PULTEGROUP INCMI
For the period ended Dec 31, 2024. Filed Feb 6, 2025.
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FY2024 · Filed Feb 6, 2025
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, 2024 and 2023
($000’s omitted, except per share data)
| 2024 | 2023 | |
|---|---|---|
| ASSETS | ||
| Cash and equivalents | $1,613,327 | $1,806,583 |
| Restricted cash | 40,353 | 42,594 |
| Total cash, cash equivalents, and restricted cash | 1,653,680 | 1,849,177 |
| House and land inventory | 12,665,813 | 11,795,370 |
| Land held for sale | 27,007 | 23,831 |
| Residential mortgage loans available-for-sale | 629,582 | 516,064 |
| Investments in unconsolidated entities | 215,416 | 166,913 |
| Other assets | 2,001,991 | 1,545,667 |
| Goodwill | 68,930 | 68,930 |
| Intangible assets | 46,303 | 56,338 |
| Deferred tax assets | 55,041 | 64,760 |
| $17,363,763 | $16,087,050 | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||
| Liabilities: | ||
| Accounts payable, including book overdrafts of $112,639 and $117,212 at December 31, 2024 and 2023, respectively | $727,995 | $619,012 |
| Customer deposits | 512,580 | 675,091 |
| Deferred tax liabilities | 443,566 | 302,155 |
| Accrued and other liabilities | 1,412,166 | 1,645,690 |
| Financial Services debt | 526,906 | 499,627 |
| Notes payable | 1,618,586 | 1,962,218 |
| Total liabilities | 5,241,799 | 5,703,793 |
| 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, 202,912,881 and 212,557,522 shares issued and outstanding at December 31, 2024 and 2023, respectively | 2,029 | 2,126 |
| Additional paid-in capital | 3,425,384 | 3,368,407 |
| Retained earnings | 8,694,551 | 7,012,724 |
| Total shareholders’ equity | 12,121,964 | 10,383,257 |
| $17,363,763 | $16,087,050 | |
(000’s omitted, except per share data)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Revenues: | |||
| Homebuilding | |||
| Home sale revenues | $17,318,521 | $15,598,707 | $15,548,119 |
| Land sale and other revenues | 195,435 | 142,116 | 143,144 |
| 17,513,956 | 15,740,823 | 15,691,263 | |
| Financial Services | 432,994 | 320,755 | 311,716 |
| Total revenues | 17,946,950 | 16,061,578 | 16,002,979 |
| Homebuilding Cost of Revenues: | |||
| Home sale cost of revenues | (12,311,766) | (11,030,206) | (10,867,879) |
| Land sale and other cost of revenues | (189,893) | (124,607) | (119,906) |
| (12,501,659) | (11,154,813) | (10,987,785) | |
| Financial Services expenses | (224,086) | (187,280) | (180,696) |
| Selling, general, and administrative expenses | (1,321,276) | (1,312,642) | (1,381,222) |
| Equity income from unconsolidated entities, net | 44,201 | 4,561 | 50,680 |
| Other income (expense), net | 61,749 | 37,863 | (64,398) |
| Income before income taxes | 4,005,879 | 3,449,267 | 3,439,558 |
| Income tax expense | (922,617) | (846,895) | (822,241) |
| Net income | $3,083,262 | $2,602,372 | $2,617,317 |
| Net income per share: | |||
| Basic | $14.82 | $11.79 | $11.07 |
| Diluted | $14.69 | $11.72 | $11.01 |
| Cash dividends declared | $0.82 | $0.68 | $0.61 |
| Number of shares used in calculation: | |||
| Basic | 208,107 | 219,958 | 235,010 |
| Effect of dilutive securities | 1,722 | 1,205 | 1,156 |
| Diluted | 209,829 | 221,163 | 236,166 |
($000’s omitted)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Net income | $3,083,262 | $2,602,372 | $2,617,317 |
| Other comprehensive income, net of tax: | |||
| Change in value of derivatives | — | — | 45 |
| Other comprehensive income | — | — | 45 |
| Comprehensive income | $3,083,262 | $2,602,372 | $2,617,362 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(000’s omitted)
| Common Shares · AdditionalPaid-inCapital · AccumulatedOtherComprehensiveIncome(Loss) · RetainedEarnings · Total | ||||||
