0001437749-22-013985.txt : 20220601 0001437749-22-013985.hdr.sgml : 20220601 20220601094403 ACCESSION NUMBER: 0001437749-22-013985 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220601 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220601 DATE AS OF CHANGE: 20220601 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOVNANIAN ENTERPRISES INC CENTRAL INDEX KEY: 0000357294 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 221851059 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08551 FILM NUMBER: 22986180 BUSINESS ADDRESS: STREET 1: 90 MATAWAN ROAD, 5TH FLOOR CITY: MATAWAN STATE: NJ ZIP: 07747 BUSINESS PHONE: 7327477800 MAIL ADDRESS: STREET 1: 90 MATAWAN ROAD, 5TH FLOOR CITY: MATAWAN STATE: NJ ZIP: 07747 8-K 1 hov20220527_8k.htm FORM 8-K hov20220527_8k.htm
false 0000357294 0000357294 2022-06-01 2022-06-01 0000357294 hov:ClassACommonStockCustomMember 2022-06-01 2022-06-01 0000357294 hov:PreferredStockPurchaseRightsCustomMember 2022-06-01 2022-06-01 0000357294 hov:DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember 2022-06-01 2022-06-01
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): June 1, 2022
 
HOVNANIAN ENTERPRISES, INC.
(Exact Name of Registrant as Specified in its Charter)
 
Delaware
(State or Other
Jurisdiction
of Incorporation)
1-8551
(Commission File Number)
22-1851059
(IRS Employer
Identification No.)
 
90 Matawan Road, Fifth Floor
Matawan, New Jersey 07747
(Address of Principal Executive Offices) (Zip Code)
 
(732) 747-7800
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former Name or Former Address, if Changed Since
Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act.
 
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Class A Common Stock $0.01 par value per share
HOV
New York Stock Exchange
Preferred Stock Purchase Rights (1)
N/A
New York Stock Exchange
Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock
HOVNP
The Nasdaq Stock Market LLC
 
(1) Each share of Class A Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initially represents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of a share of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannot trade separately from the underlying Common Stock.
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  ☐ 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐ 
 
 
 
 
Item 2.02.
Results of Operations and Financial Condition.
 
On June 1, 2022, Hovnanian Enterprises, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the fiscal second quarter ended April 30, 2022. A copy of the press release is attached as Exhibit 99.1.
 
The information in this Current Report on Form 8-K and the Exhibit attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
 
The attached earnings press release contains information about consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairment loss and land option write-offs and loss on extinguishment of debt (“Adjusted EBITDA”) and also contains the ratio of Adjusted EBITDA to interest incurred, which are non-GAAP financial measures. The most directly comparable GAAP financial measure for EBIT, EBITDA and Adjusted EBITDA is net income. A reconciliation for historical periods of EBIT, EBITDA and Adjusted EBITDA to net income is contained in the earnings press release.
 
The attached earnings press release contains information about homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, which are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. A reconciliation for historical periods of homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is contained in the earnings press release.
 
The attached earnings press release contains information about adjusted pretax income, which is defined as income before income taxes excluding land-related charges and loss on extinguishment of debt, which is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes. A reconciliation for historical periods of adjusted pretax income to income before income taxes is contained in the earnings press release.
 
Management believes EBITDA to be relevant and useful information as EBITDA is a standard measure commonly reported and widely used by analysts, investors and others to measure and benchmark the Company’s financial performance without the effects of various items the Company does not believe are characteristic of its ongoing operating performance. EBITDA does not take into account substantial costs of doing business, such as income taxes and interest expense. While many in the financial community consider EBITDA to be an important measure of comparative operating performance, it should be considered in addition to, but not as a substitute for, income before income taxes, net income and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company’s reports filed with the Securities and Exchange Commission. Additionally, the Company’s calculation of EBITDA may be different than the calculation used by other companies, and, therefore, comparability may be affected.
 
Management believes homebuilding gross margin, before cost of sales interest expense and land charges, enables investors to better understand the Company’s operating performance. This measure is also useful internally, helping management to evaluate the Company’s operating results on a consolidated basis and relative to other companies in the Company’s industry. In particular, the magnitude and volatility of land charges for the Company, and for other homebuilders, have been significant and, as such, have made financial analysis of the Company’s industry more difficult. Homebuilding metrics excluding land charges, as well as interest amortized to cost of sales, and other similar presentations prepared by analysts and other companies are frequently used to assist investors in understanding and comparing the operating characteristics of homebuilding activities by eliminating many of the differences in companies’ respective levels of impairments and levels of debt. Homebuilding gross margin, before cost of sales interest expense and land charges, should be considered in addition to, but not as an alternative to, homebuilding gross margin determined in accordance with GAAP as an indicator of operating performance. Additionally, the Company’s calculation of homebuilding gross margin, before cost of sales interest expense and land charges, may be different than the calculation used by other companies, and, therefore, comparability may be affected. 
 
Management believes adjusted pretax income to be relevant and useful information because it provides a better metric of the Company’s operating performance. Adjusted pretax income should be considered in addition to, but not as a substitute for, income before income taxes, net income and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company’s reports filed with the Securities and Exchange Commission. Additionally, the Company’s calculation of adjusted pretax income may be different than the calculation used by other companies, and, therefore, comparability may be affected.
 
 
Item 9.01.
Financial Statements and Exhibits.
 
(d)
Exhibits.
 
Exhibit 99.1
   
Exhibit 104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
HOVNANIAN ENTERPRISES, INC.
 
(Registrant)
     
 
By: 
/s/ Brad G. O’Connor                                          
   
Name: Brad G. O’Connor
   
Title: Senior Vice President, Treasurer and
   
Chief Accounting Officer
 
 
Date: June 1, 2022
 
 
 
 
 EX-99.1 2 ex_381406.htm EXHIBIT 99.1 ex_381406.htm
 

Exhibit 99.1

 

HOVNANIAN ENTERPRISES, INC.         

News Release

 

     

Contact:

J. Larry Sorsby

Jeffrey T. O’Keefe
 

Executive Vice President & CFO

Vice President, Investor Relations
 

732-747-7800

732-747-7800
     

 

HOVNANIAN ENTERPRISES REPORTS FISCAL 2022 SECOND QUARTER RESULTS

 

161% Year-over-Year Increase in Pretax Profit

Gross Margin Percentage Increased 520 Basis Points Year-over-Year

5% Increase in Consolidated Dollar Amount of Contracts

16% Increase in Consolidated Backlog Dollars to $2.06 Billion

Early Retirement of $100 Million of Senior Secured Notes

 

MATAWAN, NJ, June 1, 2022 – Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal second quarter and six-month period ended April 30, 2022.

 

RESULTS FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED APRIL 30, 2022:

  

 

 

●

Total revenues were $702.5 million in the second quarter of fiscal 2022, compared with $703.2 million in the same quarter of the prior year. For the six months ended April 30, 2022, total revenues were $1.27 billion compared with $1.28 billion in the same period during the prior year.

 

 

●

Homebuilding gross margin percentage, after cost of sales interest expense and land charges, increased 520 basis points to 23.3% for the three months ended April 30, 2022 compared with 18.1% during the same period a year ago. During the first half of fiscal 2022, homebuilding gross margin percentage, after cost of sales interest expense and land charges, was 21.8%, up 410 basis points, compared with 17.7% during the same period a year ago.

