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Share Name | Share Symbol | Market | Type |
---|---|---|---|
PulteGroup Inc | NYSE:PHM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
2.79 | 2.45% | 116.64 | 120.74 | 116.59 | 117.62 | 1,874,677 | 01:00:00 |
MICHIGAN
|
|
38-2766606
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
Page
No.
|
PART I
|
|
|
|
|
|
Item 1
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
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||
|
|
|
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||
|
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|
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||
|
|
|
Item 2
|
||
|
|
|
Item 3
|
||
|
|
|
Item 4
|
||
|
|
|
PART II
|
||
|
|
|
Item 2
|
||
|
|
|
Item 6
|
||
|
|
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
|
(Unaudited)
|
|
(Note)
|
||||
ASSETS
|
|
|
|
||||
|
|
|
|
||||
Cash and equivalents
|
$
|
150,821
|
|
|
$
|
272,683
|
|
Restricted cash
|
33,966
|
|
|
33,485
|
|
||
Total cash, cash equivalents, and restricted cash
|
184,787
|
|
|
306,168
|
|
||
House and land inventory
|
7,465,028
|
|
|
7,147,130
|
|
||
Land held for sale
|
69,522
|
|
|
68,384
|
|
||
Residential mortgage loans available-for-sale
|
385,453
|
|
|
570,600
|
|
||
Investments in unconsolidated entities
|
64,810
|
|
|
62,957
|
|
||
Other assets
|
784,355
|
|
|
745,123
|
|
||
Intangible assets
|
137,542
|
|
|
140,992
|
|
||
Deferred tax assets, net
|
614,898
|
|
|
645,295
|
|
||
|
$
|
9,706,395
|
|
|
$
|
9,686,649
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
446,304
|
|
|
$
|
393,815
|
|
Customer deposits
|
308,864
|
|
|
250,779
|
|
||
Accrued and other liabilities
|
1,226,233
|
|
|
1,356,333
|
|
||
Income tax liabilities
|
115,667
|
|
|
86,925
|
|
||
Financial Services debt
|
246,952
|
|
|
437,804
|
|
||
Notes payable
|
3,087,718
|
|
|
3,006,967
|
|
||
|
5,431,738
|
|
|
5,532,623
|
|
||
Shareholders' equity
|
4,274,657
|
|
|
4,154,026
|
|
||
|
$
|
9,706,395
|
|
|
$
|
9,686,649
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Revenues:
|
|
|
|
||||
Homebuilding
|
|
|
|
||||
Home sale revenues
|
$
|
1,911,598
|
|
|
$
|
1,585,421
|
|
Land sale and other revenues
|
12,557
|
|
|
2,690
|
|
||
|
1,924,155
|
|
|
1,588,111
|
|
||
Financial Services
|
45,938
|
|
|
41,767
|
|
||
Total revenues
|
1,970,093
|
|
|
1,629,878
|
|
||
|
|
|
|
||||
Homebuilding Cost of Revenues:
|
|
|
|
||||
Home sale cost of revenues
|
(1,459,940
|
)
|
|
(1,217,678
|
)
|
||
Land sale cost of revenues
|
(11,548
|
)
|
|
(3,228
|
)
|
||
|
(1,471,488
|
)
|
|
(1,220,906
|
)
|
||
|
|
|
|
||||
Financial Services expenses
|
(32,213
|
)
|
|
(28,367
|
)
|
||
Selling, general, and administrative expenses
|
(240,893
|
)
|
|
(236,268
|
)
|
||
Other expense, net
|
(1,308
|
)
|
|
(5,072
|
)
|
||
Income before income taxes
|
224,191
|
|
|
139,265
|
|
||
Income tax expense
|
(53,440
|
)
|
|
(47,747
|
)
|
||
Net income
|
$
|
170,751
|
|
|
$
|
91,518
|
|
|
|
|
|
||||
Per share:
|
|
|
|
||||
Basic earnings
|
$
|
0.59
|
|
|
$
|
0.29
|
|
Diluted earnings
|
$
|
0.59
|
|
|
$
|
0.28
|
|
Cash dividends declared
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
|
|
|
||||
Number of shares used in calculation:
|
|
|
|
||||
Basic
|
286,683
|
|
|
317,756
|
|
||
Effect of dilutive securities
|
1,343
|
|
|
2,329
|
|
||
Diluted
|
288,026
|
|
|
320,085
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Net income
|
$
|
170,751
|
|
|
$
|
91,518
|
|
|
|
|
|
||||
Other comprehensive income, net of tax:
|
|
|
|
||||
Change in value of derivatives
|
21
|
|
|
21
|
|
||
Other comprehensive income
|
21
|
|
|
21
|
|
||
|
|
|
|
||||
Comprehensive income
|
$
|
170,772
|
|
|
$
|
91,539
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
Retained
Earnings
|
|
Total
|
|||||||||||||
Shares
|
|
$
|
|
|||||||||||||||||||
Shareholders' Equity, January 1, 2018
|
286,752
|
|
|
$
|
2,868
|
|
|
$
|
3,171,542
|
|
|
$
|
(445
|
)
|
|
$
|
980,061
|
|
|
$
|
4,154,026
|
|
Cumulative effect of accounting change (see
Note 1
)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,411
|
|
|
22,411
|
|
|||||
Stock option exercises
|
284
|
|
|
3
|
|
|
2,720
|
|
|
—
|
|
|
—
|
|
|
2,723
|
|
|||||
Share issuances, net of cancellations
|
783
|
|
|
8
|
|
|
3,477
|
|
|
—
|
|
|
—
|
|
|
3,485
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,051
|
)
|
|
(26,051
|
)
|
|||||
Share repurchases
|
(1,941
|
)
|
|
(20
|
)
|
|
—
|
|
|
—
|
|
|
(59,471
|
)
|
|
(59,491
|
)
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
6,782
|
|
|
—
|
|
|
—
|
|
|
6,782
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
170,751
|
|
|
170,751
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|||||
Shareholders' Equity, March 31, 2018
|
285,878
|
|
|
$
|
2,859
|
|
|
$
|
3,184,521
|
|
|
$
|
(424
|
)
|
|
$
|
1,087,701
|
|
|
$
|
4,274,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Shareholders' Equity, January 1, 2017
|
319,090
|
|
|
$
|
3,191
|
|
|
$
|
3,116,490
|
|
|
$
|
(526
|
)
|
|
$
|
1,540,208
|
|
|
$
|
4,659,363
|
|
Cumulative effect of accounting change
|
—
|
|
|
—
|
|
|
(406
|
)
|
|
—
|
|
|
18,643
|
|
|
18,237
|
|
|||||
Stock option exercises
|
961
|
|
|
10
|
|
|
11,108
|
|
|
—
|
|
|
—
|
|
|
11,118
|
|
|||||
Share issuances, net of cancellations
|
677
|
|
|
10
|
|
|
3,556
|
|
|
—
|
|
|
—
|
|
|
3,566
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(28,838
|
)
|
|
(28,838
|
)
|
|||||
Share repurchases
|
(4,696
|
)
|
|
(50
|
)
|
|
—
|
|
|
—
|
|
|
(105,472
|
)
|
|
(105,522
|
)
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
10,682
|
|
|
—
|
|
|
—
|
|
|
10,682
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
91,518
|
|
|
91,518
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|||||
Shareholders' Equity, March 31, 2017
|
316,032
|
|
|
$
|
3,161
|
|
|
$
|
3,141,430
|
|
|
$
|
(505
|
)
|
|
$
|
1,516,059
|
|
|
$
|
4,660,145
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
170,751
|
|
|
$
|
91,518
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
||||
Deferred income tax expense
|
23,479
|
|
|
39,226
|
|
||
Land-related charges
|
3,419
|
|
|
3,535
|
|
||
Depreciation and amortization
|
11,890
|
|
|
13,209
|
|
||
Share-based compensation expense
|
8,451
|
|
|
14,161
|
|
||
Other, net
|
(793
|
)
|
|
555
|
|
||
Increase (decrease) in cash due to:
