附錄99.1
夢想家宣布2024年第三季度業績
十億美元的第三季收入
住宅建築收入增長10％，淨新訂單增長9％
參股權益回報率為30.4%
佛羅里達州傑克遜維爾－2024年10月31日－Dream Finders Homes, Inc.（以下簡稱“公司”、“Dream Finders Homes”、“Dream Finders”或“DFH”）（紐交所：DFH）宣布截至2024年9月30日結束的第三季度財務業績。
2024年第三季度亮點 （與2023年第三季相比，除非另有說明）
•住宅建築收入增加了10%，從8,940,000,000美元增加到9,860,000,000美元
•房屋成交量增加5％，從1,798增加至1,889。
•淨新增訂單從1,535增加了9％至1,680
•房屋成交平均銷售價格上漲3％，從501,536美元增至518,553美元
•住宅建築的毛利率為19.2%，相較於20.6%
•調整後的住宅建築毛利率（非遵循通用會計原則）為27.6％，相比於28.4％
•稅前收入從10400萬美元下降11%至9200萬美元
•歸屬DFH的凈利潤下降了7％，從7600萬美元或每股0.79美元的基本股份下降到7100萬美元，或每股0.72美元。
•截至2024年9月30日，活躍社區人數為235人。
•2024年9月30日為止，已售樓房3,996套，價值20億美元
•截至2024年9月30日，管控批次管道數量為44,825，相較於2023年9月30日的30,614。
•截至2024年9月30日，總流動性資產為49300萬美元，包括現金及現金等價物和可循環信貸設施額度。
•2024年9月30日，淨房屋建造債務占資本化的比例（非GAAP）為45.6%，較2023年9月30日的34.5%高。
•參與權益截至2024年9月30日的過去十二個月回報率為30.4％，較2023年9月30日結束的過去十二個月的38.9％低。
•於2024年9月30日結束的三個月內，回購了180,164股A類普通股，金額為500萬美元。
管理層評論
Patrick Zalupski，Dream Finders Homes主席兼首席執行官表示：“在第三季度，Dream Finders繼續展示我們對長期增長目標的關注。相較於去年同期，我們的住宅建築營業收入增長了10％，屋宅結算和淨銷售分別增加了5％和9％。雖然我們在第三季度經歷了一些利潤侵蝕，但我們更專注於維持我們的增長預期。”
我們在2024年7月1日完成了對Jet HomeLoans的收購，這是我們在五年內的第六次收購。這筆交易立即增值，於第三季度為我們帶來1600萬美元的收入和700萬美元的稅前利潤。現在我們已經完全控制了這個實體，我們希望將這個業務線發展成DFH的一個高盈利領域。
在第三季度，我們根據已批准的回購計劃回購了180,164股我們的A類普通股。除了投資於業務的增長和規模外，我們仍致力於我們的資本配置策略，其中包括在我們認為市場價格與股票的內在價值之間存在吸引力差異時回購股票。在所有增加DFH每股回報的方面，我們將保持機會主義。
我們致力於結束2024年的又一成功年度，同時努力為2025年及以後建立長期價值。我們重申整個2024年度的8250次交易結算指引。
Jet HomeLoans收購事宜
2024年7月1日，我們收購了先前未納入合並的抵押貸款合資企業Jet HomeLoans剩餘40%的股權，該企業從該日期起已納入公司的基本報表中。Jet HomeLoans繼續被納入公司財務服務部門以進行分部報告。Jet HomeLoans在2024年第三季度為公司的財務服務部門貢獻了1600萬美元的營業收入。
2024年第三季度成果
2024年第三季的住宅建設營業收入較去年同期增加10%至9,8600萬美元，而2023年第三季的營業收入為8,9400萬美元。2024年第三季的完工房屋平均售價（ASP）為518,553美元，較去年同期的501,536美元增加3%。2024年第三季的完工房屋數量較2023年第三季增長5%，從1,798個增加至1,889個。與2023年第三季相比，2024年第三季住宅建設營業收入增長主要是由於完工房屋數量的增加，以及較高的ASP，這兩者主要來自於2024年2月收購Crescent Homes。Crescent Homes在2024年第三季貢獻了223個房屋完工案，ASP為554,231美元。此外，2024年第三季銷售獎勵的使用增加，對我們的住宅建設營業收入增長產生了部分抵消作用。
2024年第三季度的住宅建築毛利率為19.2％，較2023年第三季度的20.6％下降了140個基本點。2024年第三季度住宅建築毛利率的輕微下降主要是由於土地和融資成本上升，部分抵銷了直接成本降低以及在週期時間上持續改善。
2024年第三季調整後的住宅建築毛利率為27.6%，較2023年第三季調整後的住宅建築毛利率28.4%下降80個基點。調整後的住宅建築毛利率是一項非依照通用會計原則的財務指標。請參閱“非依照通用會計原則財務指標調解”。
2024年第三季度的銷售、一般和管理費用（SG&A）較去年同期的7900萬美元增加了30%，達到10200萬美元。2024年第三季度的SG&A佔房屋建築收入的比例上升了150個基本點，從2013年第三季度的8.8%增至10.3%。這增加主要是由於與前置按揭承諾計劃相關的成本增加，該計劃允許我們的購房者在銷售時將他們的按揭利率鎖定，以及隨著我們擴大業務而增加的較高的補償成本。
2024年第三季DFH所得凈利潤較去年同期減少7%，為7100萬美元，基本每股0.72美元，而去年同期為7600萬美元，基本每股0.79美元。除上述實際運營結果外，2024年第三季度的所得稅支出減少，相應減少的項目考慮支出亦有所減少，較去年同期減少。截至2024年9月30日，H＆H收購的賺取期已結束，最終款項將於2024年第四季度支付。
2024年第三季度淨新訂單為1,680個，較2023年第三季度的1,535個淨新訂單增加9%。2024年第三季度的取消率為13.8%，較2023年第三季度的14.9%取消率改善了110個基本點。我們相信淨新訂單的增加和我們降低的取消率反映了我們成功的銷售激勵措施以及我們社區中迅速可入住的房屋的供應。
