0001437749-23-004849.txt : 20230228 0001437749-23-004849.hdr.sgml : 20230228 20230228100120 ACCESSION NUMBER: 0001437749-23-004849 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230228 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230228 DATE AS OF CHANGE: 20230228 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: 23679405 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 hov20230224_8k.htm FORM 8-K hov20230224_8k.htm
false 0000357294 0000357294 2023-02-28 2023-02-28 0000357294 hov:ClassACommonStock001ParValuePerShareCustomMember 2023-02-28 2023-02-28 0000357294 hov:PreferredStockPurchaseRights1CustomMember 2023-02-28 2023-02-28 0000357294 hov:DepositarySharesEachRepresenting11000thOfAShareOf7625SeriesAPreferredStockCustomMember 2023-02-28 2023-02-28
 
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): February 28, 2023
 
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 February 28, 2023, Hovnanian Enterprises, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the fiscal first quarter ended January 31, 2023. 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 (“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, 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: February 28, 2023
 
 
 EX-99.1 2 ex_480337.htm EXHIBIT 99.1 ex_480337.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 2023 FIRST QUARTER RESULTS

Gross Margins for the Quarter for Both Deliveries and Recent Contracts Remains Strong

Net Contracts per Community Increased from 1.5 in November to 3.0 in January and Accelerated Further in February

 

MATAWAN, NJ, February 28, 2023 – Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal first quarter ended January 31, 2023.

 

RESULTS FOR THE FIRST QUARTER ENDED JANUARY 31, 2023:

 

 

●

Total revenues declined 8.8% to $515.4 million in the first quarter of fiscal 2023, compared with $565.3 million in the same quarter of the prior year.

 

 

●

Sale of homes revenues decreased 9.4% to $499.6 million (938 homes) in the fiscal 2023 first quarter compared with $551.4 million (1,174 homes) in the previous year’s first quarter. During the fiscal 2023 first quarter, sale of homes revenues, including domestic unconsolidated joint ventures(1), decreased only 6.0% to $578.3 million (1,045 homes) compared with $615.0 million (1,283 homes) during the first quarter of fiscal 2022.

 

 

●

Homebuilding gross margin percentage, after cost of sales interest expense and land charges, was 18.7% for the three months ended January 31, 2023, compared with 19.9% during the same period a year ago.

 

 

●

Homebuilding gross margin percentage, before cost of sales interest expense and land charges, was 21.8% during the fiscal 2023 first quarter compared with 22.4% in last year’s first quarter.

 

 

●

Total SG&A was $73.4 million, or 14.2% of total revenues, in the first quarter of fiscal 2023 compared with $72.2 million, or 12.8% of total revenues, in the previous year’s first quarter.

 

 

●

Total interest expense as a percent of total revenues was 5.8% for the first quarter of fiscal 2023 compared with 4.8% during the first quarter of fiscal 2022.

 

 

●

Income before income taxes for the first quarter of fiscal 2023 was $18.0 million compared with $35.4 million in the first quarter of the prior fiscal year.

 

 

●

Net income was $18.7 million, or $2.26 per diluted common share, for the three months ended January 31, 2023, compared with net income of $24.8 million, or $3.07 per diluted common share, in the same quarter of the previous fiscal year.
 

 

1
 

 

 

●

EBITDA was $49.6 million for the first quarter of fiscal 2023 compared with $63.7 million in the same quarter of the prior year.

 

 

●

Consolidated contract dollars in the first quarter of fiscal 2023 declined 48.0% to $415.1 million (788 homes) compared with $798.3 million (1,551 homes) in the same quarter last year. Contract dollars, including domestic unconsolidated joint ventures, for the three months ended January 31, 2023 declined to $486.8 million (893 homes) compared with $870.6 million (1,659 homes) in the first quarter of fiscal 2022.

 

 

●

As of January 31, 2023, consolidated community count was 121 communities, compared with 111 communities on January 31, 2022. Community count, including domestic unconsolidated joint ventures, was 132 as of January 31, 2023, compared with 126 communities at the end of the previous fiscal year’s first quarter.

 

 

●

The dollar value of consolidated contract backlog, as of January 31, 2023, decreased 37.6% to $1.18 billion compared with $1.89 billion as of January 31, 2022. The dollar value of contract backlog, including domestic unconsolidated joint ventures, as of January 31, 2023, decreased 33.8% to $1.41 billion compared with $2.14 billion as of January 31, 2022.

