Investor Presentaiton
Non-GAAP reconciliations
2017
2018
2019
1Q20
GAAP Gross Profit ($M)
$66
$133
$301
$91
Adjustments:
Net Impairment
$0
$13
($5)
($2)
Adjusted Gross Profit
$66
$146
$297
$89
Adjusted Gross Margin
9.3%
7.9%
6.3%
7.1%
Direct Selling Costs
($26)
($62)
($149)
($37)
Holding Costs on Sales
($9)
($19)
($55)
($14)
Contribution Profit
$31
$65
$92
$39
Contribution Margin
4.4%
3.5%
1.9%
3.1%
Interest on Homes Sold
Contribution Profit After Interest
Contribution Margin After Interest
($7)
($21)
($65)
($15)
$24
$43
$27
$23
3.4%
2.4%
0.6%
1.9%
Note:
Financials may not sum due to rounding
Net Impairment reflects inventory valuation adjustments recorded during the period on homes remaining in inventory at period end net of inventory valuation adjustments recorded in prior periods related to homes sold in the period presented
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