Homebuilding Performance - Homebuilding revenues for Q2 2024 reached $1.41 billion, a 28% increase from $1.10 billion in Q2 2023[105]. - Gross profit for homebuilding was $255.3 million, with a gross margin of 18.1%, up from 16.4% in the prior year[105]. - Homebuilding pretax income decreased by 77% year-over-year to $20.8 million, primarily due to increased selling, general and administrative expenses[113]. - Homebuilding pretax income for the first half of 2024 was $129.3 million, a 29% decrease from $183.1 million in the same period last year[115]. - New home deliveries for the three months ended June 30, 2024, totaled 2,533 homes, generating home sale revenues of $1,411,446, an increase of 26% year-over-year[119]. - The average selling price of homes delivered in the West segment increased by 8% to $570.8 thousand, while the East segment saw a decrease of 6% to $430.6 thousand[120]. - Gross margin from home sales for the three months ended June 30, 2024, increased by 170 basis points year-over-year to 18.1%[121]. - The company experienced an increase in the number of homes under construction, contributing to higher new home deliveries and improved absorption rates[120]. - Total homes in backlog decreased by 44% to 1,700 homes with a total value of $1.01 billion, down from $1.76 billion a year ago[139]. - The total number of unsold started homes increased by 85% to 3,982 homes, while sold homes under construction or completed decreased by 37% to 1,697 homes[140]. - The monthly absorption rate for the total segment was 3.69 homes, with a 20% increase in net new orders compared to the previous year[131]. - The average active subdivisions for the total segment decreased by 15% to 198, indicating a shift in consumer preference[132]. - The average active subdivisions for the West segment decreased by 26% to 105, impacting net new orders[132]. Financial Performance - Net income for Q2 2024 was $25.1 million, a 73% decrease compared to $93.5 million in Q2 2023[110]. - The effective income tax rate increased to 42.1% in Q2 2024 from 17.3% in Q2 2023, impacting net income[110]. - Total liquidity at the end of Q2 2024 was $2.19 billion, with cash and cash equivalents of $1.10 billion[109]. - General and administrative expenses increased to $145.3 million for the three months ended June 30, 2024, compared to $52.2 million in the same period last year[126]. - The total selling, general, and administrative expenses as a percentage of home sale revenues increased to 15.4% for the three months ended June 30, 2024, from 9.7% in the prior year[126]. - For the six months ended June 30, 2024, net cash provided by operating activities was $50.4 million, a significant decrease from $651.9 million in the prior year period[170]. - The net income for the six months ended June 30, 2024, was $121.0 million, compared to $174.2 million in the same period of 2023[170]. - Cash used in financing activities increased to $668.1 million for the six months ended June 30, 2024, primarily due to a distribution to Parent of $611.4 million related to the Merger[172]. Financial Services - Financial services pretax income increased by 8% year-over-year to $22.6 million, driven by other financial services operations[110]. - Financial services revenues for the three months ended June 30, 2024, increased by 15% to $37.58 million compared to $32.62 million in the same period of 2023[143]. - Mortgage operations revenue rose by 2% to $23.15 million, while other financial services revenue surged by 46% to $14.43 million[143]. - Total financial services pretax income increased by 8% to $22.64 million, driven by strong performance in other financial services segments[143]. - Total originations for loans increased by 46% to 1,928 loans in the three months ended June 30, 2024, compared to 1,320 loans in the same period of 2023[145]. - The capture rate as a percentage of all homes delivered improved to 76%, up from 66% year-over-year[145]. - The average FICO score for loans increased to 744, compared to 739 in the same period of 2023[145]. Costs and Expenses - The company incurred $27.6 million in transaction costs related to the merger during Q2 2024[110]. - Marketing expenses for the three months ended June 30, 2024, rose to $29.1 million, driven by increased salary-related expenses due to headcount growth[127]. - Commissions expenses increased to $42.2 million for the three months ended June 30, 2024, reflecting higher home sale revenues[127]. - Total inventory impairments recognized for the three months ended June 30, 2024, amounted to $4.55 million, down from $13.5 million in the prior year[123]. Assets and Liquidity - Total homebuilding assets decreased by $614.1 million, or 12%, from December 31, 2023, to June 30, 2024, primarily due to a decrease in the Corporate Segment[116]. - The company had outstanding senior notes totaling $1.50 billion as of June 30, 2024, with future interest payments of $1.22 billion[153]. - Cash deposits amounted to $35.5 million, with letters of credit securing option contracts for 5,598 lots valued at $664.6 million[153]. - The Revolving Credit Facility was amended to increase the aggregate commitment from $1.0 billion to $1.2 billion, with a maturity extension to December 18, 2025[158]. - As of June 30, 2024, the availability under the Revolving Credit Facility was approximately $1.09 billion, with outstanding letters of credit of $31.1 million[163]. - The Mortgage Repurchase Facility's total capacity was $150 million as of June 30, 2024, with a termination date of August 12, 2024[165]. - HomeAmerican's mortgage loans held-for-sale had an aggregate principal balance of $302.4 million as of June 30, 2024[176]. - Forward sales of securities totaled $500.0 million as of June 30, 2024, used to hedge changes in fair value of interest rate lock commitments[176]. - The Revolving Credit Facility was amended to transition to an interest rate based on the Secured Overnight Financing Rate (SOFR) effective April 11, 2023[159]. - The company believes it was in compliance with the financial covenants of the Revolving Credit Facility as of June 30, 2024[162].

