0000906163-20-000003.txt : 20200128 0000906163-20-000003.hdr.sgml : 20200128 20200128162540 ACCESSION NUMBER: 0000906163-20-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20200124 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200128 DATE AS OF CHANGE: 20200128 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NVR INC CENTRAL INDEX KEY: 0000906163 STANDARD INDUSTRIAL CLASSIFICATION: OPERATIVE BUILDERS [1531] IRS NUMBER: 541394360 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12378 FILM NUMBER: 20554642 BUSINESS ADDRESS: STREET 1: 11700 PLAZA AMERICA DR. STREET 2: SUITE 500 CITY: RESTON STATE: VA ZIP: 20190 BUSINESS PHONE: 7039564000 MAIL ADDRESS: STREET 1: 11700 PLAZA AMERICA DR. STREET 2: SUITE 500 CITY: RESTON STATE: VA ZIP: 20190 8-K 1 nvr-20200124.htm 8-K nvr-20200124
0000906163FALSE00009061632020-01-242020-01-24

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):  January 24, 2020

NVR, Inc.
(Exact name of registrant as specified in its charter)

Virginia1-1237854-1394360
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
 
11700 Plaza America Drive, Suite 500
Reston, Virginia 20190
(Address of principal executive offices) (Zip Code)

(703) 956-4000
(Registrant’s telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report)

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareNVRNew York Stock Exchange
 
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))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-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 Section13(a)of the Exchange Act. ☐




Item 2.02 Results of Operations and Financial Condition.
On January 28, 2020, NVR, Inc. issued a press release reporting its financial results for the quarter and year to date periods ended December 31, 2019. A copy of this press release is furnished herewith as Exhibit 99.1.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 24, 2020, Jeffrey D. Martchek, President of Homebuilding Operations, provided notice of his intention to retire. Mr. Martchek has been employed by NVR since 1988. Mr. Martchek’s retirement will be effective in the second quarter of 2020 upon the orderly transition of his duties.

Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit NumberExhibit Description
99.1  
104Inline XBRL for the cover page of this Current Report on Form 8-K.


SIGNATURE

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.

NVR, Inc.
Date: January 28, 2020By:/s/ Daniel D. Malzahn
Daniel D. Malzahn
Senior Vice President, Chief Financial Officer and Treasurer

 EX-99.1 2 q42019exhibit991earnin.htm EX-99.1 Document

image11.jpg
Exhibit 99.1
NVR, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS
January 28, 2020, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its fourth quarter ended December 31, 2019 of $256,137,000, or $64.41 per diluted share. Net income and diluted earnings per share for the fourth quarter ended December 31, 2019 both increased by 10% when compared to 2018 fourth quarter net income of $232,158,000, or $58.57 per diluted share. Consolidated revenues for the fourth quarter of 2019 totaled $1,990,195,000, which decreased slightly from $1,994,548,000 in the fourth quarter of 2018.
For the year ended December 31, 2019, consolidated revenues were $7,388,664,000, a 3% increase from $7,163,674,000 reported for 2018. Net income for the year ended December 31, 2019 was $878,539,000, an increase of 10% when compared to the year ended December 31, 2018. Diluted earnings per share for the year ended December 31, 2019 was $221.13, an increase of 14% from $194.80 per diluted share for 2018.
The Company's effective tax rate for the three and twelve months ended December 31, 2019 decreased to 13.3% and 14.4%, respectively, compared to 16.3% and 16.9% for the three and twelve months ended December 31, 2018, respectively. The effective tax rates for the 2019 fourth quarter and full year were favorably impacted by the retroactive reinstatement of certain expired energy tax credits under The Further Consolidated Appropriations Act, which resulted in the Company recognizing a tax benefit of approximately $15,100,000 in the fourth quarter of 2019 related to homes settled in 2018 and 2019. Additionally, the effective tax rate in each period was favorably impacted by the recognition of an income tax benefit related to excess tax benefits from stock option exercises totaling $14,657,000 and $101,466,000 for three and twelve months ended December 31, 2019, respectively, and $18,870,000 and $77,478,000, for the three and twelve months ended December 31, 2018, respectively.
Homebuilding
New orders in the fourth quarter of 2019 increased by 14% to 4,392 units, when compared to 3,841 units in the fourth quarter of 2018. The average sales price of new orders in the fourth quarter of 2019 was $381,100, an increase of 1% when compared with the fourth quarter of 2018. Settlements increased in the fourth quarter of 2019 to 5,331 units, which was 3% higher than the fourth quarter of 2018. The Company’s backlog of homes sold but not settled as of December 31, 2019 decreased on a unit basis by 2% to 8,233 units and decreased on a dollar basis by 1% to $3,130,282,000 when compared to December 31, 2018.
Homebuilding revenues of $1,946,859,000 in the fourth quarter of 2019 decreased slightly compared to homebuilding revenues of $1,954,403,000 in the fourth quarter of 2018. Gross profit margin in the fourth quarter of 2019 increased to 19.5%, compared to 18.6% in the fourth quarter of 2018. Income before tax from the homebuilding segment totaled $270,045,000 in the fourth quarter of 2019, an increase of 6% when compared to the fourth quarter of 2018.
New orders for the year ended December 31, 2019 increased by 7% to 19,536 units, when compared to 18,281 units in 2018. Settlements increased 7% year over year to 19,668 units in 2019 from 18,447 units in 2018. Homebuilding revenues for the year ended December 31, 2019 totaled $7,220,844,000, which was 3% higher than 2018. Gross profit margin for the year ended December 31, 2019 was 19.0%, compared to 18.7% in 2018. Income before tax for the homebuilding segment for the year ended December 31, 2019 was $923,879,000, a 6% increase when compared to 2018.
Mortgage Banking
Mortgage closed loan production in the fourth quarter of 2019 totaled $1,418,742,000, an increase of 5% when compared to the fourth quarter of 2018. Income before tax from the mortgage banking segment totaled $25,257,000 in the fourth quarter of 2019, an increase of 13% when compared to $22,364,000 in the fourth quarter of 2018.
Mortgage closed loan production for the year ended December 31, 2019 increased 7% to $5,164,725,000. Income before tax from the mortgage banking segment for the year ended December 31, 2019 increased 15% to $101,916,000 from $88,626,000 in 2018.
1