|---|---|---|---|---|---|---|
| Shares | $ | |||||
| 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 |
| Share issuances | 422 | 4 | 9,288 | — | — | 9,292 |
| Dividends declared | — | — | — | — | (171,390) | (171,390) |
| Share repurchases | (10,067) | (101) | — | — | (1,199,898) | (1,199,999) |
| Excise tax on share repurchases | — | — | — | — | (11,550) | (11,550) |
| Cash paid for shares withheld for taxes | — | — | — | — | (18,597) | (18,597) |
| Share-based compensation | — | — | 47,689 | — | — | 47,689 |
| Net income | — | — | — | — | 3,083,262 | 3,083,262 |
| Shareholders' equity, December 31, 2024 | 202,913 | $2,029 | $3,425,384 | $— | $8,694,551 | $12,121,964 |
($000’s omitted)
| 2024 | 2023 | 2022 | |
|---|---|---|---|
| Cash flows from operating activities: | |||
| Net income | $3,083,262 | $2,602,372 | $2,617,317 |
| Adjustments to reconcile net income to net cash from operating activities: | |||
| Deferred income tax expense | 151,097 | 104,266 | 106,584 |
| Land-related charges | 34,572 | 43,115 | 66,656 |
| Depreciation and amortization | 89,162 | 80,824 | 70,918 |
| Equity income from unconsolidated entities | (44,201) | (4,561) | (50,680) |
| Distributions of earnings from unconsolidated entities | 2,557 | 4,564 | 49,151 |
| Share-based compensation expense | 54,690 | 48,200 | 42,989 |
| Other, net | (13,460) | (1,421) | 1,431 |
| Increase (decrease) in cash due to: | |||
| Inventories | (787,475) | (354,016) | (2,256,690) |
| Residential mortgage loans available-for-sale | (113,327) | 160,934 | 266,310 |
| Other assets | (489,623) | (290,631) | (140,761) |
| Accounts payable, accrued and other liabilities | (286,460) | (196,884) | (104,759) |
| Net cash provided by operating activities | 1,680,794 | 2,196,762 | 668,466 |
| Cash flows from investing activities: | |||
| Capital expenditures | (118,545) | (92,201) | (112,661) |
| Investments in unconsolidated entities | (16,037) | (23,403) | (64,701) |
| Distributions of capital from unconsolidated entities | 9,179 | 3,265 | 21,704 |
| Business acquisition | — | — | (10,400) |
| Other investing activities, net | 30,927 | (16,756) | (5,685) |
| Net cash used in investing activities | (94,476) | (129,095) | (171,743) |
| Cash flows from financing activities: | |||
| Repayments of notes payable | (355,826) | (123,290) | (4,856) |
| Borrowings under revolving credit facility | — | — | 2,869,000 |
| Repayments under revolving credit facility | — | — | (2,869,000) |
| Financial Services borrowings (repayments), net | 27,279 | (87,084) | (39,412) |
| Debt issuance costs | (1,534) | (1,572) | (11,167) |
| Proceeds from liabilities related to consolidated inventory not owned | 50,047 | 129,656 | 58,729 |
| Payments related to consolidated inventory not owned | (105,787) | (76,303) | (5,915) |
| Share repurchases | (1,199,999) | (1,000,000) | (1,074,673) |
| Excise tax on share repurchases | (9,691) | — | — |
| Cash paid for shares withheld for taxes | (18,597) | (11,991) | (14,326) |
| Dividends paid | (167,707) | (142,459) | (144,115) |
| Net cash used in financing activities | (1,781,815) | (1,313,043) | (1,235,735) |
| Net increase (decrease) | (195,497) | 754,624 | (739,012) |
| Cash, cash equivalents, and restricted cash at beginning of period | 1,849,177 | 1,094,553 | 1,833,565 |
| Cash, cash equivalents, and restricted cash at end of period | $1,653,680 | $1,849,177 | $1,094,553 |
| Supplemental Cash Flow Information: | |||
| Interest paid (capitalized), net | $26,052 | $10,786 | $1,797 |
| Income taxes paid, net | $739,680 | $784,453 | $641,948 |
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.