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PulteGroup Reports Fourth Quarter 2022 Financial Results

  • Reported Net Income Increased 48% to $3.85 Per Share
  • Adjusted Net Income Increased 45% to $3.63 Per Share
  • Closings Increased 3% to 8,848 Homes
  • Home Sale Revenues Increased 20% to $5.1 Billion
  • Homebuilding Gross Margin Increased 200 Basis Points to 28.8%
  • Company Repurchased 2.4 Million Common Shares in the Quarter for $100 Million
  • Year End Cash Balance of $1.1 Billion and a Debt-to-Capital Ratio of 18.7%

PulteGroup, Inc. (NYSE: PHM) announced today financial results for its fourth quarter ended December 31, 2022. For the quarter, the Company reported net income of $882 million, or $3.85 per share. Adjusted net income for the period was $832 million, or $3.63 per share. Adjusted net income excludes a $65 million net pre-tax benefit from adjustments to insurance related reserves and a $49 million pre-tax gain in JV income relating to the sale of commercial property, partially offset by a $31 million pre-tax charge associated with the Company’s decision to exit certain land-option agreements and a tax charge of $12 million from deferred tax valuation allowance adjustments. Prior year reported net income was $663 million, or $2.61 per share. Adjusted net income for that period was $637 million, or $2.51 per share, after excluding a $23 million net pre-tax benefit from adjustments to insurance related reserves and a tax benefit of $9 million from deferred tax valuation allowance adjustments.

“Within a rapidly evolving housing market, our organization remains focused on driving operational performance, ensuring an appropriate cadence of production, and intelligently managing our balance sheet,” said Ryan Marshall, PulteGroup President and CEO. “Consistent with this focus, our fourth quarter results show closings up 3%, with a 200-basis point increase in gross margin and a 48% increase in earnings per share. Our strong fourth quarter results allowed PulteGroup to lower its debt-to-capital ratio to 18.7% and deliver a full year return on equity of 32.9%*.”

Mr. Marshall continued, “While demographics, supply dynamics and the overall financial benefits of home ownership keep us confident about long-term demand, Federal Reserve actions to fight inflation through higher interest rates continued to impact homebuying demand in the quarter. Given these conditions, we are managing our house and land inventory to efficiently turn our assets and maximize returns, while continuing to strengthen our balance sheet and return funds to our shareholders.”

Fourth Quarter Results

For the fourth quarter, home sale revenues increased 20% over the prior year to $5.1 billion. Higher revenues for the quarter were driven by a 3% increase in closings to 8,848 homes, in combination with a 17% increase in average sales price to $571,000.

The Company’s fourth quarter home sale gross margin of 28.8%, which is an increase of 200 basis points over the prior year, reflects the strong demand and pricing environment that existed in first half of 2022. The Company’s reported fourth quarter SG&A expense of $351 million, or 6.9% of home sale revenues, includes the $65 million net pre-tax benefit from adjustments to insurance related reserves recorded in the period. Exclusive of this benefit, adjusted SG&A expense for the quarter was $416 million, or 8.2% of home sale revenues. In the prior year fourth quarter, the Company’s reported SG&A expense of $344 million, or 8.2% of home sale revenues, included a $23 million net pre-tax benefit from adjustments to insurance-related reserves recorded in the period. Exclusive of this benefit, the Company’s adjusted SG&A expense was $367 million, or 8.7% of home sale revenues.

Net new orders for the fourth quarter totaled 3,964 homes, which is a decrease of 41% from the prior year. In addition to more challenging demand conditions resulting from Federal Reserve actions to raise rates, signups in the quarter reflect elevated cancellation rates which increased to 32% in the quarter, up from 11% in the prior year. The value of net new orders in the fourth quarter was $2.1 billion, compared with $3.8 billion last year. Average community count for the fourth quarter increased 8% from the prior year to 850 communities. Unit backlog at the end of the quarter was 12,169 homes with a value of $7.7 billion.

Fourth quarter pre-tax income for the Company’s Financial Services operations was $24 million, down from $55 million in the prior year. The decrease in pre-tax income for the period reflects both a reduction in loan volumes and the more competitive pricing environment that existed for much of 2022. Lower loan volumes for the period were driven by a decline in capture rate to 75% compared with 85% in the comparable prior year period.

