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    Dream Finders Announces Second Quarter 2024 Results

    8/1/24 7:00:00 AM ET
    $DFH
    Homebuilding
    Consumer Discretionary
    Get the next $DFH alert in real time by email

    Second Quarter Homebuilding Revenues of $1.1 billion

    Net Income to DFH Up 18%, Basic EPS up 19%

    Return on Participating Equity of 33.5%

    Dream Finders Homes, Inc. (the "Company", "Dream Finders Homes", "Dream Finders" or "DFH") (NYSE:DFH) announced its financial results for the second quarter ended June 30, 2024.

    Second Quarter 2024 Highlights (As Compared to Second Quarter 2023, unless otherwise noted)

    • Homebuilding revenues increased 12% to $1.1 billion from $943 million
    • Home closings increased 10% to 2,031 from 1,846
    • Net new orders increased 3% to 1,712 from 1,655
    • Average sales price of homes closed increased to $514,833 from $504,683
    • Homebuilding gross margin of 19.0% compared to 19.1%
    • Adjusted gross margin (non-GAAP) of 27.0% compared to 27.1%
    • Pre-tax income increased 11% to $106 million from $96 million
    • Net income attributable to DFH increased 18% to $81 million, or $0.83 per basic share, from $69 million, or $0.70 per basic share
    • Active community count of 222
    • Backlog of 4,205 sold homes as of June 30, 2024, valued at $2.1 billion
    • Net debt to net capitalization of 42.7% as of June 30, 2024, compared to 38.8% as of June 30, 2023
    • Total liquidity, comprised of cash and cash equivalents and availability under the revolving credit facility, of $475 million as of June 30, 2024
    • Return on participating equity of 33.5% for the trailing twelve months ended June 30, 2024, compared to 42.2% for the trailing twelve months ended June 30, 2023
    • Controlled lot pipeline of 40,678 as of June 30, 2024

    Management Commentary

    Patrick Zalupski, Dream Finders Homes Chairman and CEO, said, "Despite the continued home affordability and interest rate challenges, Dream Finders achieved another strong quarter driven by our continued focus on strategic growth and operational efficiencies. I am proud of the efforts of the entire DFH team as we have continued to grind forward despite the aforementioned hurdles. Our homebuilding revenues for the quarter of $1.1 billion, represented a 12% increase over the prior year quarter, and a second quarter Company record. Our focus on profitability was evident in our record second quarter net income attributable to DFH shareholders of $81 million and basic EPS of $0.83, increases of 18% and 19%, respectively, compared to the year ago quarter.

    During the second quarter, we repurchased 72,000 shares of our class A common stock under our approved buyback program. We believe buying back our shares is a valuable way to generate shareholder value, and we may continue to do so in the future as part of our long-term capital allocation strategy.

    We are also pleased to announce that subsequent to quarter end, we completed the acquisition of Jet HomeLoans (‘Jet HL') for $9.3 million, our sixth acquisition in five years. We previously owned 60% of the joint venture and executed on an opportunity to purchase the remaining 40%, which we closed on July 1, 2024. We are confident this transaction will enhance overall profitability for DFH and drive significant shareholder value. Jet HL generated $20 million of pre-tax earnings in 2023 and $13 million year to date through June 30, 2024; 100% of earnings starting July 1, 2024 will flow to DFH. Acquiring the remaining 40% was an easy decision based on what we believe the earnings will be going forward.

    While there are plenty of challenges facing the homebuilding industry, we believe DFH is well positioned to continue to capitalize on opportunities going forward. We reiterate our guidance of 8,250 closings for the full year 2024 and are hard at work building the foundation for continued growth in 2025 and beyond."

    Second Quarter 2024 Results

    Homebuilding revenues in the second quarter of 2024 increased 12% to $1.1 billion, compared to $943 million in the second quarter of 2023. Average sales price ("ASP") of homes closed for the second quarter of 2024 was $514,833, a modest increase compared to the prior year quarter ASP of $504,683. Home closings increased 10% to 2,031 compared to 1,846 in the second quarter of 2023. The increase in homebuilding revenues was primarily due to the increase in home closings, the majority of which resulted from the February 2024 Crescent Homes acquisition, as well as higher ASP attributable to overall product mix during the second quarter of 2024 when compared to the second quarter of 2023.

    Homebuilding gross margin percentage in the second quarter of 2024 of 19.0% remained consistent compared to 19.1% in the second quarter of 2023. The steady gross margin percentage for the second quarter of 2024 included amortization of purchase accounting adjustments associated with home closings contributed from the recent Crescent Homes acquisition. These adjustments negatively impacted the second quarter 2024 gross margin percentage by approximately 20 basis points ("bps"). Purchase accounting amortization is a temporary cost that will conclude in conjunction with closing the remaining homes in inventory acquired from Crescent.

