15,349 -23.3%
Adjusted EBITDA margin 12.4% 14.6% -220 bps
SG&A % of homebuilding revenues 15.3% 13.5% +180 bps
Non-cash stock-based compensation included in SG&A 1.3% 0.2% +110 bps
Homes delivered 151 202 -25.2%
Average selling price per home delivered $457 $400 14.1%
New orders 116 106 9.4%
Average selling price per new order $516 $423 22.0%
Backlog units 293 255 14.9%
Average selling price per backlog unit $491 $447 9.8%
Selected Fourth Quarter Operating Results
17. 16
Strong Balance Sheet with Ample Liquidity
July 2013 – Raised $90.3 million in net
proceeds from initial public offering
August 2013 – Raised $195.5 million in net
proceeds from issuance of Senior Notes due
2021
– Paid off existing $125.0 million senior
secured term notes
– Early repayment of debt charges of
approximately $5.1 million
August 2013 - Entered into a $75.0 million, four
year senior unsecured revolving credit facility
December 2013 – Reversed $125.6 million of
deferred tax asset valuation allowance
(1) Available liquidity includes the $75 million of borrowing capacity under the revolving credit
facility and $8 million of borrowing capacity available under the revolving credit facility with
Stonegate Bank
(2) Net Debt represents total debt less cash & cash equivalents
$ in thousands
December 31,
2013
December 31,
2012
Cash & Equivalents $213,352 $81,094
Real Estate Inventory 280,293 183,168
Sr. Secured Term Notes Due 2017 - 125,000
Sr. Notes Due 2021 200,000 -
Total Equity 409,864 168,605
Total Capitalization 609,864 293,605
Available Liquidity (1) 296,352 81,094
Debt to Capitalization 32.8% 42.6%
Net Debt to Capital (2) NM 20.7%
(Cash + Inventory) / Debt 2.47 2.11
18. 17
Key Takeaways
Florida real estate market remains strong
Continued growth
– Neighborhood counts
– Orders & deliveries
– Revenues & Adjusted EBITDA
Leverage the scalable operating platform
Actively pursuing land acquisition opportunities
Conservative balance sheet provides ample liquidity
and flexibility for future growth
Executing the strategy
– Focus on move-up, second home and active adult
buyers
– Maintain production disciplines
– Differentiate via extensive amenity offerings
20. 19
Reconciliation of Non-GAAP Financial Measures
Adjusted Gross Margin from Homes Delivered
Reconciliation of Non-GAAP Financial Measures
In addition to the results reported in accordance with U.S. generally accepted accounting principles (“GAAP”), we have provided information in this presentation
relating to Adjusted gross margin from homes delivered, EBITDA, and Adjusted EBITDA (as defined below).
Adjusted Gross Margin from Homes Delivered
We calculate adjusted gross margin from homes delivered by subtracting the gross margin from land and home sites from Homebuilding gross margin to arrive
at gross margin from homes delivered. Adjusted gross margin from homes delivered is calculated by adding asset impairments, if any, and capitalized interest
in cost of sales to gross margin from homes delivered. Management uses adjusted gross margin from homes delivered to evaluate operating performance in
our Homebuilding segment and in making strategic decisions regarding sales price, construction and development pace, product mix and other operating
decisions. We believe adjusted gross margin from homes delivered is relevant and useful to investors and other interested parties for evaluating our
comparative operating performance from period to period and among companies within the homebuilding industry as it is reflective of overall profitability during
any given reporting period. This measure is considered a non-GAAP financial measure and should be considered in addition to, rather than as a substitute for,
the comparable GAAP financial measures when evaluating our operating performance. Although other companies in the homebuilding industry report similar
information, the methods used by such companies may differ from our methodology and, therefore, may not be comparable. We urge investors and other
interested parties to understand the methods used by other companies in the homebuilding industry to calculate gross margins and any adjustments to such
amounts before comparing our measures to those of such other companies.
The table below reconciles adjusted gross margin from homes delivered to the most directly comparable GAAP financial measure, Homebuilding gross margin,
for the years presented herein.
21. 20
Reconciliation of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
Adjusted EBITDA measures performance by adjusting net income (loss) attributable to common shareholders of WCI Communities, Inc. to exclude
interest expense, capitalized interest in cost of sales, income taxes, depreciation (‘‘EBITDA’’), preferred stock dividends, income from discontinued
operations, other income, stock-based and other non-cash long-term incentive compensation expense, and expenses related to early repayment of
debt. We believe that the presentation of Adjusted EBITDA provides useful information to investors and other interested parties regarding our results
of operations because it assists those parties and us when analyzing and benchmarking the performance and value of our business. We also believe
that Adjusted EBITDA is useful as a measure of comparative operating performance from period to period and among companies in the homebuilding
industry as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect
of our capital structure (such as preferred stock dividends and interest expense), asset base (primarily depreciation), items outside of our control
(primarily income taxes) and the volatility related to the timing and extent of non-operating activities (such as discontinued operations and asset
impairments). Accordingly, we believe that this measure is useful for comparing general operating performance from period to period. Other
companies may define Adjusted EBITDA differently and, as a result, our measure of Adjusted EBITDA may not be directly comparable to Adjusted
EBITDA of other companies. Although we use Adjusted EBITDA as a financial measure to assess the performance of our business, the use of
Adjusted EBITDA is limited because it does not include certain material costs, such as interest and income taxes, necessary to operate our business.
