PULTEGROUP INCMI
For the period ended Dec 31, 2023. Filed Feb 5, 2024.
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FY2023 · Filed Feb 5, 2024
PHM$130.60-3.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Financial Statements and Supplementary Data
December 31, 2023 and 2022
($000’s omitted, except per share data)
| 2023 | 2022 | |
|---|---|---|
| ASSETS | ||
| Cash and equivalents | $1,806,583 | $1,053,104 |
| Restricted cash | 42,594 | 41,449 |
| Total cash, cash equivalents, and restricted cash | 1,849,177 | 1,094,553 |
| House and land inventory | 11,795,370 | 11,326,017 |
| Land held for sale | 23,831 | 42,254 |
| Residential mortgage loans available-for-sale | 516,064 | 677,207 |
| Investments in unconsolidated entities | 166,913 | 146,759 |
| Other assets | 1,545,667 | 1,291,572 |
| Goodwill | 68,930 | 68,930 |
| Intangible assets | 56,338 | 66,875 |
| Deferred tax assets | 64,760 | 82,348 |
| $16,087,050 | $14,796,515 | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Liabilities: | ||
| Accounts payable, including book overdrafts of $117,212 and $87,578 at December 31, 2023 and 2022, respectively | $619,012 | $565,975 |
| Customer deposits | 675,091 | 783,556 |
| Deferred tax liabilities | 302,155 | 215,446 |
| Accrued and other liabilities | 1,645,690 | 1,685,202 |
| Financial Services debt | 499,627 | 586,711 |
| Notes payable | 1,962,218 | 2,045,527 |
| Total liabilities | 5,703,793 | 5,882,417 |
| Shareholders’ equity: | ||
| Preferred shares, $0.01 par value; 25,000,000 shares authorized, none issued | $— | $— |
| Common shares, $0.01 par value; 500,000,000 shares authorized, 212,557,522 and 225,840,443 shares issued and outstanding at December 31, 2023 and 2022, respectively | 2,126 | 2,258 |
| Additional paid-in capital | 3,368,407 | 3,330,138 |
| Retained earnings | 7,012,724 | 5,581,702 |
| Total shareholders’ equity | 10,383,257 | 8,914,098 |
| $16,087,050 | $14,796,515 | |
(000’s omitted, except per share data)
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Revenues: | |||
| Homebuilding | |||
| Home sale revenues | $15,598,707 | $15,548,119 | $13,186,925 |
| Land sale and other revenues | 142,116 | 143,144 | 160,538 |
| 15,740,823 | 15,691,263 | 13,347,463 | |
| Financial Services | 320,755 | 311,716 | 389,532 |
| Total revenues | 16,061,578 | 16,002,979 | 13,736,995 |
| Homebuilding Cost of Revenues: | |||
| Home sale cost of revenues | (11,030,206) | (10,867,879) | (9,652,074) |
| Land sale and other cost of revenues | (124,607) | (119,906) | (134,013) |
| (11,154,813) | (10,987,785) | (9,786,087) | |
| Financial Services expenses | (187,280) | (180,696) | (168,486) |
| Selling, general, and administrative expenses | (1,312,642) | (1,381,222) | (1,208,698) |
| Equity income from unconsolidated entities, net | 4,561 | 50,680 | 17,200 |
| Gain (loss) on debt retirement | 663 | — | (61,469) |
| Other income (expense), net | 37,200 | (64,398) | (19,610) |
| Income before income taxes | 3,449,267 | 3,439,558 | 2,509,845 |
| Income tax expense | (846,895) | (822,241) | (563,525) |
| Net income | $2,602,372 | $2,617,317 | $1,946,320 |
| Net income per share: | |||
| Basic | $11.79 | $11.07 | $7.44 |
| Diluted | $11.72 | $11.01 | $7.43 |
| Cash dividends declared | $0.68 | $0.61 | $0.57 |
| Number of shares used in calculation: | |||
| Basic | 219,958 | 235,010 | 259,285 |
| Effect of dilutive securities | 1,205 | 1,156 | 643 |
| Diluted | 221,163 | 236,166 | 259,928 |
($000’s omitted)
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Net income | $2,602,372 | $2,617,317 | $1,946,320 |
| Other comprehensive income, net of tax: | |||
| Change in value of derivatives | — | 45 | 100 |
| Other comprehensive income | — | 45 | 100 |
| Comprehensive income | $2,602,372 | $2,617,362 | $1,946,420 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(000’s omitted)
| Common Shares · AdditionalPaid-inCapital · AccumulatedOtherComprehensiveIncome(Loss) · RetainedEarnings · Total | ||||||
|---|---|---|---|---|---|---|
| Shares | $ | |||||
| Shareholders' equity, December 31, 2020 | 266,464 | $2,665 | $3,261,412 | $(145) | $3,306,057 | $6,569,989 |
| Stock option exercises | 1 | — | 11 | — | — | 11 |
| Share issuances | 525 | 5 | 4,176 | — | — | 4,181 |
| Dividends declared | — | — | — | — | (148,133) | (148,133) |
| Share repurchases | (17,664) | (177) | — | — | (897,126) | (897,303) |
