EX-99.1 2 dfh-q32024xer.htm EX-99.1 Document


附录99.1

dfhlogoforera.jpg

梦想家宣布2024年第三季度业绩

十亿美元的第三季收入

住宅建筑收入增长10％，净新订单增长9％

参股权益回报率为30.4%

佛罗里达州杰克逊维尔－2024年10月31日－Dream Finders Homes, Inc.（以下简称“公司”、“Dream Finders Homes”、“Dream Finders”或“DFH”）（纽交所：DFH）宣布截至2024年9月30日结束的第三季度财务业绩。
2024年第三季度亮点 （与2023年第三季相比，除非另有说明）
•住宅建筑收入增加了10%，从8,940,000,000美元增加到9,860,000,000美元
•房屋成交量增加5％，从1,798增加至1,889。
•净新增订单从1,535增加了9％至1,680
•房屋成交平均销售价格上涨3％，从501,536美元增至518,553美元
•住宅建筑的毛利率为19.2%，相较于20.6%
•调整后的住宅建筑毛利率（非遵循通用会计原则）为27.6％，相比于28.4％
•税前收入从10400万美元下降11%至9200万美元
•归属DFH的净利润下降了7％，从7600万美元或每股0.79美元的基本股份下降到7100万美元，或每股0.72美元。
•截至2024年9月30日，活跃社区人数为235人。
•2024年9月30日为止，已售楼房3,996套，价值20亿美元
•截至2024年9月30日，管控批次管道数量为44,825，相较于2023年9月30日的30,614。
•截至2024年9月30日，总流动性资产为49300万美元，包括现金及现金等价物和可循环信贷设施额度。
•2024年9月30日，净房屋建造债务占资本化的比例（非GAAP）为45.6%，较2023年9月30日的34.5%高。
•参与权益截至2024年9月30日的过去十二个月回报率为30.4％，较2023年9月30日结束的过去十二个月的38.9％低。
•于2024年9月30日结束的三个月内，回购了180,164股A类普通股，金额为500万美元。

