0001564590-17-013764.txt : 20170721 0001564590-17-013764.hdr.sgml : 20170721 20170721091111 ACCESSION NUMBER: 0001564590-17-013764 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20170721 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170721 DATE AS OF CHANGE: 20170721 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: 17975556 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_20170721.htm EARNINGS RELEASE 8-K nvr-8k_20170721.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):  July 21, 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 July 21, 2017, NVR, Inc. issued a press release reporting its financial results for the quarter and year to date periods ended June 30, 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 July 21, 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:  July 21, 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 July 21, 2017.

 

 

 

 

 

 

 

4

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

 

Exhibit 99.1

NVR, INC. ANNOUNCES SECOND QUARTER RESULTS

July 21, 2017, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its second quarter ended June 30, 2017 of $147,877,000, or $35.19 per diluted share.  Net income and diluted earnings per share for the second quarter ended June 30, 2017 increased 61% and 60%, respectively, when compared to the 2016 second quarter net income of $91,676,000, or $22.01 per diluted share.  Consolidated revenues for the second quarter of 2017 totaled $1,544,492,000, an 11% increase from $1,388,183,000 in the second quarter of 2016.

For the six months ended June 30, 2017, consolidated revenues were $2,821,584,000, an 11% increase from $2,532,209,000 reported for the same period of 2016.  Net income for the six months ended June 30, 2017 was $250,800,000, an increase of 60% when compared to the six months ended June 30, 2016.  Diluted earnings per share for the six months ended June 30, 2017 was $60.36, an increase of 60% from $37.82 per diluted share for the comparable period of 2016.

Homebuilding

New orders in the second quarter of 2017 increased 8% to 4,678 units, when compared to 4,324 units in the second quarter of 2016. The average sales price of new orders in the second quarter of 2017 was $377,000, a decrease of 2% when compared with the second quarter of 2016.  The decrease in the average sales price of new orders is primarily attributable to a shift in new orders from higher priced markets to lower priced markets.  Settlements increased in the second quarter of 2017 to 3,917 units, 9% higher than the second quarter of 2016. The Company’s backlog of homes sold but not settled as of June 30, 2017 increased on a unit basis by 9% to 8,813 units and increased on a dollar basis by 10% to $3,444,964,000 when compared to June 30, 2016.

Homebuilding revenues in the second quarter of 2017 totaled $1,512,714,000, 11% higher than the year earlier period. Gross profit margin in the second quarter of 2017 increased to 19.5%, compared to 17.3% in the second quarter of 2016.  Gross profit margin was favorably impacted by modest improvement in pricing combined with moderating construction costs.  Income before tax from the homebuilding segment totaled $191,337,000 in the second quarter of 2017, an increase of 45% when compared to the second quarter of 2016.

Mortgage Banking

Mortgage closed loan production in the second quarter of 2017 totaled $1,041,613,000, an increase of 11% when compared to the second quarter of 2016. Income before tax from the mortgage banking segment for the second quarter of 2017 was $17,631,000, compared to $13,192,000 for the second quarter of 2016.

Income Taxes

Net income and diluted earnings per share were favorably impacted by the reduction in the Company’s effective tax rate for the three and six months ended June 30, 2017 to 29.2% and 26.5%, respectively, compared to 36.7% for both the three and six months ended June 30, 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 $16,464,000 and $36,364,000 related to excess tax benefits from stock option exercises during the three and six months ended June 30, 2017, respectively.  For the three and six months ended June 30, 2016, the excess tax benefits of $2,394,000 and $8,678,000, respectively, were recorded to additional paid-in capital within shareholders’ equity on the consolidated balance sheet.  Excluding the impact of the excess tax benefits recognized during the three and six months ended June 30, 2017, the effective

Page 1 of 5

tax rate would have been 37.1% for both periods.  Additionally, the excess tax benefits recognized during the three and six months ended June 30, 2017 favorably impacted diluted earnings per share by $3.92 and $8.75 per share, respectively.

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.

