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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 |
☒
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
|
|
OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
|
|
OF THE SECURITIES EXCHANGE ACT OF 1934
|
Michigan
|
38-2766606
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
3350 Peachtree Road NE, Suite 150
|
||
Atlanta,
|
Georgia
|
30326
|
(Address of principal executive offices) (Zip Code)
|
Registrant’s telephone number, including area code:
|
404
|
978-6400
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common Shares, par value $0.01
|
|
PHM
|
|
New York Stock Exchange
|
YES
|
☐
|
No
|
☒
|
|
|
|
Page
No.
|
PART I
|
|
|
|
|
|
Item 1
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Item 2
|
||
|
|
|
Item 3
|
||
|
|
|
Item 4
|
|
|
|
|
|
PART II
|
||
|
|
|
Item 2
|
||
|
|
|
Item 6
|
||
|
|
|
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
|
|
|
|
||||
Cash and equivalents
|
$
|
736,986
|
|
|
$
|
1,110,088
|
|
Restricted cash
|
31,658
|
|
|
23,612
|
|
||
Total cash, cash equivalents, and restricted cash
|
768,644
|
|
|
1,133,700
|
|
||
House and land inventory
|
7,830,059
|
|
|
7,253,353
|
|
||
Land held for sale
|
34,495
|
|
|
36,849
|
|
||
Residential mortgage loans available-for-sale
|
383,893
|
|
|
461,354
|
|
||
Investments in unconsolidated entities
|
62,182
|
|
|
54,590
|
|
||
Other assets
|
864,846
|
|
|
830,359
|
|
||
Intangible assets
|
128,592
|
|
|
127,192
|
|
||
Deferred tax assets, net
|
191,802
|
|
|
275,579
|
|
||
|
$
|
10,264,513
|
|
|
$
|
10,172,976
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
389,843
|
|
|
$
|
352,029
|
|
Customer deposits
|
333,672
|
|
|
254,624
|
|
||
Accrued and other liabilities
|
1,327,241
|
|
|
1,360,483
|
|
||
Income tax liabilities
|
38,624
|
|
|
11,580
|
|
||
Financial Services debt
|
249,360
|
|
|
348,412
|
|
||
Notes payable
|
2,744,181
|
|
|
3,028,066
|
|
||
|
5,082,921
|
|
|
5,355,194
|
|
||
Shareholders' equity
|
5,181,592
|
|
|
4,817,782
|
|
||
|
$
|
10,264,513
|
|
|
$
|
10,172,976
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Homebuilding
|
|
|
|
|
|
|
|
||||||||
Home sale revenues
|
$
|
2,637,002
|
|
|
$
|
2,572,236
|
|
|
$
|
6,990,417
|
|
|
$
|
6,933,888
|
|
Land sale and other revenues
|
8,548
|
|
|
25,510
|
|
|
40,993
|
|
|
104,971
|
|
||||
|
2,645,550
|
|
|
2,597,746
|
|
|
7,031,410
|
|
|
7,038,859
|
|
||||
Financial Services
|
64,815
|
|
|
51,620
|
|
|
164,634
|
|
|
150,322
|
|
||||
Total revenues
|
2,710,365
|
|
|
2,649,366
|
|
|
7,196,044
|
|
|
7,189,181
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
||||||||
Home sale cost of revenues
|
(2,028,622
|
)
|
|
(1,954,160
|
)
|
|
(5,369,568
|
)
|
|
(5,276,232
|
)
|
||||
Land sale cost of revenues
|
(7,350
|
)
|
|
(22,060
|
)
|
|
(35,615
|
)
|
|
(71,791
|
)
|
||||
|
(2,035,972
|
)
|
|
(1,976,220
|
)
|
|
(5,405,183
|
)
|
|
(5,348,023
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Financial Services expenses
|
(32,514
|
)
|
|
(32,213
|
)
|
|
(94,864
|
)
|
|
(96,650
|
)
|
||||
Selling, general, and administrative expenses
|
(270,625
|
)
|
|
(252,757
|
)
|
|
(782,791
|
)
|
|
(719,706
|
)
|
||||
Other expense, net
|
(5,108
|
)
|
|
(3,488
|
)
|
|
(9,581
|
)
|
|
(6,753
|
)
|
||||
Income before income taxes
|
366,146
|
|
|
384,688
|
|
|
903,625
|
|
|
1,018,049
|
|
||||
Income tax expense
|
(93,042
|
)
|
|
(95,153
|
)
|
|
(222,723
|
)
|
|
(233,674
|
)
|
||||
Net income
|
$
|
273,104
|
|
|
$
|
289,535
|
|
|
$
|
680,902
|
|
|
$
|
784,375
|
|
|
|
|
|
|
|
|
|
||||||||
Per share:
|
|
|
|
|
|
|
|
||||||||
Basic earnings
|
$
|
0.99
|
|
|
$
|
1.01
|
|
|
$
|
2.44
|
|
|
$
|
2.72
|
|
Diluted earnings
|
$
|
0.99
|
|
|
$
|
1.01
|
|
|
$
|
2.44
|
|
|
$
|
2.71
|
|
Cash dividends declared
|
$
|
0.11
|
|
|
$
|
0.09
|
|
|
$
|
0.33
|
|
|
$
|
0.27
|
|
|
|
|
|
|
|
|
|
||||||||
Number of shares used in calculation:
|
|
|
|
|
|
|
|
||||||||
Basic
|
272,992
|
|
|
283,489
|
|
|
275,734
|
|
|
285,127
|
|
||||
Effect of dilutive securities
|
640
|
|
|
1,183
|
|
|
858
|
|
|
1,301
|
|
||||
Diluted
|
273,632
|
|
|
284,672
|
|
|
276,592
|
|
|
286,428
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
273,104
|
|
|
$
|
289,535
|
|
|
$
|
680,902
|
|
|
$
|
784,375
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Change in value of derivatives
|
25
|
|
|
25
|
|
|
75
|
|
|
75
|
|
||||
Other comprehensive income
|
25
|
|
|
25
|
|
|
75
|
|
|
75
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
$
|
273,129
|
|
|
$
|
289,560
|
|
|
$
|
680,977
|
|
|
$
|
784,450
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
Retained
Earnings
|
|
Total
|
|||||||||||||
Shares
|
|
$
|
|
|||||||||||||||||||
Shareholders' equity, June 30, 2019
|
274,975
|
|
|
$
|
2,750
|
|
|
$
|
3,225,874
|
|
|
$
|
(295
|
)
|
|
$
|
1,841,478
|
|
|
$
|
5,069,807
|
|
Stock option exercises
|
110
|
|
|
1
|
|
|
1,158
|
|
|
—
|
|
|
—
|
|
|
1,159
|
|
|||||
Share issuances
|
13
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30,132
|
)
|
|
(30,132
|
)
|
|||||
Share repurchases
|
(4,127
|
)
|
|
(41
|
)
|
|
—
|
|
|
—
|
|
|
(135,876
|
)
|
|
(135,917
|
)
|
|||||
Cash paid for shares withheld for taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(372
|
)
|
|
(372
|
)
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
3,918
|
|
|
—
|
|
|
—
|
|
|
3,918
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
273,104
|
|
|
273,104
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|||||
Shareholders' equity, September 30, 2019
|
270,971
|
|
|
$
|
2,710
|
|
|
$
|
3,230,950
|
|
|
$
|
(270
|
)
|
|
$
|
1,948,202
|
|
|
$
|
5,181,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Shareholders' equity, December 31, 2018
|
277,110
|
|
|
$
|
2,771
|
|
|
$
|
3,201,427
|
|
|
$
|
(345
|
)
|
|
$
|
1,613,929
|
|
|
$
|
4,817,782
|
|
Stock option exercises
|
544
|
|
|
5
|
|
|
6,362
|
|
|
—
|
|
|
—
|
|
|
6,367
|
|
|||||
Share issuances
|
987
|
|
|
10
|
|
|
5,790
|
|
|
—
|
|
|
—
|
|
|
5,800
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(91,595
|
)
|
|
(91,595
|
)
|
|||||
Share repurchases
|
(7,670
|
)
|
|
(76
|
)
|
|
—
|
|
|
—
|
|
|
(244,312
|
)
|
|
(244,388
|
)
|
|||||
Cash paid for shares withheld for taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,722
|
)
|
|
(10,722
|
)
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
17,371
|
|
|
—
|
|
|
—
|
|
|
17,371
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
680,902
|
|
|
680,902
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
—
|
|
|
75
|
|
|||||
Shareholders' equity, September 30, 2019
|
270,971
|
|
|
$
|
2,710
|
|
|
$
|
3,230,950
|
|
|
$
|
(270
|
)
|
|
$
|
1,948,202
|
|
|
$
|
5,181,592
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
Retained
Earnings
|
|
Total
|
|||||||||||||
Shares
|
|
$
|
|
|||||||||||||||||||
Shareholders' equity, June 30, 2018
|
284,362
|
|
|
$
|
2,843
|
|
|
$
|
3,191,087
|
|
|
$
|
(395
|
)
|
|
$
|
1,333,176
|
|
|
$
|
4,526,711
|
|
Cumulative effect of accounting change
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Stock option exercises
|
80
|
|
|
1
|
|
|
994
|
|
|
—
|
|
|
—
|
|
|
995
|
|
|||||
Share issuances
|
(6
|
)
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,707
|
)
|
|
(25,707
|
)
|
|||||
Share repurchases
|
(2,369
|
)
|
|
(24
|
)
|
|
—
|
|
|
—
|
|
|
(66,924
|
)
|
|
(66,948
|
)
|
|||||
Cash paid for shares withheld for taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
4,267
|
|
|
—
|
|
|
—
|
|
|
4,267
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
289,535
|
|
|
289,535
