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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 111.82 | 0 | 12:38:51 |
MICHIGAN
|
|
38-2766606
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
Page
No.
|
PART I
|
|
|
|
|
|
Item 1
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Item 2
|
||
|
|
|
Item 3
|
||
|
|
|
Item 4
|
||
|
|
|
PART II
|
||
|
|
|
Item 2
|
||
|
|
|
Item 6
|
||
|
|
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
|
(Unaudited)
|
|
(Note)
|
||||
ASSETS
|
|
|
|
||||
|
|
|
|
||||
Cash and equivalents
|
$
|
728,631
|
|
|
$
|
272,683
|
|
Restricted cash
|
30,381
|
|
|
33,485
|
|
||
Total cash, cash equivalents, and restricted cash
|
759,012
|
|
|
306,168
|
|
||
House and land inventory
|
7,489,454
|
|
|
7,147,130
|
|
||
Land held for sale
|
65,905
|
|
|
68,384
|
|
||
Residential mortgage loans available-for-sale
|
349,784
|
|
|
570,600
|
|
||
Investments in unconsolidated entities
|
54,278
|
|
|
62,957
|
|
||
Other assets
|
797,976
|
|
|
745,123
|
|
||
Intangible assets
|
130,642
|
|
|
140,992
|
|
||
Deferred tax assets, net
|
408,029
|
|
|
645,295
|
|
||
|
$
|
10,055,080
|
|
|
$
|
9,686,649
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
465,833
|
|
|
$
|
393,815
|
|
Customer deposits
|
342,376
|
|
|
250,779
|
|
||
Accrued and other liabilities
|
1,251,518
|
|
|
1,356,333
|
|
||
Income tax liabilities
|
10,324
|
|
|
86,925
|
|
||
Financial Services debt
|
250,733
|
|
|
437,804
|
|
||
Notes payable
|
3,005,418
|
|
|
3,006,967
|
|
||
|
5,326,202
|
|
|
5,532,623
|
|
||
Shareholders' equity
|
4,728,878
|
|
|
4,154,026
|
|
||
|
$
|
10,055,080
|
|
|
$
|
9,686,649
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Homebuilding
|
|
|
|
|
|
|
|
||||||||
Home sale revenues
|
$
|
2,572,236
|
|
|
$
|
2,055,891
|
|
|
$
|
6,933,888
|
|
|
$
|
5,606,953
|
|
Land sale and other revenues
|
25,510
|
|
|
28,215
|
|
|
104,971
|
|
|
39,848
|
|
||||
|
2,597,746
|
|
|
2,084,106
|
|
|
7,038,859
|
|
|
5,646,801
|
|
||||
Financial Services
|
51,620
|
|
|
46,952
|
|
|
150,322
|
|
|
135,995
|
|
||||
Total revenues
|
2,649,366
|
|
|
2,131,058
|
|
|
7,189,181
|
|
|
5,782,796
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
||||||||
Home sale cost of revenues
|
(1,954,160
|
)
|
|
(1,564,605
|
)
|
|
(5,276,232
|
)
|
|
(4,332,221
|
)
|
||||
Land sale cost of revenues
|
(22,060
|
)
|
|
(25,123
|
)
|
|
(71,791
|
)
|
|
(115,950
|
)
|
||||
|
(1,976,220
|
)
|
|
(1,589,728
|
)
|
|
(5,348,023
|
)
|
|
(4,448,171
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Financial Services expenses
|
(32,213
|
)
|
|
(29,304
|
)
|
|
(96,650
|
)
|
|
(86,150
|
)
|
||||
Selling, general, and administrative expenses
|
(252,757
|
)
|
|
(237,495
|
)
|
|
(719,706
|
)
|
|
(689,974
|
)
|
||||
Other expense, net
|
(3,488
|
)
|
|
(6,282
|
)
|
|
(6,753
|
)
|
|
(28,439
|
)
|
||||
Income before income taxes
|
384,688
|
|
|
268,249
|
|
|
1,018,049
|
|
|
530,062
|
|
||||
Income tax expense
|
(95,153
|
)
|
|
(90,710
|
)
|
|
(233,674
|
)
|
|
(160,255
|
)
|
||||
Net income
|
$
|
289,535
|
|
|
$
|
177,539
|
|
|
$
|
784,375
|
|
|
$
|
369,807
|
|
|
|
|
|
|
|
|
|
||||||||
Per share:
|
|
|
|
|
|
|
|
||||||||
Basic earnings
|
$
|
1.01
|
|
|
$
|
0.59
|
|
|
$
|
2.72
|
|
|
$
|
1.18
|
|
Diluted earnings
|
$
|
1.01
|
|
|
$
|
0.58
|
|
|
$
|
2.71
|
|
|
$
|
1.18
|
|
Cash dividends declared
|
$
|
0.09
|
|
|
$
|
0.09
|
|
|
$
|
0.27
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
||||||||
Number of shares used in calculation:
|
|
|
|
|
|
|
|
||||||||
Basic
|
283,489
|
|
|
298,538
|
|
|
285,127
|
|
|
309,453
|
|
||||
Effect of dilutive securities
|
1,183
|
|
|
1,690
|
|
|
1,301
|
|
|
1,861
|
|
||||
Diluted
|
284,672
|
|
|
300,228
|
|
|
286,428
|
|
|
311,314
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
289,535
|
|
|
$
|
177,539
|
|
|
$
|
784,375
|
|
|
$
|
369,807
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Change in value of derivatives
|
25
|
|
|
20
|
|
|
75
|
|
|
61
|
|
||||
Other comprehensive income
|
25
|
|
|
20
|
|
|
75
|
|
|
61
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
$
|
289,560
|
|
|
$
|
177,559
|
|
|
$
|
784,450
|
|
|
$
|
369,868
|
|
|
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
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,411
|
|
|
22,411
|
|
||||||
Stock option exercises
|
514
|
|
|
5
|
|
|
5,457
|
|
|
—
|
|
|
—
|
|
|
5,462
|
|
|||||
Share issuances, net of cancellations
|
874
|
|
|
9
|
|
|
3,474
|
|
|
—
|
|
|
—
|
|
|
3,483
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(77,673
|
)
|
|
(77,673
|
)
|
|||||
Share repurchases
|
(6,073
|
)
|
|
(61
|
)
|
|
(284
|
)
|
|
—
|
|
|
(179,094
|
)
|
|
(179,439
|
)
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
16,158
|
|
|
—
|
|
|
|
|
16,158
|
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
784,375
|
|
|
784,375
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
—
|
|
|
75
|
|
|||||
Shareholders' Equity, September 30, 2018
|
282,067
|
|
|
$
|
2,821
|
|
|
$
|
3,196,347
|
|
|
$
|
(370
|
)
|
|
$
|
1,530,080
|
|
|
$
|
4,728,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
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
|
1,954
|
|
|
20
|
|
|
22,745
|
|
|
—
|
|
|
—
|
|
|
22,765
|
|
|||||
Share issuances, net of cancellations
|
741
|
|
|
10
|
|
|
3,555
|
|
|
—
|
|
|
—
|
|
|
3,565
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(83,685
|
)
|
|
(83,685
|
)
|
|||||
Share repurchases
|
(27,849
|
)
|
|
(281
|
)
|
|
—
|
|
|
—
|
|
|
(665,531
|
)
|
|
(665,812
|
)
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
20,784
|
|
|
—
|
|
|
—
|
|
|
20,784
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
369,807
|
|
|
369,807
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|
—
|
|
|
61
|
|
|||||
Shareholders' Equity, September 30, 2017
|
293,936
|
|
|
$
|
2,940
|
|
|
$
|
3,163,168
|
|
|
$
|
(465
|
)
|
|
$
|
1,179,442
|
|
|
$
|
4,345,085
|
|
|
Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
784,375
|
|
|
$
|
369,807
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
||||
Deferred income tax expense
|
230,335
|
|
|
127,856
|
|
||
Land-related charges
|
13,973
|
|
|
131,254
|
|
||
Depreciation and amortization
|
36,717
|
|
|
38,689
|
|
||
Share-based compensation expense
|
21,521
|
|
|
26,505
|
|
||
Other, net
|
(3,466
|
)
|
|
(1,438
|
)
|
||
Increase (decrease) in cash due to:
|
|
|
|
||||
Inventories
|
(263,734
|
)
|
|
(758,006
|
)
|
||
Residential mortgage loans available-for-sale
|
218,900
|
|
|
173,148
|
|
||
Other assets
|
(22,117
|
)
|
|
22,120
|
|
||
Accounts payable, accrued and other liabilities
|
(1,524
|
)
|
|
122,544
|
|
||
Net cash provided by (used in) operating activities
|
1,014,980
|
|
|
252,479
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(46,529
|
)
|
|
(23,548
|
)
|
||
Investments in unconsolidated entities
|
(1,000
|
)
|
|
(22,007
|
)
|
||
Other investing activities, net
|
15,545
|
|
|
5,788
|
|
||
Net cash provided by (used in) investing activities
|
(31,984
|
)
|
|
(39,767
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repayments of debt
|
(82,655
|
)
|
|
(7,001
|
)
|
||
Borrowings under revolving credit facility
|
1,566,000
|
|
|
971,000
|
|
||
Repayments under revolving credit facility
|
(1,566,000
|
)
|
|
(888,000
|
)
|
||
Financial Services borrowings (repayments)
|
(187,071
|
)
|
|
(85,797
|
)
|
||
Debt issuance costs
|
(8,165
|
)
|
|
—
|
|
||
Stock option exercises
|
5,462
|
|
|
22,765
|
|
||
Share repurchases
|
(179,439
|
)
|
|
(665,812
|
)
|
||
Dividends paid
|
(78,284
|
)
|
|
(86,018
|
)
|
||
Net cash provided by (used in) financing activities
|
(530,152
|
)
|
|
(738,863
|
)
|
||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
452,844
|
|
|
(526,151
|
)
|
||
Cash, cash equivalents, and restricted cash at beginning of period
|
306,168
|
|
|
723,248
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
759,012
|
|
|
$
|
197,097
|
|
|
|
|
|
||||
Supplemental Cash Flow Information:
|
|
|
|
||||
Interest paid (capitalized), net
|
$
|
16,747
|
|
|
$
|
11,516
|
|
Income taxes paid, net
|
$
|
88,544
|
|
|
$
|
17,206
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
September 30,
|
|
September 30,
|
|||||||||||||
2018
|
|
2017
|
|
2018
|
|
2017
|
|||||||||
Write-offs of deposits and pre-acquisition costs
|
$
|
(3,136
|
)
|
|
$
|
(2,680
|
)
|
|
$
|
(7,398
|
)
|
|
$
|
(9,397
|
)
|
Amortization of intangible assets
|
(3,450
|
)
|
|
(3,450
|
)
|
|
(10,350
|
)
|
|
(10,350
|
)
|
||||
Interest income
|
1,842
|
|
|
485
|
|
|
3,240
|
|
|
1,917
|
|
||||
Interest expense
|
(152
|
)
|
|
(101
|
)
|
|
(460
|
)
|
|
(371
|
)
|
||||
Equity in earnings (loss) of unconsolidated entities (a)
|
886
|
|
|
415
|
|
|
2,112
|
|
|
(4,154
|
)
|
||||
Miscellaneous, net
|
522
|
|
|
(951
|
)
|
|
6,103
|
|
|
(6,084
|
)
|
||||
Total other expense, net
|
$
|
(3,488
|
)
|
|
$
|
(6,282
|
)
|
|
$
|
(6,753
|
)
|
|
$
|
(28,439
|
)
|
(a)
|
Includes an
$8.0 million
impairment of an investment in an unconsolidated entity in the
nine months ended
September 30, 2017
(see
Note 2
).
