These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
þ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. |
Delaware | 95-3666267 | |
(State of incorporation) | (IRS employer identification number) |
Large accelerated filer þ | Accelerated filer o |
Non-accelerated filer
o
(Do not check if a smaller reporting company) |
Smaller reporting company o |
Page | ||||||||
Number | ||||||||
|
||||||||
|
||||||||
|
||||||||
3 | ||||||||
|
||||||||
4 | ||||||||
|
||||||||
5 | ||||||||
|
||||||||
6 | ||||||||
|
||||||||
30 | ||||||||
|
||||||||
50 | ||||||||
|
||||||||
50 | ||||||||
|
||||||||
|
||||||||
51 | ||||||||
|
||||||||
52 | ||||||||
|
||||||||
52 | ||||||||
|
||||||||
52 | ||||||||
|
||||||||
53 | ||||||||
|
||||||||
54 | ||||||||
|
||||||||
Exhibit 10.56 | ||||||||
Exhibit 31.1 | ||||||||
Exhibit 31.2 | ||||||||
Exhibit 32.1 | ||||||||
Exhibit 32.2 |
2
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
|
||||||||
Total revenues
|
$ | 263,978 | $ | 307,361 | ||||
|
||||||||
|
||||||||
Homebuilding:
|
||||||||
Revenues
|
$ | 262,511 | $ | 305,741 | ||||
Construction and land costs
|
(226,540 | ) | (290,958 | ) | ||||
Selling, general and administrative expenses
|
(72,203 | ) | (61,175 | ) | ||||
|
||||||||
|
||||||||
Operating loss
|
(36,232 | ) | (46,392 | ) | ||||
|
||||||||
Interest income
|
424 | 3,513 | ||||||
Interest expense, net of amounts capitalized
|
(19,407 | ) | (8,652 | ) | ||||
Equity in loss of unconsolidated joint ventures
|
(1,184 | ) | (9,742 | ) | ||||
|
||||||||
|
||||||||
Homebuilding pretax loss
|
(56,399 | ) | (61,273 | ) | ||||
|
||||||||
|
||||||||
Financial services:
|
||||||||
Revenues
|
1,467 | 1,620 | ||||||
Expenses
|
(893 | ) | (860 | ) | ||||
Equity in income of unconsolidated joint venture
|
1,321 | 941 | ||||||
|
||||||||
|
||||||||
Financial services pretax income
|
1,895 | 1,701 | ||||||
|
||||||||
|
||||||||
Total pretax loss
|
(54,504 | ) | (59,572 | ) | ||||
Income tax benefit (expense)
|
(200 | ) | 1,500 | |||||
|
||||||||
|
||||||||
Net loss
|
$ | (54,704 | ) | $ | (58,072 | ) | ||
|
||||||||
|
||||||||
Basic and diluted loss per share
|
$ | (.71 | ) | $ | (.75 | ) | ||
|
||||||||
|
||||||||
Basic and diluted average shares outstanding
|
76,834 | 77,375 | ||||||
|
||||||||
|
||||||||
Cash dividends declared per common share
|
$ | .0625 | $ | .0625 | ||||
|
3
February 28, | November 30, | |||||||
2010 | 2009 | |||||||
Assets
|
||||||||
|
||||||||
Homebuilding:
|
||||||||
Cash and cash equivalents
|
$ | 1,198,635 | $ | 1,174,715 | ||||
Restricted cash
|
90,222 | 114,292 | ||||||
Receivables
|
126,304 | 337,930 | ||||||
Inventories
|
1,580,130 | 1,501,394 | ||||||
Investments in unconsolidated joint ventures
|
105,737 | 119,668 | ||||||
Other assets
|
155,760 | 154,566 | ||||||
|
||||||||
|
||||||||
|
3,256,788 | 3,402,565 | ||||||
|
||||||||
Financial services
|
28,670 | 33,424 | ||||||
|
||||||||
|
||||||||
Total assets
|
$ | 3,285,458 | $ | 3,435,989 | ||||
|
||||||||
|
||||||||
Liabilities and stockholders’ equity
|
||||||||
|
||||||||
Homebuilding:
|
||||||||
Accounts payable
|
$ | 312,672 | $ | 340,977 | ||||
Accrued expenses and other liabilities
|
503,462 | 560,368 | ||||||
Mortgages and notes payable
|
1,815,261 | 1,820,370 | ||||||
|
||||||||
|
||||||||
|
2,631,395 | 2,721,715 | ||||||
|
||||||||
|
||||||||
Financial services
|
6,449 | 7,050 | ||||||
|
||||||||
Common stock
|
115,121 | 115,120 | ||||||
Paid-in capital
|
861,001 | 860,772 | ||||||
Retained earnings
|
746,936 | 806,443 | ||||||
Accumulated other comprehensive loss
|
(22,244 | ) | (22,244 | ) | ||||
Grantor stock ownership trust, at cost
|
(121,657 | ) | (122,017 | ) | ||||
Treasury stock, at cost
|
(931,543 | ) | (930,850 | ) | ||||
|
||||||||
|
||||||||
Total stockholders’ equity
|
647,614 | 707,224 | ||||||
|
||||||||
|
||||||||
Total liabilities and stockholders’ equity
|
$ | 3,285,458 | $ | 3,435,989 | ||||
|
4
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$ | (54,704 | ) | $ | (58,072 | ) | ||
Adjustments to reconcile net loss to net cash provided by
operating activities:
|
||||||||
Equity in (income) loss of unconsolidated joint ventures
|
(137 | ) | 8,801 | |||||
Distributions of earnings from unconsolidated joint ventures
|
5,000 | 662 | ||||||
Amortization of discounts and issuance costs
|
530 | 340 | ||||||
Depreciation and amortization
|
892 | 1,486 | ||||||
Loss on voluntary reduction of revolving credit facility
|
1,366 | — | ||||||
Tax benefits from stock-based compensation
|
2,050 | 1,152 | ||||||
Stock-based compensation expense
|
2,065 | 468 | ||||||
Inventory impairments and land option contract abandonments
|
13,362 | 24,670 | ||||||
Change in assets and liabilities:
|
||||||||
Receivables
|
194,227 | 197,449 | ||||||
Inventories
|
(48,487 | ) | 57,448 | |||||
Accounts payable, accrued expenses and other liabilities
|
(92,321 | ) | (133,016 | ) | ||||
Other, net
|
(5,579 | ) | 2,131 | |||||
|
||||||||
|
||||||||
Net cash provided by operating activities
|
18,264 | 103,519 | ||||||
|
||||||||
|
||||||||
Cash flows from investing activities:
|
||||||||
Investments in unconsolidated joint ventures
|
(2,340 | ) | (7,748 | ) | ||||
Purchases of property and equipment, net
|
(191 | ) | (821 | ) | ||||
|
||||||||
|
||||||||
Net cash used by investing activities
|
(2,531 | ) | (8,569 | ) | ||||
|
||||||||
|
||||||||
Cash flows from financing activities:
|
||||||||
Change in restricted cash
|
24,070 | 4,196 | ||||||
Repayment of senior subordinated notes
|
— | (200,000 | ) | |||||
Payments on mortgages, land contracts and other loans
|
(11,082 | ) | (8,843 | ) | ||||
Issuance of common stock under employee stock plans
|
232 | 795 | ||||||
Payments of cash dividends
|
(4,803 | ) | (4,756 | ) | ||||
Repurchases of common stock
|
(350 | ) | (616 | ) | ||||
|
||||||||
|
||||||||
Net cash provided (used) by financing activities
|
8,067 | (209,224 | ) | |||||
|
||||||||
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
23,800 | (114,274 | ) | |||||
Cash and cash equivalents at beginning of period
|
1,177,961 | 1,141,518 | ||||||
|
||||||||
|
||||||||
Cash and cash equivalents at end of period
|
$ | 1,201,761 | $ | 1,027,244 | ||||
|
5
1. |
Basis of Presentation and Significant Accounting Policies
|
2. |
Stock-Based Compensation
|
6
2. |
Stock-Based Compensation (continued)
|
Weighted | ||||||||
Average Exercise | ||||||||
Options | Price | |||||||
|
||||||||
Options outstanding at beginning of period
|
5,711,701 | $ | 27.39 | |||||
|
||||||||
Granted
|
122,956 | 14.96 | ||||||
|
||||||||
Exercised
|
(1,000 | ) | 13.95 | |||||
|
||||||||
Cancelled
|
(128,432 | ) | 15.44 | |||||
|
||||||||
|
||||||||
Options outstanding at end of period
|
5,705,225 | 27.39 | ||||||
|
||||||||
|
||||||||
Options exercisable at end of period
|
4,153,377 | 31.19 | ||||||
|
3. |
Segment Information
|
7
3. |
Segment Information (continued)
|
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
Revenues:
|
||||||||
West Coast
|
$ | 108,434 | $ | 108,520 | ||||
Southwest
|
33,848 | 52,273 | ||||||
Central
|
82,925 | 77,645 | ||||||
Southeast
|
37,304 | 67,303 | ||||||
|
||||||||
Total homebuilding revenues
|
262,511 | 305,741 | ||||||
Financial services
|
1,467 | 1,620 | ||||||
|
||||||||
|
||||||||
Total revenues
|
$ | 263,978 | $ | 307,361 | ||||
|
||||||||
|
||||||||
Pretax income (loss):
|
||||||||
West Coast
|
$ | 3,357 | $ | (12,322 | ) | |||
Southwest
|
(4,463 | ) | (20,738 | ) | ||||
Central
|
(7,304 | ) | (6,156 | ) | ||||
Southeast
|
(20,186 | ) | (13,825 | ) | ||||
Corporate and other (a)
|
(27,803 | ) | (8,232 | ) | ||||
|
||||||||
Total homebuilding pretax loss
|
(56,399 | ) | (61,273 | ) | ||||
Financial services
|
1,895 | 1,701 | ||||||
|
||||||||
|
||||||||
Total pretax loss
|
$ | (54,504 | ) | $ | (59,572 | ) | ||
|
(a) |
Corporate and other includes corporate general and administrative expenses.