管理层评论
Patrick Zalupski，Dream Finders Homes主席兼首席执行官表示：“在第三季度，Dream Finders继续展示我们对长期增长目标的关注。相较于去年同期，我们的住宅建筑营业收入增长了10％，屋宅结算和净销售分别增加了5％和9％。虽然我们在第三季度经历了一些利润侵蚀，但我们更专注于维持我们的增长预期。”
我们在2024年7月1日完成了对Jet HomeLoans的收购，这是我们在五年内的第六次收购。这笔交易立即增值，于第三季度为我们带来1600万美元的收入和700万美元的税前利润。现在我们已经完全控制了这个实体，我们希望将这个业务线发展成DFH的一个高盈利领域。
在第三季度，我们根据已批准的回购计划回购了180,164股我们的A类普通股。除了投资于业务的增长和规模外，我们仍致力于我们的资本配置策略，其中包括在我们认为市场价格与股票的内在价值之间存在吸引力差异时回购股票。在所有增加DFH每股回报的方面，我们将保持机会主义。
我们致力于结束2024年的又一成功年度，同时努力为2025年及以后建立长期价值。我们重申整个2024年度的8250次交易结算指引。
Jet HomeLoans收购事宜
2024年7月1日，我们收购了先前未纳入合并的抵押贷款合资企业Jet HomeLoans剩余40%的股权，该企业从该日期起已纳入公司的基本报表中。Jet HomeLoans继续被纳入公司财务服务部门以进行分部报告。Jet HomeLoans在2024年第三季度为公司的财务服务部门贡献了1600万美元的营业收入。
2024年第三季度成果
2024年第三季的住宅建设营业收入较去年同期增加10%至9,8600万美元，而2023年第三季的营业收入为8,9400万美元。2024年第三季的完工房屋平均售价（ASP）为518,553美元，较去年同期的501,536美元增加3%。2024年第三季的完工房屋数量较2023年第三季增长5%，从1,798个增加至1,889个。与2023年第三季相比，2024年第三季住宅建设营业收入增长主要是由于完工房屋数量的增加，以及较高的ASP，这两者主要来自于2024年2月收购Crescent Homes。Crescent Homes在2024年第三季贡献了223个房屋完工案，ASP为554,231美元。此外，2024年第三季销售奖励的使用增加，对我们的住宅建设营业收入增长产生了部分抵消作用。
2024年第三季度的住宅建筑毛利率为19.2％，较2023年第三季度的20.6％下降了140个基本点。2024年第三季度住宅建筑毛利率的轻微下降主要是由于土地和融资成本上升，部分抵销了直接成本降低以及在周期时间上持续改善。
2024年第三季调整后的住宅建筑毛利率为27.6%，较2023年第三季调整后的住宅建筑毛利率28.4%下降80个基点。调整后的住宅建筑毛利率是一项非依照通用会计原则的财务指标。请参阅“非依照通用会计原则财务指标调解”。
2024年第三季度的销售、一般和管理费用（SG&A）较去年同期的7900万美元增加了30%，达到10200万美元。2024年第三季度的SG&A占房屋建筑收入的比例上升了150个基本点，从2013年第三季度的8.8%增至10.3%。这增加主要是由于与前置按揭承诺计划相关的成本增加，该计划允许我们的购房者在销售时将他们的按揭利率锁定，以及随著我们扩大业务而增加的较高的补偿成本。
2024年第三季DFH所得净利润较去年同期减少7%，为7100万美元，基本每股0.72美元，而去年同期为7600万美元，基本每股0.79美元。除上述实际运营结果外，2024年第三季度的所得税支出减少，相应减少的项目考虑支出亦有所减少，较去年同期减少。截至2024年9月30日，H＆H收购的赚取期已结束，最终款项将于2024年第四季度支付。
2024年第三季度净新订单为1,680个，较2023年第三季度的1,535个净新订单增加9%。2024年第三季度的取消率为13.8%，较2023年第三季度的14.9%取消率改善了110个基本点。我们相信净新订单的增加和我们降低的取消率反映了我们成功的销售激励措施以及我们社区中迅速可入住的房屋的供应。
Our total available liquidity as of September 30, 2024 was $493 million, including $205 million of unrestricted operating cash. In addition, net homebuilding debt to net capitalization as of September 30, 2024 was 45.6%. Net homebuilding debt to net capitalization is a non-GAAP financial measure. See “Reconciliation of Non-GAAP Financial Measures.” During the first nine months of 2024, we released a significant number of housing starts and purchased additional lots for production, increasing our investment in inventory by $620 million since the end of 2023. This directly impacted our net homebuilding debt to net capitalization ratio and liquidity as we prepared to deliver our homes for the remainder of the year and in order to maintain an active pipeline of quick, move-in-ready homes.