 

 

●

Homebuilding gross margin percentage, before cost of sales interest expense and land charges, increased 530 basis points to 26.6% during the fiscal 2022 second quarter compared with 21.3% in last year’s second quarter. For the six months ended April 30, 2022, homebuilding gross margin percentage, before cost of sales interest expense and land charges, was 24.7%, up 370 basis points, compared with 21.0% in the same period of the previous year.

 

 

●

Total SG&A was $68.2 million, or 9.7% of total revenues, in the fiscal 2022 second quarter compared with $82.6 million, or 11.7% of total revenues, in the previous year’s second quarter. During the first six months of fiscal 2022, total SG&A was $140.4 million, or 11.1% of total revenues, compared with $146.3 million, or 11.4% of total revenues, in the same period of the prior fiscal year.

 

 

●

Total interest expense as a percent of total revenues improved by 130 basis points to 4.9% for the second quarter of fiscal 2022 compared with 6.2% during the second quarter of fiscal 2021. For the first half of fiscal 2022, total interest expense as a percent of total revenues improved 180 basis points to 4.8% compared with 6.6% in the first half of the previous fiscal year.

 

1
 

 

 

●

Income before income taxes for the second quarter of fiscal 2022 was $80.9 million, up 160.8%, compared with $31.0 million in the second quarter of the prior fiscal year. For the first six month of fiscal 2022, income before income taxes increased 129.9% to $116.3 million compared with $50.6 million during the same period of the prior fiscal year.

 

 

●

Adjusted pretax income, which is income before income taxes excluding $0.6 million of land-related charges and $6.8 million loss on extinguishment of debt, was $88.3 million in the second quarter of fiscal 2022 compared with $31.1 million in the fiscal 2021 second quarter. For the six months ended April 30, 2022, adjusted pretax income was $123.8 million compared with $52.6 million during the first six months of fiscal 2021.

 

 

●

Net income was $62.4 million, or $8.39 per diluted common share, for the three months ended April 30, 2022 compared with net income, including the $468.6 million benefit of the valuation allowance reduction, of $488.7 million, or $69.65 per diluted common share, in the second quarter of the previous fiscal year. For the first six months of fiscal 2022, net income was $87.2 million, or $11.44 per diluted common share, compared with net income, including the $468.6 million benefit of the valuation allowance reduction, of $507.6 million, or $72.71 per diluted common share in the same period during fiscal 2021.

 

 

●

Net income was $62.4 million, or $8.39 per diluted common share, for the three months ended April 30, 2022 compared with net income, excluding the $468.6 million benefit of the valuation allowance reduction, of $20.0 million or $2.85 per diluted common share in the second quarter of the previous fiscal year. For the first six months of fiscal 2022, net income was $87.2 million, or $11.44 per diluted common share, compared with net income, excluding the $468.6 million benefit of the valuation allowance reduction, of $39.0 million, or $5.58 per diluted common share in the same period during fiscal 2021.

 

 

●

Consolidated contract dollars in the second quarter of fiscal 2022 increased 4.9% to $860.5 million (1,525 homes) compared with $820.4 million (1,771 homes) in the same quarter last year. Contract dollars, including domestic unconsolidated joint ventures(1), for the three months ended April 30, 2022 were $975.2 million (1,689 homes) compared with $930.2 million (1,960 homes) in the second quarter of fiscal 2021.

 

 

●

Consolidated contract dollars in the first half of fiscal 2022 increased 2.5% to $1.66 billion (3,076 homes) compared with $1.62 billion (3,549 homes) in the same period last year. Contract dollars, including domestic unconsolidated joint ventures(1), for the six months ended April 30, 2022 were $1.85 billion (3,348 homes) compared with $1.83 billion (3,922 homes) in the first half of fiscal 2021.

 

 

●

Consolidated contracts per community were at a strong, above historical average pace of 15.0 for the second quarter ended April 30, 2022 compared to the white-hot pace of 18.3 contracts per community in last year’s second quarter. Contracts per community, including domestic unconsolidated joint ventures, decreased to 14.1 contracts per community for the second quarter of fiscal 2022, which is above the historical average pace, compared with 16.8 contracts per community for the second quarter of fiscal 2021.

 

 

●

As of the end of the second quarter of fiscal 2022, consolidated community count was up 5.2% to 102 communities, compared with 97 communities at April 30, 2021. Community count, including domestic unconsolidated joint ventures, was 120 as of April 30, 2022, compared with 117 communities at the end of the previous year’s second quarter.

 

 

●

The dollar value of consolidated contract backlog, as of April 30, 2022, increased 16.1% to $2.06 billion compared with $1.77 billion as of April 30, 2021. The dollar value of contract backlog, including domestic unconsolidated joint ventures, as of April 30, 2022, increased 14.6% to $2.34 billion compared with $2.04 billion as of April 30, 2021.

 

2
 

 

 

●

Sale of home revenues increased to $685.8 million (1,353 homes) in the fiscal 2022 second quarter compared with $679.5 million (1,618 homes) in the previous year’s second quarter. During the fiscal 2022 second quarter, sale of homes revenues, including domestic unconsolidated joint ventures, increased to $772.8 million (1,495 homes) compared with $770.6 million (1,773 homes) during the second quarter of fiscal 2021.

 

 

●

For the first half of fiscal 2022, sale of homes revenues were $1.24 billion (2,527 homes) compared with $1.24 billion (3,003) homes in the first six months of the previous year. For the first half of the fiscal 2022, sale of homes revenues, including domestic unconsolidated joint ventures, were $1.39 billion (2,778 homes) compared with $1.39 billion (3,277 homes) during the same period of fiscal 2021.

 

 

●

The contract cancellation rate for consolidated contracts was 17% for the second quarter ended April 30, 2022 compared with 16% in the fiscal 2021 second quarter. The contract cancellation rate for contracts including domestic unconsolidated joint ventures was 16% for the second quarter of fiscal 2022 compared with 15% in the second quarter of the prior year.

 

(1)When we refer to “Domestic Unconsolidated Joint Ventures”, we are excluding results from our single community unconsolidated joint venture in the Kingdom of Saudi Arabia (KSA).

 

LIQUIDITY AND INVENTORY AS OF APRIL 30, 2022:

  

 

 

●

During the second quarter of fiscal 2022, land and land development spending was $154.8 million compared with $175.0 million in the same quarter one year ago. For the first half of fiscal 2022, land and land development spending was $349.6 million compared with $353.6 million in the same period one year ago.

 

 

●

After early retirement of $100 million of senior secured notes in the second quarter of fiscal 2022 in addition to the $181 million of senior secured notes retired in fiscal 2021, total liquidity as of April 30, 2022 was $282.2 million, above our targeted liquidity range of $170 million to $245 million.

 

 

●

In the second quarter of fiscal 2022, approximately 3,200 lots were put under option or acquired in 28 consolidated communities.

 

 

●

As of April 30, 2022, the total controlled consolidated lots increased 19.3% to 33,501 compared with 28,077 lots at the end of the second quarter of the previous year. Based on trailing twelve-month deliveries, the current position equaled a 5.8 years’ supply.

 

FINANCIAL GUIDANCE(2):

 

 

The Company is reiterating its financial guidance for the full year of fiscal 2022 and is providing guidance for the third quarter of 2022. Financial guidance below assumes no adverse changes in current market conditions, including further deterioration in the supply chain, material increase in mortgage rates, or increased inflation and excludes further impact to SG&A expenses from phantom stock expense related solely to stock price movements from the closing price of $46.02 at April 29, 2022.