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: | Units | Average Sales Price | |||||||||
| Southeast | 1,645 | $ | 409,100 | ||||||||
| Mid-Atlantic | 1,109 | 461,822 | |||||||||
| Midwest | 1,242 | 659,389 | |||||||||
| Total | 3,996 | $ | 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 cash | 27,942 | 54,311 | ||||||||||||
| Accounts receivable | 30,202 | 30,874 | ||||||||||||
| Inventories | 2,060,168 | 1,440,249 | ||||||||||||
| Lot deposits | 367,893 | 247,207 | ||||||||||||
| Other assets | 105,578 | 80,759 | ||||||||||||
| Investments in unconsolidated entities | 6,558 | 15,364 | ||||||||||||
| Mortgage loans held for sale | 177,610 | — | ||||||||||||
| Property and equipment, net | 24,898 | 7,043 | ||||||||||||
| Right-of-use assets | 18,592 | 20,280 | ||||||||||||
| Goodwill | 300,313 | 172,207 | ||||||||||||
| Total assets | $ | 3,324,660 | $ | 2,562,439 | ||||||||||
| Liabilities | ||||||||||||||
| Accounts payable | $ | 168,982 | $ | 134,115 | ||||||||||
| Accrued expenses | 186,667 | 207,389 | ||||||||||||
| Customer deposits | 130,199 | 172,574 | ||||||||||||
| Construction lines of credit | 991,208 | 530,384 | ||||||||||||
| Senior unsecured notes, net | 294,713 | 293,918 | ||||||||||||
| Mortgage warehouse facilities | 170,167 | — | ||||||||||||
| Lease liabilities | 19,515 | 21,114 | ||||||||||||
| Contingent consideration | 73,497 | 116,795 | ||||||||||||
| Total liabilities | $ | 2,034,948 | $ | 1,476,289 | ||||||||||
| Mezzanine Equity | ||||||||||||||
| Redeemable preferred stock | 148,500 | 148,500 | ||||||||||||
| Redeemable noncontrolling interest | 21,451 | — | ||||||||||||
| 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 capital | 276,431 | 275,241 | ||||||||||||
| Retained earnings | 844,375 | 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’ equity | 1,115,073 | 924,584 | ||||||||||||
| Noncontrolling interests | 4,688 | 13,066 | ||||||||||||
| Total equity | 1,119,761 | 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, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| Homebuilding | $ | 986,257 | $ | 893,502 | $ | 2,863,714 | $ | 2,603,858 | ||||||||||||||||||
| Financial services | 20,612 | 2,328 | 27,140 | 6,731 | ||||||||||||||||||||||
| Total revenues | 1,006,869 | 895,830 | 2,890,854 | 2,610,589 | ||||||||||||||||||||||
| Homebuilding cost of sales | 797,110 | 709,286 | 2,328,587 | 2,109,485 | ||||||||||||||||||||||
| Financial services expenses | 12,156 | 1,449 | 16,254 | 3,885 | ||||||||||||||||||||||
| Selling, general and administrative expense | 101,886 | 78,514 | 278,945 | 210,548 | ||||||||||||||||||||||