Third Quarter 2024 Backlog
As of September 30, 2024, DFH had a backlog of 3,996 homes, valued at $2.0 billion, compared to the backlog of 4,205 homes, valued at $2.1 billion as of June 30, 2024. As of September 30, 2024, the ASP in backlog was $501,524 compared to $505,022 as of June 30, 2024. As of September 30, 2024, approximately 1,858 of the homes in backlog are expected to be delivered in 2025 and beyond.
The following table shows the backlog units and ASP as of September 30, 2024 by homebuilding segment:
As of September 30, 2024
(unaudited)
Backlog:UnitsAverage Sales Price
Southeast1,645$409,100 
Mid-Atlantic1,109461,822 
Midwest1,242659,389 
      Total3,996$501,524 
Full Year 2024 Outlook
Dream Finders Homes maintains its guidance of approximately 8,250 home closings for the full year 2024.
About Dream Finders Homes, Inc.
Dream Finders Homes (NYSE: DFH) is a homebuilder based in Jacksonville, Florida. Dream Finders Homes builds single-family homes throughout the Southeast, Mid-Atlantic and Midwest, including Florida, Texas, Tennessee, North Carolina, South Carolina, Georgia, Colorado, and the Washington, D.C. metropolitan area, which comprises Northern Virginia and Maryland. Through its wholly owned subsidiaries, DFH also provides mortgage financing and title services to homebuyers. Dream Finders Homes achieves its industry-leading growth and returns by maintaining an asset-light homebuilding model. For more information, please visit www.dreamfindershomes.com.
Forward-Looking Statements
This press release includes forward-looking statements regarding future events, including projected 2024 home closings and market conditions, possible or assumed future results of operations and statements regarding the Company’s strategies and expectations as they relate to market opportunities and growth. All forward-looking statements are based on Dream Finders Homes’ beliefs as well as assumptions made by and information currently available to Dream Finders Homes. These statements reflect Dream Finders Homes’ current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in Dream Finders Homes’ Annual Report on Form 10-K for the year ended December 31, 2023, subsequently filed Form 10-Qs and other filings with the U.S. Securities and Exchange Commission. Dream Finders Homes undertakes no obligation to update or revise any forward-looking statement except as may be required by applicable law.

Dream Finders Homes, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except share and per share amounts)
(Unaudited)
September 30,
2024		December 31,
2023
Assets 
Cash and cash equivalents$204,906 $494,145 
Restricted cash27,942 54,311 
Accounts receivable30,202 30,874 
Inventories2,060,168 1,440,249 
Lot deposits367,893 247,207 
Other assets105,578 80,759 
Investments in unconsolidated entities6,558 15,364 
Mortgage loans held for sale177,610 — 
Property and equipment, net24,898 7,043 
Right-of-use assets18,592 20,280 
Goodwill300,313 172,207 
Total assets$3,324,660 $2,562,439 
Liabilities
Accounts payable$168,982 $134,115 
Accrued expenses186,667 207,389 
Customer deposits130,199 172,574 
Construction lines of credit991,208 530,384 
Senior unsecured notes, net294,713 293,918 
Mortgage warehouse facilities170,167 — 
Lease liabilities19,515 21,114 
Contingent consideration73,497 116,795 
Total liabilities$2,034,948 $1,476,289 
Mezzanine Equity
Redeemable preferred stock148,500 148,500 
Redeemable noncontrolling interest21,451 — 
Equity
Class A common stock, $0.01 per share, 289,000,000 authorized, 34,502,077 and 32,882,124 issued as of September 30, 2024 and December 31, 2023, respectively
345 329 
Class B common stock, $0.01 per share, 61,000,000 authorized, 59,226,153 and 60,226,153 issued as of September 30, 2024 and December 31, 2023, respectively
592 602 
Additional paid-in capital276,431 275,241 
Retained earnings844,375 648,412 
Treasury stock, at cost, 251,997 shares of Class A common stock as of September 30, 2024(6,670)— 
Total Dream Finders Homes, Inc. stockholders’ equity1,115,073 924,584 
Noncontrolling interests4,688 13,066 
Total equity1,119,761 937,650 
Total liabilities, mezzanine equity and equity$3,324,660 $2,562,439 










Dream Finders Homes, Inc.
Condensed Consolidated Statements of Comprehensive Income
(In thousands, except share and per share amounts)
(Unaudited)