 

3
 

 

 

●

For the third quarter of fiscal 2022, total revenues are expected to be between $780 million and $830 million, gross margin, before cost of sales interest expense and land charges, is expected to be between 24.0% and 26.0% and adjusted pretax income is expected to be between $70 million and $85 million.

 

 

●

For fiscal 2022, total revenues are expected to be between $2.80 billion and $3.00 billion, gross margin, before cost of sales interest expense and land charges, is expected to be between 23.5% and 25.5%, adjusted pretax income is expected to be between $260 million and $310 million, adjusted EBITDA is expected to be between $410 million and $460 million and fully diluted earnings per share is expected to be between $26.50 and $32.00. At the midpoint of our guidance, we anticipate our shareholders' equity to increase by approximately 105% by October 31, 2022.

 

 

●

Continue to focus on leverage levels and anticipate reducing senior secured notes by at least an additional $100 million during the second half of fiscal 2022.

 

(2)The Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. These items include, but are not limited to, land-related charges, inventory impairment loss and land option write-offs and loss (gain) on extinguishment of debt. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.

 

COMMENTS FROM MANAGEMENT:

  

 

“Despite continued challenges due to supply chain disruptions, labor tightness, increasing mortgage rates and permitting/inspection delays, we are pleased our adjusted pretax income increased 184% year over year and was above the high end of our guidance range. We also reduced our senior secured notes by an additional $100 million during the second quarter of fiscal 2022,” stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. “New homes sales face a persistent headwind from rising mortgage rates, increasing home prices and fears of a recession. Despite those concerns, demand for our homes throughout the second quarter of fiscal 2022 remained strong. During the second quarter of 2022 our contracts per community were 15.0, which was above the pre-Covid 2019 second quarter pace of 10.5 and the normal historical average (1997 through 2002) second quarter pace of 13.5 contracts per community.”

 

“We already have over 100% of our expected third and fourth quarter deliveries in contract backlog and we are beginning to build our fiscal 2023 backlog. This provides us with a high level of confidence that we are on track to achieve our adjusted profit guidance for fiscal 2022. Since August of 2021, we have paid off $281 million of senior secured notes prior to their maturity and anticipate paying off at least another $100 million of senior secured notes in the second half of fiscal 2022. Additionally, by the end of 2022, we expect our equity to increase year over year by more than 100% to approximately $365 million. We remain focused on increasing profitability and further strengthening our balance sheet,” concluded Mr. Hovnanian.

 

WEBCAST INFORMATION:

    

 

Hovnanian Enterprises will webcast its fiscal 2022 second quarter financial results conference call at 11:00 a.m. E.T. on Wednesday, June 1, 2022. The webcast can be accessed live through the “Investor Relations” section of Hovnanian Enterprises’ website at http://www.khov.com. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the “Past Events” section of the Investor Relations page on the Hovnanian website at http://www.khov.com. The archive will be available for 12 months.

 

ABOUT HOVNANIAN ENTERPRISES, INC.:

  

 

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company’s homes are marketed and sold under the trade name K. Hovnanian® Homes. Additionally, the Company’s subsidiaries, as developers of K. Hovnanian’s® Four Seasons communities, make the Company one of the nation’s largest builders of active lifestyle communities.

 

Additional information on Hovnanian Enterprises, Inc. can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian's investor e-mail list, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

 

4
 

 

NON-GAAP FINANCIAL MEASURES:

  

 

Consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairment loss and land option write-offs and loss on extinguishment of debt (“Adjusted EBITDA”) are not U.S. generally accepted accounting principles (GAAP) financial measures. The most directly comparable GAAP financial measure is net income. The reconciliation for historical periods of EBIT, EBITDA and Adjusted EBITDA to net income is presented in a table attached to this earnings release.

 

Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. The reconciliation for historical periods of homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is presented in a table attached to this earnings release.

 

Adjusted pretax income, which is defined as income before income taxes excluding land-related charges and loss on extinguishment of debt is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes. The reconciliation for historical periods of adjusted pretax income to income before income taxes is presented in a table attached to this earnings release.

 

Total liquidity is comprised of $149.4 million of cash and cash equivalents, $7.8 million of restricted cash required to collateralize letters of credit and $125.0 million availability under the senior secured revolving credit facility as of April 30, 2022.

 

 

FORWARD-LOOKING STATEMENTS

 

All statements in this press release that are not historical facts should be considered as “Forward-Looking Statements” within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Company’s goals and expectations with respect to its financial results for future financial periods. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic, industry and business conditions and impacts of a significant homebuilding downturn; (2) shortages in, and price fluctuations of, raw materials and labor, including due to geopolitical events, changes in 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; (3) the outbreak and spread of COVID-19 and the measures that governments, agencies, law enforcement and/or health authorities implement to address it, as well as continuing macroeconomic effects of the pandemic; (4) adverse weather and other environmental conditions and natural disasters; (5) the seasonality of the Company’s business; (6) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (7) reliance on, and the performance of, subcontractors; (8) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (9) increases in cancellations of agreements of sale; (10) fluctuations in interest rates and the availability of mortgage financing; (11) changes in tax laws affecting the after-tax costs of owning a home; (12) legal claims brought against us and not resolved in our favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (13) levels of competition; (14) utility shortages and outages or rate fluctuations; (15) information technology failures and data security breaches; (16) negative publicity; (17) high leverage and restrictions on the Company’s operations and activities imposed by the agreements governing the Company’s outstanding indebtedness; (18) availability and terms of financing to the Company; (19) the Company’s sources of liquidity; (20) changes in credit ratings; (21) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (22) operations through unconsolidated joint ventures with third parties; (23) significant influence of the Company’s controlling stockholders; (24) availability of net operating loss carryforwards; (25) loss of key management personnel or failure to attract qualified personnel; (26) increases in inflation; and (27) certain risks, uncertainties and other factors described in detail in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2021 and the Company’s Quarterly Reports on Form 10-Q for the quarterly periods during fiscal 2022 and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

 

5
 

 

Hovnanian Enterprises, Inc.

April 30, 2022

Statements of consolidated operations

(In thousands, except per share data)

 

   

Three Months Ended

    

Six Months Ended

  
   

April 30,

    

April 30,

  
   

2022

    

2021

    

2022

    

2021

  
   

(Unaudited)

    

(Unaudited)

  

Total revenues

     $702,537       $703,162       $1,267,850       $1,277,826  

Costs and expenses (1)

     617,968       674,771       1,156,071       1,231,766  

Loss on extinguishment of debt

     (6,795 )     -       (6,795 )     -  

Income from unconsolidated joint ventures

     3,171       2,641       11,362       4,557  

Income before income taxes

     80,945       31,032       116,346       50,617  

Income tax provision (benefit)

     18,510       (457,644 )     29,103       (457,018 )

Net income

     62,435       488,676       87,243       507,635  

Less: preferred stock dividends

     2,669       -       5,338       -  

Net income available to common stockholders

     $59,766       $488,676       $81,905       $507,635  
                                 
                                 
                                 

Per share data:

                                

Basic:

                                

Net income per common share

     $8.50       $71.11       $11.62       $74.00  

Weighted average number of common shares outstanding

     6,396       6,248       6,392       6,236  

Assuming dilution:

                                

Net income per common share

     $8.39       $69.65       $11.44       $72.71  

Weighted average number of common shares outstanding

     6,477       6,368       6,492       6,331  

 

(1) Includes inventory impairment loss and land option write-offs.

