RESTON, Va., May 7, 2024 /PRNewswire/ -- NVR, Inc. (NYSE: NVR) announced today that its Board of Directors has authorized the repurchase of up to an aggregate of $750 million of its outstanding common stock. The repurchase authorization does not have an expiration date. The purchases will occur from time to time in the open market and/or in privately negotiated transactions as market conditions permit. The Company indicated that the authorization is a continuation of the stock repurchase program that began ...

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 UNITED STATES SECURITIES AND EXCHANGE COMMISSION For the transition period from ____ to ____ Commission File Number: 1-12378 NVR, Inc. (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or ...

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Exhibit 99.1 NVR, INC. ANNOUNCES FIRST QUARTER RESULTS April 23, 2024, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation's largest homebuilding and mortgage banking companies, announced net income for its first quarter ended March 31, 2024 of $394.3 million, or $116.41 per diluted share. Net income and diluted earnings per share for the first quarter ended March 31, 2024 increased 14% and 17%, respectively, when compared to 2023 first quarter net income of $344.4 million, or $99.89 per diluted share. Cons ...

Backlog and Home Prices - The backlog totaled 10,229 units valued at approximately $4.8 billion as of December 31, 2023, compared to 9,162 units valued at approximately $4.3 billion as of December 31, 2022[20]. - The average price of homes in backlog decreased to $465,000 at December 31, 2023, down from $472,200 at December 31, 2022[20]. - The average price at which homes were settled in 2023 was $450,700, compared to $454,300 in 2022[18]. Loan Activity - NVRM closed approximately 15,900 loans with an aggregate principal amount of approximately $5.7 billion in 2023, compared to approximately 17,000 loans with an aggregate principal amount of approximately $6.3 billion in 2022[28]. - The cancellation rate was approximately 13% in 2023, compared to 14% in 2022 and 9% in 2021[20]. - The mortgage loans in process that had not closed totaled approximately $2.9 billion as of December 31, 2023, compared to approximately $2.5 billion as of December 31, 2022[28]. Employment and Operations - The company employs approximately 6,300 full-time employees as of December 31, 2023, down from approximately 6,550 employees as of December 31, 2022[32]. - The company utilizes independent subcontractors under fixed price contracts for construction work, ensuring no dependency on a small number of subcontractors[22]. - The company anticipates continued improvements in supply chains and construction cycle times following disruptions in 2021 and 2022[27]. Financial Metrics - Mortgage loans held for sale amount to $216,211,000 with an average interest rate of 6.5%[181]. - Interest-bearing deposits in the homebuilding segment total $3,085,220,000 with an average interest rate of 5.3%[181]. - Fixed rate obligations are recorded at $900,000,000 with an average interest rate of 3.0%[181]. - Forward loan commitments amount to $60,982,000[181]. - The fair value of forward trades of mortgage-backed securities is $(18,297,000)[181].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or other jurisdiction of incorporation or organization) Virginia 54-1394360 (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 For the transition period from ____ to ____ Commission File Number: 1-12378 NVR, Inc. (Exact name of registrant ...

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 June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____ to ____ NVR, Inc. Commission File Number: 1-12378 (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or ...