Other Matters
On January 24, 2020, Jeff Martchek, President of Homebuilding Operations, provided notice of his intention to retire. Mr. Martchek has been employed by NVR since 1988. Mr. Martchek’s retirement will be effective in the second quarter of 2020 upon the orderly transition of his duties.
About NVR
NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-two metropolitan areas in fourteen states and Washington, D.C. For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.
Some of the statements in this release made by the Company constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “may,” “will,” “should” or “anticipates” or the negative thereof or other comparable terminology. All statements other than of historical facts are forward-looking statements. Forward-looking statements contained in this document may include those regarding market trends, NVR’s financial position, business strategy, the outcome of pending litigation, investigations or similar contingencies, projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR’s customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control. NVR undertakes no obligation to update such forward-looking statements except as required by law.
2

NVR, Inc.
Consolidated Statements of Income
(in thousands, except per share data)

Three Months Ended December 31,Twelve Months Ended December 31,
2019201820192018
(Unaudited)(Unaudited)(Unaudited)
Homebuilding:
Revenues$1,946,859  $1,954,403  $7,220,844  $7,004,304  
Other income6,513  4,858  24,779  11,839  
Cost of sales(1,567,392) (1,590,735) (5,849,862) (5,692,127) 
Selling, general and administrative(109,634) (107,438) (447,547) (428,874) 
Operating income276,346  261,088  948,214  895,142  
Interest expense(6,301) (6,014) (24,335) (24,036) 
Homebuilding income270,045  255,074  923,879  871,106  
Mortgage Banking:
Mortgage banking fees43,336  40,145  167,820  159,370  
Interest income3,232  3,223  12,142  11,593  
Other income818  722  2,857  2,546  
General and administrative(21,859) (21,467) (79,858) (83,838) 
Interest expense(270) (259) (1,045) (1,045) 
Mortgage banking income25,257  22,364  101,916  88,626  
Income before taxes295,302  277,438  1,025,795  959,732  
Income tax expense(39,165) (45,280) (147,256) (162,535) 
Net income$256,137  $232,158  $878,539  $797,197  
Basic earnings per share$69.78  $64.46  $241.31  $219.58  
Diluted earnings per share$64.41  $58.57  $221.13  $194.80  
Basic weighted average shares outstanding3,671  3,601  3,641  3,631  
Diluted weighted average shares outstanding3,977  3,964  3,973  4,092  

3

NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
December 31, 2019December 31, 2018
ASSETS(Unaudited)
Homebuilding:
Cash and cash equivalents$1,110,892  $688,783  
Restricted cash17,943  16,982  
Receivables18,278  18,641  
Inventory:
Lots and housing units, covered under sales agreements with customers1,075,420  1,076,904  
Unsold lots and housing units184,352  115,631  
Land under development69,196  38,857  
Building materials and other18,320  21,718  
1,347,288  1,253,110  
Contract land deposits, net413,851  396,177  
Property, plant and equipment, net52,260  42,234  
Operating lease right-of-use assets63,825  —  
Reorganization value in excess of amounts allocable to identifiable assets, net41,580  41,580  
Deferred tax asset, net115,731  112,333  
Other assets60,413  71,671  
3,242,061  2,641,511  
Mortgage Banking:
Cash and cash equivalents29,412  23,092  
Restricted cash2,276  3,071  
Mortgage loans held for sale, net492,125  458,324  
Property and equipment, net5,828  6,510  
Operating lease right-of-use assets13,345  —  
Reorganization value in excess of amounts allocable to identifiable assets, net7,347  7,347  
Other assets17,421  26,078  
567,754  524,422  
Total assets$3,809,815  $3,165,933  