|
8
3. |
Segment Information (continued)
|
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
Equity in income (loss) of unconsolidated joint ventures:
|
||||||||
West Coast
|
$ | 100 | $ | 195 | ||||
Southwest
|
(2,175 | ) | (7,687 | ) | ||||
Central
|
— | 21 | ||||||
Southeast
|
891 | (2,271 | ) | |||||
|
||||||||
|
||||||||
Total
|
$ | (1,184 | ) | $ | (9,742 | ) | ||
|
||||||||
|
||||||||
Inventory impairments:
|
||||||||
West Coast
|
$ | 1,196 | $ | 6,991 | ||||
Southwest
|
962 | 11,927 | ||||||
Central
|
— | — | ||||||
Southeast
|
4,677 | 5,469 | ||||||
|
||||||||
|
||||||||
Total
|
$ | 6,835 | $ | 24,387 | ||||
|
||||||||
|
||||||||
Land option contract abandonments:
|
||||||||
West Coast
|
$ | — | $ | 283 | ||||
Southwest
|
— | — | ||||||
Central
|
6,340 | — | ||||||
Southeast
|
187 | — | ||||||
|
||||||||
|
||||||||
Total
|
$ | 6,527 | $ | 283 | ||||
|
||||||||
|
||||||||
Joint venture impairments:
|
||||||||
West Coast
|
$ | — | $ | — | ||||
Southwest
|
— | 5,426 | ||||||
Central
|
— | — | ||||||
Southeast
|
— | 2,186 | ||||||
|
||||||||
|
||||||||
Total
|
$ | — | $ | 7,612 | ||||
|
February 28, | November 30, | |||||||
2010 | 2009 | |||||||
Assets:
|
||||||||
West Coast
|
$ | 844,125 | $ | 838,510 | ||||
Southwest
|
356,319 | 346,035 | ||||||
Central
|
327,757 | 357,688 | ||||||
Southeast
|
388,482 | 361,551 | ||||||
Corporate and other
|
1,340,105 | 1,498,781 | ||||||
|
||||||||
Total homebuilding assets
|
3,256,788 | 3,402,565 | ||||||
Financial services
|
28,670 | 33,424 | ||||||
|
||||||||
|
||||||||
Total assets
|
$ | 3,285,458 | $ | 3,435,989 | ||||
|
9
3. |
Segment Information (continued)
|
February 28, | November 30, | |||||||
2010 | 2009 | |||||||
Investments in unconsolidated joint ventures:
|
||||||||
West Coast
|
$ | 42,176 | $ | 54,795 | ||||
Southwest
|
55,394 | 56,779 | ||||||
Central
|
— | — | ||||||
Southeast
|
8,167 | 8,094 | ||||||
|
||||||||
Total
|
$ | 105,737 | $ | 119,668 | ||||
|
4. |
Financial Services
|
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
Revenues
|
||||||||
Interest income
|
$ | 1 | $ | 17 | ||||
Title services
|
156 | 187 | ||||||
Insurance commissions
|
1,310 | 1,416 | ||||||
|
||||||||
Total
|
1,467 | 1,620 | ||||||
|
||||||||
Expenses
|
||||||||
General and administrative
|
(893 | ) | (860 | ) | ||||
|
||||||||
Operating income
|
574 | 760 | ||||||
Equity in income of unconsolidated joint venture
|
1,321 | 941 | ||||||
|
||||||||
|
||||||||
Pretax income
|
$ | 1,895 | $ | 1,701 | ||||
|
February 28, | November 30, | |||||||
2010 | 2009 | |||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ | 3,126 | $ | 3,246 | ||||
Receivables
|
442 | 1,395 | ||||||
Investment in unconsolidated joint venture
|
25,069 | 28,748 | ||||||
Other assets
|
33 | 35 | ||||||
|
||||||||
|
||||||||
Total assets
|
$ | 28,670 | $ | 33,424 | ||||
|
||||||||
|
||||||||
Liabilities
|
||||||||
Accounts payable and accrued expenses
|
$ | 6,449 | $ | 7,050 | ||||
|
||||||||
|
||||||||
Total liabilities
|
$ | 6,449 | $ | 7,050 | ||||
|
10
5. |
Inventories
|
February 28, | November 30, | |||||||
2010 | 2009 | |||||||
|
||||||||
Homes, lots and improvements in production
|
$ | 1,142,113 | $ | 1,091,851 | ||||
|
||||||||
Land under development
|
438,017 | 409,543 | ||||||
|
||||||||
|
||||||||
Total
|
$ | 1,580,130 | $ | 1,501,394 | ||||
|
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
|
||||||||
Capitalized interest at beginning of period
|
$ | 291,279 | $ | 361,619 | ||||
|
||||||||
Capitalized interest related to
consolidation of previously unconsolidated
joint ventures
|
9,914 | — | ||||||
|
||||||||
Interest incurred (a)
|
32,051 | 29,258 | ||||||
|
||||||||
Interest expensed (a)
|
(19,407 | ) | (8,652 | ) | ||||
|
||||||||
Interest amortized
|
(23,386 | ) | (16,892 | ) | ||||
|
||||||||
|
||||||||
Capitalized interest at end of period (b)
|
$ | 290,451 | $ | 365,333 | ||||
|
(a) |
Amounts for the three months ended February 28, 2010 include $1.4 million of debt
issuance costs written off in connection with the Company’s voluntary reduction of the
aggregate commitment under its unsecured revolving credit facility (the “Credit Facility”)
from $650.0 million to $200.0 million.
|
|
(b) |
Inventory impairment charges are recognized against all inventory costs of a community,
such as land, land improvements, costs of home construction and capitalized interest.
Capitalized interest amounts presented in the table reflect the gross amount of capitalized
interest as impairment charges recognized are not generally allocated to specific
components of inventory.
|
6. |
Inventory Impairments and Land Option Contract Abandonments
|
11
6. |
Inventory Impairments and Abandonments (continued)
|
7. |
Fair Value Disclosures
|
Level 1
|
Fair value determined based on quoted prices in active markets for identical assets
or liabilities.
|
|
|
||
Level 2
|
Fair value determined using significant observable inputs, such as quoted prices for
similar assets or liabilities or quoted prices for identical or similar assets or
liabilities in markets that are not active, inputs other than quoted prices that are
observable for the asset or liability, or inputs that are derived principally from or
corroborated by observable market data, by correlation or other means.
|
|
|
||
Level 3
|
Fair value determined using significant unobservable inputs, such as pricing models,
discounted cash flows, or similar techniques.
|
12
7. |
Fair Value Disclosures (continued)
|
Fair Value Measurements Using | ||||||||||||||||||||
Quoted | Significant | |||||||||||||||||||
Three Months | Prices in | Other | Significant | |||||||||||||||||
Ended | Active | Observable | Unobservable | |||||||||||||||||
February 28, | Markets | Inputs | Inputs | |||||||||||||||||
Description | 2010 (a) | (Level 1) | (Level 2) | (Level 3) | Total Losses | |||||||||||||||
|
||||||||||||||||||||
Long-lived assets held and used
|
$ | 3,907 | $ | — | $ | — | $ | 3,907 | $ | (6,835 | ) | |||||||||
|
(a) |
Amount represents the aggregate fair values for communities where the Company recognized noncash
inventory impairment charges during the period, as of the date that the fair value measurements were
made. The carrying value for these communities may have subsequently increased or decreased from the
fair value reflected due to activity that has occurred since the measurement date.