 

 

●

The beginning backlog cancellation rate for consolidated contracts increased to 16% for the first quarter ended January 31, 2023 compared with 8% in the fiscal 2022 first quarter. The beginning backlog cancellation rate for contracts including domestic unconsolidated joint ventures was 15% for the first quarter of fiscal 2023 compared with 7% in the first quarter of the prior year. The historical average consolidated beginning backlog cancellation rate since fiscal 2013 is 13%.

 

 

●

The gross contract cancellation rate for consolidated contracts increased to 30% for the first quarter ended January 31, 2023 compared with 14% in the fiscal 2022 first quarter. The gross contract cancellation rate for contracts including domestic unconsolidated joint ventures was 29% for the first quarter of fiscal 2023 compared with 14% in the first quarter of the prior year.

 

 

●

Recent monthly consolidated contracts per community were 1.5 for November, 2.0 for December, 3.0 for January, and 3.8 for preliminary February results through February 26, 2023. Excluding 107 build for rent contracts fiscal year to date through February 26th, recent monthly consolidated contracts per community were 1.2 for November, 1.8 for December, 3.0 for January, and 3.4 for preliminary February results. Recent consolidated monthly gross contract cancellation rates were 35% in November, 30% in December, 27% in January, and 16% month to date through February 26, 2023.

 

(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 JANUARY 31, 2023:

 

 

●

During the first quarter of fiscal 2023, land and land development spending was $134.4 million compared with $194.8 million in the same quarter one year ago.

 

 

●

Total liquidity as of January 31, 2023 was $365.7 million, significantly above our targeted liquidity range of $170 million to $245 million.

 

 

●

In the first quarter of fiscal 2023, approximately 1,300 lots were put under option or acquired in 16 consolidated communities.

 

2
 

 

 

●

As of January 31, 2023, the total controlled consolidated lots were 29,123, a decrease compared with 32,328 lots at the end of the first quarter of the previous year and a decrease compared to 31,518 lots on October 31, 2022. Based on trailing twelve-month deliveries, the current position equaled a 5.5 years’ supply.

 

FINANCIAL GUIDANCE(2):

 

The Company is providing guidance for total revenues, gross margin, adjusted EBITDA and adjusted pretax income for the second quarter of fiscal 2023. 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 $57.88 on January 31, 2023.

 

For the second quarter of fiscal 2023, total revenues are expected to be between $525 million and $625 million, gross margin, before cost of sales interest expense and land charges, is expected to be between 21.0% and 22.5%, adjusted pretax income is expected to be between $20 million and $35 million, and adjusted EBITDA is expected to be between $52 million and $67 million.

 

(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 impairments 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:

 

“High inflation, sharp year-over-year increases in mortgage rates and significant economic uncertainty adversely impacted consumer demand for housing during the second half of 2022,” stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. “In spite of those trends, our total revenues, adjusted gross margin, adjusted pretax income and adjusted EBITDA in the first quarter of fiscal 2023 all met our expectations and total SG&A as a percentage of total revenues was only slightly above the high end of our guidance. A slower contract sales pace in the second half of fiscal 2022 led to a 9% decline in total revenues in the first quarter of fiscal 2023 and resulted in lower overall year-over-year levels of profitability.”

 

“However, during our first quarter, we increased our use of incentives and concessions resulting in lower net home prices, and we saw mortgage rates decline slightly and stabilize. The combination of those two measures had a positive impact on the affordability of our homes and on our sales pace. Net contracts per community increased from 1.5 in November to 2.0 in December and to 3.0 in January. Despite our use of higher incentives and concessions, adjusted gross margins on these new contracts remain above our historical average of approximately 20%, due primarily to lower lumber costs. The contract pace accelerated further in February, with the last week being the strongest, despite mortgage rates spiking to 7%. In recent weeks we have modestly raised home prices in approximately one third of our communities,” said Mr. Hovnanian.

 

“We are encouraged that the improving tone of the housing market is a good indication that the housing industry is positioned to experience a strong spring selling season. We believe long term fundamentals such as strong employment levels, pent up housing demand from the substantial underproduction of new homes for more than a decade and historically low levels of existing home supply set the stage for a housing market rebound. However, we continue to closely monitor the impact of mortgage rate movements and the actions taken by the Federal Reserve have on housing demand,” concluded Mr. Hovnanian.

