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, 2021 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 (State or other jurisdiction of incorporation or organization) Virginia 54-1394360 (I.R.S. Employer Identification ...

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, 2021 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 as specified in its charter) (State or other jurisdiction of incorporation or ...

PART I [Business](index=4&type=section&id=Item%201.%20Business) NVR, Inc. is a major US homebuilder and mortgage banker, focusing on pre-sold homes and minimizing land ownership risk [General Business Operations](index=4&type=section&id=General%20Business%20Operations) NVR primarily constructs and sells pre-sold homes, complemented by mortgage banking, minimizing land ownership risk via Lot Purchase Agreements - NVR's primary business is the construction and sale of homes, primarily on a pre-sold basis, supplemented by mortgage banking and title services[14](index=14&type=chunk) - The company operates in 33 metropolitan areas across 14 states and Washington, D.C., with a significant concentration of its 2020 business in the Washington, D.C. and Baltimore, MD metropolitan areas[15](index=15&type=chunk) - A core strategy is to avoid direct land ownership and development risks by acquiring finished lots through Lot Purchase Agreements (LPAs), which require forfeitable deposits typically up to **10% of the purchase price**[16](index=16&type=chunk)[17](index=17&type=chunk) [Homebuilding](index=5&type=section&id=Homebuilding) The homebuilding segment offers diverse products across four regions, with average settlement prices around **$370,800** and backlog increasing to **$4.6 billion** Homebuilding Segments by Geographic Region | Segment | Geographic Regions | | :--- | :--- | | **Mid Atlantic** | Maryland, Virginia, West Virginia, Delaware and Washington, D.C. | | **North East** | New Jersey and Eastern Pennsylvania | | **Mid East** | New York, Ohio, Western Pennsylvania, Indiana and Illinois | | **South East** | North Carolina, South Carolina, Florida and Tennessee | Backlog and Cancellation Rate (2018-2020) | Metric | 2020 | 2019 | 2018 | | :--- | :--- | :--- | :--- | | **Backlog (Units)** | 11,549 | 8,233 | N/A | | **Backlog (Value)** | ~$4.6 billion | ~$3.1 billion | N/A | | **Cancellation Rate (%)** | 14.9% | 14.6% | 14.5% | - The average price of homes settled was **$370,800** in 2020, a slight increase from **$367,100** in 2019[21](index=21&type=chunk) [Mortgage Banking](index=6&type=section&id=Mortgage%20Banking) NVRM, the mortgage banking segment, primarily serves NVR's homebuilding customers, closing **$5.3 billion** in loans and selling them into the secondary market Mortgage Banking Key Metrics (2019-2020) | Metric | 2020 | 2019 | | :--- | :--- | :--- | | **Loans Closed (Count)** | ~16,700 | ~16,500 | | **Loans Closed (Principal)** | ~$5.3 billion | ~$5.2 billion | | **Mortgage Pipeline (Principal)** | ~$3.4 billion | ~$2.2 billion | | **Cancellation Rate (%)** | ~40% | ~36% | - NVRM sells all originated mortgage loans to investors in the secondary markets, including FNMA, FHLMC, and GNMA, on a servicing-released basis[33](index=33&type=chunk) [Human Capital](index=6&type=section&id=Human%20Capital) NVR employed approximately **6,100** full-time staff in 2020, emphasizing internal promotion and adapting operations with safety protocols during the pandemic - Total full-time employees increased to approximately **6,100** in 2020 from **5,700** in 2019[37](index=37&type=chunk) - The company's compensation philosophy is designed to motivate and retain highly qualified employees, and it strives to promote from within, contributing to the long tenure of its leadership[38](index=38&type=chunk)[39](index=39&type=chunk) - During the COVID-19 pandemic, NVR implemented safety protocols, including social distancing, virtual tours, and remote work, while also increasing employee compensation and benefits[40](index=40&type=chunk) [Risk Factors](index=8&type=section&id=Item%201A.