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|||||
Shareholders' equity, September 30, 2018
|
282,067
|
|
|
$
|
2,821
|
|
|
$
|
3,196,347
|
|
|
$
|
(370
|
)
|
|
$
|
1,530,080
|
|
|
$
|
4,728,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Shareholders' equity, December 31, 2017
|
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
|
611
|
|
|
6
|
|
|
3,474
|
|
|
—
|
|
|
—
|
|
|
3,480
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(77,673
|
)
|
|
(77,673
|
)
|
|||||
Share repurchases
|
(5,810
|
)
|
|
(58
|
)
|
|
—
|
|
|
—
|
|
|
(172,002
|
)
|
|
(172,060
|
)
|
|||||
Cash paid for shares withheld for taxes
|
—
|
|
|
—
|
|
|
(284
|
)
|
|
—
|
|
|
(7,092
|
)
|
|
(7,376
|
)
|
|||||
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
|
|
|
Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
680,902
|
|
|
$
|
784,375
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
||||
Deferred income tax expense
|
83,752
|
|
|
230,335
|
|
||
Land-related charges
|
17,549
|
|
|
13,973
|
|
||
Depreciation and amortization
|
40,302
|
|
|
36,717
|
|
||
Share-based compensation expense
|
21,389
|
|
|
21,521
|
|
||
Other, net
|
2,567
|
|
|
(3,466
|
)
|
||
Increase (decrease) in cash due to:
|
|
|
|
||||
Inventories
|
(427,183
|
)
|
|
(263,734
|
)
|
||
Residential mortgage loans available-for-sale
|
76,813
|
|
|
218,900
|
|
||
Other assets
|
4,146
|
|
|
(22,117
|
)
|
||
Accounts payable, accrued and other liabilities
|
82,543
|
|
|
(1,524
|
)
|
||
Net cash provided by (used in) operating activities
|
582,780
|
|
|
1,014,980
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(43,162
|
)
|
|
(46,529
|
)
|
||
Investments in unconsolidated entities
|
(8,515
|
)
|
|
(1,000
|
)
|
||
Business acquisition
|
(163,724
|
)
|
|
—
|
|
||
Other investing activities, net
|
5,009
|
|
|
15,545
|
|
||
Net cash provided by (used in) investing activities
|
(210,392
|
)
|
|
(31,984
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repayments of notes payable
|
(297,411
|
)
|
|
(82,655
|
)
|
||
Borrowings under revolving credit facility
|
—
|
|
|
1,566,000
|
|
||
Repayments under revolving credit facility
|
—
|
|
|
(1,566,000
|
)
|
||
Financial Services borrowings (repayments)
|
(99,052
|
)
|
|
(187,071
|
)
|
||
Debt issuance costs
|
—
|
|
|
(8,165
|
)
|
||
Stock option exercises
|
6,368
|
|
|
5,462
|
|
||
Share repurchases
|
(244,388
|
)
|
|
(172,060
|
)
|
||
Cash paid for shares withheld for taxes
|
(10,726
|
)
|
|
(7,379
|
)
|
||
Dividends paid
|
(92,235
|
)
|
|
(78,284
|
)
|
||
Net cash provided by (used in) financing activities
|
(737,444
|
)
|
|
(530,152
|
)
|
||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
(365,056
|
)
|
|
452,844
|
|
||
Cash, cash equivalents, and restricted cash at beginning of period
|
1,133,700
|
|
|
306,168
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
768,644
|
|
|
$
|
759,012
|
|
|
|
|
|
||||
Supplemental Cash Flow Information:
|
|
|
|
||||
Interest paid (capitalized), net
|
$
|
19,569
|
|
|
$
|
16,747
|
|
Income taxes paid (refunded), net
|
$
|
60,329
|
|
|
$
|
88,544
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
September 30,
|
|
September 30,
|
|||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
Write-offs of deposits and pre-acquisition costs
|
$
|
(2,455
|
)
|
|
$
|
(3,136
|
)
|
|
$
|
(7,888
|
)
|
|
$
|
(7,398
|
)
|
Amortization of intangible assets
|
(3,600
|
)
|
|
(3,450
|
)
|
|
(10,600
|
)
|
|
(10,350
|
)
|
||||
—
|
|
|
—
|
|
|
(4,843
|
)
|
|
(76
|
)
|
|||||
Interest income
|
3,554
|
|
|
1,842
|
|
|
12,974
|
|
|
3,240
|
|
||||
Interest expense
|
(147
|
)
|
|
(152
|
)
|
|
(437
|
)
|
|
(460
|
)
|
||||
Equity in earnings of unconsolidated entities
|
211
|
|
|
886
|
|
|
377
|
|
|
2,112
|
|
||||
Miscellaneous, net
|
(2,671
|
)
|
|
522
|
|
|
836
|
|
|
6,179
|
|
||||
Total other expense, net
|
$
|
(5,108
|
)
|
|
$
|
(3,488
|
)
|
|
$
|
(9,581
|
)
|
|
$
|
(6,753
|
)
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
September 30,
|
|
September 30,
|
|||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
273,104
|
|
|
$
|
289,535
|
|
|
$
|
680,902
|
|
|
$
|
784,375
|
|
Less: earnings distributed to participating securities
|
(298
|
)
|
|
(279
|
)
|
|
(911
|
)
|
|
(874
|
)
|
||||
Less: undistributed earnings allocated to participating securities
|
(2,411
|
)
|
|
(2,871
|
)
|
|
(6,075
|
)
|
|
(7,752
|
)
|
||||
Numerator for basic earnings per share
|
$
|
270,395
|
|
|
$
|
286,385
|
|
|
$
|
673,916
|
|
|
$
|
775,749
|
|
Add back: undistributed earnings allocated to participating securities
|
2,411
|
|
|
2,871
|
|
|
6,075
|
|
|
7,752
|
|
||||
Less: undistributed earnings reallocated to participating securities
|
(2,405
|
)
|
|
(2,859
|
)
|
|
(6,057
|
)
|
|
(7,724
|
)
|
||||
Numerator for diluted earnings per share
|
$
|
270,401
|
|
|
$
|
286,397
|
|
|
$
|
673,934
|
|
|
$
|
775,777
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic shares outstanding
|
272,992
|
|
|
283,489
|
|
|
275,734
|
|
|
285,127
|
|
||||
Effect of dilutive securities
|
640
|
|
|
1,183
|
|
|
858
|
|
|
1,301
|
|
||||
Diluted shares outstanding
|
273,632
|
|
|
284,672
|
|
|
276,592
|
|
|
286,428
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.99
|
|
|
$
|
1.01
|
|
|
$
|
2.44
|
|
|
$
|
2.72
|
|
Diluted
|
$
|
0.99
|
|
|
$
|
1.01
|
|
|
$
|
2.44
|
|
|
$
|
2.71
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Other Assets
|
|
Accrued and Other Liabilities
|
|
Other Assets
|
|
Accrued and Other Liabilities
|
||||||||
Interest rate lock commitments
|
$
|
11,438
|
|
|
$
|
435
|
|
|
$
|
9,196
|
|
|
$
|
161
|
|
Forward contracts
|
1,035
|
|
|
1,099
|
|
|
315
|
|
|
7,229
|
|
||||
Whole loan commitments
|
560
|
|
|
284
|
|
|
393
|
|
|
1,111
|
|
||||
|
$
|
13,033
|
|
|
$
|
1,818
|
|
|
$
|
9,904
|
|
|
$
|
8,501
|
|
|
September 30,
2019 |
|
December 31,
2018 |
||||
Homes under construction
|
$
|
3,144,251
|
|
|
$
|
2,630,158
|
|
Land under development
|
4,254,048
|
|
|
4,129,225
|
|
||
Raw land
|
431,760
|
|
|
493,970
|
|
||
|
$
|
7,830,059
|
|
|
$
|
7,253,353
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest in inventory, beginning of period
|
$
|
234,709
|
|
|
$
|
243,627
|
|
|
$
|
227,495
|
|
|
$
|
226,611
|
|
Interest capitalized
|
39,893
|
|
|
42,743
|
|
|
123,924
|
|
|
130,474
|
|
||||
Interest expensed
|
(46,040
|
)
|
|
(43,583
|
)
|
|
(122,857
|
)
|
|
(114,298
|
)
|
||||
Interest in inventory, end of period
|
$
|
228,562
|
|
|
$
|
242,787
|
|
|
$
|
228,562
|
|
|
$
|
242,787
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||
|
Deposits and
Pre-acquisition Costs |
|
Remaining Purchase
Price |
|
Deposits and
Pre-acquisition Costs |
|
Remaining Purchase
Price |
||||||||
Land options with VIEs
|
$
|
120,490
|
|
|
$
|
1,238,526
|
|
|
$
|
90,717
|
|
|
$
|
1,079,507
|
|
Other land options
|
167,067
|
|
|
2,017,422
|
|
|
127,851
|
|
|
1,522,903
|
|
||||
|
$
|
287,557
|
|
|
$
|
3,255,948
|
|
|
$
|
218,568
|
|
|
$
|
2,602,410
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
|
|
September 30,
|
||||||||||||
|
Statement of Operations Classification
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Land impairments
|
Home sale cost of revenues
|
$
|
5,919
|
|
|
$
|
3,502
|
|
|
$
|
6,007
|
|
|
$
|
4,054
|
|
Net realizable value ("NRV") adjustments - land held for sale
|
Land sale cost of revenues
|
2,366
|
|
|
1,494
|
|
|
3,654
|
|
|
2,521
|
|
||||
Write-offs of deposits and pre-acquisition costs
|
Other expense, net
|
2,455
|
|
|
3,136
|
|
|
7,888
|
|
|
7,398
|
|
||||
|
|
$
|
10,740
|
|
|
$
|
8,132
|
|
|
$
|
17,549
|
|
|
$
|
13,973
