Senior Notes And Secured Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2013
Debt Disclosure [Abstract]  
Details Of Notes Payable And Senior Notes
Senior notes and Notes payable consist of the following (in thousands):
 
 
December 31,
 
2013
 
2012
Notes payable
 
 
 
Construction notes payable
$
24,198

 
$
13,248

Seller financing
13,862

 
—

Total notes payable
$
38,060

 
$
13,248

Senior notes
 
 
 
8  1/2% Senior notes due November 15, 2020
$
431,295

 
$
325,000

Total Senior notes and Notes payable
$
469,355

 
$
338,248
Maturities Of Notes Payable And Senior Notes
The maturities of the 8 ½% Senior notes and Notes payable are as follows as of December 31, 2013 (in thousands):
 
Year Ended December 31,
 
2014
$
1,761

2015
12,965

2016
23,334

2017
—

2018
—

Thereafter
425,000

 
$
463,060
Summary Of Senior Notes Redemption Prices Percentage
On or after November 15, 2016, California Lyon may redeem all or a portion of the New Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of the principal amount) set forth below plus accrued and unpaid interest to the applicable redemption date, if redeemed during the 12-month period beginning on November 15 of the years indicated below:
 
Year
Percentage
2016
104.250
%
2017
102.125
%
2018 and thereafter
100.000
%
Consolidating Balance Sheet
CONSOLIDATING BALANCE SHEET
December 31, 2013 (Successor)
(in thousands)
 
 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
166,516

 
$
28

 
$
5,128

 
$
—

 
$
171,672

Restricted cash
—

 
854

 
—

 
—

 
—

 
854

Receivables
—

 
15,742

 
72

 
5,025

 
—

 
20,839

Real estate inventories
 
 
 
 
 
 
 
 
 
 
 
Owned
—

 
608,965

 
3,761

 
59,064

 
—

 
671,790

Not owned
—

 
12,960

 
—

 
—

 
—

 
12,960

Deferred loan costs
—

 
9,575

 
—

 
—

 
—

 
9,575

Goodwill
—

 
14,209

 
—

 
—

 
—

 
14,209

Intangibles
—

 
2,766

 
—

 
—

 
—

 
2,766

Deferred income taxes, net
—

 
95,580

 
—

 
—

 
—

 
95,580

Other assets
—

 
9,100

 
723

 
343

 
—

 
10,166

Investments in subsidiaries
428,179

 
9,975

 
—

 
—

 
(438,154
)
 
—

Intercompany receivables
—

 
—

 
225,056

 
(15
)
 
(225,041
)
 
—

Total assets
$
428,179

 
$
946,242

 
$
229,640

 
$
69,545

 
$
(663,195
)
 
$
1,010,411

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
12,489

 
$
1,959

 
$
2,651

 
$
—

 
$
17,099

Accrued expenses
—

 
59,375

 
744

 
84

 
—

 
60,203

Liabilities from inventories not owned
—

 
12,960

 
—

 
—

 
—

 
12,960

Notes payable
—

 
12,281

 
1,762

 
24,017

 
—

 
38,060

8 1/2% Senior Notes
—

 
431,295

 
—

 
—

 
—

 
431,295

Intercompany payables
—

 
214,837

 
—

 
10,204

 
(225,041
)
 
—

Total liabilities
—

 
743,237

 
4,465

 
36,956

 
(225,041
)
 
559,617

Equity
 
 
 
 
 
 
 
 
 
 
 
William Lyon Homes stockholders’ equity
428,179

 
203,004

 
225,175

 
9,975

 
(438,154
)
 
428,179

Noncontrolling interests
—

 
—

 
—

 
22,615

 
—

 
22,615

Total liabilities and equity
$
428,179

 
$
946,241

 
$
229,640

 
$
69,546

 
$
(663,195
)
 
$
1,010,411













CONSOLIDATING BALANCE SHEET
December 31, 2012 (Successor)
(in thousands)
 
 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
—

 
$
69,376

 
$
65

 
$
1,634

 
$
—

 
$
71,075

Restricted cash
—

 
853

 
—

 
—

 
—

 
853

Receivables
—

 
11,278

 
296

 
3,215

 
—

 
14,789

Real estate inventories
 
 
 
 
 
 
 
 
 
 


