04/26/2022 | Press release | Distributed by Public on 04/26/2022 08:04
Three Months Ended March 31, | ||||
2022 | 2021 | |||
Homebuilding: | ||||
Revenues | $ | 2,309,227 | $ | 1,963,711 |
Other income | 1,339 | 1,586 | ||
Cost of sales | (1,651,365) | (1,577,453) | ||
Selling, general and administrative | (129,510) | (121,419) | ||
Operating income | 529,691 | 266,425 | ||
Interest expense | (12,804) | (13,006) | ||
Homebuilding income | 516,887 | 253,419 | ||
Mortgage Banking: | ||||
Mortgage banking fees | 69,182 | 77,735 | ||
Interest income | 2,074 | 2,032 | ||
Other income | 1,072 | 867 | ||
General and administrative | (22,908) | (21,656) | ||
Interest expense | (362) | (391) | ||
Mortgage banking income | 49,058 | 58,587 | ||
Income before taxes | 565,945 | 312,006 | ||
Income tax expense | (139,845) | (63,244) | ||
Net income | $ | 426,100 | $ | 248,762 |
Basic earnings per share | $ | 125.87 | $ | 67.72 |
Diluted earnings per share | $ | 116.56 | $ | 63.21 |
Basic weighted average shares outstanding | 3,385 | 3,673 | ||
Diluted weighted average shares outstanding | 3,656 | 3,935 |
NVR, Inc. | ||||
Consolidated Balance Sheets | ||||
(in thousands, except share and per share data) | ||||
(unaudited) | ||||
March 31, 2022 | December 31, 2021 | |||
ASSETS | ||||
Homebuilding: | ||||
Cash and cash equivalents | $ | 2,138,706 | $ | 2,545,069 |
Restricted cash | 65,562 | 60,730 | ||
Receivables | 23,471 | 18,552 | ||
Inventory: | ||||
Lots and housing units, covered under sales agreements with customers | 1,997,115 | 1,777,862 | ||
Unsold lots and housing units | 142,015 | 127,434 | ||
Land under development | 14,668 | 12,147 | ||
Building materials and other | 39,841 | 29,923 | ||
2,193,639 | 1,947,366 | |||
Contract land deposits, net | 512,042 | 497,139 | ||
Property, plant and equipment, net | 56,829 | 56,979 | ||
Operating lease right-of-use assets | 59,819 | 59,010 | ||
Reorganization value in excess of amounts allocable to identifiable assets, net | 41,580 | 41,580 | ||
Other assets | 220,675 | 229,018 | ||
5,312,323 | 5,455,443 | |||
Mortgage Banking: | ||||
Cash and cash equivalents | 19,157 | 28,398 | ||
Restricted cash | 3,402 | 2,519 | ||
Mortgage loans held for sale, net | 312,726 | 302,192 | ||
Property and equipment, net | 3,386 | 3,658 | ||
Operating lease right-of-use assets | 8,491 | 9,758 | ||
Reorganization value in excess of amounts allocable to identifiable assets, net | 7,347 | 7,347 | ||
Other assets | 59,381 | 25,160 | ||
413,890 | 379,032 | |||
Total assets | $ | 5,726,213 | $ | 5,834,475 |
NVR, Inc. | ||||
Consolidated Balance Sheets (Continued) | ||||
(in thousands, except share and per share data) | ||||
(unaudited) | ||||
March 31, 2022 | December 31, 2021 | |||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Homebuilding: | ||||
Accounts payable | $ | 398,516 | $ | 336,560 |
Accrued expenses and other liabilities | 501,091 | 435,860 | ||
Customer deposits | 453,178 | 417,463 | ||
Operating lease liabilities | 64,546 | 64,128 | ||
Senior notes | 1,515,964 | 1,516,255 | ||
2,933,295 | 2,770,266 | |||
Mortgage Banking: | ||||
Accounts payable and other liabilities | 58,098 | 51,394 | ||
Operating lease liabilities | 9,221 | 10,437 | ||
67,319 | 61,831 | |||
Total liabilities | 3,000,614 | 2,832,097 | ||
