KB Home Reports 2018 Third Quarter Results
Revenues Up 7% to
Housing Gross Profit
Margin Expands 180 Basis Points;
Earnings Per Diluted Share
Increases 71% to
“We produced solid third quarter results, generating a 71% increase in
our diluted earnings per share,” said
“Our strong earnings growth coupled with the substantial cash flows we
have generated provides us with considerable flexibility to increase the
scale of our business,” continued Mezger. “During the quarter, we
significantly expanded our existing
Three Months Ended
-
Total revenues grew 7% to
$1.23 billion . - Deliveries rose 8% to 2,988 homes.
-
Average selling price decreased slightly to
$408,200 . -
Homebuilding operating income increased 38% to
$105.6 million . Homebuilding operating income margin improved 190 basis points to 8.6%. Excluding inventory-related charges of$8.4 million in the quarter and$8.1 million in the year-earlier quarter, this metric improved to 9.3% from 7.4%.-
Housing gross profit margin expanded 180 basis points to 18.0%.
- Housing gross profit margin excluding inventory-related charges improved to 18.7% from 16.9%.
- Adjusted housing gross profit margin, a metric that excludes inventory-related charges and the amortization of previously capitalized interest, rose 140 basis points to 23.1%.
- Selling, general and administrative expenses as a percentage of housing revenues were 9.4%, improving 20 basis points to a new third-quarter record low.
-
Housing gross profit margin expanded 180 basis points to 18.0%.
-
Equity in income of unconsolidated joint ventures increased to
$3.5 million from a loss of$.8 million , primarily due to a land sale gain recognized by an unconsolidated joint venture inArizona . -
Total pretax income increased 45% to
$114.7 million . - The Company’s effective tax rate of approximately 24% decreased from approximately 37%, mainly due to the reduction in the federal corporate income tax rate under the Tax Cuts and Jobs Act (“TCJA”).
-
Net income rose 74% to
$87.5 million , and earnings per share increased 71% to$.87 per diluted share.
Nine Months Ended
-
Total revenues grew 8% to
$3.20 billion . - Deliveries increased 5% to 7,928 homes.
-
Average selling price rose 3% to
$400,800 . -
Homebuilding operating income increased 48% to
$223.8 million . -
Pretax income rose 57% to
$239.0 million . -
The Company’s income tax expense of
$165.5 million and effective tax rate of approximately 69% primarily reflected a non-cash charge of$111.2 million recorded in the 2018 first quarter for the impact of the TCJA.-
Excluding this charge, the Company’s adjusted income tax expense
and adjusted effective tax rate were
$54.3 million and approximately 23%, respectively. -
In the nine months ended
August 31, 2017 , the Company’s income tax expense and effective tax rate were$56.4 million and approximately 37%, respectively.
-
Excluding this charge, the Company’s adjusted income tax expense
and adjusted effective tax rate were
-
Net income totaled
$73.5 million , or$.75 per diluted share. Excluding the TCJA-related charge, the Company’s adjusted net income was$184.7 million , or$1.84 per diluted share, compared to$96.2 million , or$1.00 per diluted share.
Backlog and Net Orders (comparisons on a year-over-year basis)
-
Net orders for the third quarter increased 3% to 2,685. Net order
value declined 5% to
$1.02 billion .- Company-wide, net orders per community averaged 4.1 per month, up 11% from 3.7 per month, reflecting increases in each of the Company’s four regions.
- The cancellation rate as a percentage of gross orders was 26% for the third quarter, compared to 25%.
-
The number of homes in ending backlog increased slightly to 5,484,
while ending backlog value decreased 4% to
$2.04 billion .-
The decrease in backlog value was mainly due to a shift in
geographic mix from the Company’s
West Coast region, where the average community count for the quarter was 16% lower.
-
The decrease in backlog value was mainly due to a shift in
geographic mix from the Company’s
- Ending community count declined 3% to 224. Average community count decreased 7% to 217.
Balance Sheet as of
-
The Company had total liquidity of
$816.7 million , including cash and cash equivalents of$354.4 million .- There were no cash borrowings outstanding under the Company’s unsecured revolving credit facility.
