Hovnanian Enterprises Files 2024 10-K

TL;DR

HOV filed its 2024 10-K. Looks like they're still building houses.

AI Summary

Hovnanian Enterprises Inc. filed its 10-K for the fiscal year ending October 31, 2024. The company, incorporated in Delaware, operates in the operative builders sector. Key financial details and operational aspects are presented in this annual report, which covers 58 years of the company's history.

Why It Matters

This filing provides a comprehensive overview of Hovnanian Enterprises' financial health and operational performance for the past fiscal year, crucial for investors and stakeholders to assess the company's stability and future prospects.

Risk Assessment

Risk Level: medium — The company operates in the cyclical homebuilding industry, which is subject to economic downturns and interest rate fluctuations.

Key Numbers

• 58 years — Company History (Indicates long-standing presence in the market.)
• 2 years — Reporting Period (Refers to the duration covered by certain financial data or trends.)

Key Players & Entities

• HOVNANIAN ENTERPRISES INC (company) — Filer
• 20241031 (date) — Fiscal Year End
• DE (jurisdiction) — State of Incorporation
• 07747 (postal_code) — Business and Mail Address Zip Code
• 7327477800 (phone_number) — Business Phone

FAQ

Key Financial Figures

• $0.01 — which registered Class A Common Stock $0.01 par value per share HOV New York St
• $75.3 million — ompleted a debt exchange resulting in a $75.3 million principal reduction of our senior notes
• $31.5 million — h included an aggregate cash payment of $31.5 million. We also repurchased 188,800 shares of
• $26.5 million — stock with an aggregate market value of $26.5 million in fiscal 2024. In response to changing
• $1.6 m — ng in charges to income before taxes of $1.6 million, $ 1.5 million and $ 5.7 million,

Filing Documents

• hov-20241031.htm (10-K) — 4332KB
• img189fb38f3e894199bd26.jpg (GRAPHIC) — 41KB
• ex4N_1.htm (EX-4.N) — 79KB
• ex19A_2.htm (EX-19.A) — 353KB
• ex21_3.htm (EX-21) — 513KB
• ex23A_4.htm (EX-23.A) — 9KB
• ex31A_5.htm (EX-31.A) — 8KB
• ex31B_6.htm (EX-31.B) — 8KB
• ex32A_7.htm (EX-32.A) — 3KB
• ex32B_8.htm (EX-32.B) — 4KB
• 0001753926-24-002117.txt ( ) — 19708KB
• hov-20241031_def.xml (EX-101.DEF) — 720KB
• hov-20241031_pre.xml (EX-101.PRE) — 870KB
• hov-20241031_cal.xml (EX-101.CAL) — 139KB
• hov-20241031_lab.xml (EX-101.LAB) — 1219KB
• hov-20241031.xsd (EX-101.SCH) — 109KB
• hov-20241031_htm.xml (XML) — 3636KB

Risk Factors

Risk Factors 13 1B Unresolved Staff Comments 25 1C Cybersecurity 25 2

Legal Proceedings

Legal Proceedings 27 4 Mine Safety Disclosures 27 Information About Our Executive Officers 27 PART II 27 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 27 6 Reserved 28 7

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 7A

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 51 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 51 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 51 9A

Controls and Procedures

Controls and Procedures 52 9B Other Information 52 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 52 PART III 53 10 Directors, Executive Officers and Corporate Governance 53 11

Executive Compensation

Executive Compensation 54 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54 13 Certain Relationships and Related Transactions, and Director Independence 55 14 Principal Accountant Fees and Services 55 PART IV 55 15 Exhibits and Financial Statement Schedules 55 16 Form 10-K Summary 61

Signatures

Signatures 62 3 Table of Contents Part I ITEM 1

BUSINESS

BUSINESS Business Overview Hovnanian Enterprises, Inc. ("HEI") conducts all of its homebuilding and financial services operations through its subsidiaries (references herein to the "Company," "we," "us" or "our" refer to HEI and its consolidated subsidiaries and should be understood to reflect the consolidated business of HEI's subsidiaries). Through its subsidiaries, HEI designs, constructs, markets, and sells single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes in planned residential developments and is one of the nation's largest builders of residential homes. Founded in 1959 by Kevork Hovnanian, HEI was incorporated in New Jersey in 1967 and reincorporated in Delaware in 1983 . Since the incorporation of HEI's predecessor company, the Company combined with its unconsolidated joint ventures have delivered in excess of 375,000 homes, including 6,201 homes in fiscal 2024 . The Company has two distinct operations: homebuilding and financial services. Our homebuilding operations consist of three reportable segments: Northeast, Southeast and West. Our financial services operations provide mortgage loans and title services to the customers of our homebuilding operations. Excluding unconsolidated joint ventures, we are currently offering homes for sale in 130 communities in 27 markets in 13 states throughout the United States. We market and build homes for first-time buyers, move-up buyers, luxury buyers, active lifestyle buyers and empty nesters. We offer a variety of home styles at base prices ranging from $ 62,000 to $ 1,910,000 with an average sales price, including options, of $ 538,000 nationwide in fiscal 2024 . Our operations span all significant aspects of the home-buying process – from design, construction, and sale, to mortgage origination and title services. The following is a summary of our growth history: 1959 - Founded by Kevork Hovnanian as a New Jersey homebuilder. 1983 - Completed ini

View Full Filing

View this 10-K filing on SEC EDGAR