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
September 30,
|
|
September 30,
|
|||||||||||||
2018
|
|
2017
|
|
2018
|
|
2017
|
|||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
289,535
|
|
|
$
|
177,539
|
|
|
$
|
784,375
|
|
|
$
|
369,807
|
|
Less: earnings distributed to participating securities
|
(279
|
)
|
|
(294
|
)
|
|
(874
|
)
|
|
(899
|
)
|
||||
Less: undistributed earnings allocated to participating securities
|
(2,871
|
)
|
|
(1,645
|
)
|
|
(7,752
|
)
|
|
(2,837
|
)
|
||||
Numerator for basic earnings per share
|
$
|
286,385
|
|
|
$
|
175,600
|
|
|
$
|
775,749
|
|
|
$
|
366,071
|
|
Add back: undistributed earnings allocated to participating securities
|
2,871
|
|
|
1,645
|
|
|
7,752
|
|
|
2,837
|
|
||||
Less: undistributed earnings reallocated to participating securities
|
(2,859
|
)
|
|
(1,636
|
)
|
|
(7,724
|
)
|
|
(2,820
|
)
|
||||
Numerator for diluted earnings per share
|
$
|
286,397
|
|
|
$
|
175,609
|
|
|
$
|
775,777
|
|
|
$
|
366,088
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic shares outstanding
|
283,489
|
|
|
298,538
|
|
|
285,127
|
|
|
309,453
|
|
||||
Effect of dilutive securities
|
1,183
|
|
|
1,690
|
|
|
1,301
|
|
|
1,861
|
|
||||
Diluted shares outstanding
|
284,672
|
|
|
300,228
|
|
|
286,428
|
|
|
311,314
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.01
|
|
|
$
|
0.59
|
|
|
$
|
2.72
|
|
|
$
|
1.18
|
|
Diluted
|
$
|
1.01
|
|
|
$
|
0.58
|
|
|
$
|
2.71
|
|
|
$
|
1.18
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||
|
Other Assets
|
|
Accrued and Other Liabilities
|
|
Other Assets
|
|
Accrued and Other Liabilities
|
||||||||
Interest rate lock commitments
|
$
|
10,536
|
|
|
$
|
1,275
|
|
|
$
|
5,990
|
|
|
$
|
407
|
|
Forward contracts
|
2,865
|
|
|
239
|
|
|
432
|
|
|
817
|
|
||||
Whole loan commitments
|
943
|
|
|
326
|
|
|
794
|
|
|
941
|
|
||||
|
$
|
14,344
|
|
|
$
|
1,840
|
|
|
$
|
7,216
|
|
|
$
|
2,165
|
|
|
September 30,
2018 |
|
December 31,
2017 |
||||
Homes under construction
|
$
|
2,992,687
|
|
|
$
|
2,421,405
|
|
Land under development
|
4,002,007
|
|
|
4,135,814
|
|
||
Raw land
|
494,760
|
|
|
589,911
|
|
||
|
$
|
7,489,454
|
|
|
$
|
7,147,130
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Interest in inventory, beginning of period
|
$
|
243,627
|
|
|
$
|
212,850
|
|
|
$
|
226,611
|
|
|
$
|
186,097
|
|
Interest capitalized
|
42,743
|
|
|
46,077
|
|
|
130,474
|
|
|
135,949
|
|
||||
Interest expensed
|
(43,583
|
)
|
|
(36,381
|
)
|
|
(114,298
|
)
|
|
(99,500
|
)
|
||||
Interest in inventory, end of period
|
$
|
242,787
|
|
|
$
|
222,546
|
|
|
$
|
242,787
|
|
|
$
|
222,546
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||
|
Deposits and
Pre-acquisition Costs |
|
Remaining Purchase
Price |
|
Deposits and
Pre-acquisition Costs |
|
Remaining Purchase
Price |
||||||||
Land options with VIEs
|
$
|
85,173
|
|
|
$
|
1,167,087
|
|
|
$
|
78,889
|
|
|
$
|
977,480
|
|
Other land options
|
159,395
|
|
|
1,571,768
|
|
|
129,098
|
|
|
1,485,099
|
|
||||
|
$
|
244,568
|
|
|
$
|
2,738,855
|
|
|
$
|
207,987
|
|
|
$
|
2,462,579
|
|
|
Statement of Operations Classification
|
|
|
||
|
|
|
|||
Net realizable value adjustments ("NRV") - land held for sale
|
Land sale cost of revenues
|
|
$
|
81,006
|
|
Land inventory impairments
|
Home sale cost of revenues
|
|
31,487
|
|
|
Impairments of unconsolidated entities
|
Other expense, net
|
|
8,017
|
|
|
Write-offs of deposits and pre-acquisition costs
|
Other expense, net
|
|
5,063
|
|
|
Total land-related charges
|
|
|
$
|
125,573
|
|
|
Range
|
|||
Average selling price ($000s)
|
|
$253
|
to
|
$461
|
Sales pace per quarter (units)
|
|
5
|
to
|
9
|
Discount rate
|
|
18%
|
to
|
25%
|
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
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Northeast
|
$
|
185,614
|
|
|
$
|
168,371
|
|
|
$
|
518,676
|
|
|
$
|
425,275
|
|
Southeast
|
451,600
|
|
|
393,905
|
|
|
1,271,730
|
|
|
1,104,149
|
|
||||
Florida
|
506,670
|
|
|
338,078
|
|
|
1,311,016
|
|
|
1,015,795
|
|
||||
Midwest
|
412,803
|
|
|
406,126
|
|
|
1,066,775
|
|
|
1,008,617
|
|
||||
Texas
|
347,986
|
|
|
269,997
|
|
|
925,317
|
|
|
793,207
|
|
||||
West
|
693,073
|
|
|
507,629
|
|
|
1,945,345
|
|
|
1,299,758
|
|
||||
|
2,597,746
|
|
|
2,084,106
|
|
|
7,038,859
|
|
|
5,646,801
|
|
||||
Financial Services
|
51,620
|
|
|
46,952
|
|
|
150,322
|
|
|
135,995
|
|
||||
Consolidated revenues
|
$
|
2,649,366
|
|
|
$
|
2,131,058
|
|
|
$
|
7,189,181
|
|
|
$
|
5,782,796
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes
(a)
:
|
|
|
|
|
|
|
|
||||||||
Northeast
|
$
|
18,938
|
|
|
$
|
21,046
|
|
|
$
|
53,408
|
|
|
$
|
(12,803
|
)
|
Southeast
|
51,920
|
|
|
45,109
|
|
|
146,735
|
|
|
117,749
|
|
||||
Florida
(b)
|
73,802
|
|
|
52,191
|
|
|
186,238
|
|
|
132,824
|
|
||||
Midwest
|
52,438
|
|
|
59,636
|
|
|
123,889
|
|
|
115,463
|
|
||||
Texas
|
55,382
|
|
|
42,727
|
|
|
136,777
|
|
|
122,045
|
|
||||
West
(c)
|
138,698
|
|
|
75,753
|
|
|
382,317
|
|
|
107,987
|
|
||||
Other homebuilding
(d)
|
(26,123
|
)
|
|
(45,999
|
)
|
|
(65,497
|
)
|
|
(103,441
|
)
|
||||
|
365,055
|
|
|
250,463
|
|
|
963,867
|
|
|
479,824
|
|
||||
Financial Services
|
19,633
|
|
|
17,786
|
|
|
54,182
|
|
|
50,238
|
|
||||
Consolidated income before income taxes
|
$
|
384,688
|
|
|
$
|
268,249
|
|
|
$
|
1,018,049
|
|
|
$
|
530,062
|
|
(a)
|
Includes land-related charges, as summarized in the table below.
