Financial Data and Key Metrics Changes - Total revenues for the first quarter were $515 million, reflecting a 9% decline compared to the previous year [102] - Adjusted gross margin was 21.8%, down from 22.4% year-over-year, impacted by a 470 basis point increase in incentives and concessions [70] - Adjusted pre-tax income was $19 million, compared to $36 million last year, with net income also decreasing from $25 million to $19 million [77] Business Line Data and Key Metrics Changes - The cancellation rate improved to 30% of gross contracts in the first quarter, down from 41% in the previous quarter [6] - The number of Quick Move-In (QMI) homes sold increased to about 60% of total sales, up from 40% historically, indicating a shift in consumer preference [110] - The company ended the quarter with 132 communities open for sale, with a lot count of 29,123 lots, a decrease from previous periods [11][12] Market Data and Key Metrics Changes - The number of existing homes for sale in the U.S. is currently 870,000, less than half of the historical average of over 2 million homes [8] - Monthly contracts per community showed a positive trend, increasing from 1.2 in November to 3.4 by February [78] - The company has a five-and-a-half-year supply of controlled land, with 73% controlled in fiscal 2021 or earlier [15] Company Strategy and Development Direction - The company is focusing on increasing inventory turnover and mitigating land risk by controlling lots primarily through option contracts [13] - A strategy to enhance affordability includes offering various customer incentives, such as below-market mortgage rates and discounts on options [9] - The management team is optimistic about the current sales environment and expects better financial performance for the remainder of the year [21][36] Management Comments on Operating Environment and Future Outlook - Management noted that despite rising mortgage rates, consumer demand appears to be stabilizing, with buyers adjusting their expectations [22][27] - The company plans to continue monitoring mortgage rate movements and the actions of the Federal Reserve, while maintaining a focus on long-term housing market fundamentals [36] - Financial guidance for the second quarter anticipates total revenues between $525 million and $625 million, with adjusted gross margins of 21% to 22.5% [32] Other Important Information - The company repurchased approximately 7% of its outstanding shares for $17 million, indicating confidence in its stock valuation [14][28] - The SG&A ratio is expected to increase due to higher wages and advertising spend, with an anticipated range of 13% to 14% of total revenue [94] - The company has retired $394 million of debt since fiscal 2019 and extended its revolving credit facility maturity to June 30, 2024 [16] Q&A Session Summary Question: Inquiry about buyer enthusiasm and incentives - Management noted that fewer existing homes available for sale and adjusted buyer expectations have contributed to increased sales momentum, despite rising rates [27] Question: Clarification on stock buyback - The company confirmed a $17 million stock buyback over the last two quarters, with plans to monitor market conditions for potential future repurchases [28][30] Question: Land market pricing adjustments - Management indicated that land sellers are becoming more realistic about pricing, leading to increased transactions as the market improves [43][44] Question: Demand for build-to-order products - Demand for both build-to-order and Quick Move-In homes has increased, with a noted shift towards more QMI sales [46][47] Question: Pricing power differences between product types - Management highlighted that build-to-order products currently have better margins compared to Quick Move-In homes, which tend to have more incentives [58]

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended OCTOBER 31, 2022 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 10-K ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 1-8551 Hovnanian Enterprises, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 22-1851059 (State or Other Jurisdiction of Incorporation or Organiza ...

8027 Review of Financial Results Fourth Quarter Fiscal 2022 Forward-Looking Statements 2 Note: All statements in this presentation that are not historical facts should be considered as "Forward-Looking Statements" within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any ...

Hovnanian Enterprises, Inc. (NYSE:HOV) Q4 2022 Earnings Conference Call December 8, 2022 11:00 AM ET Company Participants Ara Hovnanian - Chairman, President and CEO Larry Sorsby - EVP and CFO Brad O’Connor - SVP, Chief Accounting Officer and Treasurer Jeff O’Keefe - VP, IR Conference Call Participants Alan Ratner - Zelman & Associates Alex Barron - Housing Research Center Operator Good morning, and thank you for joining us today for Hovnanian Enterprises Fiscal 2022 Fourth Quarter Earnings Conference Call. ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended July 31, 2022 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-8551 Hovnanian Enterprises, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdiction of Incorporation or O ...

Review of Financial Results Third Quarter Fiscal 2022 Forward-Looking Statements Note: All statements in this presentation that are not historical facts should be considered as "Forward-Looking Statements" within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future ...