|
|
|
|
||||
Inventories
|
(237,169
|
)
|
|
(267,014
|
)
|
||
Residential mortgage loans available-for-sale
|
185,147
|
|
|
194,117
|
|
||
Other assets
|
(9,246
|
)
|
|
21,858
|
|
||
Accounts payable, accrued and other liabilities
|
13,084
|
|
|
(71,362
|
)
|
||
Net cash provided by (used in) operating activities
|
169,013
|
|
|
39,803
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(15,428
|
)
|
|
(9,996
|
)
|
||
Investments in unconsolidated entities
|
(1,000
|
)
|
|
(14,802
|
)
|
||
Other investing activities, net
|
452
|
|
|
1,423
|
|
||
Net cash used in investing activities
|
(15,976
|
)
|
|
(23,375
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repayments of debt
|
(451
|
)
|
|
(1,067
|
)
|
||
Borrowings under revolving credit facility
|
768,000
|
|
|
—
|
|
||
Repayments under revolving credit facility
|
(768,000
|
)
|
|
—
|
|
||
Financial Services borrowings (repayments)
|
(190,852
|
)
|
|
(191,240
|
)
|
||
Stock option exercises
|
2,723
|
|
|
11,118
|
|
||
Share repurchases
|
(59,491
|
)
|
|
(105,522
|
)
|
||
Dividends paid
|
(26,347
|
)
|
|
(29,102
|
)
|
||
Net cash provided by (used in) financing activities
|
(274,418
|
)
|
|
(315,813
|
)
|
||
Net increase (decrease)
|
(121,381
|
)
|
|
(299,385
|
)
|
||
Cash, cash equivalents, and restricted cash at beginning of period
|
306,168
|
|
|
723,248
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
184,787
|
|
|
$
|
423,863
|
|
|
|
|
|
||||
Supplemental Cash Flow Information:
|
|
|
|
||||
Interest paid (capitalized), net
|
$
|
30,109
|
|
|
$
|
12,830
|
|
Income taxes paid (refunded), net
|
$
|
631
|
|
|
$
|
1,043
|
|
|
Three Months Ended
|
||||||
March 31,
|
|||||||
2018
|
|
2017
|
|||||
Write-offs of deposits and pre-acquisition costs
|
$
|
(2,609
|
)
|
|
$
|
(1,655
|
)
|
Amortization of intangible assets
|
(3,450
|
)
|
|
(3,450
|
)
|
||
Interest income
|
564
|
|
|
833
|
|
||
Interest expense
|
(143
|
)
|
|
(137
|
)
|
||
Equity in earnings (losses) of unconsolidated entities
|
961
|
|
|
1,193
|
|
||
Miscellaneous, net
|
3,369
|
|
|
(1,856
|
)
|
||
Total other expense, net
|
$
|
(1,308
|
)
|
|
$
|
(5,072
|
)
|
|
Three Months Ended
|
||||||
March 31,
|
|||||||
2018
|
|
2017
|
|||||
Numerator:
|
|
|
|
||||
Net income
|
$
|
170,751
|
|
|
$
|
91,518
|
|
Less: earnings distributed to participating securities
|
(296
|
)
|
|
(305
|
)
|
||
Less: undistributed earnings allocated to participating securities
|
(1,622
|
)
|
|
(618
|
)
|
||
Numerator for basic earnings per share
|
$
|
168,833
|
|
|
$
|
90,595
|
|
Add back: undistributed earnings allocated to participating securities
|
1,622
|
|
|
618
|
|
||
Less: undistributed earnings reallocated to participating securities
|
(1,614
|
)
|
|
(613
|
)
|
||
Numerator for diluted earnings per share
|
$
|
168,841
|
|
|
$
|
90,600
|
|
|
|
|
|
||||
Denominator:
|
|
|
|
||||
Basic shares outstanding
|
286,683
|
|
|
317,756
|
|
||
Effect of dilutive securities
|
1,343
|
|
|
2,329
|
|
||
Diluted shares outstanding
|
288,026
|
|
|
320,085
|
|
||
|
|
|
|
||||
Earnings per share:
|
|
|
|
||||
Basic
|
$
|
0.59
|
|
|
$
|
0.29
|
|
Diluted
|
$
|
0.59
|
|
|
$
|
0.28
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Other Assets
|
|
Accrued and Other Liabilities
|
|
Other Assets
|
|
Accrued and Other Liabilities
|
||||||||
Interest rate lock commitments
|
$
|
11,447
|
|
|
$
|
297
|
|
|
$
|
5,990
|
|
|
$
|
407
|
|
Forward contracts
|
729
|
|
|
1,646
|
|
|
432
|
|
|
817
|
|
||||
Whole loan commitments
|
689
|
|
|
565
|
|
|
794
|
|
|
941
|
|
||||
|
$
|
12,865
|
|
|
$
|
2,508
|
|
|
$
|
7,216
|
|
|
$
|
2,165
|
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
Homes under construction
|
$
|
2,716,264
|
|
|
$
|
2,421,405
|
|
Land under development
|
4,194,869
|
|
|
4,135,814
|
|
||
Raw land
|
553,895
|
|
|
589,911
|
|
||
|
$
|
7,465,028
|
|
|
$
|
7,147,130
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Interest in inventory, beginning of period
|
$
|
226,611
|
|
|
$
|
186,097
|
|
Interest capitalized
|
43,960
|
|
|
44,923
|
|
||
Interest expensed
|
(30,558
|
)
|
|
(27,192
|
)
|
||
Interest in inventory, end of period
|
$
|
240,013
|
|
|
$
|
203,828
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||
|
Deposits and
Pre-acquisition Costs |
|
Remaining Purchase
Price |
|
Deposits and
Pre-acquisition Costs |
|
Remaining Purchase
Price |
||||||||
Land options with VIEs
|
$
|
70,600
|
|
|
$
|
820,231
|
|
|
$
|
78,889
|
|
|
$
|
977,480
|
|
Other land options
|
140,277
|
|
|
1,487,583
|
|
|
129,098
|
|
|
1,485,099
|
|
||||
|
$
|
210,877
|
|
|
$
|
2,307,814
|
|
|
$
|
207,987
|
|
|
$
|
2,462,579
|
|
Northeast:
|
|
Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia
|
Southeast:
|
|
Georgia, North Carolina, South Carolina, Tennessee
|
Florida:
|
|
Florida
|
Midwest:
|
|
Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio
|
Texas:
|
|
Texas
|
West:
|
|
Arizona, California, Nevada, New Mexico, Washington
|
|
Operating Data by Segment
($000’s omitted) |
||||||
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Revenues:
|
|
|
|
||||
Northeast
|
$
|
132,436
|
|
|
$
|
108,601
|
|
Southeast
|
374,623
|
|
|
329,113
|
|
||
Florida
|
348,709
|
|
|
314,296
|
|
||
Midwest
|
297,506
|
|
|
244,506
|
|
||
Texas
|
246,638
|
|
|
234,541
|
|
||
West
|
524,243
|
|
|
357,054
|
|
||
|
$
|
1,924,155
|
|
|
$
|
1,588,111
|
|
Financial Services
|
45,938
|
|
|
41,767
|
|
||
Consolidated revenues
|
$
|
1,970,093
|
|
|
$
|
1,629,878
|
|
|
|
|
|
|
Operating Data by Segment
($000’s omitted) |
||||||
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Income before income taxes:
|
|
|
|
||||
Northeast
|
$
|
9,312
|
|
|
$
|
4,400
|
|
Southeast
|
40,457
|
|
|
32,366
|
|
||
Florida
|
44,945
|
|
|
44,523
|
|
||
Midwest
|
28,401
|
|
|
18,254
|
|
||
Texas
|
30,536
|
|
|
32,796
|
|
||
West
|
89,205
|
|
|
34,084
|
|
||
Other homebuilding
(a)
|
(32,498
|
)
|
|
(40,661
|
)
|
||
|
$
|
210,358
|
|
|
$
|
125,762
|
|
Financial Services
|
13,833
|
|
|
13,503
|
|
||
Consolidated income before income taxes
|
$
|
224,191
|
|
|
$
|
139,265
|
|
(a)
|
Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments, including: write-offs of
$15.0 million
of insurance receivables associated with the resolution of certain insurance matters in the
three months ended
March 31, 2017
(see
Note 8
).
