0001437749-21-004683.txt : 20210302 0001437749-21-004683.hdr.sgml : 20210302 20210302141232 ACCESSION NUMBER: 0001437749-21-004683 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20210302 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20210302 DATE AS OF CHANGE: 20210302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HOVNANIAN ENTERPRISES INC CENTRAL INDEX KEY: 0000357294 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 221851059 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-32447 FILM NUMBER: 21702694 BUSINESS ADDRESS: STREET 1: 90 MATAWAN ROAD, 5TH FLOOR CITY: MATAWAN STATE: NJ ZIP: 07747 BUSINESS PHONE: 7327477800 MAIL ADDRESS: STREET 1: 90 MATAWAN ROAD, 5TH FLOOR CITY: MATAWAN STATE: NJ ZIP: 07747 8-K 1 hov20210226_8k.htm FORM 8-K hov20210226_8k.htm
false 0000357294 0000357294 2021-01-31 2021-01-31 0000357294 hov:ClassACommonStockCustomMember 2021-01-31 2021-01-31 0000357294 hov:PreferredStockCustomMember 2021-01-31 2021-01-31 0000357294 hov:SeriesAPreferredStock7625CustomMember 2021-01-31 2021-01-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): March 2, 2021
 
HOVNANIAN ENTERPRISES, INC.

(Exact Name of Registrant as Specified in its Charter)
 
Delaware
(State or Other
Jurisdiction
of Incorporation)
1-8551
(Commission File Number)
22-1851059
(IRS Employer
Identification No.)
 
 90 Matawan Road, Fifth Floor
Matawan, New Jersey 07747

(Address of Principal Executive Offices) (Zip Code)
 
(732) 747-7800
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former Name or Former Address, if Changed Since
Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act.
 
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Class A Common Stock $0.01 par value per share
HOV
New York Stock Exchange
Preferred Stock Purchase Rights (1)
N/A
New York Stock Exchange
Depositary Shares each representing 1/1,000th of a share of
7.625% Series A Preferred Stock
HOVNP
Nasdaq Global Market
 
(1) Each share of Class A Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initially represents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of a share of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannot trade separately from the underlying Common Stock.
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
 
Emerging growth company  ☐ 
 
 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.   ☐ 
 
 
 
 
 
 
 
 Item 2.02.            Results of Operations and Financial Condition.
 
On March 2, 2021, Hovnanian Enterprises, Inc. (the “Company”) issued a press release announcing its preliminary financial results for the fiscal first quarter ended January 31, 2021. A copy of the press release is attached as Exhibit 99.1.
 
The information in this Current Report on Form 8-K and the Exhibit attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
 
The attached earnings press release contains information about consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairment loss and land option write-offs and gain on extinguishment of debt (“Adjusted EBITDA”), which are non-GAAP financial measures. The most directly comparable GAAP financial measure is net income (loss). A reconciliation for historical periods of EBIT, EBITDA and Adjusted EBITDA to net income (loss) is contained in the earnings press release.
 
The attached earnings press release contains information about homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, which are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. A reconciliation for historical periods of homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is contained in the earnings press release.
 
The attached earnings press release contains information about adjusted pretax income, which is defined as income before income taxes excluding land-related charges and gain on extinguishment of debt, which is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income before income taxes. A reconciliation for historical periods of adjusted pretax income to income before income taxes is contained in the earnings press release.
 
Management believes EBITDA to be relevant and useful information as EBITDA is a standard measure commonly reported and widely used by analysts, investors and others to measure and benchmark the Company’s financial performance without the effects of various items the Company does not believe are characteristic of its ongoing operating performance. EBITDA does not take into account substantial costs of doing business, such as income taxes and interest expense. While many in the financial community consider EBITDA to be an important measure of comparative operating performance, it should be considered in addition to, but not as a substitute for, income (loss) before income taxes, net income (loss) and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company’s reports filed with the Securities and Exchange Commission. Additionally, the Company’s calculation of EBITDA may be different than the calculation used by other companies, and, therefore, comparability may be affected.
 
Management believes homebuilding gross margin, before cost of sales interest expense and land charges, enables investors to better understand the Company’s operating performance. This measure is also useful internally, helping management to evaluate the Company’s operating results on a consolidated basis and relative to other companies in the Company’s industry. In particular, the magnitude and volatility of land charges for the Company, and for other homebuilders, have been significant and, as such, have made financial analysis of the Company’s industry more difficult. Homebuilding metrics excluding land charges, as well as interest amortized to cost of sales, and other similar presentations prepared by analysts and other companies are frequently used to assist investors in understanding and comparing the operating characteristics of homebuilding activities by eliminating many of the differences in companies’ respective levels of impairments and levels of debt. Homebuilding gross margin, before cost of sales interest expense and land charges, should be considered in addition to, but not as an alternative to, homebuilding gross margin determined in accordance with GAAP as an indicator of operating performance. 
Additionally, the Company’s calculation of homebuilding gross margin, before cost of sales interest expense and land charges, may be different than the calculation used by other companies, and, therefore, comparability may be affected. 
 