 

Hovnanian Enterprises, Inc.

April 30, 2022

Reconciliation of income before income taxes excluding land-related charges and loss on extinguishment of debt to income before income taxes

(In thousands)

 

   

Three Months Ended

    

Six Months Ended

  
   

April 30,

    

April 30,

  
   

2022

    

2021

    

2022

    

2021

  
   

(Unaudited)

    

(Unaudited)

  

Income before income taxes

     $80,945       $31,032       $116,346       $50,617  

Inventory impairment loss and land option write-offs

     565       81       664       1,958  

Loss on extinguishment of debt

     6,795       -       6,795       -  

Income before income taxes excluding land-related charges and loss on extinguishment of debt (1)

     $88,305       $31,113       $123,805       $52,575  

 

(1) Income before income taxes excluding land-related charges and loss on extinguishment of debt is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes.

  

 

 

6
 

 

Hovnanian Enterprises, Inc.

April 30, 2022

Gross margin

(In thousands)

 

   

Homebuilding Gross Margin

    

Homebuilding Gross Margin

  
   

Three Months Ended

    

Six Months Ended

  
   

April 30,

    

April 30,

  
   

2022

    

2021

    

2022

    

2021

  
   

(Unaudited)

    

(Unaudited)

  

Sale of homes

     $685,823       $679,515       $1,237,189       $1,230,880  

Cost of sales, excluding interest expense and land charges (1)

     503,466       535,017       931,339       972,389  

Homebuilding gross margin, before cost of sales interest expense and land charges (2)

     182,357       144,498       305,850       258,491  

Cost of sales interest expense, excluding land sales interest expense

     21,678       21,704       35,402       38,421  

Homebuilding gross margin, after cost of sales interest expense, before land charges (2)

     160,679       122,794       270,448       220,070  

Land charges

     565       81       664       1,958  

Homebuilding gross margin

     $160,114       $122,713       $269,784       $218,112  
                                 

Homebuilding Gross margin percentage

     23.3 %     18.1 %     21.8 %     17.7 %

Homebuilding Gross margin percentage, before cost of sales interest expense and land charges (2)

     26.6 %     21.3 %     24.7 %     21.0 %

Homebuilding Gross margin percentage, after cost of sales interest expense, before land charges (2)

     23.4 %     18.1 %     21.9 %     17.9 %

 

   

Land Sales Gross Margin

    

Land Sales Gross Margin

  
   

Three Months Ended

    

Six Months Ended

  
   

April 30,

    

April 30,

  
   

2022

    

2021

    

2022

    

2021

  
   

(Unaudited)

    

(Unaudited)

  

Land and lot sales

     $365       $1,549       $399       $4,911  

Land and lot sales cost of sales, excluding interest and land charges (1)

     216       1,517       260       3,783  

Land and lot sales gross margin, excluding interest and land charges

     149       32       139       1,128  

Land and lot sales interest

     -       21       21       469  

Land and lot sales gross margin, including interest and excluding land charges

     $149       $11       $118       $659  

 

(1) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Condensed Consolidated Statements of Operations.

(2) Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively.

 

7
 

 

Hovnanian Enterprises, Inc.

April 30, 2022

Reconciliation of adjusted EBITDA to net income (loss)

(In thousands)

 

   

Three Months Ended

    

Six Months Ended

  
   

April 30,

    

April 30,

  
   

2022

    

2021

    

2022

    

2021

  
   

(Unaudited)

    

(Unaudited)

  

Net income

     $62,435       $488,676       $87,243       $507,635  

Income tax provision (benefit)

     18,510       (457,644 )     29,103       (457,018 )

Interest expense

     34,103       43,758       61,241       84,898  

EBIT (1)

     115,048       74,790       177,587       135,515  

Depreciation and amortization

     1,314       1,484       2,489       2,822  

EBITDA (2)

     116,362       76,274       180,076       138,337  

Inventory impairment loss and land option write-offs

     565       81       664       1,958  

Loss on extinguishment of debt

     6,795       -       6,795       -  

Adjusted EBITDA (3)

     $123,722       $76,355       $187,535       $140,295  
                                 

Interest incurred

     $33,872       $41,870       $66,655       $83,327  
                                 

Adjusted EBITDA to interest incurred

     3.65       1.82       2.81       1.68  

 

(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBIT represents earnings before interest expense and income taxes.

(2) EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. EBITDA represents earnings before interest expense, income taxes, depreciation and amortization.

(3) Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income. Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairment loss and land option write-offs and loss on extinguishment of debt.

 

Hovnanian Enterprises, Inc.

April 30, 2022

Interest incurred, expensed and capitalized

(In thousands)

 

   

Three Months Ended

    

Six Months Ended

  
   

April 30,

    

April 30,

  
   

2022

    

2021

    

2022

    

2021

  
   

(Unaudited)

    

(Unaudited)

  

Interest capitalized at beginning of period

     $63,804       $65,327       $58,159       $65,010  

Plus interest incurred

     33,872       41,870       66,655       83,327  

Less interest expensed

     34,103       43,758       61,241       84,898  

Less interest contributed to unconsolidated joint venture (1)

     -       3,667       -       3,667  

Interest capitalized at end of period (2)

     $63,573       $59,772       $63,573       $59,772  

 

(1) Represents capitalized interest which was included as part of the assets contributed to the joint venture the company entered into during the six months ended April 30, 2021. There was no impact to the Consolidated Statement of Operations as a result of this transaction.

(2) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest.

 

8
 

 

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In Thousands)

 

   

April 30,

    

October 31,

  
   

2022

    

2021

  
   

(Unaudited)

       (1)  

ASSETS

                

Homebuilding:

                

Cash and cash equivalents

     $149,431       $245,970  

Restricted cash and cash equivalents

     14,283       16,089  

Inventories:

                

Sold and unsold homes and lots under development

     1,140,199       1,019,541  

Land and land options held for future development or sale

     152,796       135,992  

Consolidated inventory not owned

     199,172       98,727  

Total inventories

     1,492,167       1,254,260  

Investments in and advances to unconsolidated joint ventures

     67,344       60,897  

Receivables, deposits and notes, net

     39,420       39,934  

Property, plant and equipment, net

     21,559       18,736  

Prepaid expenses and other assets

     61,155       56,186  

Total homebuilding

     1,845,359       1,692,072  
                 

Financial services

     138,253       202,758  
                 

Deferred tax assets, net

     400,557       425,678  

Total assets

     $2,384,169       $2,320,508  
                 

LIABILITIES AND EQUITY

                

Homebuilding:

                

Nonrecourse mortgages secured by inventory, net of debt issuance costs

     $196,192       $125,089  

Accounts payable and other liabilities

     407,926       426,381  

Customers’ deposits

     100,445       68,295  

Liabilities from inventory not owned, net of debt issuance costs

     123,793       62,762  

Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)

     1,149,129       1,248,373  

Accrued Interest

     28,367       28,154  

Total homebuilding

     2,005,852       1,959,054  
                 

Financial services

     116,980       182,219  

Income taxes payable

     2,938       3,851  

Total liabilities

     2,125,770       2,145,124  
                 

Equity:

                

Hovnanian Enterprises, Inc. stockholders' equity:

                

Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at April 30, 2022 and October 31, 2021

     135,299       135,299  

Common stock, Class A, $0.01 par value - authorized 16,000,000 shares; issued 6,105,811 shares at April 30, 2022 and 6,066,164 shares at October 31, 2021