Core Viewpoint - M.D.C. Holdings, Inc. intends to delist its 6.000% Senior Notes due 2043 from the New York Stock Exchange and deregister all outstanding issuances of its senior notes from the Securities and Exchange Commission, with the last trading day expected to be June 13, 2024 [1]. Group 1 - M.D.C. Holdings, Inc. has notified the NYSE of its intention to delist its senior notes and deregister them from the SEC [1]. - The company does not plan to list or register the notes on another national securities exchange or for quotation on another medium [1]. - The actions taken by the company do not affect the terms of its outstanding senior notes [1]. Group 2 - M.D.C. Holdings, Inc. was founded in 1972 and is one of the largest homebuilders in the nation [2]. - The company's homebuilding subsidiaries, operating under the name Richmond American Homes, have assisted over 240,000 homebuyers since 1977 [2]. - The company offers mortgage lending, insurance, and title services through its subsidiaries [2].

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 March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 1-8951 M.D.C. HOLDINGS, INC. (Exact name of Registrant as specified in its charter) Delaware 84-0622967 ( ...

Seasons at Blackhawk is coming soonTUCSON, Ariz., April 18, 2024 /PRNewswire/ -- Richmond American Homes of Arizona, Inc., a subsidiary of M.D.C. Holdings, Inc. (NYSE: MDC), is excited to announce that Seasons at Blackhawk (RichmondAmerican.com/SeasonsAtBlackhawk) is opening soon in Tucson. Boasting a prime location just nine miles from downtown Tucson, this vibrant new neighborhood showcases ranch and two-story floor plans from the builder's popular Seasons™ Collection, designed to put homeownership within ...

 Tour the new Arlington model at Independence this SaturdayELIZABETH, Colo., April 15, 2024 /PRNewswire/ -- Richmond American Homes of Colorado, Inc., a subsidiary of M.D.C. Holdings, Inc. (NYSE: MDC), is excited to announce the debut of the impressive, ranch-style Arlington model home at Independence (RichmondAmerican.com/Independence) in Elizabeth. This dynamic neighborhood boasts an array of single- and two-story floor plans with the versatile layouts and designer details today's buyers are seeking.Grand ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________________________________ FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition period from _____ to _____ Commission file number 1-08951 __________________________________________ M.D.C. HOLDINGS, INC. (E ...