|
|
Operating Data by Segment
|
||||||||||||||||||
|
($000's omitted)
|
||||||||||||||||||
|
March 31, 2018
|
||||||||||||||||||
|
Homes Under
Construction |
|
Land Under
Development |
|
Raw Land
|
|
Total
Inventory |
|
Total
Assets |
||||||||||
Northeast
|
$
|
267,520
|
|
|
$
|
323,571
|
|
|
$
|
73,577
|
|
|
$
|
664,668
|
|
|
$
|
813,724
|
|
Southeast
|
484,647
|
|
|
621,417
|
|
|
112,444
|
|
|
1,218,508
|
|
|
1,345,180
|
|
|||||
Florida
|
435,660
|
|
|
881,107
|
|
|
86,155
|
|
|
1,402,922
|
|
|
1,527,872
|
|
|||||
Midwest
|
321,719
|
|
|
444,360
|
|
|
38,353
|
|
|
804,432
|
|
|
882,493
|
|
|||||
Texas
|
300,113
|
|
|
422,804
|
|
|
89,779
|
|
|
812,696
|
|
|
903,537
|
|
|||||
West
|
857,312
|
|
|
1,247,263
|
|
|
131,711
|
|
|
2,236,286
|
|
|
2,420,444
|
|
|||||
Other homebuilding
(a)
|
49,293
|
|
|
254,347
|
|
|
21,876
|
|
|
325,516
|
|
|
1,332,972
|
|
|||||
|
$
|
2,716,264
|
|
|
$
|
4,194,869
|
|
|
$
|
553,895
|
|
|
$
|
7,465,028
|
|
|
$
|
9,226,222
|
|
Financial Services
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
480,173
|
|
|||||
|
$
|
2,716,264
|
|
|
$
|
4,194,869
|
|
|
$
|
553,895
|
|
|
$
|
7,465,028
|
|
|
$
|
9,706,395
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Data by Segment
|
||||||||||||||||||
|
($000's omitted)
|
||||||||||||||||||
|
December 31, 2017
|
||||||||||||||||||
|
Homes Under
Construction |
|
Land Under
Development |
|
Raw Land
|
|
Total
Inventory |
|
Total
Assets |
||||||||||
Northeast
|
$
|
234,413
|
|
|
$
|
327,599
|
|
|
$
|
73,574
|
|
|
$
|
635,586
|
|
|
$
|
791,511
|
|
Southeast
|
433,411
|
|
|
613,626
|
|
|
121,238
|
|
|
1,168,275
|
|
|
1,287,992
|
|
|||||
Florida
|
359,651
|
|
|
876,856
|
|
|
109,069
|
|
|
1,345,576
|
|
|
1,481,837
|
|
|||||
Midwest
|
299,896
|
|
|
476,694
|
|
|
28,482
|
|
|
805,072
|
|
|
877,282
|
|
|||||
Texas
|
251,613
|
|
|
435,018
|
|
|
87,392
|
|
|
774,023
|
|
|
859,847
|
|
|||||
West
|
798,706
|
|
|
1,137,940
|
|
|
147,493
|
|
|
2,084,139
|
|
|
2,271,328
|
|
|||||
Other homebuilding
(a)
|
43,715
|
|
|
268,081
|
|
|
22,663
|
|
|
334,459
|
|
|
1,469,234
|
|
|||||
|
$
|
2,421,405
|
|
|
$
|
4,135,814
|
|
|
$
|
589,911
|
|
|
$
|
7,147,130
|
|
|
$
|
9,039,031
|
|
Financial Services
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
647,618
|
|
|||||
|
$
|
2,421,405
|
|
|
$
|
4,135,814
|
|
|
$
|
589,911
|
|
|
$
|
7,147,130
|
|
|
$
|
9,686,649
|
|
(a)
|
Other homebuilding primarily includes cash and equivalents, capitalized interest, intangibles, deferred tax assets, and other corporate items that are not allocated to the operating segments.
|
|
March 31,
2018 |
|
December 31,
2017 |
||||
4.250% unsecured senior notes due March 2021
(a)
|
$
|
700,000
|
|
|
$
|
700,000
|
|
5.500% unsecured senior notes due March 2026
(a)
|
700,000
|
|
|
700,000
|
|
||
5.000% unsecured senior notes due January 2027
(a)
|
600,000
|
|
|
600,000
|
|
||
7.875% unsecured senior notes due June 2032
(a)
|
300,000
|
|
|
300,000
|
|
||
6.375% unsecured senior notes due May 2033
(a)
|
400,000
|
|
|
400,000
|
|
||
6.000% unsecured senior notes due February 2035
(a)
|
300,000
|
|
|
300,000
|
|
||
Net premiums, discounts, and issuance costs
(b)
|
(13,105
|
)
|
|
(13,057
|
)
|
||
Total senior notes
|
$
|
2,986,895
|
|
|
$
|
2,986,943
|
|
Other notes payable
|
100,823
|
|
|
20,024
|
|
||
Notes payable
|
$
|
3,087,718
|
|
|
$
|
3,006,967
|
|
Estimated fair value
|
$
|
3,076,140
|
|
|
$
|
3,263,774
|
|
(a)
|
Redeemable prior to maturity; guaranteed on a senior basis by certain wholly-owned subsidiaries.
|
(b)
|
The carrying value of senior notes reflects the impact of premiums, discounts, and issuance costs that are amortized to interest cost over the respective terms of the senior notes.
|
Level 1
|
|
Fair value determined based on quoted prices in active markets for identical assets or liabilities.
|
|
|
|
Level 2
|
|
Fair value determined using significant observable inputs, generally either quoted prices in active markets for similar assets or liabilities or quoted prices in markets that are not active.
|
|
|
|
Level 3
|
|
Fair value determined using significant unobservable inputs, such as pricing models, discounted cash flows, or similar techniques.