| Cash paid for shares withheld for taxes | — | — | — | — | (10,842) | (10,842) |
| Share-based compensation | — | — | 25,192 | — | — | 25,192 |
| Net income | — | — | — | — | 1,946,320 | 1,946,320 |
| Other comprehensive income | — | — | — | 100 | — | 100 |
| Shareholders' equity, December 31, 2021 | 249,326 | $2,493 | $3,290,791 | $(45) | $4,196,276 | $7,489,515 |
| Share issuances | 676 | 7 | 6,024 | — | — | 6,031 |
| Dividends declared | — | — | — | — | (143,134) | (143,134) |
| Share repurchases | (24,162) | (242) | — | — | (1,074,431) | (1,074,673) |
| Cash paid for shares withheld for taxes | — | — | — | — | (14,326) | (14,326) |
| Share-based compensation | — | — | 33,323 | — | — | 33,323 |
| Net income | — | — | — | — | 2,617,317 | 2,617,317 |
| Other comprehensive income | — | — | — | 45 | — | 45 |
| Shareholders' equity, December 31, 2022 | 225,840 | $2,258 | $3,330,138 | $— | $5,581,702 | $8,914,098 |
| Share issuances | 511 | 6 | 4,835 | — | — | 4,841 |
| Dividends declared | — | — | — | — | (149,806) | (149,806) |
| Share repurchases | (13,793) | (138) | — | — | (999,862) | (1,000,000) |
| Excise tax on share repurchases | — | — | — | — | (9,691) | (9,691) |
| Cash paid for shares withheld for taxes | — | — | — | — | (11,991) | (11,991) |
| Share-based compensation | — | — | 33,434 | — | — | 33,434 |
| Net income | — | — | — | — | 2,602,372 | 2,602,372 |
| Shareholders' equity, December 31, 2023 | 212,558 | $2,126 | $3,368,407 | $— | $7,012,724 | $10,383,257 |
($000’s omitted)
| 2023 | 2022 | 2021 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $2,602,372 | $2,617,317 | $1,946,320 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Deferred income tax expense | 104,266 | 106,584 | 59,168 |
| Land-related charges | 43,115 | 66,656 | 12,302 |
| (Gain) loss on debt retirement | (663) | — | 61,469 |
| Depreciation and amortization | 80,824 | 70,918 | 69,953 |
| Equity income from unconsolidated entities | (4,561) | (50,680) | (17,200) |
| Distributions of earnings from unconsolidated entities | 4,564 | 49,151 | 2,110 |
| Share-based compensation expense | 48,200 | 42,989 | 36,745 |
| Other, net | (758) | 1,431 | 1,586 |
| Increase (decrease) in cash due to: | |||
| Inventories | (354,016) | (2,256,690) | (1,266,398) |
| Residential mortgage loans available-for-sale | 160,934 | 266,310 | (382,813) |
| Other assets | (290,631) | (140,761) | (159,906) |
| Accounts payable, accrued and other liabilities | (196,884) | (104,759) | 640,685 |
| Net cash provided by operating activities | 2,196,762 | 668,466 | 1,004,021 |
| Cash flows from investing activities: | |||
| Capital expenditures | (92,201) | (112,661) | (72,781) |
| Investments in unconsolidated entities | (23,403) | (64,701) | (101,591) |
| Distributions of capital from unconsolidated entities | 3,265 | 21,704 | 53,927 |
| Business acquisition | — | (10,400) | (10,400) |
| Other investing activities, net | (16,756) | (5,685) | 6,713 |
| Net cash used in investing activities | (129,095) | (171,743) | (124,132) |
| Cash flows from financing activities: | |||
| Repayments of notes payable | (123,290) | (4,856) | (836,893) |
| Borrowings under revolving credit facility | — | 2,869,000 | — |
| Repayments under revolving credit facility | — | (2,869,000) | — |
| Financial Services borrowings (repayments), net | (87,084) | (39,412) | 214,302 |
| Debt issuance costs | (1,572) | (11,167) | — |
| Proceeds from liabilities related to consolidated inventory not owned | 129,656 | 58,729 | — |
| Payments related to consolidated inventory not owned | (76,303) | (5,915) | — |
| Stock option exercises | — | — | 11 |
| Share repurchases | (1,000,000) | (1,074,673) | (897,303) |
| Cash paid for shares withheld for taxes | (11,991) | (14,326) | (10,842) |
| Dividends paid | (142,459) | (144,115) | (147,834) |
| Net cash used in financing activities | (1,313,043) | (1,235,735) | (1,678,559) |
| Net increase (decrease) | 754,624 | (739,012) | (798,670) |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,094,553 | 1,833,565 | 2,632,235 |
| Cash, cash equivalents, and restricted cash at end of period | $1,849,177 | $1,094,553 | $1,833,565 |
| Supplemental Cash Flow Information: | |||
| Interest paid (capitalized), net | $10,786 | $1,797 | $10,856 |
| Income taxes paid, net | $784,453 | $641,948 | $457,406 |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.