0001564590-17-006752.txt : 20170420 0001564590-17-006752.hdr.sgml : 20170420 20170420091439 ACCESSION NUMBER: 0001564590-17-006752 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170420 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170420 DATE AS OF CHANGE: 20170420 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: 17771576 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-8k_20170331.htm EARNINGS RELEASE 8-K. nvr-8k_20170331.htm

 

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):  April 20, 2017

 

NVR, Inc.

(Exact name of registrant as specified in its charter)

 

 

Virginia

1-12378

54-1394360

(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)

 

 

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 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 April 20, 2017, NVR, Inc. issued a press release reporting its financial results for the first quarter ended March 31, 2017. A copy of this press release is furnished herewith as Exhibit 99.1.

 

Item 9.01

 

Financial Statements and Exhibits.

 

 

 

(d)  Exhibits

 

 

 

 

 

Exhibit Number

 

Exhibit Description

 

 

 

99.1

 

Press release dated April 20, 2017.

 

 

 

 

 

 


2

 

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:  April 20, 2017

By:

/s/ Daniel D. Malzahn

 

 

Daniel D. Malzahn

 

 

Senior Vice President, Chief Financial Officer and Treasurer

 


3

 

EXHIBIT INDEX

 

Exhibit Number

 

Exhibit Description

 

 

 

99.1

 

Press release dated April 20, 2017.

 

 

 

 

 

 

 

4

 EX-99.1 2 nvr-ex991_6.htm EX-99.1 nvr-ex991_6.htm

 

Exhibit 99.1

NVR, INC. ANNOUNCES FIRST QUARTER RESULTS

April 20, 2017, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its first quarter ended March 31, 2017 of $102,923,000, or $25.12 per diluted share.  Net income and diluted earnings per share for the first quarter ended March 31, 2017 increased 58% and 59%, respectively, when compared to the 2016 first quarter of $65,303,000, or $15.79 per diluted share.  Consolidated revenues for the first quarter of 2017 totaled $1,277,092,000, a 12% increase from $1,144,026,000 for the comparable 2016 quarter.

 

Net income and diluted earnings per share were favorably impacted by the reduction in the Company’s effective tax rate in the first quarter of 2017 to 22.1% from 36.8% in the first quarter of 2016.  The reduction in the effective tax rate was primarily due to the Company’s January 1, 2017 adoption of Accounting Standard Update 2016-09, which resulted in the Company recognizing an income tax benefit of $19,900,000 related to excess tax benefit from stock option exercises in the first quarter of 2017.  In the first quarter of 2016, the excess tax benefit of $6,284,000 was recorded to additional paid-in capital within shareholders’ equity on the consolidated balance sheet.  Excluding the impact of the excess tax benefit recognized in the first quarter of 2017, the effective tax rate would have been 37.2%.  Additionally, the excess tax benefit in the first quarter of 2017 favorably impacted diluted earnings per share by $4.86 per share.

Homebuilding

New orders in the first quarter of 2017 increased 7% to 4,424 units, when compared to 4,137 units in the first quarter of 2016. The average sales price of new orders in the first quarter of 2017 was $392,600, an increase of 5% when compared with the first quarter of 2016.  The cancellation rate in the first quarter of 2017 was 16%, compared with 15% in the first quarter of 2016.  Settlements increased in the first quarter of 2017 to 3,256 units, 8% higher than the first quarter of 2016. The Company’s backlog of homes sold but not settled as of March 31, 2017 increased on a unit basis by 9% to 8,052 units and increased on a dollar basis by 13% to $3,193,777,000 when compared to March 31, 2016.

 

Homebuilding revenues in the first quarter of 2017 totaled $1,247,587,000, 11% higher than the year earlier period. Gross profit margin in the first quarter of 2017 was 17.8%, compared to 17.5% in the first quarter of 2016.  Income before tax from the homebuilding segment totaled $117,190,000 in the first quarter of 2017, an increase of 25% when compared to the first quarter of 2016.

Mortgage Banking

Mortgage closed loan production in the first quarter of 2017 totaled $843,341,000, an increase of 12% when compared to the first quarter of 2016. Income before tax from the mortgage banking segment for the first quarter of 2017 was $14,971,000, compared to $9,658,000 for the first quarter of 2016.