Home Sales Performance - Home sales revenue for the three and six months ended April 30, 2022, remained relatively flat, with average prices increasing by 20.7% and 19.4%, respectively, while home deliveries decreased by 16.4% and 15.9%[143]. - Home sales revenue increased by 0.9% to $685.8 million for the three months ended April 30, 2022, compared to $679.5 million in the prior year[197]. - Homes delivered decreased by 16.4% for the three months ended April 30, 2022, compared to the same period in 2021[198]. - Total homebuilding gross margin increased due to rising home prices across nearly all operating segments, contributing to improved profitability[208]. - Total revenues for the three months ended April 30, 2022, were $702.5 million, a slight decrease of 0.1% compared to $703.2 million in the same period of 2021[197]. Financial Performance - Pre-tax income rose to $80.9 million for the three months ended April 30, 2022, compared to $31.0 million in the same period of the prior year, while net income decreased to $62.4 million from $488.7 million[147]. - Selling, general and administrative costs decreased to $68.2 million, or 9.7% of total revenues, for the three months ended April 30, 2022, down from $82.6 million, or 11.7% of total revenues, in the same period of the prior year[145]. - Financial services reported a pretax profit of $4.9 million and $7.8 million for the three and six months ended April 30, 2022, down from $10.4 million and $19.5 million in the same periods of fiscal 2021, attributed to decreased homebuilding deliveries and loan spread reductions[242]. - Total income tax expense for the three and six months ended April 30, 2022, was $18.5 million and $29.1 million, respectively, primarily due to federal and state tax expenses related to pretax income[247]. Inventory and Contracts - Net contracts decreased by 13.9% and 13.3% for the three and six months ended April 30, 2022, respectively, compared to the same periods of the prior year[148]. - Contract backlog slightly decreased from 3,897 homes at April 30, 2021, to 3,796 homes at April 30, 2022, but the dollar value of the backlog increased by 16.1% to $2.1 billion[152]. - Customers' deposits increased by $32.2 million to $100.4 million at April 30, 2022, reflecting an increase in backlog[194]. - The company reported a net contract backlog of $860.5 million as of April 30, 2022, an increase from $820.4 million in the same period of 2021[201]. Costs and Expenses - Other interest expenses decreased to $12.4 million and $25.8 million for the three and six months ended April 30, 2022, respectively, from $22.0 million and $46.0 million in the same periods of the prior year[146]. - The total cost of sales included expenses for consolidated housing and land and lot sales, impacting overall gross margin[205]. - The company recorded inventory impairment losses of $0.6 million and $0.7 million during the three and six months ended April 30, 2022, respectively, compared to $0.1 million and $2.0 million in the same periods last year[209]. Debt and Liquidity - The company spent $349.6 million on land purchases and development during the six months ended April 30, 2022, while maintaining total liquidity of $282.2 million[153]. - Total Senior Secured Notes decreased from $953.1 million as of October 31, 2021, to $853.1 million as of April 30, 2022, a reduction of approximately 10.5%[162]. - The company had nonrecourse mortgage loans totaling $196.2 million as of April 30, 2022, compared to $125.1 million as of October 31, 2021[170]. - The company is currently limited in the amount of debt it can incur due to covenant restrictions in its Debt Instruments, impacting its ability to grow the business[168]. Market Conditions - The annual inflation rate in the U.S. reached 8.3% in April 2022, impacting costs of land, materials, and labor, which may affect home sale prices and gross margins[248]. - Construction costs for residential buildings accounted for approximately 57.0% of homebuilding cost of sales for the six months ended April 30, 2022[249]. Segment Performance - The Northeast segment saw a significant revenue increase of 91.9% to $55.0 million, with homes delivered rising by 85.7% to 78 homes[199]. - The Midwest segment experienced a revenue decline of 11.4% to $56.7 million, with homes delivered decreasing by 23.6% to 155 homes[199]. - Homebuilding revenue in the Northeast segment increased by 82.6% to $55.1 million for the three months ended April 30, 2022, with income before income taxes rising by 66.2% to $8.4 million[213]. - The Southwest segment reported homebuilding revenue of $231.9 million, a 6.7% increase, with an average sales price rising by 21.7% to $417,396[213].

Hovnanian Enterprises, Inc. (NYSE:HOV) Q2 2022 Results Conference Call June 1, 2022 11:00 AM ET Company Participants Jeff O’Keefe - VP, IR Ara Hovnanian - Chairman, President and CEO Larry Sorsby - EVP and CFO Brad O’Connor - SVP, Chief Accounting Officer and Treasurer Conference Call Participants Alan Ratner - Zelman & Associates Alex Barron - Housing Research Center Kwaku Abrokwah - Goldman Sachs Operator Good morning and thank you for joining us today for Hovnanian Enterprises Fiscal 2022 Second Quarter ...

Review of Financial Results Second Quarter Fiscal 2022 Forward-Looking Statements Note: All statements in this presentation that are not historical facts should be considered as "Forward-Looking Statements" within the meaning of the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark One) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended January 31, 2022 OR ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number 1-8551 Hovnanian Enterprises, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware (State or Other Jurisdiction of Incorporation o ...