|
Financial Instrument
|
|
Fair Value
Hierarchy |
|
Fair Value
|
||||||
March 31,
2018 |
|
December 31,
2017 |
||||||||
|
|
|
|
|
|
|
||||
Measured at fair value on a recurring basis:
|
|
|
|
|
|
|
||||
Residential mortgage loans available-for-sale
|
|
Level 2
|
|
$
|
385,453
|
|
|
$
|
570,600
|
|
Interest rate lock commitments
|
|
Level 2
|
|
11,150
|
|
|
5,583
|
|
||
Forward contracts
|
|
Level 2
|
|
(917
|
)
|
|
(385
|
)
|
||
Whole loan commitments
|
|
Level 2
|
|
124
|
|
|
(147
|
)
|
||
|
|
|
|
|
|
|
||||
Measured at fair value on a non-recurring basis:
|
|
|
|
|
|
|
||||
House and land inventory
|
|
Level 3
|
|
$
|
—
|
|
|
$
|
11,045
|
|
Land held for sale
|
|
Level 2
|
|
2,086
|
|
|
8,600
|
|
||
|
|
|
|
|
|
|
||||
Disclosed at fair value:
|
|
|
|
|
|
|
||||
Cash, cash equivalents, and restricted cash
|
|
Level 1
|
|
$
|
184,787
|
|
|
$
|
306,168
|
|
Financial Services debt
|
|
Level 2
|
|
246,952
|
|
|
437,804
|
|
||
Other notes payable
|
|
Level 2
|
|
100,823
|
|
|
20,024
|
|
||
Senior notes payable
|
|
Level 2
|
|
2,975,317
|
|
|
3,243,750
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Warranty liabilities, beginning of period
|
$
|
72,709
|
|
|
$
|
66,134
|
|
Reserves provided
|
11,916
|
|
|
10,643
|
|
||
Payments
|
(14,282
|
)
|
|
(12,099
|
)
|
||
Other adjustments
|
643
|
|
|
3
|
|
||
Warranty liabilities, end of period
|
$
|
70,986
|
|
|
$
|
64,681
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Balance, beginning of period
|
$
|
758,812
|
|
|
$
|
831,058
|
|
Reserves provided, net
|
19,660
|
|
|
19,715
|
|
||
Adjustments to previously recorded reserves
|
2,461
|
|
|
(1,980
|
)
|
||
Payments, net
(a)
|
(9,829
|
)
|
|
(13,467
|
)
|
||
Balance, end of period
|
$
|
771,104
|
|
|
$
|
835,326
|
|
(a)
|
Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below).
|
|
Unconsolidated
|
|
Eliminating
Entries |
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
|||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and equivalents
|
$
|
—
|
|
|
$
|
103,470
|
|
|
$
|
47,351
|
|
|
$
|
—
|
|
|
$
|
150,821
|
|
Restricted cash
|
—
|
|
|
32,126
|
|
|
1,840
|
|
|
—
|
|
|
33,966
|
|
|||||
Total cash, cash equivalents, and
restricted cash |
—
|
|
|
135,596
|
|
|
49,191
|
|
|
—
|
|
|
184,787
|
|
|||||
House and land inventory
|
—
|
|
|
7,365,173
|
|
|
99,855
|
|
|
—
|
|
|
7,465,028
|
|
|||||
Land held for sale
|
—
|
|
|
69,522
|
|
|
—
|
|
|
—
|
|
|
69,522
|
|
|||||
Residential mortgage loans available-
for-sale |
—
|
|
|
—
|
|
|
385,453
|
|
|
—
|
|
|
385,453
|
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
64,270
|
|
|
540
|
|
|
—
|
|
|
64,810
|
|
|||||
Other assets
|
8,101
|
|
|
598,044
|
|
|
178,210
|
|
|
—
|
|
|
784,355
|
|
|||||
Intangible assets
|
—
|
|
|
137,542
|
|
|
—
|
|
|
—
|
|
|
137,542
|
|
|||||
Deferred tax assets, net
|
622,328
|
|
|
—
|
|
|
(7,430
|
)
|
|
—
|
|
|
614,898
|
|
|||||
Investments in subsidiaries and
intercompany accounts, net |
6,815,152
|
|
|
243,456
|
|
|
7,645,565
|
|
|
(14,704,173
|
)
|
|
—
|
|
|||||
|
$
|
7,445,581
|
|
|
$
|
8,613,603
|
|
|
$
|
8,351,384
|
|
|
$
|
(14,704,173
|
)
|
|
$
|
9,706,395
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, customer deposits,
accrued and other liabilities |
$
|
68,362
|
|
|
$
|
1,648,861
|
|
|
$
|
264,178
|
|
|
$
|
—
|
|
|
$
|
1,981,401
|
|
Income tax liabilities
|
115,667
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
115,667
|
|
|||||
Financial Services debt
|
—
|
|
|
—
|
|
|
246,952
|
|
|
—
|
|
|
246,952
|
|
|||||
Notes payable
|
2,986,895
|
|
|
99,160
|
|
|
1,663
|
|
|
—
|
|
|
3,087,718
|
|
|||||
Total liabilities
|
3,170,924
|
|
|
1,748,021
|
|
|
512,793
|
|
|
—
|
|
|
5,431,738
|
|
|||||
Total shareholders’ equity
|
4,274,657
|
|
|
6,865,582
|
|
|
7,838,591
|
|
|
(14,704,173
|
)
|
|
4,274,657
|
|
|||||
|
$
|
7,445,581
|
|
|
$
|
8,613,603
|
|
|
$
|
8,351,384
|
|
|
$
|
(14,704,173
|
)
|
|
$
|
9,706,395
|
|
|
|||||||||||||||||||
|
Unconsolidated
|
|
Eliminating
Entries |
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
|||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and equivalents
|
$
|
—
|
|
|
$
|
125,462
|
|
|
$
|
147,221
|
|
|
$
|
—
|
|
|
$
|
272,683
|
|
Restricted cash
|
—
|
|
|
32,339
|
|
|
1,146
|
|
|
—
|
|
|
33,485
|
|
|||||
Total cash, cash equivalents, and
restricted cash |
—
|
|
|
157,801
|
|
|
148,367
|
|
|
—
|
|
|
306,168
|
|
|||||
House and land inventory
|
—
|
|
|
7,053,087
|
|
|
94,043
|
|
|
—
|
|
|
7,147,130
|
|
|||||
Land held for sale
|
—
|
|
|
68,384
|
|
|
—
|
|
|
—
|
|
|
68,384
|
|
|||||
Residential mortgage loans available-
for-sale |
—
|
|
|
—
|
|
|
570,600
|
|
|
—
|
|
|
570,600
|
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
62,415
|
|
|
542
|
|
|
—
|
|
|
62,957
|
|
|||||
Other assets
|
9,417
|
|
|
592,045
|
|
|
143,661
|
|
|
—
|
|
|
745,123
|
|
|||||
Intangible assets
|
—
|
|
|
140,992
|
|
|
—
|
|
|
—
|
|
|
140,992
|
|
|||||
Deferred tax assets, net
|
646,227
|
|
|
—
|
|
|
(932
|
)
|
|
—
|
|
|
645,295
|
|
|||||
Investments in subsidiaries and
intercompany accounts, net |
6,661,638
|
|
|
284,983
|
|
|
7,300,127
|
|
|
(14,246,748
|
)
|
|
—
|
|
|||||
|
$
|
7,317,282
|
|
|
$
|
8,359,707
|
|
|
$
|
8,256,408
|
|
|
$
|
(14,246,748
|
)
|
|
$
|
9,686,649
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, customer deposits,
accrued and other liabilities |
$
|
89,388
|
|
|
$
|
1,636,913
|
|
|
$
|
274,626
|
|
|
$
|
—
|
|
|
$
|
2,000,927
|
|
Income tax liabilities
|
86,925
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,925
|
|
|||||
Financial Services debt
|
—
|
|
|
—
|
|
|
437,804
|
|
|
—
|
|
|
437,804
|
|
|||||
Notes payable