|
February 28, 2010 | November 30, 2009 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Financial Liabilities:
|
||||||||||||||||
Senior notes due 2011 at 6 3/8%
|
$ | 99,828 | $ | 102,000 | $ | 99,800 | $ | 100,250 | ||||||||
Senior notes due 2014 at 5 3/4%
|
249,393 | 238,750 | 249,358 | 234,375 | ||||||||||||
Senior notes due 2015 at 5 7/8%
|
298,922 | 278,640 | 298,875 | 276,000 | ||||||||||||
Senior notes due 2015 at 6 1/4%
|
449,709 | 420,750 | 449,698 | 419,063 | ||||||||||||
Senior notes due 2017 at 9.1%
|
259,997 | 276,263 | 259,884 | 276,263 | ||||||||||||
Senior notes due 2018 at 7 1/4%
|
298,813 | 282,000 | 298,787 | 281,250 |
13
8. |
Variable Interest Entities
|
14
8. |
Variable Interest Entities (continued)
|
9. |
Investments in Unconsolidated Joint Ventures
|
15
9. |
Investments in Unconsolidated Joint Ventures (continued)
|
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
|
||||||||
Revenues
|
$ | 85,802 | $ | 11,476 | ||||
Construction and land costs
|
(88,520 | ) | (18,501 | ) | ||||
Other expenses, net
|
(322 | ) | (6,135 | ) | ||||
|
||||||||
|
||||||||
Loss
|
$ | (3,040 | ) | $ | (13,160 | ) | ||
|
February 28, | November 30, | |||||||
2010 | 2009 | |||||||
|
||||||||
Assets
|
||||||||
Cash
|
$ | 16,414 | $ | 12,816 | ||||
Receivables
|
142,418 | 142,639 | ||||||
Inventories
|
586,069 | 709,130 | ||||||
Other assets
|
56,746 | 56,939 | ||||||
|
||||||||
|
||||||||
Total assets
|
$ | 801,647 | $ | 921,524 | ||||
|
||||||||
|
||||||||
Liabilities and equity
|
||||||||
Accounts payable and other liabilities
|
$ | 57,536 | $ | 94,533 | ||||
Mortgages and notes payable
|
384,427 | 514,172 | ||||||
Equity
|
359,684 | 312,819 | ||||||
|
||||||||
|
||||||||
Total liabilities and equity
|
$ | 801,647 | $ | 921,524 | ||||
|
February 28, | November 30, | |||||||
2010 | 2009 | |||||||
|
||||||||
Number of investments in unconsolidated joint ventures:
|
||||||||
With limited recourse debt (a)
|
2 | 2 | ||||||
With non-recourse debt (b)
|
— | 2 | ||||||
Other (c)
|
9 | 9 | ||||||
|
||||||||
|
||||||||
Total
|
11 | 13 | ||||||
|
16
9. |
Investments in Unconsolidated Joint Ventures (continued)
|
February 28, | November 30, | |||||||
2010 | 2009 | |||||||
|
||||||||
Investments in unconsolidated joint ventures:
|
||||||||
With limited recourse debt
|
$ | 1,386 | $ | 1,277 | ||||
With non-recourse debt
|
— | 9,983 | ||||||
Other
|
104,351 | 108,408 | ||||||
|
||||||||
|
||||||||
Total
|
$ | 105,737 | $ | 119,668 | ||||
|
||||||||
|
||||||||
Outstanding debt of unconsolidated joint ventures:
|
||||||||
With limited recourse debt
|
$ | 12,045 | $ | 11,198 | ||||
With non-recourse debt
|
— | 130,025 | ||||||
Other
|
372,382 | 372,949 | ||||||
|
||||||||
|
||||||||
Total (d)
|
$ | 384,427 | $ | 514,172 | ||||
|
(a) |
This category consists of unconsolidated joint ventures as to which the Company has
entered into a loan-to-value maintenance guaranty with respect to a portion of each such
unconsolidated joint venture’s outstanding secured debt.
|
|
(b) |
This category consists of unconsolidated joint ventures as to which the Company does not
have a guaranty or any other obligation to repay or to support the value of the collateral
(which collateral includes any letters of credit) underlying such unconsolidated joint
ventures’ respective outstanding secured debt.
|
|
(c) |
This category consists of unconsolidated joint ventures with no outstanding debt and an
unconsolidated joint venture as to which the Company has entered into a several guaranty.
This guaranty, by its terms, purports to require the Company to guarantee the repayment of a
portion of the unconsolidated joint venture’s outstanding debt in the event an involuntary
bankruptcy proceeding is filed against the unconsolidated joint venture that is not
dismissed within 60 days or for which an order approving relief under bankruptcy law is
entered, even if the unconsolidated joint venture or its partners do not collude in the
filing and the unconsolidated joint venture contests the filing, as further described below.
|
|
In most cases, the Company may have also entered into a completion guaranty and/or a
carve-out guaranty with the lenders for the unconsolidated joint ventures identified in
categories (a) through (c) as further described below.
|
||
(d) |
The “Total” amounts represent the aggregate outstanding debt of the unconsolidated
joint ventures in which the Company participates. The amounts do not represent the Company’s
potential responsibility for such debt, if any. In most cases, the Company’s maximum
potential responsibility for any portion of such debt, if any, is limited to either a
specified maximum amount or an amount equal to its pro rata interest in the relevant
unconsolidated joint venture, as further described below.
|
17
9. |
Investments in Unconsolidated Joint Ventures (continued)
|
18
9. |
Investments in Unconsolidated Joint Ventures (continued)
|
10. |
Mortgages and Notes Payable
|
February 28, | November 30, | |||||||
2010 | 2009 | |||||||
|
||||||||
Mortgages and land contracts due to land
sellers and other loans
|
$ | 158,599 | $ | 163,968 | ||||
Senior notes due 2011 at 6 3/8%
|
99,828 | 99,800 | ||||||
Senior notes due 2014 at 5 3/4%
|
249,393 | 249,358 | ||||||
Senior notes due 2015 at 5 7/8%
|
298,922 | 298,875 | ||||||
Senior notes due 2015 at 6 1/4%
|
449,709 | 449,698 | ||||||
Senior notes due 2017 at 9.1%
|
259,997 | 259,884 | ||||||
Senior notes due 2018 at 7 1/4%
|
298,813 | 298,787 | ||||||
|
||||||||
|
||||||||
Total
|
$ | 1,815,261 | $ | 1,820,370 | ||||
|
19
10. |
Mortgages and Notes Payable (continued)
|
11. |
Commitments and Contingencies
|
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
|
||||||||
Balance at beginning of period
|
$ | 135,749 | $ | 145,369 | ||||
|
||||||||
Warranties issued
|
1,192 | 1,993 | ||||||
|
||||||||
Payments and adjustments
|
(6,392 | ) | (5,138 | ) | ||||
|
||||||||
|
||||||||
Balance at end of period
|
$ | 130,549 | $ | 142,224 | ||||
|
20
11. |
Commitments and Contingencies (continued)
|
21
12. |
Legal Matters
|
13. |
Stockholders’ Equity
|
22
14. |
Recent Accounting Pronouncements
|
15. |
Income Taxes
|
16. |
Supplemental Disclosure to Consolidated Statements of Cash Flows
|
23
16. |
Supplemental Disclosure to Consolidated Statements of Cash Flows (continued)
|
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
Summary of cash and cash equivalents at end of period:
|
||||||||
Homebuilding
|
$ | 1,198,635 | $ | 1,020,911 | ||||
Financial services
|
3,126 | 6,333 | ||||||
|
||||||||
|
||||||||
Total
|
$ | 1,201,761 | $ | 1,027,244 | ||||
|
||||||||
|
||||||||
Supplemental disclosures of cash flow information:
|
||||||||
Interest paid, net of amounts capitalized
|
$ | 36,841 | $ | 42,263 | ||||
Income taxes paid
|
115 | 77 | ||||||
Income taxes refunded
|
190,906 | 231,227 | ||||||
|
||||||||
|
||||||||
Supplemental disclosures of noncash activities:
|
||||||||
Increase in inventories in connection with
consolidation of joint ventures
|
$ | 72,300 | $ | — | ||||
Increase in accounts payable, accrued expenses and
other liabilities in connection with
consolidation of joint ventures
|
38,861 | — | ||||||
Cost of inventories acquired through seller financing
|
5,713 | 5,069 | ||||||
Decrease in consolidated inventories not owned
|
(34,402 | ) | (7,902 | ) | ||||
|
17. |
Supplemental Guarantor Information
|
24
17. |
Supplemental Guarantor Information (continued)
|
Non- | ||||||||||||||||||||
