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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 | |
---|---|---|---|---|---|---|---|---|
-1.59 | -1.30% | 120.485 | 122.72 | 119.66 | 121.66 | 803,876 | 18:34:11 |
☒
|
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
|
Series A Junior Participating Preferred Share Purchase Rights
|
|
|
|
New York Stock Exchange
|
Yes
|
☐
|
No
|
☒
|
|
|
|
Page
No.
|
PART I
|
|
|
|
|
|
Item 1
|
|
|
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
|
||
|
|
|
Item 2
|
||
|
|
|
Item 3
|
||
|
|
|
Item 4
|
||
|
|
|
PART II
|
||
|
|
|
Item 1A
|
||
|
|
|
Item 2
|
||
|
|
|
Item 6
|
||
|
|
|
|
|
June 30,
2020 |
|
December 31,
2019 |
||||
|
(Unaudited)
|
|
|
||||
ASSETS
|
|
|
|
||||
|
|
|
|
||||
Cash and equivalents
|
$
|
1,658,530
|
|
|
$
|
1,217,913
|
|
Restricted cash
|
39,266
|
|
|
33,543
|
|
||
Total cash, cash equivalents, and restricted cash
|
1,697,796
|
|
|
1,251,456
|
|
||
House and land inventory
|
7,584,739
|
|
|
7,680,614
|
|
||
Land held for sale
|
29,409
|
|
|
24,009
|
|
||
Residential mortgage loans available-for-sale
|
394,288
|
|
|
508,967
|
|
||
Investments in unconsolidated entities
|
47,707
|
|
|
59,766
|
|
||
Other assets
|
910,271
|
|
|
895,686
|
|
||
Intangible assets
|
173,507
|
|
|
124,992
|
|
||
Deferred tax assets, net
|
120,768
|
|
|
170,107
|
|
||
|
$
|
10,958,485
|
|
|
$
|
10,715,597
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
295,249
|
|
|
$
|
435,916
|
|
Customer deposits
|
335,040
|
|
|
294,427
|
|
||
Accrued and other liabilities
|
1,302,822
|
|
|
1,399,368
|
|
||
Income tax liabilities
|
146,729
|
|
|
36,093
|
|
||
Financial Services debt
|
256,359
|
|
|
326,573
|
|
||
Notes payable
|
2,770,618
|
|
|
2,765,040
|
|
||
|
5,106,817
|
|
|
5,257,417
|
|
||
Shareholders' equity
|
5,851,668
|
|
|
5,458,180
|
|
||
|
$
|
10,958,485
|
|
|
$
|
10,715,597
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Homebuilding
|
|
|
|
|
|
|
|
||||||||
Home sale revenues
|
$
|
2,472,029
|
|
|
$
|
2,403,559
|
|
|
$
|
4,693,532
|
|
|
$
|
4,353,415
|
|
Land sale and other revenues
|
26,950
|
|
|
29,469
|
|
|
45,877
|
|
|
32,445
|
|
||||
|
2,498,979
|
|
|
2,433,028
|
|
|
4,739,409
|
|
|
4,385,860
|
|
||||
Financial Services
|
94,802
|
|
|
55,957
|
|
|
149,352
|
|
|
99,819
|
|
||||
Total revenues
|
2,593,781
|
|
|
2,488,985
|
|
|
4,888,761
|
|
|
4,485,679
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
||||||||
Home sale cost of revenues
|
(1,880,209
|
)
|
|
(1,848,155
|
)
|
|
(3,575,074
|
)
|
|
(3,340,946
|
)
|
||||
Land sale and other cost of revenues
|
(20,041
|
)
|
|
(26,214
|
)
|
|
(35,055
|
)
|
|
(28,265
|
)
|
||||
|
(1,900,250
|
)
|
|
(1,874,369
|
)
|
|
(3,610,129
|
)
|
|
(3,369,211
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Financial Services expenses
|
(34,378
|
)
|
|
(30,901
|
)
|
|
(69,327
|
)
|
|
(62,350
|
)
|
||||
Selling, general, and administrative expenses
|
(196,858
|
)
|
|
(259,440
|
)
|
|
(460,527
|
)
|
|
(512,166
|
)
|
||||
Goodwill impairment
|
—
|
|
|
—
|
|
|
(20,190
|
)
|
|
—
|
|
||||
Other expense, net
|
(5,286
|
)
|
|
(3,499
|
)
|
|
(7,810
|
)
|
|
(4,473
|
)
|
||||
Income before income taxes
|
457,009
|
|
|
320,776
|
|
|
720,778
|
|
|
537,479
|
|
||||
Income tax expense
|
(108,389
|
)
|
|
(79,735
|
)
|
|
(168,447
|
)
|
|
(129,681
|
)
|
||||
Net income
|
$
|
348,620
|
|
|
$
|
241,041
|
|
|
$
|
552,331
|
|
|
$
|
407,798
|
|
|
|
|
|
|
|
|
|
||||||||
Per share:
|
|
|
|
|
|
|
|
||||||||
Basic earnings
|
$
|
1.29
|
|
|
$
|
0.86
|
|
|
$
|
2.03
|
|
|
$
|
1.46
|
|
Diluted earnings
|
$
|
1.29
|
|
|
$
|
0.86
|
|
|
$
|
2.03
|
|
|
$
|
1.45
|
|
Cash dividends declared
|
$
|
0.12
|
|
|
$
|
0.11
|
|
|
$
|
0.24
|
|
|
$
|
0.22
|
|
|
|
|
|
|
|
|
|
||||||||
Number of shares used in calculation:
|
|
|
|
|
|
|
|
||||||||
Basic
|
268,324
|
|
|
276,652
|
|
|
269,167
|
|
|
277,142
|
|
||||
Effect of dilutive securities
|
701
|
|
|
932
|
|
|
960
|
|
|
967
|
|
||||
Diluted
|
269,025
|
|
|
277,584
|
|
|
270,127
|
|
|
278,109
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Net income
|
$
|
348,620
|
|
|
$
|
241,041
|
|
|
$
|
552,331
|
|
|
$
|
407,798
|
|
|
|
|
|
|
|
|
|
||||||||
Other comprehensive income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Change in value of derivatives
|
25
|
|
|
25
|
|
|
50
|
|
|
50
|
|
||||
Other comprehensive income
|
25
|
|
|
25
|
|
|
50
|
|
|
50
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Comprehensive income
|
$
|
348,645
|
|
|
$
|
241,066
|
|
|
$
|
552,381
|
|
|
$
|
407,848
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
Retained
Earnings
|
|
Total
|
|||||||||||||
Shares
|
|
$
|
|
|||||||||||||||||||
Shareholders' equity, March 31, 2020
|
268,149
|
|
|
$
|
2,681
|
|
|
$
|
3,247,475
|
|
|
$
|
(220
|
)
|
|
$
|
2,280,455
|
|
|
$
|
5,530,391
|
|
Stock option exercises
|
6
|
|
|
—
|
|
|
48
|
|
|
—
|
|
|
—
|
|
|
48
|
|
|||||
Share issuances
|
23
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(32,447
|
)
|
|
(32,447
|
)
|
|||||
Cash paid for shares withheld for taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
(15
|
)
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
5,045
|
|
|
—
|
|
|
—
|
|
|
5,045
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
348,620
|
|
|
348,620
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|||||
Shareholders' equity, June 30, 2020
|
268,178
|
|
|
$
|
2,682
|
|
|
$
|
3,252,568
|
|
|
$
|
(195
|
)
|
|
$
|
2,596,613
|
|
|
$
|
5,851,668
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Shareholders' equity, December 31, 2019
|
270,235
|
|
|
$
|
2,702
|
|
|
$
|
3,235,149
|
|
|
$
|
(245
|
)
|
|
$
|
2,220,574
|
|
|
$
|
5,458,180
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(735
|
)
|
|
(735
|
)
|
||||||
Stock option exercises
|
13
|
|
|
—
|
|
|
99
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|||||
Share issuances
|
755
|
|
|
8
|
|
|
4,088
|
|
|
—
|
|
|
—
|
|
|
4,096
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65,056
|
)
|
|
(65,056
|
)
|
|||||
Share repurchases
|
(2,825
|
)
|
|
(28
|
)
|
|
—
|
|
|
—
|
|
|
(95,648
|
)
|
|
(95,676
|
)
|
|||||
Cash paid for shares withheld for taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,853
|
)
|
|
(14,853
|
)
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
13,232
|
|
|
—
|
|
|
—
|
|
|
13,232
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
552,331
|
|
|
552,331
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
50
|
|
|||||
Shareholders' equity, June 30, 2020
|
268,178
|
|
|
$
|
2,682
|
|
|
$
|
3,252,568
|
|
|
$
|
(195
|
)
|
|
$
|
2,596,613
|
|
|
$
|
5,851,668
|
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income
(Loss)
|
|
Retained
Earnings
|
|
Total
|
|||||||||||||
Shares
|
|
$
|
|
|||||||||||||||||||
Shareholders' equity, March 31, 2019
|
277,256
|
|
|
$
|
2,771
|
|
|
$
|
3,216,473
|
|
|
$
|
(320
|
)
|
|
$
|
1,714,515
|
|
|
$
|
4,933,439
|
|
Stock option exercises
|
316
|
|
|
3
|
|
|
3,761
|
|
|
—
|
|
|
—
|
|
|
3,764
|
|
|||||
Share issuances
|
26
|
|
|
2
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(30,633
|
)
|
|
(30,633
|
)
|
|||||
Share repurchases
|
(2,623
|
)
|
|
(26
|
)
|
|
—
|
|
|
—
|
|
|
(83,445
|
)
|
|
(83,471
|
)
|
|||||
Cash paid for shares withheld for taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
5,642
|
|
|
—
|
|
|
—
|
|
|
5,642
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
241,041
|
|
|
241,041
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
—
|
|
|
25
|
|
|||||
Shareholders' equity, June 30, 2019
|
274,975
|
|
|
$
|
2,750
|
|
|
$
|
3,225,874
|
|
|
$
|
(295
|
)
|
|
$
|
1,841,478
|
|
|
$
|
5,069,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Shareholders' equity, December 31, 2018
|
277,110
|
|
|
$
|
2,771
|
|
|
$
|
3,201,427
|
|
|
$
|
(345
|
)
|
|
$
|
1,613,929
|
|
|
$
|
4,817,782
|
|
Stock option exercises
|
434
|
|
|
4
|
|
|
5,205
|
|
|
—
|
|
|
—
|
|
|
5,209
|
|
|||||
Share issuances
|
974
|
|
|
10
|
|
|
5,790
|
|
|
—
|
|
|
—
|
|
|
5,800
|
|
|||||
Dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61,463
|
)
|
|
(61,463
|
)
|
|||||
Share repurchases
|
(3,543
|
)
|
|
(35
|
)
|
|
—
|
|
|
—
|
|
|
(108,436
|
)
|
|
(108,471
|
)
|
|||||
Cash paid for shares withheld for taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,350
|
)
|
|
(10,350
|
)
|
|||||
Share-based compensation
|
—
|
|
|
—
|
|
|
13,452
|
|
|
—
|
|
|
—
|
|
|
13,452
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
407,798
|
|
|
407,798
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|
—
|
|
|
50
|
|
|||||
Shareholders' equity, June 30, 2019
|
274,975
|
|
|
$
|
2,750
|
|
|
$
|
3,225,874
|
|
|
$
|
(295
|
)
|
|
$
|
1,841,478
|
|
|
$
|
5,069,807
|
|
|
Six Months Ended
|
||||||
|
June 30,
|
||||||
|
2020
|
|
2019
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income