|
(b)
|
Florida includes a warranty charge of
$12.3 million
for the
nine months ended
September 30, 2017 related to a closed-out community (see
Note 8
).
|
(c)
|
West includes gains of
$26.4 million
related to
two
land sale transactions in California in the
nine months ended
September 30, 2018
.
|
(d)
|
Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Other homebuilding also includes insurance reserve reversals of
$37.9 million
and
$19.8 million
for the
nine months ended
September 30, 2018
and
2017
, respectively, and write-offs of
$5.3 million
and
$20.3 million
of insurance receivables associated with the resolution of certain insurance matters in the three and
nine months ended
September 30, 2017
, respectively (see
Note 8
).
|
|
Operating Data by Segment
($000’s omitted) |
||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Land-related charges*:
|
|
|
|
|
|
|
|
||||||||
Northeast
|
$
|
1,385
|
|
|
$
|
1,184
|
|
|
$
|
3,068
|
|
|
$
|
51,102
|
|
Southeast
|
663
|
|
|
889
|
|
|
2,394
|
|
|
1,847
|
|
||||
Florida
|
262
|
|
|
109
|
|
|
671
|
|
|
8,862
|
|
||||
Midwest
|
4,960
|
|
|
(393
|
)
|
|
6,078
|
|
|
7,703
|
|
||||
Texas
|
47
|
|
|
51
|
|
|
317
|
|
|
898
|
|
||||
West
|
425
|
|
|
306
|
|
|
786
|
|
|
56,747
|
|
||||
Other homebuilding
|
391
|
|
|
—
|
|
|
659
|
|
|
4,095
|
|
||||
|
$
|
8,133
|
|
|
$
|
2,146
|
|
|
$
|
13,973
|
|
|
$
|
131,254
|
|
*
|
Land-related charges include land impairments, net realizable value adjustments on land held for sale, impairments of investments in unconsolidated entities, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue (see
Note 2
). Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.
|
|
Operating Data by Segment
|
||||||||||||||||||
|
($000's omitted)
|
||||||||||||||||||
|
September 30, 2018
|
||||||||||||||||||
|
Homes Under
Construction |
|
Land Under
Development |
|
Raw Land
|
|
Total
Inventory |
|
Total
Assets |
||||||||||
Northeast
|
$
|
339,103
|
|
|
$
|
256,014
|
|
|
$
|
84,066
|
|
|
$
|
679,183
|
|
|
$
|
809,194
|
|
Southeast
|
497,241
|
|
|
645,915
|
|
|
79,846
|
|
|
1,223,002
|
|
|
1,388,798
|
|
|||||
Florida
|
528,092
|
|
|
885,220
|
|
|
73,209
|
|
|
1,486,521
|
|
|
1,632,772
|
|
|||||
Midwest
|
366,559
|
|
|
426,349
|
|
|
27,375
|
|
|
820,283
|
|
|
904,671
|
|
|||||
Texas
|
333,250
|
|
|
424,500
|
|
|
88,376
|
|
|
846,126
|
|
|
917,529
|
|
|||||
West
|
871,553
|
|
|
1,093,490
|
|
|
121,685
|
|
|
2,086,728
|
|
|
2,280,912
|
|
|||||
Other homebuilding
(a)
|
56,889
|
|
|
270,519
|
|
|
20,203
|
|
|
347,611
|
|
|
1,658,881
|
|
|||||
|
2,992,687
|
|
|
4,002,007
|
|
|
494,760
|
|
|
7,489,454
|
|
|
9,592,757
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
462,323
|
|
|||||
|
$
|
2,992,687
|
|
|
$
|
4,002,007
|
|
|
$
|
494,760
|
|
|
$
|
7,489,454
|
|
|
$
|
10,055,080
|
|
|
|
|
|
|
|
|
|
|
|
|
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.
|
|
September 30,
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)
|
(13,200
|
)
|
|
(13,057
|
)
|
||
Total senior notes
|
2,986,800
|
|
|
2,986,943
|
|
||
Other notes payable
|
18,618
|
|
|
20,024
|
|
||
Notes payable
|
$
|
3,005,418
|
|
|
$
|
3,006,967
|
|
Estimated fair value
|
$
|
2,959,080
|
|
|
$
|
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
|
||||||
September 30,
2018 |
|
December 31,
2017 |
||||||||
|
|
|
|
|
|
|
||||
Measured at fair value on a recurring basis:
|
|
|
|
|
|
|
||||
Residential mortgage loans available-for-sale
|
|
Level 2
|
|
$
|
349,784
|
|
|
$
|
570,600
|
|
Interest rate lock commitments
|
|
Level 2
|
|
9,261
|
|
|
5,583
|
|
||
Forward contracts
|
|
Level 2
|
|
2,626
|
|
|
(385
|
)
|
||
Whole loan commitments
|
|
Level 2
|
|
617
|
|
|
(147
|
)
|
||
|
|
|
|
|
|
|
||||
Measured at fair value on a non-recurring basis:
|
|
|
|
|
|
|
||||
House and land inventory
|
|
Level 3
|
|
$
|
4,447
|
|
|
$
|
11,045
|
|
Land held for sale
|
|
Level 2
|
|
6,651
|
|
|
8,600
|
|
||
|
|
|
|
|
|
|
||||
Disclosed at fair value:
|
|
|
|
|
|
|
||||
Cash, cash equivalents, and restricted cash
|
|
Level 1
|
|
$
|
759,012
|
|
|
$
|
306,168
|
|
Financial Services debt
|
|
Level 2
|
|
250,733
|
|
|
437,804
|
|
||
Other notes payable
|
|
Level 2
|
|
18,618
|
|
|
20,024
|
|
||
Senior notes payable
|
|
Level 2
|
|
2,940,462
|
|
|
3,243,750
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Warranty liabilities, beginning of period
|
$
|
72,169
|
|
|
$
|
73,353
|
|
|
$
|
72,709
|
|
|
$
|
66,134
|
|
Reserves provided
|
18,376
|
|
|
12,286
|
|
|
46,022
|
|
|
35,374
|
|
||||
Payments
|
(15,993
|
)
|
|
(14,679
|
)
|
|
(47,403
|
)
|
|
(43,594
|
)
|
||||
Other adjustments
(a)
|
638
|
|
|
265
|
|
|
3,862
|
|
|
13,311
|
|
||||
Warranty liabilities, end of period
|
$
|
75,190
|
|
|
$
|
71,225
|
|
|
$
|
75,190
|
|
|
$
|
71,225
|
|
(a)
|
During the
nine months ended
September 30, 2017
, we recognized a charge of
$12.3 million
related to estimated costs to complete repairs in a closed-out community in Florida.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Balance, beginning of period
|
$
|
725,482
|
|
|
$
|
814,756
|
|
|
$
|
758,812
|
|
|
$
|
831,058
|
|
Reserves provided, net
|
24,106
|
|
|
24,361
|
|
|
67,001
|
|
|
62,970
|
|
||||
Adjustments to previously recorded reserves
(a)
|
(5,065
|
)
|
|
(511
|
)
|
|
(40,133
|
)
|
|
(22,304
|
)
|
||||
Payments, net
(b)
|
(18,026
|
)
|
|
(13,981
|
)
|
|
(59,183
|
)
|
|
(47,099
|
)
|
||||
Balance, end of period
|
$
|
726,497
|
|
|
$
|
824,625
|
|
|
$
|
726,497
|
|
|
$
|
824,625
|
|
(a)
|
Includes general liability reserve reversals of
$37.9 million
and
$19.8 million
for the
nine months ended
September 30, 2018
and
September 30, 2017
, respectively.