%20Risk%20Factors) NVR faces significant risks from economic downturns, interest rate fluctuations, operational challenges, regulatory changes, and COVID-19 impacts - **Business and Industry Risks:** The company is exposed to economic downturns, interest rate movements, inflation, and competition; availability of mortgage financing is critical[47](index=47&type=chunk)[48](index=48&type=chunk)[54](index=54&type=chunk)[58](index=58&type=chunk) - **Operational Risks:** Key risks include inability to secure adequate lots, material and labor shortages, reliance on subcontractors, and product liability claims[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - **Regulatory and External Risks:** The business is subject to government regulations, intense mortgage industry scrutiny, and significant uncertainty from the COVID-19 pandemic regarding demand and supply chains[75](index=75&type=chunk)[78](index=78&type=chunk)[81](index=81&type=chunk) - **Financial and IT Risks:** The company faces risks related to indebtedness, credit market volatility impacting financing access, and cybersecurity threats to confidential information[70](index=70&type=chunk)[71](index=71&type=chunk)[73](index=73&type=chunk) [Unresolved Staff Comments](index=16&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) There are no unresolved staff comments - None[89](index=89&type=chunk) [Properties](index=16&type=section&id=Item%202.%20Properties) NVR leases its corporate offices and seven production facilities, owning one facility in Ohio, with plant utilization increasing to **56%** in 2020 - Corporate offices are located in a leased **61,000 square foot** space in Reston, Virginia, with the lease expiring in April 2026[90](index=90&type=chunk) - NVR leases seven production facilities and owns one, with total plant utilization increasing to **56%** in 2020 from **49%** in 2019[91](index=91&type=chunk) [Legal Proceedings](index=16&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in various litigation matters arising in the ordinary course of business, not expected to materially affect its financial condition - Management believes that ongoing litigation is not expected to have a material adverse effect on the company's financial condition[93](index=93&type=chunk) [Mine Safety Disclosures](index=17&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[94](index=94&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=17&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) NVR's common stock trades on the NYSE; the company has never paid cash dividends but repurchased **38,735 shares** for **$154.5 million** in Q4 2020 - The company has never paid a cash dividend on its common stock and does not intend to in the future[97](index=97&type=chunk) Common Stock Repurchases (Q4 2020) | Period | Total Shares Purchased | Average Price Paid per Share | Approximate Dollar Value of Shares Remaining for Purchase | | :--- | :--- | :--- | :--- | | Oct 1 - 31, 2020 | — | $ — | $400,559,000 | | Nov 1 - 30, 2020 | 1,210 | $3,998.84 | $395,721,000 | | Dec 1 - 31, 2020 | 37,525 | $3,988.23 | $546,062,000 | | **Total Q4 2020** | **38,735** | **$3,988.56** | **N/A** | [Selected Financial Data](index=19&type=section&id=Item%206.%20Selected%20Financial%20Data) NVR demonstrated consistent growth from 2016-2020, with net income increasing to **$901.2 million** and total assets growing to **$5.8 billion** by 2020 Selected Financial Data (2016-2020, in thousands except per share data) | Metric | 2020 | 2019 | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Homebuilding Revenues ($)** | $7,328,889 | $7,220,844 | $7,004,304 | $6,175,521 | $5,709,223 | | **Net Income ($)** | $901,248 | $878,539 | $797,197 | $537,521 | $425,262 | | **Diluted EPS ($)** | $230.11 | $221.13 | $194.80 | $126.77 | $103.61 | | **Total Assets ($)** | $5,777,141 | $3,809,815 | $3,165,933 | $2,989,279 | $2,643,943 | | **Shareholders' Equity ($)** | $3,103,074 | $2,341,244 | $1,808,562 | $1,605,492 | $1,304,441 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=20&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) NVR's 2020 financial performance was resilient, with revenues growing to **$7.5 billion** and net income to **$901.2 million**, supported by strong demand and liquidity [Overview](index=20&type=section&id=Overview) Despite initial COVID-19 disruptions, NVR saw strong demand rebound in 2020, driven by low mortgage rates and controlling **103,000 lots** via LPAs - The COVID-19 pandemic caused an initial decrease in new orders and an increase in cancellations in March and April 2020, but demand strengthened significantly for the remainder of the year due to low mortgage rates and low resale inventory[107](index=107&type=chunk) Lots Controlled as of December 31, 2020 | Control Method | Lots Controlled (Units) | | :--- | :--- | | **Lot Purchase Agreements (LPAs)** | ~103,000 | | **Joint Ventures (JVs)** | ~5,200 | | **Land Under Development** | ~500 | [Homebuilding