Revenues Total $1.16 Billion Net
Income of $68.1 Million, or $.73 Per Diluted Share Net
Orders Increase 24%; Backlog Units Up 14%
KB Home (NYSE: KBH) today reported results for its third quarter
ended August 31, 2019.
“We are extremely pleased with the strength of our third quarter
results, led by a 24% rise in net orders, with double-digit
increases in each of our four regions. Our net order growth was
driven by both significant community count expansion and a higher
absorption rate, a key operational metric where we have long been
an industry leader,” said Jeffrey Mezger, chairman, president and
chief executive officer. “Notably, during the quarter, we achieved
a community absorption pace of 4.3 net orders per month, surpassing
last year’s robust performance, while at the same time increasing
prices in about 90% of our communities.”
“With year-over-year growth in both revenues and gross profit
margin anticipated for our fourth quarter, we are on track for a
strong finish to 2019, the third year of our Returns-Focused Growth
Plan. As a result of the successful execution of this Plan, we have
meaningfully increased our scale and profitability, and generated
substantial operating cash flow that we have used to reinvest in
our business and reduce our debt, two core components of our Plan.
We expect to continue to grow our community count in 2020, and,
together with our solid pace and $2.3 billion backlog, we believe
we are well positioned for an excellent start to the new year.”
Three Months Ended August 31, 2019
(comparisons on a year-over-year basis)
- Revenues totaled $1.16 billion, compared to $1.23 billion.
- Homes delivered increased slightly to 3,022.
- Average selling price of $381,400 decreased 7%, mainly due to a
community mix shift within the Company’s West Coast region.
- Homebuilding operating income was $85.5 million, compared to
$105.6 million. Homebuilding operating income margin was 7.4%, down
120 basis points. Excluding inventory-related charges of $5.3
million in the quarter and $8.4 million in the year-earlier
quarter, this metric was 7.8%, compared to 9.3%.
- Housing gross profit margin improved 50 basis points to 18.5%.
Excluding inventory-related charges, housing gross profit margin
increased to 18.9% from 18.7%.
- The improvement in the housing gross profit margin primarily
reflected the favorable impacts of lower amortization of previously
capitalized interest and the Company’s adoption of a new accounting
standard (ASC 606) in fiscal year 2019, which were largely offset
by certain West Coast region communities with relatively high
average selling prices and margins having closed out in previous
quarters, reduced operating leverage due to lower housing revenues
and higher expenses supporting community count growth, and pricing
pressure on net orders in the 2019 first quarter as a result of
weaker market conditions during that period.
- Selling, general and administrative expenses as a percentage of
housing revenues were 11.1%, compared to last year’s third quarter
record-low ratio of 9.4%, mainly reflecting the Company’s adoption
of ASC 606, increased marketing expenses to support new community
openings, and reduced operating leverage due to lower housing
revenues.
- As a result of its adoption of ASC 606, the Company changed the
classification and timing of recognition of certain model complex
costs. In the quarter, these changes favorably impacted the
Company’s housing gross profit margin by approximately 70 basis
points and negatively impacted its selling, general and
administrative expense ratio by approximately 80 basis points.
- The Company's financial services operations generated pretax
income of $6.6 million, up from $5.1 million, mainly due to an
increase in income from its mortgage banking joint venture, KBHS
Home Loans, LLC (KBHS).
- KBHS originated 72% of the residential mortgage loans the
Company’s homebuyers obtained to finance their home purchase,
compared to 55%.
- Total pretax income was $91.9 million, compared to $114.7
million.
- The Company’s income tax expense and effective tax rate were
$23.8 million and approximately 26%, respectively, compared to
$27.2 million and approximately 24%.
- Net income totaled $68.1 million, or $.73 per diluted share,
compared to $87.5 million, or $.87 per diluted share.
Nine Months Ended August 31, 2019
(comparisons on a year-over-year basis)
- Total revenues were $2.99 billion, compared to $3.20
billion.
- Homes delivered were relatively even at 7,942.
- Average selling price decreased 7% to $373,800.
- Homebuilding operating income was $168.9 million, compared to
$223.8 million.
- Pretax income totaled $183.2 million, compared to $239.0
million.
- The Company’s income tax expense and effective tax rate were
$37.6 million and approximately 21%, respectively. For the
year-earlier period, 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 for the impact of the
Tax Cuts and Jobs Act of 2017 (“TCJA”). Excluding this charge, the
Company’s adjusted income tax expense and adjusted effective tax
rate for the 2018 period were $54.3 million and approximately 23%,
respectively.
- Net income was $145.6 million, or $1.55 per diluted share,
compared to $73.5 million, or $.75 per diluted share, which
reflected the TCJA-related charge.
