0000906163FALSE00009061632024-07-232024-07-23

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  July 23, 2024

NVR, Inc.
(Exact name of registrant as specified in its charter)
Virginia1-1237854-1394360
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)
 
11700 Plaza America Drive, Suite 500
Reston, Virginia 20190
(Address of principal executive offices) (Zip Code)

(703) 956-4000
(Registrant’s telephone number, including area code)

Not applicable
(Former name or former address, if changed since last report)
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareNVRNew York Stock Exchange
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 Section13(a)of the Exchange Act. ☐



Item 2.02 Results of Operations and Financial Condition.
On July 23, 2024, NVR, Inc. issued a press release reporting its financial results for the quarter and year to date periods ended June 30, 2024. A copy of this press release is furnished herewith as Exhibit 99.1.
The information contained in this Current Report shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit NumberExhibit Description
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document).


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NVR, Inc.
Date: July 23, 2024By:/s/ Daniel D. Malzahn
Daniel D. Malzahn
Senior Vice President, Chief Financial Officer and Treasurer



image1a.jpg
Exhibit 99.1
NVR, INC. ANNOUNCES SECOND QUARTER RESULTS

July 23, 2024, Reston, VA—NVR, Inc. (NYSE: NVR), one of the nation’s largest homebuilding and mortgage banking companies, announced net income for its second quarter ended June 30, 2024 of $400.9 million, or $120.69 per diluted share. For the second quarter ended June 30, 2024, net income decreased 1% and diluted earnings per share increased 4%, when compared to 2023 second quarter net income of $404.0 million, or $116.54 per diluted share. Consolidated revenues for the second quarter of 2024 totaled $2.61 billion, which increased 12% from $2.34 billion in the second quarter of 2023.
For the six months ended June 30, 2024, consolidated revenues were $4.95 billion, a 10% increase from $4.52 billion reported for the same period of 2023. Net income for the six months ended June 30, 2024 was $795.2 million, an increase of 6% when compared to net income for the six months ended June 30, 2023 of $748.4 million. Diluted earnings per share for the six months ended June 30, 2024 was $237.05, an increase of 9% from $216.52 per diluted share for the same period of 2023.
Homebuilding
New orders in the second quarter of 2024 increased by 3% to 6,067 units, when compared to 5,905 units in the second quarter of 2023. The average sales price of new orders in the second quarter of 2024 was $458,800, an increase of 3% when compared with the second quarter of 2023. The cancellation rate in the second quarter of 2024 was 13% compared to 11% in the second quarter of 2023. Settlements in the second quarter of 2024 increased by 11% to 5,659 units, compared to 5,085 units in the second quarter of 2023. The average settlement price in the second quarter of 2024 was $450,200, which remained relatively flat when compared to the second quarter of 2023. Our backlog of homes sold but not settled as of June 30, 2024 increased on a unit basis by 3% to 11,597 units and increased on a dollar basis by 6% to $5.45 billion when compared to the respective backlog unit and dollar balances as of June 30, 2023.
Homebuilding revenues of $2.55 billion in the second quarter of 2024 increased by 12% compared to homebuilding revenues of $2.28 billion in the second quarter of 2023. Gross profit margin in the second quarter of 2024 decreased to 23.6%, from 24.3% in the second quarter of 2023. Income before tax from the homebuilding segment totaled $488.5 million in the second quarter of 2024, an increase of 12% when compared to the second quarter of 2023.
Mortgage Banking
Mortgage closed loan production in the second quarter of 2024 totaled $1.53 billion, an increase of 11% when compared to the second quarter of 2023. Income before tax from the mortgage banking segment totaled $45.0 million in the second quarter of 2024, an increase of 23% when compared to $36.5 million in the second quarter of 2023. This increase was primarily attributable to an increase in secondary marketing gains on sales of loans.
Effective Tax Rate
Our effective tax rate for the three and six months ended June 30, 2024 was 24.9% and 20.8%, respectively, compared to 14.3% and 17.3% for the three and six months ended June 30, 2023, respectively. The increase in the effective tax rate in each period is primarily attributable to a lower income tax benefit recognized for excess tax benefits from stock option exercises, which totaled $6.8 million and $50.6 million for the three and six months ended June 30, 2024, respectively, compared to $55.9 million and $79.2 million for the three and six months ended June 30, 2023, respectively.
1