Operations](index=22&type=section&id=Homebuilding%20Operations) Consolidated homebuilding revenues increased **2%** in 2020, with new orders surging **18%** and the South East segment showing strong profit growth Consolidated Homebuilding Performance (2019 vs. 2020) | Metric | 2020 | 2019 | % Change | | :--- | :--- | :--- | :--- | | **Revenues ($M)** | $7,328.9M | $7,220.8M | +1.5% | | **Gross Profit Margin (%)** | 19.0% | 19.0% | 0% | | **New Orders (units)** | 23,082 | 19,536 | +18.1% | | **Average New Order Price ($K)** | $380.1K | $368.4K | +3.2% | | **Settlements (units)** | 19,766 | 19,668 | +0.5% | | **Backlog (units)** | 11,549 | 8,233 | +40.3% | - Selling, general and administrative (SG&A) expenses decreased by **4%** in 2020, primarily due to lower equity-based compensation expense as stock options granted in 2014 became fully vested in 2019[126](index=126&type=chunk) - The South East segment's profit increased **32%** due to a **23%** revenue increase and higher gross margins, while the Mid Atlantic segment's profit decreased **9%** from fewer settlements[137](index=137&type=chunk)[143](index=143&type=chunk) [Mortgage Banking Segment](index=29&type=section&id=Mortgage%20Banking%20Segment) The mortgage banking segment's profit increased **36%** to **$143.3 million** in 2020, driven by a **3%** rise in loan volume and higher secondary marketing gains Mortgage Banking Performance (2019 vs. 2020) | Metric | 2020 | 2019 | % Change | | :--- | :--- | :--- | :--- | | **Segment Profit ($M)** | $143.3M | $105.3M | +36.1% | | **Loan Closing Volume ($M)** | $5,317.8M | $5,164.7M | +3.0% | | **Mortgage Banking Fees ($M)** | $208.0M | $167.8M | +24.0% | | **Capture Rate (%)** | 90% | 90% | 0% | - The increase in segment profit was primarily attributable to higher mortgage banking fees resulting from increased loan volume and an increase in secondary marketing gains on sales of loans[150](index=150&type=chunk) - The reserve for losses on originated mortgage loans increased to **$20.5 million** at year-end 2020 from **$18.5 million** in 2019[153](index=153&type=chunk) [Liquidity and Capital Resources](index=30&type=section&id=Liquidity%20and%20Capital%20Resources) NVR maintained strong liquidity, ending 2020 with **$2.8 billion** in cash, bolstered by operations and **$900 million** in new senior notes - The company ended 2020 with a strong liquidity position of approximately **$2.8 billion** in cash and cash equivalents[159](index=159&type=chunk) - In 2020, NVR issued a total of **$900 million** in 3.00% Senior Notes due 2030, raising net proceeds of approximately **$918.8 million**[162](index=162&type=chunk)[163](index=163&type=chunk)[164](index=164&type=chunk) Cash Flow Summary (in millions) | Cash Flow Activity | 2020 ($) | 2019 ($) | | :--- | :--- | :--- | | **Net Cash from Operating Activities** | $925.3 | $866.5 | | **Net Cash from Investing Activities** | ($3.9) | ($13.3) | | **Net Cash from Financing Activities** | $727.6 | ($424.7) | | **Net Increase in Cash** | $1,649.0 | $428.6 | - During 2020, the company repurchased **93,346 shares** of common stock for an aggregate price of **$371.1 million**[173](index=173&type=chunk) [Critical Accounting Policies](index=36&type=section&id=Critical%20Accounting%20Policies) NVR's critical accounting policies involve significant estimates for homebuilding inventory, land deposit impairment, warranty accruals, and equity-based compensation - **Homebuilding Inventory:** Valued at the lower of cost or market, with impairment assessed based on contract price versus cost for sold inventory and comparable sales versus total expected cost for unsold inventory[190](index=190&type=chunk)[191](index=191&type=chunk) - **Contract Land Deposits:** An allowance for losses is maintained based on a quarterly, community-by-community analysis of factors like sales pace, profit margins, and developer performance to determine if deposits are likely to be forfeited[193](index=193&type=chunk)[194](index=194&type=chunk) - **Warranty/Product Liability Accruals:** Reserves are established based on management's judgment of historical experience, cost of corrective action, and legal consultations[199](index=199&type=chunk) - **Equity-Based Compensation:** Expense is recognized based on the grant-date fair value, calculated using the Black-Scholes model for options, which requires management judgment on inputs like expected term and volatility[200](index=200&type=chunk)[201](index=201&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=38&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) NVR's