|
|
|
Communities Impaired
|
|
Fair Value of Communities Impaired, Net of Impairment Charges
|
|
Impairment Charges
|
|
Average Selling Price
|
|
Quarterly Sales Pace (homes)
|
|
Discount Rate
|
||||||
2019
|
2
|
|
|
$
|
2,610
|
|
|
$
|
6,007
|
|
|
$466 to $550
|
|
1 to 3
|
|
12% to 14%
|
|
2018
|
2
|
|
|
$
|
5,809
|
|
|
$
|
4,054
|
|
|
$512 to $586
|
|
3 to 4
|
|
12
|
%
|
Northeast:
|
|
Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia
|
Southeast:
|
|
Georgia, North Carolina, South Carolina, Tennessee
|
Florida:
|
|
Florida
|
Midwest:
|
|
Illinois, Indiana, Kentucky, Michigan, Minnesota, 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,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Northeast
|
$
|
209,696
|
|
|
$
|
185,614
|
|
|
$
|
520,425
|
|
|
$
|
518,676
|
|
Southeast
|
456,244
|
|
|
451,600
|
|
|
1,240,782
|
|
|
1,271,730
|
|
||||
Florida
|
539,269
|
|
|
506,670
|
|
|
1,470,866
|
|
|
1,311,016
|
|
||||
Midwest
|
403,916
|
|
|
412,803
|
|
|
1,048,090
|
|
|
1,066,775
|
|
||||
Texas
|
359,717
|
|
|
347,986
|
|
|
971,606
|
|
|
925,317
|
|
||||
West
|
676,708
|
|
|
693,073
|
|
|
1,779,641
|
|
|
1,945,345
|
|
||||
|
2,645,550
|
|
|
2,597,746
|
|
|
7,031,410
|
|
|
7,038,859
|
|
||||
Financial Services
|
64,815
|
|
|
51,620
|
|
|
164,634
|
|
|
150,322
|
|
||||
Consolidated revenues
|
$
|
2,710,365
|
|
|
$
|
2,649,366
|
|
|
$
|
7,196,044
|
|
|
$
|
7,189,181
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes:
|
|
|
|
|
|
|
|
||||||||
Northeast
|
$
|
37,285
|
|
|
$
|
18,938
|
|
|
$
|
71,425
|
|
|
$
|
53,408
|
|
Southeast (a)
|
42,313
|
|
|
51,920
|
|
|
122,668
|
|
|
146,735
|
|
||||
Florida
|
89,186
|
|
|
73,802
|
|
|
218,848
|
|
|
186,238
|
|
||||
Midwest
|
55,286
|
|
|
52,438
|
|
|
124,406
|
|
|
123,889
|
|
||||
Texas
|
53,502
|
|
|
55,382
|
|
|
133,617
|
|
|
136,777
|
|
||||
West (b)
|
100,034
|
|
|
138,698
|
|
|
284,659
|
|
|
382,317
|
|
||||
Other homebuilding (c)
|
(43,744
|
)
|
|
(26,123
|
)
|
|
(121,769
|
)
|
|
(65,497
|
)
|
||||
|
333,862
|
|
|
365,055
|
|
|
833,854
|
|
|
963,867
|
|
||||
Financial Services
|
32,284
|
|
|
19,633
|
|
|
69,771
|
|
|
54,182
|
|
||||
Consolidated income before income taxes
|
$
|
366,146
|
|
|
$
|
384,688
|
|
|
$
|
903,625
|
|
|
$
|
1,018,049
|
|
(a)
|
Includes charges of $9.0 million and $14.8 million in the three and nine months ended September 30, 2019, respectively, related to estimated costs to complete repairs in a closed-out community.
|
(b)
|
West includes gains of $26.4 million related to two land sale transactions in California that closed in the nine months ended September 30, 2018.
|
(c)
|
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 $18.3 million and $40.1 million for the nine months ended September 30, 2019 and 2018, respectively, and write-offs of insurance receivables of $24.0 million for the nine months ended September 30, 2019 (see Note 8).
|
|
Operating Data by Segment
($000’s omitted) |
||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Land-related charges*:
|
|
|
|
|
|
|
|
||||||||
Northeast
|
$
|
253
|
|
|
$
|
1,385
|
|
|
$
|
707
|
|
|
$
|
3,068
|
|
Southeast
|
8,167
|
|
|
663
|
|
|
10,754
|
|
|
2,394
|
|
||||
Florida
|
225
|
|
|
262
|
|
|
1,471
|
|
|
671
|
|
||||
Midwest
|
528
|
|
|
4,959
|
|
|
1,832
|
|
|
6,078
|
|
||||
Texas
|
94
|
|
|
47
|
|
|
577
|
|
|
317
|
|
||||
West
|
1,166
|
|
|
425
|
|
|
1,813
|
|
|
786
|
|
||||
Other homebuilding
|
307
|
|
|
391
|
|
|
395
|
|
|
659
|
|
||||
|
$
|
10,740
|
|
|
$
|
8,132
|
|
|
$
|
17,549
|
|
|
$
|
13,973
|
|
*
|
Land-related charges include land impairments, net realizable value adjustments on land held for sale, and write-offs of deposits and pre-acquisition costs for land option contracts we elected not to pursue.
|
|
Operating Data by Segment
|
||||||||||||||||||
|
($000's omitted)
|
||||||||||||||||||
|
September 30, 2019
|
||||||||||||||||||
|
Homes Under
Construction |
|
Land Under
Development |
|
Raw Land
|
|
Total
Inventory |
|
Total
Assets |
||||||||||
Northeast
|
$
|
379,753
|
|
|
$
|
247,743
|
|
|
$
|
14,915
|
|
|
$
|
642,411
|
|
|
$
|
743,466
|
|
Southeast
|
458,248
|
|
|
683,470
|
|
|
99,291
|
|
|
1,241,009
|
|
|
1,377,801
|
|
|||||
Florida
|
556,505
|
|
|
841,527
|
|
|
81,007
|
|
|
1,479,039
|
|
|
1,651,628
|
|
|||||
Midwest
|
357,520
|
|
|
461,847
|
|
|
27,498
|
|
|
846,865
|
|
|
920,643
|
|
|||||
Texas
|
377,273
|
|
|
450,883
|
|
|
88,993
|
|
|
917,149
|
|
|
986,687
|
|
|||||
West
|
964,105
|
|
|
1,278,015
|
|
|
103,998
|
|
|
2,346,118
|
|
|
2,581,214
|
|
|||||
Other homebuilding (a)
|
50,847
|
|
|
290,563
|
|
|
16,058
|
|
|
357,468
|
|
|
1,486,868
|
|
|||||
|
3,144,251
|
|
|
4,254,048
|
|
|
431,760
|
|
|
7,830,059
|
|
|
9,748,307
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
516,206
|
|
|||||
|
$
|
3,144,251
|
|
|
$
|
4,254,048
|
|
|
$
|
431,760
|
|
|
$
|
7,830,059
|
|
|
$
|
10,264,513
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Data by Segment
|
||||||||||||||||||
|
($000's omitted)
|
||||||||||||||||||
|
December 31, 2018
|
||||||||||||||||||
|
Homes Under
Construction |
|
Land Under
Development |
|
Raw Land
|
|
Total
Inventory |
|
Total
Assets |
||||||||||
Northeast
|
$
|
268,900
|
|
|
$
|
291,467
|
|
|
$
|
52,245
|
|
|
$
|
612,612
|
|
|
$
|
704,515
|
|
Southeast
|
443,140
|
|
|
676,087
|
|
|
90,332
|
|
|
1,209,559
|
|
|
1,347,427
|
|
|||||
Florida
|
467,625
|
|
|
892,669
|
|
|
85,321
|
|
|
1,445,615
|
|
|
1,601,906
|
|
|||||
Midwest
|
314,442
|
|
|
433,056
|
|
|
29,908
|
|
|
777,406
|
|
|
849,596
|
|
|||||
Texas
|
284,405
|
|
|
427,124
|
|
|
98,415
|
|
|
809,944
|
|
|
881,629
|
|
|||||
West
|
805,709
|
|
|
1,131,841
|
|
|
118,579
|
|
|
2,056,129
|
|
|
2,208,092
|
|
|||||
Other homebuilding (a)
|
45,937
|
|
|
276,981
|
|
|
19,170
|
|
|
342,088
|
|
|
2,006,825
|
|
|||||
|
2,630,158
|
|
|
4,129,225
|
|
|
493,970
|
|
|
7,253,353
|
|
|
9,599,990
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
572,986
|
|
|||||
|
$
|
2,630,158
|
|
|
$
|
4,129,225
|
|
|
$
|
493,970
|
|
|
$
|
7,253,353
|
|
|
$
|
10,172,976
|
|
(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,
2019 |
|
December 31,
2018 |
||||
4.250% unsecured senior notes due March 2021 (a)
|
$
|
425,954
|
|
|
$
|
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)
|
(14,431
|
)
|
|
(13,247
|
)
|
||
Total senior notes
|
2,711,523
|
|
|
2,986,753
|
|
||
Other notes payable
|
32,658
|
|
|
41,313
|
|
||
Notes payable
|
$
|
2,744,181
|
|
|
$
|
3,028,066
|
|
Estimated fair value
|
$
|
3,018,968
|
|
|
$
|
2,899,143
|
|
(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,
2019 |
|
December 31,
2018 |
||||||||
|
|
|
|
|
|
|
||||
Measured at fair value on a recurring basis:
|
|
|
|
|
|
|
||||
Residential mortgage loans available-for-sale
|
|
Level 2
|
|
$
|
383,893
|
|
|
$
|
461,354
|
|
Interest rate lock commitments
|
|
Level 2
|
|
11,003
|
|
|
9,035
|
|
||
Forward contracts
|
|
Level 2
|
|
(64
|
)
|
|
(6,914
|
)
|
||
Whole loan commitments
|
|
Level 2
|
|
276
|
|
|
(718
|
)
|
||
|
|
|
|
|
|
|
||||
Measured at fair value on a non-recurring basis:
|
|
|
|
|
|
|
||||
House and land inventory
|
|
Level 3
|
|
$
|
2,610
|
|
|
$
|
18,253
|
|
Land held for sale
|
|
Level 2
|
|
4,975
|
|
|
17,813
|
|
||
|
|
|
|
|
|
|
||||
Disclosed at fair value:
|
|
|
|
|
|
|
||||
Cash, cash equivalents, and restricted cash
|
|
Level 1
|
|
$
|
768,644
|
|
|
$
|
1,133,700
|
|
Financial Services debt
|
|
Level 2
|
|
249,360
|
|
|
348,412
|
|
||
Senior notes payable
|
|
Level 2
|
|
2,986,310
|
|
|
2,857,830
|
|
||
Other notes payable
|
|
Level 2