    Adjusted gross margin as a percentage of homebuilding revenues in the second quarter of 2024 was 27.0%, remaining consistent with the second quarter of 2023 adjusted gross margin of 27.1%. Adjusted gross margin is a non-GAAP financial measure. See "Reconciliation of Non-GAAP Financial Measures."

    Selling, general and administrative expense ("SG&A") in the second quarter of 2024 increased 34% to $99 million, compared to $74 million in the second quarter of 2023. SG&A as a percentage of homebuilding revenues in the second quarter of 2024 was 9.4%, an increase of 160 bps compared to 7.8% in the second quarter of 2023. The increase was primarily attributable to higher compensation and marketing costs inherent in our efforts to expand operations. The second quarter SG&A percentage reflected a 50 bps improvement from the first quarter of 2024 as we further integrated Crescent and this metric began to normalize as anticipated for the year based on expected quarterly closing volumes.

    Net income attributable to DFH in the second quarter of 2024 increased 18% to $81 million, or $0.83 per basic share, from $69 million, or $0.70 per basic share in the second quarter of 2023. This improvement primarily resulted from increased home closings and a reduction in contingent consideration expense in the second quarter of 2024 compared to the prior year quarter, partially offset by higher SG&A explained above.

    Net new orders in the second quarter of 2024 were 1,712, an increase of 3% compared to 1,655 net new orders for the second quarter of 2023. The cancellation rate in the second quarter of 2024 was 13.2%, an improvement of 240 bps compared with the second quarter of 2023 cancellation rate of 15.6%. The consistency of our net new orders and low cancellation rate are indicative of our continued focus on sales incentives and availability of quick, move-in homes in our communities.

    Our total available liquidity as of June 30, 2024 was $475 million, including $275 million of unrestricted operating cash. In addition, net debt to net capitalization as of June 30, 2024 was 42.7%, an increase of 390 bps from the end of the second quarter of 2023. During the second quarter of 2024, we released a significant number of housing starts and purchased additional lots for production, increasing our investment in inventory by $457 million compared to the second quarter of 2023. This directly impacted our net debt to net capitalization metric and liquidity as we prepared to deliver our homes in the second half of the year and maintain an active pipeline of quick, move-in homes.

    Second Quarter 2024 Backlog

    As of June 30, 2024, DFH had a backlog of 4,205 homes, valued at $2.1 billion, compared to the backlog of 4,524 homes, valued at $2.3 billion as of March 31, 2024. As of June 30, 2024, the ASP in backlog was $505,022 compared to $513,238 as of March 31, 2024. As of June 30, 2024, approximately 1,088 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 June 30, 2024 by homebuilding segment:

     

    As of June 30, 2024

    (unaudited)

    Backlog:

    Units

     

    Average Sales Price

    Southeast

    1,723

     

    $

    411,727

    Mid-Atlantic

    1,202

     

     

    467,772

    Midwest

    1,280

     

     

    665,587

    Total

    4,205

     

    $

    505,022

    Jet HomeLoans Acquisition

    On July 1, 2024, the Company acquired the remaining interest in Jet HomeLoans, upon which Jet HomeLoans became a wholly owned subsidiary of the Company and will be consolidated in the Company's financial statements as of that date. This acquisition enables us to direct and manage the business operations and strategies of our established preferred mortgage lender for the benefit of our homebuyers across all of our markets.

    Full Year 2024 Outlook

    Dream Finders Homes maintains its guidance of approximately 8,250 home closings for the full year 2024, inclusive of the Crescent Homes acquisition.

    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 financial services joint ventures, 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, benefits of the Crescent Homes acquisition, 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)

     

     

    June 30,

    2024

     

    December 31,

    2023

    Assets

     

     

     

     

    Cash and cash equivalents

     

    $

    274,797

     

     

    $

    494,145

    Restricted cash

     

     

    21,834

     

     

     

    54,311

    Accounts receivable

     

     

    33,003

     

     

     

    30,874

    Inventories

     

     

    1,897,518

     

     

     

    1,440,249

    Lot deposits

     

     

    301,167

     

     

     

    247,207

    Other assets

     

     

    108,993

     

     

     

    80,759

    Investments in unconsolidated entities

     

     

    20,556

     

     

     

    15,364

    Property and equipment, net

     

     

    8,775

     

     

     

    7,043

    Right-of-use assets

     

     

    18,248

     

     

     

    20,280

    Goodwill

     

     

    300,313

     

     

     

    172,207

    Total assets

     

    $

    2,985,204

     

     

    $

    2,562,439

     

     

     

     

