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OFFON

HOVNANIAN ENTERPRISES, INC.

(HOV)
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Hovnanian Enterprises Reports Fiscal 2021 Second Quarter Results

06/03/2021 | 09:15am EDT

31% Year-over-Year Rise in Total Revenues
Gross Margin Percentage Increased 360 Basis Points Year-over-Year
85% Year-over-Year Increase in Consolidated Backlog Dollars to $1.77 Billion
Raised Full Year 2021 Profitability Guidance
Issued Redemption Notice for Remaining Principal Amount of 10% Senior Secured Notes Due 2022

MATAWAN, N.J., June 03, 2021 (GLOBE NEWSWIRE) -- Hovnanian Enterprises, Inc. (NYSE: HOV), a leading national homebuilder, reported results for its fiscal second quarter and six-month period ended April 30, 2021.

RESULTS FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED APRIL 30, 2021:

  • Total revenues increased 30.6% to $703.2 million in the second quarter of fiscal 2021, compared with $538.4 million in the same quarter of the prior year. For the six months ended April 30, 2021, total revenues increased 23.8% to $1.28 billion compared with $1.03 billion in the same period during the prior fiscal year.

  • Homebuilding gross margin percentage, after cost of sales interest expense and land charges, increased 360 basis points to 18.1% for the three months ended April 30, 2021 compared with 14.5% during the same period a year ago. During the first half of fiscal 2021, homebuilding gross margin percentage, after cost of sales interest expense and land charges, was 17.7%, up 400 basis points, compared with 13.7% during the same period last year.

  • Homebuilding gross margin percentage, before cost of sales interest expense and land charges, increased 310 basis points to 21.3% during the fiscal 2021 second quarter compared with 18.2% in last year’s second quarter. For the six months ended April 30, 2021, homebuilding gross margin percentage, before cost of sales interest expense and land charges, was 21.0%, up 320 basis points, compared with 17.8% in the same period of the previous fiscal year.
  • In 2019, we granted phantom stock awards in lieu of actual equity under our long-term incentive plan (“LTIP”). This was done in the best interest of shareholders to avoid dilution concerns associated with our low stock price of $14.50 at the time of grant. Expense related to the phantom stock varies depending upon our common stock price at quarter end, is a non-cash expense through fiscal 2021, and is reflected in our total SG&A expenses. SG&A expenses in the second quarter of fiscal 2021 included $17.5 million of incremental expense due to the phantom stock awards, which is solely related to our common stock price increasing from $51.16 at the end of the first quarter to $132.59 at the end of the second quarter (“incremental phantom stock expense”). Had equity shares rather than phantom stock been utilized for our 2019 LTIP grants, there would not have been an incremental SG&A expense due to stock price movements.

  • Total SG&A was $82.6 million, or 11.7% of total revenues, in the fiscal 2021 second quarter compared with $55.9 million, or 10.4% of total revenues, in the previous year’s second quarter. During the first six months of fiscal 2021, total SG&A was $146.3 million, or 11.4% of total revenues, compared with $116.3 million, or 11.3% of total revenues, in the same period of the prior fiscal year. Excluding incremental phantom stock expense, SG&A would have been $65.1 million, or 9.3% of total revenues for the second quarter of fiscal 2021 and $128.8 million, or 10.1% of total revenues, for the six months ended April 30, 2021.

  • Total interest expense was $43.8 million for the second quarter of fiscal 2021 compared with $45.5 million during the second quarter of fiscal 2020. For the six months ended April 30, 2021, total interest expense was $84.9 million compared with $88.6 million during the same period last year.

  • Income from unconsolidated joint ventures was $2.6 million for the second quarter ended April 30, 2021 compared with $6.2 million in the fiscal 2020 second quarter. For the first half of fiscal 2021, income from unconsolidated joint ventures was $4.6 million compared with $7.8 million in the same period a year ago.

  • Income before income taxes for the second quarter of fiscal 2021 was $31.0 million, up $26.9 million compared with $4.2 million in the second quarter of the prior fiscal year. For the first six months of fiscal 2021, income before income taxes was $50.6 million compared with a loss of $3.3 million during the same period of fiscal 2020.

  • Adjusted pretax income, which is income (loss) before income taxes excluding land-related charges and loss (gain) on extinguishment of debt, was $31.1 million in the second quarter of fiscal 2021 compared with $5.4 million in the fiscal 2020 second quarter. Excluding incremental phantom stock expense, our adjusted pretax income would have been $48.6 million for the fiscal 2021 second quarter and would have exceeded the $45 million high end of the guidance range for the second quarter provided last quarter. For the six months ended April 30, 2021, adjusted pretax income was $52.6 million compared with a loss before these items of $8.7 million during the first six months of fiscal 2020. Excluding incremental phantom stock expense, our adjusted pretax income would have been $70.1 million for the first six months of fiscal 2021.

  • The company recorded a full reduction of the federal tax valuation allowance and a partial reduction of the state tax valuation allowance during the quarter. This resulted in a credit to tax expense and an increase in net income during the quarter of $468.6 million. The remaining state valuation allowance as of April 30, 2021 was $102.9 million. The profit for the quarter, plus this reduction in valuation allowance, resulted in total shareholders' equity increasing sequentially by $489.0 million during the quarter.

  • Net income, including the benefit of the valuation allowance reduction, was $488.7 million, or $69.65 per diluted common share, for the three months ended April 30, 2021 compared with net income of $4.1 million, or $0.60 per diluted common share, in the second quarter of the previous fiscal year. For the first six months of fiscal 2021, net income, including the benefit of the valuation allowance reduction, was $507.6 million, or $72.71 per diluted common share, compared with a net loss of $5.1 million, or $0.82 per diluted common share, in the same period during fiscal 2020.

