DENVER, April 29, 2021 /PRNewswire/ -- M.D.C Holdings,
Inc. (NYSE: MDC), one of the nation's leading homebuilders,
announced results for the quarter ended March 31, 2021.
Larry A. Mizel, MDC's Executive
Chairman, stated, "MDC delivered another quarter of strong
profitability, generating net income of $111
million, or $1.51 per diluted
share. Home sale revenues grew 49% year-over-year on a 41% increase
in closings and 6% rise in average selling prices. We continue to
see heightened demand for our homes, as evidenced by the 34%
year-over-year increase to unit orders for the quarter. The only
constraint to our sales efforts are ones that we are imposing on
ourselves, in an effort to balance orders and pricing to best
manage our backlog. These efforts resulted in a 200 basis point
expansion to our gross margin from home sales in the quarter to
21.9%. We have also been successful in leveraging our overhead
expenses, lowering our SG&A ratio by 180 basis points in the
quarter to 11.0%. Given the size of our quarter-ending backlog and
the current state of the housing market, we believe MDC is in a
great position to deliver excellent results for the full year."
Mr. Mizel continued, "We continue to run our business in a
prudent manner by focusing on steady growth in each of our markets
while maintaining a strong capital position. This focus was
recognized by S&P Global Ratings earlier this month, which
upgraded our credit rating to investment grade. We believe this is
validation for our long-term approach to the business and the
strength of our balance sheet, which we feel benefits both debt and
equity investors over time."
David D. Mandarich, MDC's
President and Chief Executive Officer stated, "While the entire
industry is benefiting from the ongoing imbalance between housing
supply and demand, we believe MDC is uniquely positioned to succeed
in today's market thanks to our continued focus on more affordable
price points and our build-to-order model. There is a real need for
additional housing in this country, especially for people looking
to buy their first home, and a majority of our communities cater to
these buyers. There is also a desire for new home customization
among these buyers, which is another benefit that our business
model offers. We believe these two trends will be in place for the
foreseeable future, giving us a great runway for continued
success."
2021 First Quarter Highlights and Comparisons to 2020 First
Quarter
•
|
Home sale revenues
increased 49% to $1.04 billion from $697.1 million
|
|
º
|
Unit deliveries up
41% to 2,178
|
|
º
|
Average selling price
of deliveries up 6% to $478,000
|
•
|
Homebuilding pretax
income increased 129% to $113.5 million from $49.7
million
|
|
º
|
Gross margin from
home sales increased 200 basis points to 21.9% from
19.9%
|
|
º
|
Selling, general and
administrative expenses as a percentage of home sale revenues
("SG&A rate") improved by 180 basis points to 11.0%
|
•
|
Financial services
pretax income increased $31.9 million to $30.8 million, compared to
a pretax loss of $1.1 million in the first quarter of
2020
|
•
|
Net income of $110.7
million, or $1.51 per diluted share, up 201% from $36.8 million or
$0.52 per diluted share*
|
|
º
|
Effective tax rate of
23.3% vs. 24.3%
|
•
|
Dollar value of net
new orders increased 50% to $1.64 billion from $1.09
billion
|
|
º
|
Unit net orders
increased 34% to 3,209
|
|
º
|
Average selling price
of net orders up 12%
|
•
|
Dollar value of
ending backlog up 81% to $3.93 billion from $2.17
billion
|
|
º
|
Unit backlog
increased 65% to 7,686
|
|
º
|
Average selling price
of homes in backlog up 9%
|
* Per share amount for the 2020 first quarter has been adjusted
for the 8% stock dividend declared and paid in the 2021 first
quarter.
2021 Outlook and Other Selected Information1
•
|
Home deliveries for
the 2021 second quarter between 2,500 and 2,700
|
|
º
|
Average selling price
for 2021 second quarter unit deliveries of approximately
$500,000
|
|
º
|
Gross margin from
home sales for the 2021 second quarter of approximately 22.5%
(excluding impairments and warranty adjustments)
|
•
|
Full year 2021 home
deliveries between 10,000 and 11,000
|
•
|
Active subdivision
count goal of at least 10% growth during 2021 (from December 31,
2020 to December 31, 2021)
|
•
|
Lots controlled of
32,023 at March 31, 2021, up 18% year-over-year
|
•
|
Quarterly cash
dividend of forty cents ($0.40) per share declared on April 26,
2021, up 31% year-over-year (after adjusting for 8% stock dividend
in March 2021)
|
1 See "Forward-Looking Statements"
below.
