0000906163-21-000093.txt : 20211021 0000906163-21-000093.hdr.sgml : 20211021 20211021121052 ACCESSION NUMBER: 0000906163-21-000093 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20211021 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20211021 DATE AS OF CHANGE: 20211021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NVR INC CENTRAL INDEX KEY: 0000906163 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 541394360 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12378 FILM NUMBER: 211336335 BUSINESS ADDRESS: STREET 1: 11700 PLAZA AMERICA DR. STREET 2: SUITE 500 CITY: RESTON STATE: VA ZIP: 20190 BUSINESS PHONE: 7039564000 MAIL ADDRESS: STREET 1: 11700 PLAZA AMERICA DR. STREET 2: SUITE 500 CITY: RESTON STATE: VA ZIP: 20190 8-K 1 nvr-20211021.htm 8-K nvr-20211021
0000906163FALSE00009061632021-10-212021-10-21

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):  October 21, 2021

NVR, Inc.
(Exact name of registrant as specified in its charter)
Virginia1-1237854-1394360
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
 
11700 Plaza America Drive, Suite 500
Reston, Virginia 20190
(Address of principal executive offices) (Zip Code)

(703) 956-4000
(Registrant’s telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report)
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareNVRNew York Stock Exchange
 
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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-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 Section13(a)of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.
On October 21, 2021, NVR, Inc. issued a press release reporting its financial results for the quarter and year to date periods ended September 30, 2021. A copy of this press release is furnished herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit NumberExhibit Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE

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.
NVR, Inc.
Date: October 21, 2021By:/s/ Daniel D. Malzahn
Daniel D. Malzahn
Senior Vice President, Chief Financial Officer and Treasurer


 EX-99.1 2 q32021ex991_earningsrelease.htm EX-99.1 Document

image1.jpg
Exhibit 99.1
NVR, INC. ANNOUNCES THIRD QUARTER RESULTS

October 21, 2021, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its third quarter ended September 30, 2021 of $332.1 million, or $86.44 per diluted share. Net income and diluted earnings per share for the third quarter ended September 30, 2021 increased 29% and 33%, respectively, when compared to 2020 third quarter net income of $256.5 million, or $65.11 per diluted share. Consolidated revenues for the third quarter of 2021 totaled $2.40 billion, an increase of 20% from $1.99 billion in the third quarter of 2020.
For the nine months ended September 30, 2021, consolidated revenues were $6.72 billion, a 29% increase from $5.19 billion reported in 2020. Net income for the nine months ended September 30, 2021 was $902.1 million, an increase of 51% when compared to the nine months ended September 30, 2020. Diluted earnings per share for the nine months ended September 30, 2021 was $231.75, an increase of 51% from $153.03 per diluted share for 2020.
Homebuilding
New orders in the third quarter of 2021 decreased by 22% to 5,201 units, when compared to 6,681 units in the third quarter of 2020. The average sales price of new orders in the third quarter of 2021 was $442,000, an increase of 15% when compared with the third quarter of 2020. The cancellation rate in the third quarter of 2021 was 9% compared to 12% in the third quarter of 2020. Settlements in the third quarter of 2021 increased by 10% to 5,683 units, compared to 5,180 units in the third quarter of 2020. Our backlog of homes sold but not settled as of September 30, 2021 was flat on a unit basis at 12,145 units and increased on a dollar basis by 15% to $5.37 billion when compared to the respective backlog unit and dollar balances as of September 30, 2020.
Homebuilding revenues of $2.34 billion in the third quarter of 2021 increased by 22% compared to homebuilding revenues of $1.92 billion in the third quarter of 2020. Gross profit margin in the third quarter of 2021 increased to 22.2%, compared to 20.0% in the third quarter of 2020. Income before tax from the homebuilding segment totaled $395.1 million in the third quarter of 2021, an increase of 47% when compared to the third quarter of 2020.
Mortgage Banking
Mortgage closed loan production in the third quarter of 2021 totaled $1.62 billion, an increase of 17% when compared to the third quarter of 2020. Income before tax from the mortgage banking segment totaled $39.0 million in the third quarter of 2021, a decrease of 25% when compared to $51.8 million in the third quarter of 2020. This decrease was primarily attributable to a decrease in secondary marketing gains.
Effective Tax Rate
Our effective tax rate for the three and nine months ended September 30, 2021 was 23.5% and 22.5%, respectively, compared to 20.2% and 13.9% for the three and nine months ended September 30, 2020, respectively. The effective tax rates in each period were favorably impacted by the recognition of an income tax benefit related to excess tax benefits from stock option exercises totaling $9.2 million and $37.8 million for the three and nine months ended September 30, 2021, respectively, and $17.8 million and $80.3 million for the three and nine months ended September 30, 2020, respectively.