Three Months Ended
September 30, 		Nine Months Ended
September 30,
2024202320242023
Revenues:
Homebuilding$986,257 $893,502 $2,863,714 $2,603,858 
Financial services20,612 2,328 27,140 6,731 
Total revenues1,006,869 895,830 2,890,854 2,610,589 
Homebuilding cost of sales797,110 709,286 2,328,587 2,109,485 
Financial services expenses12,156 1,449 16,254 3,885 
Selling, general and administrative expense101,886 78,514 278,945 210,548 
Income from unconsolidated entities(99)(4,557)(10,301)(12,219)
Contingent consideration revaluation5,948 9,026 13,793 32,608 
Other income, net(2,556)(1,646)(5,680)(2,711)
Income before taxes 92,424 103,758 269,256 268,993 
Income tax expense(20,780)(24,158)(59,166)(66,000)
Net and comprehensive income71,644 79,600 210,090 202,993 
Net and comprehensive income attributable to noncontrolling interests(993)(3,503)(4,002)(9,043)
Net and comprehensive income attributable to Dream Finders Homes, Inc.$70,651 $76,097 $206,088 $193,950 
Earnings per share
Basic$0.72 $0.79 $2.10 $1.98 
Diluted$0.70 $0.75 $2.06 $1.83 
Weighted-average number of shares
Basic93,527,205 93,108,277 93,399,681 93,052,507 
Diluted100,736,148 102,052,181 100,140,134 105,819,964 
























Dream Finders Homes, Inc.
Other Financial and Operating Data
(Unaudited)

Three Months Ended
September 30, 		Nine Months Ended
September 30,
2024202320242023
Other Financial and Operating Data
Home closings1,889 1,798 5,575 5,161 
Average sales price of homes closed(1)
$518,553 $501,536 $510,204 $499,433 
Net new orders1,680 1,535 5,116 4,638 
Cancellation rate13.8 %14.9 %15.8 %17.1 %
Homebuilding gross margin (in thousands)(2)
$189,147 $184,216 $535,127 $494,373 
Homebuilding gross margin %(3)
19.2 %20.6 %18.7 %19.0 %
Adjusted homebuilding gross margin (in thousands)(4)
$272,117 $254,172 $773,901 $696,276 
Adjusted homebuilding gross margin %(3)(4)
27.6 %28.4 %27.0 %26.7 %
Active communities as of period end(5)
235 219 
Backlog - units3,996 5,025 
Backlog - value (in thousands)$2,004,091 $2,410,182 
Net homebuilding debt to net capitalization(4)
45.6 %34.5 %
Return on participating equity(6)
30.4 %38.9 %
(1)Average sales price of homes closed is calculated based on homebuilding revenues, adjusted for the impact of percentage of completion revenues, and excluding deposit forfeitures and land sales, over homes closed.
(2)Homebuilding gross margin is homebuilding revenues less homebuilding cost of sales.
(3)Calculated as a percentage of homebuilding revenues.
(4)Adjusted homebuilding gross margin and net homebuilding debt to net capitalization are non-GAAP financial measures. For definitions of these non-GAAP financial measures and reconciliations to our most directly comparable financial measures calculated and presented in accordance with GAAP, see “Reconciliation of Non-GAAP Financial Measures.”
(5)A community becomes active once the model is completed or the community has its fifth net sale. A community becomes inactive when it has fewer than five homesites remaining to sell.
(6)Return on participating equity is calculated as net income attributable to DFH, less redeemable preferred stock distributions, divided by average beginning and ending total Dream Finders Homes, Inc. stockholders’ equity (“participating equity”) for the trailing twelve months.

Three Months Ended
September 30, 		Nine Months Ended
September 30,
2024
 (unaudited)
2023
 (unaudited)
2024
 (unaudited)
2023
 (unaudited)
Home Closings:UnitsAverage Sales PriceUnitsAverage Sales PriceUnitsAverage Sales Price UnitsAverage Sales Price
Southeast592$494,163 828$467,896 1,838$492,913 2,261$460,524 
Mid-Atlantic603461,320 388407,798 1,704441,184 1,144386,114 
Midwest694589,087 582611,886 2,033583,688 1,756623,358 
Total1,889$518,553 1,798 $501,536 5,575$510,204 5,161 $499,433 