|
2,986,943
|
|
|
16,911
|
|
|
3,113
|
|
|
—
|
|
|
3,006,967
|
|
|||||
Total liabilities
|
3,163,256
|
|
|
1,653,824
|
|
|
715,543
|
|
|
—
|
|
|
5,532,623
|
|
|||||
Total shareholders’ equity
|
4,154,026
|
|
|
6,705,883
|
|
|
7,540,865
|
|
|
(14,246,748
|
)
|
|
4,154,026
|
|
|||||
|
$
|
7,317,282
|
|
|
$
|
8,359,707
|
|
|
$
|
8,256,408
|
|
|
$
|
(14,246,748
|
)
|
|
$
|
9,686,649
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale revenues
|
$
|
—
|
|
|
$
|
1,885,431
|
|
|
$
|
26,167
|
|
|
$
|
—
|
|
|
$
|
1,911,598
|
|
Land sale and other revenues
|
—
|
|
|
11,558
|
|
|
999
|
|
|
—
|
|
|
12,557
|
|
|||||
|
—
|
|
|
1,896,989
|
|
|
27,166
|
|
|
—
|
|
|
1,924,155
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
45,938
|
|
|
—
|
|
|
45,938
|
|
|||||
|
—
|
|
|
1,896,989
|
|
|
73,104
|
|
|
—
|
|
|
1,970,093
|
|
|||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale cost of revenues
|
—
|
|
|
(1,438,347
|
)
|
|
(21,593
|
)
|
|
—
|
|
|
(1,459,940
|
)
|
|||||
Land sale cost of revenues
|
—
|
|
|
(10,830
|
)
|
|
(718
|
)
|
|
—
|
|
|
(11,548
|
)
|
|||||
|
—
|
|
|
(1,449,177
|
)
|
|
(22,311
|
)
|
|
—
|
|
|
(1,471,488
|
)
|
|||||
Financial Services expenses
|
—
|
|
|
(142
|
)
|
|
(32,071
|
)
|
|
—
|
|
|
(32,213
|
)
|
|||||
Selling, general, and administrative
expenses |
—
|
|
|
(231,418
|
)
|
|
(9,475
|
)
|
|
—
|
|
|
(240,893
|
)
|
|||||
Other expense, net
|
(142
|
)
|
|
(7,601
|
)
|
|
6,435
|
|
|
—
|
|
|
(1,308
|
)
|
|||||
Intercompany interest
|
(1,468
|
)
|
|
—
|
|
|
1,468
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) before income taxes and
equity in income (loss) of subsidiaries |
(1,610
|
)
|
|
208,651
|
|
|
17,150
|
|
|
—
|
|
|
224,191
|
|
|||||
Income tax (expense) benefit
|
387
|
|
|
(49,531
|
)
|
|
(4,296
|
)
|
|
—
|
|
|
(53,440
|
)
|
|||||
Income (loss) before equity in income
(loss) of subsidiaries |
(1,223
|
)
|
|
159,120
|
|
|
12,854
|
|
|
—
|
|
|
170,751
|
|
|||||
Equity in income (loss) of subsidiaries
|
171,974
|
|
|
12,564
|
|
|
110,671
|
|
|
(295,209
|
)
|
|
—
|
|
|||||
Net income (loss)
|
170,751
|
|
|
171,684
|
|
|
123,525
|
|
|
(295,209
|
)
|
|
170,751
|
|
|||||
Other comprehensive income
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||
Comprehensive income (loss)
|
$
|
170,772
|
|
|
$
|
171,684
|
|
|
$
|
123,525
|
|
|
$
|
(295,209
|
)
|
|
$
|
170,772
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale revenues
|
$
|
—
|
|
|
$
|
1,576,645
|
|
|
$
|
8,776
|
|
|
$
|
—
|
|
|
$
|
1,585,421
|
|
Land sale and other revenues
|
—
|
|
|
1,912
|
|
|
778
|
|
|
—
|
|
|
2,690
|
|
|||||
|
—
|
|
|
1,578,557
|
|
|
9,554
|
|
|
—
|
|
|
1,588,111
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
41,767
|
|
|
—
|
|
|
41,767
|
|
|||||
|
—
|
|
|
1,578,557
|
|
|
51,321
|
|
|
—
|
|
|
1,629,878
|
|
|||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale cost of revenues
|
—
|
|
|
(1,209,640
|
)
|
|
(8,038
|
)
|
|
—
|
|
|
(1,217,678
|
)
|
|||||
Land sale cost of revenues
|
—
|
|
|
(2,595
|
)
|
|
(633
|
)
|
|
—
|
|
|
(3,228
|
)
|
|||||
|
—
|
|
|
(1,212,235
|
)
|
|
(8,671
|
)
|
|
—
|
|
|
(1,220,906
|
)
|
|||||
Financial Services expenses
|
—
|
|
|
(139
|
)
|
|
(28,228
|
)
|
|
—
|
|
|
(28,367
|
)
|
|||||
Selling, general, and administrative
expenses |
—
|
|
|
(217,975
|
)
|
|
(18,293
|
)
|
|
—
|
|
|
(236,268
|
)
|
|||||
Other expense, net
|
(130
|
)
|
|
(12,888
|
)
|
|
7,946
|
|
|
—
|
|
|
(5,072
|
)
|
|||||
Intercompany interest
|
(335
|
)
|
|
—
|
|
|
335
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) before income taxes and
equity in income (loss) of subsidiaries |
(465
|
)
|
|
135,320
|
|
|
4,410
|
|
|
—
|
|
|
139,265
|
|
|||||
Income tax (expense) benefit
|
177
|
|
|
(45,925
|
)
|
|
(1,999
|
)
|
|
—
|
|
|
(47,747
|
)
|
|||||
Income (loss) before equity in income
(loss) of subsidiaries |
(288
|
)
|
|
89,395
|
|
|
2,411
|
|
|
—
|
|
|
91,518
|
|
|||||
Equity in income (loss) of subsidiaries
|
91,806
|
|
|
7,253
|
|
|
37,309
|
|
|
(136,368
|
)
|
|
—
|
|
|||||
Net income (loss)
|
91,518
|
|
|
96,648
|
|
|
39,720
|
|
|
(136,368
|
)
|
|
91,518
|
|
|||||
Other comprehensive income
|
21
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21
|
|
|||||
Comprehensive income (loss)
|
$
|
91,539
|
|
|
$
|
96,648
|
|
|
$
|
39,720
|
|
|
$
|
(136,368
|
)
|
|
$
|
91,539
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Net cash provided by (used in)
operating activities |
$
|
310,937
|
|
|
$
|
(340,357
|
)
|
|
$
|
198,433
|
|
|
$
|
—
|
|
|
$
|
169,013
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(13,537
|
)
|
|
(1,891
|
)
|
|
—
|
|
|
(15,428
|
)
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
(1,000
|
)
|
|
—
|
|
|
—
|
|
|
(1,000
|
)
|
|||||
Other investing activities, net
|
—
|
|
|
—
|
|
|
452
|
|
|
—
|
|
|
452
|
|
|||||
Net cash provided by (used in)
investing activities |
—
|
|
|
(14,537
|
)
|
|
(1,439
|
)
|
|
—
|
|
|
(15,976
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Services borrowings (repayments)
|
—
|
|
|
—
|
|
|
(190,852
|
)
|
|
—
|
|
|
(190,852
|
)
|
|||||
Repayments of debt
|
—
|
|
|
—
|
|
|
(451
|
)
|
|
—
|
|
|
(451
|
)
|
|||||
Borrowings under revolving credit facility
|
768,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
768,000
|
|
|||||
Repayments under revolving credit facility
|
(768,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(768,000
|
)
|
|||||
Stock option exercises
|
2,723
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,723
|
|
|||||
Share repurchases
|
(59,491
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(59,491
|
)
|
|||||
Dividends paid
|
(26,347
