0000906163-22-000002.txt : 20220201 0000906163-22-000002.hdr.sgml : 20220201 20220201105647 ACCESSION NUMBER: 0000906163-22-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20220201 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20220201 DATE AS OF CHANGE: 20220201 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: 22577407 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-20220201.htm 8-K nvr-20220201
0000906163FALSE00009061632022-02-012022-02-01

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):  February 1, 2022

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 February 1, 2022, NVR, Inc. issued a press release reporting its financial results for the fourth quarter and full year ended December 31, 2021. A copy of this press release is furnished herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit NumberExhibit Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


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: February 1, 2022By:/s/ Daniel D. Malzahn
Daniel D. Malzahn
Senior Vice President, Chief Financial Officer and Treasurer


 EX-99.1 2 q42021ex991_earningsrelease.htm EX-99.1 Document

image1.jpg
Exhibit 99.1
NVR, INC. ANNOUNCES FOURTH QUARTER AND FULL YEAR RESULTS

February 1, 2022, 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, 2021 of $334.6 million, or $89.09 per diluted share. Net income and diluted earnings per share for the fourth quarter ended December 31, 2021 increased 10% and 16%, respectively, when compared to 2020 fourth quarter net income of $305.0 million, or $76.93 per diluted share. Consolidated revenues for the fourth quarter of 2021 totaled $2.23 billion, a decrease of 5% from $2.34 billion in the fourth quarter of 2020.
For the year ended December 31, 2021, consolidated revenues were $8.95 billion, a 19% increase from $7.54 billion reported in 2020. Net income for the year ended December 31, 2021 was $1.24 billion, an increase of 37% when compared to the year ended December 31, 2020. Diluted earnings per share for the year ended December 31, 2021 was $320.48, an increase of 39% from $230.11 per diluted share for 2020.
Homebuilding
New orders in the fourth quarter of 2021 increased by 4% to 5,685 units, when compared to 5,485 units in the fourth quarter of 2020. The average sales price of new orders in the fourth quarter of 2021 was $454,900, an increase of 14% when compared with the fourth quarter of 2020. The cancellation rate in the fourth quarter of 2021 was 10% compared to 12% in the fourth quarter of 2020. Settlements in the fourth quarter of 2021 decreased by 16% to 5,100 units, compared to 6,060 units in the fourth quarter of 2020. Our backlog of homes sold but not settled as of December 31, 2021 increased on a unit basis by 10% to 12,730 units and increased on a dollar basis by 26% to $5.78 billion when compared to the respective backlog unit and dollar balances as of December 31, 2020.
Homebuilding revenues of $2.18 billion in the fourth quarter of 2021 decreased by 4% compared to homebuilding revenues of $2.26 billion in the fourth quarter of 2020. Gross profit margin in the fourth quarter of 2021 increased to 24.4%, compared to 19.5% in the fourth quarter of 2020. Income before tax from the homebuilding segment totaled $392.0 million in the fourth quarter of 2021, an increase of 21% when compared to the fourth quarter of 2020.
New orders for the year ended December 31, 2021 decreased by 2% to 22,721 units, compared to 23,082 units in 2020. Settlements for the year ended December 31, 2021 increased by 9% to 21,540 units, compared to 19,766 units settled in 2020. Homebuilding revenues for the year ended December 31, 2021 totaled $8.70 billion, which was 19% higher than 2020. Gross profit margin for the year ended December 31, 2021 increased to 22.3%, compared to 19.0% in 2020. Income before tax for the homebuilding segment increased 51% for the year ended December 31, 2021 to $1.42 billion, compared to $938.0 million in 2020.
Mortgage Banking
Mortgage closed loan production in the fourth quarter of 2021 totaled $1.48 billion, a decrease of 11% when compared to the fourth quarter of 2020. Income before tax from the mortgage banking segment totaled $34.8 million in the fourth quarter of 2021, a decrease of 44% when compared to $61.8 million in the fourth quarter of 2020. This decrease was primarily attributable to a decrease in secondary marketing gains.
Mortgage closed loan production for the year ended December 31, 2021 increased 14% to $6.07 billion. Income before tax from the mortgage banking segment for the year ended December 31, 2021 increased 23% to $171.6 million from $140.1 million in 2020.



