NVR(US:NVR)2025-05-05 18:45Financial Performance - Homebuilding revenues for Q1 2025 were $2,350,445, an increase of 2.8% compared to $2,286,177 in Q1 2024[16] - Net income for Q1 2025 was $299,576, a decrease of 24.0% from $394,269 in Q1 2024[16] - Basic earnings per share for Q1 2025 were $100.41, down from $123.76 in Q1 2024, reflecting a decline of 18.9%[16] - Operating income for Q1 2025 was $376,665, a decrease of 16.0% from $448,327 in Q1 2024[16] - Total consolidated revenues for the three months ended March 31, 2025, were $2,403,032, an increase of 2.98% from $2,333,463 in 2024[56] - Consolidated profit before taxes for the three months ended March 31, 2025, was $402,004, down from $470,692 in 2024[59] Assets and Liabilities - Total assets decreased to $6,195,533 as of March 31, 2025, down from $6,380,988 at the end of 2024, a reduction of 2.9%[10] - Total liabilities increased to $2,240,869 as of March 31, 2025, compared to $2,170,916 at the end of 2024, an increase of 3.2%[13] - Total shareholders' equity decreased to $3,954,664 as of March 31, 2025, down from $4,210,072 as of December 31, 2024, a decline of 6.1%[16] - Total segment assets as of March 31, 2025, were $3,669,261, an increase from $3,502,540 as of December 31, 2024[63] Cash Flow - Cash and cash equivalents at the end of Q1 2025 were $2,287,910, down from $2,924,793 at the end of Q1 2024, a decrease of 21.8%[19] - The company reported a net cash provided by operating activities of $207,781 for Q1 2025, compared to $146,458 in Q1 2024, an increase of 41.9%[19] - Cash and cash equivalents decreased to $2,176,902 as of March 31, 2025, from $2,561,339 as of December 31, 2024[10] Mortgage Banking - Mortgage banking income increased to $32,520 in Q1 2025, up from $29,014 in Q1 2024, reflecting an increase of 8.6%[16] - Mortgage banking segment profit increased to $33,706, up 13.9% from $29,656 in the previous year[59] Investments and Commitments - As of March 31, 2025, the company controlled approximately 159,000 lots under Lot Purchase Agreements (LPAs) with total deposits of approximately $792,600 in cash and $4,600 in letters of credit[29] - The company had an aggregate investment of approximately $37,700 in four joint ventures (JVs) expected to produce approximately 6,050 finished lots as of March 31, 2025[35] - The company had additional JV funding commitments totaling approximately $12,400 as of March 31, 2025[35] Impairments and Reserves - The company incurred pre-tax impairment charges on lot deposits of approximately $8,100 for the three months ended March 31, 2025, compared to a net expense reversal of approximately $7,500 for the same period in 2024[29] - The warranty reserve decreased to $129,792 as of March 31, 2025, from $133,095 at the beginning of the period[49] - The company recognized a provision of $17,234 for warranty reserves during the three months ended March 31, 2025[49] Taxation - The effective tax rate for the three months ended March 31, 2025, was 25.5%, up from 16.2% for the same period in 2024[89] - The company recognized $2,664 in income tax benefits for the three months ended March 31, 2025, compared to $43,793 for the same period in 2024[91] Shareholder Actions - The company repurchased 77,120 shares of common stock during the three months ended March 31, 2025[46] - The weighted average number of shares outstanding used to calculate basic earnings per share (EPS) was 2,983,502 for the three months ended March 31, 2025, down from 3,185,664 in 2024[43] Credit Facilities - The company entered into a $300,000 senior unsecured revolving credit facility on March 11, 2025, extending the maturity date to March 11, 2030[80] - The company had no borrowings outstanding under the Amended Credit Agreement as of March 31, 2025[81] Lease Expenses - Operating lease expense for the three months ended March 31, 2025, was $10,316, compared to $9,347 for the same period in 2024[88] - Total lease expense for the three months ended March 31, 2025, was $20,408, compared to $17,922 for the same period in 2024, representing an increase of 8.2%[88]