|
$
|
552,331
|
|
|
$
|
407,798
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
||||
Deferred income tax expense
|
49,661
|
|
|
51,458
|
|
||
Land-related charges
|
12,181
|
|
|
6,810
|
|
||
Goodwill impairment
|
20,190
|
|
|
—
|
|
||
Depreciation and amortization
|
31,538
|
|
|
26,497
|
|
||
Share-based compensation expense
|
16,682
|
|
|
17,304
|
|
||
Other, net
|
(975
|
)
|
|
2,664
|
|
||
Increase (decrease) in cash due to:
|
|
|
|
||||
Inventories
|
101,766
|
|
|
(399,520
|
)
|
||
Residential mortgage loans available-for-sale
|
114,139
|
|
|
116,974
|
|
||
Other assets
|
(3,772
|
)
|
|
31,593
|
|
||
Accounts payable, accrued and other liabilities
|
(85,869
|
)
|
|
44,129
|
|
||
Net cash provided by (used in) operating activities
|
807,872
|
|
|
305,707
|
|
||
Cash flows from investing activities:
|
|
|
|
||||
Capital expenditures
|
(36,746
|
)
|
|
(29,575
|
)
|
||
Investments in unconsolidated entities
|
12,955
|
|
|
(4,664
|
)
|
||
Business acquisition
|
(83,256
|
)
|
|
(163,724
|
)
|
||
Other investing activities, net
|
1,597
|
|
|
4,592
|
|
||
Net cash provided by (used in) investing activities
|
(105,450
|
)
|
|
(193,371
|
)
|
||
Cash flows from financing activities:
|
|
|
|
||||
Repayments of notes payable
|
(10,106
|
)
|
|
(297,303
|
)
|
||
Borrowings under revolving credit facility
|
700,000
|
|
|
—
|
|
||
Repayments under revolving credit facility
|
(700,000
|
)
|
|
—
|
|
||
Financial Services borrowings (repayments)
|
(70,214
|
)
|
|
(114,226
|
)
|
||
Stock option exercises
|
99
|
|
|
5,208
|
|
||
Share repurchases
|
(95,676
|
)
|
|
(108,471
|
)
|
||
Cash paid for shares withheld for taxes
|
(14,853
|
)
|
|
(10,350
|
)
|
||
Dividends paid
|
(65,332
|
)
|
|
(61,620
|
)
|
||
Net cash provided by (used in) financing activities
|
(256,082
|
)
|
|
(586,762
|
)
|
||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
446,340
|
|
|
(474,426
|
)
|
||
Cash, cash equivalents, and restricted cash at beginning of period
|
1,251,456
|
|
|
1,133,700
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
1,697,796
|
|
|
$
|
659,274
|
|
|
|
|
|
||||
Supplemental Cash Flow Information:
|
|
|
|
||||
Interest paid (capitalized), net
|
$
|
3,206
|
|
|
$
|
5,560
|
|
Income taxes paid (refunded), net
|
$
|
5,865
|
|
|
$
|
12,618
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
June 30,
|
|
June 30,
|
|||||||||||||
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||||
Write-offs of deposits and pre-acquisition costs
|
$
|
(2,311
|
)
|
|
$
|
(2,516
|
)
|
|
$
|
(6,643
|
)
|
|
$
|
(5,433
|
)
|
Amortization of intangible assets
|
(5,045
|
)
|
|
(3,550
|
)
|
|
(9,602
|
)
|
|
(7,000
|
)
|
||||
Loss on debt retirement
|
—
|
|
|
(4,843
|
)
|
|
—
|
|
|
(4,843
|
)
|
||||
Interest income
|
1,326
|
|
|
4,471
|
|
|
5,133
|
|
|
9,420
|
|
||||
Interest expense
|
(3,000
|
)
|
|
(146
|
)
|
|
(3,796
|
)
|
|
(290
|
)
|
||||
Equity in earnings of unconsolidated entities
|
334
|
|
|
129
|
|
|
902
|
|
|
165
|
|
||||
Miscellaneous, net
|
3,410
|
|
|
2,956
|
|
|
6,196
|
|
|
3,508
|
|
||||
Total other expense, net
|
$
|
(5,286
|
)
|
|
$
|
(3,499
|
)
|
|
$
|
(7,810
|
)
|
|
$
|
(4,473
|
)
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
June 30,
|
|
June 30,
|
|||||||||||||
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||||
Numerator:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
348,620
|
|
|
$
|
241,041
|
|
|
$
|
552,331
|
|
|
$
|
407,798
|
|
Less: earnings distributed to participating securities
|
(265
|
)
|
|
(305
|
)
|
|
(538
|
)
|
|
(613
|
)
|
||||
Less: undistributed earnings allocated to participating securities
|
(2,602
|
)
|
|
(2,089
|
)
|
|
(4,358
|
)
|
|
(3,588
|
)
|
||||
Numerator for basic earnings per share
|
$
|
345,753
|
|
|
$
|
238,647
|
|
|
$
|
547,435
|
|
|
$
|
403,597
|
|
Add back: undistributed earnings allocated to participating securities
|
2,602
|
|
|
2,089
|
|
|
4,358
|
|
|
3,588
|
|
||||
Less: undistributed earnings reallocated to participating securities
|
(2,595
|
)
|
|
(2,082
|
)
|
|
(4,342
|
)
|
|
(3,576
|
)
|
||||
Numerator for diluted earnings per share
|
$
|
345,760
|
|
|
$
|
238,654
|
|
|
$
|
547,451
|
|
|
$
|
403,609
|
|
|
|
|
|
|
|
|
|
||||||||
Denominator:
|
|
|
|
|
|
|
|
||||||||
Basic shares outstanding
|
268,324
|
|
|
276,652
|
|
|
269,167
|
|
|
277,142
|
|
||||
Effect of dilutive securities
|
701
|
|
|
932
|
|
|
960
|
|
|
967
|
|
||||
Diluted shares outstanding
|
269,025
|
|
|
277,584
|
|
|
270,127
|
|
|
278,109
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Earnings per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
1.29
|
|
|
$
|
0.86
|
|
|
$
|
2.03
|
|
|
$
|
1.46
|
|
Diluted
|
$
|
1.29
|
|
|
$
|
0.86
|
|
|
$
|
2.03
|
|
|
$
|
1.45
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||||||||||
|
Other Assets
|
|
Accrued and Other Liabilities
|
|
Other Assets
|
|
Accrued and Other Liabilities
|
||||||||
Interest rate lock commitments
|
$
|
19,934
|
|
|
$
|
1,811
|
|
|
$
|
8,351
|
|
|
$
|
149
|
|
Forward contracts
|
236
|
|
|
3,624
|
|
|
299
|
|
|
1,372
|
|
||||
Whole loan commitments
|
190
|
|
|
1,805
|
|
|
880
|
|
|
284
|
|
||||
|
$
|
20,360
|
|
|
$
|
7,240
|
|
|
$
|
9,530
|
|
|
$
|
1,805
|
|
|
June 30,
2020 |
|
December 31,
2019 |
||||
Homes under construction
|
$
|
3,125,369
|
|
|
$
|
2,899,016
|
|
Land under development
|
4,076,492
|
|
|
4,347,107
|
|
||
Raw land
|
382,878
|
|
|
434,491
|
|
||
|
$
|
7,584,739
|
|
|
$
|
7,680,614
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Interest in inventory, beginning of period
|
$
|
213,425
|
|
|
$
|
235,313
|
|
|
$
|
210,383
|
|
|
$
|
227,495
|
|
Interest capitalized
|
39,686
|
|
|
41,650
|
|
|
79,599
|
|
|
84,031
|
|
||||
Interest expensed
|
(45,169
|
)
|
|
(42,254
|
)
|
|
(82,040
|
)
|
|
(76,817
|
)
|
||||
Interest in inventory, end of period
|
$
|
207,942
|
|
|
$
|
234,709
|
|
|
$
|
207,942
|
|
|
$
|
234,709
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||||||||||
|
Deposits and
Pre-acquisition Costs |
|
Remaining Purchase
Price |
|
Deposits and
Pre-acquisition Costs |
|
Remaining Purchase
Price |
||||||||
Land options with VIEs
|
$
|
118,138
|
|
|
$
|
1,451,952
|
|
|
$
|
123,775
|
|
|
$
|
1,466,585
|
|
Other land options
|
183,266
|
|
|
2,080,674
|
|
|
175,662
|
|
|
1,755,377
|
|
||||
|
$
|
301,404
|
|
|
$
|
3,532,626
|
|
|
$
|
299,437
|
|
|
$
|
3,221,962
|
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
|
June 30, 2020
|
|
June 30, 2019
|
||||||||||||
|
Statement of Operations Classification
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Land impairments
|
Home sale cost of revenues
|
$
|
—
|
|
|
$
|
88
|
|
|
$
|
5,386
|
|
|
$
|
88
|
|
Net realizable value ("NRV") adjustments - land held for sale
|
Land sale and other cost of revenues
|
142
|
|
|
1,227
|
|
|
152
|
|
|
1,289
|
|
||||
Write-offs of deposits and pre-acquisition costs
|
Other expense, net
|
2,311
|
|
|
2,516
|
|
|
6,643
|
|
|
5,433
|
|
||||
|
|
$
|
2,453
|
|
|
$
|
3,831
|
|
|
$
|
12,181
|
|
|
$
|
6,810
|
|
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
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Revenues:
|
|
|
|
|
|
|
|
||||||||
Northeast
|
$
|
141,478
|
|
|
$
|
200,237
|
|
|
$
|
303,912
|
|
|
$
|
310,729
|
|
Southeast
|
457,863
|
|
|
409,121
|
|
|
840,257
|
|
|
784,538
|
|
||||
Florida
|
581,520
|
|
|
535,153
|
|
|
1,088,209
|
|
|
931,597
|
|
||||
Midwest
|
339,680
|
|
|
350,584
|
|
|
631,849
|
|
|
644,174
|
|
||||
Texas
|
365,348
|
|
|
342,886
|
|
|
710,086
|
|
|
611,889
|
|
||||
West
|
613,090
|
|
|
595,047
|
|
|
1,165,096
|
|
|
1,102,933
|
|
||||
|
2,498,979
|
|
|
2,433,028
|
|
|
4,739,409
|
|
|
4,385,860
|
|
||||
Financial Services
|
94,802
|
|
|
55,957
|
|
|
149,352
|
|
|
99,819
|
|
||||
Consolidated revenues
|
$
|
2,593,781
|
|
|
$
|
2,488,985
|
|
|
$
|
4,888,761
|
|
|
$
|
4,485,679
|
|
|
|
|
|
|
|
|
|
||||||||
Income (loss) before income taxes:
|
|
|
|
|
|
|
|
||||||||
Northeast
|
$
|
18,944
|
|
|
$
|
26,212
|
|
|
$
|
37,553
|
|
|
$
|
34,140
|
|
Southeast
|
72,780
|
|
|
42,499
|
|
|
127,524
|
|
|
80,355
|
|
||||
Florida (a)
|
97,263
|
|
|
80,066
|
|
|
152,596
|
|
|
129,662
|
|
||||
Midwest
|
43,607
|
|
|
42,962
|
|
|
75,069
|
|
|
69,120
|
|
||||
Texas
|
59,909
|
|
|
49,144
|
|
|
113,504
|
|
|
80,115
|
|
||||
West
|
90,164
|
|
|
94,443
|
|
|
157,419
|
|
|
184,625
|
|
||||
Other homebuilding (b)
|
13,918
|
|
|
(39,628
|
)
|
|
(22,861
|
)
|
|
(78,024
|
)
|
||||
|
396,585
|
|
|
295,698
|
|
|
640,804
|
|
|
499,993
|
|
||||
Financial Services
|
60,424
|
|
|
25,078
|
|
|
79,974
|
|
|
37,486
|
|
||||
Consolidated income before income taxes
|
$
|
457,009
|
|
|
$
|
320,776
|
|
|
$
|
720,778
|
|
|
$
|
537,479
|
|
(a)
|
Includes goodwill impairment charge totaling $20.2 million (see Note 1) in the six months ended June 30, 2020.