Backlog and Net Orders (comparisons on
a year-over-year basis)
- Net orders for the quarter grew 24% to 3,325, with net order
value increasing 25% to $1.28 billion.
- Both net orders and net order value rose in each of the
Company’s four regions.
- Company-wide, net orders per community averaged 4.3 per month,
compared to 4.1 per month.
- The cancellation rate as a percentage of gross orders for the
2019 third quarter improved to 20% from 26%.
- The Company’s ending backlog rose 14% to 6,230 homes. Ending
backlog value grew to $2.30 billion, up 13% from $2.04 billion,
with increases in all regions.
- Average community count for the quarter increased 18% to 255,
while ending community count grew 13% to 254. The improvement in
average community count reflected growth in each of the Company’s
four regions.
Balance Sheet as of August 31, 2019
(comparisons to November 30, 2018)
- The Company had total liquidity of $610.8 million, including
cash and cash equivalents of $183.8 million and available capacity
under its unsecured revolving credit facility of $427.0 million,
with $50.0 million of cash borrowings outstanding.
- The Company used cash from earnings and certain other operating
items of $237.4 million, together with cash on hand, primarily to
fund an increase in inventories of $389.5 million and repay all
$230.0 million in aggregate principal amount of its 1.375%
convertible senior notes at their maturity. As a result, the
Company’s cash and cash equivalents decreased by $390.6
million.
- Inventories totaled $3.92 billion, up 9%.
- Investments in land acquisition and development totaled $1.22
billion for the nine months ended August 31, 2019, and lots owned
or controlled increased to 56,379.
- Notes payable decreased by $200.1 million to $1.86 billion,
primarily reflecting the above-mentioned repayment of convertible
senior notes.
- The Company’s debt to capital ratio of 45.1% improved 460 basis
points from November 30, 2018 and 550 basis points from August 31,
2018. The Company’s net debt to capital ratio was 42.6%.
- In July 2019, Moody’s Investor Service upgraded the Company’s
corporate credit rating to Ba3 from B1 and changed the rating
outlook to stable from positive.
- Stockholders’ equity increased to $2.26 billion from $2.09
billion.
- Book value per share grew by $1.58 to $25.59.
- In July 2019, the Company’s Board of Directors approved an
increase in the Company’s quarterly cash dividend on its common
stock, more than tripling it to $.09 per share. During the 2019
third quarter, the Company’s board of directors declared, and the
Company paid, a cash dividend at the new rate.
Earnings Conference Call
The conference call to discuss the Company’s 2019 third quarter
earnings will be broadcast live TODAY at 2:00 p.m. Pacific Time,
5:00 p.m. Eastern Time. To listen, please go to the Investor
Relations section of the Company’s website at www.kbhome.com.
About KB Home
KB Home (NYSE: KBH) is one of the largest and most recognized
homebuilders in the United States and has been building quality
homes for over 60 years. Today, KB Home operates in 38 markets
across eight states, serving a wide array of buyer groups. What
sets us apart is giving our customers the ability to personalize
their homes from homesites and floor plans to cabinets and
countertops, at a price that fits their needs. And as the first
builder ever to make every home we build ENERGY STAR® certified, KB
Home is able to not only design thoughtful living spaces but ones
that lower the cost of homeownership. We also work with our
customers every step of the way, building strong personal
relationships so they have a real partner in the homebuying process
and the experience is as simple and easy as possible. Learn more
about how we build homes built on relationships by visiting
kbhome.com.
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; any failure of
lawmakers to agree on a budget or appropriation legislation to fund
the federal government’s operations, and financial markets’ and
businesses’ reactions to that failure; 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 adoption of new or amended financial accounting
standards, including revenue recognition (ASC 606) and lease
accounting standards, and the guidance and/or interpretations with
respect thereto; the availability and cost of land in desirable
areas and our ability to timely develop acquired land parcels and
open new home communities; 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
California; consumer interest in our new home communities and
products, particularly from first-time homebuyers and higher-income
consumers; our ability to generate orders and convert our backlog
of orders to home deliveries and revenues, particularly in key
markets in California; our ability to successfully implement our
Returns-Focused Growth Plan and achieve the associated revenue,
margin, profitability, cash flow, community reactivation, land
sales, business growth, asset efficiency, return on invested
capital, return on equity, debt to capital ratio and other
financial and operational targets and objectives; income tax
expense volatility related to stock-based compensation; the ability
of our homebuyers to obtain residential mortgage loans and mortgage
banking services; the performance of mortgage lenders to our
homebuyers; the performance of KBHS Home Loans, LLC, our mortgage
banking joint venture with Stearns Ventures, LLC; the process and
outcome of the voluntary bankruptcy filing involving Stearns
Ventures, LLC; information technology failures and data security
breaches; and other events outside of our control. Please see our
periodic reports and other filings with the Securities and Exchange
Commission for a further discussion of these and other risks and
uncertainties applicable to our business.