     

    Liabilities

     

     

     

     

    Accounts payable

     

    $

    180,856

     

     

    $

    134,115

    Accrued expenses

     

     

    181,668

     

     

     

    207,389

    Customer deposits

     

     

    129,043

     

     

     

    172,574

    Construction lines of credit

     

     

    890,876

     

     

     

    530,384

    Senior unsecured notes, net

     

     

    294,564

     

     

     

    293,918

    Lease liabilities

     

     

    19,116

     

     

     

    21,114

    Contingent consideration

     

     

    67,549

     

     

     

    116,795

    Total liabilities

     

    $

    1,763,672

     

     

    $

    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 June 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 June 30, 2024 and December 31, 2023, respectively

     

     

    592

     

     

     

    602

    Additional paid-in capital

     

     

    271,296

     

     

     

    275,241

    Retained earnings

     

     

    777,099

     

     

     

    648,412

    Treasury stock, at cost, 71,833 shares of Class A common stock as of June 30, 2024

     

     

    (1,846

    )

     

     

    —

    Total Dream Finders Homes, Inc. stockholders' equity

     

     

    1,047,486

     

     

     

    924,584

    Noncontrolling interests

     

     

    4,095

     

     

     

    13,066

    Total equity

     

     

    1,051,581

     

     

     

    937,650

    Total liabilities, mezzanine equity and equity

     

    $

    2,985,204

     

     

    $

    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

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Revenues:

     

     

     

     

     

     

     

     

    Homebuilding

     

    $

    1,052,236

     

     

    $

    942,880

     

     

    $

    1,877,457

     

     

    $

    1,710,356

     

    Other

     

     

    3,511

     

     

     

    2,459

     

     

     

    6,090

     

     

     

    4,403

     

    Total revenues

     

     

    1,055,747

     

     

     

    945,339

     

     

     

    1,883,547

     

     

     

    1,714,759

     

    Homebuilding cost of sales

     

     

    852,837

     

     

     

    762,855

     

     

     

    1,531,477

     

     

     

    1,400,199

     

    Selling, general and administrative expense

     

     

    98,926

     

     

     

    73,709

     

     

     

    180,719

     

     

     

    134,470

     

    Income from unconsolidated entities

     

     

    (5,299

    )

     

     

    (4,704

    )

     

     

    (10,202

    )

     

     

    (7,662

    )

    Contingent consideration revaluation

     

     

    4,638

     

     

     

    18,266

     

     

     

    7,845

     

     

     

    23,582

     

    Other income, net

     

     

    (1,363

    )

     

     

    (635

    )

     

     

    (3,124

    )

     

     

    (1,065

    )

    Income before taxes

     

     

    106,008

     

     

     

    95,848

     

     

     

    176,832

     

     

     

    165,235

     

    Income tax expense

     

     

    (23,245

    )

     

     

    (24,206

    )

     

     

    (38,386

    )

     

     

    (41,842

    )

    Net and comprehensive income

     

     

    82,763

     

     

     

    71,642

     

     

     

    138,446

     

     

     

    123,393

     

    Net and comprehensive income attributable to noncontrolling interests

     

     

    (1,820

    )

     

     

    (2,878

    )

     

     

    (3,009

    )

     

     

    (5,540

    )

    Net and comprehensive income attributable to Dream Finders Homes, Inc.

     

    $

    80,943

     

     

    $

    68,764

     

     

    $

    135,437

     

     

    $

    117,853

     

     

     

     

     

     

     

     

     

     

    Earnings per share

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.83

     

     

    $

    0.70

     

     

    $

    1.38

     

     

    $

    1.19

     

    Diluted

     

    $

    0.81

     

     

    $

    0.65

     

     

    $

    1.35

     

     

    $

    1.09

     

     

     

     

     

     

     

     

     

     

    Weighted-average number of shares

     

     

     

     

     

     

     

     

    Basic

     

     

    93,722,953

     

     

     

    93,108,277

     

     

     

    93,524,396

     

     

     

    93,025,626

     

    Diluted

     

     

    100,125,681

     

     

     

    105,439,519

     

     

     

    100,030,603

     

     

     

    107,704,859

     

     

    Dream Finders Homes, Inc.