  • EBITDA increased 49.9% to $76.3 million for the second quarter of fiscal 2021 compared with $50.9 million in the same quarter of the prior year. For the first half of fiscal 2021, EBITDA was $138.3 million, a 57.4% increase, compared with $87.9 million in the first half of fiscal 2020. Excluding incremental phantom stock expense, adjusted EBITDA would have increased 80.2% to $93.9 million for the second quarter of fiscal 2021 and would have increased 91.4% to $157.8 million for the six months ended April 30, 2021. Excluding incremental phantom stock expense, adjusted EBITDA would have exceeded the high end of the guidance range for the quarter provided last quarter.

  • Financial services income before income taxes was $10.4 million for the second quarter of fiscal 2021, up 119.1% compared with $4.7 million in the second quarter of fiscal 2020. For the first half of fiscal 2021, financial services income before income taxes increased 112.3% to $19.5 million compared with $9.2 million in the same period one year ago.

  • Consolidated contracts per community increased 61.9% to 18.3 contracts per community for the second quarter ended April 30, 2021 compared with 11.3 contracts per community in last year’s second quarter. Contracts per community, including domestic unconsolidated joint ventures(1), increased 58.5% to 16.8 for the second quarter of fiscal 2021 compared with 10.6 for the second quarter of fiscal 2020. These strong year over year improvements in sales pace were positively impacted by slower sales during the initial COVID shutdown period last year.

  • The number of consolidated contracts increased 19.1% to 1,771 homes during the fiscal 2021 second quarter, compared with 1,487 homes in last year’s second quarter. The number of contracts, including domestic unconsolidated joint ventures, for the three months ended April 30, 2021 increased 19.4% to 1,960 homes from 1,642 homes during the same quarter a year ago.

  • For the first half of fiscal 2021, the number of consolidated contracts increased 26.3% to 3,549 homes compared with 2,809 homes in the first half of fiscal 2020. The number of contracts, including domestic unconsolidated joint ventures, for the six months ended April 30, 2021 increased 25.1% to 3,922 homes from 3,134 homes during the same period a year ago.

  • As of the end of the second quarter of fiscal 2021, community count, including domestic unconsolidated joint ventures, was 117 communities, compared with 155 communities at April 30, 2020. Consolidated community count was 97 as of April 30, 2021, compared with 132 communities at the end of the previous year’s second quarter. The decline was primarily a result of selling out of communities at a faster than anticipated pace and delayed community openings primarily related to adverse impacts from COVID-19. We continue to expect to grow our fiscal 2021 year-end community count to approximately 130 communities, including domestic unconsolidated joint ventures.

  • Despite 1,618 second quarter consolidated deliveries, consolidated lots controlled increased by 1,295 lots sequentially to 28,077 at April 30, 2021 from 26,782 lots at January 31, 2021, which illustrated our ability to control more lots than we delivered.

  • Due to consciously restricting sales in many of our communities in recent months and a difficult comparison to a very strong May last year, contracts per community for May 2021 decreased 18.9% to 4.3 compared with 5.3 for the same month one year ago. The dollar value of May 2021 consolidated contracts decreased 23.0% to $197.0 million compared with $255.9 million in May last year. However, May 2021 contracts had the highest gross margin percentage at the point of contract for any month in more than a decade.

  • The dollar value of consolidated contract backlog, as of April 30, 2021, increased 85.2% to $1.77 billion compared with $958.1 million as of April 30, 2020. The dollar value of contract backlog, including domestic unconsolidated joint ventures, as of April 30, 2021, increased 80.0% to $2.04 billion compared with $1.13 billion as of April 30, 2020.

  • Consolidated deliveries increased 22.1% to 1,618 homes in the fiscal 2021 second quarter compared with 1,325 homes in the previous year’s second quarter. For the fiscal 2021 second quarter, deliveries, including domestic unconsolidated joint ventures, increased 17.2% to 1,773 homes compared with 1,513 homes during the second quarter of fiscal 2020.

  • For the first half of fiscal 2021, consolidated deliveries increased 17.3% to 3,003 homes compared with 2,561 homes in the first six months of the previous year. For the first half of fiscal 2021, deliveries, including domestic unconsolidated joint ventures, increased 13.1% to 3,277 homes compared with 2,898 homes during the same period of fiscal 2020.

  • The contract cancellation rate for consolidated contracts was 16% for the second quarter ended April 30, 2021 compared with 23% in the fiscal 2020 second quarter. The contract cancellation rate for contracts including domestic unconsolidated joint ventures was 15% for the second quarter of fiscal 2021 compared with 23% in the second quarter of the prior year.

(1)When we refer to “Domestic Unconsolidated Joint Ventures”, we are excluding results from our single community unconsolidated joint venture in the Kingdom of Saudi Arabia (KSA).

LIQUIDITY AND INVENTORY AS OF APRIL 30, 2021: 

  • During the second quarter of fiscal 2021, land and land development spending was $175.0 million, an increase of 53.0% compared with $114.4 million in last year’s second quarter. For the first half of fiscal 2021, land and land development spending was $353.6 million, an increase of 52.2% compared with $232.3 million in the same period one year ago.

  • Total liquidity at the end of the second quarter of fiscal 2021 was $352.8 million, well above our targeted liquidity range of $170 million to $245 million.

  • In the second quarter of fiscal 2021, approximately 3,400 lots were put under option or acquired in 33 consolidated communities.

  • As of April 30, 2021, the total controlled consolidated lots increased 5.0% to 28,077 compared with 26,734 lots at the end of the previous year’s second quarter. Based on trailing twelve-month deliveries, the current position equaled a 4.6 years’ supply.

  • We sent a notice of redemption to pay off in full the remaining $111 million principal amount of our 10.0% senior secured notes due July 2022 at a purchase price of 100% of the principal amount thereof plus accrued and unpaid interest to, but excluding, the redemption date of July 31, 2021. Additionally, we presently intend to pay off in full the remaining principal amount of $70 million of our 10.5% senior secured notes due July 2024 in advance of their maturity.