Management believes adjusted pretax income to be relevant and useful information because it provides a better metric of the Company’s operating performance. Adjusted pretax income should be considered in addition to, but not as a substitute for, income (loss) before income taxes, net income (loss) and other measures of financial performance prepared in accordance with accounting principles generally accepted in the United States that are presented on the financial statements included in the Company’s reports filed with the Securities and Exchange Commission. Additionally, the Company’s calculation of adjusted pretax income may be different than the calculation used by other companies, and, therefore, comparability may be affected.
 
Item 9.01.            Financial Statements and Exhibits.
 
(d)        Exhibits.
 
 
Exhibit 104       Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 
 
 
 
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
HOVNANIAN ENTERPRISES, INC.
 
(Registrant)
 
 
 
 
By: 
/s/ Brad G. O’Connor                                          
 
  
Name: Brad G. O’Connor
 
  
Title: Senior Vice President, Treasurer and Chief Accounting Officer
 
 
 
Date: March 2, 2021
 
 
 
 EX-99.1 2 ex_230676.htm EXHIBIT 99.1 ex_230676.htm

Exhibit 99.1

 

 

 

HOVNANIAN ENTERPRISES, INC.         

News Release

 

 

     

Contact:

J. Larry Sorsby

Jeffrey T. O’Keefe
 

Executive Vice President & CFO

Vice President, Investor Relations
 

732-747-7800

732-747-7800
     

 

HOVNANIAN ENTERPRISES REPORTS FISCAL 2021 FIRST QUARTER RESULTS

 

$27 Million Year-over-Year Improvement in Pretax Income

First Quarter Gross Margin Percentage Increased 440 Basis Points Year-over-Year

85% Year-over-Year Increase in Consolidated Backlog Dollars to $1.67 Billion

51% Year-over-Year Increase in Land and Land Development Spend

 

 

MATAWAN, NJ, March 2, 2021 – Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal first quarter ended January 31, 2021.

 

RESULTS FOR THE FIRST QUARTER ENDED JANUARY 31, 2021:

  

 

 

●

Total revenues increased 16.3% to $574.7 million in the first quarter of fiscal 2021, compared with $494.1 million in the same quarter of the prior year.

 

 

●

Homebuilding gross margin percentage, after cost of sales interest expense and land charges, increased 440 basis points to 17.3% for the three months ended January 31, 2021 compared with 12.9% during the same period a year ago.

 

 

●

Homebuilding gross margin percentage, before cost of sales interest expense and land charges, increased 340 basis points to 20.7% during the fiscal 2021 first quarter compared with 17.3% in last year’s first quarter.

 

 

●

Total SG&A was $63.7 million, or 11.1% of total revenues, in the fiscal 2021 first quarter compared with $60.4 million, or 12.2% of total revenues, in the previous year’s first quarter.

 

 

●

Total interest expense was $41.1 million for the first quarter of fiscal 2021 compared with $43.1 million during the first quarter of fiscal 2020.

 

 

●

Income from unconsolidated joint ventures was $1.9 million for the first quarter ended January 31, 2021 compared with $1.5 million in the fiscal 2020 first quarter.

 

 

●

Income before income taxes for the first quarter of fiscal 2021 was $19.6 million compared with a loss of $7.4 million in the first quarter of the prior fiscal year.

 

 

●

Adjusted pretax income, which is income before income taxes excluding land-related charges and gain on extinguishment of debt, was $21.5 million in the first quarter of fiscal 2021 compared with a loss before these items of $14.1 million in the fiscal 2020 first quarter.

 

1
 

 

 

●

Net income was $19.0 million, or $2.75 per diluted common share, for the three months ended January 31, 2021 compared with a net loss of $9.1 million, or $1.49 per common share, in the first quarter of the previous fiscal year.

 

 

●

EBITDA increased 67.8% to $62.1 million for the first quarter of fiscal 2021 compared with $37.0 million in the same quarter of the prior year.

 

 

●

For the first quarter of fiscal 2021, Adjusted EBITDA increased 110.6% to $63.9 million compared with $30.4 million in the first quarter of fiscal 2020.

 

 

●

Financial services income before income taxes was $9.1 million for the first quarter of fiscal 2021, up 105.0% compared with $4.5 million in the first quarter of fiscal 2020.