Financial Data and Key Metrics Changes - The company reported net income of $107.3 million or $1.40 per diluted share, representing a 26% decrease from the third quarter of 2022 [32] - Pre-tax income from homebuilding operations was $127.4 million, a 24% decrease year-over-year, primarily due to lower home sale revenues and a 350 basis point decrease in gross margin from home sales [32][114] - The effective tax rate for the quarter was approximately 23%, slightly up from 22.3% in the prior year quarter [6] Business Line Data and Key Metrics Changes - The average selling price of homes delivered decreased by 6% year-over-year to $552,000, driven by increased incentives and a shift in the mix of closings [33] - The average sales price of net orders for the third quarter was $570,000, a 2% increase from the second quarter of 2023 [34] - The company delivered 1,968 homes during the quarter, aligning with the estimated range of 1,850 to 2,000 closings [89] Market Data and Key Metrics Changes - The company experienced a net absorption pace of 2.4 homes per community per month across all regions, indicating solid demand trends despite rising mortgage rates [2][4] - The gross order trends followed a typical seasonal pattern, with July being the best month, followed by a slowdown in August and a rebound in September [4] - The company ended the quarter with 22,353 lots controlled and had 6,448 lots in various stages of due diligence [8] Company Strategy and Development Direction - The company is focused on investing in homebuilding operations and growing its local market presence through ongoing land acquisition efforts [86] - The strategy includes maintaining a healthy level of spec home production to ensure sufficient inventory for the spring selling season [87] - The company aims to address affordability concerns through financing incentives, which have proven effective in attracting buyers [31][116] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable industry outlook and the company's strong balance sheet, positioning it well for the remainder of 2023 and into 2024 [3][110] - The company anticipates that the current dynamics in the housing market will continue, with a focus on the more affordable segments expected to see the strongest demand [29] - Management noted that while rising interest rates may pose challenges, the ability to offer incentives remains a competitive advantage [116] Other Important Information - The company ended the quarter with nearly $1.8 billion in cash and short-term investments, with total liquidity exceeding $2.9 billion [8] - The gross margin from home sales for the quarter was 19.2%, down from 22.7% in the prior year quarter, but improved sequentially by 280 basis points [114] Q&A Session Summary Question: What are the October demand trends and regional performance? - Management indicated that October demand has been healthy and in line with normal seasonal patterns, with no specific location disproportionately impacted [60] Question: How does the company view the balance between margins and sales incentives? - Management emphasized the importance of maintaining a balance between sales velocity and margins, noting that they do not want to engage in aggressive discounting that could demoralize sales teams [45] Question: What is the current status of land acquisition and pricing? - The company reported a significant increase in land acquisition activity, with a focus on underwriting deals that can achieve high teen margins [128] Question: How does the company plan to address rising interest rates and their impact on sales? - Management acknowledged that rising interest rates may necessitate increased incentives, but they remain confident in their ability to manage through these challenges [141]

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 September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File No. 1-8951 M.D.C. HOLDINGS, INC. (Exact name of Registrant as specified in its charter) Delaware 84-06229 ...

2 Certain statements in this release, including any statements regarding our business, financial condition, results of operation, cash flows, strategies and prospects, constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of MDC to be materially different from any future results, performan ...

M.D.C. Holdings, Inc. (NYSE:MDC) Q2 2023 Earnings Conference Call July 27, 2023 1:30 PM ET Company Participants Derek Kimmerle - Vice President & Chief Accounting Officer Larry Mizel - Executive Chairman David Mandarich - Chief Executive Officer Bob Martin - Chief Financial Officer Conference Call Participants Michael Rehaut - JPMorgan Paul Przybylski - Wolfe Research Ken Zener - Seaport Research Partners Jesse Lederman - Zelman & Associates Stephen Kim - Evercore. Operator Hello, and welcome to the M.D.C. ...