About NVR
NVR, Inc. operates in two business segments: homebuilding and mortgage banking. The homebuilding segment sells and builds homes under the Ryan Homes, NVHomes and Heartland Homes trade names, and operates in thirty-six metropolitan areas in sixteen states and Washington, D.C. For more information about NVR, Inc. and its brands, see www.nvrinc.com, www.ryanhomes.com, www.nvhomes.com and www.heartlandluxuryhomes.com.
Some of the statements in this release made by the Company constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “may,” “will,” “should” or “anticipates” or the negative thereof or other comparable terminology. All statements other than of historical facts are forward-looking statements. Forward-looking statements contained in this document may include those regarding market trends, NVR’s financial position and financial results, business strategy, the outcome of pending litigation, investigations or similar contingencies, projected plans and objectives of management for future operations. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing by NVR and NVR’s customers; increased regulation in the mortgage banking industry; the ability of our mortgage banking subsidiary to sell loans it originates into the secondary market; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; the economic impact of a major epidemic or pandemic; weather related slow-downs; building moratoriums; governmental regulation; fluctuation and volatility of stock and other financial markets; mortgage financing availability; and other factors over which NVR has little or no control. NVR undertakes no obligation to update such forward-looking statements except as required by law.
2

NVR, Inc.
Consolidated Statements of Income
(in thousands, except per share data)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Homebuilding:
Revenues$2,547,891 $2,283,769 $4,834,068 $4,415,102 
Other income36,184 34,259 77,050 67,205 
Cost of sales(1,947,616)(1,728,146)(3,673,829)(3,336,056)
Selling, general and administrative(141,213)(148,543)(293,716)(292,161)
Operating income495,246 441,339 943,573 854,090 
Interest expense(6,710)(6,628)(13,359)(13,629)
Homebuilding income488,536 434,711 930,214 840,461 
Mortgage Banking:
Mortgage banking fees64,566 54,561 111,852 101,505 
Interest income4,672 3,823 8,764 6,841 
Other income1,333 1,102 2,504 2,091 
General and administrative(25,351)(22,854)(48,709)(45,488)
Interest expense(188)(167)(365)(424)
Mortgage banking income45,032 36,465 74,046 64,525 
Income before taxes533,568 471,176 1,004,260 904,986 
Income tax expense(132,664)(67,149)(209,087)(156,607)
Net income$400,904 $404,027 $795,173 $748,379 
Basic earnings per share$128.21 $123.84 $251.94 $230.20 
Diluted earnings per share$120.69 $116.54 $237.05 $216.52 
Basic weighted average shares outstanding3,127 3,263 3,156 3,251 
Diluted weighted average shares outstanding3,322 3,467 3,355 3,456 
3

NVR, Inc.
Consolidated Balance Sheets
(in thousands, except share and per share data)
(unaudited)
June 30, 2024December 31, 2023
ASSETS
Homebuilding:
Cash and cash equivalents$2,438,473 $3,126,472 
Restricted cash46,218 41,483 
Receivables35,491 29,000 
Inventory:
Lots and housing units, covered under sales agreements with customers1,927,451 1,674,686 
Unsold lots and housing units229,319 214,666 
Land under development61,512 36,895 
Building materials and other26,137 23,903 
2,244,419 1,950,150 
Contract land deposits, net646,341 576,551 
Property, plant and equipment, net79,057 63,716 
Operating lease right-of-use assets73,345 70,384 
Reorganization value in excess of amounts allocable to identifiable assets, net41,580 41,580 
Other assets258,172 242,751 
5,863,096 6,142,087 
Mortgage Banking:
Cash and cash equivalents31,123 36,422 
Restricted cash13,132 11,067 
Mortgage loans held for sale, net392,943 222,560 
Property and equipment, net7,069 6,348 
Operating lease right-of-use assets20,758 23,541 
Reorganization value in excess of amounts allocable to identifiable assets, net7,347 7,347 
Other assets71,820 152,385 
544,192 459,670 
Total assets$6,407,288 $6,601,757 

