Pultegroup, Inc. · NYSE:PHM
Pultegroup — Q2 2021 Earnings Presentation
16 slides from Pultegroup's earnings presentation, Jul 27, 2021
Slide 1: Q2 2021 Operating & Financial Results
Q2 2021 Operating & Financial Results July 27, 2021
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes "forward-looking statements." These statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to s
Slide 3: PulteGroup Call Participants
PulteGroup Call Participants Ryan Bob Jim Jim Marshall O’Shaughnessy Ossowski Zeumer President & CEO Executive Senior Vice Vice President, Vice President President, Investor and CFO Finance Relations 2
Slide 4: Operating & Financial Highlights
Q2 2021 Operating & Financial Highlights
Slide 5: PulteGroup Q2 2021 Highlights
PulteGroup Q2 2021 Highlights Q2 reported and adjusted earnings of $1.90 and $1.72 per share, respectively Net new orders increased 28% to 8,322 homes Homebuilding gross margin up 270 basis points to 26.6% Backlog of 20,056 homes with a value of $9.8 billion Company signs lease on second o
Slide 6: Financial Highlights
Q2 2021 Financial Highlights Q2 reported earnings of $1.90 per Home sale revenues increased 31% to share; adjusted earnings of $1.72 $3.2 billion per share Q2 closings increased 22% to 7,232 homes Earnings adjusted to exclude: ASP increased 7% to $447,000 • $46 million pre-tax benefit from
Slide 7: Financial Highlights: Net New Orders and Backlog
Q2 2021 Financial Highlights Net new orders for the period 25,000 Unit Backlog 2020 2021 increased 28% to 8,322 20,000 homes 15,000 Value of net new orders gained 10,000 59% to $4.3 billion Unit backlog higher by 52% to 5,000 20,056 homes 0 Q1 Q2 Q3 Q4 Backlog value increased 70% Net New Orde
Slide 8: Land Update
Q2 2021 Land Update Q2 land acquisition & development 250,000 Lots Under Control 60% Owned Optioned Option % investment of $986 million 225,000 55% Targeting total land investment of $4.0 200,000 billion for full year 2021 175,000 53% of Lots 50% Lots under control increased to 150,000 Under O
Slide 9: Consistent Return of Funds to Shareholders
Consistent Return of Funds to Shareholders Dividends & Share Repurchases ($M) Ended Q2 with $1.7 billion of cash $500 $400 Q2 debt-to-capital ratio lowered to 22.7% $300 Net debt-to-capital ratio of 4.5% $200 $100 Company repurchased $200 million of $0 2018 2019 2020 YTD 2021 common shares i
Slide 10: Selected Financial Data
Q2 2021 Selected Financial Data Three Months Ended June 30, 2021 2020 Change Home Sale Revenues ($ millions) $3,235 $2,472 31% Gross Margin Percentage 26.6% 23.9% 270 bps SG&A Percent of Home Sale Revenues 8.4% 8.0% 40 bps Adjusted SG&A Percent of Home Sale Revenues 9.8% 10.0% -20 bps Financial Serv
Slide 11: Selected Balance Sheet Data
Q2 2021 Selected Balance Sheet Data June 30, 2021 December 31, 2020 ($ millions) ($ millions) Cash and Equivalents $1,721 $2,632 (including restricted cash) House and Land Inventory $8,379 $7,722 Notes Payable $2,046 $2,752 Shareholders’ Equity $6,958 $6,570 Debt – to – Capital Ratio 22.7% 29.5% Net
Slide 12: Appendix: Non-GAAP Reconciliation
Appendix Non-GAAP Reconciliation
Slide 13: Reconciliation of Non-GAAP Financial Measures
PulteGroup, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) This report contains information about our operating results reflecting certain adjustments, including net income, diluted earnings per share ("EPS"), operating margin, and debt-to-capital ratio. These measures are considered
Slide 14: Adjusted Operating Margin
Adjusted Operating Margin Three Months Ended June 30, 2021 2020 Home sale revenues $ 3,235,379 $ 2,472,029 Gross margin (a) $ 859,884 26.6 % $ 591,820 23.9 % SG&A, as reported $ 272,286 8.4 % $ 196,858 8.0 % Adjustments: Insurance adjustments 46,215 1.4 % 60,662 2.5 % Severance expense * * (10,328)
Slide 15: Debt-to-Capital Ratios
Debt-to-Capital Ratios June 30, December 31, 2021 2020 Notes payable $ 2,046,334 $ 2,752,302 Shareholders' equity 6,958,468 6,569,989 Total capital $ 9,004,802 $ 9,322,291 Debt-to-capital ratio 22.7 % 29.5 % Notes payable $ 2,046,334 $ 2,752,302 Less: Total cash, cash equivalents, and restricted cas
Slide 16: Financial Results
Q2 2021 Financial Results