Owned
—

 
398,952

 
13

 
22,665

 
—

 
421,630

Not owned
—

 
39,029

 
—

 
—

 
—

 
39,029

Deferred loan costs
—

 
7,036

 
—

 
—

 
—

 
7,036

Goodwill
—

 
14,209

 
—

 
—

 
—

 
14,209

Intangibles
—

 
4,620

 
—

 
—

 
—

 
4,620

Other assets
—

 
7,437

 
146

 
323

 
—

 
7,906

Investments in subsidiaries
62,712

 
22,148

 
—

 
—

 
(84,860
)
 
—

Intercompany receivables
—

 
—

 
207,239

 
18,935

 
(226,174
)
 
—

Total assets
$
62,712

 
$
574,938

 
$
207,759

 
$
46,772

 
$
(311,034
)
 
$
581,147

LIABILITIES AND EQUITY
 
 
 
 
 
 
 
 
 
 
 
Accounts payable
$
—

 
$
17,998

 
$
39

 
$
698

 
$
—

 
$
18,735

Accrued expenses
—

 
41,505

 
213

 
52

 
—

 
41,770

Liabilities from inventories not owned
—

 
39,029

 
—

 
—

 
—

 
39,029

Notes payable
—

 
7,809

 
—

 
5,439

 
—

 
13,248

8 1/2% Senior Notes
—

 
325,000

 
—

 
—

 
—

 
325,000

Intercompany payables
—

 
217,146

 
—

 
9,028

 
(226,174
)
 
—

Total liabilities
—

 
648,487

 
252

 
15,217

 
(226,174
)
 
437,782

Redeemable convertible preferred stock
—

 
71,246

 
—

 
—

 
—

 
71,246

Equity
 
 
 
 
 
 
 
 
 
 
 
William Lyon Homes stockholders’ equity (deficit)
62,712

 
(144,795
)
 
207,507

 
22,148

 
(84,860
)
 
62,712

Noncontrolling interests
—

 
—

 
—

 
9,407

 
—

 
9,407

Total liabilities and equity
$
62,712

 
$
574,938

 
$
207,759

 
$
46,772

 
$
(311,034
)
 
$
581,147


 
Consolidating Statement Of Operations
CONSOLIDATING STATEMENT OF OPERATIONS
Year Ended December 31, 2013 (Successor)
(in thousands)
 
 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
Sales
$
—

 
$
310,919

 
$
180,673

 
$
48,410

 
$
—

 
$
540,002

Construction services
—

 
32,533

 
—

 
—

 
—

 
32,533

Management fees
—

 
1,351

 
—

 
—

 
(1,351
)
 
—

 
—

 
344,803

 
180,673

 
48,410

 
(1,351
)
 
572,535

Operating costs
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(236,165
)
 
(150,450
)
 
(34,924
)
 
1,351

 
(420,188
)
Construction services
—

 
(25,598
)
 
—

 
—

 
—

 
(25,598
)
Sales and marketing
—

 
(15,615
)
 
(8,908
)
 
(1,579
)
 
—

 
(26,102
)
General and administrative
—

 
(37,031
)
 
(3,720
)
 
(19
)
 
—

 
(40,770
)
Amortization of intangible assets
—

 
(1,854
)
 
—

 
—

 
—

 
(1,854
)
Other
—

 
(2,163
)
 
(3
)
 
—

 
—

 
(2,166
)
 
—

 
(318,426
)
 
(163,081
)
 
(36,522
)
 
1,351

 
(516,678
)
Income from subsidiaries
129,132

 
21,889

 
—

 
—

 
(151,021
)
 
—

Operating income
129,132

 
48,266

 
17,592

 
11,888

 
(151,021
)
 
55,857

Interest expense, net of amounts capitalized
—

 
(2,476
)
 
(126
)
 
—

 
—

 
(2,602
)
Other income (expense), net
—

 
1,745

 
(147
)
 
(1,088
)
 
—

 
510

Income before reorganization items and benefit (provision) for income taxes
129,132

 
47,535

 
17,319

 
10,800

 
(151,021
)
 
53,765

Reorganization items, net
—

 
(464
)
 
—

 
—

 
—

 
(464
)
Income before benefit (provision) for income taxes
129,132

 
47,071

 
17,319

 
10,800

 
(151,021
)
 
53,301

Benefit (provision) for income taxes
—

 
82,315

 
(13
)
 
—

 
—

 
82,302

Net income
129,132

 
129,386

 
17,306

 
10,800

 
(151,021
)
 
135,603

Less: Net income attributable to noncontrolling interests
—

 
—

 
—

 
(6,471
)
 
—

 
(6,471
)
Net income attributable to William Lyon Homes
129,132

 
129,386

 
17,306

 
4,329

 
(151,021
)
 
129,132

Preferred stock dividends
(1,528
)
 