| Income from unconsolidated entities | (99) | (4,557) | (10,301) | (12,219) | ||||||||||||||||||||||
| Contingent consideration revaluation | 5,948 | 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 income | 71,644 | 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 | ||||||||||||||||||||||||||
| Basic | 93,527,205 | 93,108,277 | 93,399,681 | 93,052,507 | ||||||||||||||||||||||
| Diluted | 100,736,148 | 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, | |||||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||||||
| Other Financial and Operating Data | ||||||||||||||||||||||||||
| Home closings | 1,889 | 1,798 | 5,575 | 5,161 | ||||||||||||||||||||||
Average sales price of homes closed(1) | $ | 518,553 | $ | 501,536 | $ | 510,204 | $ | 499,433 | ||||||||||||||||||
| Net new orders | 1,680 | 1,535 | 5,116 | 4,638 | ||||||||||||||||||||||
| Cancellation rate | 13.8 | % | 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 - units | 3,996 | 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: | Units | Average Sales Price | Units | Average Sales Price | Units | Average Sales Price | Units | Average Sales Price | |||||||||||||||||||||||||||||||||||||||
| Southeast | 592 | $ | 494,163 | 828 | $ | 467,896 | 1,838 | $ | 492,913 | 2,261 | $ | 460,524 | |||||||||||||||||||||||||||||||||||
| Mid-Atlantic | 603 | 461,320 | 388 | 407,798 | 1,704 | 441,184 | 1,144 | 386,114 | |||||||||||||||||||||||||||||||||||||||
| Midwest | 694 | 589,087 | 582 | 611,886 | 2,033 | 583,688 | 1,756 | 623,358 | |||||||||||||||||||||||||||||||||||||||
| Total | 1,889 | $ | 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, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
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 expense | 42,338 | 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, | |||||||||||
| 2024 | 2023 | ||||||||||
| Total debt | $ | 1,456,088 | $ | 849,116 | |||||||
| Total mezzanine equity | 169,951 | 148,500 | |||||||||
| Total equity | 1,119,761 | 837,572 | |||||||||
| Total capitalization | $ | 2,745,800 | $ | 1,835,188 | |||||||
| Total debt to total capitalization | 53.0 | % | 46.3 | % | |||||||
| Total debt | $ | 1,456,088 | $ | 849,116 | |||||||
| Less: mortgage warehouse facilities | 170,167 | — | |||||||||
| Less: cash and cash equivalents | 204,906 | 330,129 | |||||||||
| Net homebuilding debt | $ | 1,081,015 | $ | 518,987 | |||||||
| Total mezzanine equity | 169,951 | 148,500 | |||||||||
| Total equity | 1,119,761 | 837,572 | |||||||||
| Net capitalization | $ | 2,370,727 | $ | 1,505,059 | |||||||
| Net homebuilding debt to net capitalization | 45.6 | % | 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