|
(b)
|
Other homebuilding includes the amortization of intangible assets and capitalized interest and other items not allocated to the operating segments. Other homebuilding also includes net insurance reserve reversals of $60.7 million and $59.4 million for the three and six months ended June 30, 2020, respectively, and $12.8 million and $16.6 million for the three and six months ended June 30, 2019.
|
|
Operating Data by Segment
($000’s omitted) |
||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Land-related charges*:
|
|
|
|
|
|
|
|
||||||||
Northeast
|
$
|
92
|
|
|
$
|
130
|
|
|
$
|
4,845
|
|
|
$
|
454
|
|
Southeast
|
929
|
|
|
2,015
|
|
|
1,676
|
|
|
2,587
|
|
||||
Florida
|
459
|
|
|
765
|
|
|
981
|
|
|
1,246
|
|
||||
Midwest
|
499
|
|
|
203
|
|
|
1,275
|
|
|
1,306
|
|
||||
Texas
|
329
|
|
|
414
|
|
|
986
|
|
|
482
|
|
||||
West
|
145
|
|
|
216
|
|
|
1,674
|
|
|
647
|
|
||||
Other homebuilding
|
—
|
|
|
88
|
|
|
744
|
|
|
88
|
|
||||
|
$
|
2,453
|
|
|
$
|
3,831
|
|
|
$
|
12,181
|
|
|
$
|
6,810
|
|
*
|
Land-related charges include land impairments, NRV 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)
|
||||||||||||||||||
|
June 30, 2020
|
||||||||||||||||||
|
Homes Under
Construction |
|
Land Under
Development |
|
Raw Land
|
|
Total
Inventory |
|
Total
Assets |
||||||||||
Northeast
|
$
|
393,329
|
|
|
$
|
215,468
|
|
|
$
|
23,910
|
|
|
$
|
632,707
|
|
|
$
|
723,207
|
|
Southeast
|
429,024
|
|
|
674,337
|
|
|
60,516
|
|
|
1,163,877
|
|
|
1,317,066
|
|
|||||
Florida
|
567,963
|
|
|
885,307
|
|
|
92,112
|
|
|
1,545,382
|
|
|
1,838,880
|
|
|||||
Midwest
|
372,744
|
|
|
412,438
|
|
|
16,477
|
|
|
801,659
|
|
|
908,805
|
|
|||||
Texas
|
311,896
|
|
|
448,418
|
|
|
69,927
|
|
|
830,241
|
|
|
909,554
|
|
|||||
West
|
1,004,927
|
|
|
1,214,046
|
|
|
106,515
|
|
|
2,325,488
|
|
|
2,681,671
|
|
|||||
Other homebuilding (a)
|
45,486
|
|
|
226,478
|
|
|
13,421
|
|
|
285,385
|
|
|
2,041,189
|
|
|||||
|
3,125,369
|
|
|
4,076,492
|
|
|
382,878
|
|
|
7,584,739
|
|
|
10,420,372
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
538,113
|
|
|||||
|
$
|
3,125,369
|
|
|
$
|
4,076,492
|
|
|
$
|
382,878
|
|
|
$
|
7,584,739
|
|
|
$
|
10,958,485
|
|
|
Operating Data by Segment
|
||||||||||||||||||
|
($000's omitted)
|
||||||||||||||||||
|
December 31, 2019
|
||||||||||||||||||
|
Homes Under
Construction |
|
Land Under
Development |
|
Raw Land
|
|
Total
Inventory |
|
Total
Assets |
||||||||||
Northeast
|
$
|
345,644
|
|
|
$
|
242,666
|
|
|
$
|
25,098
|
|
|
$
|
613,408
|
|
|
$
|
698,661
|
|
Southeast
|
430,008
|
|
|
724,258
|
|
|
72,804
|
|
|
1,227,070
|
|
|
1,354,086
|
|
|||||
Florida
|
539,895
|
|
|
894,716
|
|
|
99,228
|
|
|
1,533,839
|
|
|
1,700,198
|
|
|||||
Midwest
|
315,822
|
|
|
464,733
|
|
|
31,881
|
|
|
812,436
|
|
|
886,889
|
|
|||||
Texas
|
343,230
|
|
|
447,707
|
|
|
84,926
|
|
|
875,863
|
|
|
949,236
|
|
|||||
West
|
881,551
|
|
|
1,289,255
|
|
|
105,606
|
|
|
2,276,412
|
|
|
2,538,803
|
|
|||||
Other homebuilding (a)
|
42,866
|
|
|
283,772
|
|
|
14,948
|
|
|
341,586
|
|
|
1,953,440
|
|
|||||
|
2,899,016
|
|
|
4,347,107
|
|
|
434,491
|
|
|
7,680,614
|
|
|
10,081,313
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
634,284
|
|
|||||
|
$
|
2,899,016
|
|
|
$
|
4,347,107
|
|
|
$
|
434,491
|
|
|
$
|
7,680,614
|
|
|
$
|
10,715,597
|
|
(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.
|
|
June 30,
2020 |
|
December 31,
2019 |
||||
4.250% unsecured senior notes due March 2021 (a)
|
$
|
425,954
|
|
|
$
|
425,954
|
|
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)
|
(14,022
|
)
|
|
(14,295
|
)
|
||
Total senior notes
|
2,711,932
|
|
|
2,711,659
|
|
||
Other notes payable
|
58,686
|
|
|
53,381
|
|
||
Notes payable
|
$
|
2,770,618
|
|
|
$
|
2,765,040
|
|
Estimated fair value
|
$
|
3,084,190
|
|
|
$
|
3,152,046
|
|
(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
|
||||||
June 30,
2020 |
|
December 31,
2019 |
||||||||
|
|
|
|
|
|
|
||||
Measured at fair value on a recurring basis:
|
|
|
|
|
|
|
||||
Residential mortgage loans available-for-sale
|
|
Level 2
|
|
$
|
394,288
|
|
|
$
|
508,967
|
|
Interest rate lock commitments
|
|
Level 2
|
|
18,123
|
|
|
8,202
|
|
||
Forward contracts
|
|
Level 2
|
|
(3,388
|
)
|
|
(1,073
|
)
|
||
Whole loan commitments
|
|
Level 2
|
|
(1,615
|
)
|
|
596
|
|
||
|
|
|
|
|
|
|
||||
Measured at fair value on a non-recurring basis:
|
|
|
|
|
|
|
||||
House and land inventory
|
|
Level 3
|
|
$
|
—
|
|
|
$
|
9,979
|
|
Land held for sale
|
|
Level 2
|
|
—
|
|
|
4,193
|
|
||
|
|
|
|
|
|
|
||||
Disclosed at fair value:
|
|
|
|
|
|
|
||||
Cash, cash equivalents, and restricted cash
|
|
Level 1
|
|
$
|
1,697,796
|
|
|
$
|
1,251,456
|
|
Financial Services debt
|
|
Level 2
|
|
256,359
|
|
|
326,573
|
|
||
Senior notes payable
|
|
Level 2
|
|
3,025,505
|
|
|
3,098,665
|
|
||
Other notes payable
|
|
Level 2
|
|
58,686
|
|
|
53,381
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Warranty liabilities, beginning of period
|
$
|
88,395
|
|
|
$
|
79,747
|
|
|
$
|
91,389
|
|
|
$
|
79,154
|
|
Reserves provided
|
17,005
|
|
|
14,646
|
|
|
32,044
|
|
|
26,908
|
|
||||
Payments
|
(15,914
|
)
|
|
(17,931
|
)
|
|
(34,189
|
)
|
|
(34,061
|
)
|
||||
Other adjustments
|
(3,208
|
)
|
|
4,980
|
|
|
(2,966
|
)
|
|
9,441
|
|
||||
Warranty liabilities, end of period
|
$
|
86,278
|
|
|
$
|
81,442
|
|
|
$
|
86,278
|
|
|
$
|
81,442
|
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Balance, beginning of period
|
$
|
719,172
|
|
|
$
|
729,170
|
|
|
$
|
709,798
|
|
|
$
|
737,013
|
|
Reserves provided
|
20,177
|
|
|
20,270
|
|
|
38,626
|
|
|
37,666
|
|
||||
Adjustments to previously recorded reserves
|
(60,662
|
)
|
|
(12,763
|
)
|
|
(59,362
|
)
|
|
(16,638
|
)
|
||||
Payments, net (a)
|
(38,673
|
)
|
|
(20,459
|
)
|
|
(49,048
|
)
|
|
(41,823
|
)
|
||||
Balance, end of period
|
$
|
640,014
|
|
|
$
|
716,218
|
|
|
$
|
640,014
|
|
|
$
|
716,218
|
|
(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,
|
|
||
2020 (a)
|
$
|
10,603
|
|
2021
|
22,651
|
|
|
2022
|
20,755
|
|
|
2023
|
19,424
|
|
|
2024
|
13,755
|
|
|
Thereafter
|
28,687
|
|
|
Total lease payments (b)
|
115,875
|
|
|
Less: Interest (c)
|
17,762
|
|
|
Present value of lease liabilities (d)
|
$
|
98,113
|
|
(a)
|
Remaining payments are for the six months ending December 31, 2020.