 

 

●

Consolidated contracts per community increased 74.2% to 16.9 contracts per community for the first quarter ended January 31, 2021 compared with 9.7 contracts per community in last year’s first quarter. Contracts per community, including domestic unconsolidated joint ventures(1), increased 69.9% to 15.8 for the first quarter of fiscal 2021 compared with 9.3 for the first quarter of fiscal 2020.

 

 

●

The number of consolidated contracts increased 34.5% to 1,778 homes during the fiscal 2021 first quarter, compared with 1,322 homes in last year’s first quarter. The number of contracts, including domestic unconsolidated joint ventures, for the three months ended January 31, 2021 increased 31.5% to 1,962 homes from 1,492 homes during the same quarter a year ago.

 

 

●

As of the end of the first quarter of fiscal 2021, community count, including domestic unconsolidated joint ventures, was 124 communities, compared with 160 communities at January 31, 2020. Consolidated community count was 105 as of January 31, 2021, compared with 136 communities at the end of the previous year’s first quarter. The decline was primarily a result of selling out of communities at a faster than anticipated pace and delayed community openings.

 

 

●

Despite 1,385 first quarter consolidated deliveries, consolidated lots controlled increased by 733 lots sequentially to 26,782 at January 31, 2021 from 26,049 lots at October 31, 2020, which illustrated our ability to control more lots than we delivered.

 

 

●

Plan to reactivate approximately half of the lots representing multiple products in a large 1,400 home masterplan community in Northern California.

 

 

●

 During February 2021, we raised home prices more aggressively to further increase margins and attempt to slow down our sales pace. After experiencing a 100.0% year-over-year increase in contracts per community in the month of January 2021, the contracts per community for February 2021 only increased 27.1% to 6.1 compared with 4.8 for the same month one year ago. 

 

 

●

 The dollar value of February 2021 consolidated contracts increased 8.6% to $283.0 million compared with $260.7 million in February last year; however, the number of consolidated contracts declined to 613 homes compared to 647 homes in February 2020. 

 

 

●

The dollar value of consolidated contract backlog, as of January 31, 2021, increased 85.2% to $1.67 billion compared with $899.6 million as of January 31, 2020. The dollar value of contract backlog, including domestic unconsolidated joint ventures, as of January 31, 2021, increased 70.3% to $1.88 billion compared with $1.10 billion as of January 31, 2020.

 

 

●

Consolidated deliveries increased 12.1% to 1,385 homes in the fiscal 2021 first quarter compared with 1,236 homes in the previous year’s first quarter. For the fiscal 2021 first quarter, deliveries, including domestic unconsolidated joint ventures, increased 8.6% to 1,504 homes compared with 1,385 homes during the first quarter of fiscal 2020.

 

2
 

 

 

●

The contract cancellation rate for consolidated contracts was 17% for the first quarter ended January 31, 2021 compared with 19% in the fiscal 2020 first quarter. The contract cancellation rate for contracts including domestic unconsolidated joint ventures was 16% for the first quarter of fiscal 2021 compared with 19% in the first quarter of the prior year.

 

(1)When we refer to “Domestic Unconsolidated Joint Ventures”, we are excluding results from our single community unconsolidated joint venture in the Kingdom of Saudi Arabia (KSA).

 

 

LIQUIDITY AND INVENTORY AS OF JANUARY 31, 2021:

  

 

 

●

During the first quarter of fiscal 2021, land and land development spending was $178.6 million, an increase compared with $117.9 million in last year’s first quarter.

 

 

●

Total liquidity at the end of the first quarter of fiscal 2021 was $306.4 million, above our targeted liquidity range of $170 million to $245 million.

 

 

●

Delivered 1,385 homes, but contracted to buy 2,140 new lots, net of walk aways, during the first quarter of fiscal 2021.

 

 

●

As of January 31, 2021, consolidated lots controlled totaled 26,782, which, based on trailing twelve-month deliveries, equaled a 4.6 years’ supply.

 

 

FINANCIAL GUIDANCE(2):

 
  

 

 

●

Assuming no changes in current market conditions, for the second quarter of fiscal 2021, total revenues are expected to be between $700 million and $750 million; adjusted pretax income is expected to be between $30 million and $45 million and adjusted EBITDA is expected to be between $75 million and $90 million.

 

 

●

Assuming no changes in current market conditions, for all of fiscal 2021, total revenues are expected to be between $2.65 billion and $2.80 billion; adjusted pretax income is expected to be between $140 million and $160 million and adjusted EBITDA is expected to be between $300 million and $340 million.

 

(2)The Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. These items include, but are not limited to, land-related charges, inventory impairment loss and land option write-offs and loss (gain) on extinguishment of debt. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.

