Hovnanian Enterprises, Inc
(NYSE:HOV)

Hovnanian Enterprises, Inc. engages in the design, construction, marketing, and sale of residential homes in the United States. It offers single-family detached homes, attached townhomes and condominiums, urban infill, and active lifestyle homes with amenities, such as club houses, swimming pools, t...

Website: http://www.khov.com

Founded: 1959

Sector: Consumer Cyclical

Industry: Residential Construction

Consumer Cyclical

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At a glance:

Bull Thesis:

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Main Competitors:

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Quarterly

Annual

Unit: USD	2026-01-31	2025-10-31	2025-07-31	2025-04-30	2025-01-31	2024-10-31	2024-07-31	2024-04-30	2024-01-31	2023-10-31	2023-07-31	2023-04-30	2023-01-31	2022-10-31	2022-07-31	2022-04-30	2022-01-31	2021-10-31	2021-07-31	2021-04-30	2021-01-31	2020-10-31	2020-07-31	2020-04-30	2020-01-31	2019-10-31	2019-07-31	2019-04-30	2019-01-31	2018-10-31	2018-07-31	2018-04-30	2018-01-31	2017-10-31	2017-07-31	2017-04-30	2017-01-31	2016-10-31	2016-04-30	2016-01-31	2015-10-31	2015-04-30	2015-01-31	2014-10-31	2014-07-31	2014-04-30	2014-01-31	2013-10-31	2013-01-31	2012-10-31	2012-07-31	2012-04-30	2012-01-31	2011-10-31	2011-07-31	2011-04-30	2011-01-31	2010-10-31	2010-07-31	2010-04-30	2010-01-31	2009-10-31	2009-01-31

