Slide 1: Fourth Quarter 2024 Analyst Conference Call
FOURTH QUARTER 2024 ANALYST CONFERENCE CALL JANUARY 30, 2025
Slide 2: Safe Harbor
Safe Harbor The information included in this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include expectations about the housing market in general and our future results including our ability to increase
Slide 3: Speakers
Speakers Steven J. Hilton – Executive Chairman Phillippe Lord – Chief Executive Officer Hilla Sferruzza – EVP & Chief Financial Officer Emily Tadano – VP of Investor Relations and ESG 3
Slide 4: Net Sales Orders Increased 14% Year-Over-Year
Net Sales Orders Increased 14% Year-Over-Year Net Orders & Y/Y % Orders by Product Type & Entry-Level % of Total 14% 14% 1,808 2,892 3,304 3,991 1% 14% 13 3,799 4 8 60% 187 337 270 3,512 3,304 2,892 Other 1MU 1,617 2,547 3,021 Entry Level 89% 88% 91% 4Q23 1Q24 2Q24 3Q24 4Q24 4Q22 4Q23 4Q24 Average A
Slide 5: Absorption Pace Improved YOY Across All Regions
Absorption Pace Improved YOY Across All Regions West Region Central Region East Region Total Average Active Communities 88.5 75.5 121.0 285.0 Average Active Communities Y/Y(%) 9% (11)% 15% 8% Entry-level % Average Communities 93% 93% 90% 92% Absorption per month 3.3 4.7 3.8 3.9 Absorption per month
Slide 6: Our Available Supply of Quick Turning Move-In Ready Homes Is Our Competitive Advantage
Our Available Supply of Quick Turning Move-In Ready Homes Is Our Competitive Advantage Spec Starts Total Specs and Ending Backlog & % of Specs Completed 6000 5000 4,319 4,142 9,225 3,977 3,798 9,024 9,067 4000 3,565 8,426 8,573 3000 2,714 2,284 1,544 2000 3,033 1000 2,549 4Q23 1Q24 2Q24 3Q24 4Q24 En
Slide 7: 4Q24 Financial Performance
4Q24 Financial Performance ($ Millions 4Q24 4Q23 % Chg FY2024 FY2023 % Chg 4Q24 Highlights: except EPS & ASP) Home closings 4,044 3,951 2% 15,611 13,976 12% • Lower ASPs on closings from greater financing incentives utilization and product and geographic ASP (closings) $395K $415K (5)% $406 $433K (6
Slide 8: 4Q24 Capital Spend Activities
4Q24 Capital Spend Activities Capital Structure – Non-GAAP Reconciliation Capital Allocation Spend ($ Millions) Dec. 31, 2024 Dec 31, 2023 4Q24 Breakdown ($ Millions) Notes payable & other borrowings $1,336 $1,008 Cash Dividends 3% Stockholders’ equity $5,142 $4,612 Share Repurchase 5% Total capital
Slide 9: Land & Development Investment
Land & Development Investment Lots Detail Land Acquisition and Development ($ Millions) $654 $659 $741 $631 4Q24 4Q23 $537 $430 $336 $307 $316 $349 $293 Total lots controlled 85,613 64,313 $268 $347 $405 $244 $315 $310 $162 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 Development Acqusition Supply of lots (years)
Slide 10: Guidance
Guidance First Quarter 2025 Home closings 3,200-3,500 units Home closing revenue $1.26-1.40 billion Home closing gross margin Around 22% Effective tax rate About 24% Diluted earnings per common share $1.59-1.83 Full Year 2025 Home closings 16,250-16,750 units Home closing revenue $6.6-6.9 billion 10
Slide 11: Positioned for Growing Market Share
Positioned for Growing Market Share 60-Day Move-In Ready Realtor Commitment Inventory Engagement