The company said net new orders for Q1 2024 rose 14% in units and 24% in dollars from the prior year period, and closings increased 11%. Home sale gross margins were 29.6%, compared with 29.1% a year earlier.

1. 01

   The company said net new orders for Q1 2024 rose 14% in units and 24% in dollars from the prior year period, and closings increased 11%. Home sale gross margins were 29.6%, compared with 29.1% a year earlier.

2. 02

   The company said SG&A for Q1 2024 reflected insurance reserve reversals of $26.8 million, and equity income included a gain of $37.7 million related to the sale of a minority interest in a joint venture. SG&A was 9.4% of home sale revenues.

3. 03

   The company said that as of March 31, 2024, it had unrestricted cash and equivalents of $1.7 billion, restricted cash of $46.5 million, and $1.0 billion available under its Revolving Credit Facility. Excluding Financial Services debt, its debt-to-total capitalization ratio was 15.4% (compared with 15.9% as of December 31, 2023).

4. 04

   The company said it repurchased 2.3 million shares for $245.8 million in Q1 2024 and declared cash dividends of $42.6 million. It said net cash provided by operating activities in the same quarter was $239.8 million.

Key figures

Quarter ended March 31, 2024

Revenue

$3.9B

Net income

$663M

EPS

$3.10

Operating cash flow

$240M

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.