FINANCIAL GUIDANCE(2):

Financial guidance for both the third quarter and full year for fiscal 2021 assumes no adverse changes in current market conditions and excludes further impact to SG&A expenses from phantom stock expense related solely to stock price movements from the closing price of $132.59 at April 30, 2021. Every $4 increase or decrease in common stock price from the end of the second quarter, results in an approximate $1 million increase or decrease, respectively, of phantom stock expense.

  • For the third quarter of fiscal 2021, total revenues are expected to be between $700 million and $750 million, adjusted pretax income is expected to be between $35 million and $45 million and adjusted EBITDA is expected to be between $80 million and $90 million.

  • For all of fiscal 2021, total revenues are expected to be between $2.65 billion and $2.80 billion; however, we are increasing our guidance for adjusted pretax income to be between $150 million and $170 million and we are increasing our guidance for adjusted EBITDA to be between $310 million and $350 million.

(2)The Company cannot provide a reconciliation between its non-GAAP projections and the most directly comparable GAAP measures without unreasonable efforts because it is unable to predict with reasonable certainty the ultimate outcome of certain significant items required for the reconciliation. These items include, but are not limited to, land-related charges, inventory impairment loss and land option write-offs and loss (gain) on extinguishment of debt. These items are uncertain, depend on various factors and could have a material impact on GAAP reported results.

COMMENTS FROM MANAGEMENT:

“We are pleased with our trend of reporting improved results. Our fiscal 2021 second quarter total revenues, gross margin percentage, adjusted EBITDA and adjusted pretax income were all within the guidance range that we gave last quarter. Had our SG&A not contained incremental phantom stock expense related solely to our stock price increasing from $51.16 at the end of the first quarter to $132.59 at the end of the second quarter, our results would have been above the high end of the guidance range for adjusted EBITDA and adjusted pretax income, as well as within the SG&A ratio guidance range,” stated Ara K. Hovnanian, Chairman of the Board, President and Chief Executive Officer. “By using phantom stock rather than actual equity shares for our 2019 LTIP grant when our stock price was so low, the Company avoided the long-term impacts of dilution and remains convinced it made the right decision for shareholders.”

“For the second consecutive quarter, our contract backlog dollars increased 85% year over year. Despite increased material and labor costs, gross margins on contracts currently in our backlog along with continued strong demand for new homes gave us the confidence to raise our full fiscal 2021 profitability guidance. We believe that the outlook for housing demand will remain strong over the next few years. Finally, our progress in increasing our land position and our significant increases in land and land development spend over the recent quarters gives us confidence about our ability to grow community count for the remainder of this year and beyond. By continuing to execute on our strategy, we can maximize returns for all of our stakeholders,” concluded Mr. Hovnanian.

WEBCAST INFORMATION:

Hovnanian Enterprises will webcast its fiscal 2021 second quarter financial results conference call at 11:00 a.m. E.T. on Thursday, June 3, 2021. The webcast can be accessed live through the “Investor Relations” section of Hovnanian Enterprises’ website at http://www.khov.com. For those who are not available to listen to the live webcast, an archive of the broadcast will be available under the “Past Events” section of the Investor Relations page on the Hovnanian website at http://www.khov.com. The archive will be available for 12 months.

ABOUT HOVNANIAN ENTERPRISES, INC.:

Hovnanian Enterprises, Inc., founded in 1959 by Kevork S. Hovnanian, is headquartered in Matawan, New Jersey and, through its subsidiaries, is one of the nation’s largest homebuilders with operations in Arizona, California, Delaware, Florida, Georgia, Illinois, Maryland, New Jersey, Ohio, Pennsylvania, South Carolina, Texas, Virginia, Washington, D.C. and West Virginia. The Company’s homes are marketed and sold under the trade name K. Hovnanian® Homes. Additionally, the Company’s subsidiaries, as developers of K. Hovnanian’s® Four Seasons communities, make the Company one of the nation’s largest builders of active lifestyle communities.

Additional information on Hovnanian Enterprises, Inc. can be accessed through the “Investor Relations” section of the Hovnanian Enterprises’ website at http://www.khov.com. To be added to Hovnanian's investor e-mail list, please send an e-mail to IR@khov.com or sign up at http://www.khov.com.

NON-GAAP FINANCIAL MEASURES: 

Consolidated earnings before interest expense and income taxes (“EBIT”) and before depreciation and amortization (“EBITDA”) and before inventory impairment loss and land option write-offs and loss (gain) on extinguishment of debt (“Adjusted EBITDA”) are not U.S. generally accepted accounting principles (GAAP) financial measures. This earnings release also presents EBITDA and Adjusted EBITDA adjusted to exclude the impact of incremental phantom stock expense. The most directly comparable GAAP financial measure is net income (loss). The reconciliation for historical periods of EBIT, EBITDA and Adjusted EBITDA to net income (loss) is presented in a table attached to this earnings release or elsewhere in this earnings release.

Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively. The reconciliation for historical periods of homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, to homebuilding gross margin and homebuilding gross margin percentage, respectively, is presented in a table attached to this earnings release.

Adjusted pretax income (loss), which is defined as income (loss) before income taxes excluding land-related charges and loss (gain) on extinguishment of debt is a non-GAAP financial measure. This earnings release also presents adjusted pretax income adjusted to exclude the impact of incremental phantom stock expense. The most directly comparable GAAP financial measure is income (loss) before income taxes. The reconciliation for historical periods of adjusted pretax income (loss) to income (loss) before income taxes is presented in a table attached to this earnings release or elsewhere in this earnings release.

SG&A excluding the impact of incremental phantom stock expense is a non-GAAP financial measure. The most directly comparable GAAP financial measure is SG&A, to which SG&A excluding the impact of incremental phantom stock expense is reconciled herein.

Total liquidity is comprised of $218.3 million of cash and cash equivalents, $9.5 million of restricted cash required to collateralize letters of credit and $125.0 million availability under the senior secured revolving credit facility as of April 30, 2021.

