PulteGroup, Inc. (NYSE:PHM) Q4 2021 Earnings Conference Call February 1, 2022 8:30 AM ET Company Participants Jim Zeumer - Vice President of Investor Relations & Corporate Communications Ryan Marshall - President & Chief Executive Officer Bob O'Shaughnessy - Executive Vice President & Chief Financial Officer Conference Call Participants Mike Dahl - RBC Capital Markets Ivy Zelman - Zelman & Associates Anthony Pettinari - Citigroup Michael Rehaut - JPMorgan Carl Reichardt - BTIG Stephen Kim - Evercore ISI Joh ...

Pultegroup, Inc. (NYSE:PHM) Q3 2021 Earnings Conference Call October 26, 2021 8:30 AM ET Company Participants James Zeumer - VP, IR & Corporate Communications Ryan Marshall - President, CEO & Director Robert O’Shaughnessy - EVP & CFO Conference Call Participants Truman Patterson - Wolfe Research Alan Ratner - Zelman & Associates Michael Rehaut - JPMorgan Chase & Co. Anthony Pettinari - Citigroup Matthew Bouley - Barclays Bank Michael Dahl - RBC Capital Markets Stephen Kim - Evercore ISI Eric Bosshard - Clev ...

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents PulteGroup's unaudited condensed consolidated financial statements and notes, detailing financial performance and key changes [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) PulteGroup's total assets increased to **$12.57 billion** at September 30, 2021, driven by inventory, while cash decreased and notes payable reduced | Metric | September 30, 2021 ($000s) | December 31, 2020 ($000s) | |:---|:---|:---| | Total Assets | 12,571,851 | 12,205,498 | | Cash and equivalents | 1,568,324 | 2,582,205 | | House and land inventory | 8,917,440 | 7,721,798 | | Notes payable | 2,059,923 | 2,752,302 | | Shareholders' equity | 7,141,752 | 6,569,989 | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) For the three and nine months ended September 30, 2021, PulteGroup reported substantial increases in total revenues, net income, and diluted earnings per share | Metric | Three Months Ended Sep 30, 2021 ($000s) | Three Months Ended Sep 30, 2020 ($000s) | Nine Months Ended Sep 30, 2021 ($000s) | Nine Months Ended Sep 30, 2020 ($000s) | |:---|:---|:---|:---|:---|\ | Total revenues | 3,479,050 | 2,954,957 | 9,568,324 | 7,843,718 | | Net income | 475,549 | 416,398 | 1,283,055 | 968,728 | | Diluted earnings per share | 1.82 | 1.54 | 4.85 | 3.56 | [Consolidated Statements of Comprehensive Income](index=6&type=section&id=Consolidated%20Statements%20of%20Comprehensive%20Income) Consolidated comprehensive income for both the three and nine months ended September 30, 2021, increased, largely mirroring net income growth with minimal impact from other items | Metric | Three Months Ended Sep 30, 2021 ($000s) | Three Months Ended Sep 30, 2020 ($000s) | Nine Months Ended Sep 30, 2021 ($000s) | Nine Months Ended Sep 30, 2020 ($000s) | |:---|:---|:---|:---|:---|\ | Comprehensive income | 475,574 | 416,423 | 1,283,130 | 968,803 | [Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity increased to **$7.14 billion** at September 30, 2021, driven by net income, partially offset by share repurchases and dividends | Metric | September 30, 2021 ($000s) | December 31, 2020 ($000s) | |:---|:---|:---|\ | Shareholders' equity | 7,141,752 | 6,569,989 | - For the nine months ended September 30, 2021, the company repurchased **12.0 million shares** for **$614.3 million** and declared cash dividends totaling **$110.3 million**[22](index=22&type=chunk)[243](index=243&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities decreased significantly due to increased inventories, while financing activities used more cash for debt repayments and share repurchases | Cash Flow Activity | Nine Months Ended Sep 30, 2021 ($000s) | Nine Months Ended Sep 30, 2020 ($000s) | |:---|:---|:---|\ | Net cash provided by (used in) operating activities | 548,225 | 1,266,625 | | Net cash provided by (used in) investing activities | (86,468) | (107,179) | | Net cash provided by (used in) financing activities | (1,469,341) | (296,694) | | Inventories impact on operating cash flow | (1,137,351) | 84,253 | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, inventory, segment performance, debt, equity, income taxes, fair value, and commitments, including the ICG acquisition and share repurchases [1. Basis of presentation](index=10&type=section&id=1.