Hovnanian Enterprises(US:HOV)2021-06-03 17:28Financial Performance - Q2 2021 - Total revenues were $703 million[6], meeting the guidance of $700-$750 million[6] - Adjusted homebuilding gross margin was 213%[6], within the guidance of 205%-215%[6] - Total SG&A as a percentage of total revenues was 117%[6], but excluding incremental phantom stock expense, it was 93%[6], below the guidance of 95%-105%[6] - Adjusted EBITDA was $76 million[6], compared to guidance of $75-$90 million[6]; excluding incremental phantom stock expense, it was $94 million[6] - Adjusted income before income taxes was $31 million[6], within the guidance of $30-$45 million[6]; excluding incremental phantom stock expense, it was $49 million[6] - Net income reached $488676 thousand[82] Land and Lots - Newly controlled lots in Q2 2021 were 2920[23], with 1295[23] in excess of deliveries, representing 180%[23] of deliveries & lot sales[23] - Total lots controlled as of April 30, 2021, were 28077[25], with 17574[25] optioned - Land and land development spend in Q2 2021 was $114 million[27] Debt and Liquidity - Total liquidity as of April 30, 2021, was $3528 million[5], comprised of $2183 million[5] in cash and cash equivalents, $95 million[5] in restricted cash, and $125 million[5] availability under the senior secured revolving credit facility[5] - The company intends to redeem $111 million[37] of 100% senior secured notes due July 2022 and pay off $70 million[37] of 105% senior secured notes due July 2024[37] Forward Guidance - Guidance for Q3 2021 includes total revenues of $700-$750 million[63], adjusted homebuilding gross margin of 205%-215%[63], and adjusted EBITDA of $80-$90 million[63]