|
|
32,658
|
|
|
41,313
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Warranty liabilities, beginning of period
|
$
|
81,442
|
|
|
$
|
72,169
|
|
|
$
|
79,154
|
|
|
$
|
72,709
|
|
Reserves provided
|
16,152
|
|
|
18,376
|
|
|
43,060
|
|
|
46,022
|
|
||||
Payments
|
(19,573
|
)
|
|
(15,993
|
)
|
|
(53,634
|
)
|
|
(47,403
|
)
|
||||
Other adjustments (a)
|
10,402
|
|
|
638
|
|
|
19,843
|
|
|
3,862
|
|
||||
Warranty liabilities, end of period
|
$
|
88,423
|
|
|
$
|
75,190
|
|
|
$
|
88,423
|
|
|
$
|
75,190
|
|
(a)
|
Includes charges of $9.0 million and $14.8 million in the three and nine months ended September 30, 2019, respectively, related to estimated costs to complete repairs in a closed-out community in the Southeast.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Balance, beginning of period
|
$
|
716,218
|
|
|
$
|
725,482
|
|
|
$
|
737,013
|
|
|
$
|
758,812
|
|
Reserves provided
|
21,892
|
|
|
24,106
|
|
|
59,558
|
|
|
67,001
|
|
||||
Adjustments to previously recorded reserves
|
(1,700
|
)
|
|
(5,065
|
)
|
|
(18,338
|
)
|
|
(40,133
|
)
|
||||
Payments, net (a)
|
(11,092
|
)
|
|
(18,026
|
)
|
|
(52,915
|
)
|
|
(59,183
|
)
|
||||
Balance, end of period
|
$
|
725,318
|
|
|
$
|
726,497
|
|
|
$
|
725,318
|
|
|
$
|
726,497
|
|
(a)
|
Includes net changes in amounts expected to be recovered from our insurance carriers, which are recorded in other assets (see below).
|
Years Ending December 31,
|
|
||
2019 (a)
|
$
|
5,926
|
|
2020
|
21,539
|
|
|
2021
|
19,555
|
|
|
2022
|
18,011
|
|
|
2023
|
16,549
|
|
|
Thereafter
|
32,322
|
|
|
Total lease payments (b)
|
113,902
|
|
|
Less: Interest (c)
|
18,891
|
|
|
Present value of lease liabilities (d)
|
$
|
95,011
|
|
(a)
|
Remaining payments are for the three months ending December 31, 2019.
|
(b)
|
Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were $5.9 million of legally binding minimum lease payments for leases signed but not yet commenced at September 30, 2019.
|
(c)
|
Our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our discount rate for such leases to determine the present value of lease payments at the lease commencement date.
|
(d)
|
The weighted average remaining lease term and weighted average discount rate used in calculating our lease liabilities were 6.1 years and 5.8%, respectively, at September 30, 2019.
|
|
Unconsolidated
|
|
Eliminating
Entries |
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
|||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and equivalents
|
$
|
—
|
|
|
$
|
688,125
|
|
|
$
|
48,861
|
|
|
$
|
—
|
|
|
$
|
736,986
|
|
Restricted cash
|
—
|
|
|
29,685
|
|
|
1,973
|
|
|
—
|
|
|
31,658
|
|
|||||
Total cash, cash equivalents, and
restricted cash |
—
|
|
|
717,810
|
|
|
50,834
|
|
|
—
|
|
|
768,644
|
|
|||||
House and land inventory
|
—
|
|
|
7,718,786
|
|
|
111,273
|
|
|
—
|
|
|
7,830,059
|
|
|||||
Land held for sale
|
—
|
|
|
34,001
|
|
|
494
|
|
|
—
|
|
|
34,495
|
|
|||||
Residential mortgage loans available-
for-sale |
—
|
|
|
—
|
|
|
383,893
|
|
|
—
|
|
|
383,893
|
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
61,639
|
|
|
543
|
|
|
—
|
|
|
62,182
|
|
|||||
Other assets
|
12,918
|
|
|
662,912
|
|
|
189,016
|
|
|
—
|
|
|
864,846
|
|
|||||
Intangible assets
|
—
|
|
|
128,592
|
|
|
—
|
|
|
|
|
|
128,592
|
|
|||||
Deferred tax assets, net
|
199,875
|
|
|
—
|
|
|
(8,073
|
)
|
|
—
|
|
|
191,802
|
|
|||||
Investments in subsidiaries and
intercompany accounts, net |
7,790,167
|
|
|
861,532
|
|
|
9,154,242
|
|
|
(17,805,941
|
)
|
|
—
|
|
|||||
|
$
|
8,002,960
|
|
|
$
|
10,185,272
|
|
|
$
|
9,882,222
|
|
|
$
|
(17,805,941
|
)
|
|
$
|
10,264,513
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, customer deposits,
accrued and other liabilities |
$
|
71,221
|
|
|
$
|
1,718,707
|
|
|
$
|
260,828
|
|
|
$
|
—
|
|
|
$
|
2,050,756
|
|
Income tax liabilities
|
38,624
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,624
|
|
|||||
Financial Services debt
|
—
|
|
|
—
|
|
|
249,360
|
|
|
—
|
|
|
249,360
|
|
|||||
Notes payable
|
2,711,523
|
|
|
32,658
|
|
|
—
|
|
|
—
|
|
|
2,744,181
|
|
|||||
Total liabilities
|
2,821,368
|
|
|
1,751,365
|
|
|
510,188
|
|
|
—
|
|
|
5,082,921
|
|
|||||
Total shareholders’ equity
|
5,181,592
|
|
|
8,433,907
|
|
|
9,372,034
|
|
|
(17,805,941
|
)
|
|
5,181,592
|
|
|||||
|
$
|
8,002,960
|
|
|
$
|
10,185,272
|
|
|
$
|
9,882,222
|
|
|
$
|
(17,805,941
|
)
|
|
$
|
10,264,513
|
|
|
|||||||||||||||||||
|
Unconsolidated
|
|
Eliminating
Entries |
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
|||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and equivalents
|
$
|
—
|
|
|
$
|
906,961
|
|
|
$
|
203,127
|
|
|
$
|
—
|
|
|
$
|
1,110,088
|
|
Restricted cash
|
—
|
|
|
22,406
|
|
|
1,206
|
|
|
—
|
|
|
23,612
|
|
|||||
Total cash, cash equivalents, and
restricted cash |
—
|
|
|
929,367
|
|
|
204,333
|
|
|
—
|
|
|
1,133,700
|
|
|||||
House and land inventory
|
—
|
|
|
7,157,665
|
|
|
95,688
|
|
|
—
|
|
|
7,253,353
|
|
|||||
Land held for sale
|
—
|
|
|
36,849
|
|
|
—
|
|
|
—
|
|
|
36,849
|
|
|||||
Residential mortgage loans available-
for-sale |
—
|
|
|
—
|
|
|
461,354
|
|
|
—
|
|
|
461,354
|
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
54,045
|
|
|
545
|
|
|
—
|
|
|
54,590
|
|
|||||
Other assets
|
66,154
|
|
|
579,452
|
|
|
184,753
|
|
|
—
|
|
|
830,359
|
|
|||||
Intangible assets
|
—
|
|
|
127,192
|
|
|
—
|
|
|
—
|
|
|
127,192
|
|
|||||
Deferred tax assets, net
|
282,874
|
|
|
—
|
|
|
(7,295
|
)
|
|
—
|
|
|
275,579
|
|
|||||
Investments in subsidiaries and
intercompany accounts, net |
7,557,245
|
|
|
500,138
|
|
|
8,231,342
|
|
|
(16,288,725
|
)
|
|
—
|
|
|||||
|
$
|
7,906,273
|
|
|
$
|
9,384,708
|
|
|
$
|
9,170,720
|
|
|
$
|
(16,288,725
|
)
|
|
$
|
10,172,976
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, customer deposits,
accrued and other liabilities |
$
|
90,158
|
|
|
$
|
1,598,265
|
|
|
$
|
278,713
|
|
|
$
|
—
|
|
|
$
|
1,967,136
|
|
Income tax liabilities
|
11,580
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,580
|
|
|||||
Financial Services debt
|
—
|
|
|
—
|
|
|
348,412
|
|
|
—
|
|
|
348,412
|
|
|||||
Notes payable
|
2,986,753
|
|
|
40,776
|
|
|
537
|
|
|
—
|
|
|
3,028,066
|
|
|||||
Total liabilities
|
3,088,491
|
|
|
1,639,041
|
|
|
627,662
|
|
|
—
|
|
|
5,355,194
|
|
|||||
Total shareholders’ equity
|
4,817,782
|
|
|
7,745,667
|
|
|
8,543,058
|
|
|
(16,288,725
|
)
|
|
4,817,782
|
|
|||||
|
$
|
7,906,273
|
|
|
$
|
9,384,708
|
|
|
$
|
9,170,720
|
|
|
$
|
(16,288,725
|
)
|
|
$
|
10,172,976
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale revenues
|
$
|
—
|
|
|
$
|
2,588,933
|
|
|
$
|
48,069
|
|
|
$
|
—
|
|
|
$
|
2,637,002
|
|
Land sale and other revenues
|
—
|
|
|
8,526
|
|
|
22
|
|
|
—
|
|
|
8,548
|
|
|||||
|
—
|
|
|
2,597,459
|
|
|
48,091
|
|
|
—
|
|
|
2,645,550
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
64,815
|
|
|
—
|
|
|
64,815
|
|
|||||
|
—
|
|
|
2,597,459
|
|
|
112,906
|
|
|
—
|
|
|
2,710,365
|
|
|||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale cost of revenues
|
—
|
|
|
(1,992,043
|
)
|
|
(36,579
|
)
|
|
—
|
|
|
(2,028,622
|
)
|
|||||
Land sale cost of revenues
|
—
|
|
|
(7,350
|
)
|
|
—
|
|
|
—
|
|
|
(7,350
|
)
|
|||||
|
—
|
|
|
(1,999,393
|
)
|
|
(36,579
|
)
|
|
—
|
|
|
(2,035,972
|
)
|
|||||
Financial Services expenses
|
—
|
|
|
(133
|
)
|
|
(32,381
|
)
|
|
—
|
|
|
(32,514
|
)
|
|||||
Selling, general, and administrative
expenses |
—
|
|
|
(252,414
|
)
|
|
(18,211
|
)
|
|
—
|
|
|
(270,625
|
)
|
|||||
Other income (expense), net
|
(126
|
)
|
|
