2022 Q1 Form 10-Q Financial Statement

#000143774922005398 Filed on March 07, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $565.3M $574.7M
YoY Change -1.63% 16.32%
Cost Of Revenue $441.8M $458.7M
YoY Change -3.69% 9.92%
Gross Profit $123.6M $116.0M
YoY Change 6.51% 51.24%
Gross Profit Margin 21.86% 20.19%
Selling, General & Admin $72.18M $63.70M
YoY Change 13.31% 5.46%
% of Gross Profit 58.42% 54.91%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.175M $1.338M
YoY Change -12.18% 4.61%
% of Gross Profit 0.95% 1.15%
Operating Expenses $72.55M $64.00M
YoY Change 13.36% 5.44%
Operating Profit $51.00M $52.00M
YoY Change -1.92% 225.0%
Interest Expense -$15.60M -$32.40M
YoY Change -51.85% -1.82%
% of Operating Profit -30.59% -62.31%
Other Income/Expense, Net
YoY Change
Pretax Income $35.40M $19.59M
YoY Change 80.76% -363.38%
Income Tax $10.60M $600.0K
% Of Pretax Income 29.94% 3.06%
Net Earnings $24.81M $18.96M
YoY Change 30.85% -307.25%
Net Earnings / Revenue 4.39% 3.3%
Basic Earnings Per Share $3.12 $2.79
Diluted Earnings Per Share $3.07 $2.75
COMMON SHARES
Basic Shares Outstanding 6.389K 6.225K
Diluted Shares Outstanding 6.501K 6.303K

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $137.9M $172.1M
YoY Change -19.87% 111.43%
Cash & Equivalents $209.9M $226.7M
Short-Term Investments
Other Short-Term Assets $42.15M $41.00M
YoY Change 2.8% -42.5%
Inventory $1.413B $1.281B
Prepaid Expenses
Receivables $34.80M $41.20M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.628B $1.535B
YoY Change 6.05% 2.52%
LONG-TERM ASSETS
Property, Plant & Equipment $39.94M $37.40M
YoY Change 6.79% 89.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $67.47M $93.50M
YoY Change -27.84% -30.89%
Other Assets $430.5M $12.60M
YoY Change 3316.45% -36.68%
Total Long-Term Assets $680.9M $315.3M
YoY Change 115.97% 7.83%
TOTAL ASSETS
Total Short-Term Assets $1.628B $1.535B
Total Long-Term Assets $680.9M $315.3M
Total Assets $2.309B $1.851B
YoY Change 24.77% 3.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $141.4M $149.1M
YoY Change -5.15% 8.91%
Accrued Expenses $126.2M $113.7M
YoY Change 11.02% 19.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $355.8M $324.5M
YoY Change 9.66% 20.45%
LONG-TERM LIABILITIES
Long-Term Debt $1.444B $1.558B
YoY Change -7.31% -6.51%
Other Long-Term Liabilities $312.8M $385.0M
YoY Change -18.74% 8.85%
Total Long-Term Liabilities $1.756B $1.943B
YoY Change -9.58% -3.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $355.8M $324.5M
Total Long-Term Liabilities $1.756B $1.943B
Total Liabilities $2.112B $2.267B
YoY Change -6.83% -0.96%
SHAREHOLDERS EQUITY
Retained Earnings -$545.1M -$1.156B
YoY Change -52.85% -6.4%
Common Stock $721.6M $718.8M
YoY Change 0.38% 0.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $115.4M $115.4M
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $196.5M -$417.2M
YoY Change
Total Liabilities & Shareholders Equity $2.309B $1.851B
YoY Change 24.77% 3.39%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $24.81M $18.96M
YoY Change 30.85% -307.25%
Depreciation, Depletion And Amortization $1.175M $1.338M
YoY Change -12.18% 4.61%
Cash From Operating Activities -$115.7M -$94.06M
YoY Change 23.04% -440.25%
INVESTING ACTIVITIES
Capital Expenditures $2.453M $964.0K
YoY Change 154.46% 19.16%
Acquisitions
YoY Change
Other Investing Activities -$474.0K $8.800M
YoY Change -105.39% -155.0%
Cash From Investing Activities -$2.927M $7.873M
YoY Change -137.18% -146.85%
FINANCING ACTIVITIES
Cash Dividend Paid $2.669M $0.00
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $17.12M $3.433M
YoY Change 398.63% -105.27%
NET CHANGE
Cash From Operating Activities -$115.7M -$94.06M
Cash From Investing Activities -$2.927M $7.873M
Cash From Financing Activities $17.12M $3.433M
Net Change In Cash -$101.5M -$82.75M
YoY Change 22.7% 52.35%
FREE CASH FLOW
Cash From Operating Activities -$115.7M -$94.06M
Capital Expenditures $2.453M $964.0K
Free Cash Flow -$118.2M -$95.02M
YoY Change 24.37% -454.1%