|
(b)
|
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
|
$
|
—
|
|
|
$
|
674,271
|
|
|
$
|
54,360
|
|
|
$
|
—
|
|
|
$
|
728,631
|
|
Restricted cash
|
—
|
|
|
28,996
|
|
|
1,385
|
|
|
—
|
|
|
30,381
|
|
|||||
Total cash, cash equivalents, and
restricted cash |
—
|
|
|
703,267
|
|
|
55,745
|
|
|
—
|
|
|
759,012
|
|
|||||
House and land inventory
|
—
|
|
|
7,392,748
|
|
|
96,706
|
|
|
—
|
|
|
7,489,454
|
|
|||||
Land held for sale
|
—
|
|
|
65,905
|
|
|
—
|
|
|
—
|
|
|
65,905
|
|
|||||
Residential mortgage loans available-
for-sale |
—
|
|
|
—
|
|
|
349,784
|
|
|
—
|
|
|
349,784
|
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
53,732
|
|
|
546
|
|
|
—
|
|
|
54,278
|
|
|||||
Other assets
|
24,202
|
|
|
601,877
|
|
|
171,897
|
|
|
—
|
|
|
797,976
|
|
|||||
Intangible assets
|
|
|
|
130,642
|
|
|
—
|
|
|
—
|
|
|
130,642
|
|
|||||
Deferred tax assets, net
|
415,836
|
|
|
—
|
|
|
(7,807
|
)
|
|
—
|
|
|
408,029
|
|
|||||
Investments in subsidiaries and
intercompany accounts, net |
7,354,045
|
|
|
314,402
|
|
|
8,185,180
|
|
|
(15,853,627
|
)
|
|
—
|
|
|||||
|
$
|
7,794,083
|
|
|
$
|
9,262,573
|
|
|
$
|
8,852,051
|
|
|
$
|
(15,853,627
|
)
|
|
$
|
10,055,080
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, customer deposits,
accrued and other liabilities |
$
|
68,081
|
|
|
$
|
1,746,660
|
|
|
$
|
244,986
|
|
|
$
|
—
|
|
|
$
|
2,059,727
|
|
Income tax liabilities
|
10,324
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,324
|
|
|||||
Financial Services debt
|
—
|
|
|
—
|
|
|
250,733
|
|
|
—
|
|
|
250,733
|
|
|||||
Notes payable
|
2,986,800
|
|
|
17,962
|
|
|
656
|
|
|
—
|
|
|
3,005,418
|
|
|||||
Total liabilities
|
3,065,205
|
|
|
1,764,622
|
|
|
496,375
|
|
|
—
|
|
|
5,326,202
|
|
|||||
Total shareholders’ equity
|
4,728,878
|
|
|
7,497,951
|
|
|
8,355,676
|
|
|
(15,853,627
|
)
|
|
4,728,878
|
|
|||||
|
$
|
7,794,083
|
|
|
$
|
9,262,573
|
|
|
$
|
8,852,051
|
|
|
$
|
(15,853,627
|
)
|
|
$
|
10,055,080
|
|
|
|||||||||||||||||||
|
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
|
$
|
—
|
|
|
$
|
2,535,930
|
|
|
$
|
36,306
|
|
|
$
|
—
|
|
|
$
|
2,572,236
|
|
Land sale and other revenues
|
—
|
|
|
25,266
|
|
|
244
|
|
|
—
|
|
|
25,510
|
|
|||||
|
—
|
|
|
2,561,196
|
|
|
36,550
|
|
|
—
|
|
|
2,597,746
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
51,620
|
|
|
—
|
|
|
51,620
|
|
|||||
|
—
|
|
|
2,561,196
|
|
|
88,170
|
|
|
—
|
|
|
2,649,366
|
|
|||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale cost of revenues
|
—
|
|
|
(1,928,365
|
)
|
|
(25,795
|
)
|
|
—
|
|
|
(1,954,160
|
)
|
|||||
Land sale cost of revenues
|
—
|
|
|
(22,060
|
)
|
|
|
|
|
—
|
|
|
(22,060
|
)
|
|||||
|
—
|
|
|
(1,950,425
|
)
|
|
(25,795
|
)
|
|
—
|
|
|
(1,976,220
|
)
|
|||||
Financial Services expenses
|
—
|
|
|
(130
|
)
|
|
(32,083
|
)
|
|
—
|
|
|
(32,213
|
)
|
|||||
Selling, general, and administrative
expenses |
—
|
|
|
(245,776
|
)
|
|
(6,981
|
)
|
|
—
|
|
|
(252,757
|
)
|
|||||
Other income (expense), net
|
(120
|
)
|
|
(12,398
|
)
|
|
9,030
|
|
|
—
|
|
|
(3,488
|
)
|
|||||
Intercompany interest
|
(2,158
|
)
|
|
|
|
|
2,158
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) before income taxes and
equity in income (loss) of subsidiaries |
(2,278
|
)
|
|
352,467
|
|
|
34,499
|
|
|
—
|
|
|
384,688
|
|
|||||
Income tax (expense) benefit
|
609
|
|
|
(88,368
|
)
|
|
(7,394
|
)
|
|
—
|
|
|
(95,153
|
)
|
|||||
Income (loss) before equity in income
(loss) of subsidiaries |
(1,669
|
)
|
|
264,099
|
|
|
27,105
|
|
|
—
|
|
|
289,535
|
|
|||||
Equity in income (loss) of subsidiaries
|
291,204
|
|
|
25,094
|
|
|
190,161
|
|
|
(506,459
|
)
|
|
—
|
|
|||||
Net income (loss)
|
289,535
|
|
|
289,193
|
|
|
217,266
|
|
|
(506,459
|
)
|
|
289,535
|
|
|||||
Other comprehensive income
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|||||
Comprehensive income (loss)
|
$
|
289,560
|
|
|
$
|
289,193
|
|
|
$
|
217,266
|
|
|
$
|
(506,459
|
)
|
|
$
|
289,560
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale revenues
|
$
|
—
|
|
|
$
|
2,032,391
|
|
|
$
|
23,500
|
|
|
$
|
—
|
|
|
$
|
2,055,891
|
|
Land sale and other revenues
|
—
|
|
|
27,954
|
|
|
261
|
|
|
—
|
|
|
28,215
|
|
|||||
|
—
|
|
|
2,060,345
|
|
|
23,761
|
|
|
—
|
|
|
2,084,106
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
46,952
|
|
|
—
|
|
|
46,952
|
|
|||||
|
—
|
|
|
2,060,345
|
|
|
70,713
|
|
|
—
|
|
|
2,131,058
|
|
|||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale cost of revenues
|
—
|
|
|
(1,545,712
|
)
|
|
(18,893
|
)
|
|
—
|
|
|
(1,564,605
|
)
|
|||||
Land sale cost of revenues
|
—
|
|
|
(24,896
|
)
|
|
(227
|
)
|
|
—
|
|
|
(25,123
|
)
|
|||||
|
—
|
|
|
(1,570,608
|
)
|
|
(19,120
|
)
|
|
—
|
|
|
(1,589,728
|
)
|
|||||
Financial Services expenses
|
—
|
|
|
(121
|
)
|
|
(29,183
|
)
|
|
—
|
|
|
(29,304
|
)
|
|||||
Selling, general, and administrative
expenses |
—
|
|
|
(225,845
|
)
|
|
(11,650
|
)
|
|
—
|
|
|
(237,495
|
)
|
|||||
Other income (expense), net
|
(96
|
)
|
|
(12,670
|
)
|
|
6,484
|
|
|
—
|
|
|
(6,282
|
)
|
|||||
Intercompany interest
|
(756
|
)
|
|
—
|
|
|
756
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) before income taxes and
equity in income (loss) of subsidiaries |
(852
|
)
|
|
251,101
|
|
|
18,000
|
|
|
—
|
|
|
268,249
|
|
|||||
Income tax (expense) benefit
|
945
|
|
|
(84,666
|
)
|
|
(6,989
|
)
|
|
—
|
|
|
(90,710
|
)
|
|||||
Income before equity in income
of subsidiaries |
93
|
|
|
166,435
|
|
|
11,011
|
|
|
—
|
|
|
177,539
|
|
|||||
Equity in income (loss) of subsidiaries
|
177,446
|
|
|
18,040
|
|
|
114,564
|
|
|
(310,050
|
)
|
|
—
|
|
|||||
Net income (loss)
|
177,539
|
|
|
184,475
|
|
|
125,575
|
|
|
(310,050
|
)
|
|
177,539
|
|
|||||
Other comprehensive income
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|||||
Comprehensive income (loss)
|
$
|
177,559
|
|
|
$
|
184,475
|
|
|
$
|
125,575
|
|
|
$
|
(310,050
|
)
|
|
$
|
177,559
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale revenues
|
$
|
—
|
|
|
$
|
6,852,430
|
|
|
$
|
81,458
|
|
|
$
|
—
|
|
|
$
|
6,933,888
|
|
Land sale and other revenues
|
—
|
|
|
103,243
|
|
|
1,728
|
|
|
—
|
|
|
104,971
|
|
|||||
|
—
|
|
|
6,955,673
|
|
|
83,186
|
|
|
—
|
|
|
7,038,859
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
150,322
|
|
|
—
|
|
|
150,322
|
|
|||||
|
—
|
|
|
6,955,673
|
|
|
233,508
|
|
|
—
|
|
|
7,189,181
|
|
|||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale cost of revenues
|
—
|
|
|
(5,214,408
|
)
|
|
(61,824
|
)
|
|
—
|
|
|
(5,276,232
|
)
|
|||||
Land sale cost of revenues
|
—
|
|
|
(70,774
|
)
|
|
(1,017
|
)
|
|
—
|
|
|
(71,791
|
)
|
|||||
|
—
|
|
|
(5,285,182
|
)
|
|
(62,841
|
)
|
|
—
|
|
|
(5,348,023
|
)
|
|||||
Financial Services expenses
|
—
|
|
|
(405
|
)
|
|
(96,245
|
)
|
|
—
|
|
|
(96,650
|
)
|
|||||
Selling, general, and administrative
expenses |
—
|
|
|
(699,311
|
)
|
|
(20,395
|
)
|
|
—
|
|
|
(719,706
|
)
|
|||||
Other income (expense), net
|
(458
|
)
|
|
(33,436
|
)
|
|
27,141
|
|
|
—
|
|
|
(6,753
|
)
|
|||||
Intercompany interest
|
(5,710
|
)
|
|
—
|
|
|
5,710
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) before income taxes and
equity in income (loss) of subsidiaries |
(6,168
|
)
|
|
937,339
|
|
|
86,878
|
|
|
—
|
|
|
1,018,049
|
|
|||||
Income tax (expense) benefit
|
1,543
|
|
|
(213,876
|
)
|
|
(21,341
|
)
|
|
—
|
|
|
(233,674
|
)
|
|||||
Income (loss) before equity in income
(loss) of subsidiaries |
(4,625
|
)
|
|
723,463
|
|
|
65,537
|
|
|
—
|
|
|
784,375
|
|
|||||
Equity in income (loss) of subsidiaries
|
789,000
|
|
|
62,162
|
|
|
559,184
|
|
|
(1,410,346
|
)
|
|
—
|
|
|||||
Net income (loss)
|
784,375
|
|
|
785,625
|
|
|
624,721
|
|
|
(1,410,346
|
)
|
|
784,375
|
|
|||||
Other comprehensive income
|
75