 

3
 

 

SEGMENT CHANGE/RECLASSIFICATION

 

Historically, the Company had seven reportable segments consisting of six homebuilding segments (Northeast, Mid-Atlantic, Midwest, Southeast, Southwest and West) and its financial services segment. During the fourth quarter of fiscal 2022, we reevaluated our reportable segments as a result of changes in the business and our management thereof. In particular, we considered the fact that, since our segments were last established, the Company had exited the Minnesota, North Carolina, and Tampa markets and is currently in the process of exiting the Chicago market. As a result, we realigned our homebuilding operating segments and determined that, in addition to our financial services segment, we now have three reportable homebuilding segments comprised of (1) Northeast, (2) Southeast and (3) West. All prior period amounts related to the segment change have been retrospectively reclassified to conform to the new presentation.

 

WEBCAST INFORMATION:

 

Hovnanian Enterprises will webcast its fiscal 2023 first quarter financial results conference call at 11:00 a.m. E.T. on Tuesday, February 28, 2023. 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 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.

 

NON-GAAP FINANCIAL MEASURES:

 

Consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairments and land option write-offs (“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 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.

 

4
 

 

Total liquidity is comprised of $234.9 million of cash and cash equivalents, $5.8 million of restricted cash required to collateralize letters of credit and $125.0 million availability under the senior secured revolving credit facility as of January 31, 2023.

 

 

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 and statements regarding demand for homes, mortgage rates, inflation, supply chain issues, customer incentives and underlying factors. 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) fluctuations in interest rates and the availability of mortgage financing; (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) increases in inflation; (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) 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; 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, 2022 and the Company’s Quarterly Reports on Form 10-Q for the quarterly periods during fiscal 2023 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.

January 31, 2023

Statements of consolidated operations

(In thousands, except per share data)
    Three Months Ended  
    January 31,  
    2023     2022  
    (Unaudited)  

Total revenues

   $ 515,366     $ 565,313  

Costs and expenses (1)

     504,479       538,103  

Income from unconsolidated joint ventures

     7,160       8,191  

Income before income taxes

     18,047       35,401  

Income tax (benefit) provision

     (669 )     10,593  

Net income

     18,716       24,808  

Less: preferred stock dividends

     2,669       2,669  

Net income available to common stockholders

   $ 16,047     $ 22,139  
   
   
   

Per share data:

  

Basic:

  

Net income per common share

   $ 2.37     $ 3.12  

Weighted average number of common shares outstanding

     6,186       6,389  

Assuming dilution:

                

Net income per common share

   $ 2.26     $ 3.07  

Weighted average number of common shares outstanding

     6,468       6,501  

 

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

 

 

 

Hovnanian Enterprises, Inc.

January 31, 2023

Reconciliation of income before income taxes excluding land-related charges to income before income taxes

(In thousands)
    Three Months Ended  
    January 31,  
    2023     2022  
    (Unaudited)  

Income before income taxes

   $ 18,047     $ 35,401  

Inventory impairments and land option write-offs

     477       99  

Income before income taxes excluding land-related charges (1)

   $ 18,524     $ 35,500  

 

(1) Income before income taxes excluding land-related charges is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes.

 

6
 

 

Hovnanian Enterprises, Inc.

January 31, 2023

Gross margin

(In thousands)
   

Homebuilding Gross Margin

  
   

Three Months Ended

  
   

January 31,

  
   

2023

    

2022

  
   

(Unaudited)

  

Sale of homes

   $ 499,645     $ 551,366  

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

     390,963       427,873  

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

     108,682       123,493  

Cost of sales interest expense, excluding land sales interest expense

     15,001       13,724  

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

     93,681       109,769  

Land charges

     477       99  

Homebuilding gross margin

   $ 93,204     $ 109,670  
                 

Homebuilding gross margin percentage

     18.7 %     19.9 %

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

     21.8 %     22.4 %

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

     18.8 %     19.9 %

 

   

Land Sales Gross Margin

  
   

Three Months Ended

  
   

January 31,

  
   

2023

    

2022

  
   

(Unaudited)

  

Land and lot sales

   $ 329     $ 34  

Cost of sales, excluding interest (1)

     77       44  

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

     252       (10 )

Land and lot sales interest expense

     21       21  

Land and lot sales gross margin, including interest

   $ 231     $ (31 )

 

(1) Does not include cost associated with walking away from land options or inventory impairments which are recorded as Inventory impairments 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.