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Homebuilding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

1,512,714

 

 

$

1,361,741

 

 

$

2,760,301

 

 

$

2,483,245

 

Other income

 

 

1,447

 

 

 

753

 

 

 

2,549

 

 

 

1,520

 

Cost of sales

 

 

(1,218,083

)

 

 

(1,126,369

)

 

 

(2,244,100

)

 

 

(2,052,129

)

Selling, general and administrative

 

 

(99,100

)

 

 

(100,043

)

 

 

(199,004

)

 

 

(198,058

)

Operating income

 

 

196,978

 

 

 

136,082

 

 

 

319,746

 

 

 

234,578

 

Interest expense

 

 

(5,641

)

 

 

(4,554

)

 

 

(11,219

)

 

 

(9,396

)

Homebuilding income

 

 

191,337

 

 

 

131,528

 

 

 

308,527

 

 

 

225,182

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage Banking:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking fees

 

 

31,778

 

 

 

26,442

 

 

 

61,283

 

 

 

48,964

 

Interest income

 

 

1,554

 

 

 

1,437

 

 

 

3,215

 

 

 

3,111

 

Other income

 

 

506

 

 

 

409

 

 

 

815

 

 

 

667

 

General and administrative

 

 

(15,934

)

 

 

(14,836

)

 

 

(32,180

)

 

 

(29,386

)

Interest expense

 

 

(273

)

 

 

(260

)

 

 

(531

)

 

 

(506

)

Mortgage banking income

 

 

17,631

 

 

 

13,192

 

 

 

32,602

 

 

 

22,850

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before taxes

 

 

208,968

 

 

 

144,720

 

 

 

341,129

 

 

 

248,032

 

Income tax expense

 

 

(61,091

)

 

 

(53,044

)

 

 

(90,329

)

 

 

(91,053

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

147,877

 

 

$

91,676

 

 

$

250,800

 

 

$

156,979

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

39.46

 

 

$

23.51

 

 

$

67.30

 

 

$

40.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

35.19

 

 

$

22.01

 

 

$

60.36

 

 

$

37.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 

3,748

 

 

 

3,900

 

 

 

3,726

 

 

 

3,892

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average shares outstanding

 

 

4,202

 

 

 

4,165

 

 

 

4,155

 

 

 

4,151

 

 

Page 3 of 5

 

NVR, Inc.

Consolidated Balance Sheets

(in thousands, except share and per share data)

(Unaudited)

 

June 30, 2017

 

 

December 31, 2016

 

ASSETS

 

 

 

 

 

 

 

 

Homebuilding:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

518,482

 

 

$

375,748

 

Restricted cash

 

 

15,963

 

 

 

17,561

 

Receivables

 

 

22,110

 

 

 

18,937

 

Inventory:

 

 

 

 

 

 

 

 

Lots and housing units, covered under sales agreements with customers

 

 

1,155,047

 

 

 

883,868

 

Unsold lots and housing units

 

 

147,195

 

 

 

145,065

 

Land under development

 

 

46,685

 

 

 

46,999

 

Building materials and other

 

 

16,024

 

 

 

16,168

 

 

 

 

1,364,951

 

 

 

1,092,100

 

 

 

 

 

 

 

 

 

 

Assets related to consolidated variable interest entity

 

 

1,243

 

 

 

1,251

 

Contract land deposits, net

 

 

358,405

 

 

 

379,844

 

Property, plant and equipment, net

 

 

43,995

 

 

 

45,915

 

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

 

 

41,580

 

 

 

41,580

 

Goodwill and finite-lived intangible assets, net

 

 

1,908

 

 

 

2,599

 

Other assets

 

 

265,539

 

 

 

257,811

 

 

 

 

2,634,176

 

 

 

2,233,346

 

 

 

 

 

 

 

 

 

 

Mortgage Banking:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

 

9,632

 

 

 

19,657

 

Restricted cash

 

 

2,900

 

 

 

1,857

 

Mortgage loans held for sale, net

 

 

241,398

 

 

 

351,958

 

Property and equipment, net

 

 

5,530

 

 

 

4,903

 

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

 

 

7,347

 

 

 

7,347

 

Other assets

 

 

17,104

 

 

 

24,875

 

 

 

 

283,911

 

 

 

410,597

 

Total assets

 

$

2,918,087

 

 

$

2,643,943

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND SHAREHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Homebuilding:

 

 

 

 

 

 

 

 

Accounts payable

 

$

271,899

 

 

$

251,212

 

Accrued expenses and other liabilities

 

 

317,168

 

 

 

336,318

 

Liabilities related to consolidated variable interest entity

 

 

874

 

 

 

882

 

Customer deposits

 

 

165,684

 

 

 

122,236

 

Senior notes

 

 

596,760

 

 

 

596,455

 

 

 

 

1,352,385

 

 

 

1,307,103

 

Mortgage Banking:

 

 

 

 

 

 

 

 

Accounts payable and other liabilities

 

 

29,925

 

 

 

32,399

 

 

 

 

29,925

 

 

 

32,399

 

Total liabilities

 

 

1,382,310

 

 

 

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 June 30, 2017 and December 31, 2016

 

 

206

 

 

 

206

 

Additional paid-in capital

 

 

1,607,958

 

 

 

1,515,828

 

Deferred compensation trust – 108,636 and 108,640 shares of NVR, Inc. common stock as of June 30, 2017 and December 31, 2016, respectively

 

 

(17,371

)

 

 

(17,375

)

Deferred compensation liability

 

 

17,371

 

 

 

17,375

 

Retained earnings

 

 

5,945,219

 

 

 

5,695,376

 

Less treasury stock at cost – 16,807,724 and 16,862,327 shares as of June 30, 2017 and December 31, 2016, respectively

 

 

(6,017,606

)

 

 

(5,906,969

)

Total shareholders' equity

 

 

1,535,777

 

 

 

1,304,441

 

Total liabilities and shareholders' equity

 

$

2,918,087

 

 

$

2,643,943

 


Page 4 of 5

NVR, Inc.

Operating Activity

(dollars in thousands)

(Unaudited)

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Homebuilding data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New orders (units)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mid Atlantic (1)

 

 

2,263

 

 

 

2,242

 

 

 

4,388

 

 

 

4,271

 

North East (2)

 

 

361

 

 

 

314

 

 

 

720

 

 

 

655

 

Mid East (3)

 

 

1,145

 

 

 

1,003

 

 

 

2,279

 

 

 

2,060

 

South East (4)

 

 

909

 

 

 

765

 

 

 

1,715

 

 

 

1,475

 

Total

 

 

4,678

 

 

 

4,324

 

 

 

9,102

 

 

 

8,461

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average new order price

 

$

377.0

 

 

$

383.9

 

 

$

384.6

 

 

$

379.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Settlements (units)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mid Atlantic (1)

 

 

1,976

 

 

 

1,762

 

 

 

3,634

 

 

 

3,217

 

North East (2)

 

 

329

 

 

 

289

 

 

 

597

 

 

 

566

 

Mid East (3)

 

 

947

 

 

 

934

 

 

 

1,672

 

 

 

1,695

 

South East (4)

 

 

665

 

 

 

596

 

 

 

1,270

 

 

 

1,109

 

Total

 

 

3,917

 

 

 

3,581

 

 

 

7,173

 

 

 

6,587

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average settlement price

 

$

386.1

 

 

$

378.5

 

 

$

384.8

 

 

$

374.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Backlog (units)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mid Atlantic (1)

 

 

 

 

 

 

 

 

 

 

4,295

 

 

 

4,191

 

North East (2)

 

 

 

 

 

 

 

 

 

 

731

 

 

 

629

 

Mid East (3)

 

 

 

 

 

 

 

 

 

 

2,106

 

 

 

1,863

 

South East (4)

 

 

 

 

 

 

 

 

 

 

1,681

 

 

 

1,420

 

Total

 

 

 

 

 

 

 

 

 

 

8,813

 

 

 

8,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average backlog price

 

 

 

 

 

 

 

 

 

$

390.9

 

 

$

385.4

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New order cancellation rate

 

 

13

%

 

 

13

%

 

 

14

%

 

 

14

%

Community count (average)

 

 

491

 

 

 

483

 

 

 

488

 

 

 

481

 

Lots controlled at end of period

 

 

 

 

 

 

 

 

 

 

83,700

 

 

 

76,300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Mortgage banking data:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loan closings

 

$

1,041,613

 

 

$

942,407

 

 

$

1,884,954

 

 

$

1,696,247

 

Capture rate

 

 

88

%

 

 

88

%

 

 

87

%

 

 

88

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock information:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares outstanding at end of period

 

 

 

 

 

 

 

 

 

 

3,747,606

 

 

 

3,897,629

 

Number of shares repurchased

 

 

32,840

 

 

 

5,600

 

 

 

83,762

 

 

 

61,988

 

Aggregate cost of shares repurchased

 

$

73,959

 

 

$

9,407

 

 

$

159,506

 

 

$

96,508

 

 

(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

 

 

Page 5 of 5

 GRAPHIC 3 g201707211239175473469.jpg GRAPHIC begin 644 g201707211239175473469.jpg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end