 

 

COMMENTS FROM MANAGEMENT:

  

 

“We are pleased with our fiscal 2021 first quarter results, as they exceeded the guidance we provided on our last conference call for gross margin percentage, total SG&A ratio, adjusted EBITDA and adjusted pretax income,” stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. “Contracts per community this quarter increased 74%, clearly indicating that demand for our homes remains very strong. We plan to continue to increase home prices in order to stay ahead of rising costs, maximize our profits and to better align our sales pace with our production capacity.”

 

3
 

 

“Our 85% increase in backlog dollars to $1.67 billion at the end of the first quarter sets us on solid footing to achieve dramatic year over year improvements in our fiscal 2021 financial performance. We ended the quarter with $306 million of liquidity, which provides us with ample capital to control land for future communities. We have made great progress in our land position, and virtually all the land we need to meet our projected deliveries in fiscal 2021 and 2022 is already under contract. Today, our land acquisition teams are primarily focused on obtaining control of land for home deliveries in fiscal 2023 and beyond,” said Mr. Hovnanian.

 

“We remain committed to further strengthening our balance sheet. In July 2021, one year prior to maturity, we currently plan to pay off in full the $111 million of our 10.0% senior secured notes due July 2022. Additionally, we also presently intend to pay off the remaining balance of $70 million of our 10.5% senior secured notes due July 2024 in advance of their maturity. The combination of our expected improved financial performance this year and the potential DTA valuation allowance reversal is expected to meaningfully increase our year end book value per share. Those increases to book value combined with executing on our debt reduction strategy this year would significantly improve our balance sheet,” stated J. Larry Sorsby, Executive Vice President and Chief Financial Officer.

 

 

WEBCAST INFORMATION:

  

 

Hovnanian Enterprises will webcast its fiscal 2021 first quarter financial results conference call at 11:00 a.m. E.T. on Tuesday, March 2, 2021. The webcast can be accessed live through the “Investor Relations” section of Hovnanian Enterprises’ website at http://www.khov.com. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the “Past Events” section of the Investor Relations page on the Hovnanian website at http://www.khov.com. The archive will be available for 12 months.

 

 

ABOUT HOVNANIAN ENTERPRISES, INC.:

  

 

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company’s homes are marketed and sold under the trade name K. Hovnanian® Homes. Additionally, the Company’s subsidiaries, as developers of K. Hovnanian’s® Four Seasons communities, make the Company one of the nation’s largest builders of active lifestyle communities.

 

Additional information on Hovnanian Enterprises, Inc. can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian's investor e-mail list, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

 

4
 

 

NON-GAAP FINANCIAL MEASURES:

  

 

Consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairment loss and land option write-offs and gain on extinguishment of debt (“Adjusted EBITDA”) are not U.S. generally accepted accounting principles (GAAP) financial measures. The most directly comparable GAAP financial measure is net income (loss). The reconciliation for historical periods of EBIT, EBITDA and Adjusted EBITDA to net income (loss) is presented in a table attached to this earnings release.

 

Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. The reconciliation for historical periods of homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is presented in a table attached to this earnings release.

 

Adjusted pretax income, which is defined as income before income taxes excluding land-related charges and gain on extinguishment of debt is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income (loss) before income taxes. The reconciliation for historical periods of adjusted pretax income to income (loss) before income taxes is presented in a table attached to this earnings release.

 

Total liquidity is comprised of $172.1 million of cash and cash equivalents, $9.3 million of restricted cash required to collateralize letters of credit and $125.0 million availability under the senior secured revolving credit facility as of January 31, 2021.

 

 

FORWARD-LOOKING STATEMENTS

 

All statements in this press release that are not historical facts should be considered as “Forward-Looking Statements” within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Company’s goals and expectations with respect to its financial results for future financial periods. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1) the outbreak and spread of COVID-19 and the measures that governments, agencies, law enforcement and/or health authorities implement to address it; (2) changes in general and local economic, industry and business conditions and impacts of a significant homebuilding downturn; (3) adverse weather and other environmental conditions and natural disasters; (4) the seasonality of the Company’s business; (5) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (6) shortages in, and price fluctuations of, raw materials and labor, including due to changes in trade policies and the imposition of tariffs and duties on homebuilding materials and products and related trade disputes with, and retaliatory measures taken by, other countries; (7) reliance on, and the performance of, subcontractors; (8) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (9) increases in cancellations of agreements of sale; (10) fluctuations in interest rates and the availability of mortgage financing; (11) changes in tax laws affecting the after-tax costs of owning a home; (12) legal claims brought against us and not resolved in our favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (13) levels of competition; (14) utility shortages and outages or rate fluctuations; (15) information technology failures and data security breaches; (16) negative publicity; (17) high leverage and restrictions on the Company’s operations and activities imposed by the agreements governing the Company’s outstanding indebtedness; (18) availability and terms of financing to the Company; (19) the Company’s sources of liquidity; (20) changes in credit ratings; (21) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (22) operations through unconsolidated joint ventures with third parties; (23) significant influence of the Company’s controlling stockholders; (24) availability of net operating loss carryforwards; (25) loss of key management personnel or failure to attract qualified personnel; and (26) certain risks, uncertainties and other factors described in detail in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2020 and the Company’s Quarterly Reports on Form 10-Q for the quarterly periods during fiscal 2021 and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.