(15,697
|
)
|
|
10,715
|
|
|
—
|
|
|
(5,108
|
)
|
|||||
Intercompany interest
|
(2,255
|
)
|
|
—
|
|
|
2,255
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) before income taxes and
equity in income (loss) of subsidiaries |
(2,381
|
)
|
|
329,822
|
|
|
38,705
|
|
|
—
|
|
|
366,146
|
|
|||||
Income tax (expense) benefit
|
688
|
|
|
(83,937
|
)
|
|
(9,793
|
)
|
|
—
|
|
|
(93,042
|
)
|
|||||
Income (loss) before equity in income
(loss) of subsidiaries |
(1,693
|
)
|
|
245,885
|
|
|
28,912
|
|
|
—
|
|
|
273,104
|
|
|||||
Equity in income (loss) of subsidiaries
|
274,797
|
|
|
34,672
|
|
|
371,107
|
|
|
(680,576
|
)
|
|
—
|
|
|||||
Net income (loss)
|
273,104
|
|
|
280,557
|
|
|
400,019
|
|
|
(680,576
|
)
|
|
273,104
|
|
|||||
Other comprehensive income
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|||||
Comprehensive income (loss)
|
$
|
273,129
|
|
|
$
|
280,557
|
|
|
$
|
400,019
|
|
|
$
|
(680,576
|
)
|
|
$
|
273,129
|
|
|
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
|
$
|
—
|
|
|
$
|
6,855,951
|
|
|
$
|
134,466
|
|
|
$
|
—
|
|
|
$
|
6,990,417
|
|
Land sale revenues
|
—
|
|
|
40,311
|
|
|
682
|
|
|
—
|
|
|
40,993
|
|
|||||
|
—
|
|
|
6,896,262
|
|
|
135,148
|
|
|
—
|
|
|
7,031,410
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
164,634
|
|
|
—
|
|
|
164,634
|
|
|||||
|
—
|
|
|
6,896,262
|
|
|
299,782
|
|
|
—
|
|
|
7,196,044
|
|
|||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale cost of revenues
|
—
|
|
|
(5,267,638
|
)
|
|
(101,930
|
)
|
|
—
|
|
|
(5,369,568
|
)
|
|||||
Land sale cost of revenues
|
—
|
|
|
(34,509
|
)
|
|
(1,106
|
)
|
|
|
|
|
(35,615
|
)
|
|||||
|
—
|
|
|
(5,302,147
|
)
|
|
(103,036
|
)
|
|
—
|
|
|
(5,405,183
|
)
|
|||||
Financial Services expenses
|
—
|
|
|
(390
|
)
|
|
(94,474
|
)
|
|
—
|
|
|
(94,864
|
)
|
|||||
Selling, general, and administrative
expenses |
—
|
|
|
(731,801
|
)
|
|
(50,990
|
)
|
|
—
|
|
|
(782,791
|
)
|
|||||
Other expense, net
|
(5,213
|
)
|
|
(29,961
|
)
|
|
25,593
|
|
|
—
|
|
|
(9,581
|
)
|
|||||
Intercompany interest
|
(6,506
|
)
|
|
—
|
|
|
6,506
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) before income taxes and
equity in income (loss) of subsidiaries |
(11,719
|
)
|
|
831,963
|
|
|
83,381
|
|
|
—
|
|
|
903,625
|
|
|||||
Income tax (expense) benefit
|
2,930
|
|
|
(204,186
|
)
|
|
(21,467
|
)
|
|
—
|
|
|
(222,723
|
)
|
|||||
Income (loss) before equity in income
(loss) of subsidiaries |
(8,789
|
)
|
|
627,777
|
|
|
61,914
|
|
|
—
|
|
|
680,902
|
|
|||||
Equity in income (loss) of subsidiaries
|
689,691
|
|
|
77,480
|
|
|
647,207
|
|
|
(1,414,378
|
)
|
|
—
|
|
|||||
Net income (loss)
|
680,902
|
|
|
705,257
|
|
|
709,121
|
|
|
(1,414,378
|
)
|
|
680,902
|
|
|||||
Other comprehensive income
|
75
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|||||
Comprehensive income (loss)
|
$
|
680,977
|
|
|
$
|
705,257
|
|
|
$
|
709,121
|
|
|
$
|
(1,414,378
|
)
|
|
$
|
680,977
|
|
|
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 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 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 |
|
|||||||||||
Net cash provided by (used in)
operating activities |
$
|
162,105
|
|
|
$
|
304,142
|
|
|
$
|
116,533
|
|
|
$
|
—
|
|
|
$
|
582,780
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(36,098
|
)
|
|
(7,064
|
)
|
|
—
|
|
|
(43,162
|
)
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
(7,807
|
)
|
|
(708
|
)
|
|
—
|
|
|
(8,515
|
)
|
|||||
Other investing activities, net
|
—
|
|
|
3,286
|
|
|
1,723
|
|
|
—
|
|
|
5,009
|
|
|||||
Business acquisition
|
—
|
|
|
(163,724
|
)
|
|
—
|
|
|
—
|
|
|
(163,724
|
)
|
|||||
Net cash provided by (used in)
investing activities |
—
|
|
|
(204,343
|
)
|
|
(6,049
|
)
|
|
—
|
|
|
(210,392
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Services borrowing (repayments), net
|
—
|
|
|
—
|
|
|
(99,052
|
)
|
|
—
|
|
|
(99,052
|
)
|
|||||
Repayments of debt
|
(280,175
|
)
|
|
(16,699
|
)
|
|
(537
|
)
|
|
—
|
|
|
(297,411
|
)
|
|||||
Borrowings under revolving credit facility
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Repayments under revolving credit facility
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Debt issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Stock option exercises
|
6,368
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,368
|
|
|||||
Share repurchases
|
(244,388
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(244,388
|
)
|
|||||
Cash paid for shares withheld for taxes
|
(10,726
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,726
|
)
|
|||||
Dividends paid
|
(92,235
|
)
|
|
44,499
|
|
|
(44,499
|
)
|
|
—
|
|
|
(92,235
|
)
|
|||||
Intercompany activities, net
|
459,051
|
|
|
(339,156
|
)
|
|
(119,895
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in)
financing activities |
(162,105
|
)
|
|
(311,356
|
)
|
|
(263,983
|
)
|
|
—
|
|
|
(737,444
|
)
|
|||||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
—
|
|
|
(211,557
|
)
|
|
(153,499
|
)
|
|
—
|
|
|
(365,056
|
)
|
|||||
Cash, cash equivalents, and restricted cash
at beginning of year |
—
|
|
|
929,367
|
|
|
204,333
|
|
|
—
|
|
|
1,133,700
|
|
|||||
Cash, cash equivalents, and restricted cash
at end of year |
$
|
—
|
|
|
$
|
717,810
|
|
|
$
|
50,834
|
|
|
$
|
—
|
|
|
$
|
768,644
|
|
|
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
|
|
|||||
Business acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in)
investing activities |
—
|
|
|
(30,184
|
)
|
|
(1,800
|
)
|
|
—
|
|
|
(31,984
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Services borrowings (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
|
(172,061
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(172,060
|
)
|
|||||
Cash paid for shares withheld for taxes
|
(7,378
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,379
|
)
|
|||||
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
|
|
•
|
Repurchased $244.4 million of common shares and increasing our share repurchase authorization by $500.0 million;
|
•
|
Completed a tender offer to retire $274.0 million of our unsecured senior notes maturing in 2021;
|
•
|
Acquired the homebuilding operations of American West located in Las Vegas, Nevada, for $163.7 million;
|
•
|
Continued to invest in new communities, as reflected in the increase to 865 active communities; and
|
•
|
Increased our quarterly dividend by 22% to $0.11 per share.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Income before income taxes:
|
|
|
|
|
|
|
|
||||||||
Homebuilding
|
$
|
333,862
|
|
|
$
|
365,055
|
|
|
$
|
833,854
|
|
|
$
|
963,867
|
|
Financial Services
|
32,284
|
|
|
19,633
|
|
|
69,771
|
|
|
54,182
|
|
||||
Income before income taxes
|
366,146
|
|
|
384,688
|
|
|
903,625
|
|
|
1,018,049
|
|
||||
Income tax expense
|
(93,042
|
)
|
|
(95,153
|
)
|
|
(222,723
|
)
|
|
(233,674
|
)
|
||||
Net income
|
$
|
273,104
|
|
|
$
|
289,535
|
|
|
$
|
680,902
|
|
|
$
|
784,375
|
|
Per share data - assuming dilution:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
0.99
|
|
|
$
|
1.01
|
|
|
$
|
2.44
|
|
|
$
|
2.71
|
|
•
|
Homebuilding income before income taxes for the three and nine months ended September 30, 2019 decreased 9% and 13%, respectively, compared with prior year periods primarily due to lower gross margins compared with the comparable periods in 2018. Additionally, results for the nine months ended September 30, 2018 also included significant land sale gains primarily related to two transactions in California as well as an insurance reserve reversal.