|
(b)
|
Lease payments include options to extend lease terms that are reasonably certain of being exercised. There were $1.7 million of legally binding minimum lease payments for leases signed but not yet commenced at June 30, 2020.
|
(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 5.6 years and 5.7%, respectively, at June 30, 2020.
|
|
Unconsolidated
|
|
Eliminating
Entries |
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
|||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and equivalents
|
$
|
—
|
|
|
$
|
1,591,082
|
|
|
$
|
67,448
|
|
|
$
|
—
|
|
|
$
|
1,658,530
|
|
Restricted cash
|
—
|
|
|
32,470
|
|
|
6,796
|
|
|
—
|
|
|
39,266
|
|
|||||
Total cash, cash equivalents, and
restricted cash |
—
|
|
|
1,623,552
|
|
|
74,244
|
|
|
—
|
|
|
1,697,796
|
|
|||||
House and land inventory
|
—
|
|
|
7,443,855
|
|
|
140,884
|
|
|
—
|
|
|
7,584,739
|
|
|||||
Land held for sale
|
—
|
|
|
29,409
|
|
|
—
|
|
|
—
|
|
|
29,409
|
|
|||||
Residential mortgage loans available-
for-sale |
—
|
|
|
—
|
|
|
394,288
|
|
|
—
|
|
|
394,288
|
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
46,548
|
|
|
1,159
|
|
|
—
|
|
|
47,707
|
|
|||||
Other assets
|
4,801
|
|
|
661,239
|
|
|
244,231
|
|
|
—
|
|
|
910,271
|
|
|||||
Intangible assets
|
—
|
|
|
117,792
|
|
|
55,715
|
|
|
—
|
|
|
173,507
|
|
|||||
Deferred tax assets, net
|
133,228
|
|
|
—
|
|
|
(12,460
|
)
|
|
—
|
|
|
120,768
|
|
|||||
Investments in subsidiaries and
intercompany accounts, net |
8,657,717
|
|
|
910,129
|
|
|
9,969,347
|
|
|
(19,537,193
|
)
|
|
—
|
|
|||||
|
$
|
8,795,746
|
|
|
$
|
10,832,524
|
|
|
$
|
10,867,408
|
|
|
$
|
(19,537,193
|
)
|
|
$
|
10,958,485
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, customer deposits,
accrued and other liabilities |
$
|
85,417
|
|
|
$
|
1,588,835
|
|
|
$
|
258,859
|
|
|
$
|
—
|
|
|
$
|
1,933,111
|
|
Income tax liabilities
|
146,729
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
146,729
|
|
|||||
Financial Services debt
|
—
|
|
|
—
|
|
|
256,359
|
|
|
—
|
|
|
256,359
|
|
|||||
Notes payable
|
2,711,932
|
|
|
58,686
|
|
|
—
|
|
|
—
|
|
|
2,770,618
|
|
|||||
Total liabilities
|
2,944,078
|
|
|
1,647,521
|
|
|
515,218
|
|
|
—
|
|
|
5,106,817
|
|
|||||
Total shareholders’ equity
|
5,851,668
|
|
|
9,185,003
|
|
|
10,352,190
|
|
|
(19,537,193
|
)
|
|
5,851,668
|
|
|||||
|
$
|
8,795,746
|
|
|
$
|
10,832,524
|
|
|
$
|
10,867,408
|
|
|
$
|
(19,537,193
|
)
|
|
$
|
10,958,485
|
|
|
|||||||||||||||||||
|
Unconsolidated
|
|
Eliminating
Entries |
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
|||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and equivalents
|
$
|
—
|
|
|
$
|
1,026,743
|
|
|
$
|
191,170
|
|
|
$
|
—
|
|
|
$
|
1,217,913
|
|
Restricted cash
|
—
|
|
|
31,328
|
|
|
2,215
|
|
|
—
|
|
|
33,543
|
|
|||||
Total cash, cash equivalents, and
restricted cash |
—
|
|
|
1,058,071
|
|
|
193,385
|
|
|
—
|
|
|
1,251,456
|
|
|||||
House and land inventory
|
—
|
|
|
7,554,662
|
|
|
125,952
|
|
|
—
|
|
|
7,680,614
|
|
|||||
Land held for sale
|
—
|
|
|
24,009
|
|
|
—
|
|
|
—
|
|
|
24,009
|
|
|||||
Residential mortgage loans available-
for-sale |
—
|
|
|
—
|
|
|
508,967
|
|
|
—
|
|
|
508,967
|
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
59,266
|
|
|
500
|
|
|
—
|
|
|
59,766
|
|
|||||
Other assets
|
8,172
|
|
|
688,996
|
|
|
198,518
|
|
|
|
|
|
895,686
|
|
|||||
Intangible assets
|
—
|
|
|
124,992
|
|
|
—
|
|
|
—
|
|
|
124,992
|
|
|||||
Deferred tax assets, net
|
182,461
|
|
|
—
|
|
|
(12,354
|
)
|
|
—
|
|
|
170,107
|
|
|||||
Investments in subsidiaries and
intercompany accounts, net |
8,103,191
|
|
|
1,081,472
|
|
|
9,279,403
|
|
|
(18,464,066
|
)
|
|
—
|
|
|||||
|
$
|
8,293,824
|
|
|
$
|
10,591,468
|
|
|
$
|
10,294,371
|
|
|
$
|
(18,464,066
|
)
|
|
$
|
10,715,597
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Accounts payable, customer deposits,
accrued and other liabilities |
$
|
87,892
|
|
|
$
|
1,781,893
|
|
|
$
|
259,926
|
|
|
$
|
—
|
|
|
$
|
2,129,711
|
|
Income tax liabilities
|
36,093
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
36,093
|
|
|||||
Financial Services debt
|
—
|
|
|
—
|
|
|
326,573
|
|
|
—
|
|
|
326,573
|
|
|||||
Notes payable
|
2,711,659
|
|
|
53,381
|
|
|
—
|
|
|
—
|
|
|
2,765,040
|
|
|||||
Total liabilities
|
2,835,644
|
|
|
1,835,274
|
|
|
586,499
|
|
|
—
|
|
|
5,257,417
|
|
|||||
Total shareholders’ equity
|
5,458,180
|
|
|
8,756,194
|
|
|
9,707,872
|
|
|
(18,464,066
|
)
|
|
5,458,180
|
|
|||||
|
$
|
8,293,824
|
|
|
$
|
10,591,468
|
|
|
$
|
10,294,371
|
|
|
$
|
(18,464,066
|
)
|
|
$
|
10,715,597
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale revenues
|
$
|
—
|
|
|
$
|
2,447,552
|
|
|
$
|
24,477
|
|
|
$
|
—
|
|
|
$
|
2,472,029
|
|
Land sale and other revenues
|
—
|
|
|
8,548
|
|
|
18,402
|
|
|
—
|
|
|
26,950
|
|
|||||
|
—
|
|
|
2,456,100
|
|
|
42,879
|
|
|
—
|
|
|
2,498,979
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
94,802
|
|
|
—
|
|
|
94,802
|
|
|||||
|
—
|
|
|
2,456,100
|
|
|
137,681
|
|
|
—
|
|
|
2,593,781
|
|
|||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale cost of revenues
|
—
|
|
|
(1,861,026
|
)
|
|
(19,183
|
)
|
|
—
|
|
|
(1,880,209
|
)
|
|||||
Land sale and other cost of revenues
|
—
|
|
|
(4,533
|
)
|
|
(15,508
|
)
|
|
—
|
|
|
(20,041
|
)
|
|||||
|
—
|
|
|
(1,865,559
|
)
|
|
(34,691
|
)
|
|
—
|
|
|
(1,900,250
|
)
|
|||||
Financial Services expenses
|
—
|
|
|
(212
|
)
|
|
(34,166
|
)
|
|
—
|
|
|
(34,378
|
)
|
|||||
Selling, general, and administrative
expenses |
—
|
|
|
(195,375
|
)
|
|
(1,483
|
)
|
|
—
|
|
|
(196,858
|
)
|
|||||
Goodwill impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other income (expense), net
|
(2,851
|
)
|
|
(10,443
|
)
|
|
8,008
|
|
|
—
|
|
|
(5,286
|
)
|
|||||
Intercompany interest
|
(1,468
|
)
|
|
—
|
|
|
1,468
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) before income taxes and
equity in income (loss) of subsidiaries |
(4,319
|
)
|
|
384,511
|
|
|
76,817
|
|
|
—
|
|
|
457,009
|
|
|||||
Income tax (expense) benefit
|
1,080
|
|
|
(90,743
|
)
|
|
(18,726
|
)
|
|
—
|
|
|
(108,389
|
)
|
|||||
Income (loss) before equity in income
(loss) of subsidiaries |
(3,239
|
)
|
|
293,768
|
|
|
58,091
|
|
|
—
|
|
|
348,620
|
|
|||||
Equity in income (loss) of subsidiaries
|
351,859
|
|
|
24,505
|
|
|
288,995
|
|
|
(665,359
|
)
|
|
—
|
|
|||||
Net income (loss)
|
348,620
|
|
|
318,273
|
|
|
347,086
|
|
|
(665,359
|
)
|
|
348,620
|
|
|||||
Other comprehensive income
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|||||
Comprehensive income (loss)
|
$
|
348,645
|
|
|
$
|
318,273
|
|
|
$
|
347,086
|
|
|
$
|
(665,359
|
)
|
|
$
|
348,645
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale revenues
|
$
|
—
|
|
|
$
|
2,359,210
|
|
|
$
|
44,349
|
|
|
$
|
—
|
|
|
$
|
2,403,559
|
|
Land sale and other revenues
|
—
|
|
|
29,459
|
|
|
10
|
|
|
—
|
|
|
29,469
|
|
|||||
|
—
|
|
|
2,388,669
|
|
|
44,359
|
|
|
—
|
|
|
2,433,028
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
55,957
|
|
|
—
|
|
|
55,957
|
|
|||||
|
—
|
|
|
2,388,669
|
|
|
100,316
|
|
|
—
|
|
|
2,488,985
|
|
|||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale cost of revenues
|
—
|
|
|
(1,814,701
|
)
|
|
(33,454
|
)
|
|
—
|
|
|
(1,848,155
|
)
|
|||||
Land sale and other cost of revenues
|
—
|
|
|
(26,214
|
)
|
|
—
|
|
|
—
|
|
|
(26,214
|
)
|
|||||
|
—
|
|
|
(1,840,915
|
)
|
|
(33,454
|
)
|
|
—
|
|
|
(1,874,369
|
)
|
|||||
Financial Services expenses
|
—
|
|
|
(125
|
)
|
|
(30,776
|
)
|
|
—
|
|
|
(30,901
|
)
|
|||||
Selling, general, and administrative
expenses |
—
|
|
|
(245,272
|
)
|
|
(14,168
|
)
|
|
—
|
|
|
(259,440
|
)
|
|||||
Other income (expense), net
|
(4,966
|
)
|
|
(9,276
|
)
|
|
10,743
|
|
|
—
|
|
|
(3,499
|
)
|
|||||
Intercompany interest
|
(2,254
|
)
|
|
—
|
|
|
2,254