%20Basis%20of%20presentation) PulteGroup, a leading U.S. homebuilder, presents interim financial statements under GAAP, highlighting the ICG acquisition, goodwill impairment, and increased customer deposits - Acquired Innovative Construction Group (ICG) in January 2020 for **$104.0 million**, with payments of **$83.3 million** in 2020 and **$10.4 million** in 2021, and a final **$10.4 million** payment due in 2022[33](index=33&type=chunk)[254](index=254&type=chunk) - Recorded a **$20.2 million** goodwill impairment for ICG in Q1 2020 due to broad equity market declines[34](index=34&type=chunk)[255](index=255&type=chunk) - Customer deposits for sold but undelivered homes totaled **$823.5 million** at September 30, 2021, up from **$449.5 million** at December 31, 2020[38](index=38&type=chunk)[259](index=259&type=chunk) [2. Inventory](index=14&type=section&id=2.%20Inventory) Total inventory increased to **$8.92 billion** at September 30, 2021, driven by homes under construction, with **$5.3 billion** in remaining land option purchase price | Inventory Component | September 30, 2021 ($000s) | December 31, 2020 ($000s) | |:---|:---|:---|\ | Homes under construction | 4,469,295 | 3,086,740 | | Land under development | 3,849,816 | 4,137,318 | | Raw land | 598,329 | 497,740 | | Total Inventory | 8,917,440 | 7,721,798 | - Remaining purchase price under land option agreements totaled **$5.3 billion** at September 30, 2021, with deposits and pre-acquisition costs of **$354.3 million** (of which **$19.4 million** is refundable)[282](index=282&type=chunk)[360](index=360&type=chunk) Land-Related Charges | Land-Related Charges | Nine Months Ended Sep 30, 2021 ($000s) | Nine Months Ended Sep 30, 2020 ($000s) | |:---|:---|:---|\ | Write-offs of deposits and pre-acquisition costs | 6,801 | 8,335 | | Total land-related charges | 6,820 | 13,930 | [3. Segment information](index=15&type=section&id=3.%20Segment%20information) PulteGroup's Homebuilding and Financial Services segments both contributed to increased consolidated revenues and income before income taxes for the nine months ended September 30, 2021 - Homebuilding operations are aggregated into six reportable segments: Northeast, Southeast, Florida, Midwest, Texas, and West[285](index=285&type=chunk)[286](index=286&type=chunk) Segment Revenues | Segment | Nine Months Ended Sep 30, 2021 Revenues ($000s) | Nine Months Ended Sep 30, 2020 Revenues ($000s) | |:---|:---|:---|\ | Homebuilding Total | 9,279,692 | 7,587,495 | | Financial Services | 288,632 | 256,223 | | Consolidated revenues | 9,568,324 | 7,843,718 | Segment Income Before Taxes | Segment | Nine Months Ended Sep 30, 2021 Income Before Taxes ($000s) | Nine Months Ended Sep 30, 2020 Income Before Taxes ($000s) | |:---|:---|:---|\ | Homebuilding Total | 1,487,486 | 1,060,906 | | Financial Services | 166,442 | 144,038 | | Consolidated income before income taxes | 1,653,928 | 1,204,944 | [4. Debt](index=18&type=section&id=4.%20Debt) Total notes payable decreased to **$2.06 billion** at September 30, 2021, due to accelerated retirements, while the **$1.0 billion** revolving credit facility remained unused | Debt Type

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