|
•
|
Financial Services income before income taxes, for the three and nine months ended September 30, 2019, increased 64% and 29%, respectively, compared with prior periods primarily as the result of higher volumes, which largely resulted from increased homebuilding volumes combined with an improved capture rate, and improved margin per loan. Interest rates have generally declined during 2019, which has led to higher gains from sales of mortgages.
|
•
|
Our effective tax rate for the three and nine months ended September 30, 2019 was 25.4% and 24.6%, respectively, compared to 24.7% and 23.0%, respectively, for the same periods in 2018. Our effective tax rates for the three and nine months ended September 30, 2019 were higher than the prior year periods primarily due to tax benefits realized in the prior periods relating to Internal Revenue Service acceptance in 2018 of an accounting method change applicable to the 2017 tax year and state tax law changes occurring in both 2019 and 2018.
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2019
|
|
2019 vs. 2018
|
|
2018
|
|
2019
|
|
2019 vs. 2018
|
|
2018
|
||||||||||
Home sale revenues
|
$
|
2,637,002
|
|
|
3
|
%
|
|
$
|
2,572,236
|
|
|
$
|
6,990,417
|
|
|
1
|
%
|
|
$
|
6,933,888
|
|
Land sale and other revenues (a)
|
8,548
|
|
|
(66
|
)%
|
|
25,510
|
|
|
40,993
|
|
|
(61
|
)%
|
|
104,971
|
|
||||
Total Homebuilding revenues
|
2,645,550
|
|
|
2
|
%
|
|
2,597,746
|
|
|
7,031,410
|
|
|
—
|
%
|
|
7,038,859
|
|
||||
Home sale cost of revenues (b)
|
(2,028,622
|
)
|
|
4
|
%
|
|
(1,954,160
|
)
|
|
(5,369,568
|
)
|
|
2
|
%
|
|
(5,276,232
|
)
|
||||
Land sale cost of revenues
|
(7,350
|
)
|
|
(67
|
)%
|
|
(22,060
|
)
|
|
(35,615
|
)
|
|
(50
|
)%
|
|
(71,791
|
)
|
||||
Selling, general, and administrative
expenses ("SG&A") (c) |
(270,625
|
)
|
|
7
|
%
|
|
(252,757
|
)
|
|
(782,791
|
)
|
|
9
|
%
|
|
(719,706
|
)
|
||||
Other expense, net
|
(5,091
|
)
|
|
37
|
%
|
|
(3,714
|
)
|
|
(9,582
|
)
|
|
32
|
%
|
|
(7,263
|
)
|
||||
Income before income taxes
|
$
|
333,862
|
|
|
(9
|
)%
|
|
$
|
365,055
|
|
|
$
|
833,854
|
|
|
(13
|
)%
|
|
$
|
963,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross margin from home sales
|
23.1
|
%
|
|
(90) bps
|
|
|
24.0
|
%
|
|
23.2
|
%
|
|
(70) bps
|
|
|
23.9
|
%
|
||||
SG&A as a percentage of home
sale revenues (c) |
10.3
|
%
|
|
50 bps
|
|
|
9.8
|
%
|
|
11.2
|
%
|
|
80 bps
|
|
|
10.4
|
%
|
||||
Closings (units)
|
6,186
|
|
|
3
|
%
|
|
6,031
|
|
|
16,410
|
|
|
—
|
%
|
|
16,398
|
|
||||
Average selling price
|
$
|
426
|
|
|
—
|
%
|
|
$
|
427
|
|
|
$
|
426
|
|
|
1
|
%
|
|
$
|
423
|
|
Net new orders (d):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Units
|
6,031
|
|
|
13
|
%
|
|
5,350
|
|
|
19,286
|
|
|
4
|
%
|
|
18,566
|
|
||||
Dollars
|
$
|
2,538,708
|
|
|
11
|
%
|
|
$
|
2,278,357
|
|
|
$
|
8,165,268
|
|
|
4
|
%
|
|
$
|
7,866,177
|
|
Cancellation rate
|
15
|
%
|
|
|
|
15
|
%
|
|
14
|
%
|
|
|
|
13
|
%
|
||||||
Active communities
|
865
|
|
|
4
|
%
|
|
835
|
|
|
862
|
|
|
3
|
%
|
|
834
|
|
||||
Backlog at September 30:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Units
|
|
|
|
|
|
|
11,638
|
|
|
4
|
%
|
|
11,164
|
|
|||||||
Dollars
|
|
|
|
|
|
|
$
|
5,010,999
|
|
|
2
|
%
|
|
$
|
4,911,353
|
|
(a)
|
Includes net gains of $26.4 million related to two land sale transactions in California that closed during the nine months ended September 30, 2018 (see Note 3).
|
(b)
|
Includes the amortization of capitalized interest.
|
(c)
|
Includes insurance reserve reversals of $18.3 million and $40.1 million for the nine months ended September 30, 2019 and 2018, respectively, and write-offs of insurance receivables of $24.0 million for the nine months ended September 30, 2019 (see Note 8).
|
(d)
|
Net 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,
|
|||||||||||||
2019
|
|
2018
|
|
2019
|
|
2018
|
|||||||||
Write-offs of deposits and pre-acquisition costs
|
$
|
(2,455
|
)
|
|
$
|
(3,136
|
)
|
|
$
|
(7,888
|
)
|
|
$
|
(7,398
|
)
|
Amortization of intangible assets
|
(3,600
|
)
|
|
(3,450
|
)
|
|
(10,600
|
)
|
|
(10,350
|
)
|
||||
—
|
|
|
—
|
|
|
(4,843
|
)
|
|
(76
|
)
|
|||||
Interest income
|
3,554
|
|
|
1,842
|
|
|
12,974
|
|
|
3,240
|
|
||||
Interest expense
|
(147
|
)
|
|
(152
|
)
|
|
(437
|
)
|
|
(460
|
)
|
||||
Equity in earnings of unconsolidated entities
|
211
|
|
|
886
|
|
|
377
|
|
|
2,112
|
|
||||
Miscellaneous, net
|
(2,671
|
)
|
|
296
|
|
|
819
|
|
|
5,669
|
|
||||
Total other expense, net
|
$
|
(5,091
|
)
|
|
$
|
(3,714
|
)
|
|
$
|
(9,582
|
)
|
|
$
|
(7,263
|
)
|
|
September 30,
2019 |
|
September 30,
2018 |
||
Sold
|
8,529
|
|
|
8,286
|
|
Unsold
|
|
|
|
||
Under construction
|
2,274
|
|
|
2,384
|
|
Completed
|
679
|
|
|
532
|
|
|
2,953
|
|
|
2,916
|
|
Models
|
1,282
|
|
|
1,214
|
|
Total
|
12,764
|
|
|
12,416
|
|
|
September 30, 2019
|
|
December 31, 2018
|
||||||||||||||
|
Owned
|
|
Optioned
|
|
Controlled
|
|
Owned
|
|
Optioned
|
|
Controlled
|
||||||
Northeast
|
5,108
|
|
|
4,411
|
|
|
9,519
|
|
|
5,813
|
|
|
3,694
|
|
|
9,507
|
|
Southeast
|
16,366
|
|
|
12,328
|
|
|
28,694
|
|
|
15,800
|
|
|
11,806
|
|
|
27,606
|
|
Florida
|
18,058
|
|
|
20,012
|
|
|
38,070
|
|
|
18,652
|
|
|
15,855
|
|
|
34,507
|
|
Midwest
|
10,439
|
|
|
12,067
|
|
|
22,506
|
|
|
10,097
|
|
|
11,883
|
|
|
21,980
|
|
Texas
|
16,217
|
|
|
11,636
|
|
|
27,853
|
|
|
14,380
|
|
|
11,035
|
|
|
25,415
|
|
West
|
26,421
|
|
|
7,897
|
|
|
34,318
|
|
|
24,788
|
|
|
5,774
|
|
|
30,562
|
|
Total
|
92,609
|
|
|
68,351
|
|
|
160,960
|
|
|
89,530
|
|
|
60,047
|
|
|
149,577
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Developed (%)
|
40
|
%
|
|
20
|
%
|
|
31
|
%
|
|
39
|
%
|
|
21
|
%
|
|
32
|
%
|
Northeast:
|
|
Connecticut, Maryland, Massachusetts, New Jersey, Pennsylvania, Virginia
|
Southeast:
|
|
Georgia, North Carolina, South Carolina, Tennessee
|
Florida:
|
|
Florida
|
Midwest:
|
|
Illinois, Indiana, Kentucky, Michigan, Minnesota, 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,
|
||||||||||||||||||
|
2019
|
|
2019 vs. 2018
|
|
2018
|
|
2019
|
|
2019 vs. 2018
|
|
2018
|
||||||||||
Home sale revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
$
|
209,630
|
|
|
20
|
%
|
|
$
|
174,864
|
|
|
$
|
505,899
|
|
|
—
|
%
|
|
$
|
506,015
|
|
Southeast
|
451,718
|
|
|
—
|
%
|
|
449,777
|
|
|
1,232,133
|
|
|
(3
|
)%
|
|
1,267,940
|
|
||||
Florida
|