    Other Financial and Operating Data

    (Unaudited)

     

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Other Financial and Operating Data

     

     

     

     

     

     

     

     

    Home closings

     

     

    2,031

     

     

     

    1,846

     

     

     

    3,686

     

     

     

    3,363

     

    Average sales price of homes closed(1)

     

    $

    514,833

     

     

    $

    504,683

     

     

    $

    505,926

     

     

    $

    498,309

     

    Net new orders

     

     

    1,712

     

     

     

    1,655

     

     

     

    3,436

     

     

     

    3,103

     

    Cancellation rate

     

     

    13.2

    %

     

     

    15.6

    %

     

     

    16.8

    %

     

     

    18.1

    %

    Gross margin (in thousands)(2)

     

    $

    199,399

     

     

    $

    180,025

     

     

    $

    345,980

     

     

    $

    310,157

     

    Gross margin %(3)

     

     

    19.0

    %

     

     

    19.1

    %

     

     

    18.4

    %

     

     

    18.1

    %

    Adjusted gross margin (in thousands)(4)

     

    $

    284,571

     

     

    $

    255,912

     

     

    $

    501,784

     

     

    $

    442,105

     

    Adjusted gross margin %(3)(4)

     

     

    27.0

    %

     

     

    27.1

    %

     

     

    26.7

    %

     

     

    25.8

    %

    Active communities(5)

     

     

     

     

     

     

    222

     

     

     

    220

     

    Backlog - units

     

     

     

     

     

     

    4,205

     

     

     

    5,288

     

    Backlog - value (in thousands)

     

     

     

     

     

    $

    2,123,618

     

     

    $

    2,486,375

     

    Return on participating equity(6)

     

     

     

     

     

     

    33.5

    %

     

     

    42.2

    %

    Net debt to net capitalization(7)

     

     

     

     

     

     

    42.7

    %

     

     

    38.8

    %

    (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)

    Gross margin is homebuilding revenues less homebuilding cost of sales.

    (3)

    Calculated as a percentage of homebuilding revenues.

    (4)

    Adjusted gross margin is a non-GAAP financial measure. For a definition of this non-GAAP financial measures and a reconciliation to our most directly comparable financial measure 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 new order. A community becomes inactive when it has fewer than five units 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.

    (7)

    Net debt to net capitalization is defined as the sum of the senior unsecured notes, net and construction lines of credit, less cash and cash equivalents ("net debt"), divided by the sum of net debt, total mezzanine equity and total equity.

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 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

    668

     

    $

    508,511

     

    799

     

    $

    461,085

     

    1,246

     

    $

    492,320

     

    1,433

     

    $

    456,264

    Mid-Atlantic

    610

     

     

    433,941

     

    386

     

     

    384,865

     

    1,101

     

     

    430,155

     

    756

     

     

    374,985

    Midwest

    753

     

     

    585,971

     

    661

     

     

    627,353

     

    1,339

     

     

    580,889

     

    1,174

     

     

    629,045

    Total

    2,031

     

    $

    514,833

     

    1,846

     

    $

    504,683

     

    3,686

     

    $

    505,926

     

    3,363

     

    $

    498,309

     

    Reconciliation of Non-GAAP Financial Measures

    The following table presents a reconciliation of adjusted gross margin to the GAAP financial measure of gross margin for each of the periods indicated (unaudited and in thousands, except percentages):

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2024

     

    2023

     

    2024

     

    2023

    Gross margin(1)

     

    $

    199,399

     

     

    $

    180,025

     

     

    $

    345,980

     

     

    $

    310,157

     

    Interest expense in homebuilding cost of sales(2)

     

     

    41,662

     

     

     

    32,798

     

     

     

    72,404

     

     

     

    55,217

     

    Amortization in homebuilding cost of sales(3)

     

     

    2,518

     

     

     

    —

     

     

     

    7,100

     

     

     

    —

     

    Commission expense

     

     

    40,992

     

     

     

    43,089

     

     

     

    76,300

     

     

     

    76,731

     

    Adjusted gross margin

     

    $

    284,571

     

     

    $

    255,912

     

     

    $

    501,784

     

     

    $

    442,105

     

    Gross margin %(4)

     

     

    19.0

    %

     

     

    19.1

    %

     

     

    18.4

    %

     

     

    18.1

    %

    Adjusted gross margin %(4)

     

     

    27.0

    %

     

     

    27.1

    %

     

     

    26.7

    %

     

     

    25.8

    %

    (1)

    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.

    Adjusted gross margin is a non-GAAP financial measure used by management as a supplemental measure in evaluating operating performance. The Company defines adjusted gross margin as 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. Management believes this information is meaningful because it isolates the impact that these excluded items have on gross margin. The Company includes 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 gross margin. As a result, in order to provide a meaningful comparison to the public company homebuilders that include commission expense below the gross margin line in selling, general and administrative expense, commission expense has been excluded from adjusted gross margin. However, because adjusted 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 gross margin information as a measure of operating performance may be limited. In addition, other companies may not calculate adjusted gross margin information in the same manner. Accordingly, adjusted gross margin information should be considered only as a supplement to gross margin information as a measure of performance.

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240801911477/en/

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