primary market risk is interest rate risk, affecting both homebuilding and mortgage banking, mitigated in mortgage operations by forward sales contracts - The primary market risk is interest rate risk, which can adversely affect demand for homes and the value of financial instruments[207](index=207&type=chunk) - The mortgage banking segment is exposed to interest rate risk from originating loans and providing rate lock commitments, which it mitigates by using forward sales contracts[209](index=209&type=chunk) Interest Rate Sensitive Liabilities (as of Dec 31, 2020) | Instrument | Carrying Value ($) | Fair Value ($) | | :--- | :--- | :--- | | **Fixed Rate Obligations (Senior Notes)** | $1,500,000,000 | $1,612,620,000 | [Financial Statements and Supplementary Data](index=40&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates by reference the company's consolidated financial statements, filed as part of the report under Item 15 - The financial statements listed in Item 15 are filed as part of this report[213](index=213&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=40&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) There were no changes in or disagreements with accountants on accounting and financial disclosure - None[214](index=214&type=chunk) [Controls and Procedures](index=40&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2020 - Management concluded that disclosure controls and procedures were effective as of December 31, 2020[216](index=216&type=chunk) - Management concluded that internal control over financial reporting was effective as of December 31, 2020, based on the COSO framework (2013)[217](index=217&type=chunk) [Other Information](index=40&type=section&id=Item%209B.%20Other%20Information) There is no other information to report - None[219](index=219&type=chunk) PART III [Directors, Executive Officers, and Corporate Governance](index=40&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%2C%20and%20Corporate%20Governance) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the 2021 Proxy Statement - Information is incorporated by reference from the 2021 Proxy Statement[221](index=221&type=chunk) [Executive Compensation](index=40&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the 2021 Proxy Statement - Information is incorporated by reference from the 2021 Proxy Statement[222](index=222&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=41&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) As of December 31, 2020, **611,024** securities were issuable under equity compensation plans at a weighted-average exercise price of **$2,229.01** Equity Compensation Plan Information (as of Dec 31, 2020) | Plan Category | Securities to be Issued Upon Exercise (Units) | Weighted-Average Exercise Price ($) | Securities Remaining for Future Issuance (Units) | | :--- | :--- | :--- | :--- | | **Approved by Security Holders** | 611,024 | $2,229.01 | 281,280 | | **Not Approved by Security Holders** | — | — | — | | **Total** | **611,024** | **$2,229.01** | **281,280** | [Certain Relationships and Related Transactions, and Director Independence](index=41&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence) Information regarding related party transactions and director independence is incorporated by reference from the 2021 Proxy Statement - Information is incorporated by reference from the 2021 Proxy Statement[224](index=224&type=chunk) [Principal Accountant Fees and Services](index=41&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding fees paid to and services provided by the principal accountant is incorporated by reference from the 2021 Proxy Statement - Information is incorporated by reference from the 2021 Proxy Statement[225](index=225&type=chunk) PART IV [Exhibits and Financial Statement Schedules](index=42&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all documents filed as part of the Form 10-K report, including consolidated financial statements and various exhibits - This item lists all financial statements and exhibits filed with the report, including the Report of Independent Registered Public Accounting Firm and various corporate governance and financial documents[228](index=228&type=chunk)

(Mark One) Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 11700 Plaza America Drive, Suite 500 Reston, Virginia 20190 For the transition period from ____ to ____ (703) 956-4000 Commission File Number: 1-12378 NVR, Inc. For the quarterly period ended September 30, 2020 (Exact name of registrant a ...