-
Reflecting a
$321.0 million increase in the Company’s investments in land and land development, operating activities used net cash of$49.5 million for the first nine months of 2018. For the corresponding period of 2017, operating activities provided net cash of$103.3 million .
-
Inventories increased by
$425.5 million , or 13%, to$3.69 billion .-
Land acquisition and development rose 29% to
$1.44 billion for the nine months endedAugust 31, 2018 , compared to$1.12 billion for the corresponding period of 2017.-
Total investments for the quarter increased 44% from the
year-earlier quarter to
$600.9 million , including the Company’s expansion of itsJacksonville, Florida operations and its entry into theSeattle, Washington market.
-
Total investments for the quarter increased 44% from the
year-earlier quarter to
- Lots owned or controlled grew 15% to 53,399, of which 75% were owned.
-
The Company reduced its land held for future development or sale
by
$135.2 million to $240.0 million , or 7% of total inventories.
-
Land acquisition and development rose 29% to
-
Notes payable decreased by
$261.7 million to $2.06 billion , largely due to the Company’s repayment of the entire$300.0 million in aggregate principal amount of its 7 1/4% Senior Notes upon theirJune 15, 2018 maturity using internally generated cash.- The ratio of debt to capital improved 410 basis points to 50.6%. The ratio of net debt to capital was essentially flat at 45.9% and remained within the Company’s 2019 target range under its Returns-Focused Growth Plan.
-
On
August 31, 2018 , Fitch upgraded the Company’s credit rating to BB- with a stable outlook.
-
Stockholders’ equity increased by
$89.6 million to $2.02 billion , with the Company’s earnings over the nine months endedAugust 31, 2018 more than offsetting the effect of the$111.2 million TCJA-related charge in the 2018 first quarter. Book value per share grew by$.68 to $22.81 .
Earnings Conference Call
The conference call to discuss the Company’s third quarter 2018 earnings
will be broadcast live TODAY at
About
Forward-Looking and Cautionary Statements
Certain matters discussed in this press release, including any
statements that are predictive in nature or concern future market and
economic conditions, business and prospects, our future financial and
operational performance, or our future actions and their expected
results are “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements are based on current expectations and projections about
future events and are not guarantees of future performance. We do not
have a specific policy or intent of updating or revising forward-looking
statements. Actual events and results may differ materially from those
expressed or forecasted in forward-looking statements due to a number of
factors. The most important risk factors that could cause our actual
performance and future events and actions to differ materially from such
forward-looking statements include, but are not limited to the
following: general economic, employment and business conditions;
population growth, household formations and demographic trends;
conditions in the capital, credit and financial markets; our ability to
access external financing sources and raise capital through the issuance
of common stock, debt or other securities, and/or project financing, on
favorable terms; the execution of any share repurchases pursuant to our
board of directors’ authorization; material and trade costs and
availability; changes in interest rates; our debt level, including our
ratio of debt to capital, and our ability to adjust our debt level and
maturity schedule; our compliance with the terms of our revolving credit
facility; volatility in the market price of our common stock; weak or
declining consumer confidence, either generally or specifically with
respect to purchasing homes; competition from other sellers of new and
resale homes; weather events, significant natural disasters and other
climate and environmental factors; government actions, policies,
programs and regulations directed at or affecting the housing market
(including the TCJA, the Dodd-Frank Act, tax benefits associated with
purchasing and owning a home, and the standards, fees and size limits
applicable to the purchase or insuring of mortgage loans by