—

 
—

 
—

 
—

 
(1,528
)
Net income available to common stockholders
$
127,604

 
$
129,386

 
$
17,306

 
$
4,329

 
$
(151,021
)
 
$
127,604









CONSOLIDATING STATEMENT OF OPERATIONS
Period from February 25, 2012 through
December 31, 2012 (Successor)
(in thousands)
 
 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
Sales
$
—

 
$
198,108

 
$
47,989

 
$
102,838

 
$
—

 
$
348,935

Construction services
—

 
23,825

 
—

 
—

 
—

 
23,825

Management fees
—

 
534

 
—

 
—

 
(534
)
 
—

 
—

 
222,467

 
47,989

 
102,838

 
(534
)
 
372,760

Operating costs
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(163,083
)
 
(41,516
)
 
(93,924
)
 
534

 
(297,989
)
Construction services
—

 
(21,416
)
 
—

 
—

 
—

 
(21,416
)
Sales and marketing
—

 
(10,705
)
 
(2,617
)
 
(606
)
 
—

 
(13,928
)
General and administrative
—

 
(25,872
)
 
(221
)
 
(2
)
 
—

 
(26,095
)
Amortization of intangible assets
—

 
(5,757
)
 
—

 
—

 
—

 
(5,757
)
Other
—

 
(3,027
)
 
(2
)
 
120

 
—

 
(2,909
)
 
—

 
(229,860
)
 
(44,356
)
 
(94,412
)
 
534

 
(368,094
)
(Loss) income from subsidiaries
(8,859
)
 
11,681

 
—

 
—

 
(2,822
)
 
—

Operating (loss) income
(8,859
)
 
4,288

 
3,633

 
8,426

 
(2,822
)
 
4,666

Loss on extinguishment of debt
—

 
(1,392
)
 
—

 
—

 
—

 
(1,392
)
Interest expense, net of amounts capitalized
—

 
(9,227
)
 
—

 
100

 
—

 
(9,127
)
Other income (expense), net
—

 
618

 
(61
)
 
971

 
—

 
1,528

(Loss) income before reorganization items and provision for income taxes
(8,859
)
 
(5,713
)
 
3,572

 
9,497

 
(2,822
)
 
(4,325
)
Reorganization items, net
—

 
(3,073
)
 
1

 
547

 
—

 
(2,525
)
(Loss) income before provision for income taxes
(8,859
)
 
(8,786
)
 
3,573

 
10,044

 
(2,822
)
 
(6,850
)
Provision for income taxes
—

 
(11
)
 
—

 
—

 
—

 
(11
)
Net (loss) income
(8,859
)
 
(8,797
)
 
3,573

 
10,044

 
(2,822
)
 
(6,861
)
Less: Net income attributable to noncontrolling interest
—

 
—

 
—

 
(1,998
)
 
—

 
(1,998
)
Net (loss) income attributable to William Lyon Homes
(8,859
)
 
(8,797
)
 
3,573

 
8,046

 
(2,822
)
 
(8,859
)
Preferred stock dividends
(2,743
)
 
—

 
—

 
—

 
—

 
(2,743
)
Net (loss) income available to common stockholders
$
(11,602
)
 
$
(8,797
)
 
$
3,573

 
$
8,046

 
$
(2,822
)
 
$
(11,602
)

 
CONSOLIDATING STATEMENT OF OPERATIONS
Period from January 1, 2012 through
February 24, 2012 (Predecessor)
(in thousands)
 
 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
Home sales
$
—

 
$
10,024

 
$
4,316

 
$
2,347

 
$
—

 
$
16,687

Construction services
—

 
8,883

 
—

 
—

 
—

 
8,883

Management fees
—

 
110

 
—

 
—

 
(110
)
 
—

 
—

 
19,017

 
4,316

 
2,347

 
(110
)
 
25,570

Operating costs
 
 
 
 
 
 
 
 
 
 
 
Cost of sales — homes
—

 
(8,819
)
 
(3,820
)
 
(2,069
)
 
110

 
(14,598
)
Construction services
—

 
(8,223
)
 
—

 
—

 
—

 
(8,223
)
Sales and marketing
—

 
(1,496
)
 
(260
)
 
(188
)
 
—

 
(1,944
)
General and administrative
—

 
(3,246
)
 
(56
)
 
—

 
—

 
(3,302
)
Other
—

 
(16
)
 
—

 
(171
)
 
—

 
(187
)
 
—

 
(21,800
)
 
(4,136
)
 
(2,428
)
 
