PulteGroup Inc. Files 10-Q for Q1 2024

TL;DR

PulteGroup Inc. has submitted its Q1 2024 10-Q filing, detailing financial performance and commitments.

AI Summary

PULTEGROUP INC/MI/ (PHM) filed a Quarterly Report (10-Q) with the SEC on April 23, 2024. PulteGroup Inc. filed its 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's primary business segments include Home Building and Financial Services. Key financial data points such as common stock, additional paid-in capital, and retained earnings are detailed for various periods. Information on interest rate lock commitments, forward contracts, and loan purchase commitments as of March 31, 2024, is provided.

Why It Matters

For investors and stakeholders tracking PULTEGROUP INC/MI/, this filing contains several important signals. This filing provides investors with the latest financial health and operational status of PulteGroup Inc. for the first quarter of 2024. Understanding the details within this 10-Q is crucial for assessing the company's performance in the current housing market and its financial stability.

Risk Assessment

Risk Level: — PULTEGROUP INC/MI/ shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediately alarming information, indicating a routine disclosure of financial performance.

Analyst Insight

Monitor future filings for trends in home building sales, land acquisition, and financial services performance to gauge PulteGroup's strategic direction and market response.

Revenue Breakdown

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-01-01 — Period Start Date (Q1 2024)
• 12/31 — Fiscal Year End (Company Data)

Key Players & Entities

• PULTEGROUP INC/MI/ (company) — Filer
• 0000822416 (company) — Central Index Key
• 30326 (company) — Business Address ZIP
• 20240331 (date) — Conformed Period of Report
• 20240423 (date) — Filed as of Date

FAQ

Industry Context

PulteGroup Inc. operates in the homebuilding industry, a sector sensitive to economic conditions, interest rates, and consumer confidence.

Regulatory Implications

As a publicly traded company, PulteGroup Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the detailed financial statements within the 10-Q for revenue, net income, and cash flow trends.
2. Compare the reported figures for Q1 2024 against Q1 2023 to identify year-over-year performance changes.
3. Review any disclosures related to forward-looking statements, risks, and uncertainties mentioned in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data reported as of this date.
• 2024-04-23: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing an update on the company's financial position and operations compared to previous periods.

Key Financial Figures

• $0.01 — ch registered Common Shares, par value $0.01 PHM New York Stock Exchange Series A J
• $000 — CONDENSED CONSOLIDATED BALANCE SHEETS ($000's omitted) March 31, 2024 December 31

Filing Documents

• phm-20240331.htm (10-Q) — 1214KB
• exhibit31aceocertification.htm (EX-31.A) — 10KB
• exhibit31bcfocertification.htm (EX-31.B) — 10KB
• exhibit32-certification033.htm (EX-32) — 6KB
• phm-20240331_g1.jpg (GRAPHIC) — 73KB
• 0000822416-24-000016.txt ( ) — 6055KB
• phm-20240331.xsd (EX-101.SCH) — 34KB
• phm-20240331_cal.xml (EX-101.CAL) — 54KB
• phm-20240331_def.xml (EX-101.DEF) — 173KB
• phm-20240331_lab.xml (EX-101.LAB) — 480KB
• phm-20240331_pre.xml (EX-101.PRE) — 346KB
• phm-20240331_htm.xml (XML) — 847KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1 Financial Statements Condensed Consolidated Balance Sheets at March 3 1 , 202 4 and December 3 1, 2023 3 Consolidated Statements of Operations for the three months ended March 3 1 , 202 4 and 2023 4 Consolidated Statements of Shareholders' Equity for the three months ended March 3 1 , 202 4 and 2023 5 Consolidated Statements of Cash Flows for the three months ended March 3 1 , 202 4 and 2023 6 Notes to Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3 Quantitative and Qualitative Disclosures About Market Risk 36

Controls and Procedures

Item 4 Controls and Procedures 37

OTHER INFORMATION

PART II OTHER INFORMATION 38

Legal Proceedings

Item 1 Legal Proceedings 38

Risk Factors

Item 1A Risk Factors 38

Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

Item 2 Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 38

Other Information

Item 5 Other Information 38

Exhibits

Item 6 Exhibits 39

Signatures

Signatures 41 2

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements PULTEGROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS ($000's omitted) March 31, 2024 December 31, 2023 (Unaudited) ASSETS Cash and equivalents $ 1,719,562 $ 1,806,583 Restricted cash 46,527 42,594 Total cash, cash equivalents, and restricted cash 1,766,089 1,849,177 House and land inventory 12,107,212 11,795,370 Land held for sale 24,838 23,831 Residential mortgage loans available-for-sale 570,839 516,064 Investments in unconsolidated entities 204,117 166,913 Other assets 1,638,458 1,545,667 Goodwill 68,930 68,930 Other intangible assets 53,798 56,338 Deferred tax assets 61,949 64,760 $ 16,496,230 $ 16,087,050 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable $ 575,071 $ 619,012 Customer deposits 698,775 675,091 Deferred tax liabilities 336,780 302,155 Accrued and other liabilities 1,632,462 1,645,690 Financial Services debt 534,335 499,627 Notes payable 1,956,854 1,962,218 5,734,277 5,703,793 Shareholders' equity 10,761,953 10,383,257 $ 16,496,230 $ 16,087,050 See accompanying Notes to Condensed Consolidated Financial Statements. 3 PULTEGROUP, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (000's omitted, except per share data) (Unaudited) Three Months Ended March 31, 2024 2023 Revenues: Homebuilding Home sale revenues $ 3,819,586 $ 3,487,637 Land sale and other revenues 37,217 30,066 3,856,803 3,517,703 Financial Services 92,357 57,938 Total revenues 3,949,160 3,575,641 Homebuilding Cost of Revenues: Home sale cost of revenues ( 2,689,087 ) ( 2,472,329 ) Land sale and other cost of revenues ( 37,043 ) ( 24,967 ) ( 2,726,130 ) ( 2,497,296 ) Financial Services expenses ( 51,378 ) ( 44,036 ) Selling, general, and administrative expenses ( 357,594 ) ( 336,518 ) Equity income from unconsolidated entities, net 37,902 2,513 Other income, net 16,683 1,818 Income before income taxes 868,643 702,122 Income tax expense ( 205,667 ) ( 169,863 ) Net income $ 662,976