 

About NVR

 

NVR, Inc. operates in two business segments:  homebuilding and mortgage banking.  The homebuilding unit sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in twenty-nine 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.

Page 1 of 5

 

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.

 

 

Page 2 of 5

 

NVR, Inc.

Consolidated Statements of Income

(in thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended March 31,

 

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

Homebuilding:

 

 

 

 

 

 

 

 

Revenues

 

$

1,247,587

 

 

$

1,121,504

 

Other income

 

 

1,102

 

 

 

767

 

Cost of sales

 

 

(1,026,017

)

 

 

(925,760

)

Selling, general and administrative

 

 

(99,904

)

 

 

(98,015

)

Operating income

 

 

122,768

 

 

 

98,496

 

Interest expense

 

 

(5,578

)

 

 

(4,842

)

Homebuilding income

 

 

117,190

 

 

 

93,654

 

 

 

 

 

 

 

 

 

 

Mortgage Banking:

 

 

 

 

 

 

 

 

Mortgage banking fees

 

 

29,505

 

 

 

22,522

 

Interest income

 

 

1,661

 

 

 

1,674

 

Other income

 

 

309

 

 

 

258

 

General and administrative

 

 

(16,246

)

 

 

(14,550

)

Interest expense

 

 

(258

)

 

 

(246

)

Mortgage banking income

 

 

14,971

 

 

 

9,658

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

 

132,161

 

 

 

103,312

 

Income tax expense

 

 

(29,238

)

 

 

(38,009

)

 

 

 

 

 

 

 

 

 

Net income

 

$

102,923

 

 

$

65,303

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

27.78

 

 

$

16.81

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

25.12

 

 

$

15.79

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

3,705

 

 

 

3,884

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 

4,097

 

 

 

4,135

 

 

Page 3 of 5

 

NVR, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

(Unaudited)

 

March 31, 2017

 

 

December 31, 2016

 

ASSETS

 

 

 

 

 

 

 

 

Homebuilding:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

482,689

 

 

$

375,748

 

Restricted cash

 

 

14,857

 

 

 

17,561

 

Receivables

 

 

19,876

 

 

 

18,937

 

Inventory:

 

 

 

 

 

 

 

 

Lots and housing units, covered under sales agreements with customers

 

 

1,025,071

 

 

 

883,868

 

Unsold lots and housing units

 

 

129,931

 

 

 

145,065

 

Land under development

 

 

63,684

 

 

 

46,999

 

Building materials and other

 

 

13,748

 

 

 

16,168

 

 

 

 

1,232,434

 

 

 

1,092,100

 

 

 

 

 

 

 

 

 

 

Assets related to consolidated variable interest entity

 

 

1,248

 

 

 

1,251

 

Contract land deposits, net

 

 

369,703

 

 

 

379,844

 

Property, plant and equipment, net

 

 

45,116

 

 

 

45,915

 

Reorganization value in excess of amounts allocable to identifiable assets, net

 

 

41,580

 

 

 

41,580

 

Goodwill and finite-lived intangible assets, net

 

 

2,254

 

 

 

2,599

 

Other assets

 

 

277,489

 

 

 

257,811

 

 

 

 

2,487,246

 

 

 

2,233,346

 

 

 

 

 

 

 

 

 

 

Mortgage Banking:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

9,862

 

 

 

19,657

 

Restricted cash

 

 

2,122

 

 

 

1,857

 

Mortgage loans held for sale, net

 

 

213,433

 

 

 

351,958

 

Property and equipment, net

 

 

5,434

 

 

 

4,903

 

Reorganization value in excess of amounts allocable to identifiable assets, net

 

 

7,347

 

 

 

7,347

 

Other assets

 

 

16,855

 

 

 

24,875

 

 

 

 

255,053

 

 

 

410,597

 

Total assets

 

$

2,742,299

 

 

$

2,643,943

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Homebuilding:

 

 

 

 

 

 

 

 

Accounts payable

 

$

237,700

 

 

$

251,212

 

Accrued expenses and other liabilities

 

 

318,437

 

 

 