110

 
(28,254
)
Income from subsidiaries
228,383

 
11,536

 
—

 
—

 
(239,919
)
 
—

Operating income (loss)
228,383

 
8,753

 
180

 
(81
)
 
(239,919
)
 
(2,684
)
Interest expense, net of amounts capitalized
—

 
(2,407
)
 
—

 
(100
)
 
—

 
(2,507
)
Other income (expense), net
—

 
266

 
(25
)
 
(11
)
 
—

 
230

Income (loss) before reorganization items and provision for income taxes
228,383

 
6,612

 
155

 
(192
)
 
(239,919
)
 
(4,961
)
Reorganization items
—

 
221,796

 
(1
)
 
11,663

 
—

 
233,458

Income before provision for income taxes
228,383

 
228,408

 
154

 
11,471

 
(239,919
)
 
228,497

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
—

Net income
228,383

 
228,408

 
154

 
11,471

 
(239,919
)
 
228,497

Less: Net income attributable to noncontrolling interest
—

 
—

 
—

 
(114
)
 
—

 
(114
)
Net income attributable to William Lyon Homes
$
228,383

 
$
228,408

 
$
154

 
$
11,357

 
$
(239,919
)
 
$
228,383

CONSOLIDATING STATEMENT OF OPERATIONS
Year Ended December 31, 2013 (Successor)
(in thousands)
 
 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
Sales
$
—

 
$
310,919

 
$
180,673

 
$
48,410

 
$
—

 
$
540,002

Construction services
—

 
32,533

 
—

 
—

 
—

 
32,533

Management fees
—

 
1,351

 
—

 
—

 
(1,351
)
 
—

 
—

 
344,803

 
180,673

 
48,410

 
(1,351
)
 
572,535

Operating costs
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(236,165
)
 
(150,450
)
 
(34,924
)
 
1,351

 
(420,188
)
Construction services
—

 
(25,598
)
 
—

 
—

 
—

 
(25,598
)
Sales and marketing
—

 
(15,615
)
 
(8,908
)
 
(1,579
)
 
—

 
(26,102
)
General and administrative
—

 
(37,031
)
 
(3,720
)
 
(19
)
 
—

 
(40,770
)
Amortization of intangible assets
—

 
(1,854
)
 
—

 
—

 
—

 
(1,854
)
Other
—

 
(2,163
)
 
(3
)
 
—

 
—

 
(2,166
)
 
—

 
(318,426
)
 
(163,081
)
 
(36,522
)
 
1,351

 
(516,678
)
Income from subsidiaries
129,132

 
21,889

 
—

 
—

 
(151,021
)
 
—

Operating income
129,132

 
48,266

 
17,592

 
11,888

 
(151,021
)
 
55,857

Interest expense, net of amounts capitalized
—

 
(2,476
)
 
(126
)
 
—

 
—

 
(2,602
)
Other income (expense), net
—

 
1,745

 
(147
)
 
(1,088
)
 
—

 
510

Income before reorganization items and benefit (provision) for income taxes
129,132

 
47,535

 
17,319

 
10,800

 
(151,021
)
 
53,765

Reorganization items, net
—

 
(464
)
 
—

 
—

 
—

 
(464
)
Income before benefit (provision) for income taxes
129,132

 
47,071

 
17,319

 
10,800

 
(151,021
)
 
53,301

Benefit (provision) for income taxes
—

 
82,315

 
(13
)
 
—

 
—

 
82,302

Net income
129,132

 
129,386

 
17,306

 
10,800

 
(151,021
)
 
135,603

Less: Net income attributable to noncontrolling interests
—

 
—

 
—

 
(6,471
)
 
—

 
(6,471
)
Net income attributable to William Lyon Homes
129,132

 
129,386

 
17,306

 
4,329

 
(151,021
)
 
129,132

Preferred stock dividends
(1,528
)
 
—

 
—

 
—

 
—

 
(1,528
)
Net income available to common stockholders
$
127,604

 
$
129,386

 
$
17,306

 
$
4,329

 
$
(151,021
)
 
$
127,604









CONSOLIDATING STATEMENT OF OPERATIONS
Period from February 25, 2012 through
December 31, 2012 (Successor)
(in thousands)
 
 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
Sales
$
—

 
$
198,108

 
$
47,989

 
$
102,838

 
$
—

 
$
348,935

Construction services
—

 
23,825

 
—

 
—

 
—

 
23,825

Management fees
—

 
534

 
—

 
—

 
(534
)
 
—

 
—

 
222,467

 
47,989

 
102,838

 
(534
)
 
