Pultegroup, Inc. · NYSE:PHM
Pultegroup — Q1 2016 Earnings Presentation
18 slides from Pultegroup's earnings presentation, Apr 21, 2016
Slide 1: First Quarter 2016 Earnings
The Quarry | Naples, FL First Quarter 2016 Earnings
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, Inc. Executives
PulteGroup, Inc. Executives Richard Ryan Bob Jim Jim Dugas Marshall O’Shaughnessy Ossowski Zeumer Chairman and President Executive Vice President, Vice President, CEO Vice President Finance and Investor Relations and CFO Controller 2
Slide 4: Review of Q1 2016 Results
Onyx | San Jose, CA Review of Q1 2016 Results 3
Slide 5: Q1 2016 Highlights
Q1 2016 Highlights Earnings of $0.24 per share Closings by Buyer Group vs. $0.15 in prior year Home sale revenues increased 28% to $1.4 billion 30% 29% Q1 closings increased 17% to 3,945 homes Average sales price gained 9% to $353,000, as prices move higher 41% among all buyer groups: • Firs
Slide 6: Q1 2016 Highlights
Q1 2016 Highlights Dollar value of net new Q1 Backlog Value ($ billions) orders increased 24% to $2.1 billion Net new orders higher by 10% to 5,652 homes Backlog increased to highest Q1 values since 2007 Dollar value of backlog up 31% to $3.4 billion Unit backlog rises 15% to 8,755 homes 5
Slide 7: Continued Disciplined Allocation of Capital
Continued Disciplined Allocation of Capital Delivering Higher Total Shareholder Returns Total Shareholder Returns Q1 2016 investment of $262 million January 2011 – March 2016 for land acquisition, excludes purchase of Wieland assets Approved 7,000 lots for purchase with average community size of
Slide 8: Q1 2016 Selected Financial Data
Q1 2016 Selected Financial Data Three Months Ended March 31, 2016 2015 Change Home Sale Revenues ($ millions) $1,394 $1,088 28% Homebuilding Pretax Income ($ millions) $108 $91 19% Backlog (Units) 8,755 7,624 15% Backlog (Dollar Value in millions) $3,359 $2,564 31% Financial Services Pretax Income (
Slide 9: Q1 2016 Balance Sheet Data
Q1 2016 Balance Sheet Data March 31, 2016 December 31, 2015 ($ millions) Cash and Equivalents $1,018 $775 (including restricted cash) House and Land Inventory $6,202 $5,450 Debt $3,067 $2,075 Shareholders’ Equity $4,774 $4,759 Debt – to – Capitalization * 39% 30% * The Company expects to use $465 mi
Slide 10: Assessing Business Performance
Willowsford | Aldie, VA Assessing Business Performance 9
Slide 11: Dramatic Increase in Earnings on Modest Volume Growth Driving Gains in Pretax Income
Dramatic Increase in Earnings on Modest Volume Growth Driving Gains in Pretax Income $1,000 20,000 Pretax Income Pretax Income ($ millions) Closings $800 $816 16,000 Annual Closings $690 $600 $528 12,000 $400 $200 8,000 $184 $0 4,000 -$200 -$310 -$400 0 2011 2012 2013 2014 2015 10
Slide 12: Legacy Del Webb vs. New Active Adult Investments
Legacy Del Webb vs. New Active Adult Investments As of September 30, 2015 Older Del Webb Communities Newer Del Webb Communities (opened prior to 2012) (opened 2012 and later) Adjusted GM% (YTD Sep 2015) (1) 28.7% Adjusted GM% (YTD Sep 2015) (1) 31.7% Average community size at start (lots) ~ 2,000 Av
Slide 13: Our Land Position Today: Capitalizing on Legacy Land While Blending in New, High Margin Investments
Our Land Position Today: Capitalizing on Legacy Land While Blending in New, High Margin Investments 2011 2012 2013 2014 2015 Total closings 15,275 16,505 17,766 17,196 17,127 Closings from legacy lots (1) 11,005 10,598 9,857 8,092 6,511 Company-wide adjusted gross margin (2) 17.6% 20.7% 25.2% 26.7%
Slide 14: Supplemental Non-GAAP Data
Supplemental Non-GAAP Data 13
Slide 15: Reconciliation of Non-GAAP Data
Reconciliation of Non-GAAP Data This presentation contains information about home sale gross margin reflecting certain adjustments. This measure is considered a non-GAAP financial measure under the SEC’s rules and should be considered in addition to, rather than as a substitute for, the comparable G
Slide 16: Supplemental Non-GAAP Data – Adjusted Gross Margin
Supplemental Non-GAAP Data – Adjusted Gross Margin Legacy Del Webb vs. New Active Adult Investments Nine Months Ended September 30, 2015 ($ in 000's) (a) (b) Older Del Newer Del Webb Webb All Other Communities Communities Communities Consolidated Home sale revenues $ 940,744 $ 133,585 $ 2,721,037 $
Slide 17: Supplemental Non-GAAP Data – Adjusted Gross Margin
Supplemental Non-GAAP Data – Adjusted Gross Margin Our Land Position Today ($ in 000's) Years Ended December 31, 2011 2012 2013 2014 2015 Home sale revenues - As reported $ 3,950,743 $ 4,552,412 $ 5,424,309 $ 5,662,171 $ 5,792,675 Home sale cost of revenues - As reported (3,444,398) (3,833,451) (4,3
Slide 18: First Quarter 2016 Earnings
Paloma Creek South | Little Elm, TX First Quarter 2016 Earnings 17