Financial Data and Key Metrics - Total revenues for Q2 2023 were $704 million, flat year-over-year [18] - Adjusted gross margin was 20.9% in Q2 2023, down from 26.6% in Q2 2022 [18] - SG&A expenses were 10.7% of total revenues in Q2 2023, compared to 9.7% in Q2 2022 [19] - Adjusted EBITDA was $87 million in Q2 2023, down from $124 million in Q2 2022 [19] - Net income for Q2 2023 was $34 million, compared to $62 million in Q2 2022 [19] - Net debt to adjusted EBITDA was 2.2x at the end of Q1 2023, down significantly from 8.9x in 2019 [10] Business Line Data and Key Metrics - Contracts per community increased 18% from 3.3 in May 2022 to 3.9 in May 2023 [20] - Quick move-in (QMI) homes accounted for 60% of sales in 2023, up from 40% historically [48] - The cancellation rate in Q2 2023 returned to a normalized 18% [22] - The company has 4.8 QMIs per community at the end of Q2 2023, slightly above the historical average [48] Market Data and Key Metrics - The number of existing homes for sale in the US remains depressed at 910,000, less than half of the historical average of over 2 million [24] - Contracts per community in the West segment improved significantly in Q2 2023, closing the gap with the Northeast and Southeast [46] - The company raised net home prices in 69% of its communities during Q2 2023, reflecting strong demand [92] Company Strategy and Industry Competition - The company is focused on increasing the use of land options to enhance inventory turns and reduce risk [28][54] - The company has a 5.5-year supply of controlled land, with 71% of lots controlled via options [54][55] - The company is targeting a return to top-line growth in fiscal 2024, driven by an increase in new communities and a solid pace in contracts per community [27] - The company is trading at a 41% discount to the homebuilding industry average PE ratio, despite strong financial metrics [34] Management Commentary on Operating Environment and Future Outlook - Management is optimistic about future growth prospects, citing favorable demographics and a persistently low supply of existing homes [51] - The company expects total revenues for fiscal 2023 to be between $2.5 billion and $2.65 billion, with adjusted gross margins of 21% to 22.5% [32] - Management anticipates returning to a more normalized sales pace and increasing community count, which should drive growth in fiscal 2024 [27] - The company is closely monitoring the high-yield market for potential refinancing opportunities [4] Other Important Information - The company reduced staffing levels by 10% since the end of fiscal 2022 and implemented salary reductions for senior executives to cut SG&A costs [25] - The company redeemed $100 million of its 7.75% senior secured notes in May 2023, bringing total debt reduction since fiscal 2020 to $494 million [57] - The company has $337 million in deferred tax assets, which will enhance cash flow by offsetting future tax liabilities [57] Q&A Session Summary Question: Why did May contracts per community decline slightly compared to April? - The decline was attributed to seasonality, with May having only 4 Sundays compared to April's 5 Sundays, and a drop in build-for-rent (BFR) sales [108] Question: What is the company's plan for debt reduction? - The company plans to continue reducing debt in future periods, balancing investments in land with strengthening the balance sheet [68][71] Question: How are margins for quick move-in (QMI) homes compared to to-be-built homes? - The margin spread between QMIs and to-be-built homes has narrowed, with some markets showing identical margins for both [81][82] Question: Will the company pay cash taxes in the near future? - The company will not pay federal income taxes due to its deferred tax assets, but it will pay some state taxes [85][102]

Financial Performance - Total liquidity is comprised of $3333 million of cash and cash equivalents, $55 million of restricted cash, and $1250 million availability under the senior secured revolving credit facility as of April 30, 2023[45] - The company retired $494 million of debt since the beginning of fiscal 2020[22] - In May 2023, the company retired $100 million of debt[22] - Adjusted EBITDA for Q2 2023 was $88 million, compared to $46 million in Q2 2022[68] Land and Inventory - Option deposits as of April 30, 2023, were $184 million[9] - $30 million was invested in pre-development expenses as of April 30, 2023[9] - The company controlled 28,657 owned lots and 20,402 optioned lots as of Q2 2023[134] - The percentage of optioned lots was 30% as of Q2 2023[107] Sales and Contracts - The number of monthly contracts per community, excluding unconsolidated joint ventures, is shown in a graph[8] - Cancellation rates are between 16% and 24% from May-22 to May-23[78] - The company has 542 quick move-in homes (QMIs) at 04/30/23, excluding models[81] - The company raised home prices in many of its communities[83]

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, 2023 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 ...

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 ...

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 April 30, 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 ...