     61       61  

Common stock, Class B, $0.01 par value (convertible to Class A at time of sale) - authorized 2,400,000 shares; issued 704,215 shares at April 30, 2022 and 686,876 shares at October 31, 2021

     7       7  

Paid in capital - common stock

     723,319       722,118  

Accumulated deficit

     (485,323

)

     (567,228

)

Treasury stock - at cost – 470,430 shares of Class A common stock and 27,669 shares of Class B common stock at April 30, 2022 and October 31, 2021

     (115,360

)

     (115,360

)

Total Hovnanian Enterprises, Inc. stockholders’ equity

     258,003       174,897  

Noncontrolling interest in consolidated joint ventures

     396       487  

Total equity

     258,399       175,384  

Total liabilities and equity

     $2,384,169       $2,320,508  

 

(1) Derived from the audited balance sheet as of October 31, 2021

 

9
 

 

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands Except Per Share Data)

(Unaudited)

 

   

Three Months Ended April 30,

    

Six Months Ended April 30,

  
   

2022

    

2021

    

2022

    

2021

  

Revenues:

                                

Homebuilding:

                                

Sale of homes

     $685,823       $679,515       $1,237,189       $1,230,880  

Land sales and other revenues

     1,008       1,919       1,646       5,721  

Total homebuilding

     686,831       681,434       1,238,835       1,236,601  

Financial services

     15,706       21,728       29,015       41,225  

Total revenues

     702,537       703,162       1,267,850       1,277,826  
                                 

Expenses:

                                

Homebuilding:

                                

Cost of sales, excluding interest

     503,682       536,534       931,599       976,172  

Cost of sales interest

     21,678       21,725       35,423       38,890  

Inventory impairment loss and land option write-offs

     565       81       664       1,958  

Total cost of sales

     525,925       558,340       967,686       1,017,020  

Selling, general and administrative

     46,501       42,204       89,247       82,429  

Total homebuilding expenses

     572,426       600,544       1,056,933       1,099,449  
                                 

Financial services

     10,792       11,361       21,192       21,715  

Corporate general and administrative

     21,684       40,382       51,119       63,865  

Other interest

     12,425       22,033       25,818       46,008  

Other operations

     641       451       1,009       729  

Total expenses

     617,968       674,771       1,156,071       1,231,766  

Loss on extinguishment of debt

     (6,795

)

     -       (6,795

)

     -  

Income from unconsolidated joint ventures

     3,171       2,641       11,362       4,557  

Income before income taxes

     80,945       31,032       116,346       50,617  

State and federal income tax provision (benefit):

                                

State

     2,587       (91,374

)

     5,130       (90,748

)

Federal

     15,923       (366,270

)

     23,973       (366,270

)

Total income taxes

     18,510       (457,644

)

     29,103       (457,018

)

Net income

     62,435       488,676       87,243       507,635  

Less: preferred stock dividends

     2,669       -       5,338       -  

Net income available to common stockholders

     $59,766       $488,676       $81,905       $507,635  
                                 

Per share data:

                                

Basic:

                                

Net income per common share

     $8.50       $71.11       $11.62       $74.00  

Weighted-average number of common shares outstanding

     6,396       6,248       6,392       6,236  

Assuming dilution:

                                

Net income per common share

     $8.39       $69.65       $11.44       $72.71  

Weighted-average number of common shares outstanding

     6,477       6,368       6,492       6,331  

 

10
 

 

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)

 

   

Contracts (1)

  

Deliveries

  

Contract

  
   

Three Months Ended

  

Three Months Ended

  

Backlog

  
   

April 30,

  

April 30,

  

April 30,

  
   

2022

2021

% Change

  

2022

2021

% Change

  

2022

2021

% Change

  

Northeast

                                           

(NJ, PA)

Home

   87   64   35.9 %   78   42   85.7 %   249   142   75.4 %
 

Dollars

   $64,464   $49,948   29.1 %   $55,048   $28,686   91.9 %   $197,523   $105,828   86.6 %
 

Avg. Price

   $740,966   $780,438   (5.1 )%   $705,744   $683,000   3.3 %   $793,265   $745,268   6.4 %

Mid-Atlantic

                                           

(DE, MD, VA, WV)

Home

   264   242   9.1 %   191   216   (11.6 )%   618   585   5.6 %
 

Dollars

   $162,134   $152,237   6.5 %   $128,704   $112,124   14.8 %   $407,936   $350,183   16.5 %
 

Avg. Price

   $614,144   $629,079   (2.4 )%   $673,843   $519,093   29.8 %   $660,091   $598,603   10.3 %

Midwest

                                           

(IL, OH)

Home

   144   225   (36.0 )%   155   203   (23.6 )%   599   673   (11.0 )%
 

Dollars

   $55,041   $80,541   (31.7 )%   $56,690   $64,010   (11.4 )%   $197,667   $208,841   (5.4 )%
 

Avg. Price

   $382,229   $357,960   6.8 %   $365,742   $315,320   16.0 %   $329,995   $310,314   6.3 %

Southeast

                                           

(FL, GA, SC)

Home

   213   153   39.2 %   150   167   (10.2 )%   608   392   55.1 %
 

Dollars

   $132,871   $66,485   99.9 %   $73,154   $80,863   (9.5 )%   $352,101   $185,139   90.2 %
 

Avg. Price

   $623,808   $434,542   43.6 %   $487,693   $484,210   0.7 %   $579,113   472,293   22.6 %

Southwest

                                           

(AZ, TX)

Home

   541   829   (34.7 )%   555   633   (12.3 )%   1,220   1,416   (13.8 )%
 

Dollars

   $273,858   $319,618   (14.3 )%   $231,656   $217,165   6.7 %   $597,783   $540,321   10.6 %
 

Avg. Price

   $506,207   $385,546   31.3 %   $417,396   $343,073   21.7 %   $489,986   $381,583   28.4 %

West

                                           

(CA)

Home

   276   258   7.0 %   224   357   (37.3 )%   502   689   (27.1 )%
 

Dollars

   $172,177   $151,571   13.6 %   $140,571   $176,667   (20.4 )%   $307,315   $384,089   (20.0 )%
 

Avg. Price

   $623,830   $587,484   6.2 %   $627,549   $494,866   26.8 %   $612,181   $557,459   9.8 %

Consolidated Total

                                            
 

Home

   1,525   1,771   (13.9 )%   1,353   1,618   (16.4 )%   3,796   3,897   (2.6 )%
 

Dollars

   $860,545   $820,400   4.9 %   $685,823   $679,515   0.9 %   $2,060,325   $1,774,401   16.1 %
 

Avg. Price

   $564,292   $463,241   21.8 %   $506,891   $419,972   20.7 %   $542,762   $455,325   19.2 %

Unconsolidated Joint Ventures (2)

                                            

(excluding KSA JV)

Home

   164   189   (13.2 )%   142   155   (8.4 )%   396   476   (16.8 )%
 

Dollars

   $114,673   $109,806   4.4 %   $86,974   $91,067   (4.5 )%   $278,006   $266,673   4.2 %
 

Avg. Price

   $699,226   $580,984   20.4 %   $612,493   $587,529   4.2 %   $702,035   $560,237   25.3 %

Grand Total

                                            
 

Home

   1,689   1,960   (13.8 )%   1,495   1,773   (15.7 )%   4,192   4,373   (4.1 )%
 

Dollars

   $975,218   $930,206   4.8 %   $772,797   $770,582   0.3 %   $2,338,331   $2,041,074   14.6 %
 

Avg. Price

   $577,394   $474,595   21.7 %   $516,921   $434,620   18.9 %   $557,808   $466,745   19.5 %
                                             

KSA JV Only

                                            
 

Home

   51   146   (65.1 )%   0   0   0.0 %   2,191   1,451   51.0 %
 

Dollars

   $7,895   $22,805   (65.4 )%   $0   $0   0.0 %   $344,026   $227,851   51.0 %
 

Avg. Price

   $154,804   $156,199   (0.9 )%   $0   $0   0.0 %   $157,018   $157,030   (0.0 )%

 

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.