January 31, 2023

Reconciliation of adjusted EBITDA to net income

(In thousands)
    Three Months Ended  
    January 31,  
    2023     2022  
    (Unaudited)  

Net income

   $ 18,716     $ 24,808  

Income tax (benefit) provision

     (669 )     10,593  

Interest expense

     30,115       27,138  

EBIT (1)

     48,162       62,539  

Depreciation and amortization

     1,410       1,175  

EBITDA (2)

     49,572       63,714  

Inventory impairments and land option write-offs

     477       99  

Adjusted EBITDA (3)

   $ 50,049     $ 63,813  
                 

Interest incurred

   $ 34,326     $ 32,783  
                 

Adjusted EBITDA to interest incurred

     1.46       1.95  

 

(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 and inventory impairments and land option write-offs.

 

 

 

Hovnanian Enterprises, Inc.

January 31, 2023

Interest incurred, expensed and capitalized

(In thousands)
    Three Months Ended  
    January 31,  
    2023     2022  
    (Unaudited)  

Interest capitalized at beginning of period

   $ 59,600     $ 58,159  

Plus: interest incurred

     34,326       32,783  

Less: interest expensed

     (30,115 )     (27,138 )

Less: interest contributed to unconsolidated joint venture (1)

     (3,016 )     -  

Interest capitalized at end of period (2)

   $ 60,795     $ 63,804  

 

(1) Represents capitalized interest which was included as part of the assets contributed to the joint venture the company entered into during the three months ended January 31, 2023. There was no impact to the Condensed 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, except per share data)

 

   

January 31,

    

October 31,

  
   

2023

    

2022

  
   

(Unaudited)

     (1)  
                 

ASSETS

                

Homebuilding:

                

Cash and cash equivalents

   $ 234,929     $ 326,198  

Restricted cash and cash equivalents

     8,154       13,382  

Inventories:

                

Sold and unsold homes and lots under development

     1,066,455       1,058,183  

Land and land options held for future development or sale

     125,561       152,406  

Consolidated inventory not owned

     315,022       308,595  

Total inventories

     1,507,038       1,519,184  

Investments in and advances to unconsolidated joint ventures

     101,013       74,940  

Receivables, deposits and notes, net

     37,577       37,837  

Property and equipment, net

     28,089       25,819  

Prepaid expenses and other assets

     58,260       63,884  

Total homebuilding

     1,975,060       2,061,244  
                 

Financial services

     112,756       155,993  
                 

Deferred tax assets, net

     347,369       344,793  

Total assets

   $ 2,435,185     $ 2,562,030  
                 

LIABILITIES AND EQUITY

                

Homebuilding:

                

Nonrecourse mortgages secured by inventory, net of debt issuance costs

   $ 133,886     $ 144,805  

Accounts payable and other liabilities

     331,314       439,952  

Customers’ deposits

     71,243       74,020  

Liabilities from inventory not owned, net of debt issuance costs

     209,579       202,492  

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

     1,145,261       1,146,547  

Accrued interest

     52,036       32,415  

Total homebuilding

     1,943,319       2,040,231  
                 

Financial services

     91,078       135,581  
                 

Income taxes payable

     4,991       3,167  

Total liabilities

     2,039,388       2,178,979  
                 

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 January 31, 2023 and October 31, 2022

     135,299       135,299  

Common stock, Class A, $0.01 par value - authorized 16,000,000 shares; issued 6,178,146 shares at January 31, 2023 and 6,159,886 shares at October 31, 2022

     62       62  

Common stock, Class B, $0.01 par value (convertible to Class A at time of sale) - authorized 2,400,000 shares; issued 747,994 shares at January 31, 2023 and 733,374 shares at October 31, 2022

     7       7  

Paid in capital - common stock

     729,158       727,663  

Accumulated deficit

     (336,366

)

     (352,413

)

Treasury stock - at cost – 901,379 shares of Class A common stock at January 31, 2023 and 782,901 shares at October 31, 2022; 27,669 shares of Class B common stock at January 31, 2023 and October 31, 2022

     (132,382

)

     (127,582

)

Total Hovnanian Enterprises, Inc. stockholders’ equity

     395,778       383,036  

Noncontrolling interest in consolidated joint ventures

     19       15  

Total equity

     395,797       383,051  

Total liabilities and equity

   $ 2,435,185     $ 2,562,030  

 

 

(1)

Derived from the audited balance sheet as of October 31, 2022.