The Company repurchased 2.4 million of its common shares in the fourth quarter for $100 million, or an average price of $41.81 per share. In 2022, the Company repurchased 24.2 million common shares for $1.1 billion, or an average price of $44.48 per share. The 24.2 million common shares repurchased represent approximately 9.7% of shares outstanding at the beginning of 2022.

At year end, the Company’s debt-to-total capital ratio was 18.7%, down from 21.3% last year. Adjusting for the $1.1 billion of cash on hand at the end of the period, the Company’s net debt-to-total capital ratio was 9.6%.

A conference call discussing PulteGroup's fourth quarter 2022 results is scheduled for Tuesday, January 31, 2023, at 8:30 a.m. Eastern Time. Interested investors can access the live webcast via PulteGroup's corporate website at www.pultegroup.com.

* The Company's return on equity is calculated as net income for the trailing twelve months divided by average shareholders' equity, where average shareholders' equity is the sum of ending shareholders' equity balances of the trailing five quarters divided by five.

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; competition within the industries in which we operate; the availability and cost of land and other raw materials used by us in our homebuilding operations; the impact of any changes to our strategy in responding to the cyclical nature of the industry, including any changes regarding our land positions and the levels of our land spend; the availability and cost of insurance covering risks associated with our businesses; shortages and the cost of labor; weather related slowdowns; slow growth initiatives and/or local building moratoria; governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities; uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans; the interpretation of or changes to tax, labor and environmental laws which could have a greater impact on our effective tax rate or the value of our deferred tax assets than we anticipate; 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; legal or regulatory proceedings or claims; our ability to generate sufficient cash flow in order to successfully implement our capital allocation priorities; required accounting changes; terrorist acts and other acts of war; the negative impact of the COVID-19 pandemic on our financial position and ability to continue our Homebuilding or Financial Services activities at normal levels or at all in impacted areas; the duration, effect and severity of the COVID-19 pandemic; the measures that governmental authorities take to address the COVID-19 pandemic which may precipitate or exacerbate one or more of the above-mentioned and/or other risks and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period of time; and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature. See PulteGroup's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and other public filings with the Securities and Exchange Commission (the "SEC") for a further discussion of these and other risks and uncertainties applicable to our businesses. PulteGroup undertakes no duty to update any forward-looking statement, whether as a result of new information, future events or changes in PulteGroup's expectations.

About PulteGroup

PulteGroup, Inc. (NYSE: PHM), based in Atlanta, Georgia, is one of America’s largest homebuilding companies with operations in more than 40 markets throughout the country. Through its brand portfolio that includes Centex, Pulte Homes, Del Webb, DiVosta Homes, American West and John Wieland Homes and Neighborhoods, the company is one of the industry’s most versatile homebuilders able to meet the needs of multiple buyer groups and respond to changing consumer demand. PulteGroup’s purpose is building incredible places where people can live their dreams.

For more information about PulteGroup, Inc. and PulteGroup’s brands, go to pultegroup.com; www.pulte.com; www.centex.com; www.delwebb.com; www.divosta.com; www.jwhomes.com; and www.americanwesthomes.com. Follow PulteGroup, Inc. on Twitter: @PulteGroupNews.

PulteGroup, Inc.

Consolidated Results of Operations

($000's omitted, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2022

 

2021

 

2022

 

2021

Revenues:

 

 

 

 

 

 

 

Homebuilding

 

 

 

 

 

 

 

Home sale revenues

$

5,053,771

 

 

$

4,220,441

 

 

$

15,774,135

 

 

$

13,376,812

 

Land sale and other revenues

 

45,518

 

 

 

37,217

 

 

 

143,144

 

 

 

160,538

 

 

 

5,099,289

 

 

 

4,257,658

 

 

 

15,917,279

 

 

 

13,537,350

 

Financial Services

 

72,089

 

 

 

100,900

 

 

 

311,716

 

 

 

389,532

 

Total revenues

 

5,171,378

 

 

 

4,358,558

 

