WILLIAM LYON HOMES (WLH) [Rocket]

In millions, except per share items	Dec-31-18	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14	Dec-31-13	Feb-28-12	Jan-24-12
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
California	786.8	682.9	494.2	401.9		295.0
Washington	316.6	333.7	154.6	181.3
Texas	247.9
Colorado	226.5	124.5	128.5	107.0		70.3
Other	509.4	655.5	628.7	413.8		207.2
Total revenues [+]	2,087.2	1,796.5	1,406.0	1,104.1	894.8	572.5	-38.3	-8.1
Construction				25.1	37.7	32.5
Homebuilding				1,078.9	857.0	521.3
Land sales						18.7
Revenue growth [+]	16.2%	27.8%	27.4%	23.4%	56.3%
California	15.2%	38.2%	23.0%
Washington	-5.1%	115.8%	-14.7%
Colorado	82.0%	-3.2%	20.1%
Nevada	21.5%	-8.0%	46.5%
Cost of goods sold [+]	0.0	0.0	0.0	900.2	-30.7	-25.6	0.0	0.0
Homebuilding costs				879.0	-677.5	-405.5
Real estate services and land sales costs						-14.7
Construction and development costs				-21.2
Gross profit	2,087.2	1,796.5	1,406.0	203.9	925.5	598.1	-38.3	-8.1
Gross margin	100.0%	100.0%	100.0%	18.5%	103.4%	104.5%	100.0%	100.0%
Selling, general and administrative [+]	233.8	176.4	145.9	120.7	100.5	66.9	40.0	5.2
Sales and marketing	114.5	86.2	72.5	61.5	45.9	26.1	13.9	1.9
General and administrative	119.3	90.2	73.4	59.2	54.6	40.8	26.1	3.3
Other selling, general and administrative
Equity in earnings	3.1	3.7	5.6	3.2	0.6
Other operating expenses	1,710.6	1,482.1	1,166.2	2.9	743.6	475.4	-83.0	-10.7
EBITDA [+]	153.6	143.6	101.6	86.1	84.7	59.7
EBITDA growth	7.0%	41.3%	17.9%	1.7%	42.0%
EBITDA margin	7.4%	8.0%	7.2%	7.8%	9.5%	10.4%	-12.2%	33.1%
Depreciation	7.7	2.0	2.0	1.7	1.1	1.9
EBITA	145.9	141.6	99.6	84.4	83.7	57.7	4.7	-2.7
EBITA margin	7.0%	7.9%	7.1%	7.6%	9.4%	10.1%	-12.2%	33.1%
Amortization of intangibles				1.0	1.8	1.9
EBIT [+]	145.9	141.6	99.6	83.5	81.9	55.9	4.7	-2.7
EBIT growth	3.0%	42.2%	19.3%	2.0%	46.6%
EBIT margin	7.0%	7.9%	7.1%	7.6%	9.1%	9.8%	-12.2%	33.1%
Non-recurring items	3.9				5.8
Interest expense	82.1	62.7	79.7	72.3		2.6
Interest expense	82.1	62.7	79.7	72.3		2.6
Other income (expense), net [+]	85.9	41.7	83.0	75.8	2.3	0.5	-11.5	231.2
Reorganization items						-0.5
Acquisition-related costs					-5.8
Gain (loss) on debt retirement	1.0	-21.8
Other	2.7	0.9	3.2	3.6	2.3	0.5	1.5	0.2
Pre-tax income	145.8	120.7	102.8	87.1	78.3	53.8	-6.9	228.5
Income taxes	-30.6	-62.9	-34.9	-26.8	23.8	82.3	0.0	0.0
Tax rate					30.4%	153.1%	0.0%	0.0%
Minority interest	23.5	9.6	8.3	2.9	9.9	6.5	-2.0	-0.1
Net income	91.6	48.1	59.7	57.3	44.6	127.6	-11.6	228.4
Net margin	4.4%	2.7%	4.2%	5.2%	5.0%	22.3%	30.3%	-2813.6%

Basic EPS [+]	$2.42	$1.30	$1.62	$1.57	$1.41	$5.16	($0.93)	$228,383.00
Growth	86.3%	-20.0%	3.5%	11.6%	-72.8%
Diluted EPS [+]	$2.32	$1.24	$1.55	$1.48	$1.34	$4.95	($0.93)	$228,383.00
Growth	86.6%	-19.8%	4.9%	10.2%	-72.9%

Shares outstanding (basic) [+]	37.8	37.0	36.8	36.5	31.8	24.7	12.5	0.0
Growth	2.1%	0.7%	0.6%	15.1%	28.4%
Shares outstanding (diluted) [+]	39.4	38.7	38.5	38.8	33.2	25.8	12.5	0.0
Growth	2.0%	0.5%	-0.8%	16.6%	28.8%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.