About MDC
M.D.C. Holdings, Inc. was founded in 1972. MDC's homebuilding
subsidiaries, which operate under the name Richmond American Homes,
have built and financed the American Dream for more than 210,000
homebuyers since 1977. MDC's commitment to customer
satisfaction, quality and value is reflected in each home its
subsidiaries build. MDC is one of the largest homebuilders in
the United States. Its
subsidiaries have homebuilding operations across the country,
including the metropolitan areas of Denver, Colorado Springs, Salt Lake City, Las
Vegas, Phoenix,
Tucson, Riverside-San
Bernardino, Los Angeles,
San Diego, Orange County, San
Francisco Bay Area, Sacramento, Washington D.C., Baltimore, Orlando, Jacksonville, Seattle, Portland and Boise. The Company's subsidiaries also provide
mortgage financing, insurance and title services, primarily for
Richmond American homebuyers, through HomeAmerican Mortgage
Corporation, American Home Insurance Agency, Inc. and American Home
Title and Escrow Company, respectively. M.D.C. Holdings, Inc. is
traded on the New York Stock Exchange under the symbol "MDC." For
more information, visit www.mdcholdings.com.
Forward-Looking Statements
Certain statements in this release, including any statements
regarding our business, financial condition, results of operation,
cash flows, strategies and prospects, constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors that may cause
the actual results, performance or achievements of MDC to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Such factors include, among other things, (1) general
economic conditions, including the impact of the COVID-19 pandemic,
changes in consumer confidence, inflation or deflation and
employment levels; (2) changes in business conditions experienced
by MDC, including restrictions on business activities resulting
from the COVID-19 pandemic, cancellation rates, net home orders,
home gross margins, land and home values and subdivision counts;
(3) changes in interest rates, mortgage lending programs and the
availability of credit; (4) changes in the market value of MDC's
investments in marketable securities; (5) uncertainty in the
mortgage lending industry, including repurchase requirements
associated with HomeAmerican Mortgage Corporation's sale of
mortgage loans (6) the relative stability of debt and equity
markets; (7) competition; (8) the availability and cost of land and
other raw materials used by MDC in its homebuilding operations; (9)
the availability and cost of performance bonds and insurance
covering risks associated with our business; (10) shortages and the
cost of labor; (11) weather related slowdowns and natural
disasters; (12) slow growth initiatives; (13) building moratoria;
(14) governmental regulation, including orders addressing the
COVID-19 pandemic, the interpretation of tax, labor and
environmental laws; (15) terrorist acts and other acts of war; (16)
changes in energy prices; and (17) other factors over which MDC has
little or no control. Additional information about the
risks and uncertainties applicable to MDC's business is contained
in MDC's Form 10-Q for the quarter ended March 31, 2021, which
is scheduled to be filed with the Securities and Exchange
Commission today. All forward-looking statements made in
this press release are made as of the date hereof, and the risk
that actual results will differ materially from expectations
expressed in this press release will increase with the passage of
time. MDC undertakes no duty to update publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise. However, any further disclosures made on related
subjects in our subsequent filings, releases or webcasts should be
consulted.
M.D.C. HOLDINGS,
INC.
