NVR Inc. Q2 Revenue Hits $2.45B, Net Income $421.1M
Ticker: NVR · Form: 10-Q · Filed: 2024-08-06T00:00:00.000Z
Sentiment: bullish
Topics: earnings, real-estate, housing
TL;DR
NVR crushed Q2, $2.45B revenue, $421M profit. Housing market holding strong.
AI Summary
NVR Inc. reported its second quarter 2024 results, with total revenue for the three months ended June 30, 2024, reaching $2.45 billion. The company's net income for the same period was $421.1 million. NVR Inc. operates in two primary segments: Homebuilding and Mortgage Banking.
Why It Matters
This filing provides insight into NVR Inc.'s financial performance in the housing market, a key sector of the economy, impacting investors and consumers alike.
Risk Assessment
Risk Level: medium — The housing market is subject to economic cycles and interest rate fluctuations, which can significantly impact NVR's performance.
Key Numbers
- $2.45B — Total Revenue (For the three months ended June 30, 2024)
- $421.1M — Net Income (For the three months ended June 30, 2024)
Key Players & Entities
- NVR Inc. (company) — Filer of the 10-Q report
- 20240630 (date) — End of the reporting period for the 10-Q
- $2.45 billion (dollar_amount) — Total revenue for the three months ended June 30, 2024
- $421.1 million (dollar_amount) — Net income for the three months ended June 30, 2024
FAQ
What were NVR Inc.'s total revenues for the second quarter of 2024?
NVR Inc.'s total revenues for the three months ended June 30, 2024, were $2.45 billion.
What was NVR Inc.'s net income for the second quarter of 2024?
NVR Inc.'s net income for the three months ended June 30, 2024, was $421.1 million.
What are the primary business segments of NVR Inc.?
NVR Inc. operates in two primary segments: Homebuilding and Mortgage Banking.
What is the fiscal year end for NVR Inc.?
NVR Inc.'s fiscal year ends on December 31.
What is the filing date of this 10-Q report?
This 10-Q report was filed on August 6, 2024.
Filing Stats: 4,693 words · 19 min read · ~16 pages · Grade level 16.5 · Accepted 2024-08-06 14:11:09
Key Financial Figures
- $0.01 — ich registered Common stock, par value $0.01 per share NVR New York Stock Exchange
Filing Documents
- nvr-20240630.htm (10-Q) — 1268KB
- exhibit101q22024.htm (EX-10.1) — 31KB
- exhibit311q22024.htm (EX-31.1) — 10KB
- exhibit312q22024.htm (EX-31.2) — 10KB
- exhibit32q22024.htm (EX-32) — 6KB
- image_0a.jpg (GRAPHIC) — 195KB
- 0000906163-24-000109.txt ( ) — 6740KB
- nvr-20240630.xsd (EX-101.SCH) — 42KB
- nvr-20240630_cal.xml (EX-101.CAL) — 61KB
- nvr-20240630_def.xml (EX-101.DEF) — 196KB
- nvr-20240630_lab.xml (EX-101.LAB) — 476KB
- nvr-20240630_pre.xml (EX-101.PRE) — 357KB
- nvr-20240630_htm.xml (XML) — 1115KB
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3. Quantitative and Qualitative Disclosure About Market Risk 33 Item 4.
Controls and Procedures
Controls and Procedures 33 PART II OTHER INFORMATION 34 Item 1.
Legal Proceedings
Legal Proceedings 34 Item 1A.
Risk Factors
Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34
Other Events
Item 5. Other Events 34 Item 6. Exhibits 35 SIGNATURE 36
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements NVR, Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (unaudited) June 30, 2024 December 31, 2023 ASSETS Homebuilding: Cash and cash equivalents $ 2,438,473 $ 3,126,472 Restricted cash 46,218 41,483 Receivables 35,491 29,000 Inventory: Lots and housing units, covered under sales agreements with customers 1,927,451 1,674,686 Unsold lots and housing units 229,319 214,666 Land under development 61,512 36,895 Building materials and other 26,137 23,903 2,244,419 1,950,150 Contract land deposits, net 646,341 576,551 Property, plant and equipment, net 79,057 63,716 Operating lease right-of-use assets 73,345 70,384 Reorganization value in excess of amounts allocable to identifiable assets, net 41,580 41,580 Other assets 258,172 242,751 5,863,096 6,142,087 Mortgage Banking: Cash and cash equivalents 31,123 36,422 Restricted cash 13,132 11,067 Mortgage loans held for sale, net 392,943 222,560 Property and equipment, net 7,069 6,348 Operating lease right-of-use assets 20,758 23,541 Reorganization value in excess of amounts allocable to identifiable assets, net 7,347 7,347 Other assets 71,820 152,385 544,192 459,670 Total assets $ 6,407,288 $ 6,601,757 See notes to condensed consolidated financial statements. 1 NVR, Inc. Condensed Consolidated Balance Sheets (Continued) (in thousands, except share and per share data) (unaudited) June 30, 2024 December 31, 2023 LIABILITIES AND SHAREHOLDERS' EQUITY Homebuilding: Accounts payable $ 421,457 $ 347,738 Accrued expenses and other liabilities 405,338 413,043 Customer deposits 369,274 334,441 Operating lease liabilities 78,563 75,797 Senior notes 912,078 913,027 2,186,710 2,084,046 Mortgage Banking: Accounts payable and other liabilities 63,960 127,511 Operating lease liabilities 22,710 25,475 86,670 152,986 Total liabilities 2,273,380 2,237,032 Commitments and contingencies Shareholders' equity: Common st