Pultegroup, Inc. · NYSE:PHM
Pultegroup — Q3 2021 Earnings Presentation
19 slides from Pultegroup's earnings presentation, Oct 26, 2021
Slide 1: Q3 2021 Operating & Financial Results
Q3 2021 Operating & Financial Results October 26, 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
Q3 2021 Operating & Financial Highlights
Slide 5: Financial Highlights
Q3 2021 Financial Highlights Q3 2021 reported earnings of Homebuilding gross margin increased $1.82 per share; prior year 200 bps to 26.5% adjusted earnings of $1.34 per SG&A expense of $321 million, or share 9.6% of home sale revenues Prior year earnings adjusted to exclude a tax benefit of
Slide 6: Financial Highlights: Net New Orders and Backlog
Q3 2021 Financial Highlights Net new orders for the quarter 25,000 Unit Backlog 2020 2021 were 6,796 homes 20,000 Net new orders decreased by 17%, 15,000 driven primarily by 14% decline in community count 10,000 Value of net new orders 5,000 increased 4% to $3.8 billion 0 Q1 Q2 Q3 Q4 Unit bac
Slide 7: Land Update
Q3 2021 Land Update Q3 land acquisition & 250,000 Owned Lots Under Control Optioned Option % 60% development investment 225,000 55% 200,000 totaled $1.1 billion 175,000 54% of Targeting total land investment of Lots 50% Under 150,000 Option $4.0 billion for full year 2021 125,000 45% Controlled
Slide 8: Outstanding Financial Position and Consistent Return of Funds to Shareholders
Outstanding Financial Position and Consistent Return of Funds to Shareholders Dividends & Share Repurchases ($M) Repurchased $261 million of common shares $800 and paid out $37 million in dividends in Q3 $600 Through the first nine months of 2021, repurchased $400 12 million shares, representing
Slide 9: Selected Financial Data
Q3 2021 Selected Financial Data Three Months Ended September 30, 2021 2020 Change Home Sale Revenues ($ millions) $3,324 $2,824 18% Gross Margin Percentage 26.5% 24.5% 200 bps SG&A Percent of Home Sale Revenues 9.6% 9.6% - Financial Services Pretax Income ($ millions) $49 $64 - 23% Net Income ($ mil
Slide 10: Selected Balance Sheet Data
Q3 2021 Selected Balance Sheet Data September 30, 2021 December 31, 2020 ($ millions) ($ millions) Cash and Equivalents $1,625 $2,632 (including restricted cash) House and Land Inventory $8,917 $7,722 Notes Payable $2,060 $2,752 Shareholders’ Equity $7,142 $6,570 Debt – to – Capital Ratio 22.4% 29.5
Slide 11: Building on Proven Business Platform
Building on Proven Business Platform
Slide 12: Industry Leading Brand Names
Industry Leading Brand Names 11 11
Slide 13: Serving a Variety of Price Points
Serving a Variety of Price Points % of Sep YTD 2021 Closings by Price Point 6% 19% 25% Under $300K $300K - $399K $400K - $499K $500K - $749K $750K and Above 28% 22% 12 12
Slide 14: With a Broad and Balanced Geographic Footprint
With a Broad and Balanced Geographic Footprint % for YTD Sep 2021 % for Sept YTD 2021 % of Company SEATTLE Closings 15% BOSTON Revenue 15% NEW HAVEN Lots 13% MINNEAPOLIS DETROIT PHILADELPHIA % of Company CLEVELAND CHICAGO Closings 6% COLUMBUS SAN FRANCISCO WASHINGTON D.C. Revenue 8% INDIANAPOLIS SAN
Slide 15: With a Differentiated Strategy Focused on Generating Returns and Shareholder Value
With a Differentiated Strategy Focused on Generating Returns and Shareholder Value PulteGroup’s focus on delivering higher returns over the cycle allows for a more balanced capital allocation Option Invest in the business Focus vs. on Own Return Faster Shorter Common Plans Turning Risk Duration VE &
Slide 16: Allocating Capital Consistent with Our Stated Priorities
Allocating Capital Consistent with Our Stated Priorities Invest in the business Expect to invest approximately $4 billion in land acquisition and development in 2021 Continue to fund our dividend Dividend was increased by 17% effective with the January 2021 payment Return excess capital to
Slide 17: Appendix: Non-GAAP Reconciliation
Appendix Non-GAAP Reconciliation
Slide 18: Reconciliation of Non-GAAP Financial Measures (Unaudited)
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"), and debt-to-capital ratio. These measures are considered non-GAAP financia
Slide 19: Q3 2021 Financial Results
Q3 2021 Financial Results