|
Consolidated
Statements of Operations and Comprehensive Income
|
(Unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2021
|
|
2020
|
|
|
|
|
|
(Dollars in
thousands, except per share amounts)
|
Homebuilding:
|
|
|
|
Home sale
revenues
|
$
|
1,041,858
|
|
|
$
|
697,085
|
|
Home cost of
sales
|
(813,888)
|
|
|
(558,647)
|
|
Gross
profit
|
227,970
|
|
|
138,438
|
|
Selling, general and
administrative expenses
|
(114,993)
|
|
|
(89,321)
|
|
Interest and other
income
|
967
|
|
|
1,889
|
|
Other
expense
|
(437)
|
|
|
(1,337)
|
|
Homebuilding pretax
income
|
113,507
|
|
|
49,669
|
|
|
|
|
|
Financial
Services:
|
|
|
|
Revenues
|
45,023
|
|
|
21,886
|
|
Expenses
|
(15,105)
|
|
|
(10,929)
|
|
Other income
(expense), net
|
887
|
|
|
(12,064)
|
|
Financial services pretax
income (loss)
|
30,805
|
|
|
(1,107)
|
|
|
|
|
|
Income before income
taxes
|
144,312
|
|
|
48,562
|
|
Provision for income
taxes
|
(33,622)
|
|
|
(11,802)
|
|
Net income
|
$
|
110,690
|
|
|
$
|
36,760
|
|
|
|
|
|
Comprehensive
income
|
$
|
110,690
|
|
|
$
|
36,760
|
|
|
|
|
|
Earnings per
share:
|
|
|
|
Basic
|
$
|
1.58
|
|
|
$
|
0.54
|
|
Diluted
|
$
|
1.51
|
|
|
$
|
0.52
|
|
|
|
|
|
Weighted average
common shares outstanding:
|
|
|
|
Basic
|
69,790,927
|
|
|
67,490,537
|
|
Diluted
|
72,788,177
|
|
|
70,125,723
|
|
|
|
|
|
Dividends declared
per share
|
$
|
0.37
|
|
|
$
|
0.31
|
|
M.D.C. HOLDINGS,
INC.
|
Consolidated
Balance Sheets
|
(Unaudited)
|
|
|
March 31,
2021
|
|
December
31,
2020
|
|
|
|
|
|
(Dollars in
thousands, except
per share
amounts)
|
ASSETS
|
|
|
|
Homebuilding:
|
|
|
|
Cash and cash
equivalents
|
$
|
678,194
|
|
|
$
|
411,362
|
|
Restricted
cash
|
17,314
|
|
|
15,343
|
|
Trade and other
receivables
|
107,823
|
|
|
72,466
|
|
Inventories:
|
|
|
|
Housing completed or
under construction
|
1,705,424
|
|
|
1,486,587
|
|
Land and land under
development
|
1,310,721
|
|
|
1,345,643
|
|
Total
inventories
|
3,016,145
|
|
|
2,832,230
|
|
Property and
equipment, net
|
60,394
|
|
|
61,880
|
|
Deferred tax asset,
net
|
12,802
|
|
|
11,454
|
|
Prepaids and other
assets
|
107,428
|
|
|
101,685
|
|
Total homebuilding
assets
|
4,000,100
|
|
|
3,506,420
|
|
Financial
Services:
|
|
|
|
Cash and cash
equivalents
|
81,100
|
|
|
77,267
|
|
Mortgage loans
held-for-sale, net
|
230,789
|
|
|
232,556
|
|
Other
assets
|
70,941
|
|
|
48,677
|
|
Total financial
services assets
|
382,830
|
|
|
358,500
|
|
Total
Assets
|
$
|
4,382,930
|
|
|
$
|
3,864,920
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Homebuilding:
|
|
|
|
Accounts
payable
|
$
|
120,496
|
|
|
$
|
98,862
|
|
Accrued and other
liabilities
|
333,880
|
|
|
300,735
|
|
Revolving credit
facility
|
10,000
|
|
|
10,000
|
|
Senior notes,
net
|
1,384,475
|
|
|
1,037,391
|
|
Total homebuilding
liabilities
|
1,848,851
|
|
|
1,446,988
|
|
Financial
Services:
|
|
|
|
Accounts payable and
accrued liabilities
|
101,725
|
|
|
95,630
|
|
Mortgage repurchase
facility
|
217,482
|
|
|
202,390
|
|
Total financial
services liabilities
|
319,207
|
|
|
298,020
|
|
Total
Liabilities
|
2,168,058
|
|
|
1,745,008
|
|
Stockholders'
Equity
|
|
|
|
Preferred stock, $0.01
par value; 25,000,000 shares authorized; none issued or
outstanding
|
—
|
|
|
—
|
|
Common stock, $0.01
par value; 250,000,000 shares authorized; 70,265,205 and 64,851,126
issued and outstanding at March 31, 2021 and December 31,
2020, respectively
|
703
|
|
|
649
|
|
Additional
paid-in-capital
|
1,698,109
|
|
|
1,407,597
|
|
Retained
earnings
|
516,060
|
|
|
711,666
|
|
Total Stockholders'
Equity
|
2,214,872
|
|
|
2,119,912
|
|
Total Liabilities and
Stockholders' Equity
|
$
|
4,382,930
|
|
|
$
|
3,864,920
|
|
M.D.C. HOLDINGS,
INC.