FORWARD-LOOKING STATEMENTS

All statements in this press release that are not historical facts should be considered as “Forward-Looking Statements” within the meaning of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Company’s goals and expectations with respect to its financial results for future financial periods. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1) the outbreak and spread of COVID-19 and the measures that governments, agencies, law enforcement and/or health authorities implement to address it; (2) changes in general and local economic, industry and business conditions and impacts of a significant homebuilding downturn; (3) adverse weather and other environmental conditions and natural disasters; (4) the seasonality of the Company’s business; (5) the availability and cost of suitable land and improved lots and sufficient liquidity to invest in such land and lots; (6) shortages in, and price fluctuations of, raw materials and labor, including due to changes in trade policies and the imposition of tariffs and duties on homebuilding materials and products and related trade disputes with, and retaliatory measures taken by, other countries; (7) reliance on, and the performance of, subcontractors; (8) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (9) increases in cancellations of agreements of sale; (10) fluctuations in interest rates and the availability of mortgage financing; (11) changes in tax laws affecting the after-tax costs of owning a home; (12) legal claims brought against us and not resolved in our favor, such as product liability litigation, warranty claims and claims made by mortgage investors; (13) levels of competition; (14) utility shortages and outages or rate fluctuations; (15) information technology failures and data security breaches; (16) negative publicity; (17) high leverage and restrictions on the Company’s operations and activities imposed by the agreements governing the Company’s outstanding indebtedness; (18) availability and terms of financing to the Company; (19) the Company’s sources of liquidity; (20) changes in credit ratings; (21) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (22) operations through unconsolidated joint ventures with third parties; (23) significant influence of the Company’s controlling stockholders; (24) availability of net operating loss carryforwards; (25) loss of key management personnel or failure to attract qualified personnel; and (26) certain risks, uncertainties and other factors described in detail in the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2020 and the Company’s Quarterly Reports on Form 10-Q for the quarterly periods during fiscal 2021 and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason.


Hovnanian Enterprises, Inc.
April 30, 2021
Statements of consolidated operations
(In thousands, except per share data)
   Three Months Ended Six Months Ended
   April 30, April 30,
    2021     2020     2021     2020   
   (Unaudited) (Unaudited)
Total revenues$703,162  $538,351  $1,277,826  $1,032,407 
Costs and expenses (1) 674,771   540,219   1,231,766   1,052,707 
(Loss) gain on extinguishment of debt -   (174)  -   9,282 
Income from unconsolidated joint ventures 2,641   6,221   4,557   7,761 
Income (loss) before income taxes 31,032   4,179   50,617   (3,257)
Income tax (benefit) provision (457,644)  100   (457,018)  1,812 
Net income (loss)$488,676  $4,079  $507,635  $(5,069)
          
Per share data:       
Basic:        
 Net income (loss) per common share$71.11  $0.63  $74.00  $(0.82)
 Weighted average number of common shares outstanding (2) 6,248   6,172   6,236   6,166 
Assuming dilution:       
 Net income (loss) per common share$69.65  $0.60  $72.71  $(0.82)
 Weighted average number of common shares outstanding (2) 6,368   6,432   6,331   6,166 
 
(1) Includes inventory impairment loss and land option write-offs.
(2) For periods with a net (loss), basic shares are used in accordance with GAAP rules.
 
 
Hovnanian Enterprises, Inc.
April 30, 2021
Reconciliation of income (loss) before income taxes excluding land-related charges and loss (gain) on extinguishment of debt to income (loss) before income taxes
(In thousands)
 
   Three Months Ended Six Months Ended
   April 30, April 30,
    2021     2020     2021     2020   
   (Unaudited) (Unaudited)
Income (loss) before income taxes$31,032  $4,179  $50,617  $(3,257)
Inventory impairment loss and land option write-offs 81   1,010   1,958   3,838 
Loss (gain) on extinguishment of debt -   174   -   (9,282)
Income (loss) before income taxes excluding land-related charges and loss (gain) on extinguishment of debt (1)$31,113  $5,363  $52,575  $(8,701)
 
(1) Income (loss) before income taxes excluding land-related charges and loss (gain) on extinguishment of debt is a non-GAAP financial measure. The most directly comparable GAAP financial measure is income (loss) before income taxes.


Hovnanian Enterprises, Inc.
April 30, 2021
Gross margin
(In thousands)
  Homebuilding Gross Margin Homebuilding Gross Margin
  Three Months Ended Six Months Ended
  April 30, April 30,
   2021     2020     2021     2020   
  (Unaudited) (Unaudited)
Sale of homes $679,515   $523,347   $1,230,880   $1,002,580  
Cost of sales, excluding interest expense and land charges (1)  535,017    427,944    972,389    824,262  
Homebuilding gross margin, before cost of sales interest expense and land charges (2)  144,498    95,403    258,491    178,318  
Cost of sales interest expense, excluding land sales interest expense  21,704    18,537    38,421    36,673  
Homebuilding gross margin, after cost of sales interest expense, before land charges (2)  122,794    76,866    220,070    141,645  
Land charges  81    1,010    1,958    3,838  
Homebuilding gross margin $122,713   $75,856   $218,112   $137,807  
         
Homebuilding Gross margin percentage  18.1%   14.5%   17.7%   13.7% 
Homebuilding Gross margin percentage, before cost of sales interest expense and land charges (2)  21.3%   18.2%   21.0%   17.8% 
Homebuilding Gross margin percentage, after cost of sales interest expense, before land charges (2)  18.1%   14.7%   17.9%   14.1% 
 
  Land Sales Gross Margin Land Sales Gross Margin
  Three Months Ended Six Months Ended
  April 30, April 30,
   2021     2020     2021     2020   
  (Unaudited) (Unaudited)
Land and lot sales $1,549   $50   $4,911   $75  
Land and lot sales cost of sales, excluding interest and land charges (1)  1,517    83    3,783    120  
Land and lot sales gross margin, excluding interest and land charges  32    (33)  1,128    (45)
Land and lot sales interest  21    52    469    52  
Land and lot sales gross margin, including interest and excluding land charges $11   $(85) $659   $(97)
 
 
(1) Does not include cost associated with walking away from land options or inventory impairment losses which are recorded as Inventory impairment loss and land option write-offs in the Condensed Consolidated Statements of Operations.