 

 

16,228,995

 

 

 

13,926,882

 

 

 

 

 

 

 

 

 

Homebuilding Cost of Revenues:

 

 

 

 

 

 

 

Home sale cost of revenues

 

(3,595,868

)

 

 

(3,087,757

)

 

 

(11,093,895

)

 

 

(9,841,961

)

Land sale and other cost of revenues

 

(29,936

)

 

 

(30,699

)

 

 

(119,906

)

 

 

(134,013

)

 

 

(3,625,804

)

 

 

(3,118,456

)

 

 

(11,213,801

)

 

 

(9,975,974

)

 

 

 

 

 

 

 

 

Financial Services expenses

 

(48,040

)

 

 

(45,565

)

 

 

(180,696

)

 

 

(168,486

)

Selling, general, and administrative expenses

 

(350,831

)

 

 

(344,220

)

 

 

(1,381,222

)

 

 

(1,208,698

)

Loss on debt retirement

 

 

 

 

 

 

 

 

 

 

(61,469

)

Other expense, net

 

17,112

 

 

 

5,600

 

 

 

(13,718

)

 

 

(2,410

)

Income before income taxes

 

1,163,815

 

 

 

855,917

 

 

 

3,439,558

 

 

 

2,509,845

 

Income tax expense

 

(281,584

)

 

 

(192,653

)

 

 

(822,241

)

 

 

(563,525

)

Net income

$

882,231

 

 

$

663,264

 

 

$

2,617,317

 

 

$

1,946,320

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

Basic

$

3.86

 

 

$

2.61

 

 

$

11.07

 

 

$

7.44

 

Diluted

$

3.85

 

 

$

2.61

 

 

$

11.01

 

 

$

7.43

 

Cash dividends declared

$

0.16

 

 

$

0.15

 

 

$

0.61

 

 

$

0.57

 

 

 

 

 

 

 

 

 

Number of shares used in calculation:

 

 

 

 

 

 

 

Basic

 

227,200

 

 

 

251,636

 

 

 

235,010

 

 

 

259,285

 

Effect of dilutive securities

 

902

 

 

 

588

 

 

 

1,156

 

 

 

643

 

Diluted

 

228,102

 

 

 

252,224

 

 

 

236,166

 

 

 

259,928

 

PulteGroup, Inc.

Condensed Consolidated Balance Sheets

($000's omitted)

(Unaudited)

 

 

December 31,

2022

 

December 31,

2021

ASSETS

 

 

 

 

 

 

 

Cash and equivalents

$

1,053,104

 

$

1,779,088

Restricted cash

 

41,449

 

 

54,477

Total cash, cash equivalents, and restricted cash

 

1,094,553

 

 

1,833,565

House and land inventory

 

11,326,017

 

 

9,047,569

Land held for sale

 

42,254

 

 

29,276

Residential mortgage loans available-for-sale

 

677,207

 

 

947,139

Investments in unconsolidated entities

 

146,759

 

 

98,155

Other assets

 

1,291,572

 

 

1,110,966

Intangible assets

 

135,805

 

 

146,923

Deferred tax assets

 

82,348

 

 

139,038

 

$

14,796,515

 

$

13,352,631

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

Liabilities:

 

 

 

Accounts payable

$

565,975

 

$

621,168

Customer deposits

 

783,556

 

 

844,785

Deferred tax liabilities

 

215,446

 

 

165,519

Accrued and other liabilities

 

1,685,202

 

 

1,576,478

Financial Services debt

 

586,711

 

 

626,123

Notes payable

 

2,045,527

 

 

2,029,043

Total liabilities

 

5,882,417

 

 

5,863,116

Shareholders' equity

 

8,914,098

 

 

7,489,515

 

$

14,796,515

 

$

13,352,631

PulteGroup, Inc.