1

Other Matters - COVID-19
The COVID-19 pandemic has had a significant impact on all facets of our business. Our primary focus as we face this challenge is to do everything we can to ensure the safety and well-being of our employees, customers and trade partners. In each of our markets, we continue to operate in accordance with the guidelines issued by the Centers for Disease Control and Prevention as well as state and local health department guidelines, which has resulted in significant changes to the way we conduct business.
Although current demand for new homes is strong, there remains uncertainty regarding the extent and timing of disruption to our business that may result from COVID-19 and related governmental actions. There is also uncertainty as to the effects of economic relief efforts on the U.S. economy, unemployment, consumer confidence, demand for our homes and the mortgage market, including lending standards and secondary mortgage markets. We are unable to predict the extent to which this will impact our operational and financial performance including the impact of future developments such as the duration and spread of COVID-19, corresponding governmental actions, and the impact of such on our employees, customers and trade partners.

About NVR
NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-three metropolitan areas in fourteen states and Washington, D.C. For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.
Some of the statements in this release made by the Company constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “may,” “will,” “should” or “anticipates” or the negative thereof or other comparable terminology. All statements other than of historical facts are forward-looking statements. Forward-looking statements contained in this document may include those regarding market trends, NVR’s financial position, business strategy, the outcome of pending litigation, investigations or similar contingencies, projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: the impact of COVID-19 on the economy; general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR’s customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control. NVR undertakes no obligation to update such forward-looking statements except as required by law.
2

NVR, Inc.
Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)


Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Homebuilding:
Revenues$2,336,615 $1,920,751 $6,524,886 $5,065,216 
Other income1,496 1,988 4,714 9,732 
Cost of sales(1,817,939)(1,536,044)(5,117,065)(4,115,280)
Selling, general and administrative(112,226)(105,741)(347,051)(318,610)
Operating income407,946 280,954 1,065,484 641,058 
Interest expense(12,838)(11,309)(38,694)(26,689)
Homebuilding income395,108 269,645 1,026,790 614,369 
Mortgage Banking:
Mortgage banking fees59,025 69,261 195,798 127,692 
Interest income2,336 2,222 6,577 6,545 
Other income1,022 887 2,877 2,215 
General and administrative(22,959)(20,180)(67,228)(57,149)
Interest expense(405)(378)(1,216)(1,009)
Mortgage banking income39,019 51,812 136,808 78,294 
Income before taxes434,127 321,457 1,163,598 692,663 
Income tax expense(102,046)(64,991)(261,460)(96,419)
Net income$332,081 $256,466 $902,138 $596,244 
Basic earnings per share$93.25 $69.19 $249.30 $161.85 
Diluted earnings per share$86.44 $65.11 $231.75 $153.03 
Basic weighted average shares outstanding3,561 3,706 3,619 3,684 
Diluted weighted average shares outstanding3,842 3,939 3,893 3,896 
3

NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
September 30, 2021December 31, 2020
ASSETS
Homebuilding:
Cash and cash equivalents$2,681,110 $2,714,720 
Restricted cash41,820 28,912 
Receivables22,525 18,299 
Inventory:
Lots and housing units, covered under sales agreements with customers1,697,959 1,484,936 
Unsold lots and housing units130,427 123,197 
Land under development8,151 62,790 
Building materials and other26,988 38,159 
1,863,525 1,709,082 
Contract land deposits, net453,255 387,628 
Property, plant and equipment, net55,253 57,786 
Operating lease right-of-use assets60,605 53,110 
Reorganization value in excess of amounts allocable to identifiable assets, net41,580 41,580 
Other assets211,557 203,399 
5,431,230 5,214,516 
Mortgage Banking:
Cash and cash equivalents21,999 63,547 
Restricted cash2,860 2,334 
Mortgage loans held for sale, net287,525 449,760 
Property and equipment, net3,948 4,544 
Operating lease right-of-use assets10,747 12,439 
Reorganization value in excess of amounts allocable to identifiable assets, net7,347 7,347 
Other assets23,238 22,654 
357,664 562,625 
Total assets$5,788,894 $5,777,141 