 

5
 

 

Hovnanian Enterprises, Inc.

January 31, 2021

Statements of consolidated operations

(In thousands, except per share data)
   

Three Months Ended

  
   

January 31,

  
   

2021

    

2020

  
   

(Unaudited)

  

Total revenues

   $574,664     $494,056  

Costs and expenses (1)

   556,995     512,488  

Gain on extinguishment of debt

   -     9,456  

Income from unconsolidated joint ventures

   1,916     1,540  

Income (loss) before income taxes

   19,585     (7,436 )

Income tax provision

   626     1,712  

Net income (loss)

   $18,959     $(9,148 )
             

Per share data:

            

Basic:

            

Net income (loss) per common share

   $2.79     $(1.49 )

Weighted average number of common shares outstanding (2)

   6,225     6,161  

Assuming dilution:

            

Net income (loss) per common share

   $2.75     $(1.49 )

Weighted average number of common shares outstanding (2)

   6,303     6,161  

 

 

(1) Includes inventory impairment loss and land option write-offs.

(2) For periods with a net (loss), basic shares are used in accordance with GAAP rules.

 

 

Hovnanian Enterprises, Inc.

January 31, 2021

Reconciliation of income (loss) before income taxes excluding land-related charges and gain on extinguishment of debt to income (loss) before income taxes

(In thousands)
   

Three Months Ended

  
   

January 31,

  
   

2021

    

2020

  
   

(Unaudited)

  

Income (loss) before income taxes

   $19,585     $(7,436 )

Inventory impairment loss and land option write-offs

   1,877     2,828  

Gain on extinguishment of debt

   -     (9,456 )

Income (loss) before income taxes excluding land-related charges and gain on extinguishment of debt (1)

   $21,462     $(14,064 )

 

 

(1) Income (loss) before income taxes excluding land-related charges and gain on extinguishment of debt is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income (loss) before income taxes.

 

6
 

 

Hovnanian Enterprises, Inc.

January 31, 2021

Gross margin

(In thousands)
   

Homebuilding Gross Margin

  
   

Three Months Ended

  
   

January 31,

  
   

2021

    

2020

  
   

(Unaudited)

  

Sale of homes

   $551,365     $479,233  

Cost of sales, excluding interest expense and land charges (1)

   437,372     396,318  

Homebuilding gross margin, before cost of sales interest expense and land charges (2)

   113,993     82,915  

Cost of sales interest expense, excluding land sales interest expense

   16,717     18,136  

Homebuilding gross margin, after cost of sales interest expense, before land charges (2)

   97,276     64,779  

Land charges

   1,877     2,828  

Homebuilding gross margin

   $95,399     $61,951  
             

Homebuilding gross margin percentage

   17.3 %   12.9 %

Homebuilding gross margin percentage, before cost of sales interest expense and land charges (2)

   20.7 %   17.3 %

Homebuilding gross margin percentage, after cost of sales interest expense, before land charges (2)

   17.6 %   13.5 %

 

   

Land Sales Gross Margin

  
   

Three Months Ended

  
   

January 31,

  
   

2021

    

2020

  
   

(Unaudited)

  

Land and lot sales

   $3,362     $25  

Land and lot sales cost of sales, excluding interest and land charges (1)

   2,266     37  

Land and lot sales gross margin, excluding interest and land charges

   1,096     (12 )

Land and lot sales interest

   448     -  

Land and lot sales gross margin, including interest and excluding land charges

   $648     $(12 )

 

 

(1) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Condensed Consolidated Statements of Operations.
 

(2) Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively.

 

7
 

 

Hovnanian Enterprises, Inc.

January 31, 2021

Reconciliation of adjusted EBITDA to net income (loss)

(In thousands)
   

Three Months Ended

  
   

January 31,

  
   

2021

    

2020

  
   

(Unaudited)

  

Net income (loss)

   $18,959     $(9,148 )

Income tax provision

   626     1,712  

Interest expense

   41,140     43,139  

EBIT (1)

   60,725     35,703  

Depreciation and amortization

   1,338     1,279  

EBITDA (2)

   62,063     36,982  

Inventory impairment loss and land option write-offs

   1,877     2,828  

Gain on extinguishment of debt

   -     (9,456 )

Adjusted EBITDA (3)

   $63,940     $30,354  
             

Interest incurred

   $41,457     $44,334  
             

Adjusted EBITDA to interest incurred

   1.54     0.68  

 

(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income (loss). EBIT represents earnings before interest expense and income taxes.
 