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) before income taxes and
equity in income (loss) of subsidiaries |
(7,220
|
)
|
|
293,081
|
|
|
34,915
|
|
|
—
|
|
|
320,776
|
|
|||||
Income tax (expense) benefit
|
1,733
|
|
|
(72,598
|
)
|
|
(8,870
|
)
|
|
—
|
|
|
(79,735
|
)
|
|||||
Income (loss) before equity in income
(loss) of subsidiaries |
(5,487
|
)
|
|
220,483
|
|
|
26,045
|
|
|
—
|
|
|
241,041
|
|
|||||
Equity in income (loss) of subsidiaries
|
246,528
|
|
|
24,504
|
|
|
162,404
|
|
|
(433,436
|
)
|
|
—
|
|
|||||
Net income (loss)
|
241,041
|
|
|
244,987
|
|
|
188,449
|
|
|
(433,436
|
)
|
|
241,041
|
|
|||||
Other comprehensive income
|
25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|||||
Comprehensive income (loss)
|
$
|
241,066
|
|
|
$
|
244,987
|
|
|
$
|
188,449
|
|
|
$
|
(433,436
|
)
|
|
$
|
241,066
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale revenues
|
$
|
—
|
|
|
$
|
4,645,116
|
|
|
$
|
48,416
|
|
|
$
|
—
|
|
|
$
|
4,693,532
|
|
Land sale and other revenues
|
—
|
|
|
10,998
|
|
|
34,879
|
|
|
—
|
|
|
45,877
|
|
|||||
|
—
|
|
|
4,656,114
|
|
|
83,295
|
|
|
—
|
|
|
4,739,409
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
149,352
|
|
|
—
|
|
|
149,352
|
|
|||||
|
—
|
|
|
4,656,114
|
|
|
232,647
|
|
|
—
|
|
|
4,888,761
|
|
|||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale cost of revenues
|
—
|
|
|
(3,536,373
|
)
|
|
(38,701
|
)
|
|
—
|
|
|
(3,575,074
|
)
|
|||||
Land sale and other cost of revenues
|
—
|
|
|
(5,386
|
)
|
|
(29,669
|
)
|
|
—
|
|
|
(35,055
|
)
|
|||||
|
—
|
|
|
(3,541,759
|
)
|
|
(68,370
|
)
|
|
—
|
|
|
(3,610,129
|
)
|
|||||
Financial Services expenses
|
—
|
|
|
(355
|
)
|
|
(68,972
|
)
|
|
—
|
|
|
(69,327
|
)
|
|||||
Selling, general, and administrative
expenses |
—
|
|
|
(451,010
|
)
|
|
(9,517
|
)
|
|
—
|
|
|
(460,527
|
)
|
|||||
Goodwill impairment
|
—
|
|
|
—
|
|
|
(20,190
|
)
|
|
—
|
|
|
(20,190
|
)
|
|||||
Other income (expense), net
|
(3,544
|
)
|
|
(17,059
|
)
|
|
12,793
|
|
|
—
|
|
|
(7,810
|
)
|
|||||
Intercompany interest
|
(3,073
|
)
|
|
—
|
|
|
3,073
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) before income taxes and
equity in income (loss) of subsidiaries |
(6,617
|
)
|
|
645,931
|
|
|
81,464
|
|
|
—
|
|
|
720,778
|
|
|||||
Income tax (expense) benefit
|
1,654
|
|
|
(150,203
|
)
|
|
(19,898
|
)
|
|
—
|
|
|
(168,447
|
)
|
|||||
Income (loss) before equity in income
(loss) of subsidiaries |
(4,963
|
)
|
|
495,728
|
|
|
61,566
|
|
|
—
|
|
|
552,331
|
|
|||||
Equity in income (loss) of subsidiaries
|
557,294
|
|
|
42,702
|
|
|
484,616
|
|
|
(1,084,612
|
)
|
|
—
|
|
|||||
Net income (loss)
|
552,331
|
|
|
538,430
|
|
|
546,182
|
|
|
(1,084,612
|
)
|
|
552,331
|
|
|||||
Other comprehensive income
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|||||
Comprehensive income (loss)
|
$
|
552,381
|
|
|
$
|
538,430
|
|
|
$
|
546,182
|
|
|
$
|
(1,084,612
|
)
|
|
$
|
552,381
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Homebuilding
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale revenues
|
$
|
—
|
|
|
$
|
4,267,018
|
|
|
$
|
86,397
|
|
|
$
|
—
|
|
|
$
|
4,353,415
|
|
Land sale and other revenues
|
—
|
|
|
31,785
|
|
|
660
|
|
|
—
|
|
|
32,445
|
|
|||||
|
—
|
|
|
4,298,803
|
|
|
87,057
|
|
|
—
|
|
|
4,385,860
|
|
|||||
Financial Services
|
—
|
|
|
—
|
|
|
99,819
|
|
|
—
|
|
|
99,819
|
|
|||||
|
—
|
|
|
4,298,803
|
|
|
186,876
|
|
|
—
|
|
|
4,485,679
|
|
|||||
Homebuilding Cost of Revenues:
|
|
|
|
|
|
|
|
|
|
||||||||||
Home sale cost of revenues
|
—
|
|
|
(3,275,596
|
)
|
|
(65,350
|
)
|
|
—
|
|
|
(3,340,946
|
)
|
|||||
Land sale and other cost of revenues
|
—
|
|
|
(27,159
|
)
|
|
(1,106
|
)
|
|
—
|
|
|
(28,265
|
)
|
|||||
|
—
|
|
|
(3,302,755
|
)
|
|
(66,456
|
)
|
|
—
|
|
|
(3,369,211
|
)
|
|||||
Financial Services expenses
|
—
|
|
|
(257
|
)
|
|
(62,093
|
)
|
|
—
|
|
|
(62,350
|
)
|
|||||
Selling, general, and administrative
expenses |
—
|
|
|
(479,388
|
)
|
|
(32,778
|
)
|
|
—
|
|
|
(512,166
|
)
|
|||||
Other income (expense), net
|
(5,087
|
)
|
|
(14,264
|
)
|
|
14,878
|
|
|
—
|
|
|
(4,473
|
)
|
|||||
Intercompany interest
|
(4,251
|
)
|
|
—
|
|
|
4,251
|
|
|
—
|
|
|
—
|
|
|||||
Income (loss) before income taxes and
equity in income (loss) of subsidiaries |
(9,338
|
)
|
|
502,139
|
|
|
44,678
|
|
|
—
|
|
|
537,479
|
|
|||||
Income tax (expense) benefit
|
2,241
|
|
|
(120,248
|
)
|
|
(11,674
|
)
|
|
—
|
|
|
(129,681
|
)
|
|||||
Income (loss) before equity in income
(loss) of subsidiaries |
(7,097
|
)
|
|
381,891
|
|
|
33,004
|
|
|
—
|
|
|
407,798
|
|
|||||
Equity in income (loss) of subsidiaries
|
414,895
|
|
|
42,808
|
|
|
276,100
|
|
|
(733,803
|
)
|
|
—
|
|
|||||
Net income (loss)
|
407,798
|
|
|
424,699
|
|
|
309,104
|
|
|
(733,803
|
)
|
|
407,798
|
|
|||||
Other comprehensive income
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
50
|
|
|||||
Comprehensive income (loss)
|
$
|
407,848
|
|
|
$
|
424,699
|
|
|
$
|
309,104
|
|
|
$
|
(733,803
|
)
|
|
$
|
407,848
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Net cash provided by (used in)
operating activities |
$
|
162,014
|
|
|
$
|
495,413
|
|
|
$
|
150,445
|
|
|
$
|
—
|
|
|
$
|
807,872
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(32,129
|
)
|
|
(4,617
|
)
|
|
—
|
|
|
(36,746
|
)
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
13,619
|
|
|
(664
|
)
|
|
—
|
|
|
12,955
|
|
|||||
Other investing activities, net
|
—
|
|
|
87
|
|
|
1,510
|
|
|
—
|
|
|
1,597
|
|
|||||
Business acquisition
|
—
|
|
|
—
|
|
|
(83,256
|
)
|
|
—
|
|
|
(83,256
|
)
|
|||||
Net cash provided by (used in)
investing activities |
—
|
|
|
(18,423
|
)
|
|
(87,027
|
)
|
|
—
|
|
|
(105,450
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Services borrowing (repayments), net
|
—
|
|
|
—
|
|
|
(70,214
|
)
|
|
—
|
|
|
(70,214
|
)
|
|||||
Repayments of debt
|
—
|
|
|
(10,106
|
)
|
|
—
|
|
|
—
|
|
|
(10,106
|
)
|
|||||
Borrowings under revolving credit facility
|
700,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
700,000
|
|
|||||
Repayments under revolving credit facility
|
(700,000
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(700,000
|
)
|
|||||
Stock option exercises
|
99
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99
|
|
|||||
Share repurchases
|
(95,676
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(95,676
|
)
|
|||||
Cash paid for shares withheld for taxes
|
(14,853
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,853
|
)
|
|||||
Dividends paid
|
(65,332
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(65,332
|
)
|
|||||
Intercompany activities, net
|
13,748
|
|
|
98,597
|
|
|
(112,345
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in)
financing activities |
(162,014
|
)
|
|
88,491
|
|
|
(182,559
|
)
|
|
—
|
|
|
(256,082
|
)
|
|||||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
—
|
|
|
565,481
|
|
|
(119,141
|
)
|
|
—
|
|
|
446,340
|
|
|||||
Cash, cash equivalents, and restricted cash
at beginning of year |
—
|
|
|
1,058,071
|
|
|
193,385
|
|
|
—
|
|
|
1,251,456
|
|
|||||
Cash, cash equivalents, and restricted cash
at end of year |
$
|
—
|
|
|
$
|
1,623,552
|
|
|
$
|
74,244
|
|
|
$
|
—
|
|
|
$
|
1,697,796
|
|
|
Unconsolidated
|
|
|
|
Consolidated
PulteGroup, Inc. |
||||||||||||||
|
PulteGroup,
Inc. |
|
Guarantor
Subsidiaries |
|
Non-Guarantor
Subsidiaries |
|
Eliminating
Entries |
|
|||||||||||
Net cash provided by (used in)
operating activities |
$
|
130,811
|
|
|
$
|
34,461
|
|
|
$
|
140,435
|
|
|
$
|
—
|
|
|
$
|
305,707
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Capital expenditures
|
—
|
|
|
(24,707
|
)
|
|
(4,868
|
)
|
|
—
|
|
|
(29,575
|
)
|
|||||
Investments in unconsolidated entities
|
—
|
|
|
(4,183
|
)
|
|
(481
|
)
|
|
—
|
|
|
(4,664
|
)
|
|||||
Other investing activities, net
|
—
|
|
|
3,241