KB HOME CONSOLIDATED
STATEMENTS OF OPERATIONS For the Three Months and Nine Months
Ended August 31, 2019 and 2018 (In Thousands, Except Per Share
Amounts - Unaudited)
Three Months Ended August 31,
Nine Months Ended August 31,
2019
2018
2019
2018
Total revenues
$
1,160,786
$
1,225,347
$
2,994,072
$
3,198,393
Homebuilding:
Revenues
$
1,156,855
$
1,221,875
$
2,984,314
$
3,189,753
Costs and expenses
(1,071,380
)
(1,116,262
)
(2,815,401
)
(2,965,939
)
Operating income
85,475
105,613
168,913
223,814
Interest income
201
458
1,745
2,739
Equity in income (loss) of unconsolidated
joint ventures
(384
)
3,493
(1,159
)
2,326
Homebuilding pretax income
85,292
109,564
169,499
228,879
Financial services:
Revenues
3,931
3,472
9,758
8,640
Expenses
(1,003
)
(945
)
(3,067
)
(2,855
)
Equity in income of unconsolidated joint
ventures
3,716
2,585
7,018
4,365
Financial services pretax income
6,644
5,112
13,709
10,150
Total pretax income
91,936
114,676
183,208
239,029
Income tax expense
(23,800
)
(27,200
)
(37,600
)
(165,500
)
Net income
$
68,136
$
87,476
$
145,608
$
73,529
Earnings per share:
Basic
$
.77
$
.99
$
1.65
$
.83
Diluted
$
.73
$
.87
$
1.55
$
.75
Weighted average shares
outstanding:
Basic
88,262
87,951
87,630
87,565
Diluted
92,842
101,072
94,032
101,213
KB HOME CONSOLIDATED BALANCE
SHEETS (In Thousands - Unaudited)
August 31, 2019
November 30, 2018
Assets
Homebuilding:
Cash and cash equivalents
$
183,794
$
574,359
Receivables
291,492
292,830
Inventories
3,919,076
3,582,839
Investments in unconsolidated joint
ventures
57,168
61,960
Property and equipment, net
64,119
24,283
Deferred tax assets, net
402,095
441,820
Other assets
85,515
83,100
5,003,259
5,061,191
Financial services
31,911
12,380
Total assets
$
5,035,170
$
5,073,571
Liabilities and stockholders’
equity
Homebuilding:
Accounts payable
$
281,855
$
258,045
Accrued expenses and other liabilities
629,168
666,268
Notes payable
1,860,135
2,060,263
2,771,158
2,984,576
Financial services
1,783
1,495
Stockholders’ equity
2,262,229
2,087,500
Total liabilities and stockholders’
equity
$
5,035,170
$
5,073,571
KB HOME SUPPLEMENTAL
INFORMATION For the Three Months and Nine Months Ended August
31, 2019 and 2018 (In Thousands, Except Average Selling Price -
Unaudited)
Three Months Ended August 31,
Nine Months Ended August 31,
2019
2018
2019
2018
Homebuilding revenues:
Housing
$
1,152,618
$
1,219,620
$
2,968,588
$
3,177,928
Land
4,237
2,255
15,726
11,825
Total
$
1,156,855
$
1,221,875
$
2,984,314
$
3,189,753
Homebuilding costs and
expenses:
Construction and land costs
Housing
$
939,538
$
999,499
$
2,443,937
$
2,631,634
Land
4,216
2,010
14,416
10,597
Subtotal
943,754
1,001,509
2,458,353
2,642,231
Selling, general and administrative
expenses
127,626
114,753
357,048
323,708
Total
$
1,071,380
$
1,116,262
$
2,815,401
$
2,965,939
Interest expense:
Interest incurred
$
36,024
$
35,228
$
107,356
$
115,096
Interest capitalized
(36,024
)
(35,228
)
(107,356
)
(115,096
)
Total
$
—
$
—
$
—
$
—
Other information:
Amortization of previously capitalized
interest
$
38,558
$
53,288
$
106,859
$
148,071
Depreciation and amortization
7,948
2,183
23,325
6,559
Average selling price:
West Coast
$
588,800
$
693,200
$
588,700
$
675,200
Southwest
318,400
308,300
323,700
306,800
Central
297,000
301,000
290,200
300,400
Southeast
294,000
283,300
296,400
280,800
Total
$
381,400
$
408,200
$
373,800
$
400,800
KB HOME SUPPLEMENTAL
INFORMATION For the Three Months and Nine Months Ended August
31, 2019 and 2018 (Dollars in Thousands - Unaudited)
Three Months Ended August 31,
Nine Months Ended August 31,
2019
2018
2019
2018
Homes delivered:
West Coast
838
825
2,015
2,155
Southwest
566
636
1,615
1,724
Central
1,098
1,082
2,989
2,911
Southeast
520
445
1,323
1,138
Total
3,022
2,988
7,942
7,928
Net orders:
West Coast
957
724
2,797
2,500
Southwest
706
505
2,007
1,715
Central
1,132
986
3,556
3,329
Southeast
530
470
1,704
1,457
Total
3,325
2,685
10,064
9,001
Net order value:
West Coast
$
570,531
$
424,956
$
1,655,423
$
1,620,241
Southwest
219,930
167,247
632,498
544,448
Central
331,635