4

NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
December 31, 2019December 31, 2018
LIABILITIES AND SHAREHOLDERS' EQUITY(Unaudited)
Homebuilding:
Accounts payable$262,987  $244,496  
Accrued expenses and other liabilities346,035  332,871  
Customer deposits131,886  138,246  
Operating lease liabilities71,095  —  
Senior notes598,301  597,681  
1,410,304  1,313,294  
Mortgage Banking:
Accounts payable and other liabilities43,985  44,077  
Operating lease liabilities14,282  —  
58,267  44,077  
Total liabilities1,468,571  1,357,371  
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both December 31, 2019 and December 31, 2018206  206  
Additional paid-in capital2,055,407  1,820,223  
Deferred compensation trust – 107,295 and 107,340 shares of NVR, Inc. common stock as of December 31, 2019 and December 31, 2018, respectively(16,912) (16,937) 
Deferred compensation liability16,912  16,937  
Retained earnings7,909,872  7,031,333  
Less treasury stock at cost – 16,922,558 and 16,977,499 shares as of December 31, 2019 and December 31, 2018, respectively(7,624,241) (7,043,200) 
Total shareholders' equity2,341,244  1,808,562  
Total liabilities and shareholders' equity$3,809,815  $3,165,933  


5

NVR, Inc.
Operating Activity
(dollars in thousands)
(unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,

2019201820192018
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
New orders, net of cancellations:
Mid Atlantic (1)
1,947  $443.2  1,865  $429.4  8,799  $424.4  8,906  $429.4  
North East (2)
349  $425.1  245  $395.7  1,349  $390.8  1,296  $400.4  
Mid East (3)
997  $327.3  914  $329.3  4,628  $323.2  4,314  $328.0  
South East (4)
1,099  $305.9  817  $300.8  4,760  $302.6  3,765  $297.7  
Total
4,392  $381.1  3,841  $376.1  19,536  $368.4  18,281  $376.3  
Three Months Ended December 31,Twelve Months Ended December 31,
2019201820192018
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
Settlements:
Mid Atlantic (1)
2,445  $419.7  2,520  $430.9  9,335  $417.9  8,982  $433.4  
North East (2)
392  $382.4  393  $400.9  1,325  $388.5  1,415  $410.4  
Mid East (3)
1,239  $320.0  1,271  $322.8  4,621  $324.8  4,406  $330.4  
South East (4)
1,255  $298.2  1,002  $299.8  4,387  $297.1  3,644  $294.8  
Total
5,331  $365.2  5,186  $376.8  19,668  $367.1  18,447  $379.7  

As of December 31, 2019As of December 31, 2018
UnitsAverage PriceUnitsAverage Price
Backlog:
Mid Atlantic (1)
3,612  $440.1  4,148  $423.4  
North East (2)
587  $408.8  563  $404.1  
Mid East (3)
1,813  $332.0  1,806  $336.2  
South East (4)
2,221  $314.6  1,848  $304.1  
Total
8,233  $380.2  8,365  $376.9  

6

NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
2019201820192018
Average active communities:
Mid Atlantic (1)
201223206234
North East (2)
36343336
Mid East (3)
143118134119
South East (4)
107889788
Total
487463470477
Three Months Ended December 31,Twelve Months Ended December 31,
2019201820192018
Homebuilding data:
New order cancellation rate
16 %17 %15 %15 %
Lots controlled at end of period
104,900  99,700  
Mortgage banking data:
Loan closings
$1,418,742  $1,356,430  $5,164,725  $4,829,406  
Capture rate
91 %88 %90 %88 %
Common stock information:
Shares outstanding at end of period
3,632,772  3,577,831  
Number of shares repurchased
91,286  78,591  220,965  300,815  
Aggregate cost of shares repurchased
$332,875  $188,765  $698,417  $846,134  


(1)Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
(2)New Jersey and Eastern Pennsylvania
(3)New York, Ohio, Western Pennsylvania, Indiana and Illinois
(4)North Carolina, South Carolina, Tennessee and Florida
Investor Relations Contact:
Curt McKay
(703) 956-4058
ir@nvrinc.com

7
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Security Exchange Name NYSE
Entity Emerging Growth Company false
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