|
|
|
1,351
|
|
|
—
|
|
|
4,592
|
|
|||||
Business acquisition
|
—
|
|
|
(163,724
|
)
|
|
—
|
|
|
—
|
|
|
(163,724
|
)
|
|||||
Net cash provided by (used in)
investing activities |
—
|
|
|
(189,373
|
)
|
|
(3,998
|
)
|
|
—
|
|
|
(193,371
|
)
|
|||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial Services borrowings (repayments), net
|
—
|
|
|
—
|
|
|
(114,226
|
)
|
|
—
|
|
|
(114,226
|
)
|
|||||
Repayments of debt
|
(280,175
|
)
|
|
(16,591
|
)
|
|
(537
|
)
|
|
—
|
|
|
(297,303
|
)
|
|||||
Stock option exercises
|
5,208
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,208
|
|
|||||
Share repurchases
|
(108,471
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(108,471
|
)
|
|||||
Cash paid for shares withheld for taxes
|
(10,350
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,350
|
)
|
|||||
Dividends paid
|
(61,620
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(61,620
|
)
|
|||||
Intercompany activities, net
|
324,597
|
|
|
(149,715
|
)
|
|
(174,882
|
)
|
|
—
|
|
|
—
|
|
|||||
Net cash provided by (used in)
financing activities |
(130,811
|
)
|
|
(166,306
|
)
|
|
(289,645
|
)
|
|
—
|
|
|
(586,762
|
)
|
|||||
Net increase (decrease) in cash, cash equivalents, and restricted cash
|
—
|
|
|
(321,218
|
)
|
|
(153,208
|
)
|
|
—
|
|
|
(474,426
|
)
|
|||||
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 |
$
|
—
|
|
|
$
|
608,149
|
|
|
$
|
51,125
|
|
|
$
|
—
|
|
|
$
|
659,274
|
|
•
|
Placed restrictions on business travel for our employees and imposed mandatory quarantine periods for employees who traveled to areas impacted by the pandemic;
|
•
|
Closed our sales centers, model homes, and design centers to the general public and shifted to appointment-only interactions with our customers where permitted, following recommended distancing and other health and safety protocols when meeting in person with a customer;
|
•
|
Enhanced our virtual sales tools to give customers the ability to shop for a new home from their mobile device or personal computer;
|
•
|
Closed the public gathering spaces of our amenity centers as well as community pools and athletic facilities;
|
•
|
Modified our corporate and division office functions in order to allow all of our employees to work remotely except for essential minimum basic operations which could only be done in an office setting;
|
•
|
Eliminated non-emergency warranty work in our customers’ homes;
|
•
|
Modified much of our customer interactions around the mortgage origination and closing process to be virtual and minimize in-person interactions; and
|
•
|
Modified our construction operations to enforce enhanced safety protocols around social distancing, hygiene, and health screening.
|
•
|
Delaying the acquisition of certain land parcels and slowing land development where practical;
|
•
|
Limiting our investment in house construction, including strictly limiting production of new unsold "speculative" homes, and contacting backlog customers to reconfirm status before beginning construction of sold homes;
|
•
|
As a precautionary measure, proactively drawing $700.0 million under the Revolving Credit Facility in March;
|
•
|
Suspending the repurchase of shares under our share repurchase program; and
|
•
|
Reducing headcount and other overhead expenses.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Income before income taxes:
|
|
|
|
|
|
|
|
||||||||
Homebuilding
|
$
|
396,585
|
|
|
$
|
295,698
|
|
|
$
|
640,804
|
|
|
$
|
499,993
|
|
Financial Services
|
60,424
|
|
|
25,078
|
|
|
79,974
|
|
|
37,486
|
|
||||
Income before income taxes
|
457,009
|
|
|
320,776
|
|
|
720,778
|
|
|
537,479
|
|
||||
Income tax expense
|
(108,389
|
)
|
|
(79,735
|
)
|
|
(168,447
|
)
|
|
(129,681
|
)
|
||||
Net income
|
$
|
348,620
|
|
|
$
|
241,041
|
|
|
$
|
552,331
|
|
|
$
|
407,798
|
|
Per share data - assuming dilution:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
1.29
|
|
|
$
|
0.86
|
|
|
$
|
2.03
|
|
|
$
|
1.45
|
|
•
|
Homebuilding income before income taxes for the three and six months ended June 30, 2020 increased 34% and 28% compared with the same periods in 2019, respectively. The results include $60.7 million and $59.4 million of insurance reserve reversals for the three and six months ended June 30, 2020, respectively, compared to $12.8 million and $16.6 million for the three and six months ended June 30, 2019, respectively, as well as increased closings, higher gross margins, and improved overhead leverage. These increases were partially offset by severance expense of $10.3 million during the three and six months ended June 30, 2020 and a goodwill impairment charge totaling $20.2 million during the six months ended June 30, 2020 (see Note 1).
|
•
|
Financial Services income before income taxes for the three and six months ended June 30, 2020 increased 141% and 113%, respectively, compared with the same periods in 2019 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 declined during the six months ended June 30, 2020, which led to enhanced margins contributing to improved capture rate and higher gains from sales of mortgages.
|
•
|
Our effective tax rate for the three and six months ended June 30, 2020 was 23.7% and 23.4%, respectively, compared to 24.9% and 24.1% for the same periods in 2019, respectively.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||||||||
|
2020
|
|
2020 vs. 2019
|
|
2019
|
|
2020
|
|
2020 vs. 2019
|
|
2019
|
||||||||||
Home sale revenues
|
$
|
2,472,029
|
|
|
3
|
%
|
|
$
|
2,403,559
|
|
|
$
|
4,693,532
|
|
|
8
|
%
|
|
$
|
4,353,415
|
|
Land sale and other revenues
|
26,950
|
|
|
(9
|
)%
|
|
29,469
|
|
|
45,877
|
|
|
41
|
%
|
|
32,445
|
|
||||
Total Homebuilding revenues
|
2,498,979
|
|
|
3
|
%
|
|
2,433,028
|
|
|
4,739,409
|
|
|
8
|
%
|
|
4,385,860
|
|
||||
Home sale cost of revenues (a)
|
(1,880,209
|
)
|
|
2
|
%
|
|
(1,848,155
|
)
|
|
(3,575,074
|
)
|
|
7
|
%
|
|
(3,340,946
|
)
|
||||
Land sale and other cost of revenues
|
(20,041
|
)
|
|
(24
|
)%
|
|
(26,214
|
)
|
|
(35,055
|
)
|
|
24
|
%
|
|
(28,265
|
)
|
||||
Selling, general, and administrative
expenses ("SG&A") (b) |
(196,858
|
)
|
|
(24
|
)%
|
|
(259,440
|
)
|
|
(460,527
|
)
|
|
(10
|
)%
|
|
(512,166
|
)
|
||||
Goodwill impairment
|
—
|
|
|
(c)
|
|
—
|
|
|
(20,190
|
)
|
|
(c)
|
|
—
|
|
||||||
Other expense, net
|
(5,286
|
)
|
|
50
|
%
|
|
(3,521
|
)
|
|
(7,759
|
)
|
|
73
|
%
|
|
(4,490
|
)
|
||||
Income before income taxes
|
$
|
396,585
|
|
|
34
|
%
|
|
$
|
295,698
|
|
|
$
|
640,804
|
|
|
28
|
%
|
|
$
|
499,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Supplemental data:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Gross margin from home sales
|
23.9
|
%
|
|
80 bps
|
|
|
23.1
|
%
|
|
23.8
|
%
|
|
50 bps
|
|
|
23.3
|
%
|
||||
SG&A as a percentage of home
sale revenues |
8.0
|
%
|
|
(280) bps
|
|
|
10.8
|
%
|
|
9.8
|
%
|
|
(200) bps
|
|
|
11.8
|
%
|
||||
Closings (units)
|
5,937
|
|
|
6
|
%
|
|
5,589
|
|
|
11,310
|
|
|
11
|
%
|
|
10,224
|
|
||||
Average selling price
|
$
|
416
|
|
|
(3
|
)%
|
|
$
|
430
|
|
|
$
|
415
|
|
|
(3
|
)%
|
|
$
|
426
|
|
Net new orders (d):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Units
|
6,522
|
|
|
(4
|
)%
|
|
6,792
|
|
|
14,017
|
|
|
6
|
%
|
|
13,255
|
|
||||
Dollars
|
$
|
2,677,074
|
|
|
(7
|
)%
|
|
$
|
2,890,709
|
|
|
$
|
5,945,823
|
|
|
6
|
%
|
|
$
|
5,626,561
|
|
Cancellation rate
|
19
|
%
|
|
|
|
14
|
%
|
|
16
|
%
|
|
|
|
13
|
%
|
||||||
Average active communities
|
887
|
|
|
1
|
%
|
|
877
|
|
|
880
|
|
|
2
|
%
|
|
860
|
|
||||
Backlog at June 30:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Units
|
|
|
|
|
|
|
13,214
|
|
|
12
|
%
|
|
11,793
|
|
|||||||
Dollars
|
|
|
|
|
|
|
$
|
5,788,096
|
|
|
13
|
%
|
|
$
|
5,109,293
|
|
(a)
|
Includes the amortization of capitalized interest.