 

9
 

 

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

   

Three Months Ended January 31,

  
   

2023

    

2022

  

Revenues:

                

Homebuilding:

                

Sale of homes

   $ 499,645     $ 551,366  

Land sales and other revenues

     3,557       638  

Total homebuilding

     503,202       552,004  

Financial services

     12,164       13,309  

Total revenues

     515,366       565,313  
                 

Expenses:

                

Homebuilding:

                

Cost of sales, excluding interest

     391,040       427,917  

Cost of sales interest

     15,022       13,745  

Inventory impairments and land option write-offs

     477       99  

Total cost of sales

     406,539       441,761  

Selling, general and administrative

     47,918       42,746  

Total homebuilding expenses

     454,457       484,507  
                 

Financial services

     9,053       10,400  

Corporate general and administrative

     25,490       29,435  

Other interest

     15,093       13,393  

Other expenses, net

     386       368  

Total expenses

     504,479       538,103  

Income from unconsolidated joint ventures

     7,160       8,191  

Income before income taxes

     18,047       35,401  

State and federal income tax provision (benefit):

                

State

     2,211       2,543  

Federal

     (2,880

)

     8,050  

Total income taxes

     (669

)

     10,593  

Net income

     18,716       24,808  

Less: preferred stock dividends

     2,669       2,669  

Net income available to common stockholders

   $ 16,047     $ 22,139  
                 

Per share data:

                

Basic:

                

Net income per common share

   $ 2.37     $ 3.12  

Weighted-average number of common shares outstanding

     6,186       6,389  

Assuming dilution:

                

Net income per common share

   $ 2.26     $ 3.07  

Weighted-average number of common shares outstanding

     6,468       6,501  

 

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
   

January 31,

January 31,

January 31,
   

2023

2022

% Change

2023

2022

% Change

2023

2022

% Change

Northeast (2)

                                

(DE, IL, MD, NJ, OH, VA, WV)

Home

  

311

  

468

(33.5)%

  

371

  

358

3.6%

  

782

  

1,395

(43.9)%
 

Dollars

$

185,850

$

261,577

(29.0)%

$

210,874

$

174,679

20.7%

$

432,508

$

761,929

(43.2)%
 

Avg. Price

$

597,588

$

558,925

6.9%

$

568,394

$

487,930

16.5%

$

553,079

$

546,186

1.3%

Southeast

                                

(FL, GA, SC)

Home

  

164

  

228

(28.1)%

  

141

  

104

35.6%

  

525

  

545

(3.7)%
 

Dollars

$

82,191

$

126,454

(35.0)%

$

73,736

$

55,495

32.9%

$

319,344

$

292,384

9.2%
 

Avg. Price

$

501,165

$

554,623

(9.6)%

$

522,950

$

533,606

(2.0)%

$

608,274

$

536,484

13.4%

West

                                

(AZ, CA, TX)

Home

  

313

  

855

(63.4)%

  

426

  

712

(40.2)%

  

721

  

1,684

(57.2)%
 

Dollars

$

147,087

$

410,231

(64.1)%

$

215,035

$

321,192

(33.1)%

$

425,669

$

831,289

(48.8)%
 

Avg. Price

$

469,927

$

479,802

(2.1)%

$

504,777

$

451,112

11.9%

$

590,387

$

493,640

19.6%

Consolidated Total

                                
 

Home

  

788

  

1,551

(49.2)%

  

938

  

1,174

(20.1)%

  

2,028

  

3,624

(44.0)%
 

Dollars

$

415,128

$

798,262

(48.0)%

$

499,645

$

551,366

(9.4)%

$

1,177,521

$

1,885,602

(37.6)%
 

Avg. Price

$

526,812

$

514,676

2.4%

$

532,671

$

469,647

13.4%

$

580,632

$

520,310

11.6%

Unconsolidated Joint Ventures (3)

                                

(excluding KSA JV)

Home

  

105

  

108

(2.8)%

  

107

  

109

(1.8)%

  

317

  

374

(15.2)%
 

Dollars

$

71,681

$

72,308

(0.9)%

$

78,670

$

63,620

23.7%

$

235,429

$

250,307

(5.9)%
 

Avg. Price

$

682,676

$

669,519

2.0%

$

735,234

$

583,670

26.0%

$

742,677

$

669,270

11.0%

Grand Total

                                
 