KB Home | Guarantor | Guarantor | Consolidating | |||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | Total | ||||||||||||||||
|
||||||||||||||||||||
Revenues
|
$ | — | $ | 238,791 | $ | 25,187 | $ | — | $ | 263,978 | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Homebuilding:
|
||||||||||||||||||||
Revenues
|
$ | — | $ | 238,791 | $ | 23,720 | $ | — | $ | 262,511 | ||||||||||
Construction and land costs
|
— | (200,504 | ) | (26,036 | ) | — | (226,540 | ) | ||||||||||||
Selling, general and administrative expenses
|
(23,138 | ) | (40,460 | ) | (8,605 | ) | — | (72,203 | ) | |||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Operating loss
|
(23,138 | ) | (2,173 | ) | (10,921 | ) | — | (36,232 | ) | |||||||||||
Interest income
|
359 | 31 | 34 | — | 424 | |||||||||||||||
Interest expense, net of amounts capitalized
|
(1,839 | ) | (15,952 | ) | (1,616 | ) | — | (19,407 | ) | |||||||||||
Equity in income (loss) of unconsolidated
joint ventures
|
— | (2,075 | ) | 891 | — | (1,184 | ) | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Homebuilding pretax loss
|
(24,618 | ) | (20,169 | ) | (11,612 | ) | — | (56,399 | ) | |||||||||||
|
||||||||||||||||||||
Financial services pretax income
|
— | — | 1,895 | — | 1,895 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total pretax loss
|
(24,618 | ) | (20,169 | ) | (9,717 | ) | — | (54,504 | ) | |||||||||||
Income tax expense
|
(100 | ) | (100 | ) | — | — | (200 | ) | ||||||||||||
Equity in net loss of subsidiaries
|
(29,986 | ) | — | — | 29,986 | — | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net loss
|
$ | (54,704 | ) | $ | (20,269 | ) | $ | (9,717 | ) | $ | 29,986 | $ | (54,704 | ) | ||||||
|
Non- | ||||||||||||||||||||
KB Home | Guarantor | Guarantor | Consolidating | |||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | Total | ||||||||||||||||
|
||||||||||||||||||||
Revenues
|
$ | — | $ | 253,831 | $ | 53,530 | $ | — | $ | 307,361 | ||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Homebuilding:
|
||||||||||||||||||||
Revenues
|
$ | — | $ | 253,831 | $ | 51,910 | $ | — | $ | 305,741 | ||||||||||
Construction and land costs
|
— | (239,783 | ) | (51,175 | ) | — | (290,958 | ) | ||||||||||||
Selling, general and administrative expenses
|
(9,324 | ) | (39,400 | ) | (12,451 | ) | — | (61,175 | ) | |||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Operating loss
|
(9,324 | ) | (25,352 | ) | (11,716 | ) | — | (46,392 | ) | |||||||||||
Interest income
|
2,993 | 176 | 344 | — | 3,513 | |||||||||||||||
Interest expense, net of amounts capitalized
|
9,127 | (17,647 | ) | (132 | ) | — | (8,652 | ) | ||||||||||||
Equity in loss of unconsolidated joint ventures
|
— | (7,470 | ) | (2,272 | ) | — | (9,742 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Homebuilding pretax income (loss)
|
2,796 | (50,293 | ) | (13,776 | ) | — | (61,273 | ) | ||||||||||||
|
||||||||||||||||||||
Financial services pretax income
|
— | — | 1,701 | — | 1,701 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total pretax income (loss)
|
2,796 | (50,293 | ) | (12,075 | ) | — | (59,572 | ) | ||||||||||||
Income tax benefit (expense)
|
(100 | ) | 1,200 | 400 | — | 1,500 | ||||||||||||||
Equity in net loss of subsidiaries
|
(60,768 | ) | — | — | 60,768 | — | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net loss
|
$ | (58,072 | ) | $ | (49,093 | ) | $ | (11,675 | ) | $ | 60,768 | $ | (58,072 | ) | ||||||
|
25
17. |
Supplemental Guarantor Information (continued)
|
Non- | ||||||||||||||||||||
KB Home | Guarantor | Guarantor | Consolidating | |||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | Total | ||||||||||||||||
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Homebuilding:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 1,062,390 | $ | 18,736 | $ | 117,509 | $ | — | $ | 1,198,635 | ||||||||||
Restricted cash
|
90,222 | — | — | — | 90,222 | |||||||||||||||
Receivables
|
864 | 105,557 | 19,883 | — | 126,304 | |||||||||||||||
Inventories
|
— | 1,432,866 | 147,264 | — | 1,580,130 | |||||||||||||||
Investments in unconsolidated joint ventures
|
— | 96,184 | 9,553 | — | 105,737 | |||||||||||||||
Other assets
|
69,636 | 85,880 | 244 | — | 155,760 | |||||||||||||||
|
||||||||||||||||||||
|
1,223,112 | 1,739,223 | 294,453 | — | 3,256,788 | |||||||||||||||
|
||||||||||||||||||||
Financial services
|
— | — | 28,670 | — | 28,670 | |||||||||||||||
Investments in subsidiaries
|
1,454 | — | — | (1,454 | ) | — | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total assets
|
$ | 1,224,566 | $ | 1,739,223 | $ | 323,123 | $ | (1,454 | ) | $ | 3,285,458 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Liabilities and stockholders’ equity
|
||||||||||||||||||||
Homebuilding:
|
||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$ | 123,160 | $ | 544,188 | $ | 148,786 | $ | — | $ | 816,134 | ||||||||||
Mortgages and notes payable
|
1,656,662 | 158,599 | — | — | 1,815,261 | |||||||||||||||
|
||||||||||||||||||||
|
1,779,822 | 702,787 | 148,786 | — | 2,631,395 | |||||||||||||||
|
||||||||||||||||||||
Financial services
|
— | — | 6,449 | — | 6,449 | |||||||||||||||
Intercompany
|
(1,202,870 | ) | 1,057,544 | 145,326 | — | — | ||||||||||||||
Stockholders’ equity
|
647,614 | (21,108 | ) | 22,562 | (1,454 | ) | 647,614 | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 1,224,566 | $ | 1,739,223 | $ | 323,123 | $ | (1,454 | ) | $ | 3,285,458 | |||||||||
|
Non- | ||||||||||||||||||||
KB Home | Guarantor | Guarantor | Consolidating | |||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | Total | ||||||||||||||||
|
||||||||||||||||||||
Assets
|
||||||||||||||||||||
Homebuilding:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 995,122 | $ | 56,969 | $ | 122,624 | $ | — | $ | 1,174,715 | ||||||||||
Restricted cash
|
114,292 | — | — | — | 114,292 | |||||||||||||||
Receivables
|
191,747 | 109,536 | 36,647 | — | 337,930 | |||||||||||||||
Inventories
|
— | 1,374,617 | 126,777 | — | 1,501,394 | |||||||||||||||
Investments in unconsolidated joint ventures
|
— | 115,402 | 4,266 | — | 119,668 | |||||||||||||||
Other assets
|
68,895 | 85,856 | (185 | ) | — | 154,566 | ||||||||||||||
|
||||||||||||||||||||
|
1,370,056 | 1,742,380 | 290,129 | — | 3,402,565 | |||||||||||||||
|
||||||||||||||||||||
Financial services
|
— | — | 33,424 | — | 33,424 | |||||||||||||||
Investments in subsidiaries
|
35,955 | — | — | (35,955 | ) | — | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total assets
|
$ | 1,406,011 | $ | 1,742,380 | $ | 323,553 | $ | (35,955 | ) | $ | 3,435,989 | |||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Liabilities and stockholders’ equity
|
||||||||||||||||||||
Homebuilding:
|
||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
$ | 147,264 | $ | 588,203 | $ | 165,878 | $ | — | $ | 901,345 | ||||||||||
Mortgages and notes payable
|
1,656,402 | 163,967 | 1 | — | 1,820,370 | |||||||||||||||
|
||||||||||||||||||||
|
1,803,666 | 752,170 | 165,879 | — | 2,721,715 | |||||||||||||||
|
||||||||||||||||||||
Financial services
|
— | — | 7,050 | — | 7,050 | |||||||||||||||
Intercompany
|
(1,104,879 | ) | 990,210 | 114,669 | — | — | ||||||||||||||
Stockholders’ equity
|
707,224 | — | 35,955 | (35,955 | ) | 707,224 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Total liabilities and stockholders’ equity
|
$ | 1,406,011 | $ | 1,742,380 | $ | 323,553 | $ | (35,955 | ) | $ | 3,435,989 | |||||||||
|
26
17. |
Supplemental Guarantor Information (continued)