|
(b)
|
Includes insurance reserve reversals of $60.7 million and $59.4 million for the three and six months ended June 30, 2020, respectively, and $12.8 million and $16.6 million for the three and six months ended June 30, 2019, respectively, and severance expense of $10.3 million for the three months ended June 30, 2020.
|
(c)
|
Percentage not meaningful
|
(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
|
|
Six Months Ended
|
||||||||||||
June 30,
|
|
June 30,
|
|||||||||||||
2020
|
|
2019
|
|
2020
|
|
2019
|
|||||||||
Write-offs of deposits and pre-acquisition costs
|
$
|
(2,311
|
)
|
|
$
|
(2,516
|
)
|
|
$
|
(6,643
|
)
|
|
$
|
(5,433
|
)
|
Amortization of intangible assets
|
(5,045
|
)
|
|
(3,550
|
)
|
|
(9,602
|
)
|
|
(7,000
|
)
|
||||
Loss on debt retirement
|
—
|
|
|
(4,843
|
)
|
|
—
|
|
|
(4,843
|
)
|
||||
Interest income
|
1,326
|
|
|
4,471
|
|
|
5,133
|
|
|
9,420
|
|
||||
Interest expense
|
(3,000
|
)
|
|
(146
|
)
|
|
(3,796
|
)
|
|
(290
|
)
|
||||
Equity in earnings of unconsolidated entities
|
334
|
|
|
129
|
|
|
902
|
|
|
165
|
|
||||
Miscellaneous, net
|
3,410
|
|
|
2,934
|
|
|
6,247
|
|
|
3,491
|
|
||||
Total other expense, net
|
$
|
(5,286
|
)
|
|
$
|
(3,521
|
)
|
|
$
|
(7,759
|
)
|
|
$
|
(4,490
|
)
|
|
June 30,
2020 |
|
June 30,
2019 |
||
Sold
|
8,825
|
|
|
8,528
|
|
Unsold
|
|
|
|
||
Under construction
|
1,626
|
|
|
2,316
|
|
Completed
|
495
|
|
|
610
|
|
|
2,121
|
|
|
2,926
|
|
Models
|
1,279
|
|
|
1,235
|
|
Total
|
12,225
|
|
|
12,689
|
|
|
June 30, 2020
|
|
December 31, 2019
|
||||||||||||||
|
Owned
|
|
Optioned
|
|
Controlled
|
|
Owned
|
|
Optioned
|
|
Controlled
|
||||||
Northeast
|
4,711
|
|
|
4,697
|
|
|
9,408
|
|
|
4,999
|
|
|
4,240
|
|
|
9,239
|
|
Southeast
|
14,981
|
|
|
13,966
|
|
|
28,947
|
|
|
16,174
|
|
|
12,802
|
|
|
28,976
|
|
Florida
|
19,726
|
|
|
20,767
|
|
|
40,493
|
|
|
20,281
|
|
|
17,802
|
|
|
38,083
|
|
Midwest
|
9,560
|
|
|
12,661
|
|
|
22,221
|
|
|
10,016
|
|
|
12,027
|
|
|
22,043
|
|
Texas
|
15,215
|
|
|
13,026
|
|
|
28,241
|
|
|
16,256
|
|
|
10,573
|
|
|
26,829
|
|
West
|
24,073
|
|
|
9,768
|
|
|
33,841
|
|
|
25,633
|
|
|
7,459
|
|
|
33,092
|
|
Total
|
88,266
|
|
|
74,885
|
|
|
163,151
|
|
|
93,359
|
|
|
64,903
|
|
|
158,262
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Developed (%)
|
43
|
%
|
|
22
|
%
|
|
33
|
%
|
|
39
|
%
|
|
22
|
%
|
|
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
|
|
Six Months Ended
|
||||||||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||||||||
|
2020
|
|
2020 vs. 2019
|
|
2019
|
|
2020
|
|
2020 vs. 2019
|
|
2019
|
||||||||||
Home sale revenues:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
$
|
141,299
|
|
|
(24
|
)%
|
|
$
|
186,006
|
|
|
$
|
303,679
|
|
|
3
|
%
|
|
$
|
296,269
|
|
Southeast
|
456,788
|
|
|
13
|
%
|
|
405,960
|
|
|
838,929
|
|
|
7
|
%
|
|
780,415
|
|
||||
Florida
|
559,275
|
|
|
5
|
%
|
|
530,534
|
|
|
1,049,303
|
|
|
13
|
%
|
|
926,665
|
|
||||
Midwest
|
337,797
|
|
|
(2
|
)%
|
|
345,670
|
|
|
628,730
|
|
|
(2
|
)%
|
|
638,522
|
|
||||
Texas
|
364,996
|
|
|
7
|
%
|
|
342,626
|
|
|
709,504
|
|
|
16
|
%
|
|
611,367
|
|
||||
West
|
611,874
|
|
|
3
|
%
|
|
592,763
|
|
|
1,163,387
|
|
|
6
|
%
|
|
1,100,177
|
|
||||
|
$
|
2,472,029
|
|
|
3
|
%
|
|
$
|
2,403,559
|
|
|
$
|
4,693,532
|
|
|
8
|
%
|
|
$
|
4,353,415
|
|
Income (loss) before income taxes (a):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
$
|
18,944
|
|
|
(28
|
)%
|
|
$
|
26,212
|
|
|
$
|
37,553
|
|
|
10
|
%
|
|
$
|
34,140
|
|
Southeast
|
72,780
|
|
|
71
|
%
|
|
42,499
|
|
|
127,524
|
|
|
59
|
%
|
|
80,355
|
|
||||
Florida (b)
|
97,263
|
|
|
21
|
%
|
|
80,066
|
|
|
152,596
|
|
|
18
|
%
|
|
129,662
|
|
||||
Midwest
|
43,607
|
|
|
2
|
%
|
|
42,962
|
|
|
75,069
|
|
|
9
|
%
|
|
69,120
|
|
||||
Texas
|
59,909
|
|
|
22
|
%
|
|
49,144
|
|
|
113,504
|
|
|
42
|
%
|
|
80,115
|
|
||||
West
|
90,164
|
|
|
(5
|
)%
|
|
94,443
|
|
|
157,419
|
|
|
(15
|
)%
|
|
184,625
|
|
||||
Other homebuilding (c)
|
13,918
|
|
|
135
|
%
|
|
(39,628
|
)
|
|
(22,861
|
)
|
|
71
|
%
|
|
(78,024
|
)
|
||||
|
$
|
396,585
|
|
|
34
|
%
|
|
$
|
295,698
|
|
|
$
|
640,804
|
|
|
28
|
%
|
|
$
|
499,993
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a)
|
Includes land-related charges as summarized in the table below.
|
(b)
|
Includes goodwill impairment charge totaling $20.2 million in the six months ended June 30, 2020.
|
(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 $60.7 million and $59.4 million for the three and six months ended June 30, 2020, respectively, and $12.8 million and $16.6 million for the three and six months ended June 30, 2019, respectively.
|
|
Operating Data by Segment ($000's omitted)
|
||||||||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||||||||
|
2020
|
|
2020 vs. 2019
|
|
2019
|
|
2020
|
|
2020 vs. 2019
|
|
2019
|
||||||||||
Closings (units):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
260
|
|
|
(26
|
)%
|
|
349
|
|
|
570
|
|
|
—
|
%
|
|
568
|
|
||||
Southeast
|
1,104
|
|
|
16
|
%
|
|
951
|
|
|
2,032
|
|
|
10
|
%
|
|
1,848
|
|
||||
Florida
|
1,380
|
|
|
10
|
%
|
|
1,252
|
|
|
2,590
|
|
|
15
|
%
|
|
2,260
|
|
||||
Midwest
|
808
|
|
|
(2
|
)%
|
|
822
|
|
|
1,516
|
|
|
(2
|
)%
|
|
1,548
|
|
||||
Texas
|
1,194
|
|
|
7
|
%
|
|
1,119
|
|
|
2,322
|
|
|
18
|
%
|
|
1,968
|
|
||||
West
|
1,191
|
|
|
9
|
%
|
|
1,096
|
|
|
2,280
|
|
|
12
|
%
|
|
2,032
|
|
||||
|
5,937
|
|
|
6
|
%
|
|
5,589
|
|
|
11,310
|
|
|
11
|
%
|
|
10,224
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average selling price:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
$
|
543
|
|
|
2
|
%
|
|
$
|
533
|
|
|
$
|
533
|
|
|
2
|
%
|
|
$
|
522
|
|
Southeast
|
414
|
|
|
(3
|
)%
|
|
427
|
|
|
413
|
|
|
(2
|
)%
|
|
422
|
|
||||
Florida
|
405
|
|
|
(4
|
)%
|
|
424
|
|
|
405
|
|
|
(1
|
)%
|
|
410
|
|
||||
Midwest
|
418
|
|
|
(1
|
)%
|
|
421
|
|
|
415
|
|
|
1
|
%
|
|
412
|
|
||||
Texas
|
306
|
|
|
—
|
%
|
|
306
|
|
|
306
|
|
|
(2
|
)%
|
|
311
|
|
||||
West
|
514
|
|
|
(5
|
)%
|
|
541
|
|
|
510
|
|
|
(6
|
)%
|
|
541
|
|
||||
|
$
|
416
|
|
|
(3
|
)%
|
|
$
|
430
|
|
|
$
|
415
|
|
|
(3
|
)%
|
|
$
|
426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net new orders - units:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
383
|
|
|
(16
|
)%
|
|
455
|
|
|
831
|
|
|
2
|
%
|
|
816
|
|
||||
Southeast
|
1,095
|
|
|
(10
|
)%
|
|
1,214
|
|
|
2,236
|
|
|
(2
|
)%
|
|
2,287
|
|
||||
Florida
|
1,488
|
|
|
2
|
%
|
|
1,460
|
|
|
3,173
|
|
|
13
|
%
|
|
2,806
|
|
||||
Midwest
|
896
|
|
|
(8
|
)%
|
|
975
|
|
|
1,915
|
|
|
(4
|
)%
|
|
1,999
|
|
||||
Texas
|
1,431
|
|
|
8
|
%
|
|
1,323
|
|
|
2,940
|
|
|
9
|
%
|
|
2,689
|
|
||||
West
|
1,229
|
|
|
(10
|
)%
|
|
1,365
|
|
|
2,922
|
|
|
10
|
%
|
|
2,658
|
|
||||
|
6,522
|
|
|
(4
|
)%
|
|
6,792
|
|
|
14,017
|
|
|
6
|
%
|
|
13,255
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net new orders - dollars:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
$
|
203,532
|
|
|
(17
|
)%
|
|
$
|
244,346
|
|
|
$
|
459,544
|
|
|
4
|
%
|
|
$
|
440,644
|
|
Southeast
|
449,511
|
|
|
(11
|
)%
|
|
502,970
|
|
|
923,392
|
|
|
(4
|
)%
|
|
957,358
|
|
||||
Florida
|
597,382
|
|
|
(1
|
)%
|
|
600,738
|
|
|
1,290,099
|
|
|
12
|
%
|
|
1,151,043
|
|
||||
Midwest
|
373,390
|
|
|
(6
|
)%
|
|
399,199
|
|
|
819,747
|
|
|
(1
|
)%
|
|
824,841
|
|
||||
Texas
|
417,675
|
|
|
2
|
%
|
|
407,927
|
|
|
873,464
|
|
|
7
|
%
|
|
819,970
|
|
||||
West
|
635,584
|
|
|
(14
|
)%
|
|
735,529
|
|
|
1,579,577
|
|
|
10
|
%
|
|
1,432,705
|
|
||||
|
$
|
2,677,074
|
|
|
(7
|
)%
|
|
$
|
2,890,709
|
|
|
$
|
5,945,823
|
|
|
6
|
%
|
|
$
|
5,626,561
|
|
|
Operating Data by Segment ($000's omitted)
|
||||||||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||||||||
