0000906163-23-000096.txt : 20230725 0000906163-23-000096.hdr.sgml : 20230725 20230725094127 ACCESSION NUMBER: 0000906163-23-000096 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230725 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230725 DATE AS OF CHANGE: 20230725 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: 231106776 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-20230725.htm 8-K nvr-20230725
0000906163FALSE00009061632023-07-252023-07-25

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):  July 25, 2023

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 July 25, 2023, NVR, Inc. issued a press release reporting its financial results for the quarter and year to date periods ended June 30, 2023. 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: July 25, 2023By:/s/ Daniel D. Malzahn
Daniel D. Malzahn
Senior Vice President, Chief Financial Officer and Treasurer


 EX-99.1 2 q22023ex991_earningsrelease.htm EX-99.1 Document

image1a.jpg
Exhibit 99.1
NVR, INC. ANNOUNCES SECOND QUARTER RESULTS

July 25, 2023, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its second quarter ended June 30, 2023 of $404.0 million, or $116.54 per diluted share. Net income and diluted earnings per share for the second quarter ended June 30, 2023 decreased 7% and 6%, respectively, when compared to 2022 second quarter net income of $433.3 million, or $123.65 per diluted share. Consolidated revenues for the second quarter of 2023 totaled $2.34 billion, which decreased 12% from $2.66 billion in the second quarter of 2022.
For the six months ended June 30, 2023, consolidated revenues were $4.52 billion, a 10% decrease from $5.04 billion reported in 2022. Net income for the six months ended June 30, 2023 was $748.4 million, a decrease of 13% when compared to net income for the six months ended June 30, 2022 of $859.4 million. Diluted earnings per share for the six months ended June 30, 2023 was $216.52, a decrease of 10% from $240.05 per diluted share for 2022.
Homebuilding
New orders in the second quarter of 2023 increased by 27% to 5,905 units, when compared to 4,663 units in the second quarter of 2022. The average sales price of new orders in the second quarter of 2023 was $447,300, a decrease of 5% when compared with the second quarter of 2022. The cancellation rate in the second quarter of 2023 was 11% compared to 14% in the second quarter of 2022. Settlements in the second quarter of 2023 decreased by 13% to 5,085 units, compared to 5,820 units in the second quarter of 2022. The average settlement price in the second quarter of 2023 was $449,000, which was flat compared with the second quarter of 2022. Our backlog of homes sold but not settled as of June 30, 2023 decreased on a unit basis by 9% to 11,231 units and decreased on a dollar basis by 12% to $5.15 billion when compared to the respective backlog unit and dollar balances as of June 30, 2022.
Homebuilding revenues of $2.28 billion in the second quarter of 2023 decreased by 13% compared to homebuilding revenues of $2.61 billion in the second quarter of 2022. Gross profit margin in the second quarter of 2023 decreased to 24.3%, compared to 26.3% in the second quarter of 2022. Income before tax from the homebuilding segment totaled $434.7 million in the second quarter of 2023, a decrease of 20% when compared to the second quarter of 2022.
Mortgage Banking
Mortgage closed loan production in the second quarter of 2023 totaled $1.38 billion, a decrease of 16% when compared to the second quarter of 2022. Income before tax from the mortgage banking segment totaled $36.5 million in the second quarter of 2023, an increase of 25% when compared to $29.1 million in the second quarter of 2022. This increase was primarily attributable to an increase in secondary marketing gains on sales of loans.
Effective Tax Rate
Our effective tax rate for the three and six months ended June 30, 2023 was 14.3% and 17.3%, respectively, compared to 24.5% and 24.6% for the three and six months ended June 30, 2022, respectively. The decrease in the effective tax rate in each period is primarily attributable to a higher income tax benefit recognized for excess tax benefits from stock option exercises, which totaled $55.9 million and $79.2 million for the three and six months ended June 30, 2023, respectively, and $8.7 million and $17.2 million for the three and six months ended June 30, 2022, respectively.
1


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-five metropolitan areas in fifteen 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: 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; the economic impact of a major epidemic or pandemic; 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 June 30,Six Months Ended June 30,
2023202220232022
Homebuilding:
Revenues$2,283,769 $2,610,062 $4,415,102 $4,919,289 
Other income34,259 3,896 67,205 5,235 
Cost of sales(1,728,146)(1,924,727)(3,336,056)(3,576,092)
Selling, general and administrative(148,543)(132,432)(292,161)(261,942)
Operating income441,339 556,799 854,090 1,086,490 
Interest expense(6,628)(11,852)(13,629)(24,656)
Homebuilding income434,711 544,947 840,461 1,061,834 
Mortgage Banking:
Mortgage banking fees54,561 48,881 101,505 118,063 
Interest income3,823 2,772 6,841 4,846 
Other income1,102 1,303 2,091 2,375 
General and administrative(22,854)(23,486)(45,488)(46,394)
Interest expense(167)(405)(424)(767)
Mortgage banking income36,465 29,065 64,525 78,123 
Income before taxes471,176 574,012 904,986 1,139,957 
Income tax expense(67,149)(140,698)(156,607)(280,543)
Net income$404,027 $433,314 $748,379 $859,414 
Basic earnings per share$123.84 $131.84 $230.20 $257.65 
Diluted earnings per share$116.54 $123.65 $216.52 $240.05 
Basic weighted average shares outstanding3,263 3,287 3,251 3,336 
Diluted weighted average shares outstanding3,467 3,504 3,456 3,580 
3

NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
June 30, 2023December 31, 2022
ASSETS
Homebuilding:
Cash and cash equivalents$2,678,709 $2,503,424 
Restricted cash51,392 48,455 
Receivables26,757 20,842 
Inventory:
Lots and housing units, covered under sales agreements with customers1,815,169 1,554,955 
Unsold lots and housing units158,004 181,952 
Land under development24,502 27,100 
Building materials and other22,414 24,268 
2,020,089 1,788,275 
Contract land deposits, net516,709 496,080 
Property, plant and equipment, net57,711 57,950 
Operating lease right-of-use assets73,469 71,081 
Reorganization value in excess of amounts allocable to identifiable assets, net41,580 41,580 
Other assets239,086 219,483 
5,705,502 5,247,170 
Mortgage Banking:
Cash and cash equivalents13,873 19,415 
Restricted cash14,083 2,974 
Mortgage loans held for sale, net438,756 316,806 
Property and equipment, net4,704 3,559 
Operating lease right-of-use assets22,814 16,011 
Reorganization value in excess of amounts allocable to identifiable assets, net7,347 7,347 
Other assets59,696 47,691 
561,273 413,803 
Total assets$6,266,775 $5,660,973 

4

NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)
June 30, 2023December 31, 2022
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable$377,558 $334,016 
Accrued expenses and other liabilities291,563 437,234 
Customer deposits368,763 313,804 
Operating lease liabilities78,661 75,818 
Senior notes913,963 914,888 
2,030,508 2,075,760 
Mortgage Banking:
Accounts payable and other liabilities58,667 61,396 
Operating lease liabilities24,337 16,968 
83,004 78,364 
Total liabilities2,113,512 2,154,124 
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both June 30, 2023 and December 31, 2022206 206 
Additional paid-in capital2,747,687 2,600,014 
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both June 30, 2023 and December 31, 2022(16,710)(16,710)
Deferred compensation liability16,710 16,710 
Retained earnings12,521,793 11,773,414 
Less treasury stock at cost – 17,294,792 and 17,336,397 shares as of June 30, 2023 and December 31, 2022, respectively(11,116,423)(10,866,785)
Total shareholders' equity4,153,263 3,506,849 
Total liabilities and shareholders' equity$6,266,775 $5,660,973 

5

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

2023202220232022
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
New orders, net of cancellations:
Mid Atlantic (1)
2,348$519.2 1,860$535.1 4,583 $517.8 4,167 $531.8 
North East (2)
463$557.0 441$503.7 905 $564.9 901 $513.5 
Mid East (3)
1,339$390.3 1,114$410.5 2,656 $387.3 2,648 $403.6 
South East (4)
1,755$365.7 1,248$420.0 3,649 $363.5 2,874 $421.6 
Total
5,905$447.3 4,663$471.6 11,793 $444.3 10,590 $468.3 
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
Settlements:
Mid Atlantic (1)
2,030$521.3 2,292$527.1 3,825 $522.7 4,472 $525.5 
North East (2)
432$539.2 472$503.0 795 $523.7 820 $503.6 
Mid East (3)
1,067$385.7 1,356$384.2 2,056 $395.9 2,566 $382.8 
South East (4)
1,556$373.0 1,700$378.4 3,048 $388.7 3,176 $369.6 
Total
5,085$449.0 5,820$448.4 9,724 $454.0 11,034 $445.8 
As of June 30,
20232022
UnitsAverage PriceUnitsAverage Price
Backlog:
Mid Atlantic (1)
4,450$528.8 4,613$541.1 
North East (2)
995$587.9 1,050$519.3 
Mid East (3)
2,453$392.1 3,109$399.0 
South East (4)
3,333$375.1 3,514$438.2 
Total
11,231$458.6 12,286$473.9 
6

NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Average active communities:
Mid Atlantic (1)
169155166153
North East (2)
36383636
Mid East (3)
111121112125
South East (4)
1109210691
Total
426406420405
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Homebuilding data:
New order cancellation rate
10.9 %14.3 %12.4 %12.1 %
Lots controlled at end of period
130,400 133,200 
Mortgage banking data:
Loan closings
$1,381,647$1,647,972$2,618,930 $3,132,565 
Capture rate
86 %84 %85 %85 %
Common stock information:
Shares outstanding at end of period
3,260,538 3,284,153 
Number of shares repurchased
34,82761,07856,001 207,132 
Aggregate cost of shares repurchased
$201,077$266,915$311,125 $1,015,703 

(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, Florida and Georgia
Investor Relations Contact:
Curt McKay
(703) 956-4058
ir@nvrinc.com

7
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Cover
Jul. 25, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 25, 2023
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
Entity Emerging Growth Company false
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