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|||||
Comprehensive income (loss)
|
$
|
784,450
|
|
|
$
|
785,625
|
|
|
$
|
624,721
|
|
|
$
|
(1,410,346
|
)
|
|
$
|
784,450
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale revenues
|
$
|
—
|
|
|
$
|
5,554,349
|
|
|
$
|
52,604
|
|
|
$
|
—
|
|
|
$
|
5,606,953
|
|
Land sale and other revenues
|
—
|
|
|
37,268
|
|
|
2,580
|
|
|
—
|
|
|
39,848
|
|
|||||
|
—
|
|
|
5,591,617
|
|
|
55,184
|
|
|
—
|
|
|
5,646,801
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
135,995
|
|
|
—
|
|
|
135,995
|
|
|||||
|
—
|
|
|
5,591,617
|
|
|
191,179
|
|
|
—
|
|
|
5,782,796
|
|
|||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale cost of revenues
|
—
|
|
|
(4,288,754
|
)
|
|
(43,467
|
)
|
|
—
|
|
|
(4,332,221
|
)
|
|||||
Land sale cost of revenues
|
—
|
|
|
(113,899
|
)
|
|
(2,051
|
)
|
|
—
|
|
|
(115,950
|
)
|
|||||
|
—
|
|
|
(4,402,653
|
)
|
|
(45,518
|
)
|
|
—
|
|
|
(4,448,171
|
)
|
|||||
Financial Services expenses
|
—
|
|
|
(384
|
)
|
|
(85,766
|
)
|
|
—
|
|
|
(86,150
|
)
|
|||||
Selling, general, and administrative
expenses |
—
|
|
|
(653,930
|
)
|
|
(36,044
|
)
|
|
—
|
|
|
(689,974
|
)
|
|||||
Other income (expense), net
|
(354
|
)
|
|
(49,436
|
)
|
|
21,351
|
|
|
—
|
|
|
(28,439
|
)
|
|||||
Intercompany interest
|
(1,634
|
)
|
|
—
|
|
|
1,634
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) before income taxes and
equity in income (loss) of subsidiaries |
(1,988
|
)
|
|
485,214
|
|
|
46,836
|
|
|
—
|
|
|
530,062
|
|
|||||
Income tax (expense) benefit
|
1,377
|
|
|
(143,324
|
)
|
|
(18,308
|
)
|
|
—
|
|
|
(160,255
|
)
|
|||||
Income (loss) before equity in income
(loss) of subsidiaries |
(611
|
)
|
|
341,890
|
|
|
28,528
|
|
|
—
|
|
|
369,807
|
|
|||||
Equity in income (loss) of subsidiaries
|
370,418
|
|
|
36,307
|
|
|
197,494
|
|
|
(604,219
|
)
|
|
—
|
|
|||||
Net income (loss)
|
369,807
|
|
|
378,197
|
|
|
226,022
|
|
|
(604,219
|
)
|
|
369,807
|
|
|||||
Other comprehensive income
|
61
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
61
|
|
|||||
Comprehensive income (loss)
|
$
|
369,868
|
|
|
$
|
378,197
|
|
|
$
|
226,022
|
|
|
$
|
(604,219
|
)
|
|
$
|
369,868
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Net cash provided by (used in)
operating activities |
$
|
347,335
|
|
|
$
|
389,110
|
|
|
$
|
278,535
|
|
|
$
|
—
|
|
|
$
|
1,014,980
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(40,483
|
)
|
|
(6,046
|
)
|
|
—
|
|
|
(46,529
|
)
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
(1,000
|
)
|
|
—
|
|
|
—
|
|
|
(1,000
|
)
|
|||||
Other investing activities, net
|
|
|
|
11,299
|
|
|
4,246
|
|
|
—
|
|
|
15,545
|
|
|||||
Net cash provided by (used in)
investing activities |
—
|
|
|
(30,184
|
)
|
|
(1,800
|
)
|
|
—
|
|
|
(31,984
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Services borrowing (repayments), net
|
|
|
|
—
|
|
|
(187,071
|
)
|
|
—
|
|
|
(187,071
|
)
|
|||||
Repayments of debt
|
—
|
|
|
(81,757
|
)
|
|
(898
|
)
|
|
—
|
|
|
(82,655
|
)
|
|||||
Borrowings under revolving credit facility
|
1,566,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,566,000
|
|
|||||
Repayments under revolving credit facility
|
(1,566,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,566,000
|
)
|
|||||
Debt issuance costs
|
(8,165
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(8,165
|
)
|
|||||
Stock option exercises
|
5,462
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,462
|
|
|||||
Share repurchases
|
(179,439
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(179,439
|
)
|
|||||
Dividends paid
|
(78,284
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(78,284
|
)
|
|||||
Intercompany activities, net
|
(86,909
|
)
|
|
268,297
|
|
|
(181,388
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in)
financing activities |
(347,335
|
)
|
|
186,540
|
|
|
(369,357
|
)
|
|
—
|
|
|
(530,152
|
)
|
|||||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
—
|
|
|
545,466
|
|
|
(92,622
|
)
|
|
—
|
|
|
452,844
|
|
|||||
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 |
$
|
—
|
|
|
$
|
703,267
|
|
|
$
|
55,745
|
|
|
$
|
—
|
|
|
$
|
759,012
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Net cash provided by (used in)
operating activities |
$
|
58,575
|
|
|
$
|
43,042
|
|
|
$
|
150,862
|
|
|
$
|
—
|
|
|
$
|
252,479
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(19,693
|
)
|
|
(3,855
|
)
|
|
—
|
|
|
(23,548
|
)
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
(22,007
|
)
|
|
—
|
|
|
—
|
|
|
(22,007
|
)
|
|||||
Other investing activities, net
|
—
|
|
|
5,728
|
|
|
60
|
|
|
—
|
|
|
5,788
|
|
|||||
Net cash provided by (used in)
investing activities |
—
|
|
|
(35,972
|
)
|
|
(3,795
|
)
|
|
—
|
|
|
(39,767
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Services borrowings (repayments), net
|
—
|
|
|
—
|
|
|
(85,797
|
)
|
|
—
|
|
|
(85,797
|
)
|
|||||
Repayments of debt
|
—
|
|
|
(6,031
|
)
|
|
(970
|
)
|
|
—
|
|
|
(7,001
|
)
|
|||||
Borrowings under revolving credit facility
|
971,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
971,000
|
|
|||||
Repayments under revolving credit facility
|
(888,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(888,000
|
)
|
|||||
Stock option exercises
|
22,765
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
22,765
|
|
|||||
Share repurchases
|
(665,812
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(665,812
|
)
|
|||||
Dividends paid
|
(86,018
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(86,018
|
)
|
|||||
Intercompany activities, net
|
587,490
|
|
|
(470,052
|
)
|
|
(117,438
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in)
financing activities |
(58,575
|
)
|
|
(476,083
|
)
|
|
(204,205
|
)
|
|
—
|
|
|
(738,863
|
)
|
|||||
Net increase decrease in cash, cash equivalents, and restricted cash
|
—
|
|
|
(469,013
|
)
|
|
(57,138
|
)
|
|
—
|
|
|
(526,151
|
)
|
|||||
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 |
$
|
—
|
|
|
$
|
142,172
|
|
|
$
|
54,925
|
|
|
$
|
—
|
|
|
$
|
197,097
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Income before income taxes:
|
|
|
|
|
|
|
|
||||||||
Homebuilding
|
$
|
365,055
|
|
|
$
|
250,463
|
|
|
$
|
963,867
|
|
|
$
|
479,824
|
|
Financial Services
|
19,633
|
|
|
17,786
|
|
|
54,182
|
|
|
50,238
|
|
||||
Income before income taxes
|
384,688
|
|
|
268,249
|
|
|
1,018,049
|
|
|
530,062
|
|
||||
Income tax expense
|
(95,153
|
)
|
|
(90,710
|
)
|
|
(233,674
|
)
|
|
(160,255
|
)
|
||||
Net income
|
$
|
289,535
|
|
|
$
|
177,539
|
|
|
$
|
784,375
|
|
|
$
|
369,807
|
|
Per share data - assuming dilution:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
1.01
|
|
|
$
|
0.58
|
|
|
$
|
2.71
|
|
|
$
|
1.18
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
$
|
(3,502
|
)
|
|
$
|
—
|
|
|
$
|
(4,054
|
)
|
|
$
|
(31,487
|
)
|
|
(1,494
|
)
|
|
534
|
|
|
(2,521
|
)
|
|
(82,353
|
)
|
|||||
—
|
|
|
—
|
|
|
—
|
|
|
(8,017
|
)
|
|||||
(3,137
|
)
|
|
(2,680
|
)
|
|
(7,398
|
)
|
|
(9,397
|
)
|
|||||
—
|
|
|
(222
|
)
|
|
—
|
|
|
(12,328
|
)
|
|||||
—
|
|
|
(5,326
|
)
|
|
—
|
|
|
(20,326
|
)
|
|||||
1,617
|
|
|
—
|
|
|
28,874
|
|
|
—
|
|
|||||
—
|
|
|
—
|
|
|
37,890
|
|
|
19,813
|
|
|||||
|
$
|
(6,516
|
)
|
|
$
|
(7,694
|
)
|
|
$
|
52,791
|
|
|
$
|
(144,095
|
)
|
•
|
Financial Services income before income taxes
increased
for the
three and nine months ended
September 30, 2018
compared with the
three and nine months ended
September 30, 2017
driven by higher volumes in the Homebuilding segment, partially offset by a lower capture rate and more competitive pricing. Refinance activity has slowed in the mortgage industry, which has increased competition, pressured loan pricing, and resulted in lower margins on our loan originations in 2018.