 

11
 

 

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)

 

   

Contracts (1)

  

Deliveries

  

Contract

  
   

Six Months Ended

  

Six Months Ending

  

Backlog

  
   

April 30,

  

April 30,

  

April 30,

  
   

2022

2021

% Change

  

2022

2021

% Change

  

2022

2021

% Change

  

Northeast

                                           

(NJ, PA)

Home

   183   107   71.0 %   106   95   11.6 %   249   142   75.4 %
 

Dollars

   $134,532   $83,618   60.9 %   $75,405   $59,902   25.9 %   $197,523   $105,828   86.6 %
 

Avg. Price

   $735,148   $781,477   (5.9 )%   $711,368   $630,547   12.8 %   $793,265   $745,268   6.4 %

Mid-Atlantic

                                           

(DE, MD, VA, WV)

Home

   469   471   (0.4 )%   359   392   (8.4 )%   618   585   5.6 %
 

Dollars

   $293,850   $296,718   (1.0 )%   $228,104   $205,035   11.3 %   $407,936   $350,183   16.5 %
 

Avg. Price

   $626,546   $629,975   (0.5 )%   $635,387   $523,048   21.5 %   $660,091   $598,603   10.3 %

Midwest

                                           

(IL, OH)

Home

   311   463   (32.8 )%   317   386   (17.9 )%   599   673   (11.0 )%
 

Dollars

   $114,834   $159,927   (28.2 )%   $111,612   $120,603   (7.5 )%   $197,667   $208,841   (5.4 )%
 

Avg. Price

   $369,241   $345,417   6.9 %   $352,088   $312,443   12.7 %   $329,995   $310,314   6.3 %

Southeast

                                           

(FL, GA, SC)

Home

   441   363   21.5 %   254   269   (5.6 )%   608   392   55.1 %
 

Dollars

   $259,325   $164,679   57.5 %   $128,649   $126,511   1.7 %   $352,101   $185,139   90.2 %
 

Avg. Price

   $588,039   $453,661   29.6 %   $506,492   $470,301   7.7 %   $579,113   $472,293   22.6 %

Southwest

                                           

(AZ, TX)

Home

   1,197   1,565   (23.5 )%   1,053   1,215   (13.3 )%   1,220   1,416   (13.8 )%
 

Dollars

   $563,948   $587,443   (4.0 )%   $425,986   $407,347   4.6 %   $597,783   $540,321   10.6 %
 

Avg. Price

   $471,135   $375,363   25.5 %   $404,545   $335,265   20.7 %   $489,986   $381,583   28.4 %

West

                                           

(CA)

Home

   475   580   (18.1 )%   438   646   (32.2 )%   502   689   (27.1 )%
 

Dollars

   $292,318   $325,685   (10.2 )%   $267,433   $311,482   (14.1 )%   $307,315   $384,089   (20.0 )%
 

Avg. Price

   $615,406   $561,524   9.6 %   $610,578   $482,170   26.6 %   $612,181   $557,459   9.8 %

Consolidated Total

                                            
 

Home

   3,076   3,549   (13.3 )%   2,527   3,003   (15.9 )%   3,796   3,897   (2.6 )%
 

Dollars

   $1,658,807   $1,618,070   2.5 %   $1,237,189   $1,230,880   0.5 %   $2,060,325   $1,774,401   16.1 %
 

Avg. Price

   $539,274   $455,923   18.3 %   $489,588   $409,883   19.4 %   $542,762   $455,325   19.2 %

Unconsolidated Joint Ventures (2)

                                            

(excluding KSA JV)

Home

   272   373   (27.1 )%   251   274   (8.4 )%   396   476   (16.8 )%
 

Dollars

   $186,981   $211,714   (11.7 )%   $150,594   $162,180   (7.1 )%   $278,006   $266,673   4.2 %
 

Avg. Price

   $687,430   $567,598   21.1 %   $599,976   $591,897   1.4 %   $702,035   $560,237   25.3 %

Grand Total

                                            
 

Home

   3,348   3,922   (14.6 )%   2,778   3,277   (15.2 )%   4,192   4,373   (4.1 )%
 

Dollars

   $1,845,788   $1,829,784   0.9 %   $1,387,783   $1,393,060   (0.4 )%   $2,338,331   $2,041,074   14.6 %
 

Avg. Price

   $551,310   $466,544   18.2 %   $499,562   $425,102   17.5 %   $557,808   $466,745   19.5 %
                                             

KSA JV Only

                                            
 

Home

   278   359   (22.6 )%   0   0   0.0 %   2,191   1,451   51.0 %
 

Dollars

   $43,642   $56,178   (22.3 )%   $0   $0   0.0 %   $344,026   $227,851   51.0 %
 

Avg. Price

   $156,986   $156,485   0.3 %   $0   $0   0.0 %   $157,018   $157,030   (0.0 )%

 

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.

 

12
 

 

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)

 

   

Contracts (1)

  

Deliveries

  

Contract

  
   

Three Months Ended

  

Three Months Ended

  

Backlog

  
   

April 30,

  

April 30,

  

April 30,

  
   

2022

2021

  

% Change

  

2022

2021

% Change

  

2022

2021

% Change

  

Northeast

                                              

(unconsolidated joint ventures)

Home

   19   14     35.7 %   0   17   (100.0 )%   38   14   171.4 %

(excluding KSA JV)

Dollars

   $19,932   $16,977     17.4 %   $0   $23,813   (100.0 )%   $32,233   $17,839   80.7 %

(NJ, PA)

Avg. Price

   $1,049,053   $1,212,643     (13.5 )%   $0   $1,400,765   (100.0 )%   $848,237   $1,274,214   (33.4 )%

Mid-Atlantic

                                              

(unconsolidated joint ventures)

Home

   63   26     142.3 %   46   33   39.4 %   143   127   12.6 %

(DE, MD, VA, WV)

Dollars

   $42,226   $14,962     182.2 %   $31,159   $17,923   73.8 %   $93,893   $75,401   24.5 %
 

Avg. Price

   $670,254   $575,462     16.5 %   $677,369   $543,121   24.9 %   $656,594   $593,709   10.6 %

Midwest

                                              

(unconsolidated joint ventures)

Home

   0   0     0.0 %   0   0   0.0 %   0   0   0.0 %

(IL, OH)

Dollars

   $0   $0     0.0 %   $0   $0   0.0 %   $0   $0   0.0 %
 

Avg. Price

   $0   $0     0.0 %   $0   $0   0.0 %   $0   $0   0.0 %

Southeast

                                              

(unconsolidated joint ventures)

Home

   49   127     (61.4 )%   74   70   5.7 %   172   272   (36.8 )%

(FL, GA, SC)

Dollars

   $35,101   $69,362     (49.4 )%   $45,621   $33,510   36.1 %   $130,093   $145,096   (10.3 )%
 