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, 2020 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 as specified in its charter) Virginia 54-1394360 (State or other jurisdiction ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION (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, 2020 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 Washington, D.C. 20549 FORM 10-Q NVR, Inc. (Exact name of registrant as specified in its charter) Virginia 54-1394360 (State or other jurisdiction ...

Part I [Business](index=4&type=section&id=Item%201.%20Business) NVR is a major US homebuilder that minimizes risk through a pre-sold construction model and a conservative lot acquisition strategy - NVR's primary business is the construction and sale of single-family homes, townhomes, and condominiums, which are mainly built on a **pre-sold basis**[13](index=13&type=chunk) - The company operates under three main trade names: **Ryan Homes**, **NVHomes**, and **Heartland Homes**[14](index=14&type=chunk) - A key business strategy is to avoid direct land development by acquiring finished lots through **Lot Purchase Agreements**, which require forfeitable deposits, thereby minimizing financial risk[15](index=15&type=chunk)[16](index=16&type=chunk) - NVR operates a mortgage banking subsidiary, NVRM, which originates loans almost exclusively for its homebuilding customers and sells all closed loans into the secondary market[18](index=18&type=chunk)[31](index=31&type=chunk) Homebuilding Segments and Geographic Regions | Segment | Geographic Regions | | :--- | :--- | | **Mid Atlantic** | Maryland, Virginia, West Virginia, Delaware and Washington, D.C. | | **North East** | New Jersey and Eastern Pennsylvania | | **Mid East** | New York, Ohio, Western Pennsylvania, Indiana and Illinois | | **South East** | North Carolina, South Carolina, Florida and Tennessee | Backlog and Cancellation Rates (2017-2019) | Metric | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | **Backlog (Units)** | 8,233 | 8,365 | 8,531 | | **Backlog (Value)** | ~$3.1 billion | ~$3.2 billion | N/A | | **Cancellation Rate** | 14.6% | 14.5% | 14.0% | [Risk Factors](index=7&type=section&id=Item%201A.%20Risk%20Factors) The company faces risks from economic downturns, interest rate changes, mortgage market disruptions, and supply chain issues - The business is highly sensitive to economic conditions such as employment levels, consumer confidence, and **interest rates**, which can significantly impact demand for new homes[42](index=42&type=chunk)[43](index=43&type=chunk) - A significant portion of revenue is concentrated in the Washington, D.C. and Baltimore, MD metropolitan areas, accounting for approximately **27%** and **11%** of 2019 homebuilding revenues, respectively[48](index=48&type=chunk) - The mortgage banking business depends on selling originated loans into the secondary market; disruptions could impair this ability[50](index=50&type=chunk)[51](index=51&type=chunk) - The company's lot acquisition strategy involves forfeitable deposits, and adverse market changes could lead to financial losses[52](index=52&type=chunk) - The homebuilding and mortgage industries are highly competitive and subject to extensive government regulations that can increase costs[59](index=59&type=chunk)[62](index=62&type=chunk)[64](index=64&type=chunk) [Unresolved Staff Comments](index=11&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments - None[76](index=76&type=chunk) [Properties](index=11&type=section&id=Item%202.%20Properties) NVR leases its corporate office and most production facilities, with plant utilization at 49% of capacity in 2019 - Corporate offices are leased in Reston, Virginia, with the current lease expiring in April 2026[77](index=77&type=chunk) - The company operates seven leased production facilities and owns one facility; total plant utilization was **49%** in 2019, down from 52% in 2018[78](index=78&type=chunk) [Legal Proceedings](index=12&type=section&id=Item%203.