Commitments and contingencies | ||||
Shareholders' equity: | ||||
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both March 31, 2022 and December 31, 2021 | 206 | 206 | ||
Additional paid-in capital | 2,416,660 | 2,378,191 | ||
Deferred compensation trust - 106,697 shares of NVR, Inc. common stock as of both March 31, 2022 and December 31, 2021 | (16,710) | (16,710) | ||
Deferred compensation liability | 16,710 | 16,710 | ||
Retained earnings | 10,473,939 | 10,047,839 | ||
Less treasury stock at cost - 17,240,495 and 17,107,889 shares as of March 31, 2022 and December 31, 2021, respectively | (10,165,206) | (9,423,858) | ||
Total shareholders' equity | 2,725,599 | 3,002,378 | ||
Total liabilities and shareholders' equity | $ | 5,726,213 | $ | 5,834,475 |
NVR, Inc. | ||||||
Operating Activity | ||||||
(dollars in thousands) | ||||||
(unaudited) | ||||||
Three Months Ended March 31, | ||||||
|
2022 | 2021 | ||||
Units | Average Price | Units | Average Price | |||
New orders, net of cancellations:
|
||||||
Mid Atlantic (1)
|
2,307 | $ | 529.1 | 2,291 | $ | 502.2 |
North East (2)
|
460 | $ | 522.9 | 440 | $ | 474.7 |
Mid East (3)
|
1,534 | $ | 398.6 | 1,795 | $ | 350.4 |
South East (4)
|
1,626 | $ | 422.8 | 1,788 | $ | 337.6 |
Total
|
5,927 | $ | 465.7 | 6,314 | $ | 410.5 |
Three Months Ended March 31, | ||||||
2022 | 2021 | |||||
Units | Average Price | Units | Average Price | |||
Settlements:
|
||||||
Mid Atlantic (1)
|
2,180 | $ | 523.7 | 2,010 | $ | 465.7 |
North East (2)
|
348 | $ | 504.5 | 372 | $ | 436.0 |
Mid East (3)
|
1,210 | $ | 381.3 | 1,263 | $ | 336.4 |
South East (4)
|
1,476 | $ | 359.5 | 1,427 | $ | 308.6 |
Total
|
5,214 | $ | 442.9 | 5,072 | $ | 387.2 |
As of March 31, | ||||||
2022 | 2021 | |||||
Units | Average Price | Units | Average Price | |||
Backlog:
|
||||||
Mid Atlantic (1)
|
5,045 | $ | 537.0 | 4,760 | $ | 488.2 |
North East (2)
|
1,081 | $ | 518.6 | 1,018 | $ | 463.7 |
Mid East (3)
|
3,351 | $ | 389.2 | 3,406 | $ | 350.6 |
South East (4)
|
3,966 | $ | 418.3 | 3,607 | $ | 336.6 |
Total
|
13,443 | $ | 463.7 | 12,791 | $ | 406.9 |
NVR, Inc. | ||||
Operating Activity (Continued) | ||||
(dollars in thousands) | ||||
(unaudited) | ||||
Three Months Ended March 31, | ||||
2022 | 2021 | |||
Average active communities: | ||||
Mid Atlantic (1)
|
151 | 159 | ||
North East (2)
|
34 | 35 | ||
Mid East (3)
|
129 | 140 | ||
South East (4)
|
90 | 111 | ||
Total
|
404 | 445 | ||
Three Months Ended March 31, | ||||
2022 | 2021 | |||
Homebuilding data: | ||||
New order cancellation rate
|
10 | % | 10 | % |
Lots controlled at end of period
|
126,800 | 108,700 | ||
Mortgage banking data:
|
||||
Loan closings
|
$ | 1,484,593 | $ | 1,412,879 |
Capture rate
|
86 | % | 89 | % |
Common stock information:
|
||||
Shares outstanding at end of period
|
3,314,835 | 3,639,609 | ||
Number of shares repurchased
|
146,054 | 86,523 | ||
Aggregate cost of shares repurchased
|
$ | 748,789 | $ | 377,425 |
(1) | Maryland, Virginia, West Virginia, Delaware and Washington, D.C. |
(2) | New Jersey and Eastern Pennsylvania |
(3) | New York, Ohio, Western Pennsylvania, Indiana and Illinois |
(4) | North Carolina, South Carolina, Tennessee and Florida |
Investor Relations Contact: | |
Curt McKay | |
(703) 956-4058 | |
[email protected] |