Avg. Price

   $716,347   $546,157     31.2 %   $616,500   $478,714   28.8 %   $756,355   $533,441   41.8 %

Southwest

                                              

(unconsolidated joint ventures)

Home

   0   0     0.0 %   0   14   (100.0 )%   0   21   (100.0 )%

(AZ, TX)

Dollars

   $0   $(17 )   (100.0 )%   $0   $8,441   (100.0 )%   $0   $12,758   (100.0 )%
 

Avg. Price

   $0   $0     0.0 %   $0   $602,929   (100.0 )%   $0   $607,524   (100.0 )%

West

                                              

(unconsolidated joint ventures)

Home

   33   22     50.0 %   22   21   4.8 %   43   42   2.4 %

(CA)

Dollars

   $17,414   $8,522     104.3 %   $10,194   $7,380   38.1 %   $21,787   $15,579   39.8 %
 

Avg. Price

   $527,697   $387,364     36.2 %   $463,363   $351,429   31.9 %   $506,674   $370,929   36.6 %

Unconsolidated Joint Ventures (2)

                                              

(excluding KSA JV)

Home

   164   189     (13.2 )%   142   155   (8.4 )%   396   476   (16.8 )%
 

Dollars

   $114,673   $109,806     4.4 %   $86,974   $91,067   (4.5 )%   $278,006   $266,673   4.2 %
 

Avg. Price

   $699,226   $580,984     20.4 %   $612,493   $587,529   4.2 %   $702,035   $560,237   25.3 %
                                               

KSA JV Only

                                              
 

Home

   51   146     (65.1 )%   0   0   0.0 %   2,191   1,451   51.0 %
 

Dollars

   $7,895   $22,805     (65.4 )%   $0   $0   0.0 %   $344,026   $227,851   51.0 %
 

Avg. Price

   $154,804   $156,199     (0.9 )%   $0   $0   0.0 %   $157,018   157,030   (0.0 )%

 

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.

 

13
 

 

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)

 

   

Contracts (1)

  

Deliveries

  

Contract

  
   

Six Months Ended

  

Six Months Ended

  

Backlog

  
   

April 30,

  

April 30,

  

April 30,

  
   

2022

2021

% Change

  

2022

2021

% Change

  

2022

2021

% Change

  

Northeast

                                            

(unconsolidated joint ventures)

Home

   32   27   18.5 %   4   31   (87.1 )%   38   14   171.4 %

(excluding KSA JV)

Dollars

   $27,738   $34,812   (20.3 )%   $5,695   $41,508   (86.3 )%   $32,233   $17,839   80.7 %

(NJ, PA)

Avg. Price

   $866,813   $1,289,333   (32.8 )%   $1,423,750   $1,338,968   6.3 %   $848,237   $1,274,214   (33.4 )%

Mid-Atlantic

                                            

(unconsolidated joint ventures)

Home

   100   49   104.1 %   73   63   15.9 %   143   127   12.6 %

(DE, MD, VA, WV)

Dollars

   $65,964   $28,288   133.2 %   $48,679   $32,324   50.6 %   $93,893   $75,401   24.5 %
 

Avg. Price

   $659,640   $577,306   14.3 %   $666,836   $513,079   30.0 %   $656,594   $593,709   10.6 %

Midwest

                                            

(unconsolidated joint ventures)

Home

   0   1   (100.0 )%   0   1   (100.0 )%   0   0   0.0 %

(IL, OH)

Dollars

   $0   $409   (100.0 )%   $0   $409   (100.0 )%   $0   $0   0.0 %
 

Avg. Price

   $0   $409,000   (100.0 )%   $0   $409,000   (100.0 )%   $0   $0   0.0 %

Southeast

                                            

(unconsolidated joint ventures)

Home

   87   244   (64.3 )%   126   121   4.1 %   172   272   (36.8 )%

(FL, GA, SC)

Dollars

   $66,626   $127,120   (47.6 )%   $74,304   $60,552   22.7 %   $130,093   $145,096   (10.3 )%
 

Avg. Price

   $765,816   $520,984   47.0 %   $589,714   $500,430   17.8 %   $756,355   $533,441   41.8 %

Southwest

                                            

(unconsolidated joint ventures)

Home

   0   4   (100.0 )%   0   29   (100.0 )%   0   21   (100.0 )%

(AZ, TX)

Dollars

   $0   $3,135   (100.0 )%   $0   $17,180   (100.0 )%   $0   $12,758   (100.0 )%
 

Avg. Price

   $0   $783,750   (100.0 )%   $0   $592,414   (100.0 )%   $0   $607,524   (100.0 )%

West

                                            

(unconsolidated joint ventures)

Home

   53   48   10.4 %   48   29   65.5 %   43   42   2.4 %

(CA)

Dollars

   $26,653   $17,949   48.5 %   $21,916   $10,207   114.7 %   $21,787   $15,579   39.8 %
 

Avg. Price

   $502,887   $373,938   34.5 %   $456,583   $351,966   29.7 %   $506,674   $370,929   36.6 %

Unconsolidated Joint Ventures (2)

                                            

(excluding KSA JV)

Home

   272   373   (27.1 )%   251   274   (8.4 )%   396   476   (16.8 )%
 

Dollars

   $186,981

 

 $211,713   (11.7 )%   $150,594   $162,180   (7.1 )%   $278,006   $266,673   4.2 %
 

Avg. Price

   $687,430   $567,595   21.1 %   $599,976   $591,898   1.4 %   $702,035   $560,237   25.3 %
                                             

KSA JV Only

                                            
 

Home

   278   359   (22.6 )%   0   0   0.0 %   2,191   1,451   51.0 %
 

Dollars

   $43,642   $56,178   (22.3 )%   $0   $0   0.0 %   $344,026   $227,851   51.0 %
 

Avg. Price

   $156,986   $156,485   0.3 %   $0   $0   0.0 %   $157,018   $157,030   (0.0 )%

 

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.

 