|
•
|
Our effective tax rate for the
three and nine months ended
September 30, 2018
was
24.7%
and
23.0%
, respectively, compared to
33.8%
and
30.2%
, respectively, for the same periods in 2017. Our effective tax rates for the
three and nine months ended
September 30, 2018
are lower than the prior year periods primarily due to the federal statutory rate reduction from 35% in 2017 to 21% in 2018 due to the Tax Act.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2018
|
|
2018 vs. 2017
|
|
2017
|
|
2018
|
|
2018 vs. 2017
|
|
2017
|
||||||||||
Home sale revenues
|
$
|
2,572,236
|
|
|
25
|
%
|
|
$
|
2,055,891
|
|
|
$
|
6,933,888
|
|
|
24
|
%
|
|
$
|
5,606,953
|
|
Land sale and other revenues
(a)
|
25,510
|
|
|
(10
|
)%
|
|
28,215
|
|
|
104,971
|
|
|
163
|
%
|
|
39,848
|
|
||||
Total Homebuilding revenues
|
2,597,746
|
|
|
25
|
%
|
|
2,084,106
|
|
|
7,038,859
|
|
|
25
|
%
|
|
5,646,801
|
|
||||
Home sale cost of revenues
(b)
|
(1,954,160
|
)
|
|
25
|
%
|
|
(1,564,605
|
)
|
|
(5,276,232
|
)
|
|
22
|
%
|
|
(4,332,221
|
)
|
||||
Land sale cost of revenues
(c)
|
(22,060
|
)
|
|
(12
|
)%
|
|
(25,123
|
)
|
|
(71,791
|
)
|
|
(38
|
)%
|
|
(115,950
|
)
|
||||
Selling, general, and administrative
expenses ("SG&A") (d) |
(252,757
|
)
|
|
6
|
%
|
|
(237,495
|
)
|
|
(719,706
|
)
|
|
4
|
%
|
|
(689,974
|
)
|
||||
Other expense, net
(e)
|
(3,714
|
)
|
|
(42
|
)%
|
|
(6,420
|
)
|
|
(7,263
|
)
|
|
(75
|
)%
|
|
(28,832
|
)
|
||||
Income before income taxes
|
$
|
365,055
|
|
|
46
|
%
|
|
$
|
250,463
|
|
|
$
|
963,867
|
|
|
101
|
%
|
|
$
|
479,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Supplemental data
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross margin from home sales
(b)
|
24.0
|
%
|
|
10 bps
|
|
|
23.9
|
%
|
|
23.9
|
%
|
|
120 bps
|
|
|
22.7
|
%
|
||||
SG&A as a percentage of home
sale revenues (d) |
9.8
|
%
|
|
(180) bps
|
|
|
11.6
|
%
|
|
10.4
|
%
|
|
(190) bps
|
|
|
12.3
|
%
|
||||
Closings (units)
|
6,031
|
|
|
17
|
%
|
|
5,151
|
|
|
16,398
|
|
|
14
|
%
|
|
14,420
|
|
||||
Average selling price
|
$
|
427
|
|
|
7
|
%
|
|
$
|
399
|
|
|
$
|
423
|
|
|
9
|
%
|
|
$
|
389
|
|
Net new orders
(f)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Units
|
5,350
|
|
|
1
|
%
|
|
5,300
|
|
|
18,566
|
|
|
4
|
%
|
|
17,821
|
|
||||
Dollars
|
$
|
2,278,357
|
|
|
1
|
%
|
|
$
|
2,260,082
|
|
|
$
|
7,866,177
|
|
|
7
|
%
|
|
$
|
7,331,311
|
|
Cancellation rate
|
15
|
%
|
|
|
|
15
|
%
|
|
13
|
%
|
|
|
|
13
|
%
|
||||||
Active communities at September 30
|
|
|
|
|
|
|
843
|
|
|
8
|
%
|
|
778
|
|
|||||||
Backlog at September 30:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Units
|
|
|
|
|
|
|
11,164
|
|
|
3
|
%
|
|
10,823
|
|
|||||||
Dollars
|
|
|
|
|
|
|
$
|
4,911,353
|
|
|
5
|
%
|
|
$
|
4,665,871
|
|
(a)
|
Includes net gains of
$26.4 million
related to two land sale transactions in California during the
nine months ended
September 30, 2018 (see
Note 3
).
|
(b)
|
(c)
|
Includes NRV adjustments on land held for sale of
$82.4 million
for the
nine months ended
September 30, 2017
(see
Note 2
).
|
(d)
|
Includes write-offs of
$5.3 million
and
$20.3 million
of insurance receivables associated with the resolution of certain insurance matters in the
three and nine months ended
September 30, 2017
, respectively. Also includes insurance reserve reversals of
$37.9 million
and
$19.8 million
for the
nine months ended
September 30, 2018
and
2017
, respectively (see
Note 8
).
|
(e)
|
Includes an
$8.0 million
impairment of an investment in an unconsolidated entity in the
nine months ended
September 30, 2017
(see
Note 2
).
|
(f)
|
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
|
|
Nine Months Ended
|
||||||||||||
September 30,
|
|
September 30,
|
|||||||||||||
2018
|
|
2017
|
|
2018
|
|
2017
|
|||||||||
Write-offs of deposits and pre-acquisition costs
|
$
|
(3,136
|
)
|
|
$
|
(2,680
|
)
|
|
$
|
(7,398
|
)
|
|
$
|
(9,397
|
)
|
Amortization of intangible assets
|
(3,450
|
)
|
|
(3,450
|
)
|
|
(10,350
|
)
|
|
(10,350
|
)
|
||||
Interest income
|
1,842
|
|
|
485
|
|
|
3,240
|
|
|
1,917
|
|
||||
Interest expense
|
(152
|
)
|
|
(101
|
)
|
|
(460
|
)
|
|
(371
|
)
|
||||
Equity in earnings (losses) of unconsolidated entities
(a)
|
886
|
|
|
415
|
|
|
2,112
|
|
|
(4,154
|
)
|
||||
Miscellaneous, net
|
296
|
|
|
(1,089
|
)
|
|
5,593
|
|
|
(6,477
|
)
|
||||
Total other expense, net
|
$
|
(3,714
|
)
|
|
$
|
(6,420
|
)
|
|
$
|
(7,263
|
)
|
|
$
|
(28,832
|
)
|
(a)
|
Includes an
$8.0 million
impairment of a joint venture investment in the
nine months ended
September 30, 2017
(see
Note 2
).