(2) Homebuilding gross margin, before cost of sales interest expense and land charges, and homebuilding gross margin percentage, before cost of sales interest expense and land charges, are non-GAAP financial measures. The most directly comparable GAAP financial measures are homebuilding gross margin and homebuilding gross margin percentage, respectively.


Hovnanian Enterprises, Inc.
April 30, 2021
Reconciliation of adjusted EBITDA to net income (loss)
(In thousands)
 Three Months Ended Six Months Ended
 April 30, April 30,
  2021     2020    2021     2020   
 (Unaudited) (Unaudited)
Net income (loss)$488,676  $4,079 $507,635  $(5,069)
Income tax (benefit) provision (457,644)  100  (457,018)  1,812 
Interest expense 43,758   45,458  84,898   88,597 
EBIT (1) 74,790   49,637  135,515   85,340 
Depreciation and amortization 1,484   1,263  2,822   2,542 
EBITDA (2) 76,274   50,900  138,337   87,882 
Inventory impairment loss and land option write-offs 81   1,010  1,958   3,838 
Loss (gain) on extinguishment of debt -   174  -   (9,282)
Adjusted EBITDA (3)$76,355  $52,084 $140,295  $82,438 
        
Interest incurred$41,870  $45,323 $83,327  $89,657 
        
Adjusted EBITDA to interest incurred 1.82   1.15  1.68   0.92 
 
 
(1) EBIT is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income (loss). EBIT represents earnings before interest expense and income taxes.

(2) EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income (loss). EBITDA represents earnings before interest expense, income taxes, depreciation and amortization.

(3) Adjusted EBITDA is a non-GAAP financial measure. The most directly comparable GAAP financial measure is net income (loss). Adjusted EBITDA represents earnings before interest expense, income taxes, depreciation, amortization, inventory impairment loss and land option write-offs and (loss) gain on extinguishment of debt.
 
 
Hovnanian Enterprises, Inc.       
April 30, 2021       
Interest incurred, expensed and capitalized       
(In thousands)       
 Three Months Ended Six Months Ended
 April 30, April 30,
  2021     2020    2021     2020   
 (Unaudited) (Unaudited)
Interest capitalized at beginning of period$65,327  $67,879 $65,010  $71,264 
Plus interest incurred 41,870   45,323  83,327   89,657 
Less interest expensed 43,758   45,458  84,898   88,597 
Less interest contributed to unconsolidated joint venture (1) 3,667   -  3,667   4,580 
Interest capitalized at end of period (2)$59,772  $67,744 $59,772  $67,744 
 
(1) Represents capitalized interest which was included as part of the assets contributed to joint ventures the company entered into in April 2021 and December 2019 during the six months ended April 30, 2021 and 2020, respectively. There was no impact to the Condensed Consolidated Statement of Operations as a result of these transactions.

(2) Capitalized interest amounts are shown gross before allocating any portion of impairments to capitalized interest.


HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In Thousands)

  April 30,  October 31, 
  2021  2020  
ASSETS  (Unaudited)  (1) 
Homebuilding:        
Cash and cash equivalents  $218,321   $262,489 
Restricted cash and cash equivalents   12,753    14,731 
Inventories:        
Sold and unsold homes and lots under development   1,029,089    921,594 
Land and land options held for future development or sale   102,370    91,957 
Consolidated inventory not owned   125,414    182,224 
Total inventories   1,256,873    1,195,775 
Investments in and advances to unconsolidated joint ventures   112,505    103,164 
Receivables, deposits and notes, net   34,102    33,686 
Property, plant and equipment, net   17,828    18,185 
Prepaid expenses and other assets   56,712    58,705 
Total homebuilding   1,709,094    1,686,735 
         
Financial services   169,708    140,607 
         
Deferred tax assets, net   459,186    - 
Total assets  $2,337,988   $1,827,342 
         
LIABILITIES AND EQUITY        
Homebuilding:        
Nonrecourse mortgages secured by inventory, net of debt issuance costs  $113,861   $135,122 
Accounts payable and other liabilities   379,381    359,274 
Customers’ deposits   65,930    48,286 
Liabilities from inventory not owned, net of debt issuance costs   90,430    131,204 
Senior notes and credit facilities (net of discounts, premiums and debt issuance costs)   1,429,324    1,431,110 
Accrued Interest   35,321    35,563 
Total homebuilding   2,114,247    2,140,559 
         
Financial services   148,439    119,045 
Income taxes payable   2,588    3,832 
Total liabilities   2,265,274    2,263,436 
         
Equity:        
Hovnanian Enterprises, Inc. stockholders' equity deficit:        
Preferred stock, $0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of $140,000 at April 30, 2021 and October 31, 2020   135,299    135,299 
Common stock, Class A, $0.01 par value - authorized 16,000,000 shares; issued 6,030,903 shares at April 30, 2021 and 5,990,310 shares at October 31, 2020   60    60 
Common stock, Class B, $0.01 par value (convertible to Class A at time of sale) - authorized 2,400,000 shares; issued 657,554 shares at April 30, 2021 and 649,886 shares at October 31, 2020   7    7 
Paid in capital - common stock   719,347    718,110 
Accumulated deficit   (667,410)   (1,175,045)
Treasury stock - at cost – 470,430 shares of Class A common stock and 27,669 shares of Class B common stock at April 30, 2021 and October 31, 2020   (115,360)   (115,360)
Total Hovnanian Enterprises, Inc. stockholders’ equity (deficit)   71,943    (436,929)
Noncontrolling interest in consolidated joint ventures   771    835 
Total equity (deficit)   72,714    (436,094)
Total liabilities and equity  $2,337,988   $1,827,342 

(1)   Derived from the audited balance sheet as of October 31, 2020.

HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands Except Per Share Data)
(Unaudited)
  

  Three Months Ended April 30,  Six Months Ended April 30, 
  2021  2020  2021  2020 
Revenues:                
Homebuilding:                
Sale of homes  $679,515   $523,347   $1,230,880   $1,002,580 
Land sales and other revenues   1,919    643    5,721    1,452 
Total homebuilding   681,434    523,990    1,236,601    1,004,032 
Financial services   21,728    14,361    41,225    28,375 
Total revenues   703,162    538,351    1,277,826    1,032,407 
                 
Expenses:                
Homebuilding:                
Cost of sales, excluding interest   536,534    428,027    976,172    824,382 
Cost of sales interest   21,725    18,589    38,890    36,725 
Inventory impairment loss and land option write-offs   81    1,010    1,958    3,838 
Total cost of sales   558,340    447,626    1,017,020    864,945 
Selling, general and administrative   42,204    40,605    82,429    81,279 
Total homebuilding expenses   600,544    488,231    1,099,449    946,224 
                 
Financial services   11,361    9,630    21,715    19,184 
Corporate general and administrative   40,382    15,275    63,865    35,019 
Other interest   22,033    26,869    46,008    51,872 
Other operations   451    214    729    408 
Total expenses   674,771    540,219    1,231,766    1,052,707 
(Loss) gain on extinguishment of debt   -    (174)   -    9,282 
Income from unconsolidated joint ventures   2,641    6,221    4,557    7,761 
Income (loss) before income taxes   31,032    4,179    50,617    (3,257)
State and federal income tax (benefit) provision:                
State   (91,374)   100    (90,748)   1,812 
Federal   (366,270)   -    (366,270)   - 
Total income taxes   (457,644)   100    (457,018)   1,812 
Net income (loss)  $488,676   $4,079   $507,635   $(5,069)
                 
Per share data:                
Basic:                
Net income (loss) per common share  $71.11   $0.63   $74.00   $(0.82)
Weighted-average number of common shares outstanding   6,248    6,172    6,236    6,166 
Assuming dilution:                
Net income (loss) per common share  $69.65   $0.60   $72.71   $(0.82)
Weighted-average number of common shares outstanding   6,368    6,432    6,331    6,166 


HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)
(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)
 
  Contracts (1)DeliveriesContract
  Three Months EndedThree Months EndedBacklog
  April 30,April 30,April 30,
   2021 2020% Change 2021 2020% Change 2021 2020% Change
 Northeast           
 (NJ, PA)Home 64 66(3.0)%  42 94(55.3)%  142 10634.0% 
 Dollars$49,948$23,266114.7% $28,686$46,791(38.7)% $105,828$50,771108.4% 
 Avg. Price$780,438$352,515121.4% $683,000$497,77737.2% $745,268$478,97255.6% 
 Mid-Atlantic          
 (DE, MD, VA, WV)Home 242 247(2.0)%  216 16828.6%  585 42936.4% 
 Dollars$152,237$128,65218.3% $112,124$89,67725.0% $350,183$228,62253.2% 
 Avg. Price$629,079$520,85820.8% $519,093$533,792(2.8)% $598,603$532,91812.3% 
 Midwest          
 (IL, OH)Home 225 17429.3%  203 18410.3%  673 46843.8% 
 Dollars$80,541$54,50147.8% $64,010$56,54313.2% $208,841$132,52357.6% 
 Avg. Price$357,960$313,22414.3% $315,320$307,2992.6% $310,314$283,1699.6% 
 Southeast           
 (FL, GA, SC)Home 153 10940.4%  167 12731.5%  392 28736.6% 
 Dollars$66,485$48,50837.1% $80,863$56,31743.6% $185,139$131,69540.6% 
 Avg. Price$434,542$445,028(2.4)% $484,210$443,4419.2% $472,293$458,8682.9% 
 Southwest          
 (AZ, TX)Home 829 58242.4%  633 51522.9%  1,416 76585.1% 
 Dollars$319,618$187,49370.5% $217,165$170,48527.4% $540,321$262,634105.7% 
 Avg. Price$385,546$322,15319.7% $343,073$331,0393.6% $381,583$343,31211.1% 
 West          
 (CA)Home 258 309(16.5)%  357 23750.6%  689 328110.1% 
 Dollars$151,571$139,4188.7% $176,667$103,53470.6% $384,089$151,812153.0% 
 Avg. Price$587,484$451,19130.2% $494,866$436,85213.3% $557,459$462,84120.4% 
 Consolidated Total          
 Home 1,771 1,48719.1%  1,618 1,32522.1%  3,897 2,38363.5% 
 Dollars$820,400$581,83841.0% $679,515$523,34729.8% $1,774,401$958,05785.2% 
 Avg. Price$463,241$391,28218.4% $419,972$394,9796.3% $455,325$402,03813.3% 
 Unconsolidated Joint Ventures (2)          
 (excluding KSA JV)Home 189 15521.9%  155 188(17.6)%  476 30357.1% 
 Dollars$109,806$82,89032.5% $91,067$112,196(18.8)% $266,673$175,81751.7% 
 Avg. Price$580,984$534,7748.6% $587,529$596,787(1.6)% $560,238$580,254(3.4)% 
 Grand Total          
 Home 1,960 1,64219.4%  1,773 1,51317.2%  4,373 2,68662.8% 
 Dollars$930,206$664,72839.9% $770,582$635,54321.2% $2,041,074$1,133,87480.0% 
 Avg. Price$474,595$404,82817.2% $434,620$420,0553.5% $466,745$422,14210.6% 
 
KSA JV Only          
 Home 146 284(48.6)%  0 00.0%  1,451 581149.7% 
 Dollars$22,805$44,393(48.6)% $0$00.0% $227,851$91,551148.9% 
 Avg. Price$156,199$156,317(0.1)% $0$00.0% $157,030$157,575(0.3)% 
 
DELIVERIES INCLUDE EXTRAS
Notes:
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.
(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.


HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)
(SEGMENT DATA EXCLUDES UNCONSOLIDATED JOINT VENTURES)
 
  Contracts (1)DeliveriesContract
  Six Months EndedSix Months EndingBacklog
  April 30,April 30,April 30,
   2021 2020% Change 2021 2020% Change 2021 2020% Change
 Northeast           
 (NJ, PA)Home 107 129(17.1)%  95 175(45.7)%  142 10634.0% 
 Dollars$83,618$56,26948.6% $59,902$92,055(34.9)% $105,828$50,771108.4% 
 Avg. Price$781,477$436,19479.2% $630,547$526,02919.9% $745,268$478,97255.6% 
 Mid-Atlantic          
 (DE, MD, VA, WV)Home 471 4309.5%  392 32321.4%  585 42936.4% 
 Dollars$296,718$222,35433.4% $205,035$177,26615.7% $350,183$228,62253.2% 
 Avg. Price$629,975$517,10221.8% $523,048$548,811(4.7)% $598,603$532,91812.3% 
 Midwest          
 (IL, OH)Home 463 36128.3%  386 34312.5%  673 46843.8% 
 Dollars$159,927$112,77741.8% $120,603$102,93517.2% $208,841$132,52357.6% 
 Avg. Price$345,417$312,40210.6% $312,443$300,1024.1% $310,314$283,1699.6% 
 Southeast           
 (FL, GA, SC)Home 363 26437.5%  269 22420.1%  392 28736.6% 
 Dollars$164,679$115,66642.4% $126,511$92,99736.0% $185,139$131,69540.6% 
 Avg. Price$453,661$438,1293.5% $470,301$415,16513.3% $472,293$458,8682.9% 
 Southwest          
 (AZ, TX)Home 1,565 1,11041.0%  1,215 1,00820.5%  1,416 76585.1% 
 Dollars$587,443$365,92660.5% $407,347$334,18821.9% $540,321$262,634105.7% 
 Avg. Price$375,363$329,66313.9% $335,265$331,5361.1% $381,583$343,31211.1% 
 West          
 (CA)Home 580 51512.6%  646 48832.4%  689 328110.1% 
 Dollars$325,685$230,25041.4% $311,482$203,13953.3% $384,089$151,812153.0% 
 Avg. Price$561,524$447,08725.6% $482,170$416,26815.8% $557,459$462,84120.4% 
 Consolidated Total          
 Home 3,549 2,80926.3%  3,003 2,56117.3%  3,897 2,38363.5% 
 Dollars$1,618,070$1,103,24246.7% $1,230,880$1,002,58022.8% $1,774,401$958,05785.2% 
 Avg. Price$455,923$392,75316.1% $409,883$391,4804.7% $455,325$402,03813.3% 
 Unconsolidated Joint Ventures (2)          
 (excluding KSA JV)Home 373 32514.8%  274 337(18.7)%  476 30357.1% 
 Dollars$211,713$189,80711.5% $162,180$198,545(18.3)% $266,673$175,81751.7% 
 Avg. Price$567,598$584,022(2.8)% $591,898$589,1540.5% $560,237$580,254(3.4)% 
 Grand Total          
 Home 3,922 3,13425.1%  3,277 2,89813.1%  4,373 2,68662.8% 
 Dollars$1,829,783$1,293,04941.5% $1,393,060$1,201,12516.0% $2,041,074$1,133,87480.0% 
 Avg. Price$466,544$412,58713.1% $425,102$414,4672.6% $466,745$422,14210.6% 
 
 KSA JV Only          
 Home 359 379(5.3)%  0 00.0%  1,451 581149.7% 
 Dollars$56,178$59,234(5.2)% $0$00.0% $227,851$91,551148.9% 
 Avg. Price$156,485$156,2900.1% $0$00.0% $157,030$157,575(0.3)% 
 
DELIVERIES INCLUDE EXTRAS
Notes:
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.
(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.


HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)
(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)
(UNAUDITED)
 
  Contracts (1)DeliveriesContract
  Three Months EndedThree Months EndedBacklog
  April 30,April 30,April 30,
   2021  2020% Change 2021 2020% Change 2021 2020% Change
 Northeast          
 (unconsolidated joint ventures)Home 14  34(58.8)%  17 56(69.6)%  14 61(77.0)% 
 (excluding KSA JV)Dollars$16,977 $25,083(32.3)% $23,813$48,259(50.7)% $17,839$48,707(63.4)% 
 (NJ, PA)Avg. Price$1,212,643 $737,73564.4% $1,400,765$861,76862.5% $1,274,214$798,47559.6% 
 Mid-Atlantic          
 (unconsolidated joint ventures)Home 26  1752.9%  33 1973.7%  127 45182.2% 
 (DE, MD, VA, WV)Dollars$14,962 $8,60973.8% $17,923$9,53688.0% $75,401$23,133225.9% 
 Avg. Price$575,462 $506,41213.6% $543,121$501,8958.2% $593,709$514,06715.5% 
 Midwest          
 (unconsolidated joint ventures)Home 0  4(100.0)%  0 6(100.0)%  0 3(100.0)% 
 (IL, OH)Dollars$0 $1,754(100.0)% $0$2,859(100.0)% $0$1,363(100.0)% 
 Avg. Price$0 $438,500(100.0)% $0$476,667(100.0)% $0$454,333(100.0)% 
 Southeast          
 (unconsolidated joint ventures)Home 127  8254.9%  70 6016.7%  272 13798.5% 
 (FL, GA, SC)Dollars$69,362 $37,30985.9% $33,510$27,67821.1% $145,096$68,550111.7% 
 Avg. Price$546,157 $454,98820.0% $478,714$461,3003.8% $533,441$500,3656.6% 
 Southwest          
 (unconsolidated joint ventures)Home 0  10(100.0)%  14 27(48.1)%  21 46(54.3)% 
 (AZ, TX)Dollars$(17) $7,421(100.2)% $8,441$17,026(50.4)% $12,758$29,973(57.4)% 
 Avg. Price$0 $742,100(100.0)% $602,929$630,593(4.4)% $607,524$651,587(6.8)% 
 West          
 (unconsolidated joint ventures)Home 22  8175.0%  21 205.0%  42 11281.8% 
 (CA)Dollars$8,522 $2,714214.0% $7,380$6,8387.9% $15,579$4,091280.8% 
 Avg. Price$387,364 $339,25014.2% $351,429$341,9002.8% $370,929$371,909(0.3)% 
 Unconsolidated Joint Ventures (2)          
 (excluding KSA JV)Home 189  15521.9%  155 188(17.6)%  476 30357.1% 
 Dollars$109,806 $82,89032.5% $91,067$112,196(18.8)% $266,673$175,81751.7% 
 Avg. Price$580,984 $534,7748.6% $587,529$596,787(1.6)% $560,237$580,254(3.4)% 
 
