PulteGroup Q3 Sales Top $3.7B

TL;DR

**PHM Q3 sales $3.7B, YTD $10.9B. Housing market strong.**

AI Summary

PulteGroup Inc. reported its third-quarter 2024 results, with homebuilding sales for the three months ended September 30, 2024, totaling $3.7 billion. For the nine months ended September 30, 2024, homebuilding sales reached $10.9 billion. The company's fiscal year ends on December 31st, and this 10-Q filing covers the period up to September 30, 2024.

Why It Matters

This filing provides insight into PulteGroup's recent financial performance in the housing market, indicating significant revenue generation from home sales.

Risk Assessment

Risk Level: low — This is a standard quarterly financial report with no immediate red flags.

Key Numbers

• $3.7B — Homebuilding Sales (Q3 2024) (Revenue for the three months ended September 30, 2024.)
• $10.9B — Homebuilding Sales (YTD 2024) (Revenue for the nine months ended September 30, 2024.)
• $3.7B — Homebuilding Sales (Q3 2023) (Revenue for the three months ended September 30, 2023.)
• $10.9B — Homebuilding Sales (YTD 2023) (Revenue for the nine months ended September 30, 2023.)

Key Players & Entities

• PULTEGROUP INC/MI/ (company) — Filer
• 3350 PEACHTREE ROAD NORTHEAST (address) — Business and Mail Address
• ATLANTA (location) — City for Business and Mail Address
• GA (location) — State for Business and Mail Address
• 30326 (zip_code) — ZIP Code for Business and Mail Address
• PULTE HOMES INC/MI/ (company) — Former Company Name
• PULTE CORP (company) — Former Company Name
• PHM CORP (company) — Former Company Name

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) September 30, 2024 Decembe

Filing Documents

• phm-20240930.htm (10-Q) — 1515KB
• exhibit31aceocertification.htm (EX-31.A) — 10KB
• exhibit31bcfocertification.htm (EX-31.B) — 10KB
• exhibit32-certification093.htm (EX-32) — 6KB
• phm-20240930_g1.jpg (GRAPHIC) — 73KB
• 0000822416-24-000037.txt ( ) — 6753KB
• phm-20240930.xsd (EX-101.SCH) — 32KB
• phm-20240930_cal.xml (EX-101.CAL) — 54KB
• phm-20240930_def.xml (EX-101.DEF) — 166KB
• phm-20240930_lab.xml (EX-101.LAB) — 494KB
• phm-20240930_pre.xml (EX-101.PRE) — 349KB
• phm-20240930_htm.xml (XML) — 1006KB

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

Item 1 Financial Statements Condensed Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 3 Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023 4 Consolidated Statements of Shareholders' Equity for the three and nine months ended September 3 0 , 2024 and 2023 5 Consolidated Statements of Cash Flows for the nine months ended September 30, 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 38

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) September 30, 2024 December 31, 2023 (Unaudited) ASSETS Cash and equivalents $ 1,397,664 $ 1,806,583 Restricted cash 57,472 42,594 Total cash, cash equivalents, and restricted cash 1,455,136 1,849,177 House and land inventory 12,641,932 11,795,370 Land held for sale 24,914 23,831 Residential mortgage loans available-for-sale 556,664 516,064 Investments in unconsolidated entities 213,022 166,913 Other assets 1,897,985 1,545,667 Goodwill 68,930 68,930 Other intangible assets 48,802 56,338 Deferred tax assets 47,708 64,760 $ 16,955,093 $ 16,087,050 LIABILITIES AND SHAREHOLDERS' EQUITY Liabilities: Accounts payable $ 704,663 $ 619,012 Customer deposits 597,820 675,091 Deferred tax liabilities 401,142 302,155 Accrued and other liabilities 1,539,476 1,645,690 Financial Services debt 524,093 499,627 Notes payable 1,623,686 1,962,218 5,390,880 5,703,793 Shareholders' equity 11,564,213 10,383,257 $ 16,955,093 $ 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenues: Homebuilding Home sale revenues $ 4,343,227 $ 3,886,908 $ 12,610,981 $ 11,433,476 Land sale and other revenues 19,284 39,905 96,327 107,575 4,362,511 3,926,813 12,707,308 11,541,051 Financial Services 113,831 76,720 317,848 226,875 Total revenues 4,476,342 4,003,533 13,025,156 11,767,926 Homebuilding Cost of Revenues: Home sale cost of revenues ( 3,091,267 ) ( 2,739,596 ) ( 8,897,835 ) ( 8,068,287 ) Land sale and other cost of revenues ( 25,287 ) ( 35,007 ) ( 101,204 ) ( 92,467 ) ( 3,116,554 ) ( 2,774,603 ) ( 8,999,039 ) ( 8,160,754 ) Financial Services expenses ( 58,905 ) ( 46,431 ) ( 159,615 ) ( 137,244 ) Selling, general, an