|
|
September 30,
2018 |
|
September 30,
2017 |
||
Sold
|
8,286
|
|
|
8,098
|
|
Unsold
|
|
|
|
||
Under construction
|
2,384
|
|
|
1,765
|
|
Completed
|
532
|
|
|
576
|
|
|
2,916
|
|
|
2,341
|
|
Models
|
1,214
|
|
|
1,079
|
|
Total
|
12,416
|
|
|
11,518
|
|
|
September 30, 2018
|
|
December 31, 2017
|
||||||||||||||
|
Owned
|
|
Optioned
|
|
Controlled
|
|
Owned
|
|
Optioned
|
|
Controlled
|
||||||
Northeast
|
5,239
|
|
|
5,931
|
|
|
11,170
|
|
|
5,194
|
|
|
5,569
|
|
|
10,763
|
|
Southeast
|
15,438
|
|
|
11,626
|
|
|
27,064
|
|
|
15,404
|
|
|
11,085
|
|
|
26,489
|
|
Florida
|
18,663
|
|
|
16,579
|
|
|
35,242
|
|
|
18,458
|
|
|
11,887
|
|
|
30,345
|
|
Midwest
|
10,709
|
|
|
11,691
|
|
|
22,400
|
|
|
10,612
|
|
|
9,196
|
|
|
19,808
|
|
Texas
|
14,907
|
|
|
7,657
|
|
|
22,564
|
|
|
13,923
|
|
|
8,320
|
|
|
22,243
|
|
West
|
24,409
|
|
|
7,559
|
|
|
31,968
|
|
|
25,662
|
|
|
6,099
|
|
|
31,761
|
|
Total
|
89,365
|
|
|
61,043
|
|
|
150,408
|
|
|
89,253
|
|
|
52,156
|
|
|
141,409
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Developed (%)
|
39
|
%
|
|
18
|
%
|
|
30
|
%
|
|
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
|
|
Nine Months Ended
|
||||||||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2018
|
|
2018 vs. 2017
|
|
2017
|
|
2018
|
|
2018 vs. 2017
|
|
2017
|
||||||||||
Home sale revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
$
|
174,864
|
|
|
4
|
%
|
|
$
|
168,402
|
|
|
$
|
506,015
|
|
|
19
|
%
|
|
$
|
425,206
|
|
Southeast
|
449,777
|
|
|
15
|
%
|
|
392,133
|
|
|
1,267,940
|
|
|
15
|
%
|
|
1,098,576
|
|
||||
Florida
|
501,156
|
|
|
50
|
%
|
|
333,726
|
|
|
1,297,761
|
|
|
29
|
%
|
|
1,007,754
|
|
||||
Midwest
|
411,121
|
|
|
5
|
%
|
|
392,442
|
|
|
1,062,871
|
|
|
7
|
%
|
|
994,701
|
|
||||
Texas
|
345,794
|
|
|
29
|
%
|
|
268,899
|
|
|
921,118
|
|
|
16
|
%
|
|
791,684
|
|
||||
West
|
689,524
|
|
|
38
|
%
|
|
500,289
|
|
|
1,878,183
|
|
|
46
|
%
|
|
1,289,032
|
|
||||
|
$
|
2,572,236
|
|
|
25
|
%
|
|
$
|
2,055,891
|
|
|
$
|
6,933,888
|
|
|
24
|
%
|
|
$
|
5,606,953
|
|
Income (loss) before income taxes
(a)
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
$
|
18,938
|
|
|
(10
|
)%
|
|
$
|
21,046
|
|
|
$
|
53,408
|
|
|
(e)
|
|
$
|
(12,803
|
)
|
|
Southeast
|
51,920
|
|
|
15
|
%
|
|
45,109
|
|
|
146,735
|
|
|
25
|
%
|
|
117,749
|
|
||||
Florida
(b)
|
73,802
|
|
|
41
|
%
|
|
52,191
|
|
|
186,238
|
|
|
40
|
%
|
|
132,824
|
|
||||
Midwest
|
52,438
|
|
|
(12
|
)%
|
|
59,636
|
|
|
123,889
|
|
|
7
|
%
|
|
115,463
|
|
||||
Texas
|
55,382
|
|
|
30
|
%
|
|
42,727
|
|
|
136,777
|
|
|
12
|
%
|
|
122,045
|
|
||||
West
(c)
|
138,698
|
|
|
83
|
%
|
|
75,753
|
|
|
382,317
|
|
|
254
|
%
|
|
107,987
|
|
||||
Other homebuilding
(d)
|
(26,123
|
)
|
|
43
|
%
|
|
(45,999
|
)
|
|
(65,497
|
)
|
|
37
|
%
|
|
(103,441
|
)
|
||||
|
$
|
365,055
|
|
|
46
|
%
|
|
$
|
250,463
|
|
|
$
|
963,867
|
|
|
101
|
%
|
|
$
|
479,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
(b)
|
Includes a warranty charge of
$12.3 million
for the
nine months ended
September 30, 2017
related to a closed-out community (see
Note 8
).
|
(c)
|
Includes gains of
$26.4 million
related to two land sale transactions in California in the
nine months ended
September 30, 2018
.
|
(d)
|
Includes write-offs of
$5.3 million
and
$20.3 million
of insurance receivables associated with the resolution of certain insurance matters in the
three and nine months ended
September 30, 2017
, respectively. Also includes insurance reserve reversals of
$37.9 million
and
$19.8 million
for the
nine months ended
September 30, 2018
and
2017
, respectively (see
Note 8
).
|
(e)
|
Percentage not meaningful.
|
|
Operating Data by Segment ($000's omitted)
|
||||||||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2018
|
|
2018 vs. 2017
|
|
2017
|
|
2018
|
|
2018 vs. 2017
|
|
2017
|
||||||||||
Closings (units):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
350
|
|
|
10
|
%
|
|
318
|
|
|
1,002
|
|
|
18
|
%
|
|
846
|
|
||||
Southeast
|
1,101
|
|
|
14
|
%
|
|
966
|
|
|
3,097
|
|
|
13
|
%
|
|
2,751
|
|
||||
Florida
|
1,241
|
|
|
38
|
%
|
|
897
|
|
|
3,262
|
|
|
24
|
%
|
|
2,639
|
|
||||
Midwest
|
1,014
|
|
|
1
|
%
|
|
1,001
|
|
|
2,653
|
|
|
3
|
%
|
|
2,576
|
|
||||
Texas
|
1,114
|
|
|
20
|
%
|
|
927
|
|
|
3,019
|
|
|
7
|
%
|
|
2,809
|
|
||||
West
|
1,211
|
|
|
16
|
%
|
|
1,042
|
|
|
3,365
|
|
|
20
|
%
|
|
2,799
|
|
||||
|
6,031
|
|
|
17
|
%
|
|
5,151
|
|
|
16,398
|
|
|
14
|
%
|
|
14,420
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average selling price:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
$
|
500
|
|
|
(6
|
)%
|
|
$
|
530
|
|
|
$
|
505
|
|
|
—
|
%
|
|
$
|
503
|
|
Southeast
|
409
|
|
|
1
|
%
|
|
406
|
|
|
409
|
|
|
3
|
%
|
|
399
|
|
||||
Florida
|
404
|
|
|
9
|
%
|
|
372
|
|
|
398
|
|
|
4
|
%
|
|
382
|
|
||||
Midwest
|
405
|
|
|
3
|
%
|
|
392
|
|
|
401
|
|
|
4
|
%
|
|
386
|
|
||||
Texas
|
310
|
|
|
7
|
%
|
|
290
|
|
|
305
|
|
|
8
|
%
|
|
282
|
|
||||
West
|
569
|
|
|
19
|
%
|
|
480
|
|
|
558
|
|
|
21
|
%
|
|
461
|
|
||||
|
$
|
427
|
|
|
7
|
%
|
|
$
|
399
|
|
|
$
|
423
|
|
|
9
|
%
|
|
$
|
389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net new orders - units:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
353
|
|
|
12
|
%
|
|
316
|
|
|
1,251
|
|
|
13
|
%
|
|
1,103
|
|
||||
Southeast
|
948
|
|
|
(9
|
)%
|
|
1,044
|
|
|
3,300
|
|
|
—
|
%
|
|
3,314
|
|
||||
Florida
|
1,173
|
|
|
18
|
%
|
|
991
|
|
|
3,964
|
|
|
27
|
%
|
|
3,121
|
|
||||
Midwest
|
823
|
|
|
(5
|
)%
|
|
868
|
|
|
2,980
|
|
|
(4
|
)%
|
|
3,119
|
|
||||
Texas
|
1,005
|
|
|
14
|
%
|
|
881
|
|
|
3,511
|
|
|
7
|
%
|
|
3,281
|
|
||||
West
|
1,048
|
|
|
(13
|
)%
|
|
1,200
|
|
|
3,560
|
|
|
(8
|
)%
|
|
3,883
|
|
||||
|
5,350
|
|
|
1
|
%
|
|
5,300
|
|
|
18,566
|
|
|
4
|
%
|
|
17,821
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net new orders - dollars:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
$
|
185,678
|
|
|
9
|
%
|
|
$
|
170,542
|
|
|
$
|
654,820
|
|
|
13
|
%
|
|
$
|
581,033
|
|
Southeast
|
392,220
|
|
|
(6
|
)%
|
|
416,723
|
|
|
1,375,325
|
|
|
4
|
%
|
|
1,317,316
|
|
||||
Florida
|
494,882
|
|
|
28
|
%
|
|
387,611
|
|
|
1,615,360
|
|
|
35
|
%
|
|
1,198,072
|
|
||||
Midwest
|
342,730
|
|
|
—
|
%
|
|
341,708
|
|
|
1,221,252
|
|
|
—
|
%
|
|
1,223,169
|
|
||||
Texas
|
315,433
|
|
|
19
|
%
|
|
265,411
|
|
|
1,093,405
|
|
|
14
|
%
|
|
961,312
|
|
||||
West
|
547,414
|
|
|
(19
|
)%
|
|
678,087
|
|
|
1,906,015
|
|
|
(7
|
)%
|
|
2,050,409
|
|
||||
|
$
|
2,278,357
|
|
|
1
|
%
|
|
$
|
2,260,082
|
|
|
$
|
7,866,177
|
|
|
7
|
%
|
|
$
|
7,331,311
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Data by Segment ($000's omitted)
|
||||||||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2018
|
|
2018 vs. 2017
|
|
2017
|
|
2018
|
|
2018 vs. 2017
|
|
2017
|
||||||||||
Cancellation rates:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
10
|
%
|
|
|
|
19
|
