2018 JP Morgan Building and Building Products Conference
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1 2018 JP Morgan Building and Building Products Conference 1
2 Note: All statements in this presentation that are not historical facts should be considered as Forward-Looking Statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such forward-looking statements include but are not limited to statements related to the Company s goals and expectations with respect to its financial results for future financial periods. Although we believe that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we can give no assurance that such plans, intentions or expectations will be achieved. By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a 2variety of factors. Such risks, uncertainties and other factors include, but are not limited to, (1) changes in general and local economic, industry and business conditions and impacts of a sustained homebuilding downturn; (2) adverse weather and other environmental conditions and natural disasters; (3) levels of indebtedness and restrictions on the Company s operations and activities imposed by the agreements governing the Company s outstanding indebtedness; (4) the Company's sources of liquidity; (5) changes in credit ratings; (6) changes in market conditions and seasonality of the Company s business; (7) the availability and cost of suitable land and improved lots; (8) shortages in, and price fluctuations of, raw materials and labor; (9) regional and local economic factors, including dependency on certain sectors of the economy, and employment levels affecting home prices and sales activity in the markets where the Company builds homes; (10) fluctuations in interest rates and the availability of mortgage financing; (11) changes in tax laws affecting the after-tax costs of owning a home; (12) operations through joint ventures with third parties; (13) government regulation, including regulations concerning development of land, the home building, sales and customer financing processes, tax laws and the environment; (14) product liability litigation, warranty claims and claims made by mortgage investors; (15) levels of competition; (16) availability and terms of financing to the Company; (17) successful identification and integration of acquisitions; (18) significant influence of the Company s controlling stockholders; (19) availability of net operating loss carryforwards; (20) utility shortages and outages or rate fluctuations; (21) geopolitical risks, terrorist acts and other acts of war; (22) increases in cancellations of agreements of sale; (23) loss of key management personnel or failure to attract qualified personnel; (24) information technology failures and data security breaches; (25) legal claims brought against us and not resolved in our favor; and (26) certain risks, uncertainties and other factors described in detail in the Company s Annual Report on Form 10-K for the fiscal year ended October 31, 2017 and subsequent filings with the Securities and Exchange Commission. Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason. 2
3 U.S. Housing Market is Recovering 3
4 US Housing Production in Retrospective 2,500 March 2018 Year to Date Seasonally Adjusted Annual Rate - Multi-Family March 2018 Year to Date Seasonally Adjusted Annual Rate - Single Family Multi-Family Single Family Total U.S. Housing Starts (For Sale and Rental) starts are comparable to prior decades Decade Average Starts Harvard s Demand Projections (000s) 2,000 1,500 1,000 1,401,000 1,425,000 1,753,000 1,482,000 1,409,000 1,438,000 1,015,000 1,610,000 1,820, US Population In millions Previous Low (1991: 1,013,000) Population Greater Source: U.S. Census Bureau demand projections are from Joint Center for Housing Studies of Harvard University. 4