government-sponsored enterprises and government agencies), the
homebuilding industry, or construction activities; changes in existing
tax laws or enacted corporate income tax rates, including those
resulting from regulatory guidance and interpretations issued with
respect to the TCJA; changes in U.S. trade policies, including the
imposition of tariffs and duties on homebuilding materials and products,
and related trade disputes with and retaliatory measures taken by other
countries; the availability and cost of land in desirable areas; our
warranty claims experience with respect to homes previously delivered
and actual warranty costs incurred; costs and/or charges arising from
regulatory compliance requirements or from legal, arbitral or regulatory
proceedings, investigations, claims or settlements, including
unfavorable outcomes in any such matters resulting in actual or
potential monetary damage awards, penalties, fines or other direct or
indirect payments, or injunctions, consent decrees or other voluntary or
involuntary restrictions or adjustments to our business operations or
practices that are beyond our current expectations and/or accruals; our
ability to use/realize the net deferred tax assets we have generated;
our ability to successfully implement our current and planned strategies
and initiatives related to our product, geographic and market
positioning, gaining share and scale in our served markets and in
entering into new markets; our operational and investment concentration
in markets in
KB HOME CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months and Nine Months Ended August 31, 2018 and 2017 (In Thousands, Except Per Share Amounts - Unaudited) |
|||||||||||||||||
Three Months Ended August 31, | Nine Months Ended August 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Total revenues | $ | 1,225,347 | $ | 1,144,001 | $ | 3,198,393 | $ | 2,965,391 | |||||||||
Homebuilding: | |||||||||||||||||
Revenues | $ | 1,221,875 | $ | 1,140,787 | $ | 3,189,753 | $ | 2,957,105 | |||||||||
Costs and expenses | (1,116,262 | ) | (1,064,096 | ) | (2,965,939 | ) | (2,805,578 | ) | |||||||||
Operating income | 105,613 | 76,691 | 223,814 | 151,527 | |||||||||||||
Interest income | 458 | 347 | 2,739 | 747 | |||||||||||||
Interest expense | — | — | — | (6,307 | ) | ||||||||||||
Equity in income (loss) of unconsolidated joint ventures | 3,493 | (814 | ) | 2,326 | (679 | ) | |||||||||||
Homebuilding pretax income | 109,564 | 76,224 | 228,879 | 145,288 | |||||||||||||
Financial services: | |||||||||||||||||
Revenues | 3,472 | 3,214 | 8,640 | 8,286 | |||||||||||||
Expenses | (945 | ) | (890 | ) | (2,855 | ) | (2,525 | ) | |||||||||
Equity in income of unconsolidated joint ventures | 2,585 | 660 | 4,365 | 1,600 | |||||||||||||
Financial services pretax income | 5,112 | 2,984 | 10,150 | 7,361 | |||||||||||||
Total pretax income | 114,676 | 79,208 | 239,029 | 152,649 | |||||||||||||
Income tax expense | (27,200 | ) | (29,000 | ) | (165,500 | ) | (56,400 | ) | |||||||||
Net income | $ | 87,476 | $ | 50,208 | $ | 73,529 | $ | 96,249 | |||||||||
Earnings per share: | |||||||||||||||||
Basic | $ | .99 | $ | .58 | $ | .83 | $ | 1.12 | |||||||||
Diluted | $ | .87 | $ | .51 | $ | .75 | $ | 1.00 | |||||||||
Weighted average shares outstanding: | |||||||||||||||||
Basic | 87,951 | 85,974 | 87,565 | 85,517 | |||||||||||||
Diluted | 101,072 | 98,912 | 101,213 | 97,624 | |||||||||||||
KB HOME CONSOLIDATED BALANCE SHEETS (In Thousands - Unaudited) |
||||||||
August 31, 2018 |
November 30, 2017 |
|||||||
Assets | ||||||||
Homebuilding: | ||||||||
Cash and cash equivalents | $ | 354,361 | $ | 720,630 | ||||
Receivables | 279,608 | 244,213 | ||||||
Inventories | 3,688,855 | 3,263,386 | ||||||
Investments in unconsolidated joint ventures | 62,436 | 64,794 | ||||||
Deferred tax assets, net | 468,969 | 633,637 | ||||||
Other assets | 108,919 | 102,498 | ||||||
4,963,148 | 5,029,158 | |||||||
Financial services | 11,541 | 12,357 | ||||||
Total assets | $ | 4,974,689 | $ | 5,041,515 | ||||
Liabilities and stockholders’ equity | ||||||||
Homebuilding: | ||||||||
Accounts payable | $ | 259,947 | $ | 213,463 | ||||
Accrued expenses and other liabilities | 634,466 | 575,930 | ||||||
Notes payable | 2,063,127 | 2,324,845 | ||||||
2,957,540 | 3,114,238 | |||||||