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,347
|
)
|
|||||
Intercompany activities, net
|
(227,822
|
)
|
|
332,689
|
|
|
(104,867
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in)
financing activities |
(310,937
|
)
|
|
332,689
|
|
|
(296,170
|
)
|
|
—
|
|
|
(274,418
|
)
|
|||||
Net increase (decrease)
|
—
|
|
|
(22,205
|
)
|
|
(99,176
|
)
|
|
—
|
|
|
(121,381
|
)
|
|||||
Cash, cash equivalents, and restricted cash
at beginning of year |
—
|
|
|
157,801
|
|
|
148,367
|
|
|
—
|
|
|
306,168
|
|
|||||
Cash, cash equivalents, and restricted cash
at end of year |
$
|
—
|
|
|
$
|
135,596
|
|
|
$
|
49,191
|
|
|
$
|
—
|
|
|
$
|
184,787
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Net cash provided by (used in)
operating activities |
$
|
(141,566
|
)
|
|
$
|
(8,041
|
)
|
|
$
|
189,410
|
|
|
$
|
—
|
|
|
$
|
39,803
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(8,442
|
)
|
|
(1,554
|
)
|
|
—
|
|
|
(9,996
|
)
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
(14,802
|
)
|
|
—
|
|
|
—
|
|
|
(14,802
|
)
|
|||||
Other investing activities, net
|
—
|
|
|
2
|
|
|
1,421
|
|
|
—
|
|
|
1,423
|
|
|||||
Net cash provided by (used in)
investing activities |
—
|
|
|
(23,242
|
)
|
|
(133
|
)
|
|
—
|
|
|
(23,375
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Services borrowings (repayments)
|
—
|
|
|
—
|
|
|
(191,240
|
)
|
|
—
|
|
|
(191,240
|
)
|
|||||
Repayments of debt
|
—
|
|
|
(741
|
)
|
|
(326
|
)
|
|
—
|
|
|
(1,067
|
)
|
|||||
Stock option exercises
|
11,118
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,118
|
|
|||||
Share repurchases
|
(105,522
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(105,522
|
)
|
|||||
Dividends paid
|
(29,102
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(29,102
|
)
|
|||||
Intercompany activities, net
|
265,072
|
|
|
(227,059
|
)
|
|
(38,013
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in)
financing activities |
141,566
|
|
|
(227,800
|
)
|
|
(229,579
|
)
|
|
—
|
|
|
(315,813
|
)
|
|||||
Net increase (decrease)
|
—
|
|
|
(259,083
|
)
|
|
(40,302
|
)
|
|
—
|
|
|
(299,385
|
)
|
|||||
Cash, cash equivalents, and restricted cash
at beginning of year |
—
|
|
|
611,185
|
|
|
112,063
|
|
|
—
|
|
|
723,248
|
|
|||||
Cash, cash equivalents, and restricted cash
at end of year |
$
|
—
|
|
|
$
|
352,102
|
|
|
$
|
71,761
|
|
|
$
|
—
|
|
|
$
|
423,863
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Income before income taxes:
|
|
|
|
||||
Homebuilding
|
$
|
210,358
|
|
|
$
|
125,762
|
|
Financial Services
|
13,833
|
|
|
13,503
|
|
||
Income before income taxes
|
224,191
|
|
|
139,265
|
|
||
Income tax expense
|
(53,440
|
)
|
|
(47,747
|
)
|
||
Net income
|
$
|
170,751
|
|
|
$
|
91,518
|
|
Per share data - assuming dilution:
|
|
|
|
||||
Net income
|
$
|
0.59
|
|
|
$
|
0.28
|
|
•
|
Homebuilding income before income taxes for the
three months ended
March 31, 2018
increased
67%
compared with the prior year period, primarily as the result of higher revenues and improved gross margins and overhead leverage. Additionally, the prior year period included $15.0 million of expense associated with the resolution of certain insurance matters (see
Note 8
).
|
•
|
Financial Services income before income taxes remained flat for the
three months ended
March 31, 2018
compared with the
three months ended
March 31, 2017
, as higher origination volumes were offset by a more competitive pricing environment.
|
•
|
Our effective tax rate for the
three months ended
March 31, 2018
was
23.8%
compared to
34.3%
for the same period in 2017. The lower tax rate in 2018 resulted primarily from a reduction in the federal statutory rate from 35% in 2017 to 21% in 2018 due to the Tax Act.
|
|
|
Three Months Ended
|
|||||||||
|
|
March 31,
|
|||||||||
|
|
2018
|
|
2018 vs. 2017
|
|
2017
|
|||||
Home sale revenues
|
|
$
|
1,911,598
|
|
|
21
|
%
|
|
$
|
1,585,421
|
|
Land sale and other revenues
|
|
12,557
|
|
|
367
|
%
|
|
2,690
|
|
||
Total Homebuilding revenues
|
|
1,924,155
|
|
|
21
|
%
|
|
1,588,111
|
|
||
Home sale cost of revenues
(a)
|
|
(1,459,940
|
)
|
|
20
|
%
|
|
(1,217,678
|
)
|
||
Land sale cost of revenues
|
|
(11,548
|
)
|
|
258
|
%
|
|
(3,228
|
)
|
||
Selling, general, and administrative
expenses ("SG&A") (b) |
|
(240,893
|
)
|
|
2
|
%
|
|
(236,268
|
)
|
||
Other expense, net
|
|
(1,416
|
)
|
|
(73
|
)%
|
|
(5,175
|
)
|
||
Income before income taxes
|
|
$
|
210,358
|
|
|
67
|
%
|
|
$
|
125,762
|
|
|
|
|
|
|
|
|
|||||
Supplemental data
:
|
|
|
|
|
|
|
|||||
Gross margin from home sales
|
|
23.6
|
%
|
|
40 bps
|
|
|
23.2
|
%
|
||
SG&A as a percentage of home
sale revenues |
|
12.6
|
%
|
|
(230) bps
|
|
|
14.9
|
%
|
||
Closings (units)
|
|
4,626
|
|
|
9
|
%
|
|
4,225
|
|
||
Average selling price
|
|
$
|
413
|
|
|
10
|
%
|
|
$
|
375
|
|
Net new orders
(c)
:
|
|
|
|
|
|
|
|||||
Units
|
|
6,875
|
|
|
12
|
%
|
|
6,126
|
|
||
Dollars
|
|
$
|
2,893,552
|
|
|
18
|
%
|
|
$
|
2,446,141
|
|
Cancellation rate
|
|
12
|
%
|
|
|
|
12
|
%
|
|||
Active communities at March 31
|
|
844
|
|
|
8
|
%
|
|
780
|
|
||
Backlog at March 31:
|
|
|
|
|
|
|
|||||
Units
|
|
11,245
|
|
|
21
|
%
|
|
9,323
|
|
||
Dollars
|
|
$
|
4,961,018
|
|
|
30
|
%
|
|
$
|
3,802,231
|
|
(a)
|
Includes the amortization of capitalized interest.
|
(b)
|
Includes write-offs of
$15.0 million
of insurance receivables associated with the resolution of certain insurance matters in the
three months ended
March 31, 2017
(see
Note 8
).
|
(c)
|
New order dollars represent a composite of new order dollars combined with other movements of the dollars in backlog related to cancellations and change orders.