5 Business Overview and First Quarter Fiscal 2018 Results 5
6 Hovnanian Enterprises At A Glance o 9th largest publicly traded homebuilder in the U.S. based on deliveries o Founded by Kevork Hovnanian in 1959 and the Hovnanian family remains our largest shareholder o 165 communities in 24 markets in 14 states Homebuilding Revenues by Segment (last twelve months ended January 31, 2018) 9% 19% 8% 19% 34% 11% 6
7 Fiscal 2017 (1) Broad Product Diversification First Time 26% Move Up 38% Luxury 19% Active Lifestyle 17% (1) Includes unconsolidated joint venture deliveries. 7
8 Debt Maturities Paid Off ($ in millions) $320 $173 $61 $87 10/15/2015 1/15/2016 5/15/2016 In the aggregate 10/15/2015 through 05/15/2016 8
9 Communities & Growth in Contracts per Community Year-over-Year Percentage Increase in Quarterly Contracts per Community (1) 6% 2% 4% 4% 6% 14% 15% 16% 3% # of Communities Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Consolidated Joint Ventures (1) Includes unconsolidated joint ventures. Note: Communities are open for sale communities with 10 or more home sites available. Note: In the trailing twelve months, we opened 63 consolidated communities, purchased 2 communities from joint ventures and closed out 82 consolidated communities. 9
10 Revenues $ in millions Total Consolidated Revenues JV Homebuilding Revenues $65 $59 $552 $
11 First Quarter Operating Results ($ in millions) Adjusted Gross Margin (1) Total SG&A (2) 17.2% 17.9% $60 $ Total Interest Expense Adjusted (Loss) Before Income Taxes (3) ($4) $41 $41 ($30) Total Interest as a % of Total Revenue 7.4% 9.9% (1) Adjusted homebuilding gross margin percentage is before cost of sales interest expense and land charges. Please see appendix for reconciliation. (2) Total SG&A includes homebuilding selling, general and administrative costs and corporate general and administrative costs. (3) Adjusted (Loss) Before Income Taxes excludes land-related charges, joint venture write-downs and gain on extinguishment of debt. 11
12 Number of Monthly Contracts Per Community, Includes Joint Ventures Mar-16 Mar-17 Apr-16 Apr-17 May-16 May-17 Jun-16 Jun-17 Jul-16 Jul-17 Aug-16 Aug-17 Sep-16 Sep-17 Oct-16 Oct-17 Nov-16 Nov-17 Dec-16 Dec-17 Jan-17 Jan-18 Feb-17 Feb Number of Sundays Mar-16 Mar-17 Apr-16 Apr-17 May-16 May-17 Jun-16 Jun-17 Jul-16 Jul-17 Aug-16 Aug-17 Sep-16 Sep-17 Oct-16 Oct-17 Nov-16 Nov-17 Dec-16 Dec-17 Jan-17 Jan-18 Feb-17 Feb-18 Monthly contracts Note: Includes joint ventures. 12
13 Annual Contracts Per Community Average Note: Annual Contracts per Community calculated based on a five quarter average of communities, excluding joint ventures. 13
14 and Target ($ in millions) Homebuilding Cash Revolver Availability Pro Forma Cash (1) $474 $8 $373 $262 $263 $262 $263 $279 $52 $227 $49 $339 $51 $324 $288 $298 $55 $243 $232 $50 $182 $309 $325 $312 $48 $51 $53 $261 $274 $259 $259 $250 $2 $49 $248 $210 $201 $188 $152 $75 $5 $2 $3 $150 $123 $183 $347 $5 $342 $205 $7 $198 $284 $288 $7 $8 $277 $280 $466 $292 $11 $281 $245 Target Range $170 01/31/13 04/30/13 07/31/13 10/31/13 01/31/14 04/30/14 07/31/14 10/31/14 01/31/15 04/30/15 07/31/15 10/31/15 1/31/16 4/30/16 7/31/16 10/31/16 01/31/17 04/30/17 07/31/17 10/31/17 1/31/18 Note: position includes homebuilding cash and cash equivalents (which includes unrestricted cash and restricted cash to collateralize letters of credit) and revolving credit facility availability. (1) Pro Forma Cash of $75 million from joint venture and land sale subsequent to end of second quarter
15 Consolidated Lots Controlled 40,000 30,000 20,000 33,433 33,894 34,213 34,535 34,710 31,707 27,397 26,650 26,234 26,103 25,834 25,329 27,183 10,
