Company: HOVVB
Filing Date: 2025-05-30
Form Type: 10-Q
Source: 0001753926-25-000907
Chunk: 8

Company: HOVNANIAN ENTERPRISES INC
Filing Date: 2025-05-30
Form: 10-Q
Item: Part I, Item 2
Chunk 8
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 the macroeconomic uncertainty that permeated throughout the period leading to low consumer confidence.

● Net contracts per active selling community decreased to 11.2 and 20.8 for the three and six months ended April 30, 2025, respectively, compared to 13.9 and 24.2 in the same periods of the prior year, respectively, primarily due to a challenging operating environment that resulted in a slower spring selling season compared to the prior year.

● Contract backlog decreased from 2,018 homes at April 30, 2024 to 1,711 homes at April 30, 2025, and the dollar value of contract backlog decreased to $988.2 million, a 12.5% decrease in dollar value compared to the prior year, as our backlog conversion ratio has increased from the prior year period due to our focus on having more QMI homes available to sell and deliver.

Results of Operations 

Total Revenues

Compared to the same period in the prior year, revenues (decreased) increased as follows:

Three Months Ended 

April 30, 

April 30, 

 Dollar  

 Percentage  

 (Dollars in thousands)  

2025 

2024 

 Change  

 Change  

 Homebuilding:  

 Sale of homes  
 
$
650,314

$
686,929

$
(36,615
)

(5.3)
% 

 Land sales and other revenues  

14,839

 4,284  

10,555

246.4
% 

 Financial services  

21,318

17,167

4,151

24.2
% 

 Total revenues  
 
$
686,471

$
708,380

$
(21,909
)

(3.1)
%    

 Six Months Ended  

April 30, 

April 30, 

 Dollar  

 Percentage  

 (Dollars in thousands)  

 2025  

 2024  

 Change  

 Change  

 Homebuilding:  

 Sale of homes  
 
$
1,297,228

$
1,260,565

$
36,663

2.9
% 

 Land sales and other revenues  

24,606

 9,576  

15,030

157.0
% 

 Financial services  

38,260

32,435

5,825

18.0
 % 

 Total revenues  
 
$
1,360,094

$
1,302,576

$
57,518

4