4

NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)
September 30, 2021December 31, 2020
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable$329,863 $339,867 
Accrued expenses and other liabilities416,266 440,671 
Customer deposits381,594 240,758 
Operating lease liabilities66,002 59,357 
Senior notes1,516,544 1,517,395 
2,710,269 2,598,048 
Mortgage Banking:
Accounts payable and other liabilities50,077 62,720 
Operating lease liabilities11,497 13,299 
61,574 76,019 
Total liabilities2,771,843 2,674,067 
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both September 30, 2021 and December 31, 2020206 206 
Additional paid-in capital2,349,000 2,214,426 
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both September 30, 2021 and December 31, 2020(16,710)(16,710)
Deferred compensation liability16,710 16,710 
Retained earnings9,713,258 8,811,120 
Less treasury stock at cost – 17,042,644 and 16,859,753 shares as of September 30, 2021 and December 31, 2020, respectively(9,045,413)(7,922,678)
Total shareholders' equity3,017,051 3,103,074 
Total liabilities and shareholders' equity$5,788,894 $5,777,141 

5

NVR, Inc.
Operating Activity
(dollars in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,

2021202020212020
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
New orders, net of cancellations:
Mid Atlantic (1)
2,024$523.7 2,592$455.5 6,405 $519.8 7,034 $447.4 
North East (2)
403$496.7 542$441.1 1,237 $489.7 1,269 $405.4 
Mid East (3)
1,190$376.8 1,644$335.5 4,305 $365.4 4,405 $326.0 
South East (4)
1,584$372.9 1,903$313.0 5,089 $356.2 4,889 $305.3 
Total
5,201$442.0 6,681$384.2 17,036 $429.8 17,597 $374.5 
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
Settlements:
Mid Atlantic (1)
2,177$497.3 2,172$437.1 6,411 $478.4 5,898 $434.6 
North East (2)
455$468.3 396$398.9 1,260 $451.2 939 $385.9 
Mid East (3)
1,430$351.8 1,250$324.0 4,097 $343.2 3,180 $322.5 
South East (4)
1,621$331.6 1,362$299.8 4,672 $317.3 3,689 $301.9 
Total
5,683$411.1 5,180$370.8 16,440 $396.9 13,706 $369.5 
As of September 30,
20212020
UnitsAverage PriceUnitsAverage Price
Backlog:
Mid Atlantic (1)
4,473$530.3 4,748$457.7 
North East (2)
927$499.0 917$427.8 
Mid East (3)
3,082$375.4 3,038$333.2 
South East (4)
3,663$377.0 3,421$315.1 
Total
12,145$442.4 12,124$384.0 
6

NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Average active communities:
Mid Atlantic (1)
151170154183
North East (2)
34413441
Mid East (3)
125135130138
South East (4)
104119108113
Total
414465426475
Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Homebuilding data:
New order cancellation rate
9.2 %11.8 %9.1 %15.8 %
Lots controlled at end of period
118,600 103,200 
Mortgage banking data:
Loan closings
$1,615,880$1,382,060$4,593,854 $3,658,591 
Capture rate
88 %89 %89 %90 %
Common stock information:
Shares outstanding at end of period
3,512,686 3,718,387 
Number of shares repurchased
79,620—244,595 57,611 
Aggregate cost of shares repurchased
$398,488$—$1,152,855 $216,582 

(1)Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
(2)New Jersey and Eastern Pennsylvania
(3)New York, Ohio, Western Pennsylvania, Indiana and Illinois
(4)North Carolina, South Carolina, Tennessee and Florida
Investor Relations Contact:
Curt McKay
(703) 956-4058
ir@nvrinc.com

7
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VA 1-12378 54-1394360 11700 Plaza America Drive, Suite 500 Reston VA 20190 703 956-4000 Common stock, par value $0.01 per share NVR NYSE false false false false false XML 8 R1.htm IDEA: XBRL DOCUMENT v3.21.2
Cover
Oct. 21, 2021
Cover [Abstract]  
Document Type 8-K
Document Period End Date Oct. 21, 2021
Entity Registrant Name NVR, Inc.
Entity Incorporation, State or Country Code VA
Entity File Number 1-12378
Entity Central Index Key 0000906163
Amendment Flag false
Entity Tax Identification Number 54-1394360
Entity Address, Address Line One 11700 Plaza America Drive, Suite 500
Entity Address, City or Town Reston
Entity Address, State or Province VA
Entity Address, Postal Zip Code 20190
City Area Code 703
Local Phone Number 956-4000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol NVR
Security Exchange Name NYSE
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