KB Home Files 2024 10-K Report

Ticker: KBH · Form: 10-K · Filed: 2025-01-24T00:00:00.000Z

Sentiment: neutral

Topics: 10-K, homebuilding, real-estate, financials

Related Tickers: LEN, DHI, TOL, NVR

TL;DR

KB Home's 2024 10-K is in. Full year financials are out, check it for homebuilding performance.

AI Summary

KB Home (NYSE: KBH) filed its 2024 10-K report, detailing its financial performance for the fiscal year ending November 30, 2024. The company, a major homebuilder, operates within the Real Estate & Construction sector. Key financial data and operational segments are outlined in the filing, which provides a comprehensive overview of its business activities and financial position.

Why It Matters

This filing provides investors and analysts with a detailed look at KB Home's financial health, operational performance, and strategic direction for the past fiscal year, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — As a homebuilder, KB Home is subject to cyclical economic conditions, interest rate fluctuations, and housing market demand, which can significantly impact its financial performance.

Key Numbers

Key Players & Entities

FAQ

What is KB Home's primary business activity?

KB Home is primarily engaged in homebuilding, as indicated by its SIC code 'OPERATIVE BUILDERS [1531]' and the 'us-gaap:HomeBuildingMember' tags.

What is the fiscal year end for KB Home?

KB Home's fiscal year ends on November 30, as stated in the filing (e.g., '20241130').

When was the 10-K report filed?

The 10-K report was filed on January 24, 2025 ('20250124').

What is KB Home's state of incorporation?

KB Home is incorporated in Delaware ('DE').

What is the company's main address?

KB Home's business and mailing address is 10990 WILSHIRE BLVD, LOS ANGELES, CA 90024.

Filing Stats: 4,464 words · 18 min read · ~15 pages · Grade level 15.9 · Accepted 2025-01-24 16:26:12

Key Financial Figures

Filing Documents

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 24 Item 1C. Cybersecurity 24 Item 2.

Properties

Properties 25 Item 3.

Legal Proceedings

Legal Proceedings 25 Item 4. Mine Safety Disclosures 25 Information about our Executive Officers 26 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 26 Item 6. [Reserved] 27 Item 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 27 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 56 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 95 Item 9A.

Controls and Procedures

Controls and Procedures 95 Item 9B. Other Information 96 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 96 PART III Item 10. Directors, Executive Officers and Corporate Governance 96 Item 11.

Executive Compensation

Executive Compensation 97 Item 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 97 Item 13. Certain Relationships and Related Transactions, and Director Independence 98 Item 14. Principal Accountant Fees and Services 98 PART IV Item 15. Exhibits and Financial Statement Schedules 98 Item 16. Form 10-K Summary 101

Signatures

Signatures 102 1 PART I

BUSINESS

Item 1. BUSINESS General KB Home is one of the largest and most trusted homebuilders in the U.S. We have been building homes for more than 65 years, with nearly 700,000 homes built since our founding in 1957. We build a variety of new homes, including attached and detached single-family residential homes, townhomes and condominiums, designed primarily for first-time and first move-up, as well as second move-up and active adult, homebuyers. We offer homes in development communities, at urban in-fill locations and as part of mixed-use projects. Our homebuilding operations represent the majority of our business, accounting for 99.6% of our total revenues in 2024 . Our financial services operations, which accounted for the remaining .4% of our total revenues in 2024 , offer various insurance products to our homebuyers in the markets where we build homes and provide title services in certain of those markets. Our financial services operations also provide mortgage banking services, including residential consumer mortgage loan ("mortgage loan") originations, to our homebuyers indirectly through KBHS Home Loans, LLC (" KBHS "), an unconsolidated joint venture between us and a third party. Unless the context indicates otherwise, the terms "we," "our" and "us" used in this report refer to KB Home, a Delaware corporation, and its predecessors and subsidiaries. We also use the following terms in our business with the corresponding meanings: "home" is a single-family residence, whether it is a single-family home or other type of residential property; "homes delivered" are homes for which the sale has closed and title has passed to a customer; "community" is a single development in which new homes are constructed as part of an integrated plan; "community count" is the number of communities we have open for sales with at least five homes/lots left to sell; and "product" encompasses a home's floor plan design and interior/exterior style, amenities, functions and

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