(2) EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income (loss). EBITDA represents earnings before interest expense, income taxes, depreciation and amortization.
 

(3) Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income (loss). Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairment loss and land option write-offs and gain on extinguishment of debt.

 

 

Hovnanian Enterprises, Inc.

January 31, 2021

Interest incurred, expensed and capitalized

(In thousands)
   

Three Months Ended

  
   

January 31,

  
   

2021

    

2020

  
   

(Unaudited)

  

Interest capitalized at beginning of period

   $65,010     $71,264  

Plus interest incurred

   41,457     44,334  

Less interest expensed

   41,140     43,139  

Less interest contributed to unconsolidated joint venture (1)

   -     4,580  

Interest capitalized at end of period (2)

   $65,327     $67,879  

 

 

(1) Represents capitalized interest which was included as part of the assets contributed to the joint venture the company entered into during the three months ended January 31, 2020. There was no impact to the Condensed Consolidated Statement of Operations as a result of this transaction.
 

(2) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest.

 

8
 

 

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

 

   

January 31,

    

October 31,

  
   

2021

    

2020

  
   

(Unaudited)

    

(1)

  

ASSETS

            

Homebuilding:

            

Cash and cash equivalents

   $172,098     $262,489  

Restricted cash and cash equivalents

   12,628     14,731  

Inventories:

            

Sold and unsold homes and lots under development

   1,011,893     921,594  

Land and land options held for future development or sale

   103,276     91,957  

Consolidated inventory not owned

   165,980     182,224  

Total inventories

   1,281,149     1,195,775  

Investments in and advances to unconsolidated joint ventures

   93,509     103,164  

Receivables, deposits and notes, net

   41,240     33,686  

Property, plant and equipment, net

   17,812     18,185  

Prepaid expenses and other assets

   60,667     58,705  

Total homebuilding

   1,679,103     1,686,735  
             

Financial services

   171,596     140,607  

Total assets

   $1,850,699     $1,827,342  
             

LIABILITIES AND EQUITY

            

Homebuilding:

            

Nonrecourse mortgages secured by inventory, net of debt issuance costs

   $127,264     $135,122  

Accounts payable and other liabilities

   328,806     359,274  

Customers’ deposits

   57,261     48,286  

Liabilities from inventory not owned, net of debt issuance costs

   119,432     131,204  

Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)

   1,430,213     1,431,110  

Accrued Interest

   50,041     35,563  

Total homebuilding

   2,113,017     2,140,559  
             

Financial services

   149,628     119,045  

Income taxes payable

   4,389     3,832  

Total liabilities

   2,267,034     2,263,436  
             

Equity:

            

Hovnanian Enterprises, Inc. stockholders' equity deficit:

            

Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at January 31, 2021 and October 31, 2020

   135,299     135,299  

Common stock, Class A, $0.01 par value - authorized 16,000,000 shares; issued 5,997,562 shares at January 31, 2021 and 5,990,310 shares at October 31, 2020

   60     60  

Common stock, Class B, $0.01 par value (convertible to Class A at time of sale) - authorized 2,400,000 shares; issued 652,211 shares at January 31, 2021 and 649,886 shares at October 31, 2020

   7     7  

Paid in capital - common stock

   718,832     718,110  

Accumulated deficit

   (1,156,086

)

   (1,175,045

)

Treasury stock - at cost – 470,430 shares of Class A common stock and 27,669 shares of Class B common stock at January 31, 2021 and October 31, 2020

   (115,360

)

   (115,360

)

Total Hovnanian Enterprises, Inc. stockholders’ equity deficit

   (417,248

)

   (436,929

)

Noncontrolling interest in consolidated joint ventures

   913     835  

Total equity deficit

   (416,335

)

   (436,094

)

Total liabilities and equity

   $1,850,699     $1,827,342  

 

 

(1)

Derived from the audited balance sheet as of October 31, 2020.