|
Non- | ||||||||||||||||||||
KB Home | Guarantor | Guarantor | Consolidating | |||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | Total | ||||||||||||||||
|
||||||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||
Net loss
|
$ | (54,704 | ) | $ | (20,269 | ) | $ | (9,717 | ) | $ | 29,986 | $ | (54,704 | ) | ||||||
Adjustments to reconcile net loss to net cash provided
(used) by operating activities:
|
||||||||||||||||||||
Inventory impairments and land option contract
abandonments
|
— | 8,498 | 4,864 | — | 13,362 | |||||||||||||||
Changes in assets and liabilities:
|
||||||||||||||||||||
Receivables
|
190,883 | (14,373 | ) | 17,717 | — | 194,227 | ||||||||||||||
Inventories
|
— | (23,136 | ) | (25,351 | ) | — | (48,487 | ) | ||||||||||||
Accounts payable, accrued expenses and other liabilities
|
(24,098 | ) | (48,474 | ) | (19,749 | ) | — | (92,321 | ) | |||||||||||
Other, net
|
(5,408 | ) | 2,313 | 9,282 | — | 6,187 | ||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net cash provided (used) by operating activities
|
106,673 | (95,441 | ) | (22,954 | ) | 29,986 | 18,264 | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Investments in unconsolidated joint ventures
|
— | 1,950 | (4,290 | ) | — | (2,340 | ) | |||||||||||||
Purchases of property and equipment, net
|
— | (171 | ) | (20 | ) | — | (191 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net cash provided (used) by investing activities
|
— | 1,779 | (4,310 | ) | — | (2,531 | ) | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Change in restricted cash
|
24,070 | — | — | — | 24,070 | |||||||||||||||
Payments on mortgages, land contracts and other loans
|
— | 3,452 | (14,534 | ) | — | (11,082 | ) | |||||||||||||
Issuance of common stock under employee stock plans
|
232 | — | — | — | 232 | |||||||||||||||
Payments of cash dividends
|
(4,803 | ) | — | — | — | (4,803 | ) | |||||||||||||
Repurchases of common stock
|
(350 | ) | — | — | — | (350 | ) | |||||||||||||
Intercompany
|
(58,554 | ) | 51,977 | 36,563 | (29,986 | ) | — | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net cash provided (used) by financing activities
|
(39,405 | ) | 55,429 | 22,029 | (29,986 | ) | 8,067 | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents
|
67,268 | (38,233 | ) | (5,235 | ) | — | 23,800 | |||||||||||||
Cash and cash equivalents at beginning of period
|
995,122 | 56,969 | 125,870 | — | 1,177,961 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash and cash equivalents at end of period
|
$ | 1,062,390 | $ | 18,736 | $ | 120,635 | $ | — | $ | 1,201,761 | ||||||||||
|
27
17. |
Supplemental Guarantor Information (continued)
|
Non- | ||||||||||||||||||||
KB Home | Guarantor | Guarantor | Consolidating | |||||||||||||||||
Corporate | Subsidiaries | Subsidiaries | Adjustments | Total | ||||||||||||||||
|
||||||||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||||||
Net loss
|
$ | (58,072 | ) | $ | (49,093 | ) | $ | (11,675 | ) | $ | 60,768 | $ | (58,072 | ) | ||||||
Adjustments to reconcile net loss to net cash provided
(used) by operating activities:
|
||||||||||||||||||||
Inventory impairments and land option contract
abandonments
|
— | 20,885 | 3,785 | — | 24,670 | |||||||||||||||
Changes in assets and liabilities:
|
||||||||||||||||||||
Receivables
|
202,449 | (405 | ) | (4,595 | ) | — | 197,449 | |||||||||||||
Inventories
|
— | (36,367 | ) | 93,815 | — | 57,448 | ||||||||||||||
Accounts payable, accrued expenses and other liabilities
|
(42,783 | ) | 515 | (90,748 | ) | — | (133,016 | ) | ||||||||||||
Other, net
|
4,619 | 8,913 | 1,508 | — | 15,040 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net cash provided (used) by operating activities
|
106,213 | (55,552 | ) | (7,910 | ) | 60,768 | 103,519 | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash flows from investing activities:
|
||||||||||||||||||||
Investments in unconsolidated joint ventures
|
— | (6,838 | ) | (910 | ) | — | (7,748 | ) | ||||||||||||
Sales (purchases) of property and equipment, net
|
— | (885 | ) | 64 | — | (821 | ) | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net cash used by investing activities
|
— | (7,723 | ) | (846 | ) | — | (8,569 | ) | ||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash flows from financing activities:
|
||||||||||||||||||||
Change in restricted cash
|
4,196 | — | — | — | 4,196 | |||||||||||||||
Repayment of senior subordinated notes
|
(200,000 | ) | — | — | — | (200,000 | ) | |||||||||||||
Payments on mortgages, land contracts and other loans
|
— | (8,843 | ) | — | — | (8,843 | ) | |||||||||||||
Issuance of common stock under employee stock plans
|
795 | — | — | — | 795 | |||||||||||||||
Payments of cash dividends
|
(4,756 | ) | — | — | — | (4,756 | ) | |||||||||||||
Repurchases of common stock
|
(616 | ) | — | — | — | (616 | ) | |||||||||||||
Intercompany
|
18,777 | 66,431 | (24,440 | ) | (60,768 | ) | — | |||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net cash provided (used) by financing activities
|
(181,604 | ) | 57,588 | (24,440 | ) | (60,768 | ) | (209,224 | ) | |||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Net decrease in cash and cash equivalents
|
(75,391 | ) | (5,687 | ) | (33,196 | ) | — | (114,274 | ) | |||||||||||
Cash and cash equivalents at beginning of period
|
987,057 | 25,067 | 129,394 | — | 1,141,518 | |||||||||||||||
|
||||||||||||||||||||
|
||||||||||||||||||||
Cash and cash equivalents at end of period
|
$ | 911,666 | $ | 19,380 | $ | 96,198 | $ | — | $ | 1,027,244 | ||||||||||
|
18. |
Subsequent Event
|
28
29
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
Revenues:
|
||||||||
Homebuilding
|
$ | 262,511 | $ | 305,741 | ||||
Financial services
|
1,467 | 1,620 | ||||||
|
||||||||
|
||||||||
Total
|
$ | 263,978 | $ | 307,361 | ||||
|
||||||||
|
||||||||
Pretax income (loss):
|
||||||||
Homebuilding
|
$ | (56,399 | ) | $ | (61,273 | ) | ||
Financial services
|
1,895 | 1,701 | ||||||
|
||||||||
|
||||||||
Total pretax loss
|
(54,504 | ) | (59,572 | ) | ||||
Income tax benefit (expense)
|
(200 | ) | 1,500 | |||||
|
||||||||
|
||||||||
Net loss
|
$ | (54,704 | ) | $ | (58,072 | ) | ||
|
||||||||
|
||||||||
Basic and diluted loss per share
|
$ | (.71 | ) | $ | (.75 | ) | ||
|
30
31
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
Revenues:
|
||||||||
Housing
|
$ | 262,158 | $ | 304,454 | ||||
Land
|
353 | 1,287 | ||||||
|
||||||||
|
||||||||
Total
|
262,511 | 305,741 | ||||||
|
||||||||
|
||||||||
Costs and expenses:
|
||||||||
Construction and land costs
|
||||||||
Housing
|
226,194 | 289,423 | ||||||
Land
|
346 | 1,535 | ||||||
|
||||||||
Total
|
226,540 | 290,958 | ||||||
Selling, general and administrative expenses
|
72,203 | 61,175 | ||||||
|
||||||||
|
||||||||
Total
|
298,743 | 352,133 | ||||||
|
||||||||
|
||||||||
Operating loss
|
$ | (36,232 | ) | $ | (46,392 | ) | ||
|
||||||||
|
||||||||
Homes delivered
|
1,326 | 1,445 | ||||||
Average selling price
|
$ | 197,700 | $ | 210,700 | ||||
Housing gross margin
|
13.7 | % | 4.9 | % | ||||
|
||||||||
Selling, general and administrative expenses as a
percentage of housing revenues
|
27.5 | % | 20.1 | % | ||||
|
||||||||
Operating loss as a percentage of homebuilding revenues
|
-13.8 | % | -15.2 | % |
32
Three Months Ended February 28, | ||||||||||||||||||||||||
Homes Delivered | Net Orders | Cancellation Rates | ||||||||||||||||||||||
Segment | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | ||||||||||||||||||