%20Legal%20Proceedings) Ongoing litigation is not expected to materially impact the company's financial condition - Management does not expect ongoing litigation to have a material adverse effect on the company's financial condition[80](index=80&type=chunk) [Mine Safety Disclosures](index=12&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[81](index=81&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=12&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) NVR's stock trades on the NYSE, the company does not pay dividends, and it actively repurchased shares in Q4 2019 - The company's common stock trades on the NYSE under the symbol "**NVR**"[83](index=83&type=chunk) - NVR has never paid a cash dividend and does not intend to in the future[84](index=84&type=chunk) Common Stock Repurchases (Q4 2019) | Period | Total Shares Purchased | Average Price Paid per Share | Approximate Dollar Value of Shares Remaining for Purchase | | :--- | :--- | :--- | :--- | | Oct 1-31, 2019 | 17,432 | $3,625.92 | $286,809,000 | | Nov 1-30, 2019 | 42,088 | $3,556.51 | $437,122,000 | | Dec 1-31, 2019 | 31,766 | $3,777.03 | $317,141,000 | | **Total Q4** | **91,286** | **$3,646.51** | **N/A** | Comparison of 5-Year Cumulative Total Return | Index | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **NVR, Inc.** | $100 | $129 | $131 | $275 | $191 | $299 | | **S&P 500** | $100 | $101 | $114 | $138 | $132 | $174 | | **Dow Jones US Home Construction** | $100 | $110 | $103 | $181 | $124 | $183 | [Selected Financial Data](index=14&type=section&id=Item%206.%20Selected%20Financial%20Data) The company demonstrates consistent five-year growth in revenues, net income, and earnings per share Selected Consolidated Financial Data (2015-2019, in thousands except per share data) | Metric | 2019 | 2018 | 2017 | 2016 | 2015 | | :--- | :--- | :--- | :--- | :--- | :--- | | **Homebuilding Revenues** | $7,220,844 | $7,004,304 | $6,175,521 | $5,709,223 | $5,065,200 | | **Net Income** | $878,539 | $797,197 | $537,521 | $425,262 | $382,927 | | **Diluted EPS** | $221.13 | $194.80 | $126.77 | $103.61 | $89.99 | | **Total Assets** | $3,809,815 | $3,165,933 | $2,989,279 | $2,643,943 | $2,511,718 | | **Shareholders' Equity** | $2,341,244 | $1,808,562 | $1,605,492 | $1,304,441 | $1,239,165 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2019, revenue and net income grew due to favorable market conditions, increased unit settlements, and improved mortgage banking profits - As of December 31, 2019, the company controlled approximately **101,300 lots** under Lot Purchase Agreements, with total deposits of about **$445 million**[96](index=96&type=chunk) Key Financial Results (2019 vs. 2018, $ in thousands) | Metric | 2019 | 2018 | % Change | | :--- | :--- | :--- | :--- | | **Consolidated Revenues** | $7,388,664 | $7,163,674 | 3% | | **Net Income** | $878,539 | $797,197 | 10% | | **Diluted EPS** | $221.13 | $194.80 | 14% | | **Homebuilding Gross Profit Margin** | 19.0% | 18.7% | +0.3 p.p. | | **New Orders (Units)** | 19,536 | 18,281 | 7% | [Results of Operations](index=15&type=section&id=Results%20of%20Operations) Revenue growth was driven by a 7% increase in settled units, while a lower effective tax rate also contributed to higher net income - The consolidated effective tax rate was **14.36%** in 2019, down from 16.94% in 2018, primarily due to the retroactive reinstatement of certain energy tax credits[139](index=139&type=chunk) Consolidated Homebuilding Operations (2019 vs. 2018, $ in thousands) | Metric | 2019 | 2018 | | :--- | :--- | :--- | | **Revenues** | $7,220,844 | $7,004,304 | | **Gross Profit Margin %** | 19.0% | 18.7% | | **New Orders (units)** | 19,536 | 18,281 | | **Average New Order Price** | $368,400 | $376,300 | | **Settlements (units)** | 19,668 | 18,447 | | **Average Settlement Price** | $367,100 | $379,700 | Mortgage Banking Operations (2019 vs. 2018, $ in thousands) | Metric | 2019 | 2018 | | :--- | :--- | :--- | | **Total Principal (Loan Closing Volume)** | $5,164,725 | $4,829,406 | | **Segment Profit** | $105,292 | $93,462 | | **Capture Rate** | 