539,172
|
|
|
8
|
%
|
|
501,156
|
|
|
1,465,837
|
|
|
13
|
%
|
|
1,297,761
|
|
||||
Midwest
|
401,784
|
|
|
(2
|
)%
|
|
411,121
|
|
|
1,040,306
|
|
|
(2
|
)%
|
|
1,062,871
|
|
||||
Texas
|
359,246
|
|
|
4
|
%
|
|
345,794
|
|
|
970,613
|
|
|
5
|
%
|
|
921,118
|
|
||||
West
|
675,452
|
|
|
(2
|
)%
|
|
689,524
|
|
|
1,775,629
|
|
|
(5
|
)%
|
|
1,878,183
|
|
||||
|
$
|
2,637,002
|
|
|
3
|
%
|
|
$
|
2,572,236
|
|
|
$
|
6,990,417
|
|
|
1
|
%
|
|
$
|
6,933,888
|
|
Income (loss) before income taxes (a):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
$
|
37,285
|
|
|
97
|
%
|
|
$
|
18,938
|
|
|
$
|
71,425
|
|
|
34
|
%
|
|
$
|
53,408
|
|
Southeast (b)
|
42,313
|
|
|
(19
|
)%
|
|
51,920
|
|
|
122,668
|
|
|
(16
|
)%
|
|
146,735
|
|
||||
Florida
|
89,186
|
|
|
21
|
%
|
|
73,802
|
|
|
218,848
|
|
|
18
|
%
|
|
186,238
|
|
||||
Midwest
|
55,286
|
|
|
5
|
%
|
|
52,438
|
|
|
124,406
|
|
|
—
|
%
|
|
123,889
|
|
||||
Texas
|
53,502
|
|
|
(3
|
)%
|
|
55,382
|
|
|
133,617
|
|
|
(2
|
)%
|
|
136,777
|
|
||||
West (c)
|
100,034
|
|
|
(28
|
)%
|
|
138,698
|
|
|
284,659
|
|
|
(26
|
)%
|
|
382,317
|
|
||||
Other homebuilding (d)
|
(43,744
|
)
|
|
(67
|
)%
|
|
(26,123
|
)
|
|
(121,769
|
)
|
|
(86
|
)%
|
|
(65,497
|
)
|
||||
|
$
|
333,862
|
|
|
(9
|
)%
|
|
$
|
365,055
|
|
|
$
|
833,854
|
|
|
(13
|
)%
|
|
$
|
963,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes land-related charges as summarized in the table below.
|
(b)
|
Includes charges of $9.0 million and $14.8 million in the three and nine months ended September 30, 2019, respectively, related to estimated costs to complete repairs in a closed-out community.
|
(c)
|
Includes gains of $26.4 million related to two land sale transactions in California in the nine months ended September 30, 2018 (see Note 3).
|
(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 $18.3 million and $40.1 million for the nine months ended September 30, 2019 and 2018, respectively, and write-offs of insurance receivables of $24.0 million for the nine months ended September 30, 2019 (see Note 8).
|
|
Operating Data by Segment ($000's omitted)
|
||||||||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2019
|
|
2019 vs. 2018
|
|
2018
|
|
2019
|
|
2019 vs. 2018
|
|
2018
|
||||||||||
Closings (units):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
388
|
|
|
11
|
%
|
|
350
|
|
|
956
|
|
|
(5
|
)%
|
|
1,002
|
|
||||
Southeast
|
1,067
|
|
|
(3
|
)%
|
|
1,101
|
|
|
2,915
|
|
|
(6
|
)%
|
|
3,097
|
|
||||
Florida
|
1,326
|
|
|
7
|
%
|
|
1,241
|
|
|
3,586
|
|
|
10
|
%
|
|
3,262
|
|
||||
Midwest
|
944
|
|
|
(7
|
)%
|
|
1,014
|
|
|
2,492
|
|
|
(6
|
)%
|
|
2,653
|
|
||||
Texas
|
1,194
|
|
|
7
|
%
|
|
1,114
|
|
|
3,162
|
|
|
5
|
%
|
|
3,019
|
|
||||
West
|
1,267
|
|
|
5
|
%
|
|
1,211
|
|
|
3,299
|
|
|
(2
|
)%
|
|
3,365
|
|
||||
|
6,186
|
|
|
3
|
%
|
|
6,031
|
|
|
16,410
|
|
|
—
|
%
|
|
16,398
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average selling price:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
$
|
540
|
|
|
8
|
%
|
|
$
|
500
|
|
|
$
|
529
|
|
|
5
|
%
|
|
$
|
505
|
|
Southeast
|
423
|
|
|
4
|
%
|
|
409
|
|
|
423
|
|
|
3
|
%
|
|
409
|
|
||||
Florida
|
407
|
|
|
1
|
%
|
|
404
|
|
|
409
|
|
|
3
|
%
|
|
398
|
|
||||
Midwest
|
426
|
|
|
5
|
%
|
|
405
|
|
|
417
|
|
|
4
|
%
|
|
401
|
|
||||
Texas
|
301
|
|
|
(3
|
)%
|
|
310
|
|
|
307
|
|
|
1
|
%
|
|
305
|
|
||||
West
|
533
|
|
|
(6
|
)%
|
|
569
|
|
|
538
|
|
|
(4
|
)%
|
|
558
|
|
||||
|
$
|
426
|
|
|
—
|
%
|
|
$
|
427
|
|
|
$
|
426
|
|
|
1
|
%
|
|
$
|
423
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net new orders - units:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
424
|
|
|
20
|
%
|
|
353
|
|
|
1,240
|
|
|
(1
|
)%
|
|
1,251
|
|
||||
Southeast
|
994
|
|
|
5
|
%
|
|
948
|
|
|
3,281
|
|
|
(1
|
)%
|
|
3,300
|
|
||||
Florida
|
1,340
|
|
|
14
|
%
|
|
1,173
|
|
|
4,146
|
|
|
5
|
%
|
|
3,964
|
|
||||
Midwest
|
895
|
|
|
9
|
%
|
|
823
|
|
|
2,894
|
|
|
(3
|
)%
|
|
2,980
|
|
||||
Texas
|
1,103
|
|
|
10
|
%
|
|
1,005
|
|
|
3,792
|
|
|
8
|
%
|
|
3,511
|
|
||||
West
|
1,275
|
|
|
22
|
%
|
|
1,048
|
|
|
3,933
|
|
|
10
|
%
|
|
3,560
|
|
||||
|
6,031
|
|
|
13
|
%
|
|
5,350
|
|
|
19,286
|
|
|
4
|
%
|
|
18,566
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net new orders - dollars:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
$
|
230,946
|
|
|
24
|
%
|
|
$
|
185,678
|
|
|
$
|
671,590
|
|
|
3
|
%
|
|
$
|
654,820
|
|
Southeast
|
405,864
|
|
|
3
|
%
|
|
392,220
|
|
|
1,363,222
|
|
|
(1
|
)%
|
|
1,375,325
|
|
||||
Florida
|
542,782
|
|
|
10
|
%
|
|
494,882
|
|
|
1,693,825
|
|
|
5
|
%
|
|
1,615,360
|
|
||||
Midwest
|
376,068
|
|
|
10
|
%
|
|
342,730
|
|
|
1,200,909
|
|
|
(2
|
)%
|
|
1,221,252
|
|
||||
Texas
|
331,976
|
|
|
5
|
%
|
|
315,433
|
|
|
1,151,946
|
|
|
5
|
%
|
|
1,093,405
|
|
||||
West
|
651,072
|
|
|
19
|
%
|
|
547,414
|
|
|
2,083,776
|
|
|
9
|
%
|
|
1,906,015
|
|
||||
|
$
|
2,538,708
|
|
|
11
|
%
|
|
$
|
2,278,357
|
|
|
$
|
8,165,268
|
|
|
4
|
%
|
|
$
|
7,866,177
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Data by Segment ($000's omitted)
|
||||||||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||||||||
|
2019
|
|
2019 vs. 2018
|
|
2018
|
|
2019
|
|
2019 vs. 2018
|
|
2018
|
||||||||||
Cancellation rates:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
8
|
%
|
|
|
|
10
|
%
|
|
11
|
%
|
|
|
|
8
|
%
|
||||||
Southeast
|
12
|
%
|
|
|
|
12
|
%
|
|
11
|
%
|
|
|
|
11
|
%
|
||||||
Florida
|
13
|
%
|
|
|
|
13
|
%
|
|
12
|
%
|
|
|
|
12
|
%
|
||||||
Midwest
|
14
|
%
|
|
|
|
13
|
%
|
|
12
|
%
|
|
|
|
12
|
%
|
||||||
Texas
|
21
|
%
|
|
|
|
19
|
%
|
|
17
|
%
|
|
|
|
17
|
%
|
||||||
West
|
18
|
%
|
|
|
|
19
|
%
|
|
16
|
%
|
|
|
|
16
|
%
|
||||||
|
15
|
%
|
|
|
|
15
|
%
|
|
14
|
%
|
|
|
|
13
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit backlog:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
|
|
|
|
|
|
754
|
|
|
(1
|
)%
|
|
761
|
|
|||||||
Southeast
|
|
|
|
|
|
|
1,976
|
|
|
3
|
%
|
|
1,919
|
|
|||||||
Florida
|
|
|
|
|
|
|
2,449
|
|
|
3
|
%
|
|
2,380
|
|
|||||||
Midwest
|
|
|
|
|
|
|
1,804
|
|
|
(1
|
)%
|
|
1,814
|
|
|||||||
Texas
|
|
|
|
|
|
|
2,122
|
|
|
11
|
%
|
|
1,918
|
|
|||||||
West
|
|
|
|
|
|
|
2,533
|
|
|
7
|
%
|
|
2,372
|
|
|||||||
|
|
|
|
|
|
|
11,638
|
|
|
4
|
%
|
|
11,164
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Backlog dollars:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