Home

  

893

  

1,659

(46.2)%

  

1,045

  

1,283

(18.6)%

  

2,345

  

3,998

(41.3)%
 

Dollars

$

486,809

$

870,570

(44.1)%

$

578,315

$

614,986

(6.0)%

$

1,412,950

$

2,135,909

(33.8)%
 

Avg. Price

$

545,139

$

524,756

3.9%

$

553,411

$

479,334

15.5%

$

602,537

$

534,244

12.8%
 

KSA JV Only

                                
 

Home

  

9

  

227

(96.0)%

  

0

  

0

0.0%

  

2,222

  

2,140

3.8%
 

Dollars

$

1,398

$

35,747

(96.1)%

$

0

$

0

0.0%

$

348,818

$

336,131

3.8%
 

Avg. Price

$

155,333

$

157,476

(1.4)%

$

0

$

0

0.0%

$

156,984

$

157,071

(0.1)%
 

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) Reflects the reclassification of 8 homes and $6.6 million of contract backlog as of January 31, 2023 from the consolidated Northeast segment to unconsolidated joint ventures. This is related to the assets and liabilities contributed to the joint venture the company entered into during the three months ended January 31, 2023.

(3) 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 UNCONSOLIDATED JOINT VENTURES ONLY)
 
   

Contracts (1)

Deliveries

Contract
   

Three Months Ended

Three Months Ended

Backlog
   

January 31,

January 31,

January 31,
   

2023

2022

% Change

2023

2022

% Change

2023

2022

% Change

Northeast (2)

                                

(Unconsolidated Joint Ventures)

Home

  

50

  

50

0.0%

  

65

  

31

109.7%

  

165

  

145

13.8%

(Excluding KSA JV)

Dollars

$

39,933

$

31,544

26.6%

$

50,776

$

23,215

118.7%

$

120,802

$

95,126

27.0%

(DE, IL, MD, NJ, OH, VA, WV)

Avg. Price

$

798,660

$

630,880

26.6%

$

781,169

$

748,871

4.3%

$

732,133

$

656,041

11.6%

Southeast

                                

(Unconsolidated Joint Ventures)

Home

  

39

  

38

2.6%

  

31

  

52

(40.4)%

  

137

  

197

(30.5)%

(FL, GA, SC)

Dollars

$

22,965

$

31,525

(27.2)%

$

22,197

$

28,683

(22.6)%

$

106,196

$

140,613

(24.5)%
 

Avg. Price

$

588,846

$

829,605

(29.0)%

$

716,032

$

551,596

29.8%

$

775,153

$

713,772

8.6%

West

                                

(Unconsolidated Joint Ventures)

Home

  

16

  

20

(20.0)%

  

11

  

26

(57.7)%

  

15

  

32

(53.1)%

(AZ, CA, TX)

Dollars

$

8,783

$

9,239

(4.9)%

$

5,697

$

11,722

(51.4)%

$

8,431

$

14,568

(42.1)%
 

Avg. Price

$

548,938

$

461,950

18.8%

$

517,909

$

450,846

14.9%

$

562,067

$

455,250

23.5%

Unconsolidated Joint Ventures (3)

                                

(Excluding KSA JV)

Home

  

105

  

108

(2.8)%

  

107

  

109

(1.8)%

  

317

  

374

(15.2)%
 

Dollars

$

71,681

$

72,308

(0.9)%

$

78,670

$

63,620

23.7%

$

235,429

$

250,307

(5.9)%
 

Avg. Price

$

682,676

$

669,519

2.0%

$

735,234

$

583,670

26.0%

$

742,678

$

669,270

11.0%
 

KSA JV Only

                                
 

Home

  

9

  

227

(96.0)%

  

0

  

0

0.0%

  

2,222

  

2,140

3.8%
 

Dollars

$

1,398

$

35,747

(96.1)%

$

0

$

0

0.0%

$

348,818

$

336,131

3.8%
 

Avg. Price

$

155,333

$

157,476

(1.4)%

$

0

$

0

0.0%

$

156,984

$

157,071

(0.1)%
 

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) Reflects the reclassification of 8 homes and $6.6 million of contract backlog as of January 31, 2023 from the consolidated Northeast segment to unconsolidated joint ventures. This is related to the assets and liabilities contributed to the joint venture the company entered into during the three months ended January 31, 2023.

(3) 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
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