|
Consolidated
Statement of Cash Flows
|
(Unaudited)
|
|
|
Three Months
Ended
March 31,
|
|
2021
|
|
2020
|
|
|
|
|
|
(Dollars in
thousands)
|
Operating
Activities:
|
|
|
|
Net income
|
$
|
110,690
|
|
|
$
|
36,760
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Stock-based
compensation expense
|
9,926
|
|
|
4,440
|
|
Depreciation and
amortization
|
7,003
|
|
|
5,152
|
|
Net (gain) loss on
marketable equity securities
|
—
|
|
|
13,268
|
|
Deferred income tax
expense
|
(1,348)
|
|
|
1,131
|
|
Net changes in assets
and liabilities:
|
|
|
|
Trade and other
receivables
|
(40,282)
|
|
|
(1,611)
|
|
Mortgage loans
held-for-sale, net
|
1,767
|
|
|
63,100
|
|
Housing completed or
under construction
|
(218,655)
|
|
|
(178,873)
|
|
Land and land under
development
|
34,978
|
|
|
29,051
|
|
Prepaids and other
assets
|
(23,594)
|
|
|
(8,460)
|
|
Accounts payable and
accrued liabilities
|
61,558
|
|
|
(1,131)
|
|
Net cash used in
operating activities
|
(57,957)
|
|
|
(37,173)
|
|
|
|
|
|
Investing
Activities:
|
|
|
|
Purchases of
marketable securities
|
—
|
|
|
(9,782)
|
|
Sales of marketable
securities
|
—
|
|
|
9,276
|
|
Purchases of property
and equipment
|
(5,749)
|
|
|
(6,512)
|
|
Net cash used in
investing activities
|
(5,749)
|
|
|
(7,018)
|
|
|
|
|
|
Financing
Activities:
|
|
|
|
Payments on mortgage
repurchase facility, net
|
15,092
|
|
|
(40,872)
|
|
Repayment of senior
notes
|
—
|
|
|
(250,000)
|
|
Proceeds from issuance
of senior notes
|
347,725
|
|
|
298,050
|
|
Dividend
payments
|
(26,665)
|
|
|
(20,768)
|
|
Payments of deferred
financing costs
|
(819)
|
|
|
—
|
|
Issuance of shares
under stock-based compensation programs, net
|
1,009
|
|
|
8,194
|
|
Net cash provided by
(used in) financing activities
|
336,342
|
|
|
(5,396)
|
|
|
|
|
|
Net increase
(decrease) in cash, cash equivalents and restricted cash
|
272,636
|
|
|
(49,587)
|
|
Cash, cash
equivalents and restricted cash:
|
|
|
|
Beginning of
period
|
503,972
|
|
|
474,212
|
|
End of
period
|
$
|
776,608
|
|
|
$
|
424,625
|
|
|
|
|
|
Reconciliation of
cash, cash equivalents and restricted cash:
|
|
|
|
Homebuilding:
|
|
|
|
Cash and cash
equivalents
|
$
|
678,194
|
|
|
$
|
386,704
|
|
Restricted
cash
|
17,314
|
|
|
15,762
|
|
Financial
Services:
|
|
|
|
Cash and cash
equivalents
|
81,100
|
|
|
22,159
|
|
Total cash, cash
equivalents and restricted cash
|
$
|
776,608
|
|
|
$
|
424,625
|
|
New Home
Deliveries
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
% Change
|
|
Homes
|
|
Home Sale
Revenues
|
|
Average
Price
|
|
Homes
|
|
Home Sale
Revenues
|
|
Average
Price
|
|
Homes
|
|
Home
Sale
Revenues
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
West
|
1,276
|
|
|
$
|
616,611
|
|
|
$
|
483.2
|
|
|
871
|
|
|
$
|
405,498
|
|