 

9
 

 

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands Except Per Share Data)

(Unaudited)

 

   

Three Months Ended January 31,

  
   

2021

    

2020

  

Revenues:

            

Homebuilding:

            

Sale of homes

   $551,365     $479,233  

Land sales and other revenues

   3,802     809  

Total homebuilding

   555,167     480,042  

Financial services

   19,497     14,014  

Total revenues

   574,664     494,056  
             

Expenses:

            

Homebuilding:

            

Cost of sales, excluding interest

   439,638     396,355  

Cost of sales interest

   17,165     18,136  

Inventory impairment loss and land option write-offs

   1,877     2,828  

Total cost of sales

   458,680     417,319  

Selling, general and administrative

   40,225     40,674  

Total homebuilding expenses

   498,905     457,993  
             

Financial services

   10,354     9,554  

Corporate general and administrative

   23,483     19,744  

Other interest

   23,975     25,003  

Other operations

   278     194  

Total expenses

   556,995     512,488  

Gain on extinguishment of debt

   -     9,456  

Income from unconsolidated joint ventures

   1,916     1,540  

Income (loss) before income taxes

   19,585     (7,436

)

State and federal income tax provision:

            

State

   626     1,712  

Federal

   -     -  

Total income taxes

   626     1,712  

Net income (loss)

   $18,959     $(9,148

)
             

Per share data:

            

Basic:

            

Net income (loss) per common share

   $2.79     $(1.49

)

Weighted-average number of common shares outstanding

   6,225     6,161  

Assuming dilution:

            

Net income (loss) per common share

   $2.75     $(1.49

)

Weighted-average number of common shares outstanding

   6,303     6,161  

 

10
 

 

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)

(UNAUDITED)
 

Contracts (1)

Deliveries

Contract
 

Three Months Ended

Three Months Ended

Backlog
 

January 31,

January 31,

January 31,
 

2021

2020

% Change

2021

2020

% Change

2021

2020

% Change

Northeast

                   

(NJ, PA)

Home

43

63

(31.7)%

53

81

(34.6)%

120

134

(10.4)%
 

Dollars

$33,670

$33,003

2.0%

$31,216

$45,264

(31.0)%

$84,566

$74,296

13.8%
 

Avg. Price

$783,023

$523,857

49.5%

$588,981

$558,815

5.4%

$704,717

$554,448

27.1%

Mid-Atlantic

                   

(DE, MD, VA, WV)

Home

229

183

25.1%

176

155

13.5%

610

350

74.3%
 

Dollars

$144,481

$93,702

54.2%

$92,911

$87,589

6.1%

$342,685

$189,646

80.7%
 

Avg. Price

$630,921

$512,033

23.2%

$527,903

$565,090

(6.6)%

$561,779

$541,846

3.7%

Midwest

                   

(IL, OH)

Home

238

187

27.3%

183

159

15.1%

651

478

36.2%
 

Dollars

$79,386

$58,276

36.2%

$56,593

$46,392

22.0%

$192,310

$134,566

42.9%
 

Avg. Price

$333,555

$311,636

7.0%

$309,251

$291,774

6.0%

$295,407

$281,519

4.9%

Southeast

                   

(FL, GA, SC)

Home

210

155

35.5%

102

97

5.2%

406

305

33.1%
 

Dollars

$98,194

$67,158

46.2%

$45,648

$36,680

24.4%

$199,517

$139,505

43.0%
 

Avg. Price

$467,590

$433,277

7.9%

$447,529

$378,144

18.3%

$491,421

$457,393

7.4%

Southwest

                   

(AZ, TX)

Home

736

528

39.4%

582

493

18.1%

1,220

698

74.8%
 

Dollars

$267,825

$178,433

50.1%

$190,182

$163,703

16.2%

$437,868

$245,627

78.3%
 

Avg. Price

$363,893

$337,941

7.7%

$326,773

$332,055

(1.6)%

$358,908

$351,901

2.0%

West

                   

(CA)

Home

322

206

56.3%

289

251

15.1%

788

256

207.8%
 

Dollars

$174,114

$90,832

91.7%

$134,815

$99,605

35.3%

$409,186

$115,927

253.0%
 

Avg. Price

$540,727

$440,932

22.6%

$466,488

$396,833

17.6%

$519,272

$452,840

14.7%

Consolidated Total

                    
 

Home

1,778

1,322

34.5%

1,385

1,236

12.1%

3,795

2,221

70.9%
 

Dollars

$797,670

$521,404

53.0%

$551,365

$479,233

15.1%

$1,666,132

$899,567

85.2%
 

Avg. Price

$448,633

$394,405

13.7%

$398,097

$387,729

2.7%

$439,033

$405,028

8.4%

Unconsolidated joint ventures (2)

                    

(excluding KSA JV)

Home

184

170

8.2%

119

149

(20.1)%

391

336

16.4%
 

Dollars

$101,907

$106,917

(4.7)%

$71,113

$86,349

(17.6)%

$215,318

$205,122

5.0%
 

Avg. Price

$553,842

$628,921

(11.9)%

$597,588

$579,523

3.1%

$550,685

$610,482

(9.8)%

Grand Total

                    
 