372,760

Operating costs
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(163,083
)
 
(41,516
)
 
(93,924
)
 
534

 
(297,989
)
Construction services
—

 
(21,416
)
 
—

 
—

 
—

 
(21,416
)
Sales and marketing
—

 
(10,705
)
 
(2,617
)
 
(606
)
 
—

 
(13,928
)
General and administrative
—

 
(25,872
)
 
(221
)
 
(2
)
 
—

 
(26,095
)
Amortization of intangible assets
—

 
(5,757
)
 
—

 
—

 
—

 
(5,757
)
Other
—

 
(3,027
)
 
(2
)
 
120

 
—

 
(2,909
)
 
—

 
(229,860
)
 
(44,356
)
 
(94,412
)
 
534

 
(368,094
)
(Loss) income from subsidiaries
(8,859
)
 
11,681

 
—

 
—

 
(2,822
)
 
—

Operating (loss) income
(8,859
)
 
4,288

 
3,633

 
8,426

 
(2,822
)
 
4,666

Loss on extinguishment of debt
—

 
(1,392
)
 
—

 
—

 
—

 
(1,392
)
Interest expense, net of amounts capitalized
—

 
(9,227
)
 
—

 
100

 
—

 
(9,127
)
Other income (expense), net
—

 
618

 
(61
)
 
971

 
—

 
1,528

(Loss) income before reorganization items and provision for income taxes
(8,859
)
 
(5,713
)
 
3,572

 
9,497

 
(2,822
)
 
(4,325
)
Reorganization items, net
—

 
(3,073
)
 
1

 
547

 
—

 
(2,525
)
(Loss) income before provision for income taxes
(8,859
)
 
(8,786
)
 
3,573

 
10,044

 
(2,822
)
 
(6,850
)
Provision for income taxes
—

 
(11
)
 
—

 
—

 
—

 
(11
)
Net (loss) income
(8,859
)
 
(8,797
)
 
3,573

 
10,044

 
(2,822
)
 
(6,861
)
Less: Net income attributable to noncontrolling interest
—

 
—

 
—

 
(1,998
)
 
—

 
(1,998
)
Net (loss) income attributable to William Lyon Homes
(8,859
)
 
(8,797
)
 
3,573

 
8,046

 
(2,822
)
 
(8,859
)
Preferred stock dividends
(2,743
)
 
—

 
—

 
—

 
—

 
(2,743
)
Net (loss) income available to common stockholders
$
(11,602
)
 
$
(8,797
)
 
$
3,573

 
$
8,046

 
$
(2,822
)
 
$
(11,602
)

 
CONSOLIDATING STATEMENT OF OPERATIONS
Period from January 1, 2012 through
February 24, 2012 (Predecessor)
(in thousands)
 
 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
Home sales
$
—

 
$
10,024

 
$
4,316

 
$
2,347

 
$
—

 
$
16,687

Construction services
—

 
8,883

 
—

 
—

 
—

 
8,883

Management fees
—

 
110

 
—

 
—

 
(110
)
 
—

 
—

 
19,017

 
4,316

 
2,347

 
(110
)
 
25,570

Operating costs
 
 
 
 
 
 
 
 
 
 
 
Cost of sales — homes
—

 
(8,819
)
 
(3,820
)
 
(2,069
)
 
110

 
(14,598
)
Construction services
—

 
(8,223
)
 
—

 
—

 
—

 
(8,223
)
Sales and marketing
—

 
(1,496
)
 
(260
)
 
(188
)
 
—

 
(1,944
)
General and administrative
—

 
(3,246
)
 
(56
)
 
—

 
—

 
(3,302
)
Other
—

 
(16
)
 
—

 
(171
)
 
—

 
(187
)
 
—

 
(21,800
)
 
(4,136
)
 
(2,428
)
 
110

 
(28,254
)
Income from subsidiaries
228,383

 
11,536

 
—

 
—

 
(239,919
)
 
—

Operating income (loss)
228,383

 
8,753

 
180

 
(81
)
 
(239,919
)
 
(2,684
)
Interest expense, net of amounts capitalized
—

 
(2,407
)
 
—

 
(100
)
 
—

 
(2,507
)
Other income (expense), net
—

 
266

 
(25
)
 
(11
)
 
—

 
230

Income (loss) before reorganization items and provision for income taxes
228,383

 
6,612

 
155

 
(192
)
 
(239,919
)
 
(4,961
)
Reorganization items
—

 
221,796

 
(1
)
 