Financial services | 1,200 | 966 | ||||||
Stockholders’ equity | 2,015,949 | 1,926,311 | ||||||
Total liabilities and stockholders’ equity | $ | 4,974,689 | $ | 5,041,515 | ||||
KB HOME SUPPLEMENTAL INFORMATION For the Three Months and Nine Months Ended August 31, 2018 and 2017 (In Thousands, Except Average Selling Price - Unaudited) |
|||||||||||||||||
Three Months Ended August 31, | Nine Months Ended August 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Homebuilding revenues: | |||||||||||||||||
Housing | $ | 1,219,620 | $ | 1,137,406 | $ | 3,177,928 | $ | 2,944,013 | |||||||||
Land | 2,255 | 3,381 | 11,825 | 13,092 | |||||||||||||
Total | $ | 1,221,875 | $ | 1,140,787 | $ | 3,189,753 | $ | 2,957,105 | |||||||||
Homebuilding costs and expenses: | |||||||||||||||||
Construction and land costs | |||||||||||||||||
Housing | $ | 999,499 | $ | 953,413 | $ | 2,631,634 | $ | 2,488,577 | |||||||||
Land | 2,010 | 1,588 | 10,597 | 11,100 | |||||||||||||
Subtotal | 1,001,509 | 955,001 | 2,642,231 | 2,499,677 | |||||||||||||
Selling, general and administrative expenses | 114,753 | 109,095 | 323,708 | 305,901 | |||||||||||||
Total | $ | 1,116,262 | $ | 1,064,096 | $ | 2,965,939 | $ | 2,805,578 | |||||||||
Interest expense: | |||||||||||||||||
Interest incurred | $ | 35,228 | $ | 43,434 | $ | 115,096 | $ | 131,172 | |||||||||
Loss on early extinguishment of debt | — | — | — | 5,685 | |||||||||||||
Interest capitalized | (35,228 | ) | (43,434 | ) | (115,096 | ) | (130,550 | ) | |||||||||
Total | $ | — | $ | — | $ | — | $ | 6,307 | |||||||||
Other information: | |||||||||||||||||
Depreciation and amortization | $ | 2,183 | $ | 2,343 | $ | 6,559 | $ | 7,157 | |||||||||
Amortization of previously capitalized interest | 53,288 | 55,204 | 148,071 | 145,059 | |||||||||||||
Average selling price: | |||||||||||||||||
West Coast | $ | 693,200 | $ | 682,500 | $ | 675,200 | $ | 639,600 | |||||||||
Southwest | 308,300 | 291,400 | 306,800 | 290,000 | |||||||||||||
Central | 301,000 | 280,800 | 300,400 | 282,100 | |||||||||||||
Southeast | 283,300 | 277,300 | 280,800 | 284,500 | |||||||||||||
Total | $ | 408,200 | $ | 411,400 | $ | 400,800 | $ | 389,000 | |||||||||
KB HOME SUPPLEMENTAL INFORMATION For the Three Months and Nine Months Ended August 31, 2018 and 2017 (Dollars in Thousands - Unaudited) |
||||||||||||||||
Three Months Ended August 31, | Nine Months Ended August 31, | |||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||
Homes delivered: | ||||||||||||||||
West Coast | 825 | 890 | 2,155 | 2,226 | ||||||||||||
Southwest | 636 | 454 | 1,724 | 1,297 | ||||||||||||
Central | 1,082 | 1,032 | 2,911 | 2,898 | ||||||||||||
Southeast | 445 | 389 | 1,138 | 1,148 | ||||||||||||
Total | 2,988 | 2,765 | 7,928 | 7,569 | ||||||||||||
Net orders: | ||||||||||||||||
West Coast | 724 | 853 | 2,500 | 2,744 | ||||||||||||
Southwest | 505 | 549 | 1,715 | 1,634 | ||||||||||||
Central | 986 | 859 | 3,329 | 3,094 | ||||||||||||
Southeast | 470 | 347 | 1,457 | 1,132 | ||||||||||||
Total | 2,685 | 2,608 | 9,001 | 8,604 | ||||||||||||
Net order value: | ||||||||||||||||
West Coast | $ | 424,956 | $ | 547,049 | $ | 1,620,241 | $ | 1,835,910 | ||||||||
Southwest | 167,247 | 168,300 | 544,448 | 484,833 | ||||||||||||
Central | 280,088 | 256,502 | 960,688 | 899,392 | ||||||||||||
Southeast | 145,787 | 100,081 | 427,763 | 320,731 | ||||||||||||
Total | $ | 1,018,078 | $ | 1,071,932 | $ | 3,553,140 | $ | 3,540,866 | ||||||||
August 31, 2018 | August 31, 2017 | |||||||||||||||
Homes | Value | Homes | Value | |||||||||||||
Backlog data: | ||||||||||||||||
West Coast | 1,227 | $ | 771,264 | 1,431 | $ | 938,902 | ||||||||||
Southwest | 1,079 | 343,093 | 1,141 | 336,523 | ||||||||||||
Central | 2,200 | 627,916 | 2,175 | 641,101 | ||||||||||||
Southeast | 978 | 293,070 | 708 | 199,416 | ||||||||||||
Total | 5,484 | $ | 2,035,343 | 5,455 | $ | 2,115,942 | ||||||||||
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
(In
Thousands, Except Percentages and Per Share Amounts - Unaudited)