336,318

 

Liabilities related to consolidated variable interest entity

 

 

879

 

 

 

882

 

Customer deposits

 

 

148,353

 

 

 

122,236

 

Senior notes

 

 

596,607

 

 

 

596,455

 

 

 

 

1,301,976

 

 

 

1,307,103

 

Mortgage Banking:

 

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

 

32,652

 

 

 

32,399

 

 

 

 

32,652

 

 

 

32,399

 

Total liabilities

 

 

1,334,628

 

 

 

1,339,502

 

 

 

 

 

 

 

 

 

 

Commitments and contingencies

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity:

 

 

 

 

 

 

 

 

Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both March 31, 2017 and December 31, 2016

 

 

206

 

 

 

206

 

Additional paid-in capital

 

 

1,570,270

 

 

 

1,515,828

 

Deferred compensation trust – 108,644 and 108,640 shares of NVR, Inc. common stock as of March 31, 2017 and December 31, 2016, respectively

 

 

(17,383

)

 

 

(17,375

)

Deferred compensation liability

 

 

17,383

 

 

 

17,375

 

Retained earnings

 

 

5,796,733

 

 

 

5,695,376

 

Less treasury stock at cost – 16,819,692 and 16,862,327 shares as of March 31, 2017 and December 31, 2016, respectively

 

 

(5,959,538

)

 

 

(5,906,969

)

Total shareholders' equity

 

 

1,407,671

 

 

 

1,304,441

 

Total liabilities and shareholders' equity

 

$

2,742,299

 

 

$

2,643,943

 


Page 4 of 5

NVR, Inc.

Operating Activity

(dollars in thousands)

(Unaudited)

 

 

Three Months Ended March 31,

 

 

 

2017

 

 

2016

 

Homebuilding data:

 

 

 

 

 

 

 

 

New orders (units)

 

 

 

 

 

 

 

 

Mid Atlantic (1)

 

 

2,125

 

 

 

2,029

 

North East (2)

 

 

359

 

 

 

341

 

Mid East (3)

 

 

1,134

 

 

 

1,057

 

South East (4)

 

 

806

 

 

 

710

 

Total

 

 

4,424

 

 

 

4,137

 

 

 

 

 

 

 

 

 

 

Average new order price

 

$

392.6

 

 

$

375.7

 

 

 

 

 

 

 

 

 

 

Settlements (units)

 

 

 

 

 

 

 

 

Mid Atlantic (1)

 

 

1,658

 

 

 

1,455

 

North East (2)

 

 

268

 

 

 

277

 

Mid East (3)

 

 

725

 

 

 

761

 

South East (4)

 

 

605

 

 

 

513

 

Total

 

 

3,256

 

 

 

3,006

 

 

 

 

 

 

 

 

 

 

Average settlement price

 

$

383.1

 

 

$

369.5

 

 

 

 

 

 

 

 

 

 

Backlog (units)

 

 

 

 

 

 

 

 

Mid Atlantic (1)

 

 

4,008

 

 

 

3,711

 

North East (2)

 

 

699

 

 

 

604

 

Mid East (3)

 

 

1,908

 

 

 

1,794

 

South East (4)

 

 

1,437

 

 

 

1,251

 

Total

 

 

8,052

 

 

 

7,360

 

 

 

 

 

 

 

 

 

 

Average backlog price

 

$

396.6

 

 

$

382.9

 

 

 

 

 

 

 

 

 

 

Community count (average)

 

 

486

 

 

 

478

 

Lots controlled at end of period

 

 

79,100

 

 

 

75,400

 

 

 

 

 

 

 

 

 

 

Mortgage banking data:

 

 

 

 

 

 

 

 

Loan closings

 

$

843,341

 

 

$

753,840

 

Capture rate

 

 

86

%

 

 

88

%

 

 

 

 

 

 

 

 

 

Common stock information:

 

 

 

 

 

 

 

 

Shares outstanding at end of period

 

 

3,735,638

 

 

 

3,894,804

 

Number of shares repurchased

 

 

50,922

 

 

 

56,388

 

Aggregate cost of shares repurchased

 

$

85,547

 

 

$

87,101

 

 

(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

 

 

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