11,663

 
—

 
233,458

Income before provision for income taxes
228,383

 
228,408

 
154

 
11,471

 
(239,919
)
 
228,497

Provision for income taxes
—

 
—

 
—

 
—

 
—

 
—

Net income
228,383

 
228,408

 
154

 
11,471

 
(239,919
)
 
228,497

Less: Net income attributable to noncontrolling interest
—

 
—

 
—

 
(114
)
 
—

 
(114
)
Net income attributable to William Lyon Homes
$
228,383

 
$
228,408

 
$
154

 
$
11,357

 
$
(239,919
)
 
$
228,383



 
CONSOLIDATING STATEMENT OF OPERATIONS
(DEBTOR-IN-POSSESSION)
Year Ended December 31, 2011 (Predecessor)
(in thousands)
 
 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
Operating revenue
 
 
 
 
 
 
 
 
 
 
 
Home sales
$
—

 
$
176,992

 
$
19,954

 
$
10,109

 
$
—

 
$
207,055

Construction services
—

 
19,768

 
—

 
—

 
—

 
19,768

Management fees
—

 
468

 
—

 
—

 
(468
)
 
—

 
—

 
197,228

 
19,954

 
10,109

 
(468
)
 
226,823

Operating costs
 
 
 
 
 
 
 
 
 
 
 
Cost of sales
—

 
(162,148
)
 
(18,225
)
 
(8,818
)
 
468

 
(188,723
)
Impairment loss on real estate assets
—

 
(70,742
)
 
—

 
(57,572
)
 
—

 
(128,314
)
Construction services
—

 
(18,164
)
 
—

 
—

 
—

 
(18,164
)
Sales and marketing
—

 
(14,528
)
 
(1,318
)
 
(1,002
)
 
—

 
(16,848
)
General and administrative
—

 
(22,070
)
 
(340
)
 
(1
)
 
—

 
(22,411
)
Other
—

 
(2,979
)
 
—

 
(1,004
)
 
—

 
(3,983
)
 
—

 
(290,631
)
 
(19,883
)
 
(68,397
)
 
468

 
(378,443
)
Equity in income of unconsolidated joint ventures
—

 
3,605

 
—

 
—

 
—

 
3,605

Loss from subsidiaries
(193,330
)
 
(59,588
)
 
—

 
—

 
252,918

 
—

Operating (loss) income
(193,330
)
 
(149,386
)
 
71

 
(58,288
)
 
252,918

 
(148,015
)
Interest expense, net of amounts capitalized
—

 
(23,639
)
 
—

 
(890
)
 
—

 
(24,529
)
Other income (expense), net
—

 
1,018

 
(131
)
 
(49
)
 
—

 
838

Loss before reorganization items and provision for income taxes
(193,330
)
 
(172,007
)
 
(60
)
 
(59,227
)
 
252,918

 
(171,706
)
Reorganization items
—

 
(21,182
)
 
—

 
—

 
—

 
(21,182
)
Loss before provision for income taxes
(193,330
)
 
(193,189
)
 
(60
)
 
(59,227
)
 
252,918

 
(192,888
)
Provision for income taxes
—

 
(10
)
 
—

 
—

 
—

 
(10
)
Net loss
(193,330
)
 
(193,199
)
 
(60
)
 
(59,227
)
 
252,918

 
(192,898
)
Less: Net income attributable to noncontrolling interest
—

 
—

 
—

 
(432
)
 
—

 
(432
)
Net loss attributable to William Lyon Homes
$
(193,330
)
 
$
(193,199
)
 
$
(60
)
 
$
(59,659
)
 
$
252,918

 
$
(193,330
)
Consolidating Statement Of Cash Flows
CONSOLIDATING STATEMENT OF CASH FLOWS
Year Ended December 31, 2013 (Successor)
(in thousands)
 

 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
Operating activities
 
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
$
—

 
$
(164,848
)
 
$
15,759

 
$
(25,445
)
 
$
—

 
$
(174,534
)
Investing activities
 
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
—

 
(3,651
)
 
(104
)
 
1

 
—

 
(3,754
)
Investments in subsidiaries
—

 
35,574

 
—

 
—

 
(35,574
)
 
—

Net cash provided by (used in) investing activities
—

 
31,923

 
(104
)
 
1

 
(35,574
)
 
(3,754
)
Financing activities
 
 
 
 
 
 
 
 
 
 
 
Proceeds from borrowings on notes payable
—

 
18,969

 
1,762

 
52,879

 
—

 
73,610

Proceeds from issurance of 8 1/2% Senior Notes
—

 
106,500

 
—

 
—

 
—

 
106,500

Principal payments on notes payable
—

 
(30,735
)
 