16 Inventory Turns (COGS), Last Twelve Months 3.1x 0.6x 0.7x 0.8x 0.9x 1.0x 1.0x 1.0x 1.1x 1.1x 1.1x 1.2x 1.2x 2.0x Toll (Jan ) TRI Pointe (Dec ) Lennar (Nov ) Pulte (Dec ) Taylor Morrison (Dec ) Meritage (Dec ) Beazer (Dec ) LGI Homes (Dec ) KB Home (Nov ) M/I Homes (Dec ) MDC (Dec ) DR Horton (Dec ) Hovnanian (Jan ) NVR (Dec ) Note: Inventory turns derived by dividing cost of sales, excluding capitalized interest, by the five quarter average homebuilding inventory, excluding inventory not owned and capitalized interest. Source: Company SEC filings and press releases as of 03/08/18. 16
17 Adjusted Homebuilding EBIT to Inventory, Last Twelve Months 49.0% 10.9% 11.2% 11.8% 11.9% 12.1% 13.7% 14.0% 14.2% 16.7% 16.8% 17.6% 18.8% 22.1% Beazer (Dec ) Meritage (Dec ) MDC (Dec ) M/I Homes (Dec ) Toll (Jan ) Taylor Morrison (Dec ) TRI Pointe (Dec ) Lennar (Nov ) Hovnanian (Jan ) KB Home (Nov ) Pulte (Dec ) DR Horton (Dec ) LGI Homes (Dec ) NVR (Dec ) Note: Defined as LTM EBIT before land-related charges divided by five quarter average inventory, excluding capitalized interest and inventory not owned. Source: Company SEC filings and press releases as of 03/08/18. 17
18 Recent Financing Transactions o Refinanced $133 million 7.0% senior notes due 2019, with a 5% unsecured term loan maturing in 2027 from GSO Capital Partners LP and certain funds managed or advised by it (collectively, the GSO Entities ) o Accepted $170 million of 8.0% senior notes due 2019 tendered in an exchange offer for the issuance of $91 million of 13.5% senior notes due 2026 $90 million of 5.0% senior notes due 2040 $27 million of cash for the purchase of $26 million of the tendered 8% senior notes An additional 5.0% unsecured term loan commitment from GSO Entities will be used to refinance $66 million of 8% senior notes o Commitment for 4.5 year $125 million senior secured revolver/term loan from GSO Entities Anticipate first draw in September 2018 to repay $75 million super priority secured term loan Provides $50 million of incremental liquidity o Commitment from GSO Entities to purchase at approximately then current yield $25 million additional 10.5% senior secured notes due 2024 Closes in January 2019 Provides $25 million additional liquidity o Received consent from 10.5% senior secured note holders to remove restrictions on repurchases or acquisitions of unsecured 2019 debt Use of cash for repayment Open market purchases Refinancings 18
19 Pre and Pro Forma Maturity Profile As of January 31, 2018 ($ in millions) $440 $400 $236 $195 $133 (1) $75 $75 - $ '18 '18 '18 Pro Forma for Refinancing of 7% and 8% Senior Unsecured Notes, Senior Secured Revolver/Term Loan in September 2018 and $25M Tack On in January 2019 ($ in millions) '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 '22 '23 '23 '23 '23 '24 '24 '24 '24 Super Priority TL Old Secured Group New Secured Group Unsecured '25 '25 '25 '25 '26 '26 '26 '26 '27 '40 $440 $425 Jan $25 Sep $195 (3) $199 $75 $125 (4) (1) $52 (2) $26 $91 $ '18 '18 '18 '18 '19 '19 '19 '19 '20 '20 '20 '20 '21 '21 '21 '21 '22 '22 '22 Old Secured Group New Secured Group Unsecured Unsecured Term Loan Senior Secured Revolver/Term Loan Note: Shown on a calendar year basis, at face value. Note: Excludes non-recourse mortgages. 1 Partially matures in June 2018 with balance maturing in September $26 million of 8.0% senior notes held by wholly owned subsidiary. 3 $66 million use of 5.0% additional term loan commitment to refinance certain remaining 8.0% senior notes. 4 Becomes a term loan in December 2019 with final maturity in December '22 '23 '23 '23 '23 '24 '24 '24 '24 '25 '25 '25 '25 '26 '26 '26 '26 '27 '40 19
20 20
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