Consolidated Statements of Cash Flows

($000's omitted)

(Unaudited)

 

 

Year Ended

 

December 31,

 

2022

 

2021

Cash flows from operating activities:

 

 

 

Net income

$

2,617,317

 

 

$

1,946,320

 

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

Deferred income tax expense

 

106,584

 

 

 

59,168

 

Land-related charges

 

66,656

 

 

 

12,302

 

Loss on debt retirement

 

 

 

 

61,469

 

Depreciation and amortization

 

70,918

 

 

 

69,953

 

Share-based compensation expense

 

42,989

 

 

 

36,745

 

Equity income from unconsolidated entities

 

(50,680

)

 

 

(17,200

)

Distributions of earnings from unconsolidated entities

 

49,151

 

 

 

2,110

 

Other, net

 

1,431

 

 

 

1,586

 

Increase (decrease) in cash due to:

 

 

 

Inventories

 

(2,256,690

)

 

 

(1,266,398

)

Residential mortgage loans available-for-sale

 

266,310

 

 

 

(382,813

)

Other assets

 

(140,761

)

 

 

(159,906

)

Accounts payable, accrued and other liabilities

 

(104,759

)

 

 

640,685

 

Net cash provided by operating activities

 

668,466

 

 

 

1,004,021

 

Cash flows from investing activities:

 

 

 

Capital expenditures

 

(112,661

)

 

 

(72,781

)

Investments in unconsolidated entities

 

(64,701

)

 

 

(101,591

)

Distributions of capital from unconsolidated entities

 

21,704

 

 

 

53,927

 

Business acquisition

 

(10,400

)

 

 

(10,400

)

Other investing activities, net

 

(5,685

)

 

 

6,713

 

Net cash used in investing activities

 

(171,743

)

 

 

(124,132

)

Cash flows from financing activities:

 

 

 

Repayments of notes payable

 

(4,856

)

 

 

(836,893

)

Borrowings under revolving credit facility

 

2,869,000

 

 

 

 

Repayments under revolving credit facility

 

(2,869,000

)

 

 

 

Financial Services borrowings (repayments), net

 

(39,412

)

 

 

214,302

 

Debt issuance costs

 

(11,167

)

 

 

 

Proceeds from liabilities related to consolidated inventory not owned

 

58,729

 

 

 

 

Payments related to consolidated inventory not owned

 

(5,915

)

 

 

 

Stock option exercises

 

 

 

 

11

 

Share repurchases

 

(1,074,673

)

 

 

(897,303

)

Cash paid for shares withheld for taxes

 

(14,326

)

 

 

(10,842

)

Dividends paid

 

(144,115

)

 

 

(147,834

)

Net cash used in financing activities

 

(1,235,735

)

 

 

(1,678,559

)

Net decrease

 

(739,012

)

 

 

(798,670

)

Cash, cash equivalents, and restricted cash at beginning of period

 

1,833,565

 

 

 

2,632,235

 

Cash, cash equivalents, and restricted cash at end of period

$

1,094,553

 

 

$

1,833,565

 

 

 

 

 

Supplemental Cash Flow Information:

 

 

 

Interest paid (capitalized), net

$

1,797

 

 

$

10,856

 

Income taxes paid, net

$

641,948

 

 

$

457,406

 

PulteGroup, Inc.

Segment Data

($000's omitted)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2022

 

2021

 

2022

 

2021

HOMEBUILDING:

 

 

 

 

 

 

 

Home sale revenues

$

5,053,771

 

 

$

4,220,441

 

 

$

15,774,135

 

 

$

13,376,812

 

Land sale and other revenues

 

45,518

 

 

 

37,217

 

 

 

143,144

 

 

 

160,538

 

Total Homebuilding revenues

 

5,099,289

 

 

 

4,257,658

 

 

 

15,917,279

 

 

 

13,537,350

 

 

 

 

 

 

 

 

 

Home sale cost of revenues

 

(3,595,868

)

 

 

(3,087,757

)

 

 

(11,093,895

)

 

 

(9,841,961

)

Land sale cost of revenues

 

(29,936

)

 

 

(30,699

)

 

 

(119,906

)

 

 

(134,013

)

Selling, general, and administrative expenses

 

(350,831

)

 

 

(344,220

)

 

 

(1,381,222

)

 

 

(1,208,698

)

Loss on debt retirement

 

 

 

 

 

 

 

 

 

 

(61,469

)

Other income (expense), net

 

17,112

 

 

 