Home

1,962

1,492

31.5%

1,504

1,385

8.6%

4,186

2,557

63.7%
 

Dollars

$899,577

$628,321

43.2%

$622,478

$565,582

10.1%

$1,881,450

$1,104,689

70.3%
 

Avg. Price

$458,500

$421,127

8.9%

$413,882

$408,362

1.4%

$449,462

$432,025

4.0%
                     

KSA JV Only

                    
 

Home

213

95

124.2%

0

0

0.0%

1,305

297

339.4%
 

Dollars

$33,373

$14,841

124.9%

$0

$0

0.0%

$205,046

$47,157

334.8%
 

Avg. Price

$156,681

$156,220

0.3%

$0

$0

0.0%

$157,123

$158,779

(1.0)%

 

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.

 

11
 

 

HOVNANIAN ENTERPRISES, INC.

(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)

(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)

(UNAUDITED)
 

Contracts (1)

Deliveries

Contract
 

Three Months Ended

Three Months Ended

Backlog
 

January 31,

January 31,

January 31,
 

2021

2020

% Change

2021

2020

% Change

2021

2020

% Change

Northeast

                    

unconsolidated joint ventures

Home

13

57

(77.2)%

14

50

(72.0)%

17

83

(79.5)%

(excluding KSA JV)

Dollars

$17,835

$45,300

(60.6)%

$17,695

$37,096

(52.3)%

$24,675

$71,882

(65.7)%

(NJ, PA)

Avg. Price

$1,371,923

$794,737

72.6%

$1,263,929

$741,920

70.4%

$1,451,471

$866,048

67.6%

Mid-Atlantic

                    

(Unconsolidated Joint Ventures)

Home

23

17

35.3%

30

12

150.0%

83

47

76.6%

(DE, MD, VA, WV)

Dollars

$13,326

$9,265

43.8%

$14,401

$6,180

133.0%

$45,745

$24,061

90.1%
 

Avg. Price

$579,391

$545,000

6.3%

$480,033

$515,000

(6.8)%

$551,145

$511,936

7.7%

Midwest

                    

unconsolidated joint ventures

Home

1

6

(83.3)%

1

4

(75.0)%

0

5

(100.0)%

(IL, OH)

Dollars

$409

$2,894

(85.9)%

$409

$1,710

(76.1)%

$0

$2,469

(100.0)%
 

Avg. Price

$409,000

$482,333

(15.2)%

$409,000

$427,500

(4.3)%

$0

$493,800

(100.0)%

Southeast

                    

unconsolidated joint ventures

Home

117

37

216.2%

51

45

13.3%

215

115

87.0%

(FL, GA, SC)

Dollars

$57,758

$21,395

170.0%

$27,042

$23,049

17.3%

$109,244

$58,919

85.4%
 

Avg. Price

$493,658

$578,243

(14.6)%

$530,235

$512,200

3.5%

$508,112

$512,339

(0.8)%

Southwest

                    

unconsolidated joint ventures

Home

4

35

(88.6)%

15

17

(11.8)%

35

63

(44.4)%

(AZ, TX)

Dollars

$3,152

$21,798

(85.5)%

$8,739

$10,539

(17.1)%

$21,216

$39,577

(46.4)%
 

Avg. Price

$788,000

$622,800

26.5%

$582,600

$619,941

(6.0)%

$606,171

$628,206

(3.5)%

West

                    

unconsolidated joint ventures

Home

26

18

44.4%

8

21

(61.9)%

41

23

78.3%

(CA)

Dollars

$9,427

$6,265

50.5%

$2,827

$7,775

(63.6)%

$14,438

$8,214

75.8%
 

Avg. Price

$362,577

$348,056

4.2%

$353,375

$370,238

(4.6)%

$352,146

$357,130

(1.4)%

Unconsolidated Joint Ventures (2)

                    

(Excluding KSA JV)

Home

184

170

8.2%

119

149

(20.1)%

391

336

16.4%
 

Dollars

$101,907

$106,917

(4.7)%

$71,113

$86,349

(17.6)%

$215,318

$205,122

5.0%
 

Avg. Price

$553,842

$628,921

(11.9)%

$597,588

$579,523

3.1%

$550,685

$610,482

(9.8)%
                     

KSA JV Only

                    
 

Home

213

95

124.2%

0

0

0.0%

1,305

297

339.4%
 

Dollars

$33,373

$14,841

124.9%

$0

$0

0.0%

$205,046

$47,157

334.8%
 

Avg. Price

$156,681

$156,220

0.3%

$0

$0

0.0%

$157,123

$158,779

(1.0)%

 

DELIVERIES INCLUDE EXTRAS

Notes:

(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.

(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.

 

12
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Trading Symbol HOVNP
Security Exchange Name NASDAQ
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