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
|||||||
|
2018
|
|
2017
|
|||||
Write-offs of deposits and pre-acquisition costs
|
|
$
|
(2,609
|
)
|
|
$
|
(1,655
|
)
|
Amortization of intangible assets
|
|
(3,450
|
)
|
|
(3,450
|
)
|
||
Interest income
|
|
564
|
|
|
833
|
|
||
Interest expense
|
|
(143
|
)
|
|
(137
|
)
|
||
Equity in earnings (losses) of unconsolidated entities
|
|
961
|
|
|
1,193
|
|
||
Miscellaneous, net
|
|
3,261
|
|
|
(1,959
|
)
|
||
Total other expense, net
|
|
$
|
(1,416
|
)
|
|
$
|
(5,175
|
)
|
|
March 31,
2018 |
|
March 31,
2017 |
||
Sold
|
7,473
|
|
|
6,188
|
|
Unsold
|
|
|
|
||
Under construction
|
1,871
|
|
|
1,407
|
|
Completed
|
610
|
|
|
605
|
|
|
2,481
|
|
|
2,012
|
|
Models
|
1,189
|
|
|
1,118
|
|
Total
|
11,143
|
|
|
9,318
|
|
|
March 31, 2018
|
|
December 31, 2017
|
||||||||||||||
|
Owned
|
|
Optioned
|
|
Controlled
|
|
Owned
|
|
Optioned
|
|
Controlled
|
||||||
Northeast
|
5,151
|
|
|
5,079
|
|
|
10,230
|
|
|
5,194
|
|
|
5,569
|
|
|
10,763
|
|
Southeast
|
15,617
|
|
|
12,106
|
|
|
27,723
|
|
|
15,404
|
|
|
11,085
|
|
|
26,489
|
|
Florida
|
18,762
|
|
|
11,307
|
|
|
30,069
|
|
|
18,458
|
|
|
11,887
|
|
|
30,345
|
|
Midwest
|
10,376
|
|
|
12,151
|
|
|
22,527
|
|
|
10,612
|
|
|
9,196
|
|
|
19,808
|
|
Texas
|
14,135
|
|
|
8,825
|
|
|
22,960
|
|
|
13,923
|
|
|
8,320
|
|
|
22,243
|
|
West
|
26,023
|
|
|
4,904
|
|
|
30,927
|
|
|
25,662
|
|
|
6,099
|
|
|
31,761
|
|
Total
|
90,064
|
|
|
54,372
|
|
|
144,436
|
|
|
89,253
|
|
|
52,156
|
|
|
141,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Developed (%)
|
38
|
%
|
|
20
|
%
|
|
31
|
%
|
|
37
|
%
|
|
20
|
%
|
|
31
|
%
|
Northeast:
|
|
Connecticut, Maryland, Massachusetts, New Jersey, New York, Pennsylvania, Virginia
|
Southeast:
|
|
Georgia, North Carolina, South Carolina, Tennessee
|
Florida:
|
|
Florida
|
Midwest:
|
|
Illinois, Indiana, Kentucky, Michigan, Minnesota, Missouri, Ohio
|
Texas:
|
|
Texas
|
West:
|
|
Arizona, California, Nevada, New Mexico, Washington
|
|
Operating Data by Segment ($000's omitted)
|
|||||||||
|
Three Months Ended
|
|||||||||
|
March 31,
|
|||||||||
|
2018
|
|
2018 vs. 2017
|
|
2017
|
|||||
Home sale revenues:
|
|
|
|
|
|
|||||
Northeast
|
$
|
132,339
|
|
|
22
|
%
|
|
$
|
108,532
|
|
Southeast
|
373,443
|
|
|
14
|
%
|
|
327,586
|
|
||
Florida
|
341,071
|
|
|
9
|
%
|
|
314,082
|
|
||
Midwest
|
296,895
|
|
|
21
|
%
|
|
244,412
|
|
||
Texas
|
245,110
|
|
|
5
|
%
|
|
234,266
|
|
||
West
|
522,740
|
|
|
47
|
%
|
|
356,543
|
|
||
|
$
|
1,911,598
|
|
|
21
|
%
|
|
$
|
1,585,421
|
|
Income (loss) before income taxes:
|
|
|
|
|
|
|||||
Northeast
|
$
|
9,312
|
|
|
112
|
%
|
|
$
|
4,400
|
|
Southeast
|
40,457
|
|
|
25
|
%
|
|
32,366
|
|
||
Florida
|
44,945
|
|
|
1
|
%
|
|
44,523
|
|
||
Midwest
|
28,401
|
|
|
56
|
%
|
|
18,254
|
|
||
Texas
|
30,536
|
|
|
(7
|
)%
|
|
32,796
|
|
||
West
|
89,205
|
|
|
162
|
%
|
|
34,084
|
|
||
Other homebuilding
(a)
|
(32,498
|
)
|
|
20
|
%
|
|
(40,661
|
)
|
||
|
$
|
210,358
|
|
|
67
|
%
|
|
$
|
125,762
|
|
|
|
|
|
|
|
(a)
|
Other homebuilding includes amortization of intangible assets and capitalized interest and other items not allocated to the operating segments, including write-offs of
$15.0 million
of insurance receivables associated with the resolution of certain insurance matters in the
three months ended
March 31, 2017
(see
Note 8
).
|
|
Operating Data by Segment ($000's omitted)
|
|||||||||
|
Three Months Ended
|
|||||||||
|
March 31,
|
|||||||||
|
2018
|
|
2018 vs. 2017
|
|
2017
|
|||||
Closings (units):
|
|
|
|
|
|
|||||
Northeast
|
251
|
|
|
8
|
%
|
|
232
|
|
||
Southeast
|
924
|
|
|
11
|
%
|
|
836
|
|
||
Florida
|
887
|
|
|
7
|
%
|
|
832
|
|
||
Midwest
|
767
|
|
|
15
|
%
|
|
668
|
|
||
Texas
|
809
|
|
|
(4
|
)%
|
|
840
|
|
||
West
|
988
|
|
|
21
|
%
|
|
817
|
|
||
|
4,626
|
|
|
9
|
%
|
|
4,225
|
|
||
|
|
|
|
|
|
|||||
Average selling price:
|
|
|
|
|
|
|||||
Northeast
|
$
|
527
|
|
|
13
|
%
|
|
$
|
468
|
|
Southeast
|
404
|
|
|
3
|
%
|
|
392
|
|
||
Florida
|
385
|
|
|
2
|
%
|
|
378
|
|
||
Midwest
|
387
|
|
|
6
|
%
|
|
366
|
|
||
Texas
|
303
|
|
|
9
|
%
|
|
279
|
|
||
West
|
529
|
|
|
21
|
%
|
|
436
|
|
||
|
$
|
413
|
|
|
10
|
%
|
|
$
|
375
|
|
|
|
|
|
|
|
|||||
Net new orders - units:
|
|
|
|
|
|
|||||
Northeast
|
448
|
|
|
9
|
%
|
|
411
|
|
||
Southeast
|
1,259
|
|
|
17
|
%
|
|
1,077
|
|
||
Florida
|
1,444
|
|
|
39
|
%
|
|
1,040
|
|
||
Midwest
|
1,102
|
|
|
(5
|
)%
|
|
1,162
|
|
||
Texas
|
1,323
|
|
|
9
|
%
|
|
1,211
|
|
||
West
|
1,299
|
|
|
6
|
%
|
|
1,225
|
|
||
|
6,875
|
|
|
12
|
%
|
|
6,126
|
|
||
|
|
|
|
|
|
|||||
Net new orders - dollars:
|
|
|
|
|
|
|||||
Northeast
|
$
|
234,650
|
|
|
12
|
%
|
|
$
|
209,136
|
|
Southeast
|
523,909
|
|
|
23
|
%
|
|
424,902
|
|
||
Florida
|
572,775
|
|
|
46
|
%
|
|
393,213
|
|
||
Midwest
|
450,526
|
|
|
(3
|
)%
|
|
463,325
|
|
||
Texas
|
404,854
|
|
|
17
|
%
|
|
345,503
|
|
||
West
|
706,838
|
|
|
16
|
%
|
|
610,062
|
|
||
|
$
|
2,893,552
|
|
|
18
|
%
|
|
$
|
2,446,141
|
|
|
|
|
|
|
|
|
Operating Data by Segment ($000's omitted)
|
|||||||||
|
Three Months Ended
|
|||||||||
|
March 31,
|
|||||||||
|
2018
|
|
2018 vs. 2017
|
|
2017
|
|||||
Cancellation rates:
|
|
|
|
|
|
|||||
Northeast
|
6
|
%
|
|
|
|
9
|
%
|
|||
Southeast
|
10
|
%
|
|
|
|
12
|
%
|
|||
Florida
|
12
|
%
|
|
|
|
11
|
%
|
|||
Midwest
|
10
|
%
|
|
|
|
9
|
%
|
|||
Texas
|
16
|
%
|
|
|
|
15
|
%
|
|||
West