|
|
|
|
|
|
$
|
423,502
|
|
|
5
|
%
|
|
$
|
402,455
|
|
|||||
Southeast
|
|
|
|
|
|
|
830,119
|
|
|
1
|
%
|
|
825,552
|
|
|||||||
Florida
|
|
|
|
|
|
|
1,028,040
|
|
|
3
|
%
|
|
999,188
|
|
|||||||
Midwest
|
|
|
|
|
|
|
749,023
|
|
|
—
|
%
|
|
746,920
|
|
|||||||
Texas
|
|
|
|
|
|
|
667,546
|
|
|
7
|
%
|
|
622,084
|
|
|||||||
West
|
|
|
|
|
|
|
1,312,769
|
|
|
—
|
%
|
|
1,315,154
|
|
|||||||
|
|
|
|
|
|
|
$
|
5,010,999
|
|
|
2
|
%
|
|
$
|
4,911,353
|
|
|
Operating Data by Segment
($000’s omitted) |
||||||||||||||
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
|
|
September 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Land-related charges*:
|
|
|
|
|
|
|
|
||||||||
Northeast
|
$
|
253
|
|
|
$
|
1,385
|
|
|
$
|
707
|
|
|
$
|
3,068
|
|
Southeast
|
8,167
|
|
|
663
|
|
|
10,754
|
|
|
2,394
|
|
||||
Florida
|
225
|
|
|
262
|
|
|
1,471
|
|
|
671
|
|
||||
Midwest
|
528
|
|
|
4,959
|
|
|
1,832
|
|
|
6,078
|
|
||||
Texas
|
94
|
|
|
47
|
|
|
577
|
|
|
317
|
|
||||
West
|
1,166
|
|
|
425
|
|
|
1,813
|
|
|
786
|
|
||||
Other homebuilding
|
307
|
|
|
391
|
|
|
395
|
|
|
659
|
|
||||
|
$
|
10,740
|
|
|
$
|
8,132
|
|
|
$
|
17,549
|
|
|
$
|
13,973
|
|
*
|
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. 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,
|
||||||||||||||||||
|
2019
|
|
2019 vs. 2018
|
|
2018
|
|
2019
|
|
2019 vs. 2018
|
|
2018
|
||||||||||
Mortgage revenues
|
$
|
47,190
|
|
|
25
|
%
|
|
$
|
37,618
|
|
|
$
|
118,897
|
|
|
7
|
%
|
|
$
|
111,313
|
|
Title services revenues
|
13,627
|
|
|
16
|
%
|
|
11,732
|
|
|
36,679
|
|
|
13
|
%
|
|
32,336
|
|
||||
Insurance brokerage commissions
|
3,998
|
|
|
76
|
%
|
|
2,270
|
|
|
9,058
|
|
|
36
|
%
|
|
6,673
|
|
||||
Total Financial Services revenues
|
64,815
|
|
|
26
|
%
|
|
51,620
|
|
|
164,634
|
|
|
10
|
%
|
|
150,322
|
|
||||
Expenses
|
(32,514
|
)
|
|
1
|
%
|
|
(32,213
|
)
|
|
(94,864
|
)
|
|
(2
|
)%
|
|
(96,650
|
)
|
||||
Other income (expense), net
|
(17
|
)
|
|
(108
|
)%
|
|
226
|
|
|
1
|
|
|
(100
|
)%
|
|
510
|
|
||||
Income before income taxes
|
$
|
32,284
|
|
|
64
|
%
|
|
$
|
19,633
|
|
|
$
|
69,771
|
|
|
29
|
%
|
|
$
|
54,182
|
|
Total originations:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
4,301
|
|
|
16
|
%
|
|
3,692
|
|
|
11,019
|
|
|
7
|
%
|
|
10,319
|
|
||||
Principal
|
$
|
1,365,940
|
|
|
20
|
%
|
|
$
|
1,138,389
|
|
|
$
|
3,442,557
|
|
|
9
|
%
|
|
$
|
3,170,206
|
|
|
Nine Months Ended
|
||||||
|
September 30,
|
||||||
|
2019
|
|
2018
|
||||
Supplemental data:
|
|
|
|
||||
Capture rate
|
81.6
|
%
|
|
76.0
|
%
|
||
Average FICO score
|
750
|
|
|
751
|
|
||
Loan application backlog
|
$
|
2,881,193
|
|
|
$
|
2,498,398
|
|
Funded origination breakdown:
|
|
|
|
||||
Government (FHA, VA, USDA)
|
19
|
%
|
|
20
|
%
|
||
Other agency
|
71
|
%
|
|
68
|
%
|
||
Total agency
|
90
|
%
|
|
88
|
%
|
||
Non-agency
|
10
|
%
|
|
12
|
%
|
||
Total funded originations
|
100
|
%
|
|
100
|
%
|
•
|
In August 2019, Pulte Mortgage entered into an amended and restated Repurchase Agreement that extended the effective date to August 2020. The maximum aggregate commitment is $260.0 million at September 30, 2019, which increases to $375.0 million during the seasonally high borrowing period from December 26, 2019 through January 13, 2020. At all other times, the maximum aggregate commitment ranges from $220.0 million to $270.0 million;
|
•
|
During the nine months ended September 30, 2019, we retired $274.0 million of our unsecured senior notes maturing in 2021 through a cash tender offer.
|
|
As of September 30, 2019 for the
Years ending December 31, |
||||||||||||||||||||||||||||||
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
Thereafter
|
|
Total
|
|
Fair
Value |
||||||||||||||||
Rate-sensitive liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed rate debt
|
$
|
12,490
|
|
|
$
|
12,296
|
|
|
$
|
432,674
|
|
|
$
|
1,152
|
|
|
$
|
—
|
|
|
$
|
2,300,000
|
|
|
$
|
2,758,612
|
|
|
$
|
3,018,968
|
|
Average interest rate
|
5.13
|
%
|
|
3.63
|
%
|
|
4.26
|
%
|
|
3.51
|
%
|
|
—
|
%
|
|
5.90
|
%
|
|
5.63
|
%
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Variable rate debt (a)
|
$
|
249,360
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
249,360
|
|
|
$
|
249,360
|
|
Average interest rate
|
4.07
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
4.07
|
%
|
|
|
|
Total number
of shares
purchased (1)
|
|
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, 2019 to July 31, 2019
|
1,450,013
|
|
|
$
|
32.45
|
|
|
1,450,013
|
|
|
$
|
644,357
|
|
(2)
|
August 1, 2019 to August 31, 2019
|
1,606,960
|
|
|
$
|
32.19
|
|
|
1,606,960
|
|
|
$
|
592,633
|
|
(2)
|
September 1, 2019 to September 30, 2019
|
1,070,269
|
|
|
$
|
34.70
|
|
|
1,070,269
|
|
|
$
|
555,494
|
|
(2)
|
Total
|
4,127,242
|
|
|
$
|
32.93
|
|
|
4,127,242
|
|
|
|
|
(1)
|
During the nine months ended September 30, 2019, participants surrendered 0.4 million 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 and are excluded from the table above.
|
(2)
|
During the nine months ended September 30, 2019, we repurchased 7.7 million shares for a total of $244.4 million under an existing share repurchase program authorized by the Company's Board of Directors. The share repurchase authorization, which was increased by $500.0 million in May 2019, has $555.5 million remaining as of September 30, 2019. 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)
|
|
|
|
|
|
|
|
|
|
(e)
|
|
|
|
|
|
|
|
10
|
|
(a)
|
|
|
|
|
|
|
|
|
|
(b)
|
|
|
|
|
|
|
|
31
|
|
(a)
|
|
|
|
|
|
|
|
|
|
(b)
|
|
|
|
|
|
|
|
32
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
|
|
Inline XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
|
|
|
|
|
|
101.SCH
|
|
|
|
Inline XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
101.CAL
|
|
|
|
Inline XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
101.DEF
|
|
|
|
Inline XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
101.LAB
|
|
|
|
Inline XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
|
101.PRE
|
|
|
|
Inline XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
104
|
|
|
|
The cover page from this Quarterly Report on Form 10-Q for the quarter ended September 30, 2019, formatted in Inline XBRL
|
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 22, 2019
|
|
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