KB Home(KBH) - 2025 Q1 - Quarterly Results

Financial Performance - Revenues for Q1 2025 were $1.39 billion, down 5% from $1.47 billion in Q1 2024[4] - Total revenues for the three months ended February 28, 2025, were $1,391,777, a decrease of 5.2% compared to $1,467,766 for the same period in 2024[15] - Homebuilding revenues decreased to $1,387,041 from $1,461,698, reflecting a decline of 5.1% year-over-year[20] - Net income for the period was $109,557, down 21.0% from $138,665 in the prior year[15] - The company reported a total pretax income of $139,357, down 20.2% from $174,665 in the same quarter last year[15] Home Delivery and Orders - Homes delivered decreased by 9% to 2,770 units compared to the previous year[4] - Homes delivered decreased to 2,770 from 3,037, representing a decline of 8.8% year-over-year[22] - Net orders fell by 17% to 2,772, contributing to a backlog of 4,436 homes, which is a 21% decrease in value to $2.20 billion[7] - Total net orders fell to 2,772, down 16.5% from 3,323 in the same quarter last year[22] Pricing and Margins - Average selling price increased by 4% to $500,700[4] - The average selling price of homes increased to $500,700, up 4.3% from $480,100 in the previous year[20] - Homebuilding operating income was $127.3 million, with a margin of 9.2%, down from 10.8%[4] - Adjusted housing gross profit margin was 20.3%, slightly down from 21.6% in the prior year[24] Assets and Equity - Total assets increased to $6,979,260 from $6,936,169, reflecting a growth of 0.6%[18] - Stockholders' equity rose to $4,092,678, compared to $4,060,616, indicating an increase of 0.8%[18] Liquidity and Investments - Total liquidity stood at $1.25 billion, including $267.8 million in cash and cash equivalents[7] - Inventory increased by 7% to $5.94 billion, with land investments rising by 57% to $920.3 million[7] - The company repurchased $50 million worth of common stock, totaling 753,939 shares at an average price of $66.32 per share[7] Guidance and Tax - Guidance for full-year 2025 includes housing revenues between $6.60 billion and $7.00 billion[7] - The effective tax rate for the quarter was 21.4%, compared to 20.6% in the previous year[7]