|
2020
|
|
2020 vs. 2019
|
|
2019
|
|
2020
|
|
2020 vs. 2019
|
|
2019
|
||||||||||
Cancellation rates:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
12
|
%
|
|
|
|
13
|
%
|
|
12
|
%
|
|
|
|
12
|
%
|
||||||
Southeast
|
13
|
%
|
|
|
|
10
|
%
|
|
12
|
%
|
|
|
|
11
|
%
|
||||||
Florida
|
19
|
%
|
|
|
|
12
|
%
|
|
16
|
%
|
|
|
|
12
|
%
|
||||||
Midwest
|
15
|
%
|
|
|
|
12
|
%
|
|
13
|
%
|
|
|
|
11
|
%
|
||||||
Texas
|
22
|
%
|
|
|
|
16
|
%
|
|
19
|
%
|
|
|
|
15
|
%
|
||||||
West
|
25
|
%
|
|
|
|
17
|
%
|
|
19
|
%
|
|
|
|
16
|
%
|
||||||
|
19
|
%
|
|
|
|
14
|
%
|
|
16
|
%
|
|
|
|
13
|
%
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Unit backlog:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
|
|
|
|
|
|
850
|
|
|
18
|
%
|
|
718
|
|
|||||||
Southeast
|
|
|
|
|
|
|
2,069
|
|
|
1
|
%
|
|
2,049
|
|
|||||||
Florida
|
|
|
|
|
|
|
2,889
|
|
|
19
|
%
|
|
2,435
|
|
|||||||
Midwest
|
|
|
|
|
|
|
1,939
|
|
|
5
|
%
|
|
1,853
|
|
|||||||
Texas
|
|
|
|
|
|
|
2,468
|
|
|
12
|
%
|
|
2,213
|
|
|||||||
West
|
|
|
|
|
|
|
2,999
|
|
|
19
|
%
|
|
2,525
|
|
|||||||
|
|
|
|
|
|
|
13,214
|
|
|
12
|
%
|
|
11,793
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Backlog dollars:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Northeast
|
|
|
|
|
|
|
$
|
503,562
|
|
|
25
|
%
|
|
$
|
402,186
|
|
|||||
Southeast
|
|
|
|
|
|
|
867,932
|
|
|
(1
|
)%
|
|
875,973
|
|
|||||||
Florida
|
|
|
|
|
|
|
1,219,057
|
|
|
19
|
%
|
|
1,024,429
|
|
|||||||
Midwest
|
|
|
|
|
|
|
842,993
|
|
|
9
|
%
|
|
774,739
|
|
|||||||
Texas
|
|
|
|
|
|
|
754,827
|
|
|
9
|
%
|
|
694,816
|
|
|||||||
West
|
|
|
|
|
|
|
1,599,725
|
|
|
20
|
%
|
|
1,337,150
|
|
|||||||
|
|
|
|
|
|
|
$
|
5,788,096
|
|
|
13
|
%
|
|
$
|
5,109,293
|
|
|
Operating Data by Segment
($000’s omitted) |
||||||||||||||
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||
|
2020
|
|
2019
|
|
2020
|
|
2019
|
||||||||
Land-related charges*:
|
|
|
|
|
|
|
|
||||||||
Northeast
|
$
|
92
|
|
|
$
|
130
|
|
|
$
|
4,845
|
|
|
$
|
454
|
|
Southeast
|
929
|
|
|
2,015
|
|
|
1,676
|
|
|
2,587
|
|
||||
Florida
|
459
|
|
|
765
|
|
|
981
|
|
|
1,246
|
|
||||
Midwest
|
499
|
|
|
203
|
|
|
1,275
|
|
|
1,306
|
|
||||
Texas
|
329
|
|
|
414
|
|
|
986
|
|
|
482
|
|
||||
West
|
145
|
|
|
216
|
|
|
1,674
|
|
|
647
|
|
||||
Other homebuilding
|
—
|
|
|
88
|
|
|
744
|
|
|
88
|
|
||||
|
$
|
2,453
|
|
|
$
|
3,831
|
|
|
$
|
12,181
|
|
|
$
|
6,810
|
|
*
|
Land-related charges include land inventory 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. Other homebuilding consists primarily of write-offs of capitalized interest related to such land-related charges.
|
|
Three Months Ended
|
|
Six Months Ended
|
||||||||||||||||||
|
June 30,
|
|
June 30,
|
||||||||||||||||||
|
2020
|
|
2020 vs. 2019
|
|
2019
|
|
2020
|
|
2020 vs. 2019
|
|
2019
|
||||||||||
Mortgage revenues
|
$
|
77,411
|
|
|
94
|
%
|
|
$
|
39,833
|
|
|
$
|
118,145
|
|
|
65
|
%
|
|
$
|
71,706
|
|
Title services revenues
|
14,323
|
|
|
8
|
%
|
|
13,210
|
|
|
26,525
|
|
|
15
|
%
|
|
23,052
|
|
||||
Insurance brokerage commissions
|
3,068
|
|
|
5
|
%
|
|
2,914
|
|
|
4,682
|
|
|
(7
|
)%
|
|
5,061
|
|
||||
Total Financial Services revenues
|
94,802
|
|
|
69
|
%
|
|
55,957
|
|
|
149,352
|
|
|
50
|
%
|
|
99,819
|
|
||||
Expenses
|
(34,378
|
)
|
|
11
|
%
|
|
(30,901
|
)
|
|
(69,327
|
)
|
|
11
|
%
|
|
(62,350
|
)
|
||||
Other income (expense), net
|
—
|
|
|
(a)
|
|
22
|
|
|
(51
|
)
|
|
(a)
|
|
17
|
|
||||||
Income before income taxes
|
$
|
60,424
|
|
|
141
|
%
|
|
$
|
25,078
|
|
|
$
|
79,974
|
|
|
113
|
%
|
|
$
|
37,486
|
|
Total originations:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans
|
4,474
|
|
|
20
|
%
|
|
3,720
|
|
|
8,344
|
|
|
24
|
%
|
|
6,718
|
|
||||
Principal
|
$
|
1,436,103
|
|
|
24
|
%
|
|
$
|
1,161,906
|
|
|
$
|
2,649,370
|
|
|
28
|
%
|
|
$
|
2,076,617
|
|
(a)
|
Percentage not meaningful
|
|
Six Months Ended
|
||||
|
June 30,
|
||||
|
2020
|
|
2019
|
||
Supplemental data:
|
|
|
|
||
Capture rate
|
86.8
|
%
|
|
80.4
|
%
|
Average FICO score
|
751
|
|
|
750
|
|
Funded origination breakdown:
|
|
|
|
||
Government (FHA, VA, USDA)
|
22
|
%
|
|
20
|
%
|
Other agency
|
70
|
%
|
|
71
|
%
|
Total agency
|
92
|
%
|
|
91
|
%
|
Non-agency
|
8
|
%
|
|
9
|
%
|
Total funded originations
|
100
|
%
|
|
100
|
%
|
|
As of June 30, 2020 for the
Years ending December 31, |
||||||||||||||||||||||||||||||
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024
|
|
Thereafter
|
|
Total
|
|
Fair
Value |
||||||||||||||||
Rate-sensitive liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Fixed rate debt
|
$
|
11,329
|
|
|
$
|
463,016
|
|
|
$
|
10,295
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,300,000
|
|
|
$
|
2,784,640
|
|
|
$
|
2,811,823
|
|
Average interest rate
|
3.80
|
%
|
|
4.04
|
%
|
|
0.39
|
%
|
|
—
|
%
|
|
—
|
%
|
|
5.90
|
%
|
|
5.56
|
%
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Variable rate debt (a)
|
$
|
256,359
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
256,359
|
|
|
$
|
256,359
|
|
Average interest rate
|
2.16
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
2.16
|
%
|
|
|
•
|
Placed restrictions on business travel for our employees and imposed mandatory quarantine periods for employees who traveled to areas impacted by the pandemic;
|
•
|
Closed our sales centers, model homes, and design centers to the general public and shifted to appointment-only interactions with our customers where permitted, following recommended distancing and other health and safety protocols when meeting in person with a customer;
|
•
|
Enhanced our virtual sales tools to give customers the ability to shop for a new home from their mobile device or personal computer;
|
•
|
Closed the public gathering spaces of our amenity centers as well as community pools and athletic facilities;
|
•
|
Modified our corporate and division office functions in order to allow all of our employees to work remotely except for essential minimum basic operations which could only be done in an office setting;
|
•
|
Eliminated non-emergency warranty work in our customers’ homes;
|
•
|
Modified much of our customer interactions around the mortgage origination and closing process to be virtual and minimize in-person interactions; and
|
•
|
Modified our construction operations to enforce enhanced safety protocols around social distancing, hygiene, and health screening.
|
|
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) (2)
|
||||||
April 1, 2020 to April 30, 2020
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
429,872
|
|
May 1, 2020 to May 31, 2020
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
429,872
|
|
June 1, 2020 to June 30, 2020
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
429,872
|
|
Total
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
(1)
|
During the six months ended June 30, 2020, participants surrendered 0.3 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)
|
The Board of Directors approved a share repurchase authorization totaling $500.0 million in January 2018 and an increase of $500.0 million to such authorization in May 2019. There is no expiration date for this program, under which $429.9 million remained as of June 30, 2020. During the six months ended June 30, 2020, we repurchased 2.8 million shares for a total of $95.7 million under 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)
|
|
|
|
|
|
|
|
|
|
(f)
|
|
|
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 June 30, 2020, 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:
|
July 23, 2020
|
|
1 Year PulteGroup Chart |
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