5,660

 

 

 

(14,928

)

 

 

(3,081

)

Income before income taxes

$

1,139,766

 

 

$

800,642

 

 

$

3,307,328

 

 

$

2,288,128

 

 

 

 

 

 

 

 

 

FINANCIAL SERVICES:

 

 

 

 

 

 

 

Income before income taxes

$

24,049

 

 

$

55,275

 

 

$

132,230

 

 

$

221,717

 

 

 

 

 

 

 

 

 

CONSOLIDATED:

 

 

 

 

 

 

 

Income before income taxes

$

1,163,815

 

 

$

855,917

 

 

$

3,439,558

 

 

$

2,509,845

 

PulteGroup, Inc.

Segment Data, continued

($000's omitted)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Home sale revenues

$

5,053,771

 

$

4,220,441

 

$

15,774,135

 

$

13,376,812

 

 

 

 

 

 

 

 

Closings - units

 

 

 

 

 

 

 

Northeast

 

588

 

 

677

 

 

1,614

 

 

1,963

Southeast

 

1,699

 

 

1,449

 

 

5,105

 

 

4,956

Florida

 

2,088

 

 

2,026

 

 

6,928

 

 

6,640

Midwest

 

1,400

 

 

1,393

 

 

4,579

 

 

4,397

Texas

 

1,568

 

 

1,597

 

 

5,692

 

 

5,617

West

 

1,505

 

 

1,469

 

 

5,193

 

 

5,321

 

 

8,848

 

 

8,611

 

 

29,111

 

 

28,894

Average selling price

$

571

 

$

490

 

$

542

 

$

463

 

 

 

 

 

 

 

 

Net new orders - units

 

 

 

 

 

 

 

Northeast

 

254

 

 

347

 

 

1,300

 

 

1,798

Southeast

 

819

 

 

1,082

 

 

4,535

 

 

5,092

Florida

 

1,241

 

 

1,965

 

 

6,139

 

 

8,416

Midwest

 

581

 

 

950

 

 

3,241

 

 

4,886

Texas

 

664

 

 

1,195

 

 

4,382

 

 

5,663

West

 

405

 

 

1,230

 

 

3,680

 

 

5,884

 

 

3,964

 

 

6,769

 

 

23,277

 

 

31,739

Net new orders - dollars

$

2,146,813

 

$

3,773,638

 

$

13,589,392

 

$

16,442,441

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

 

 

2022

 

2021

Unit backlog

 

 

 

 

 

 

 

Northeast

 

 

 

 

 

474

 

 

788

Southeast

 

 

 

 

 

1,906

 

 

2,476

Florida

 

 

 

 

 

4,641

 

 

5,430

Midwest

 

 

 

 

 

1,350

 

 

2,688

Texas

 

 

 

 

 

1,789

 

 

3,099

West

 

 

 

 

 

2,009

 

 

3,522

 

 

 

 

 

 

12,169

 

 

18,003

Dollars in backlog

 

 

 

 

$

7,674,068

 

$

9,858,811

PulteGroup, Inc.

Segment Data, continued

($000's omitted)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2022

 

2021

 

2022

 

2021

MORTGAGE ORIGINATIONS:

 

 

 

 

 

 

 

Origination volume

 

5,192

 

 

 

6,131

 

 

 

18,186

 

 

 

21,213

 

Origination principal

$

2,095,529

 

 

$

2,267,195

 

 

$

7,105,486

 

 

$

7,454,108

 

Capture rate

 

74.8

%

 

 

85.0

%

 

 

77.6

%

 

 

85.8

%

Supplemental Data

($000's omitted)

(Unaudited)

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Year Ended

 

December 31,

 

December 31,

 

2022

 

2021

 

2022

 

2021

 

 

 

 

 

 

 

 

Interest in inventory, beginning of period

$

143,669

 

 

$

175,243

 

 

$

160,756

 

 

$

193,409

 

Interest capitalized

 

33,894

 

 

 

31,571

 

 

 

130,051

 

 

 

129,380

 

Interest expensed

 

(40,301

)

 

 

(46,058

)

 

 

(153,545

)

 

 

(162,033

)

Interest in inventory, end of period

$

137,262

 

 

$

160,756

 

 

$

137,262

 

 

$

160,756

 

PulteGroup, Inc.