Adjusted EBITDA and EBITDA should be considered in addition to, and not as substitutes for, net income (loss) attributable to common shareholders
of WCI Communities, Inc. in accordance with GAAP as a measure of performance. Our presentation of EBITDA and Adjusted EBITDA should not be
construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Our EBITDA-based measures have limitations
as analytical tools and you should not consider them in isolation or as substitutes for analyses of our results as reported under GAAP. Some such
limitations are:
they do not reflect the impact of earnings or charges resulting from matters that we consider not to be indicative of our ongoing operations;
they are not adjusted for all non-cash income or expense items that are reflected in our consolidated statements of cash flows;
they do not reflect the interest expense necessary to service our debt; and
other companies in our industry may calculate these measures differently than we do, thereby limiting their usefulness as comparative measures.
Because of these limitations, our EBITDA-based measures are not intended to be alternatives to net income (loss), indicators of our operating
performance, alternatives to any other measure of performance in conformity with GAAP or alternatives to cash flow provided by operating activities
as measures of liquidity. You should therefore not place undue reliance on our EBITDA-based measures or ratios calculated using those measures.
Our GAAP-based measures can be found in our audited consolidated financial statements in Item 8 of Part II of this Annual Report on Form 10-K.
The table below reconciles EBITDA and Adjusted EBITDA to the most directly comparable GAAP financial measure, net income (loss) attributable to
common shareholders of WCI Communities, Inc., for the years presented herein.
22. 21
Reconciliation of Non-GAAP Financial Measures
EBITDA and Adjusted EBITDA
(1) Represents capitalized interest expensed in cost of sales on home deliveries and land lot sales.
(2) Represents the Company’s income tax benefit from continuing operations as reported in its consolidated statements of operations, including (i) a reversal of
$125.6 million of deferred tax asset valuation allowances during the year ended December 31, 2013 and (ii) a $50.5 million income tax benefit during the year ended
December 31, 2012 due to the reversal of a tax liability that resulted from the successful completion of an audit by the Internal Revenue Service pertaining to the
2003 to 2008 tax years.
(3) Represents a reduction in income available to common shareholders of WCI Communities, Inc. during the year ended December 31, 2013 pertaining to its
preferred stock wherein we (i) exchanged 903,825 shares of our common stock (valued at $19.0 million) for 10,000 outstanding shares of our Series A preferred
stock during July 2013 and (ii) paid $0.7 million in cash to purchase the one outstanding share of our Series B preferred stock during April 2013. In accordance with
Accounting Standards Codification 260, Earnings Per Share, paragraph 10-S99-2, any difference between the consideration transferred to our preferred stock
shareholders and the corresponding book value has been characterized as a preferred stock dividend in our consolidated statements of operations and deducted
from net income to arrive at net income (loss) attributable to common shareholders of WCI Communities, Inc.
(4) Represents the Company’s other income as reported in its consolidated statements of operations, including, among other things, net recoveries and changes in
certain accruals related to various legal and other settlements, sales of prepaid impact fees credits, interest income and gains/losses on sales of property and
equipment.
(5) Represents expenses recorded in the Company’s consolidated statements of operations related to its stock-based and non-cash other long-term incentive
compensation plans.
(6) Represents expenses related to early repayment of debt as reported in the Company’s consolidated statements of operations, including (i) $5.1 million of write-
offs of unamortized debt discount and debt issuance costs and a prepayment premium related to our voluntary prepayment of the entire outstanding principal
amount of the 2017 Notes in August 2013 and (ii) the write-off of $17.0 million of unamortized debt discount and debt issuance costs related to the repayment and
retirement of our senior subordinated secured term loan in June 2012.
2013 2012 2013
Net income (loss) attributable to common shareholders of WCI Communities, Inc. 135,198$ 17,918$ 126,968$ 50,823$
Interest expense 739 981 2,537 6,978
Capitalized interest in cost of sales (1) 1,377 1,308 4,257 2,304
Income tax benefit (2) (125,624) 17 (125,709) (52,233)
Depreciation 568 460 2,081 2,000
EBITDA 12,258 20,684 10,134 9,872
Preferred stock dividends (3) - - 19,680 -
Income from discontinued operations - - - (2,706)
Other income (4) (1,393) (5,499) (2,642) (7,493)
Stock-based and other non-cash long-term incentive compensation expense (5) 905 164 5,217 705
Expenses related to early repayment of debt (6) - - 5,105 16,984
Adjusted EBITDA 11,770$ 15,349$ 37,494$ 17,362$
Adjusted EBITDA margin 12.4% 14.6% 11.8% 7.2%
WCI Communities, Inc.
Consolidated Adjusted EBITDA
(in thousands)
Three Months Ended December 31,
2012
Years Ended December 31,
23. WCI Communities Contacts
Russ Devendorf, Senior Vice President & CFO
(239) 498-8220, russelldevendorf@wcicommunities.com
Scott Bowles, Vice President - Finance
(239) 390-3727, scottbowles@wcicommunities.com