1


Effective Tax Rate
Our effective tax rate for the three and twelve months ended December 31, 2021 was 21.6% and 22.2%, respectively, compared to 20.9% and 16.4% for the three and twelve months ended December 31, 2020, respectively. The effective tax rates in each period were favorably impacted by the recognition of an income tax benefit related to excess tax benefits from stock option exercises totaling $10.5 million and $48.4 million for the three and twelve months ended December 31, 2021, respectively, and $11.9 million and $92.2 million for the three and twelve months ended December 31, 2020, respectively.

Other Matters - COVID-19
The COVID-19 pandemic has had a significant impact on all facets of our business. Our primary focus as we face this challenge is to do everything we can to ensure the safety and well-being of our employees, customers and trade partners. In each of our markets, we continue to operate in accordance with the guidelines issued by the Centers for Disease Control and Prevention as well as state and local health department guidelines, which has resulted in significant changes to the way we conduct business.
Although current demand for new homes is strong, there remains uncertainty regarding the extent and timing of disruption to our business that may result from COVID-19 and related governmental actions. There is also uncertainty as to the effects of economic relief efforts on the U.S. economy, unemployment, consumer confidence, demand for our homes and the mortgage market, including lending standards and secondary mortgage markets. We are unable to predict the extent to which this will impact our operational and financial performance including the impact of future developments such as the duration and spread of COVID-19, corresponding governmental actions, and the impact of such on our employees, customers and trade partners.

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-four 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: the impact of COVID-19 on the economy; 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,
2021202020212020
(unaudited)(unaudited)(unaudited)
Homebuilding:
Revenues$2,176,807 $2,263,673 $8,701,693 $7,328,889 
Other income1,845 7,206 6,559 16,938 
Cost of sales(1,646,050)(1,822,121)(6,763,115)(5,937,401)
Selling, general and administrative(127,757)(112,398)(474,808)(431,008)
Operating income404,845 336,360 1,470,329 977,418 
Interest expense(12,836)(12,769)(51,530)(39,458)
Homebuilding income392,009 323,591 1,418,799 937,960 
Mortgage Banking:
Mortgage banking fees53,534 80,342 249,332 208,034 
Interest income2,148 2,385 8,725 8,930 
Other income876 1,034 3,753 3,249 
General and administrative(21,391)(21,577)(88,619)(78,726)
Interest expense(371)(405)(1,587)(1,414)
Mortgage banking income34,796 61,779 171,604 140,073 
Income before taxes426,805 385,370 1,590,403 1,078,033 
Income tax expense(92,224)(80,366)(353,684)(176,785)
Net income$334,581 $305,004 $1,236,719 $901,248 
Basic earnings per share$96.47 $82.08 $345.37 $244.11 
Diluted earnings per share$89.09 $76.93 $320.48 $230.11 
Basic weighted average shares outstanding3,468 3,716 3,581 3,692 
Diluted weighted average shares outstanding3,755 3,965 3,859 3,917 
3

NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
December 31, 2021December 31, 2020
(unaudited)
ASSETS
Homebuilding:
Cash and cash equivalents$2,545,069 $2,714,720 
Restricted cash60,730 28,912 
Receivables18,552 18,299 
Inventory:
Lots and housing units, covered under sales agreements with customers1,777,862 1,484,936 
Unsold lots and housing units127,434 123,197 
Land under development12,147 62,790 
Building materials and other29,923 38,159 
1,947,366 1,709,082 
Contract land deposits, net497,139 387,628 
Property, plant and equipment, net56,979 57,786 
Operating lease right-of-use assets59,010 53,110 
Reorganization value in excess of amounts allocable to identifiable assets, net41,580 41,580 
Deferred tax asset, net132,894 132,980 
Other assets96,124 70,419 
5,455,443 5,214,516 
Mortgage Banking:
Cash and cash equivalents28,398 63,547 
Restricted cash2,519 2,334 
Mortgage loans held for sale, net302,192 449,760 
Property and equipment, net3,658 4,544 
Operating lease right-of-use assets9,758 12,439 
Reorganization value in excess of amounts allocable to identifiable assets, net7,347 7,347 
Other assets25,160 22,654 
379,032 562,625 
Total assets$5,834,475 $5,777,141 