This press release contains, and Company management’s discussion of the results presented in this press release may include, information about the Company’s adjusted housing gross profit margin, adjusted income tax expense, adjusted net income, adjusted diluted earnings per share, adjusted effective tax rate and ratio of net debt to capital, none of which are calculated in accordance with generally accepted accounting principles (“GAAP”). The Company believes these non-GAAP financial measures are relevant and useful to investors in understanding its operations and the leverage employed in its operations, and may be helpful in comparing the Company with other companies in the homebuilding industry to the extent they provide similar information. However, because they are not calculated in accordance with GAAP, these non-GAAP financial measures may not be completely comparable to other companies in the homebuilding industry and, thus, should not be considered in isolation or as an alternative to operating performance and/or financial measures prescribed by GAAP. Rather, these non-GAAP financial measures should be used to supplement their respective most directly comparable GAAP financial measures in order to provide a greater understanding of the factors and trends affecting the Company’s operations.
Adjusted Housing Gross Profit Margin
The following table reconciles the Company’s housing gross profit margin calculated in accordance with GAAP to the non-GAAP financial measure of the Company’s adjusted housing gross profit margin:
Three Months Ended August 31, | Nine Months Ended August 31, | ||||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||||
Housing revenues | $ | 1,219,620 | $ | 1,137,406 | $ | 3,177,928 | $ | 2,944,013 | |||||||||
Housing construction and land costs | (999,499 | ) | (953,413 | ) | (2,631,634 | ) | (2,488,577 | ) | |||||||||
Housing gross profits | 220,121 | 183,993 | 546,294 | 455,436 | |||||||||||||
Add: Inventory-related charges (a) | 8,414 | 8,113 | 19,925 | 18,122 | |||||||||||||
Housing gross profits excluding inventory-related charges | 228,535 | 192,106 | 566,219 | 473,558 | |||||||||||||
Add: Amortization of previously capitalized interest (b) | 53,016 | 55,036 | 143,733 | 143,254 | |||||||||||||
Adjusted housing gross profits | $ | 281,551 | $ | 247,142 | $ | 709,952 | $ | 616,812 | |||||||||
Housing gross profit margin | 18.0 | % | 16.2 | % | 17.2 | % | 15.5 | % | |||||||||
Housing gross profit margin excluding inventory-related charges | 18.7 | % | 16.9 | % | 17.8 | % | 16.1 | % | |||||||||
Adjusted housing gross profit margin | 23.1 | % | 21.7 | % | 22.3 | % | 21.0 | % | |||||||||
(a) | Represents inventory impairment and land option contract abandonment charges associated with housing operations. | ||
(b) | Represents the amortization of previously capitalized interest associated with housing operations. |
Adjusted housing gross profit margin is a non-GAAP financial measure, which the Company calculates by dividing housing revenues less housing construction and land costs excluding (1) housing inventory impairment and land option contract abandonment charges (as applicable) recorded during a given period and (2) amortization of previously capitalized interest associated with housing operations, by housing revenues. The most directly comparable GAAP financial measure is housing gross profit margin. The Company believes adjusted housing gross profit margin is a relevant and useful financial measure to investors in evaluating the Company’s performance as it measures the gross profits the Company generated specifically on the homes delivered during a given period. This non-GAAP financial measure isolates the impact that housing inventory impairment and land option contract abandonment charges, and the amortization of previously capitalized interest associated with housing operations, have on housing gross profit margins, and allows investors to make comparisons with the Company’s competitors that adjust housing gross profit margins in a similar manner. The Company also believes investors will find adjusted housing gross profit margin relevant and useful because it represents a profitability measure that may be compared to a prior period without regard to variability of housing inventory impairment and land option contract abandonment charges, and amortization of previously capitalized interest associated with housing operations. This financial measure assists management in making strategic decisions regarding community location and product mix, product pricing and construction pace.
