PulteGroup Inc. Files 2Q 2024 10-Q

TL;DR

PHM 10-Q filed: Q2 2024 results are in, check for homebuilding sales data.

AI Summary

PulteGroup Inc. (PHM) filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance for the second quarter and the first half of 2024, including homebuilding sales and segment information. Specific dollar amounts and dates related to these financial metrics are provided within the report.

Why It Matters

This filing provides investors with the latest financial results for PulteGroup, a major homebuilder, offering insights into the health of the housing market and the company's operational performance.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the housing market is subject to economic fluctuations and interest rate changes, which can impact performance.

Key Numbers

• 20240630 — Period End Date (The end date for the reporting period of the 10-Q filing.)
• 20240723 — Filing Date (The date the 10-Q was officially filed with the SEC.)
• 2024-01-01 to 2024-06-30 — Year-to-Date Period (Covers the first six months of fiscal year 2024 for financial reporting.)
• 2023-01-01 to 2023-06-30 — Prior Year-to-Date Period (Covers the first six months of fiscal year 2023 for comparative analysis.)
• 2024-04-01 to 2024-06-30 — Second Quarter 2024 (Specific period for the current quarter's financial results.)

Key Players & Entities

• PULTEGROUP INC/MI/ (company) — Filer of the 10-Q
• 0000822416 (company) — Central Index Key for PulteGroup
• 20240630 (date) — Period of report for the 10-Q
• 20240723 (date) — Filing date of the 10-Q
• 3350 PEACHTREE ROAD NORTHEAST (address) — Business and mailing address of PulteGroup
• ATLANTA, GA (location) — City and State of PulteGroup's address
• PHM (ticker) — Ticker symbol for PulteGroup

FAQ

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) June 30, 2024 December 31,

Filing Documents

• phm-20240630.htm (10-Q) — 1508KB
• exhibit31aceocertification.htm (EX-31.A) — 10KB
• exhibit31bcfocertification.htm (EX-31.B) — 10KB
• exhibit32-certification063.htm (EX-32) — 6KB
• phm-20240630_g1.jpg (GRAPHIC) — 73KB
• 0000822416-24-000029.txt ( ) — 6641KB
• phm-20240630.xsd (EX-101.SCH) — 33KB
• phm-20240630_cal.xml (EX-101.CAL) — 54KB
• phm-20240630_def.xml (EX-101.DEF) — 170KB
• phm-20240630_lab.xml (EX-101.LAB) — 482KB
• phm-20240630_pre.xml (EX-101.PRE) — 344KB
• phm-20240630_htm.xml (XML) — 1001KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1 Financial Statements Condensed Consolidated Balance Sheets at June 3 0 , 2024 and December 31, 2023 3 Consolidated Statements of Operations for the three and six months ended June 3 0 , 2024 and 2023 4 Consolidated Statements of Shareholders' Equity for the three and six months ended June 3 0 , 2024 and 2023 5 Consolidated Statements of Cash Flows for the six months ended June 3 0 , 2024 and 2023 7 Notes to Condensed Consolidated Financial Statements 8

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 22

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 and Use of Proceeds

Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 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) June 30, 2024 December 31, 2023 (Unaudited) ASSETS Cash and equivalents $ 1,392,902 $ 1,806,583 Restricted cash 53,064 42,594 Total cash, cash equivalents, and restricted cash 1,445,966 1,849,177 House and land inventory 12,302,301 11,795,370 Land held for sale 21,559 23,831 Residential mortgage loans available-for-sale 569,387 516,064 Investments in unconsolidated entities 210,246 166,913 Other assets 1,820,092 1,545,667 Goodwill 68,930 68,930 Other intangible assets 51,300 56,338 Deferred tax assets 54,288 64,760 $ 16,544,069 $ 16,087,050 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable $ 651,580 $ 619,012 Customer deposits 654,427 675,091 Deferred tax liabilities 381,021 302,155 Accrued and other liabilities 1,459,998 1,645,690 Financial Services debt 524,042 499,627 Notes payable 1,650,178 1,962,218 5,321,246 5,703,793 Shareholders' equity 11,222,823 10,383,257 $ 16,544,069 $ 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 Six Months Ended June 30, June 30, 2024 2023 2024 2023 Revenues: Homebuilding Home sale revenues $ 4,448,168 $ 4,058,930 $ 8,267,754 $ 7,546,567 Land sale and other revenues 39,825 37,604 77,042 67,671 4,487,993 4,096,534 8,344,796 7,614,238 Financial Services 111,662 92,219 204,019 150,156 Total revenues 4,599,655 4,188,753 8,548,815 7,764,394 Homebuilding Cost of Revenues: Home sale cost of revenues ( 3,117,482 ) ( 2,856,361 ) ( 5,806,569 ) ( 5,328,690 ) Land sale and other cost of revenues ( 38,873 ) ( 32,494 ) ( 75,917 ) ( 57,461 ) ( 3,156,355 ) ( 2,888,855 ) ( 5,882,486 ) ( 5,386,151 ) Financial Services expenses ( 49,334 ) ( 46,778 ) ( 100,712 ) ( 90,813 ) Selling, general, and administrative expenses