4

NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
December 31, 2021December 31, 2020
(unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable$336,560 $339,867 
Accrued expenses and other liabilities435,860 440,671 
Customer deposits417,463 240,758 
Operating lease liabilities64,128 59,357 
Senior notes1,516,255 1,517,395 
2,770,266 2,598,048 
Mortgage Banking:
Accounts payable and other liabilities51,394 62,720 
Operating lease liabilities10,437 13,299 
61,831 76,019 
Total liabilities2,832,097 2,674,067 
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, 2021 and December 31, 2020206 206 
Additional paid-in capital2,378,191 2,214,426 
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both December 31, 2021 and December 31, 2020(16,710)(16,710)
Deferred compensation liability16,710 16,710 
Retained earnings10,047,839 8,811,120 
Less treasury stock at cost – 17,107,889 and 16,859,753 shares as of December 31, 2021 and December 31, 2020, respectively(9,423,858)(7,922,678)
Total shareholders' equity3,002,378 3,103,074 
Total liabilities and shareholders' equity$5,834,475 $5,777,141 

5

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

2021202020212020
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
New orders, net of cancellations:
Mid Atlantic (1)
2,344 $529.3 2,196 $474.2 8,749 $522.4 9,230 $453.8 
North East (2)
448 $518.6 469 $446.9 1,685 $497.4 1,738 $416.6 
Mid East (3)
1,262 $382.3 1,375 $346.7 5,567 $369.3 5,780 $330.9 
South East (4)
1,631 $386.6 1,445 $315.7 6,720 $363.6 6,334 $307.7 
Total
5,685 $454.9 5,485 $398.1 22,721 $436.1 23,082 $380.1 
Three Months Ended December 31,Twelve Months Ended December 31,
2021202020212020
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
Settlements:
Mid Atlantic (1)
1,899 $517.4 2,465 $448.3 8,310 $487.3 8,363 $438.6 
North East (2)
406 $490.9 436 $404.7 1,666 $460.9 1,375 $391.8 
Mid East (3)
1,317 $368.5 1,539 $324.2 5,414 $349.4 4,719 $323.1 
South East (4)
1,478 $344.7 1,620 $298.2 6,150 $323.9 5,309 $300.8 
Total
5,100 $426.8 6,060 $373.5 21,540 $403.9 19,766 $370.8 
As of December 31,
20212020
UnitsAverage PriceUnitsAverage Price
Backlog:
Mid Atlantic (1)
4,918 $534.8 4,479 $470.9 
North East (2)
969 $511.5 950 $447.8 
Mid East (3)
3,027 $381.3 2,874 $344.5 
South East (4)
3,816 $393.7 3,246 $323.7 
Total
12,730 $454.2 11,549 $396.2 
6

NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
2021202020212020
Average active communities:
Mid Atlantic (1)
158162155177
North East (2)
37383440
Mid East (3)
124136129138
South East (4)
99106106112
Total
418442424467
Three Months Ended December 31,Twelve Months Ended December 31,
2021202020212020
Homebuilding data:
New order cancellation rate
10 %12 %9 %15 %
Lots controlled at end of period
124,900 105,700 
Mortgage banking data:
Loan closings
$1,480,080$1,659,219$6,073,934 $5,317,811 
Capture rate
89 %90 %89 %90 %
Common stock information:
Shares outstanding at end of period
3,447,441 3,695,577 
Number of shares repurchased
77,44338,735322,038 96,346 
Aggregate cost of shares repurchased
$385,164$154,496$1,538,019 $371,078 

(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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Cover
Feb. 01, 2022
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 01, 2022
Entity Registrant Name NVR, Inc.
Entity Incorporation, State or Country Code VA
Entity File Number 1-12378
Entity Central Index Key 0000906163
Amendment Flag false
Entity Tax Identification Number 54-1394360
Entity Address, Address Line One 11700 Plaza America Drive, Suite 500
Entity Address, City or Town Reston
Entity Address, State or Province VA
Entity Address, Postal Zip Code 20190
City Area Code 703
Local Phone Number 956-4000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol NVR
Security Exchange Name NYSE
Entity Emerging Growth Company false
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