PART I FINANCIAL INFORMATION [Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Unaudited statements for Q1 2023 show decreased net income and EPS year-over-year, while total assets and shareholders' equity increased from year-end 2022 [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) As of March 31, 2023, total assets increased to $6.08 billion, driven by cash, while total shareholders' equity grew to $3.85 billion Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$6,075,905** | **$5,660,973** | | Homebuilding Cash and cash equivalents | $2,786,503 | $2,503,424 | | Total Inventory | $1,865,542 | $1,788,275 | | **Total Liabilities** | **$2,230,559** | **$2,154,124** | | Senior notes | $914,427 | $914,888 | | **Total Shareholders' Equity** | **$3,845,346** | **$3,506,849** | [Condensed Consolidated Statements of Income](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Net income for Q1 2023 decreased to $344.4 million from $426.1 million year-over-year, driven by lower homebuilding and mortgage banking revenues Consolidated Income Statement Summary (in thousands, except per share data) | Metric | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Homebuilding Revenues | $2,131,333 | $2,309,227 | | Mortgage Banking Fees | $46,944 | $69,182 | | **Net Income** | **$344,352** | **$426,100** | | **Diluted EPS** | **$99.89** | **$116.56** | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities for Q1 2023 was $315.5 million, while a significant reduction in share buybacks lowered cash used in financing activities Consolidated Cash Flow Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $315,522 | $309,326 | | Net cash used in investing activities | ($2,915) | ($4,318) | | Net cash used in financing activities | ($28,532) | ($714,903) | | **Net increase (decrease) in cash** | **$284,075** | **($409,895)** | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail significant accounting policies, debt, segment reporting, and the company's use of Lot Purchase Agreements to control land - The company's primary method for land acquisition is through Lot Purchase Agreements (LPAs) with third-party developers, which minimizes land ownership risk; as of March 31, 2023, NVR controlled approximately **123,100 lots** under these agreements[23](index=23&type=chunk)[26](index=26&type=chunk) - NVR operates four homebuilding reportable segments (Mid Atlantic, North East, Mid East, South East) and one mortgage banking segment; the **Mid Atlantic segment is the largest contributor to revenue**[47](index=47&type=chunk)[49](index=49&type=chunk)[52](index=52&type=chunk) - As of March 31, 2023, the company had **$900 million in aggregate principal of Senior Notes outstanding**, maturing in 2030 with a 3.00% interest rate[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk) - The **effective tax rate for Q1 2023 was 20.6%**, down from 24.7% in Q1 2022, primarily due to a higher income tax benefit from stock option exercises[81](index=81&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses improved Q1 2023 demand amid affordability challenges, noting decreased revenue and net income alongside a lower gross margin [Business Environment and Outlook](index=19&type=section&id=Business%20Environment%20and%20Outlook) New home demand improved in Q1 2023 due to limited resale inventory, though high mortgage rates and cost pressures continue to pose challenges - New home demand improved in Q1 2023, favorably impacted by a **limited supply of homes in the resale market**[85](index=85&type=chunk) - Market conditions continue to be impacted by **affordability challenges, high inflation, and interest rate volatility**, which are expected to weigh on demand[85](index=85&type=chunk) - The company expects to continue facing cost pressures but has seen an **improvement in supply chain issues**, which should improve construction cycle times[85](index=85&type=chunk) [Homebuilding Operations](index=21&type=section&id=Homebuilding%20Operations) Homebuilding revenues decreased 8% in Q1 2023 due to fewer settlements, and the gross profit margin declined to 24.6% from 28.5% year-over-year Homebuilding Operations Summary | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Revenues | $2,131,333 | $2,309,227 | | Gross profit margin % | 24.6% | 28.5% | | New orders (units) | 5,888 | 5,927 | | Settlements (units) | 4,639 | 5,214 | | Backlog (units) | 10,411 | 13,443 | | New order cancellation rate | 13.9% | 10.3% | - The decrease in revenues was caused by an **11% drop in units settled**, partially offset by a 4% increase in the average settlement price[98](index=98&type=chunk) - The **new order cancellation rate increased to 13.9%** in Q1 2023 from 10.3% in Q1 2022[97](index=97&type=chunk)[103](index=103&type=chunk) [Mortgage Banking Segment](index=29&type=section&id=Mortgage%20Banking%20Segment) The mortgage banking segment's profit fell 41% to $29.4 million in Q1 2023, driven by lower loan volume and reduced gains on loan sales Mortgage Banking Operations Summary | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Loan closing volume (principal) | $1,237,283 | $1,484,593 | | Segment profit | $29,427 | $50,106 | | Capture rate | 83% | 86% | | Mortgage banking fees | $46,944 | $69,182 | - The decrease in segment profit was primarily attributable to a **$22.2 million (32%) decrease in mortgage banking fees**, mainly from lower gains on the sale of loans[130](index=130&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position with $2.8 billion in cash and continued its share repurchase program, buying back $110 million in stock - As of March 31, 2023, the company had approximately **$2.8 billion in cash and cash equivalents**[134](index=134&type=chunk) - In Q1 2023, NVR **repurchased 21,174 shares** of its common stock for an aggregate price of $110 million; approximately **$397.6 million remained available** under its repurchase authorization[136](index=136&type=chunk)[142](index=142&type=chunk) - The company has access to a **$300 million unsecured revolving credit facility** and a **$150 million revolving mortgage repurchase facility**, both with no outstanding borrowings at quarter-end[138](index=138&type=chunk)[139](index=139&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company reports no material changes in its market risks during the first quarter of 2023 - There have been **no material changes** in the company's market risks during the first quarter of 2023[144](index=144&type=chunk) [Controls and Procedures](index=32&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal controls during the quarter - An evaluation of disclosure controls and procedures, supervised by the CEO and CFO, concluded that they were **effective as of March 31, 2023**[145](index=145&type=chunk) - **No changes in internal control over financial reporting** occurred in the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[145](index=145&type=chunk) PART II OTHER INFORMATION [Legal Proceedings](index=33&type=section&id=Item%201.%20Legal%20Proceedings) Ongoing litigation from the ordinary course of business is not expected to have a material adverse effect on the company's financial results - Management believes that ongoing litigation, which arises in the ordinary course of business, is **not expected to have a material adverse effect** on the company's financial condition or results[147](index=147&type=chunk) [Risk Factors](index=33&type=section&id=Item%201A.%20Risk%20Factors) No material changes have been made to the risk factors previously disclosed in the company's 2022 Annual Report on Form 10-K - **No material changes** to the risk factors disclosed in the 2022 Annual Report on Form 10-K have occurred[148](index=148&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=33&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company repurchased 21,174 shares in Q1 2023, with approximately $397.6 million remaining under its repurchase authorization Share Repurchases in Q1 2023 | Period | Total Number of Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | January 1 - 31, 2023 | — | $— | | February 1 - 28, 2023 | 9,965 | $5,104.63 | | March 1 - 31, 2023 | 11,209 | $5,279.75 | | **Total** | **21,174** | **$5,197.33** | - As of March 31, 2023, the company had approximately **$397,637 thousand remaining** under its share repurchase authorizations[149](index=149&type=chunk) [Exhibits](index=34&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including Sarbanes-Oxley certifications and XBRL interactive data files - Exhibits filed include **CEO and CFO certifications** under Sections 302 and 906 of the Sarbanes-Oxley Act, along with XBRL interactive data files[150](index=150&type=chunk)