Facts In Submission

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AllocatedShareBasedCompensationExpense
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AllocatedShareBasedCompensationExpenseNetOfTax
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CY2021Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
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CY2022Q1 hov Real Estate Inventory Expense Not Eligible For Capitalization
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13393000 USD
CY2021Q1 hov Real Estate Inventory Expense Not Eligible For Capitalization
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InterestPaid
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CY2021Q1 us-gaap Interest Paid
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CY2022Q1 hov Interest Paid Capitalized Net
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CY2022Q1 hov Number Of Communities Evaluated For Impairment
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382 pure
CY2021Q1 hov Number Of Communities Evaluated For Impairment
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360 pure
CY2022Q1 hov Number Of Walk Away Lots
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420 pure
CY2022Q1 hov Deposits Associated With Land And Lot Options Of Unconsolidated Variable Interest Entities
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123900000 USD
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1500000000 USD
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1200000 USD
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1500000 USD
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25000000 USD
CY2021Q4 hov General Liability Insurance Deductible
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20000000 USD
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25000000 USD
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20000000 USD
CY2021Q4 us-gaap Product Warranty Accrual
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ProductWarrantyAccrual
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ProductWarrantyAccrualPayments
4154000 USD
CY2021Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
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CY2022Q1 us-gaap Product Warranty Accrual
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CY2021Q1 us-gaap Product Warranty Accrual
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P3Y7M6D
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P3Y1M6D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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4479000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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3750000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2758000 USD
CY2022Q1 hov Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1396000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
26177000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5173000 USD
CY2022Q1 us-gaap Loans Pledged As Collateral
LoansPledgedAsCollateral
69300000 USD
CY2021Q4 us-gaap Loans Pledged As Collateral
LoansPledgedAsCollateral
136500000 USD
CY2022Q1 hov Number Of Loans Reserved For
NumberOfLoansReservedFor
14 pure
CY2021Q1 hov Number Of Loans Reserved For
NumberOfLoansReservedFor
15 pure
CY2021Q4 us-gaap Mortgage Loans On Real Estate Writedown Or Reserve Amount1
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1632000 USD
CY2020Q4 us-gaap Mortgage Loans On Real Estate Writedown Or Reserve Amount1
MortgageLoansOnRealEstateWritedownOrReserveAmount1
1458000 USD
CY2022Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
41000 USD
CY2021Q1 us-gaap Provision For Loan And Lease Losses
ProvisionForLoanAndLeaseLosses
50000 USD
CY2022Q1 us-gaap Allowance For Loan And Lease Losses Adjustments Net
AllowanceForLoanAndLeaseLossesAdjustmentsNet
0 USD
CY2021Q1 us-gaap Allowance For Loan And Lease Losses Adjustments Net
AllowanceForLoanAndLeaseLossesAdjustmentsNet
0 USD
CY2022Q1 us-gaap Mortgage Loans On Real Estate Writedown Or Reserve Amount1
MortgageLoansOnRealEstateWritedownOrReserveAmount1
1673000 USD
CY2021Q1 us-gaap Mortgage Loans On Real Estate Writedown Or Reserve Amount1
MortgageLoansOnRealEstateWritedownOrReserveAmount1
1508000 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
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1254852000 USD
CY2022Q1 hov Net Income Loss Available To Common Stockholders Basic And Diluted Total
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19950000 USD
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1254852000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
8672000 USD
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium Net
DebtInstrumentUnamortizedDiscountPremiumNet
10769000 USD
CY2022Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
16303000 USD
CY2021Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
17248000 USD
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
1247221000 USD
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
1248373000 USD
CY2022Q1 hov Debt Covenant Fixed Charge Coverage Ratio Minimum
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2.0 pure
CY2022Q1 hov Secured Debt Leverage Ratio
SecuredDebtLeverageRatio
4.0 pure
CY2022Q1 hov Debt Covenant Fixed Charge Coverage Ratio Minimum
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2.0 pure
CY2022Q1 hov Secured Debt Leverage Ratio
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4.0 pure
CY2021Q4 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
2700000 USD
CY2021Q1 hov Net Income Loss Available To Common Stockholders Basic And Diluted Total
NetIncomeLossAvailableToCommonStockholdersBasicAndDilutedTotal
17360000 USD
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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6389
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6225
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
112
CY2021Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
78
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6501
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6303
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.12
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.79
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.07
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.75
CY2022Q1 hov Common Stock Dividends Percent Of Increase From Class A To Class B
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1.10 pure
CY2018Q1 hov Shareholder Ownership Percentage Of Increase
ShareholderOwnershipPercentageOfIncrease
0.50 pure
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
10600000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000 USD
CY2022Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
416200000 USD
CY2022Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
101600000 USD
CY2022Q1 hov Contract Backlog
ContractBacklog
1900000 USD
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
101600000 USD
CY2022Q1 us-gaap Revenues
Revenues
565313000 USD
CY2021Q1 us-gaap Revenues
Revenues
574664000 USD
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
35401000 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
19585000 USD
CY2022Q1 us-gaap Assets
Assets
2309167000 USD
CY2021Q4 us-gaap Assets
Assets
2320508000 USD
CY2022Q1 hov Joint Venture Total Debt To Capitalization Ratio
JointVentureTotalDebtToCapitalizationRatio
0.30 pure
CY2022Q1 hov Loans Held For Sale Mortgages Unpaid Principal
LoansHeldForSaleMortgagesUnpaidPrincipal
80400000 USD
CY2021Q4 hov Loans Held For Sale Mortgages Unpaid Principal
LoansHeldForSaleMortgagesUnpaidPrincipal
146500000 USD
CY2022Q1 us-gaap Other Commitment
OtherCommitment
21000000.0 USD
CY2021Q1 us-gaap Impairment Of Real Estate
ImpairmentOfRealEstate
800000 USD
CY2022Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
1265914000 USD
CY2021Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
1266892000 USD

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