|
13
|
%
|
|
|
|
14
|
%
|
|||
|
12
|
%
|
|
|
|
12
|
%
|
|||
|
|
|
|
|
|
|||||
Unit backlog:
|
|
|
|
|
|
|||||
Northeast
|
709
|
|
|
25
|
%
|
|
566
|
|
||
Southeast
|
2,051
|
|
|
27
|
%
|
|
1,612
|
|
||
Florida
|
2,235
|
|
|
37
|
%
|
|
1,626
|
|
||
Midwest
|
1,822
|
|
|
1
|
%
|
|
1,801
|
|
||
Texas
|
1,940
|
|
|
9
|
%
|
|
1,783
|
|
||
West
|
2,488
|
|
|
29
|
%
|
|
1,935
|
|
||
|
11,245
|
|
|
21
|
%
|
|
9,323
|
|
||
|
|
|
|
|
|
|||||
Backlog dollars:
|
|
|
|
|
|
|||||
Northeast
|
$
|
355,961
|
|
|
23
|
%
|
|
$
|
290,199
|
|
Southeast
|
868,632
|
|
|
28
|
%
|
|
681,076
|
|
||
Florida
|
913,293
|
|
|
44
|
%
|
|
635,357
|
|
||
Midwest
|
742,170
|
|
|
3
|
%
|
|
719,991
|
|
||
Texas
|
609,542
|
|
|
19
|
%
|
|
513,728
|
|
||
West
|
1,471,420
|
|
|
53
|
%
|
|
961,880
|
|
||
|
$
|
4,961,018
|
|
|
30
|
%
|
|
$
|
3,802,231
|
|
|
Three Months Ended
|
|||||||||
|
March 31,
|
|||||||||
|
2018
|
|
2018 vs. 2017
|
|
2017
|
|||||
Mortgage revenues
|
$
|
35,027
|
|
|
7
|
%
|
|
$
|
32,701
|
|
Title services revenues
|
8,937
|
|
|
11
|
%
|
|
8,035
|
|
||
Insurance brokerage commissions
|
1,974
|
|
|
91
|
%
|
|
1,031
|
|
||
Total Financial Services revenues
|
45,938
|
|
|
10
|
%
|
|
41,767
|
|
||
Expenses
|
(32,213
|
)
|
|
14
|
%
|
|
(28,367
|
)
|
||
Other income, net
|
108
|
|
|
5
|
%
|
|
103
|
|
||
Income before income taxes
|
$
|
13,833
|
|
|
2
|
%
|
|
$
|
13,503
|
|
Total originations
:
|
|
|
|
|
|
|||||
Loans
|
2,992
|
|
|
4
|
%
|
|
2,873
|
|
||
Principal
|
$
|
909,800
|
|
|
13
|
%
|
|
$
|
806,352
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2018
|
|
2017
|
||||
Supplemental data:
|
|
|
|
||||
Capture rate
|
77.7
|
%
|
|
80.3
|
%
|
||
Average FICO score
|
750
|
|
|
750
|
|
||
Loan application backlog
|
$
|
2,765,386
|
|
|
$
|
2,123,630
|
|
Funded origination breakdown:
|
|
|
|
||||
Government (FHA, VA, USDA)
|
21
|
%
|
|
23
|
%
|
||
Other agency
|
67
|
%
|
|
72
|
%
|
||
Total agency
|
88
|
%
|
|
95
|
%
|
||
Non-agency
|
12
|
%
|
|
5
|
%
|
||
Total funded originations
|
100
|
%
|
|
100
|
%
|
|
As of March 31, 2018 for the
Years ending December 31, |
||||||||||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
Fair
Value |
||||||||||||||||
Rate-sensitive liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed rate debt
|
$
|
81,758
|
|
|
$
|
8,423
|
|
|
$
|
9,539
|
|
|
$
|
700,000
|
|
|
$
|
—
|
|
|
$
|
2,300,000
|
|
|
$
|
3,099,720
|
|
|
$
|
3,175,860
|
|
Average interest rate
|
7.50
|
%
|
|
4.07
|
%
|
|
3.98
|
%
|
|
4.25
|
%
|
|
—
|
%
|
|
5.90
|
%
|
|
5.56
|
%
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Variable rate debt (a)
|
$
|
918
|
|
|
$
|
432
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,350
|
|
|
$
|
1,350
|
|
Average interest rate
|
6.56
|
%
|
|
7.53
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
6.87
|
%
|
|
|
|
Total number
of shares
purchased (1)
|
|
Average
price paid
per share (1)
|
|
Total number of
shares purchased
as part of publicly
announced plans
or programs
|
|
Approximate dollar
value of shares
that may yet be
purchased under
the plans or
programs
($000’s omitted)
|
|||||||
January 1, 2018 to January 31, 2018
|
470,200
|
|
|
$
|
34.27
|
|
|
470,200
|
|
|
$
|
578,328
|
|
(2)
|
February 1, 2018 to February 28, 2018
|
779,962
|
|
|
$
|
29.72
|
|
|
543,800
|
|
|
$
|
562,043
|
|
(2)
|
March 1, 2018 to March 31, 2018
|
690,687
|
|
|
$
|
29.25
|
|
|
686,839
|
|
|
$
|
541,954
|
|
(2)
|
Total
|
1,940,849
|
|
|
$
|
30.65
|
|
|
1,700,839
|
|
|
|
|
(1)
|
During the
first
quarter of
2018
, participants surrendered
240,010
shares for payment of minimum tax obligations upon the vesting or exercise of previously granted share-based compensation awards. Such shares were not repurchased as part of our publicly-announced share repurchase programs.
|
(2)
|
During the
three months ended
March 31, 2018
, we repurchased
1.7 million
shares for a total of
$52.5 million
. The share repurchase authorization has
$542.0 million
remaining as of
March 31, 2018
. There is no expiration date for this program.
|
3
|
|
(a)
|
|
|
|
|
|
|
|
|
|
(b)
|
|
|
|
|
|
|
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
(d)
|
|
|
|
|
|
|
|
|
|
(e)
|
|
|
|
|
|
|
|
4
|
|
(a)
|
|
Any instrument with respect to long-term debt, where the securities authorized thereunder do not exceed 10% of the total assets of PulteGroup, Inc. and its subsidiaries, has not been filed. The Company agrees to furnish a copy of such instruments to the SEC upon request.
|
|
|
|
|
|
|
|
(b)
|
|
|
|
|
|
|
|
|
|
(c)
|
|
|
|
|
|
|
|
|
|
(d)
|
|
|
|
|
|
|
|
31
|
|
(a)
|
|
|
|
|
|
|
|
|
|
(b)
|
|
|
|
|
|
|
|
32
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
|
|
XBRL Instance Document
|
|
|
|
|
|
101.SCH
|
|
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
101.CAL
|
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
101.DEF
|
|
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
101.LAB
|
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
101.PRE
|
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
PULTEGROUP, INC.
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Robert T. O'Shaughnessy
|
|
|
Robert T. O'Shaughnessy
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
(Principal Financial Officer and duly authorized officer)
|
|
|
Date:
|
April 24, 2018
|
|
1 Year PulteGroup Chart |
1 Month PulteGroup Chart |
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