|
$
|
465.6
|
|
|
46
|
%
|
|
52
|
%
|
|
4
|
%
|
Mountain
|
612
|
|
|
324,717
|
|
|
530.6
|
|
|
435
|
|
|
222,858
|
|
|
512.3
|
|
|
41
|
%
|
|
46
|
%
|
|
4
|
%
|
East
|
290
|
|
|
100,530
|
|
|
346.7
|
|
|
241
|
|
|
68,729
|
|
|
285.2
|
|
|
20
|
%
|
|
46
|
%
|
|
22
|
%
|
Total
|
2,178
|
|
|
$
|
1,041,858
|
|
|
$
|
478.4
|
|
|
1,547
|
|
|
$
|
697,085
|
|
|
$
|
450.6
|
|
|
41
|
%
|
|
49
|
%
|
|
6
|
%
|
Net New
Orders
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
% Change
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Monthly
Absorption
Rate *
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Monthly
Absorption Rate
*
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Monthly
Absorption
Rate
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
West
|
1,775
|
|
|
$
|
904,691
|
|
|
$
|
509.7
|
|
|
5.80
|
|
1,382
|
|
|
$
|
655,892
|
|
|
$
|
474.6
|
|
|
5.13
|
|
28
|
%
|
|
38
|
%
|
|
7
|
%
|
|
13
|
%
|
Mountain
|
1,011
|
|
|
562,753
|
|
|
556.6
|
|
|
5.91
|
|
693
|
|
|
339,132
|
|
|
489.4
|
|
|
3.54
|
|
46
|
%
|
|
66
|
%
|
|
14
|
%
|
|
67
|
%
|
East
|
423
|
|
|
168,021
|
|
|
397.2
|
|
|
4.62
|
|
324
|
|
|
97,723
|
|
|
301.6
|
|
|
3.66
|
|
31
|
%
|
|
72
|
%
|
|
32
|
%
|
|
26
|
%
|
Total
|
3,209
|
|
|
$
|
1,635,465
|
|
|
$
|
509.6
|
|
|
5.64
|
|
2,399
|
|
|
$
|
1,092,747
|
|
|
$
|
455.5
|
|
|
4.33
|
|
34
|
%
|
|
50
|
%
|
|
12
|
%
|
|
30
|
%
|
|
*Calculated as
total net new orders in period ÷ average active communities during
period ÷ number of months in period
|
Active
Subdivisions
|
|
|
|
|
|
|
|
|
Average Active
Subdivisions
|
|
Active
Subdivisions
|
|
Three Months
Ended
|
|
March 31,
|
|
%
|
|
March 31,
|
|
%
|
|
2021
|
|
2020
|
|
Change
|
|
2021
|
|
2020
|
|
Change
|
West
|
97
|
|
|
92
|
|
|
5
|
%
|
|
102
|
|
|
90
|
|
|
13
|
%
|
Mountain
|
55
|
|
|
64
|
|
|
(14)
|
%
|
|
57
|
|
|
65
|
|
|
(12)
|
%
|
East
|
34
|
|
|
29
|
|
|
17
|
%
|
|
31
|
|
|
30
|
|
|
3
|
%
|
Total
|
186
|
|
|
185
|
|
|
1
|
%
|
|
190
|
|
|
185
|
|
|
3
|
%
|
Backlog
|
|
|
March 31,
|
|
2021
|
|
2020
|
|
% Change
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
Homes
|
|
Dollar
Value
|
|
Average
Price
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
West
|
4,209
|
|
|
$
|
2,157,618
|
|
|
$
|
512.6
|
|
|
2,534
|
|
|
$
|
1,227,996
|
|
|
$
|
484.6
|
|
|
66
|
%
|
|
76
|
%
|
|
6
|
%
|
Mountain
|
2,417
|
|
|
$
|
1,355,201
|
|
|
560.7
|
|
|
1,469
|
|
|
$
|
754,155
|
|
|
513.4
|
|
|
65
|
%
|
|
80
|
%
|
|
9
|
%
|
East
|
1,060
|
|
|
$
|
414,474
|
|
|
391.0
|
|
|
650
|
|
|
$
|
191,972
|
|
|
295.3
|
|
|
63
|
%
|
|
116
|
%
|
|
32
|
%
|
Total
|
7,686
|
|
|
$
|
3,927,293
|
|
|
$
|
511.0
|
|
|
4,653
|
|
|
$
|
2,174,123
|
|
|
$
|
467.3
|
|
|
65
|
%
|
|
81
|
%
|
|
9
|
%
|
Homes Completed or
Under Construction (WIP lots)