Backlog and Home Prices - The backlog totaled 9,162 units valued at approximately $4.3 billion as of December 31, 2022, down from 12,730 units valued at approximately $5.8 billion a year earlier[20] - The average price of homes in backlog increased to $472,200 at December 31, 2022, compared to $454,200 at December 31, 2021[20] - The average price at which homes were settled in 2022 was $454,300, up from $403,900 in 2021[18] Loan Activity - NVRM closed approximately 17,000 loans with an aggregate principal amount of approximately $6.3 billion in 2022, compared to approximately 17,700 loans with an aggregate principal amount of approximately $6.1 billion in 2021[28] - NVRM's mortgage loans in process that had not closed totaled approximately $2.5 billion as of December 31, 2022, down from approximately $3.9 billion a year earlier[28] - Mortgage loans held for sale amount to $319,481,000 with an average interest rate of 5.6%[183] - Forward loan commitments stand at $11,300,000[183] Cancellation Rates - The cancellation rate for homes sold was 14.2% in 2022, compared to 9.2% in 2021 and 14.9% in 2020[20] Operational Insights - The company expects to settle substantially all of its December 31, 2022 backlog during 2023, subject to potential construction delays due to supply chain disruptions[20] - The company operates in four reportable homebuilding segments across various geographic regions, including the Mid Atlantic, North East, Mid East, and South East[19] - The company employs approximately 6,550 full-time employees as of December 31, 2022, a slight decrease from approximately 6,600 employees in the previous year[32] - The company utilizes independent subcontractors under fixed price contracts for construction work, ensuring a diverse supply chain[22] Financial Obligations - Interest-bearing deposits in the homebuilding segment total $2,453,692,000 with an average interest rate of 4.4%[183] - Fixed rate obligations are recorded at $900,000,000 with an average interest rate of 3.0%[183] - The fair value of forward trades of mortgage-backed securities is $(16,060,000)[183]

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, 2022 OR (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) Virginia 54-1394360 (I.R.S. Employer Identification No.) 11700 Plaza America Drive, Suite 500 Reston, Virginia 20190 (703) 956-4000 ☐ TRANSITION REPORT PURSUA ...