|
||||||||||||||||||||||||
West Coast
|
340 | 351 | 429 | 459 | 17 | % | 26 | % | ||||||||||||||||
|
||||||||||||||||||||||||
Southwest
|
216 | 267 | 313 | 222 | 14 | 27 | ||||||||||||||||||
|
||||||||||||||||||||||||
Central
|
529 | 447 | 715 | 622 | 29 | 29 | ||||||||||||||||||
|
||||||||||||||||||||||||
Southeast
|
241 | 380 | 456 | 524 | 21 | 28 | ||||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Total
|
1,326 | 1,445 | 1,913 | 1,827 | 22 | % | 28 | % | ||||||||||||||||
|
||||||||||||||||||||||||
|
||||||||||||||||||||||||
Unconsolidated
joint ventures
|
21 | 23 | 19 | 28 | 21 | % | 48 | % | ||||||||||||||||
|
February 28, | ||||||||||||||||
Backlog - Value | ||||||||||||||||
Backlog - Homes | (In Thousands) | |||||||||||||||
Segment | 2010 | 2009 | 2010 | 2009 | ||||||||||||
|
||||||||||||||||
West Coast
|
612 | 689 | $ | 193,938 | $ | 214,997 | ||||||||||
|
||||||||||||||||
Southwest
|
379 | 303 | 59,439 | 57,169 | ||||||||||||
|
||||||||||||||||
Central
|
1,105 | 892 | 172,068 | 153,538 | ||||||||||||
|
||||||||||||||||
Southeast
|
617 | 767 | 98,305 | 134,135 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total
|
2,713 | 2,651 | $ | 523,750 | $ | 559,839 | ||||||||||
|
||||||||||||||||
|
||||||||||||||||
Unconsolidated joint ventures
|
35 | 76 | $ | 13,825 | $ | 30,180 | ||||||||||
|
33
34
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
|
||||||||
Housing revenues
|
$ | 262,158 | $ | 304,454 | ||||
Housing construction and land costs
|
(226,194 | ) | (289,423 | ) | ||||
|
||||||||
|
||||||||
Housing gross margin
|
35,964 | 15,031 | ||||||
Add: Inventory impairment and land
option contract abandonment
charges
|
13,362 | 24,670 | ||||||
|
||||||||
Housing gross margin, excluding
inventory impairment
and land option contract
abandonment charges
|
$ | 49,326 | $ | 39,701 | ||||
|
35
Housing gross margin as a percentage of housing revenues
|
13.7 | % | 4.9 | % | ||||
|
||||||||
|
||||||||
Housing gross margin, excluding inventory impairment
and land option contract abandonment charges, as a
percentage of housing revenues
|
18.8 | % | 13.0 | % | ||||
|
February 28, | November 30, | |||||||
2010 | 2009 | |||||||
|
||||||||
Mortgages and notes payable
|
$ | 1,815,261 | $ | 1,820,370 | ||||
Stockholders’ equity
|
647,614 | 707,224 | ||||||
|
||||||||
|
||||||||
Total capital
|
$ | 2,462,875 | $ | 2,527,594 | ||||
|
||||||||
|
||||||||
Ratio of debt to total capital
|
73.7 | % | 72.0 | % | ||||
|
||||||||
|
||||||||
Mortgages and notes payable
|
$ | 1,815,261 | $ | 1,820,370 | ||||
Less: Cash and cash equivalents and restricted cash
|
(1,288,857 | ) | (1,289,007 | ) | ||||
|
||||||||
Net debt
|
526,404 | 531,363 | ||||||
Stockholders’ equity
|
647,614 | 707,224 | ||||||
|
||||||||
|
||||||||
Total capital
|
$ | 1,174,018 | $ | 1,238,587 | ||||
|
||||||||
|
||||||||
Ratio of net debt to total capital
|
44.8 | % | 42.9 | % | ||||
|
36
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
West Coast:
|
||||||||
Revenues
|
$ | 108,434 | $ | 108,520 | ||||
Construction and land costs
|
(80,029 | ) | (99,625 | ) | ||||
Selling, general and administrative expenses
|
(16,338 | ) | (16,162 | ) | ||||
|
||||||||
Operating income (loss)
|
12,067 | (7,267 | ) | |||||
Other, net
|
(8,710 | ) | (5,055 | ) | ||||
|
||||||||
|
||||||||
Pretax income (loss)
|
$ | 3,357 | $ | (12,322 | ) | |||
|
||||||||
|
||||||||
Southwest:
|
||||||||
Revenues
|
$ | 33,848 | $ | 52,273 | ||||
Construction and land costs
|
(27,023 | ) | (57,026 | ) | ||||
Selling, general and administrative expenses
|
(6,589 | ) | (7,146 | ) | ||||
|
||||||||
Operating income (loss)
|
236 | (11,899 | ) | |||||
Other, net
|
(4,699 | ) | (8,839 | ) | ||||
|
||||||||
|
||||||||
Pretax loss
|
$ | (4,463 | ) | $ | (20,738 | ) | ||
|
||||||||
|
||||||||
Central:
|
||||||||
Revenues
|
$ | 82,925 | $ | 77,645 | ||||
Construction and land costs
|
(73,668 | ) | (67,672 | ) | ||||
Selling, general and administrative expenses
|
(13,180 | ) | (12,855 | ) | ||||
|
||||||||
Operating loss
|
(3,923 | ) | (2,882 | ) | ||||
Other, net
|
(3,381 | ) | (3,274 | ) | ||||
|
||||||||
|
||||||||
Pretax loss
|
$ | (7,304 | ) | $ | (6,156 | ) | ||
|
||||||||
|
||||||||
Southeast:
|
||||||||
Revenues
|
$ | 37,304 | $ | 67,303 | ||||
Construction and land costs
|
(43,612 | ) | (64,368 | ) | ||||
Selling, general and administrative expenses
|
(9,454 | ) | (11,949 | ) | ||||
|
||||||||
Operating loss
|
(15,762 | ) | (9,014 | ) | ||||
Other, net
|
(4,424 | ) | (4,811 | ) | ||||
|
||||||||
|
||||||||
Pretax loss
|
$ | (20,186 | ) | $ | (13,825 | ) | ||
|
37
38
Three Months Ended February 28, | ||||||||
2010 | 2009 | |||||||
|
||||||||
Revenues
|
$ | 1,467 | $ | 1,620 | ||||
Expenses
|
(893 | ) | (860 | ) | ||||
Equity in income of unconsolidated joint venture
|
1,321 | 941 | ||||||
|
||||||||
|
||||||||
Pretax income
|
$ | 1,895 | $ | 1,701 | ||||
|
||||||||
|
||||||||
Total originations (a):
|
||||||||
Loans
|
1,042 | 1,099 | ||||||
Principal
|
$ | 186,318 | $ | 205,011 | ||||
Percentage of homebuyers using KBA Mortgage
|
81 | % | 78 | % | ||||
|
||||||||
Loans sold to third parties (a):
|
||||||||
Loans
|
1,108 | 1,112 | ||||||
Principal
|
$ | 198,760 | $ | 210,267 |
(a) |
Loan originations and sales occur within KBA Mortgage.
|
39
40
February 28, 2010 | ||||
Covenant | ||||
Financial Covenant | Requirement | Actual | ||
|
||||
Minimum consolidated tangible net worth
|
$278.2 million | $641.6 million | ||
Coverage Ratio
|
(a) | (a) | ||
Leverage Ratio (b)
|
< 1.00 | .40 | ||
Investment in subsidiaries and joint ventures
as a percentage of Adjusted Consolidated
Tangible Net Worth
|
<35% | 10% | ||
Borrowing base in excess of senior indebtedness
(as defined)
|
Greater than zero | $598.9 million |
(a) |
Our Coverage Ratio of .79 was less than 1.00 to 1.00 as of February 28, 2010. With our
Leverage Ratio as of November 30, 2009 below 1.00 to 1.00, we maintained an Interest Reserve
Account to remain in compliance with the terms of the Credit Facility. The Interest Reserve
Account had a balance of $90.2 million at February 28, 2010. As discussed above, we
voluntarily terminated the Credit Facility effective March 31, 2010.
|
|
(b) |
The Leverage Ratio requirement varied based on our Coverage Ratio. If our Coverage Ratio
was greater than or equal to 1.50 to 1.00, the Leverage Ratio requirement was less than 2.00
to 1.00. If our Coverage Ratio was between 1.00 and 1.50 to 1.00, the Leverage Ratio
requirement was less than 1.25 to 1.00. If our Coverage Ratio was less than 1.00 to 1.00,
the Leverage Ratio requirement was less than or equal to 1.00 to 1.00.
|
41
November 30, 2009 | ||||
Covenant | ||||
Financial Covenant | Requirement | Actual | ||
|
||||
Minimum consolidated tangible net worth
|
$278.2 million | $700.9 million | ||
Coverage Ratio
|
(a) | (a) | ||
Leverage Ratio
|
< 1.00 | .39 | ||
Investment in subsidiaries and joint ventures
as a percentage of Adjusted Consolidated
Tangible Net Worth
|
<35% | 11% | ||
Borrowing base in excess of senior indebtedness
(as defined)
|
Greater than zero | $474.7 million |
(a) |
Our Coverage Ratio of .77 was less than 1.00 to 1.00 as of November 30, 2009. With our
Leverage Ratio as of August 31, 2009 below 1.00 to 1.00, we maintained an Interest Reserve
Account of $114.3 million in the fourth quarter of 2009 to remain in compliance with the
terms of the Credit Facility. The Interest Reserve Account had a balance of $114.3 million
at November 30, 2009.
