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

Company: HOVNANIAN ENTERPRISES INC
Filing Date: 2025-05-30
Form: 10-Q
Item: Part I, Item 2
Chunk 10
---
$
510,921

$
537,325

(4.9)
% 

Unconsolidated joint ventures: (1) 

 Housing revenues  
 
$
144,495

$
120,249

20.2
%

$
276,271

$
245,458

12.6
% 

 Homes delivered  

207

182

13.7
%

404

388

4.1
% 

 Average sales price  
 
$
698,043

$
660,709

5.7
%

$
683,839

$
632,624

8.1
%    

(1) Represents housing revenues and home deliveries for our unconsolidated homebuilding joint ventures for the period. We provide this data as a supplement to our consolidated results as an indicator of the volume managed in our unconsolidated joint ventures. See Note 18 to the Condensed Consolidated Financial Statements included elsewhere in this Quarterly Report on Form 10-Q for a further discussion of our unconsolidated joint ventures.

30    

Homebuilding: Land Sales and Other Revenues

Land sales and other revenues increased $10.6 and $15.0 million for the three and six months ended April 30, 2025, compared to the same periods in the prior year. Revenue associated with land sales can vary significantly due to the mix of land parcels sold. There were two and three land sales during the three and six months ended April 30, 2025, respectively, and zero and one land sale in the three and six months ended April 30, 2024, respectively. Land sales revenues increased $12.4 million and $17.9 million during the three and six months ended April 30, 2025 compared to the same periods in the prior year. Other revenues, which includes interest income, decreased due to lower rates on our cash and cash equivalent accounts during the first half of fiscal 2025, partially offsetting the increase in land sales revenues.

Homebuilding: Cost of Sales 

Cost of sales includes expenses for homebuilding and land and lot sales, including inventory impairments and land option write-offs (defined as “land charges” in the tables below). A breakout of such expenses for homebuilding and land and lot sales and the gross margins for each is set forth below.

Homebuilding gross margin, before cost of sales interest expense and land charges, is a non-GAAP financial