Hovnanian Enterprises(HOV) - 2021 Q3 - Earnings Call Presentation

Q3 2021 Performance vs Guidance - Total revenues for Q3 2021 were $691 million, falling within the guidance of $700-$750 million[5,6] - Adjusted homebuilding gross margin for Q3 2021 was 22.1%, exceeding the guidance of 20.5%-21.5%[5,6] - Total SG&A as a percentage of total revenues for Q3 2021 was 8.7% (9.7% excluding incremental phantom benefit), below the guidance of 10.5%-11.5%[5,6] - Adjusted EBITDA for Q3 2021 was $103 million ($96 million excluding incremental phantom benefit), exceeding the guidance of $35-$45 million[5,6] - Adjusted income before income taxes for Q3 2021 was $63 million ($57 million excluding incremental phantom benefit)[5,6] Q3 2021 vs Q3 2020 - Total revenues increased from $628 million in Q3 2020 to $691 million in Q3 2021[7] - Adjusted homebuilding gross margin increased from 17.5% in Q3 2020 to 22.1% in Q3 2021, a +460 bps change[7,9] - Adjusted EBITDA increased from $65 million in Q3 2020 to $103 million in Q3 2021 ($96 million excluding incremental phantom benefit)[8] - Adjusted pretax income increased from $15 million in Q3 2020 to $57 million in Q3 2021[10] Land and Lots - Newly controlled lots in Q3 2021 were 4,512, a 284% increase year-over-year[20] - Newly controlled lots for the twelve months ended July 31, 2021, were 11,594[20] - Total lots controlled as of Q3 2021 were 31,002[23] FY2021 Guidance - The company projects total revenues between $2800 million and $2850 million for fiscal year 2021[31] - The company projects adjusted EBITDA between $345 million and $360 million for fiscal year 2021[32]