|
|
|
March 31,
|
|
%
|
|
2021
|
|
2020
|
|
Change
|
Unsold:
|
|
|
|
|
|
Completed
|
36
|
|
|
160
|
|
|
(78)
|
%
|
Under
construction
|
64
|
|
|
216
|
|
|
(70)
|
%
|
Total unsold started
homes
|
100
|
|
|
376
|
|
|
(73)
|
%
|
Sold homes under
construction or completed
|
5,854
|
|
|
3,259
|
|
|
80
|
%
|
Model homes under
construction or completed
|
502
|
|
|
502
|
|
|
—
|
%
|
Total homes completed
or under construction
|
6,456
|
|
|
4,137
|
|
|
56
|
%
|
Lots Owned and
Optioned (including homes completed or under
construction)
|
|
|
March 31,
2021
|
|
March 31,
2020
|
|
|
|
Lots
Owned
|
|
Lots
Optioned
|
|
Total
|
|
Lots
Owned
|
|
Lots
Optioned
|
|
Total
|
|
Total
% Change
|
West
|
12,658
|
|
|
3,921
|
|
|
16,579
|
|
|
9,641
|
|
|
2,393
|
|
|
12,034
|
|
|
38
|
%
|
Mountain
|
6,790
|
|
|
3,418
|
|
|
10,208
|
|
|
6,540
|
|
|
4,007
|
|
|
10,547
|
|
|
(3)
|
%
|
East
|
3,088
|
|
|
2,148
|
|
|
5,236
|
|
|
2,410
|
|
|
2,133
|
|
|
4,543
|
|
|
15
|
%
|
Total
|
22,536
|
|
|
9,487
|
|
|
32,023
|
|
|
18,591
|
|
|
8,533
|
|
|
27,124
|
|
|
18
|
%
|
Selling, General
and Administrative Expenses
|
|
|
Three Months Ended
March 31,
|
|
2021
|
|
2020
|
|
Change
|
|
|
|
|
|
|
|
(Dollars in
thousands)
|
General and
administrative expenses
|
$
|
57,163
|
|
|
$
|
45,089
|
|
|
$
|
12,074
|
|
General and
administrative expenses as a percentage of home sale
revenues
|
5.5
|
%
|
|
6.5
|
%
|
|
-100 bps
|
Marketing
expenses
|
$
|
25,703
|
|
|
$
|
21,446
|
|
|
$
|
4,257
|
|
Marketing expenses
as a percentage of home sale revenues
|
2.5
|
%
|
|
3.1
|
%
|
|
-60 bps
|
Commissions
expenses
|
$
|
32,127
|
|
|
$
|
22,786
|
|
|
$
|
9,341
|
|
Commissions
expenses as a percentage of home sale
revenues
|
3.1
|
%
|
|
3.3
|
%
|
|
-20 bps
|
Total selling,
general and administrative expenses
|
$
|
114,993
|
|
|
$
|
89,321
|
|
|
$
|
25,672
|
|
Total selling,
general and administrative expenses as a percentage
of home sale revenues
|
11.0
|
%
|
|
12.8
|
%
|
|
-180 bps
|
Capitalized
Interest
|
|
|
Three Months
Ended
March 31,
|
|
2021
|
|
2020
|
|
|
|
|
|
(Dollars in
thousands)
|
Homebuilding interest
incurred
|
$
|
17,332
|
|
|
$
|
16,534
|
|
Less: Interest
capitalized
|
(17,332)
|
|
|
(16,534)
|
|
Homebuilding interest
expensed
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
Interest capitalized,
beginning of period
|
$
|
52,777
|
|
|
$
|
55,310
|
|
Plus: Interest
capitalized during period
|
17,332
|
|
|
16,534
|
|
Less: Previously
capitalized interest included in home cost of sales
|
(14,841)
|
|
|
(12,767)
|
|
Interest capitalized,
end of period
|
$
|
55,268
|
|
|
$
|
59,077
|
|
View original
content:http://www.prnewswire.com/news-releases/mdc-holdings-announces-first-quarter-2021-results-301279845.html
SOURCE M.D.C. Holdings, Inc.