280,088
1,054,203
960,688
Southeast
154,146
145,787
488,893
427,763
Total
$
1,276,242
$
1,018,078
$
3,831,017
$
3,553,140
August 31, 2019
August 31, 2018
Homes
Value
Homes
Value
Backlog data:
West Coast
1,497
$
883,765
1,227
$
771,264
Southwest
1,318
412,391
1,079
343,093
Central
2,281
674,614
2,200
627,916
Southeast
1,134
326,027
978
293,070
Total
6,230
$
2,296,797
5,484
$
2,035,343
KB HOME 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,
2019
2018
2019
2018
Housing revenues
$
1,152,618
$
1,219,620
$
2,968,588
$
3,177,928
Housing construction and land costs
(939,538
)
(999,499
)
(2,443,937
)
(2,631,634
)
Housing gross profits
213,080
220,121
524,651
546,294
Add: Inventory-related charges (a)
5,251
8,414
13,143
19,925
Housing gross profits excluding
inventory-related charges
218,331
228,535
537,794
566,219
Add: Amortization of previously
capitalized interest (b)
38,558
53,016
106,260
143,733
Adjusted housing gross profits
$
256,889
$
281,551
$
644,054
$
709,952
Housing gross profit margin
18.5
%
18.0
%
17.7
%
17.2
%
Housing gross profit margin excluding
inventory-related charges
18.9
%
18.7
%
18.1
%
17.8
%
Adjusted housing gross profit margin
22.3
%
23.1
%
21.7
%
22.3
%
(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
calculated in accordance with GAAP to the non-GAAP financial
measures of adjusted income tax expense, adjusted net income,
adjusted diluted earnings per share and adjusted effective tax
rate, respectively:
Nine Months Ended August 31,
2019
2018
As Reported
As Reported
TCJA Adjustment
As Adjusted
Total pretax income
$
183,208
$
239,029
$
—
$
239,029
Income tax expense (a)
(37,600
)
(165,500
)
111,200
(54,300
)
Net income
$
145,608
$
73,529
$
111,200
$
184,729
Diluted earnings per share
$
1.55
$
.75
$
1.84
Weighted average shares outstanding —
diluted
94,032
101,213
101,213
Effective tax rate (a)
21
%
69
%
23
%
(a)
For the nine months ended August 31, 2019,
income tax expense and the related effective tax rate primarily
reflected the favorable impacts of $4.3 million of federal energy
tax credits the Company earned from building energy-efficient
homes, a $3.3 million reversal of a deferred tax asset valuation
allowance and $2.9 million of excess tax benefits related to
stock-based compensation. 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,
included the favorable impacts of $7.2 million of federal energy
tax credits the Company earned from building energy-efficient homes
and $3.0 million of excess tax benefits related to stock-based
compensation.
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 $111.2 million recorded in the 2018
first quarter from its reported income tax expense, net income,
diluted earnings per share and effective tax rate, respectively.
This charge was primarily due to the Company’s accounting
re-measurement of its deferred tax assets based on the reduction in
the federal corporate income tax rate from 35% to 21%, effective
January 1, 2018, under the TCJA. The most directly comparable GAAP
financial measures are the Company’s income tax expense, net
income, diluted earnings per share and effective tax rate. The
Company believes these non-GAAP measures are meaningful to
investors as they allow for an evaluation of the Company’s
operating results without the impact of the TCJA-related
charge.
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, 2019
November 30, 2018
Notes payable
$
1,860,135
$
2,060,263
Stockholders’ equity
2,262,229
2,087,500
Total capital
$
4,122,364
$
4,147,763
Ratio of debt to capital
45.1
%
49.7
%
Notes payable
$
1,860,135
$
2,060,263
Less: Cash and cash equivalents
(183,794
)
(574,359
)
Net debt
1,676,341
1,485,904
Stockholders’ equity
2,262,229
2,087,500
Total capital
$
3,938,570
$
3,573,404
Ratio of net debt to capital
42.6
%
41.6
%
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/20190925005240/en/
Jill Peters, Investor Relations Contact (310) 893-7456 or
jpeters@kbhome.com
Cara Kane, Media Contact (321) 299-6844 or ckane@kbhome.com
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