%
|
|
8
|
%
|
|
|
|
13
|
%
|
||||||
Southeast
|
12
|
%
|
|
|
|
13
|
%
|
|
11
|
%
|
|
|
|
12
|
%
|
||||||
Florida
|
13
|
%
|
|
|
|
13
|
%
|
|
12
|
%
|
|
|
|
12
|
%
|
||||||
Midwest
|
13
|
%
|
|
|
|
13
|
%
|
|
12
|
%
|
|
|
|
11
|
%
|
||||||
Texas
|
19
|
%
|
|
|
|
19
|
%
|
|
17
|
%
|
|
|
|
16
|
%
|
||||||
West
|
19
|
%
|
|
|
|
16
|
%
|
|
16
|
%
|
|
|
|
15
|
%
|
||||||
|
15
|
%
|
|
|
|
15
|
%
|
|
13
|
%
|
|
|
|
13
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit backlog:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
|
|
|
|
|
|
761
|
|
|
18
|
%
|
|
644
|
|
|||||||
Southeast
|
|
|
|
|
|
|
1,919
|
|
|
(1
|
)%
|
|
1,934
|
|
|||||||
Florida
|
|
|
|
|
|
|
2,380
|
|
|
25
|
%
|
|
1,900
|
|
|||||||
Midwest
|
|
|
|
|
|
|
1,814
|
|
|
(2
|
)%
|
|
1,850
|
|
|||||||
Texas
|
|
|
|
|
|
|
1,918
|
|
|
2
|
%
|
|
1,884
|
|
|||||||
West
|
|
|
|
|
|
|
2,372
|
|
|
(9
|
)%
|
|
2,611
|
|
|||||||
|
|
|
|
|
|
|
11,164
|
|
|
3
|
%
|
|
10,823
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Backlog dollars:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
|
|
|
|
|
|
$
|
402,455
|
|
|
17
|
%
|
|
$
|
345,423
|
|
|||||
Southeast
|
|
|
|
|
|
|
825,552
|
|
|
3
|
%
|
|
802,500
|
|
|||||||
Florida
|
|
|
|
|
|
|
999,188
|
|
|
34
|
%
|
|
746,544
|
|
|||||||
Midwest
|
|
|
|
|
|
|
746,920
|
|
|
2
|
%
|
|
729,547
|
|
|||||||
Texas
|
|
|
|
|
|
|
622,084
|
|
|
9
|
%
|
|
572,119
|
|
|||||||
West
|
|
|
|
|
|
|
1,315,154
|
|
|
(11
|
)%
|
|
1,469,738
|
|
|||||||
|
|
|
|
|
|
|
$
|
4,911,353
|
|
|
5
|
%
|
|
$
|
4,665,871
|
|
|
Operating Data by Segment
($000’s omitted) |
||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Land-related charges*:
|
|
|
|
|
|
|
|
||||||||
Northeast
|
$
|
1,385
|
|
|
$
|
1,184
|
|
|
$
|
3,068
|
|
|
$
|
51,102
|
|
Southeast
|
663
|
|
|
889
|
|
|
2,394
|
|
|
1,847
|
|
||||
Florida
|
262
|
|
|
109
|
|
|
671
|
|
|
8,862
|
|
||||
Midwest
|
4,960
|
|
|
(393
|
)
|
|
6,078
|
|
|
7,703
|
|
||||
Texas
|
47
|
|
|
51
|
|
|
317
|
|
|
898
|
|
||||
West
|
425
|
|
|
306
|
|
|
786
|
|
|
56,747
|
|
||||
Other homebuilding
|
391
|
|
|
—
|
|
|
659
|
|
|
4,095
|
|
||||
|
$
|
8,133
|
|
|
$
|
2,146
|
|
|
$
|
13,973
|
|
|
$
|
131,254
|
|
*
|
Land-related charges include land inventory impairments, net realizable value adjustments on land held for sale, impairments of investments in unconsolidated entities, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue (see
Note 2
). Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2018
|
|
2018 vs. 2017
|
|
2017
|
|
2018
|
|
2018 vs. 2017
|
|
2017
|
||||||||||
Mortgage revenues
|
$
|
37,618
|
|
|
5
|
%
|
|
$
|
35,910
|
|
|
$
|
111,313
|
|
|
6
|
%
|
|
$
|
104,582
|
|
Title services revenues
|
11,732
|
|
|
21
|
%
|
|
9,673
|
|
|
32,336
|
|
|
16
|
%
|
|
27,841
|
|
||||
Insurance brokerage commissions
|
2,270
|
|
|
66
|
%
|
|
1,369
|
|
|
6,673
|
|
|
87
|
%
|
|
3,572
|
|
||||
Total Financial Services revenues
|
51,620
|
|
|
10
|
%
|
|
46,952
|
|
|
150,322
|
|
|
11
|
%
|
|
135,995
|
|
||||
Expenses
|
(32,213
|
)
|
|
10
|
%
|
|
(29,304
|
)
|
|
(96,650
|
)
|
|
12
|
%
|
|
(86,150
|
)
|
||||
Other income, net
|
226
|
|
|
64
|
%
|
|
138
|
|
|
510
|
|
|
30
|
%
|
|
393
|
|
||||
Income before income taxes
|
$
|
19,633
|
|
|
10
|
%
|
|
$
|
17,786
|
|
|
$
|
54,182
|
|
|
8
|
%
|
|
$
|
50,238
|
|
Total originations
:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
3,692
|
|
|
8
|
%
|
|
3,428
|
|
|
10,319
|
|
|
7
|
%
|
|
9,631
|
|
||||
Principal
|
$
|
1,138,389
|
|
|
14
|
%
|
|
$
|
1,002,108
|
|
|
$
|
3,170,206
|
|
|
14
|
%
|
|
$
|
2,778,151
|
|
|
Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2018
|
|
2017
|
||||
Supplemental data:
|
|
|
|
||||
Capture rate
|
76.0
|
%
|
|
79.5
|
%
|
||
Average FICO score
|
751
|
|
|
749
|
|
||
Loan application backlog
|
$
|
2,498,398
|
|
|
$
|
2,653,466
|
|
Funded origination breakdown:
|
|
|
|
||||
Government (FHA, VA, USDA)
|
20
|
%
|
|
24
|
%
|
||
Other agency
|
68
|
%
|
|
69
|
%
|
||
Total agency
|
88
|
%
|
|
93
|
%
|
||
Non-agency
|
12
|
%
|
|
7
|
%
|
||
Total funded originations
|
100
|
%
|
|
100
|
%
|
•
|
In June 2018, we entered into the Revolving Credit Facility which replaced the Company's previous credit agreement. The Revolving Credit Facility contains substantially similar terms to the previous credit agreement and extended the maturity date from June 2019 to June 2023. The Revolving Credit Facility has a maximum borrowing capacity of
$1.0 billion
and contains an uncommitted accordion feature that could increase the capacity to
$1.5 billion
.
|
•
|
In
August 2018
, Pulte Mortgage entered into an amended and restated repurchase agreement (the “Repurchase Agreement”) that extended the effective date to
August 2019
. The maximum aggregate commitment is $400.0 million at September 30, 2018, which increases to
$520.0 million
during the seasonally high borrowing period from December 26, 2018 through January 14, 2019. At all other times, the maximum aggregate commitment ranges from
$240.0 million
to
$400.0 million
.
|
|
As of September 30, 2018 for the
Years ending December 31, |
||||||||||||||||||||||||||||||
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
Thereafter
|
|
Total
|
|
Fair
Value |
||||||||||||||||
Rate-sensitive liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed rate debt
|
$
|
—
|
|
|
$
|
8,423
|
|
|
$
|
9,539
|
|
|
$
|
700,000
|
|
|
$
|
—
|
|
|
$
|
2,300,000
|
|
|
$
|
3,017,962
|
|
|
$
|
2,977,043
|
|
Average interest rate
|
—
|
%
|
|
4.07
|
%
|
|
3.98
|
%
|
|
4.25
|
%
|
|
—
|
%
|
|
5.90
|
%
|
|
5.50
|
%
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Variable rate debt (a)
|
$
|
251,389
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
251,389
|
|
|
$
|
251,389
|
|
Average interest rate
|
4.28
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
4.28
|
%
|
|
|
|
Total number
of shares
purchased
|
|
Average
price paid
per share
|
|
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)
|
|||||||
July 1, 2018 to July 31, 2018
|
588,960
|
|
|
$
|
29.59
|
|
|
588,960
|
|
|
$
|
471,900
|
|
(1)
|
August 1, 2018 to August 31, 2018
|
821,608
|
|
|
$
|
28.57
|
|
|
821,608
|
|
|
$
|
448,428
|
|
(1)
|
September 1, 2018 to September 30, 2018
|
968,876
|
|
|
$
|
26.88
|
|
|
968,876
|
|
|
$
|
422,380
|
|
(1)
|
Total
|
2,379,444
|
|
|
$
|
28.14
|
|
|
2,379,444
|
|
|
|
|
(1)
|
During the
nine months ended
September 30, 2018
, we repurchased
5.8 million
shares for a total of
$172.1 million
under an existing share repurchase program authorized by the Company's Board of Directors. The share repurchase authorization has
$422.4 million
remaining as of
September 30, 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)
|
|
|
|
|
|
|
|
10
|
|
(a)
|
|
|
|
|
|
|
|
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:
|
October 23, 2018
|
|
1 Year PulteGroup Chart |
1 Month PulteGroup Chart |
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