90% | 88% | [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a strong liquidity position through cash flow and debt facilities, funding significant share repurchases in 2019 - NVR has **$600 million** in 3.95% Senior Notes due 2022 and a **$200 million** unsecured revolving credit facility, under which no borrowings were outstanding at year-end[143](index=143&type=chunk)[147](index=147&type=chunk) - The mortgage banking subsidiary (NVRM) has a **$150 million** revolving mortgage repurchase facility, which had no outstanding balance at year-end 2019[148](index=148&type=chunk)[149](index=149&type=chunk) - In 2019, the company repurchased 220,965 shares of its common stock for an aggregate price of **$698.4 million**[150](index=150&type=chunk) - Net cash provided by operating activities was **$866.5 million** in 2019, while net cash used in financing activities was **$424.7 million**, primarily for stock repurchases[151](index=151&type=chunk) [Off-Balance Sheet Arrangements](index=29&type=section&id=Off-Balance%20Sheet%20Arrangements) The company's primary off-balance sheet arrangements involve lot purchase agreements and mortgage rate lock commitments - The company controlled approximately 104,900 lots with an aggregate purchase price of **~$10 billion**, with its risk of loss limited to deposits and commitments of **~$656.5 million**[157](index=157&type=chunk) - As of December 31, 2019, NVRM had contractual commitments to extend credit to borrowers aggregating **$581.1 million** and open forward delivery contracts to hedge this risk aggregating **$986.0 million**[160](index=160&type=chunk)[161](index=161&type=chunk) [Critical Accounting Policies](index=30&type=section&id=Critical%20Accounting%20Policies) Management's critical accounting policies require significant estimates for inventory valuation, impairment, and various liability accruals - Key estimates include inventory valuation, impairment of contract land deposits, warranty reserves, equity-based compensation expense, and the mortgage repurchase reserve[164](index=164&type=chunk) - Contract land deposits are evaluated for impairment quarterly on a community-by-community basis, considering sales pace, profitability, and developer performance[168](index=168&type=chunk)[170](index=170&type=chunk) - Equity-based compensation expense is calculated using the **Black-Scholes model**, which requires management judgment for inputs like expected term and volatility[177](index=177&type=chunk)[179](index=179&type=chunk) [Quantitative and Qualitative Disclosure About Market Risk](index=33&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosure%20About%20Market%20Risk) The company's primary market risk is interest rate sensitivity, which is managed through fixed-rate debt and hedging activities - The company's main market risk is **interest rate risk**, affecting both its homebuilding debt obligations and its mortgage banking lending activities[184](index=184&type=chunk) - The mortgage banking segment uses **forward delivery contracts** to mitigate interest rate risk on its loan portfolio and rate lock commitments[187](index=187&type=chunk) Financial Instruments Maturities and Fair Value (as of Dec 31, 2019, in thousands) | Instrument | 2020 | 2021 | 2022 | Total | Fair Value | | :--- | :--- | :--- | :--- | :--- | :--- | | **Mortgage loans held for sale** | $485,106 | — | — | $485,106 | $492,125 | | **Interest-bearing deposits** | $1,043,205 | — | — | $1,043,205 | $1,043,205 | | **Fixed rate obligations (Senior Notes)** | $— | — | $600,000 | $600,000 | $626,520 | [Financial Statements and Supplementary Data](index=35&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section incorporates the company's consolidated financial statements and supplementary data by reference - The financial statements listed in Item 15 are filed as part of this report[191](index=191&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=35&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants - None[192](index=192&type=chunk) [Controls and Procedures](index=35&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective - Management concluded that disclosure controls and procedures were **effective** as of December 31, 2019[194](index=194&type=chunk) - Management concluded that internal control over financial reporting was **effective** as of December 31, 2019[195](index=195&type=chunk) - KPMG LLP issued an **unqualified opinion** on the effectiveness of the company's internal control over financial reporting[196](index=196&type=chunk) [Other Information](index=35&type=section&id=Item%209B.