 KSA JV Only          
 Home 146  284(48.6)%  0 00.0%  1,451 581149.7% 
 Dollars$22,805 $44,393(48.6)% $0$00.0% $227,851$91,551148.9% 
 Avg. Price$156,199 $156,317(0.1)% $0$00.0% $157,030$157,575(0.3)% 
 
DELIVERIES INCLUDE EXTRAS
Notes:
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.
(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.


HOVNANIAN ENTERPRISES, INC.
(DOLLARS IN THOUSANDS EXCEPT AVG. PRICE)
(SEGMENT DATA UNCONSOLIDATED JOINT VENTURES ONLY)
(UNAUDITED)
 
  Contracts (1)DeliveriesContract
  Six Months EndedSix Months EndedBacklog
  April 30,April 30,April 30,
   2021 2020% Change 2021 2020% Change 2021 2020% Change
 Northeast          
 (unconsolidated joint ventures)Home 27 91(70.3)%  31 106(70.8)%  14 61(77.0)% 
 (excluding KSA JV)Dollars$34,812$70,383(50.5)% $41,508$85,355(51.4)% $17,839$48,707(63.4)% 
 (NJ, PA)Avg. Price$1,289,333$773,44066.7% $1,338,968$805,23666.3% $1,274,214$798,47559.6% 
 Mid-Atlantic          
 (unconsolidated joint ventures)Home 49 3444.1%  63 31103.2%  127 45182.2% 
 (DE, MD, VA, WV)Dollars$28,288$17,87458.3% $32,324$15,716105.7% $75,401$23,133225.9% 
 Avg. Price$577,306$525,7069.8% $513,079$506,9681.2% $593,709$514,06715.5% 
 Midwest          
 (unconsolidated joint ventures)Home 1 10(90.0)%  1 10(90.0)%  0 3(100.0)% 
 (IL, OH)Dollars$409$4,648(91.2)% $409$4,569(91.0)% $0$1,363(100.0)% 
 Avg. Price$409,000$464,800(12.0)% $409,000$456,900(10.5)% $0$454,333(100.0)% 
 Southeast          
 (unconsolidated joint ventures)Home 244 119105.0%  121 10515.2%  272 13798.5% 
 (FL, GA, SC)Dollars$127,120$58,704116.5% $60,552$50,72719.4% $145,096$68,550111.7% 
 Avg. Price$520,984$493,3115.6% $500,430$483,1143.6% $533,441$500,3656.6% 
 Southwest          
 (unconsolidated joint ventures)Home 4 45(91.1)%  29 44(34.1)%  21 46(54.3)% 
 (AZ, TX)Dollars$3,135$29,219(89.3)% $17,180$27,565(37.7)% $12,758$29,973(57.4)% 
 Avg. Price$783,750$649,31120.7% $592,414$626,477(5.4)% $607,524$651,587(6.8)% 
 West          
 (unconsolidated joint ventures)Home 48 2684.6%  29 41(29.3)%  42 11281.8% 
 (CA)Dollars$17,949$8,97999.9% $10,207$14,613(30.2)% $15,579$4,091280.8% 
 Avg. Price$373,938$345,3468.3% $351,966$356,415(1.2)% $370,929$371,909(0.3)% 
 Unconsolidated Joint Ventures (2)          
 (excluding KSA JV)Home 373 32514.8%  274 337(18.7)%  476 30357.1% 
 Dollars$211,713$189,80711.5% $162,180$198,545(18.3)% $266,673$175,81751.7% 
 Avg. Price$567,595$584,022(2.8)% $591,898$589,1540.5% $560,237$580,254(3.4)% 
 
 KSA JV Only          
 Home 359 379(5.3)%  0 00.0%  1,451 581149.7% 
 Dollars$56,178$59,234(5.2)% $0$00.0% $227,851$91,551148.9% 
 Avg. Price$156,485$156,2900.1% $0$00.0% $157,030$157,575(0.3)% 
 
DELIVERIES INCLUDE EXTRAS
Notes:
(1) Contracts are defined as new contracts signed during the period for the purchase of homes, less cancellations of prior contracts.
(2) Represents home deliveries, home revenues and average prices for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated homebuilding joint ventures. Our proportionate share of the income or loss of unconsolidated homebuilding and land development joint ventures is reflected as a separate line item in our consolidated financial statements under “Income from unconsolidated joint ventures”.


   
Contact:J. Larry SorsbyJeffrey T. O’Keefe
 Executive Vice President & CFOVice President, Investor Relations
 732-747-7800732-747-7800
   

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Financials (USD)
Sales 2020 2 344 M - -
Net income 2020 50,9 M - -
Net Debt 2020 1 412 M - -
P/E ratio 2020 4,52x
Yield 2020 -
Capitalization 515 M 515 M -
EV / Sales 2019 0,91x
EV / Sales 2020 0,68x
Nbr of Employees 1 697
Free-Float 69,8%
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Managers and Directors
Ara K. Hovnanian Chairman, President & Chief Executive Officer
J. Larry Sorsby Chief Financial Officer, Director & Executive VP
Paul Marabella Chief Information Officer & Vice President
Edward A. Kangas Independent Director
Robert B. Coutts Independent Director
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