—

 
(34,302
)
 
—

 
(65,037
)
Proceeds from issuance of common stock
—

 
163,685

 
—

 
—

 
—

 
163,685

Payment of deferred loan costs
—

 
(4,060
)
 
—

 
—

 
—

 
(4,060
)
Payment of preferred stock dividends
—

 
(2,550
)
 
—

 
—

 
—

 
(2,550
)
Noncontrolling interest contributions
—

 
—

 
—

 
37,184

 
—

 
37,184

Noncontrolling interest distributions
—

 
—

 
—

 
(30,447
)
 
—

 
(30,447
)
Advances to affiliates
—

 
—

 
362

 
(17,914
)
 
17,552

 
—

Intercompany receivables/payables
—

 
(21,744
)
 
(17,816
)
 
21,538

 
18,022

 
—

Net cash provided (used in) by financing activities
—

 
230,065

 
(15,692
)
 
28,938

 
35,574

 
278,885

Net (decrease) increase in cash and cash equivalents
—

 
97,140

 
(37
)
 
3,494

 
—

 
100,597

Cash and cash equivalents at beginning of period
—

 
69,376

 
65

 
1,634

 
—

 
71,075

Cash and cash equivalents at end of period
$
—

 
$
166,516

 
$
28

 
$
5,128

 
$
—

 
$
171,672
















CONSOLIDATING STATEMENT OF CASH FLOWS
Period from February 25, 2012 through
December 31, 2012 (Successor)
(in thousands)
 
 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
Operating activities
 
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
$
—

 
$
(72,014
)
 
$
3,579

 
$
118,428

 
$
—

 
$
49,993

Investing activities
 
 
 
 
 
 
 
 
 
 
 
Cash paid for acquisitions, net
—

 
(33,201
)
 
—

 
—

 
—

 
(33,201
)
Purchases of property and equipment
—

 
(271
)
 
(20
)
 
(21
)
 
—

 
(312
)
Investments in subsidiaries
—

 
(84,828
)
 
—

 
—

 
84,828

 
—

Net cash used in investing activities
—

 
(118,300
)
 
(20
)
 
(21
)
 
84,828

 
(33,513
)
Financing activities
 
 
 
 
 
 
 
 
 
 
 
Proceeds from borrowings on notes payable
—

 
7,809

 
—

 
5,439

 
—

 
13,248

Proceeds from issurance of 8 1/2% Senior Notes
—

 
325,000

 
—

 
—

 
—

 
325,000

Principal payments on notes payable
—

 
(3,994
)
 
—

 
(69,682
)
 
—

 
(73,676
)
Principal payments on Senior Secured Term Loan
—

 
(235,000
)
 
—

 
—

 
—

 
(235,000
)
Principal payments on Senior Subordinated Secured Notes
—

 
(75,916
)
 
—

 
—

 
—

 
(75,916
)
Proceeds from issuance of convertible preferred stock
—

 
14,000

 
—

 
—

 
—

 
14,000

Proceeds from issuance of common stock
—

 
16,000

 
—

 
—

 
—

 
16,000

Payment of deferred loan costs
—

 
(7,181
)
 
—

 
—

 
—

 
(7,181
)
Payment of preferred stock dividends
—

 
(1,721
)
 
—

 
—

 
—

 
(1,721
)
Noncontrolling interest contributions
—

 
—

 
—

 
15,313

 
—

 
15,313

Noncontrolling interest distributions
—

 
—

 
—

 
(16,004
)
 
—

 
(16,004
)
Advances to affiliates
—

 
—

 
3

 
78,817

 
(78,820
)
 
—

Intercompany receivables/payables
—

 
144,535

 
(3,549
)
 
(134,978
)
 
(6,008
)
 
—

Net cash provided (used in) by financing activities
—

 
183,532

 
(3,546
)
 
(121,095
)
 
(84,828
)
 
(25,937
)
Net (decrease) increase in cash and cash equivalents
—

 
(6,782
)
 
13

 
(2,688
)
 
—

 
(9,457
)
Cash and cash equivalents at beginning of period
—

 
76,158

 
52

 
4,322

 
—

 
80,532

Cash and cash equivalents at end of period
$
—

 
$
69,376

 
$
65

 
$
1,634

 
$
—

 
$
71,075


 
CONSOLIDATING STATEMENT OF CASH FLOWS
Period from January 1, 2012 through
February 24, 2012 (Predecessor)
(in thousands)
 
