Risk Factors Update Summary
- Sales incentives and mortgage rate buy-downs may negatively impact future gross margins.
- A significant increase in cancellation rates from 2021 to 2023, impacting home sales.
- Decline in absorption rate to 3.1 per community in 2023 from 4.1 in 2022.
- A decrease in new contracts and homes delivered, impacting financial results and operations.
- Land deposits write-offs of $18.4 million in 2022 could negatively impact financial condition.
- Supply chain disruptions improved in 2023, affecting construction cycle times and costs.
- Increased costs of land, materials, and labor due to inflation may impact financial results.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=799292&owner=exclude
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