PHM
Q1 2024 Operating &
Financial Results
April 23, 2024
Forward-Looking Statements
This release includes "forward-looking statements." These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements. You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "plan," "project," "may," "can," "could," "might," "should," "will" and similar expressions identify forward-looking statements, including statements related to any potential impairment charges and the impacts or effects thereof, expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.
Such risks, uncertainties and other factors include, among other things: interest rate changes and the availability of mortgage financing; the impact of any changes to our strategy in responding to the cyclical nature of the industry or deteriorations in industry changes or downward changes in general economic or other business conditions, including any changes regarding our land positions and the levels of our land spend; economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general; labor supply shortages and the cost of labor; the availability and cost of land and other raw materials used by us in our homebuilding operations; a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets; competition within the industries in which we operate; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities, slow growth initiatives and/or local building moratoria; the availability and cost of insurance covering risks associated with our businesses, including warranty and other legal or regulatory proceedings or claims; damage from improper acts of persons over whom we do not have control or attempts to impose liabilities or obligations of third parties on us; weather related slowdowns; the impact of climate change and related governmental regulation; adverse capital and credit market conditions, which may affect our access to and cost of capital; the insufficiency of our income tax provisions and tax reserves, including as a result of changing laws or interpretations; the potential that we do not realize our deferred tax assets; our inability to sell mortgages into the secondary market; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans, and related claims against us; risks related to information technology failures, data security issues, and the effect of cybersecurity incidents and threats; the impact of negative publicity on sales; failure to retain key personnel; the impairment of our intangible assets; the disruptions associated with the COVID-19 pandemic (or another epidemic or pandemic or similar public threat or fear of such an event), and the measures taken to address it; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See Item 1A - Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 for a further discussion of these and other risks and uncertainties applicable to our businesses. We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations.
©2024 PulteGroup
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PulteGroup Participants
Ryan Marshall
Bob O'Shaughnessy
President & CEO
EVP & CFO
Jim Ossowski
Jim Zeumer
SVP, Finance
VP, Investor Relations
Q1 2024 Operating & Financial Highlights
Q1 2024 Financial Highlights
Earnings Per Share
$3.10
$2.35
$1.83
$1.13
Q1 2021
Q1 2022
Q1 2023
Q1 2024
©2024 PulteGroup
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Q1 2024 Financial Highlights
• Home sale revenues increased
10% to a Q1 record $3.8B
Q1 closings of 7,095 homes increased
11% over prior year period
Mix of closings in the quarter resulted
in 1% decrease in average sales price to
Closings
6,044 6,039 6,394 7,095
Q1 2021
Q1 2022
Q1 2023
Q1 2024
Home Sale Revenues ($M)
$538,000
$2,554
$3,032
$3,488 $3,820
Q1 2021
Q1 2022
Q1 2023
Q1 2024
©2024 PulteGroup
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Q1 2024 Financial Highlights
Gross Margin *
29.3% 29.1% 29.6%
25.9%
Q1 2021
Q1 2022
Q1 2023
Q1 2024
SG&A *
10.6% 10.9%
9.6% 9.4%
Q1 2021
Q1 2022
Q1 2023
Q1 2024
* As a percent of home sale revenues
©2024 PulteGroup
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Q1 2024 Financial Highlights
• Net new orders increased 14% to 8,379
homes
Net New Orders
YOY increase reflects higher gross orders
and decrease in cancelation rate
9,852
7,971 7,354 8,379
⁃ Q1 cancelation rate as a percent of beginning
period backlog was 10%, down from 13% in
prior year
• Unit backlog increased 2% over prior
year to 13,430 homes
Q1 2021
Q1 2022
Q1 2023
Q1 2024
Unit Backlog
18,966 19,935
13,129 13,430
Q1 2021
Q1 2022
Q1 2023
Q1 2024
©2024 PulteGroup
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Efficiently Investing in Future Growth
Lots Under Control
Owned Optioned
99,739
122,326
102,827
112,541
93,954
112,216
107,528
107,001
Q1 2021
Q1 2022
Q1 2023
Q1 2024
Land Acquisition & Development Spend ($M)
Acquisition
Development
$542
$491
$678
$407
$388
$527
$415
$459
Q1 2021
Q1 2022
Q1 2023
Q1 2024
©2024 PulteGroup
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Delivering High Returns While Maintaining Conservative Capital Structure
Return on Equity *
28%
33%
24%
27%
27%
2020
2021
2022
2023
TTM Q1 2024
Debt-to-Capital Ratio
29.5%
21.3% 18.7% 15.9% 15.4%
2020
2021
2022
2023
Q1 2024
©2024 PulteGroup
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Disclaimer
PulteGroup Inc. published this content on 23 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2024 20:44:41 UTC.