 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
Operating activities
 
 
 
 
 
 
 
 
 
 
 
Net cash (used in) provided by operating activities
$
—

 
$
(13,638
)
 
$
181

 
$
(3,864
)
 
$
—

 
$
(17,321
)
Investing activities
 
 
 
 
 
 
 
 
 
 
 
Purchases of property and equipment
—

 
(419
)
 
(3
)
 
422

 
—

 
—

Investments in subsidiaries
—

 
183

 
—

 
—

 
(183
)
 
—

Net cash (used in) provided by investing activities
—

 
(236
)
 
(3
)
 
422

 
(183
)
 
—

Financing activities
 
 
 
 
 
 
 
 
 
 
 
Principal payments on notes payable
—

 
(116
)
 
—

 
(500
)
 
—

 
(616
)
Proceeds from reorganization
—

 
30,971

 
—

 
—

 
—

 
30,971

Proceeds from issuance of convertible preferred stock
—

 
50,000

 
—

 
—

 
—

 
50,000

Proceeds from debtor in possession financing
—

 
5,000

 
—

 
—

 
—

 
5,000

Principal payment of debtor in possession financing
—

 
(5,000
)
 
—

 
—

 
—

 
(5,000
)
Payment of deferred loan costs
—

 
(2,491
)
 
—

 
—

 
—

 
(2,491
)
Noncontrolling interest contributions
—

 
—

 
—

 
1,825

 
—

 
1,825

Noncontrolling interest distributions
—

 
—

 
—

 
(1,897
)
 
—

 
(1,897
)
Advances to affiliates
—

 
—

 
—

 
(4
)
 
4

 
—

Intercompany receivables/payables
—

 
(2,665
)
 
(173
)
 
2,659

 
179

 
—

Net cash provided by (used in) financing activities
—

 
75,699

 
(173
)
 
2,083

 
183

 
77,792

Net increase (decrease) in cash and cash equivalents
—

 
61,825

 
5

 
(1,359
)
 
—

 
60,471

Cash and cash equivalents at beginning of period
—

 
14,333

 
47

 
5,681

 
—

 
20,061

Cash and cash equivalents at end of period
$
—

 
$
76,158

 
$
52

 
$
4,322

 
$
—

 
$
80,532


 
CONSOLIDATING STATEMENT OF CASH FLOWS
(DEBTOR-IN-POSSESSION)
Year Ended December, 2011 (Predecessor)
(in thousands)
 
 
Unconsolidated
 
 
 
 
 
Delaware
Lyon
 
California
Lyon
 
Guarantor
Subsidiaries
 
Non-Guarantor
Subsidiaries
 
Eliminating
Entries
 
Consolidated
Company
Operating activities
 
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) operating activities
$
—

 
$
127,757

 
$
87

 
$
(166,495
)
 
$
—

 
$
(38,651
)
Investing activities
 
 
 
 
 
 
 
 
 
 
 
Distributions from unconsolidated joint ventures
—

 
1,435

 
—

 
—

 
—

 
1,435

Purchases of property and equipment
—

 
725

 
(131
)
 
(722
)
 
—

 
(128
)
Investments in subsidiaries
—

 
29,412

 
—

 
—

 
(29,412
)
 
—

Net cash provided by (used in) investing activities
—

 
31,572

 
(131
)
 
(722
)
 
(29,412
)
 
1,307

Financing activities
 
 
 
 
 
 
 
 
 
 
 
Principal payments on notes payable
—

 
(82,531
)
 
—

 
70,999

 
—

 
(11,532
)
Noncontrolling interest contributions
—

 
—

 
—

 
6,605

 
—

 
6,605

Noncontrolling interest distributions
—

 
—

 
—

 
(8,954
)
 
—

 
(8,954
)
Advances to affiliates
—

 
—

 
(3
)
 
(29,341
)
 
29,344

 
—

Intercompany receivables/payables
—

 
(131,964
)
 
(37
)
 
131,933

 
68

 
—

Net cash (used in) provided by financing activities
—

 
(214,495
)
 
(40
)
 
171,242

 
29,412

 
(13,881
)
Net (decrease) increase in cash and cash equivalents
—

 
(55,166
)
 
(84
)
 
4,025

 
—

 
(51,225
)
Cash and cash equivalents at beginning of period
—

 
69,499

 
131

 
1,656

 
—

 
71,286

Cash and cash equivalents at end of period
$
—

 
$
14,333

 
$
47

 
$
5,681

 
$
—

 
$
20,061