PULTEGROUP INCMI
For the period ended Dec 31, 2024. Filed Feb 6, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2024 · Filed Feb 6, 2025
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K
For the fiscal year ended December 31, 2024
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the Transition Period From ______ To ______
Commission File Number 1-9804
(Exact name of registrant as specified in its charter)
| Michigan | 38-2766606 |
|---|---|
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 3350 Peachtree Road NE, Suite 1500 | ||
|---|---|---|
| Atlanta, | Georgia | 30326 |
| (Address of principal executive offices) (Zip Code) | ||
| Registrant’s telephone number, including area code: | 404 | 978-6400 |
|---|
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered |
|---|---|---|
| Common Shares, par value $0.01 | PHM | New York Stock Exchange |
| Series A Junior Participating Preferred Share Purchase Rights | New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act:
NONE
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No☐
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes☐ No ☒
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act
| Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company |
|---|---|---|---|---|
| ☒ | ☐ | ☐ | ☐ | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]
Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☑
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐ No☒
The aggregate market value of the registrant’s voting shares held by nonaffiliates of the registrant as of June 30, 2024, based on the closing sale price per share as reported by the New York Stock Exchange on such date, was approximately $22.8 billion. As of January 23, 2025, the registrant had 202,457,952 shares of common shares outstanding.
Documents Incorporated by Reference
Applicable portions of the Proxy Statement for the 2025 Annual Meeting of Shareholders are incorporated by reference in Part III of this Form.
TABLE OF CONTENTS
| ItemNo. · PageNo. | ||
|---|---|---|
| Part I | ||
| 1 | Business | 3 |
| 1A | Risk Factors | 10 |
| 1B | Unresolved Staff Comments | 18 |
| 1C | Cybersecurity | 18 |
| 2 | Properties | 19 |
| 3 | Legal Proceedings | 19 |
| 4 | Mine Safety Disclosures | 19 |
| Part II | ||
| 5 | Market for the Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities | 19 |
| 6 | [Reserved] | 21 |
| 7 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 22 |
| 7A | Quantitative and Qualitative Disclosures About Market Risk | 38 |
| 8 | Financial Statements and Supplementary Data | 41 |
| 9 | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 70 |
| 9A | Controls and Procedures | 70 |
| 9B | Other Information | 72 |
| 9C | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 72 |
| Part III | ||
| 10 | Directors, Executive Officers and Corporate Governance | 72 |
| 11 | Executive Compensation | 72 |
| 12 | Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters | 73 |
| 13 | Certain Relationships and Related Transactions, and Director Independence | 73 |
| 14 | Principal Accountant Fees and Services | 73 |
| Part IV | ||
| 15 | Exhibits and Financial Statement Schedules | 74 |
| Signatures | 78 | |
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