14
 EX-101.SCH 3 hov-20220601.xsd XBRL TAXONOMY EXTENSION SCHEMA 000 - Document - Document And Entity Information link:calculationLink link:definitionLink link:presentationLink EX-101.DEF 4 hov-20220601_def.xml XBRL TAXONOMY EXTENSION DEFINITION LINKBASE EX-101.LAB 5 hov-20220601_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Entity [Domain] Legal Entity [Axis] Document Information [Line Items] Document Information [Table] Document, Type Document, Period End Date Entity, Registrant Name Entity, Incorporation, State or Country Code Entity, File Number Entity, Tax Identification Number Entity, Address, Address Line One Entity, Address, City or Town Entity, Address, State or Province Entity, Address, Postal Zip Code City Area Code Local Phone Number Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security Trading Symbol Security Exchange Name Entity, Emerging Growth Company Amendment Flag Entity, Central Index Key Class of Stock [Axis] Class of Stock [Domain] ClassACommonStock Custom [Member] PreferredStockPurchaseRights Custom [Member] DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStock Custom [Member] EX-101.PRE 6 hov-20220601_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 7 R1.htm IDEA: XBRL DOCUMENT v3.22.1
Document And Entity Information
Jun. 01, 2022
Document Information [Line Items]  
Entity, Registrant Name HOVNANIAN ENTERPRISES, INC.
Document, Type 8-K
Document, Period End Date Jun. 01, 2022
Entity, Incorporation, State or Country Code DE
Entity, File Number 1-8551
Entity, Tax Identification Number 22-1851059
Entity, Address, Address Line One 90 Matawan Road, Fifth Floor
Entity, Address, City or Town Matawan
Entity, Address, State or Province NJ
Entity, Address, Postal Zip Code 07747
City Area Code 732
Local Phone Number 747-7800
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity, Emerging Growth Company false
Amendment Flag false
Entity, Central Index Key 0000357294
ClassACommonStock Custom [Member]  
Document Information [Line Items]  
Title of 12(b) Security Class A Common Stock
Trading Symbol HOV
Security Exchange Name NYSE
PreferredStockPurchaseRights Custom [Member]  
Document Information [Line Items]  
Title of 12(b) Security Preferred Stock Purchase Rights
Trading Symbol N/A
Security Exchange Name NYSE
DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStock Custom [Member]  
Document Information [Line Items]  
Title of 12(b) Security Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock
Trading Symbol HOVNP
Security Exchange Name NASDAQ
XML 8 hov20220527_8k_htm.xml IDEA: XBRL DOCUMENT 0000357294 2022-06-01 2022-06-01 0000357294 hov:ClassACommonStockCustomMember 2022-06-01 2022-06-01 0000357294 hov:PreferredStockPurchaseRightsCustomMember 2022-06-01 2022-06-01 0000357294 hov:DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember 2022-06-01 2022-06-01 false 0000357294 8-K 2022-06-01 HOVNANIAN ENTERPRISES, INC. DE 1-8551 22-1851059 90 Matawan Road, Fifth Floor Matawan NJ 07747 732 747-7800 false false false false Class A Common Stock HOV NYSE Preferred Stock Purchase Rights N/A NYSE Depositary Shares each representing 1/1,000th of a share of 7.625% Series A Preferred Stock HOVNP NASDAQ false EXCEL 9 Financial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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end XML 10 Show.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}} XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 12 FilingSummary.xml IDEA: XBRL DOCUMENT 3.22.1 html 4 22 1 false 3 0 false 0 false false R1.htm 000 - Document - Document And Entity Information Sheet http://www.hov.com/20220601/role/statement-document-and-entity-information Document And Entity Information Cover 1 false false All Reports Book All Reports hov20220527_8k.htm ex_381406.htm hov-20220601.xsd hov-20220601_def.xml hov-20220601_lab.xml hov-20220601_pre.xml http://xbrl.sec.gov/dei/2021q4 true false JSON 14 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "hov20220527_8k.htm": { "axisCustom": 0, "axisStandard": 1, "contextCount": 4, "dts": { "definitionLink": { "local": [ "hov-20220601_def.xml" ] }, "inline": { "local": [ "hov20220527_8k.htm" ] }, "labelLink": { "local": [ "hov-20220601_lab.xml" ] }, "presentationLink": { "local": [ "hov-20220601_pre.xml" ] }, "schema": { "local": [ "hov-20220601.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "https://www.xbrl.org/2020/extensible-enumerations-2.0.xsd", "https://www.xbrl.org/dtr/type/2020-01-21/types.xsd", "https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd", "https://xbrl.fasb.org/srt/2021/elts/srt-roles-2021-01-31.xsd", "https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd", "https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd", "https://xbrl.fasb.org/us-gaap/2021/elts/us-roles-2021-01-31.xsd", "https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd", "https://xbrl.sec.gov/country/2021/country-2021.xsd", "https://xbrl.sec.gov/currency/2021/currency-2021.xsd", "https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd", "https://xbrl.sec.gov/exch/2021/exch-2021.xsd", "https://xbrl.sec.gov/sic/2021/sic-2021.xsd", "https://xbrl.sec.gov/stpr/2021/stpr-2021.xsd" ] } }, "elementCount": 31, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2021q4": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 22, "memberCustom": 3, "memberStandard": 0, "nsprefix": "hov", "nsuri": "http://www.hov.com/20220601", "report": { "R1": { "firstAnchor": { "ancestors": [ "div", "body", "html" ], "baseRef": "hov20220527_8k.htm", "contextRef": "d20228K", "decimals": null, "first": true, "lang": "en-US", "name": "dei:EntityRegistrantName", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "000 - Document - Document And Entity Information", "role": "http://www.hov.com/20220601/role/statement-document-and-entity-information", "shortName": "Document And Entity Information", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "div", "body", "html" ], "baseRef": "hov20220527_8k.htm", "contextRef": "d20228K", "decimals": null, "first": true, "lang": "en-US", "name": "dei:EntityRegistrantName", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 3, "tag": { "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "normalizedStringItemType" }, "dei_DocumentInformationLineItems": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.", "label": "Document Information [Line Items]" } } }, "localname": "DocumentInformationLineItems", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "stringItemType" }, "dei_DocumentInformationTable": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Container to support the formal attachment of each official or unofficial, public or private document as part of a submission package.", "label": "Document Information [Table]" } } }, "localname": "DocumentInformationTable", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "xbrltype": "stringItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.", "label": "Document, Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "dateItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document, Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "submissionTypeItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity, Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the City or Town", "label": "Entity, Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity, Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Name of the state or province.", "label": "Entity, Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity, Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "All the names of the entities being reported upon in a document. Any legal structure used to conduct activities or to hold assets. Some examples of such structures are corporations, partnerships, limited liability companies, grantor trusts, and other trusts. This item does not include business and geographical segments which are included in the geographical or business segments domains.", "label": "Entity [Domain]" } } }, "localname": "EntityDomain", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "domainItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity, Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity, File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "fileNumberItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity, Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity, Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r1" ], "lang": { "en-us": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity, Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "employerIdItemType" }, "dei_LegalEntityAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "The set of legal entities associated with a report.", "label": "Legal Entity [Axis]" } } }, "localname": "LegalEntityAxis", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "stringItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "normalizedStringItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r3" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r4" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-us": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r2" ], "lang": { "en-us": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r5" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-us": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r6" ], "lang": { "en-us": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2021q4", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "booleanItemType" }, "hov_ClassACommonStockCustomMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "ClassACommonStock Custom [Member]" } } }, "localname": "ClassACommonStockCustomMember", "nsuri": "http://www.hov.com/20220601", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "domainItemType" }, "hov_DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStock Custom [Member]" } } }, "localname": "DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember", "nsuri": "http://www.hov.com/20220601", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "domainItemType" }, "hov_PreferredStockPurchaseRightsCustomMember": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "PreferredStockPurchaseRights Custom [Member]" } } }, "localname": "PreferredStockPurchaseRightsCustomMember", "nsuri": "http://www.hov.com/20220601", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "domainItemType" }, "us-gaap_ClassOfStockDomain": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Class of Stock [Domain]" } } }, "localname": "ClassOfStockDomain", "nsuri": "http://fasb.org/us-gaap/2021-01-31", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "domainItemType" }, "us-gaap_StatementClassOfStockAxis": { "auth_ref": [], "lang": { "en-us": { "role": { "label": "Class of Stock [Axis]" } } }, "localname": "StatementClassOfStockAxis", "nsuri": "http://fasb.org/us-gaap/2021-01-31", "presentation": [ "http://www.hov.com/20220601/role/statement-document-and-entity-information" ], "xbrltype": "stringItemType" } }, "unitCount": 0 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r5": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r6": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" } }, "version": "2.1" } ZIP 15 0001437749-22-013985-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001437749-22-013985-xbrl.zip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end