4

NVR, Inc.
Consolidated Balance Sheets (Continued)
(in thousands, except share and per share data)
(unaudited)
June 30, 2024December 31, 2023
LIABILITIES AND SHAREHOLDERS' EQUITY
Homebuilding:
Accounts payable$421,457 $347,738 
Accrued expenses and other liabilities405,338 413,043 
Customer deposits369,274 334,441 
Operating lease liabilities78,563 75,797 
Senior notes912,078 913,027 
2,186,710 2,084,046 
Mortgage Banking:
Accounts payable and other liabilities63,960 127,511 
Operating lease liabilities22,710 25,475 
86,670 152,986 
Total liabilities2,273,380 2,237,032 
Commitments and contingencies
Shareholders' equity:
Common stock, $0.01 par value; 60,000,000 shares authorized; 20,555,330 shares issued as of both June 30, 2024 and December 31, 2023206 206 
Additional paid-in capital2,935,053 2,848,528 
Deferred compensation trust – 106,697 shares of NVR, Inc. common stock as of both June 30, 2024 and December 31, 2023(16,710)(16,710)
Deferred compensation liability16,710 16,710 
Retained earnings14,160,198 13,365,025 
Less treasury stock at cost – 17,465,064 and 17,360,454 shares as of June 30, 2024 and December 31, 2023, respectively(12,961,549)(11,849,034)
Total shareholders' equity4,133,908 4,364,725 
Total liabilities and shareholders' equity$6,407,288 $6,601,757 

5

NVR, Inc.
Operating Activity
(dollars in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,

2024202320242023
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
New orders, net of cancellations:
Mid Atlantic (1)
2,297$536.2 2,348$519.2 4,579 $525.9 4,583 $517.8 
North East (2)
478$623.4 463$557.0 1,005 $617.7 905 $564.9 
Mid East (3)
1,262$403.7 1,339$390.3 2,525 $406.8 2,656 $387.3 
South East (4)
2,030$366.7 1,755$365.7 4,007 $368.3 3,649 $363.5 
Total
6,067$458.8 5,905$447.3 12,116 $456.6 11,793 $444.3 
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
UnitsAverage PriceUnitsAverage PriceUnitsAverage PriceUnitsAverage Price
Settlements:
Mid Atlantic (1)
2,199$515.5 2,030$521.3 4,165 $516.5 3,825 $522.7 
North East (2)
487$589.8 432$539.2 950 $571.5 795 $523.7 
Mid East (3)
1,075$403.7 1,067$385.7 2,124 $400.6 2,056 $395.9 
South East (4)
1,898$365.1 1,556$373.0 3,509 $367.3 3,048 $388.7 
Total
5,659$450.2 5,085$449.0 10,748 $449.7 9,724 $454.0 
As of June 30,
20242023
UnitsAverage PriceUnitsAverage Price
Backlog:
Mid Atlantic (1)
4,508$531.4 4,450$528.8 
North East (2)
1,083$643.3 995$587.9 
Mid East (3)
2,377$416.6 2,453$392.1 
South East (4)
3,629$378.0 3,333$375.1 
Total
11,597$470.3 11,231$458.6 
6

NVR, Inc.
Operating Activity (Continued)
(dollars in thousands)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Average active communities:
Mid Atlantic (1)
153169155166
North East (2)
31363336
Mid East (3)
101111100112
South East (4)
148110142106
Total
433426430420
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Homebuilding data:
New order cancellation rate
12.9 %10.9 %13.0 %12.4 %
Lots controlled at end of period
149,700 130,400 
Mortgage banking data:
Loan closings
$1,530,081$1,381,647$2,908,090 $2,618,930 
Capture rate
86 %86 %86 %85 %
Common stock information:
Shares outstanding at end of period
3,090,266 3,260,538 
Number of shares repurchased
83,16834,827150,026 56,001 
Aggregate cost of shares repurchased
$638,976$201,077$1,135,912 $311,125 

(1)Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
(2)New Jersey and Eastern Pennsylvania
(3)New York, Ohio, Western Pennsylvania, Indiana and Illinois
(4)North Carolina, South Carolina, Tennessee, Florida, Georgia and Kentucky
Investor Relations Contact:
Ryan Sheplee
(703) 956-4243
ir@nvrinc.com

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v3.24.2
Cover
Jul. 23, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Jul. 23, 2024
Entity Registrant Name NVR, Inc.
Entity Incorporation, State or Country Code VA
Entity File Number 1-12378
Entity Central Index Key 0000906163
Amendment Flag false
Entity Tax Identification Number 54-1394360
Entity Address, Address Line One 11700 Plaza America Drive, Suite 500
Entity Address, City or Town Reston
Entity Address, State or Province VA
Entity Address, Postal Zip Code 20190
City Area Code 703
Local Phone Number 956-4000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, par value $0.01 per share
Trading Symbol NVR
Security Exchange Name NYSE
Entity Emerging Growth Company false
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