|
42
43
44
45
46
47
48
49
Weighted Average | ||||||||
Fiscal Year of Expected Maturity | Fixed Rate Debt | Interest Rate | ||||||
|
||||||||
2010
|
$ | — | — | % | ||||
2011
|
99,828 | 6.4 | ||||||
2012
|
— | — | ||||||
2013
|
— | — | ||||||
2014
|
249,393 | 5.8 | ||||||
Thereafter
|
1,307,441 | 7.0 | ||||||
|
||||||||
|
||||||||
Total
|
$ | 1,656,662 | 6.7 | |||||
|
||||||||
|
||||||||
Fair value at February 28, 2010
|
$ | 1,598,403 | ||||||
|
50
51
Maximum | ||||||||||||||||
Total Number of | Number of Shares | |||||||||||||||
Shares Purchased | That May Yet be | |||||||||||||||
Total Number | as Part of Publicly | Purchased Under | ||||||||||||||
of Shares | Average Price | Announced Plans | the Plans | |||||||||||||
Period | Purchased | Paid per Share | or Programs | or Programs | ||||||||||||
|
||||||||||||||||
December 1 – 31
|
— | $ | — | — | 4,000,000 | |||||||||||
January 1 – 31
|
23,393 | 14.96 | — | 4,000,000 | ||||||||||||
February 1 – 28
|
— | — | — | 4,000,000 | ||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Total
|
23,393 | $ | 14.96 | — | ||||||||||||
|
10.56 | * |
KB Home 2010 Equity Incentive Plan.
|
||
|
||||
10.57 | * |
Form of Indemnification Agreement, filed as an exhibit to the Company’s Current Report on
Form 8-K dated April 2, 2010, is incorporated by reference herein.
|
||
|
||||
31.1 |
Certification of Jeffrey T. Mezger, President and Chief Executive Officer of KB Home
Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
31.2 |
Certification of William R. Hollinger, Senior Vice President and Chief Accounting Officer
of KB Home Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
32.1 |
Certification of Jeffrey T. Mezger, President and Chief Executive Officer of KB Home
Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002.
|
|||
|
||||
32.2 |
Certification of William R. Hollinger, Senior Vice President and Chief Accounting Officer
of KB Home Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
|
* |
Management contract or compensatory plan or arrangement in which executive officers are
eligible to participate.
|
52
KB HOME
|
||||
Dated April 8, 2010 | /s/ JEFFREY T. MEZGER | |||
Jeffrey T. Mezger | ||||
President and Chief Executive Officer
(Principal Executive Officer) |
||||
Dated April 8, 2010 | /s/ WILLIAM R. HOLLINGER | |||
William R. Hollinger | ||||
Senior Vice President and Chief Accounting Officer
(Principal Financial Officer) |
||||
53
10.56 | * |
KB Home 2010 Equity Incentive Plan.
|
||
|
||||
10.57 | * |
Form of Indemnification Agreement, filed as an exhibit to the Company’s Current Report on
Form 8-K dated April 2, 2010, is incorporated by reference herein.
|
||
|
||||
31.1 |
Certification of Jeffrey T. Mezger, President and Chief Executive Officer of KB Home Pursuant
to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
31.2 |
Certification of William R. Hollinger, Senior Vice President and Chief Accounting Officer of
KB Home Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|||
|
||||
32.1 |
Certification of Jeffrey T. Mezger, President and Chief Executive Officer of KB Home Pursuant
to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002.
|
|||
|
||||
32.2 |
Certification of William R. Hollinger, Senior Vice President and Chief Accounting Officer of
KB Home Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
|
* |
Management contract or compensatory plan or arrangement in which executive officers are
eligible to participate.
|
54
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|---|---|---|
James C. Weaver Chief Executive Officer and Chairman, CW Interests, LLC Age: 49 Director Service Since: 2017 | |||
Melissa Lora, who served as the Compensation Committee Chair and Lead Independent Director, stepped down from the Board. | |||
Jodeen A. Kozlak is the founder and CEO of Kozlak Capital Partners, LLC, a private consulting firm. Ms. Kozlak previously served as the Global Senior Vice President of Human Resources of Alibaba Group, a multinational conglomerate. Ms. Kozlak also previously served as the Executive Vice President and Chief Human Resources Officer of Target Corporation, one of the largest retailers in the U.S., and held other senior roles in her 15-year career at the company. Prior to joining Target, Ms. Kozlak was a partner in a private law practice. Ms. Kozlak has significant experience and insight into human capital management, talent development and executive compensation across a variety of organizational structures, as well as a strong background in executive leadership. In addition, she is well known and highly respected in California, which is a key market for us. Public Company Directorships: n KB Home n C.H. Robinson Worldwide, Inc. n MGIC investment Corporation n Leslie’s, Inc. (2020 – 2023) Other Professional Experience: n Global Senior Vice President of Human Resources of Alibaba Group (2016 – 2017) n Executive Vice President and Chief Human Resources Officer of Target Corporation (2007 – 2016) | |||
Ms. Henry is the former President, Chief Executive Officer, and Chairwoman of Ruth’s Hospitality Group, Inc., a fine-dining restaurant company operating over 150 Ruth’s Chris Steak House restaurants worldwide. A seasoned restaurant and public company executive with extensive operational leadership experience, Ms. Henry served in numerous senior leadership roles at Ruth’s Chris, including Chief Operating Officer, Senior Vice President and Chief Branding Officer, and Chief Business Development Officer, before she assumed the role of CEO in 2018. Prior to joining Ruth’s Chris in June 2007, Ms. Henry served as Chief of Staff for the Mayor of Orlando. In addition to her extensive executive leadership skills, Ms. Henry has experience in strategic planning, operations, real estate development, marketing, and consumer branding and franchising. She is also well known in the Southeast United States, which is an important region for KB Home. Public Company Directorships: n Cracker Barrel Old Country Store, Inc. Other Professional Experience: n President, Chief Executive Officer, and Chairwoman, Ruth’s Hospitality Group, Inc. (2021 – 2023) n President, Chief Executive Officer, and Director, Ruth’s Hospitality Group, Inc. (2018 – 2021) | |||
Dr. Gilligan is an Emeritus Director and Senior Fellow at the Hoover Institution on War, Revolution, and Peace at Stanford University. From September 2015 until September 2020, Dr. Gilligan served as the Tad and Dianne Taube Director of the Hoover Institution, which is a public policy research center devoted to the advanced study of economics, politics, history, political economy, and international affairs. Dr. Gilligan has broad knowledge of and significant academic credentials in the fields of finance, economics, and business administration. He also brings extensive leadership skills and experience from his many years of service as a dean at two of the premier post-graduate business schools in the country and his immediate past position as the head of a prominent public policy institution. In addition, he is well known and highly regarded, professionally and personally, in both Texas and California, which are key markets for us. Public Company Directorships: n KB Home n Southwest Airlines (2015 – 2024) Other Professional Experience: n Dean, McCombs School of Business (2008 – 2015) n Interim Dean, USC Marshall School of Business (2006 – 2007; Professor 1987 – 2006) n Assistant Professor, California Institute of Technology (1984 – 1987) n Staff Economist, White House Council of Economic Advisors (1983 - 1984) | |||
Dr. Gabriel has been since 2007 the Director of the Richard S. Ziman Center for Real Estate at UCLA, and is Distinguished Professor of Finance and Arden Realty Chair at the UCLA Anderson School of Management. With Dr. Gabriel’s significant professional experience in and distinguished study of macroeconomics and real estate, mortgage and finance markets, he has considerable knowledge and insight with respect to the economic, regulatory and financial drivers that affect housing and homebuilding at local, regional and national levels. In addition, with more than two decades of service in leadership roles at two of the most preeminent academic institutions in the country — UCLA and USC — he has substantial management and administrative expertise and is highly respected for his perspective on housing and land use matters in California, an important market for us, and nationally. Company Directorships: n KB Home n KBS Real Estate Investment Trust III, Inc. n KBS Real Estate Investment Trust II, Inc. (2007 – 2023) n KBS Real Estate Investment Trust, Inc. (2005 – 2018) Other Professional Experience: n Director and Lusk Chair, USC Lusk Center for Real Estate (1997 – 2007) n Associate Professor/Professor, Finance and Business Economics, USC Marshall School of Business (1990 – 1997) n Economics Staff Member, Federal Reserve Board (1986 – 1990) | |||