%20Other%20Information) The company reports no other information - None[197](index=197&type=chunk) Part III [Directors, Executive Officers, and Corporate Governance](index=35&type=section&id=Item%2010.%20Directors,%20Executive%20Officers,%20and%20Corporate%20Governance) This section identifies the executive officers, with other required information incorporated by reference from the Proxy Statement - Additional information required by this item is incorporated by reference from the company's Proxy Statement[204](index=204&type=chunk) Executive Officers of the Registrant | Name | Age | Position | | :--- | :--- | :--- | | Paul C. Saville | 64 | President and Chief Executive Officer | | Daniel D. Malzahn | 50 | Senior Vice President, Chief Financial Officer and Treasurer | | Jeffrey D. Martchek | 54 | President of Homebuilding Operations | | Paul W. Praylo | 48 | Senior Vice President and Chief Operating Officer | | Eugene J. Bredow | 50 | President of NVRM | [Executive Compensation](index=36&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding executive compensation is incorporated by reference from the company's Proxy Statement - Information is incorporated by reference from the Proxy Statement[205](index=205&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=36&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) This section provides details on equity compensation plans and incorporates other ownership information by reference - Other information required by this item is incorporated by reference from the Proxy Statement[206](index=206&type=chunk) Equity Compensation Plan Information (as of Dec 31, 2019) | Plan Category | Securities to be Issued Upon Exercise | Weighted-Average Exercise Price | Securities Remaining for Future Issuance | | :--- | :--- | :--- | :--- | | **Approved by Security Holders** | 753,796 | $2,007.52 | 287,291 | | **Not Approved by Security Holders** | 10,504 | $703.00 | — | | **Total** | **764,300** | **$1,989.60** | **287,291** | [Certain Relationships and Related Transactions, and Director Independence](index=36&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Information on related transactions and director independence is incorporated by reference from the Proxy Statement - Information is incorporated by reference from the Proxy Statement[208](index=208&type=chunk) [Principal Accountant Fees and Services](index=36&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the Proxy Statement - Information is incorporated by reference from the Proxy Statement[209](index=209&type=chunk) Part IV [Exhibits and Financial Statement Schedules](index=38&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists all documents, including financial statements and various exhibits, filed as part of the report - This section provides a comprehensive list of all financial statements, schedules, and exhibits filed with the Form 10-K[211](index=211&type=chunk)

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, 2019 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. (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) ...

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, 2019 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 as specified in its charter) Virginia 54-1394360 (State or other jurisdiction ...

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, 2019 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 as specified in its charter) (State or other jurisdiction of incorporation or ...