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

This report contains information about our operating results reflecting certain adjustments, including net income, diluted earnings per share ("EPS"), operating margin, and debt-to-capital ratio. These measures are considered non-GAAP financial measures under the SEC's rules and should be considered in addition to, rather than as a substitute for, the comparable GAAP financial measures. We believe that reflecting these adjustments provides investors relevant and useful information for evaluating the comparability of financial information presented and comparing our profitability and liquidity to other companies in the homebuilding industry. Although other companies in the homebuilding industry report similar information, the methods used may differ. We urge investors to understand the methods used by other companies in the homebuilding industry to calculate these measures and any adjustments thereto before comparing our measures to those of such other companies.

The following tables set forth a reconciliation of the non-GAAP financial measures to the GAAP financial measures that management believes to be most directly comparable ($000's omitted):

Reconciliation of Adjusted Net Income and Adjusted EPS

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

December 31,

 

Results of Operations Classification

 

2022

 

2021

 

 

 

 

 

 

Net income, as reported

 

 

$

882,231

 

 

$

663,264

 

Adjustments to income before income taxes:

 

 

 

 

 

Write-offs of pre-acquisition costs

Other income (expense)

 

 

31,083

 

 

*

Gain on sale of property at an unconsolidated entity

Other income (expense)

 

 

(49,099

)

 

 

 

Insurance-related adjustments

SG&A

 

 

(65,083

)

 

 

(22,647

)

Income tax effect of the above items

Income tax expense

 

 

20,418

 

 

 

5,524

 

Income tax adjustments

Income tax expense

 

 

12,332

 

 

 

(8,832

)

Adjusted net income

 

 

$

831,882

 

 

$

637,309

 

 

 

 

 

 

 

EPS (diluted), as reported

 

 

$

3.85

 

 

$

2.61

 

Adjusted EPS (diluted)

 

 

$

3.63

 

 

$

2.51

 

 

 

 

 

 

 

*Item not meaningful for the period presented

 

 

 

 

 

Operating Margin

 

 

 

 

 

 

 

Three Months Ended

 

December 31,

 

2022

 

2021

Home sale revenues

$

5,053,771

 

 

$

4,220,441

 

 

 

 

 

 

 

Gross margin (a)

$

1,457,903

28.8

%

 

$

1,132,684

26.8

%

 

 

 

 

 

 

SG&A, as reported

$

350,831

6.9

%

 

$

344,220

8.2

%

Insurance-related adjustments

 

65,083

1.3

%

 

 

22,647

0.5

%

Adjusted SG&A

$

415,914

8.2

%

 

$

366,867

8.7

%

 

 

 

 

 

 

Operating margin, as reported (b)

 

21.9

%

 

 

18.7

%

Adjusted operating margin (c)

 

20.6

%

 

 

18.1

%

 

 

 

 

 

 

*Item not meaningful for the period presented

(a) Gross margin represents home sale revenues less home sale cost of revenues

(b) Operating margin represents gross margin less SG&A

(c) Adjusted operating margin represents gross margin less adjusted SG&A

Debt-to-Capital Ratios

 

 

December 31,

 

 

2022

 

2021

Notes payable

 

$

2,045,527

 

 

$

2,029,043

 

Shareholders' equity

 

 

8,914,098

 

 

 

7,489,515

 

Total capital

 

$

10,959,625

 

 

$

9,518,558

 

Debt-to-capital ratio

 

 

18.7

%

 

 

21.3

%

 

 

 

 

 

Notes payable

 

$

2,045,527

 

 

$

2,029,043

 

Less: Total cash, cash equivalents, and restricted cash

 

 

(1,094,553

)

 

 

(1,833,565

)

Total net debt

 

$

950,974

 

 

$

195,478

 

Shareholders' equity

 

 

8,914,098

 

 

 

7,489,515

 

Total net capital

 

$

9,865,072

 

 

$

7,684,993

 

Net debt-to-capital ratio

 

 

9.6

%

 

 

2.5

%

 

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