Kevin P. Eltife has been the founder and owner of Eltife Properties, Ltd., a commercial real estate investment firm, since 1996. He also has served since 2018 as the Chairman of The University of Texas System Board of Regents, following his initial appointment to that board in 2017. Previously, Mr. Eltife served as a Texas State Senator and as the Mayor of Tyler, Texas. Mr. Eltife has significant expertise in overseeing sophisticated real estate development projects, a strong background in executive leadership and governance, and considerable policymaking and civic engagement experience. In addition, he is highly regarded in Texas, which is a key market for us. Public Company Directorships: n KB Home Other Professional Experience: n Chairman, The University of Texas System Board of Regents (2018 – Present; Member 2017 – Present) n Director, Citizens 1st Bank (2002 – Present) n Texas State Senator (2004-2016; President pro tempore, 2015 – 2016) n Mayor, Tyler, Texas (1996 – 2002) | |||
Dorene C. Dominguez has served since 2004 as Chairwoman and Chief Executive Officer of the Vanir Group of Companies, Inc. and its subsidiaries Vanir Construction Management, Inc. and Vanir Development Company, Inc., which provide a wide range of program, project and construction management services for clients in the healthcare, education, justice, water/wastewater, public buildings, transportation and energy markets throughout the United States. Ms. Dominguez also serves as Chair of The Dominguez Dream, a nonprofit organization that provides academic enrichment programs in math, science, language arts and engineering to elementary schools in underserved communities. Ms. Dominguez has extensive experience in executive management, finance, and civic engagement, as well as significant expertise in project and asset management and real estate development. She also has a substantial presence and is well regarded in California, an important market for us. Public Company Directorships: n KB Home n Douglas Emmett, Inc. n CIT Group (2017 – 2022) Other Professional Experience: n Advisory Board Member, Aspen Institute Latinos and Society (AILAS) Program (2020 – Present) n Hesburgh Trustee, University of Notre Dame (2024 – Present) n Board of Trustees Member, University of Notre Dame (2018 – 2024) n Board Member, Pride Industries, nonprofit employer of individuals with disabilities (2009 – 2023) n Board Member, CIT Bank, N.A. (2017 – 2022) n Member, The Coca-Cola Company Hispanic Advisory Council (2016 – 2022) | |||
Arthur R. Collins is the founder and Chairman of theGROUP, a strategy, policy and communications firm. Prior to founding theGROUP in 2011, Mr. Collins was Chairman and CEO of Public Private Partnership, Inc., which he established in 1989. Mr. Collins has deep experience advising corporate, governmental, nonprofit and political organizations across a broad range of matters, including national security, energy, healthcare, agriculture, information technology, transportation, manufacturing and financial services. He also has a substantial presence in Washington, D.C. and the Southeast United States, where we have significant business operations. Public Company Directorships: n KB Home n Aflac Incorporated n RLJ Lodging Trust Other Professional Experience: n Member, Ford’s Theatre Board of Trustees (2022 – Present) n Member, Smithsonian National Museum of Asian Art Board of Trustees (2022 – Present) n Chairman, Morehouse School of Medicine Board of Trustees (2008 – Present) n Vice Chair, Brookings Institution Board of Trustees (2014 – 2023) n Member, Meridian International Center Board of Trustees (2011 – 2017) n Chairman, Florida A&M University Board of Trustees (2001 – 2003) | |||
Jose M. Barra is a business leader with 30+ years of diverse experience in retail, healthcare, and management consulting, as well as a skilled strategist with significant P&L experience who has successfully guided enterprises ranging from entrepreneurial startups to multi-billion business portfolios in Fortune 20 companies in generating profitable growth. Mr. Barra joined The Home Depot, Inc., the world’s largest home improvement retailer, in 2017 as Senior Vice President of Merchandising Services. In this capacity, he led a team of over 26,000 associates responsible for enhancing in-store environments and executing merchandising strategies. In 2018, he was promoted to Senior Vice President of Merchandising Décor, where he oversaw the strategic direction and financial performance of key product categories, including flooring, paint, kitchen, bath, appliances, lighting, and window coverings, through October 2024. Before joining Home Depot, Mr. Barra served as an Executive Vice President of Optum Inc., a diversified health and well-being company and subsidiary of UnitedHealth Group Incorporated, a managed healthcare and insurance company. Prior to that, he served as Executive Vice President of merchandising, essentials and hardlines at Target Corporation, one of the largest retailers in the U.S., where he was responsible for the strategic direction and financial performance of 10 divisions that generated more than 60% of total company revenues. Earlier in his career, Mr. Barra also held positions with McKinsey & Company and served as managing director of the real estate and new business development arm of the largest retail conglomerate in Ecuador. In addition to his proven leadership skills, Mr. Barra is a highly respected retail executive who brings significant experience, expertise and insight into home design, the customer experience and consumer trends, and a presence in the Southeast United States, a significant region for KB Home. Public Company Directorships: n KB Home Other Professional Experience: n Board Member, The Home Depot Foundation (2022 – 2024) n Senior Vice President, Merchandising Décor, The Home Depot, Inc. (2018-2024) n Senior Vice President, Merchandising Services, The Home Depot, Inc. (2017 – 2018) n Executive Vice President and Chief Executive Officer Consumer Solutions Group, Optum, UnitedHealth Group Incorporated (2016 – 2017; Executive Vice President, 2015 – 2016) n Executive Vice President, Merchandising, Target Corporation (2014 – 2015) |
Fiscal
Year |
Salary
($) |
Bonus
($) |
Stock
Awards ($) |
Non-Equity
Incentive Plan Compensation ($) |
Change in Pension
Value and Nonqualified Deferred Compensation Earnings ($) |
All Other
Compensation ($) |
Total
($) |
|||||||||||||||||||||||
Jeffrey T. Mezger, Chairman and Chief Executive Officer | ||||||||||||||||||||||||||||||
2024 | $ | 1,150,000 | $ | — | $ | 8,699,979 | $ | 6,295,702 | $ | 482,359 | $ | 81,291 | $ | 16,709,331 | ||||||||||||||||
2023 | 1,150,000 | — | 7,178,664 | 7,280,000 | — | 80,391 | 15,689,055 | |||||||||||||||||||||||
2022 | 1,150,000 | — | 7,105,882 | 7,480,000 | — | 78,909 | 15,814,791 | |||||||||||||||||||||||
Jeff J. Kaminski, Executive Vice President and Chief Financial Officer | ||||||||||||||||||||||||||||||
2024 | 840,417 | — | — | 2,249,419 | — | 63,516 | 3,153,352 | |||||||||||||||||||||||
2023 | 812,500 | — | 1,500,017 | 2,122,653 | — | 61,841 | 4,497,011 | |||||||||||||||||||||||
2022 | 785,417 | — | 1,400,008 | 2,272,201 | — | 60,234 | 4,517,860 | |||||||||||||||||||||||
Robert V. McGibney, President and Chief Operating Officer | ||||||||||||||||||||||||||||||
2024 | 891,667 | — | 2,999,978 | 3,768,968 | — | 66,531 | 7,727,144 | |||||||||||||||||||||||
2023 | 820,833 | — | 2,249,982 | 3,723,971 | — | 62,281 | 6,857,067 | |||||||||||||||||||||||
2022 | 770,833 | — | 1,999,998 | 3,656,299 | — | 59,308 | 6,486,438 | |||||||||||||||||||||||
Albert Z. Praw, Executive Vice President, Real Estate and Business Development | ||||||||||||||||||||||||||||||
2024 | 700,417 | — | 949,978 | 1,803,306 | — | 54,648 | 3,508,349 | |||||||||||||||||||||||
2023 | 675,417 | — | 950,002 | 1,701,060 | — | 53,148 | 3,379,627 | |||||||||||||||||||||||
2022 | 650,417 | — | 899,986 | 1,821,451 | — | 51,666 | 3,423,520 | |||||||||||||||||||||||
Brian J. Woram, Executive Vice President and General Counsel | ||||||||||||||||||||||||||||||
2024 | 700,417 | — | 1,019,880 | 1,601,600 | — | 48,008 | 3,369,905 | |||||||||||||||||||||||
2023 | 675,417 | — | 931,376 | 1,545,600 | — | 47,866 | 3,200,259 | |||||||||||||||||||||||
2022 | 650,417 | — | 1,045,327 | 1,489,600 | — | 52,134 | 3,237,478 |
No Customers Found
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|---|---|---|
MEZGER JEFFREY T | - | 1,491,300 | 0 |
LORA MELISSA | - | 190,268 | 0 |
Woram Brian J | - | 175,942 | 0 |
Woram Brian J | - | 156,654 | 0 |
HOLLINGER WILLIAM R | - | 155,769 | 0 |
HOLLINGER WILLIAM R | - | 134,422 | 0 |
Kaminski Jeff | - | 124,522 | 0 |
PRAW ALBERT Z | - | 104,062 | 0 |
Gilligan Thomas W. | - | 48,217 | 0 |
Weaver James C. | - | 41,974 | 0 |
Gabriel Stuart A | - | 35,292 | 0 |
Kaminski Jeff | - | 34,473 | 0 |
McGibney Robert V. | - | 26,008 | 0 |
Barra Jose Miguel | - | 12,066 | 0 |
Collins Arthur Reginald | - | 10,262 | 0 |
HENRY CHERYL JANET | - | 1,018 | 0 |