Adjusted Income Tax Expense, Adjusted Net Income, Adjusted Diluted Earnings Per Share and Adjusted Effective Tax Rate
The following table reconciles the Company’s income tax expense, net
income, diluted earnings per share and effective tax rate for the nine
months ended
Nine Months Ended August 31, | |||||||||||||||||
2018 | 2017 | ||||||||||||||||
As Reported | TCJA Adjustment | As Adjusted | As Reported | ||||||||||||||
Total pretax income | $ | 239,029 | $ | — | $ | 239,029 | $ | 152,649 | |||||||||
Income tax expense (a) | (165,500 | ) | 111,200 | (54,300 | ) | (56,400 | ) | ||||||||||
Net income | $ | 73,529 | $ | 111,200 | $ | 184,729 | $ | 96,249 | |||||||||
Diluted earnings per share | $ | .75 | $ | 1.84 | $ | 1.00 | |||||||||||
Weighted average shares outstanding — diluted | 101,213 | 101,213 | 97,624 | ||||||||||||||
Effective tax rate (a) | 69 | % | 23 | % | 37 | % | |||||||||||
(a) | For the nine months ended August 31, 2018, income tax expense and adjusted income tax expense, as well as the related effective tax rate and adjusted effective tax rate, include the favorable impacts of the reduction in the federal corporate income tax rate from 35% to 21%, effective January 1, 2018, $7.2 million of federal energy tax credits the Company earned from building energy efficient homes, and $3.0 million of excess tax benefits from stock-based compensation as a result of the Company’s adoption of Accounting Standards Update No. 2016-09, “Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting,” effective December 1, 2017. For the nine months ended August 31, 2017, income tax expense and the effective tax rate included the favorable impact of $3.8 million of federal energy tax credits. |
The Company’s adjusted income tax expense, adjusted net income, adjusted
diluted earnings per share and adjusted effective tax rate are non-GAAP
financial measures, which the Company calculates by excluding a non-cash
charge of
Ratio of Net Debt to Capital
The following table reconciles the Company’s ratio of debt to capital calculated in accordance with GAAP to the non-GAAP financial measure of the Company’s ratio of net debt to capital:
August 31, 2018 |
November 30, 2017 |
||||||||
Notes payable | $ | 2,063,127 | $ | 2,324,845 | |||||
Stockholders’ equity | 2,015,949 | 1,926,311 | |||||||
Total capital | $ | 4,079,076 | $ | 4,251,156 | |||||
Ratio of debt to capital | 50.6 | % | 54.7 | % | |||||
Notes payable | $ | 2,063,127 | $ | 2,324,845 | |||||
Less: Cash and cash equivalents | (354,361 | ) | (720,630 | ) | |||||
Net debt | 1,708,766 | 1,604,215 | |||||||
Stockholders’ equity | 2,015,949 | 1,926,311 | |||||||
Total capital | $ | 3,724,715 | $ | 3,530,526 | |||||
Ratio of net debt to capital | 45.9 | % | 45.4 | % | |||||
The ratio of net debt to capital is a non-GAAP financial measure, which the Company calculates by dividing notes payable, net of homebuilding cash and cash equivalents, by capital (notes payable, net of homebuilding cash and cash equivalents, plus stockholders’ equity). The most directly comparable GAAP financial measure is the ratio of debt to capital. The Company believes the ratio of net debt to capital is a relevant and useful financial measure to investors in understanding the leverage employed in the Company’s operations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20180925005365/en/
Source:
KB Home
Investor Relations Contact
Jill Peters, 310-893-7456
jpeters@kbhome.com
or
Media
Contact
Susan Martin, 310-231-4142
smartin@kbhome.com