Reconciliation of Non-GAAP Financial Measures
Management utilizes specific non-GAAP financial measures as supplementary tools to evaluate operating performance. These include adjusted homebuilding gross margin and net homebuilding debt to net capitalization. Other companies may not calculate non-GAAP financial measures in the same manner that we do. Accordingly, these non-GAAP financial measures should be considered only as a supplement to relevant GAAP information, as reconciled for each measure below. In the future, we may incorporate additional adjustments to these non-GAAP financial measures as we find them relevant and beneficial for both management and investors.
Adjusted Homebuilding Gross Margin
The following table presents a reconciliation of adjusted homebuilding gross margin to the GAAP financial measure of homebuilding gross margin for each of the periods indicated (unaudited and in thousands, except percentages):

Three Months Ended
September 30,		Nine Months Ended
September 30,
2024202320242023
Homebuilding gross margin(1)
$189,147 $184,216 $535,127 $494,373 
Interest expense in homebuilding cost of sales(2)
41,818 30,369 114,222 85,586 
Amortization in homebuilding cost of sales(3)
(1,186)— 5,914 — 
Commission expense42,338 39,587 118,638 116,317 
Adjusted homebuilding gross margin$272,117 $254,172 $773,901 $696,276 
Homebuilding gross margin %(4)
19.2 %20.6 %18.7 %19.0 %
Adjusted homebuilding gross margin %(4)
27.6 %28.4 %27.0 %26.7 %
(1)Homebuilding gross margin is homebuilding revenues less homebuilding cost of sales.
(2)Includes interest charged to homebuilding cost of sales related to our construction lines of credit and senior unsecured notes, net, as well as lot option fees.
(3)Represents amortization of purchase accounting adjustments from the Crescent Homes acquisition.
(4)Calculated as a percentage of homebuilding revenues.
We define adjusted homebuilding gross margin as homebuilding gross margin excluding the effects of capitalized interest, lot option fees, amortization included in homebuilding cost of sales (adjustments resulting from the application of purchase accounting in connection with acquisitions) and commission expense. Our management believes this information is meaningful because it isolates the impact that these excluded items have on homebuilding gross margin. We include internal and external commission expense in homebuilding cost of sales, not selling, general and administrative expense, and therefore commission expense is taken into account in homebuilding gross margin.
As a result, in order to provide a meaningful comparison to the public company homebuilders that include commission expense below the homebuilding gross margin line in selling, general and administrative expense, we have excluded commission expense from adjusted homebuilding gross margin. However, because adjusted homebuilding gross margin information excludes capitalized interest, lot option fees, purchase accounting amortization and commission expense, which have real economic effects and could impact our results of operations, the utility of adjusted homebuilding gross margin information as a measure of our operating performance may be limited.











Net Homebuilding Debt to Net Capitalization
The following table presents a reconciliation of net homebuilding debt to net capitalization to the GAAP financial measure of total debt to total capitalization for each of the periods indicated (unaudited and in thousands, except percentages):

As of
September 30,
20242023
Total debt $1,456,088 $849,116 
Total mezzanine equity169,951 148,500 
Total equity 1,119,761 837,572 
Total capitalization $2,745,800 $1,835,188 
Total debt to total capitalization53.0 %46.3 %
Total debt $1,456,088 $849,116 
Less: mortgage warehouse facilities 170,167 — 
Less: cash and cash equivalents204,906 330,129 
Net homebuilding debt$1,081,015 $518,987 
Total mezzanine equity 169,951 148,500 
Total equity1,119,761 837,572 
Net capitalization$2,370,727 $1,505,059 
Net homebuilding debt to net capitalization45.6 %34.5 %
We define net homebuilding debt to net capitalization as the sum of construction lines of credit and senior unsecured notes, net less cash and cash equivalents (“net homebuilding debt”), divided by the sum of net homebuilding debt, total mezzanine equity and total equity (“net capitalization”). Net homebuilding debt excludes borrowings under our mortgage warehouse facilities. Management believes the net homebuilding debt to net capitalization is meaningful as it is used to assess our consolidated performance and the performance of our homebuilding segments, as well as to establish targets for performance-based compensation. We also use this ratio as a measure of overall leverage.

















Contacts:
Investor Contact: investors@dreamfindershomes.com
Media Contact: mediainquiries@dreamfindershomes.com