revenues:
homebuilding:
sale of homes	575,759,000	786,630,000	769,050,000	650,314,000	646,914,000	927,499,000	687,424,000	686,929,000	573,636,000	829,733,000	630,371,000	670,708,000	499,645,000	866,611,000	736,654,000	685,823,000	551,366,000	779,551,000	663,279,000	679,515,000	551,365,000	643,516,000	605,933,000	523,347,000	479,233,000	692,146,000	467,849,000	427,552,000	362,135,000	593,675,000	442,859,000	468,117,000	401,577,000		574,282,000	567,553,000	531,415,000		626,157,000	556,775,000		455,172,000	433,471,000	681,523,000	538,007,000	438,302,000	355,181,000	1,450,046,000	334,281,000	469,275,000	371,481,000	312,494,000	252,330,000	313,136,000	276,479,000	246,974,000	235,885,000	339,576,000	368,077,000	310,493,000	309,353,000		359,052,000
land sales and other revenues	37,185,000	3,125,000	2,967,000	14,839,000	9,767,000	29,398,000	16,392,000	4,284,000	5,292,000	38,227,000	4,937,000	18,750,000	3,557,000	2,185,000	16,406,000	1,008,000	638,000	14,175,000	7,559,000	1,919,000	3,802,000	17,350,000	908,000	643,000	809,000	1,971,000	1,428,000	832,000	8,851,000	4,732,000	844,000	21,373,000	4,701,000		2,760,000	3,888,000	7,745,000		11,563,000	604,000		1,320,000	1,121,000	3,069,000	1,896,000	2,215,000	773,000	6,928,000	12,271,000	5,024,000	4,743,000	20,691,000	10,579,000	19,257,000	1,289,000	2,819,000	9,588,000	4,881,000	3,770,000	1,033,000	2,686,000		6,413,000
total homebuilding	612,944,000	789,755,000	772,017,000	665,153,000	656,681,000	956,897,000	703,816,000	691,213,000	578,928,000	867,960,000	635,308,000	689,458,000	503,202,000	868,796,000	753,060,000	686,831,000	552,004,000	793,726,000	670,838,000	681,434,000	555,167,000	660,866,000	606,841,000	523,990,000	480,042,000	694,117,000	469,277,000	428,384,000	370,986,000	598,407,000	443,703,000	489,490,000	406,278,000		577,042,000	571,441,000	539,160,000		637,720,000	557,379,000		456,492,000	434,592,000	684,592,000	539,903,000	440,517,000	355,954,000	1,456,974,000	346,552,000	474,299,000	376,224,000	333,185,000	262,909,000	332,393,000	277,768,000	249,793,000	245,473,000	344,457,000	371,847,000	311,526,000	312,039,000		365,465,000
financial services	19,008,000	28,149,000	28,566,000	21,318,000	16,942,000	22,741,000	18,888,000	17,167,000	15,268,000	19,072,000	14,649,000	14,203,000	12,164,000	17,992,000	14,533,000	15,706,000	13,309,000	20,622,000	19,845,000	21,728,000	19,497,000	22,492,000	21,295,000	14,361,000	14,014,000	19,473,000	12,764,000	12,307,000	9,608,000	16,404,000	13,009,000	13,054,000	10,888,000		14,993,000	14,494,000	12,849,000		17,003,000	18,226,000		12,457,000	11,122,000	13,802,000	11,106,000	9,412,000	8,094,000	36,068,000	11,659,000	12,745,000	10,787,000	8,513,000	6,690,000	9,232,000	7,850,000	5,304,000	7,094,000	8,555,000	8,753,000	7,059,000	7,606,000		8,319,000
total revenues	631,952,000	817,904,000	800,583,000	686,471,000	673,623,000	979,638,000	722,704,000	708,380,000	594,196,000	887,032,000	649,957,000	703,661,000	515,366,000	886,788,000	767,593,000	702,537,000	565,313,000	814,348,000	690,683,000	703,162,000	574,664,000	683,358,000	628,136,000	538,351,000	494,056,000	713,590,000	482,041,000	440,691,000	380,594,000	614,811,000	456,712,000	502,544,000	417,166,000		592,035,000	585,935,000	552,009,000		654,723,000	575,605,000		468,949,000	445,714,000	698,394,000	551,009,000	449,929,000	364,048,000	1,493,042,000	358,211,000	487,044,000	387,011,000	341,698,000	269,599,000	341,625,000	285,618,000	255,097,000	252,567,000	353,012,000	380,600,000	318,585,000	319,645,000		373,784,000
yoy	-6.19%	-16.51%	10.78%	-3.09%	13.37%	10.44%	11.19%	0.67%	15.30%	0.03%	-15.33%	0.16%	-8.84%	8.90%	11.14%	-0.09%	-1.63%	19.17%	9.96%	30.61%	16.32%	-4.24%	30.31%	22.16%	29.81%	16.07%	5.55%	-12.31%	-8.77%		-22.86%	-14.23%	-24.43%		-9.57%	1.79%			46.89%	-17.58%		4.23%	22.43%	-53.22%	53.82%	-7.62%	-5.93%	336.95%	32.87%	42.57%	35.50%	33.95%	6.74%	-3.23%	-24.96%	-19.93%	-20.99%		1.82%
qoq	-22.74%	2.16%	16.62%	1.91%	-31.24%	35.55%	2.02%	19.22%	-33.01%	36.48%	-7.63%	36.54%	-41.88%	15.53%	9.26%	24.27%	-30.58%	17.90%	-1.77%	22.36%	-15.91%	8.79%	16.68%	8.97%	-30.76%	48.04%	9.38%	15.79%	-38.10%	34.62%	-9.12%	20.47%			1.04%	6.15%			13.75%			5.21%	-36.18%	26.75%	22.47%	23.59%	-75.62%	316.81%	-26.45%	25.85%	13.26%	26.74%	-21.08%	19.61%	11.96%	1.00%	-28.45%	-7.25%	19.47%	-0.33%
expenses:
cost of sales, excluding interest	509,631,000	658,528,000	636,256,000	543,289,000	533,290,000	735,337,000	547,332,000	531,502,000	449,213,000	637,148,000	483,990,000	540,622,000	391,040,000	656,888,000	548,576,000	503,682,000	427,917,000	612,156,000	521,868,000	536,534,000	439,638,000	524,409,000	499,695,000	428,027,000	396,355,000	562,434,000	381,939,000	355,477,000	304,927,000	482,713,000	361,303,000	393,012,000	329,527,000		478,886,000	475,440,000	445,027,000		536,050,000	464,146,000		382,139,000	354,812,000	551,734,000	424,145,000	350,433,000	288,887,000	1,153,289,000	288,755,000	385,633,000	305,178,000	271,563,000	217,427,000	267,752,000	234,256,000	210,463,000	201,430,000	281,253,000	306,054,000	256,926,000	259,816,000		340,675,000
cost of sales interest	16,591,000	24,813,000	26,868,000	19,938,000	19,356,000	26,050,000	22,316,000	21,543,000	19,898,000	25,101,000	19,272,000	21,425,000	15,022,000	27,364,000	22,453,000	21,678,000	13,745,000	25,970,000	19,240,000	21,725,000	17,165,000	15,791,000	21,814,000	18,589,000	18,136,000	27,556,000	19,029,000	13,898,000	10,242,000	15,605,000	13,424,000	19,364,000	12,292,000		19,371,000	20,337,000	18,322,000		21,444,000	16,843,000		12,013,000	11,318,000	16,242,000	15,827,000	12,407,000	9,490,000	41,950,000	10,280,000	14,447,000	14,298,000	13,317,000	12,476,000	30,872,000	14,222,000	13,956,000	15,626,000	23,663,000	22,184,000	18,745,000	19,848,000		23,129,000
inventory impairments and land option write-offs	2,359,000	19,430,000	16,045,000	3,056,000	1,040,000	7,918,000	3,099,000	237,000	302,000	614,000	308,000	137,000	477,000
total cost of sales	528,581,000	702,771,000	679,169,000	566,283,000	553,686,000	769,305,000	572,747,000	553,282,000	469,413,000	662,863,000	503,570,000	562,184,000	406,539,000	696,491,000	572,202,000	525,925,000	441,761,000	638,489,000	542,417,000	558,340,000	458,680,000	542,811,000	523,873,000	447,626,000	417,319,000	592,677,000	402,403,000	370,837,000	315,873,000	498,636,000	374,823,000	415,049,000	342,233,000		502,454,000	497,730,000	466,533,000		567,163,000	492,670,000		398,463,000	368,360,000	571,273,000	440,713,000	363,362,000	299,041,000	1,199,539,000	299,700,000	405,380,000	320,165,000	288,096,000	233,228,000	358,497,000	259,904,000	241,344,000	230,581,000	385,504,000	377,197,000	276,857,000	284,630,000		473,985,000
selling, general and administrative	50,281,000	51,275,000	55,770,000	51,064,000	54,253,000	56,071,000	50,989,000	46,489,000	48,937,000	55,488,000	47,716,000	50,456,000	47,918,000	54,126,000	50,163,000	46,501,000	42,746,000	44,475,000	42,988,000	42,204,000	40,225,000	39,374,000	40,608,000	40,605,000	40,674,000	36,310,000	43,559,000	44,179,000	42,736,000	32,883,000	37,544,000	45,544,000	43,231,000		45,517,000	45,467,000	44,408,000		56,371,000	47,504,000		52,614,000	47,646,000	48,619,000	51,150,000	47,806,000	43,962,000	129,038,000	36,771,000	37,478,000	36,230,000	35,125,000	33,254,000	46,512,000	34,900,000	39,837,000	40,207,000	50,716,000	42,184,000	42,359,000	43,072,000		71,044,000
total homebuilding expenses	578,862,000	754,046,000	734,939,000	617,347,000	607,939,000	825,376,000	623,736,000	599,771,000	518,350,000	718,351,000	551,286,000	612,640,000	454,457,000	750,617,000	622,365,000	572,426,000	484,507,000	682,964,000	585,405,000	600,544,000	498,905,000	582,185,000	564,481,000	488,231,000	457,993,000	628,987,000	445,962,000	415,016,000	358,609,000	531,519,000	412,367,000	460,593,000	385,464,000		547,971,000	543,197,000	510,941,000		623,534,000	540,174,000		451,077,000	416,006,000	619,892,000	491,863,000	411,168,000	343,003,000	1,328,577,000	336,471,000	442,858,000	356,395,000	323,221,000	266,482,000	405,009,000	294,804,000	281,181,000	270,788,000	436,220,000	419,381,000	319,216,000	327,702,000
corporate general and administrative	33,718,000	40,255,000	35,029,000	29,500,000	32,692,000	31,610,000	38,480,000	32,517,000	37,133,000	25,262,000	27,365,000	25,079,000	25,490,000	26,725,000	24,774,000	21,684,000	29,435,000	25,545,000	17,284,000	40,382,000	23,483,000	26,213,000	19,321,000	15,275,000	19,744,000	17,572,000	14,959,000	16,169,000	17,664,000	17,960,000	16,393,000	16,144,000	19,135,000		15,698,000	16,071,000	15,656,000		12,598,000	16,321,000		16,493,000	16,908,000	16,538,000	15,804,000	14,641,000	16,392,000	41,854,000	12,503,000	11,271,000	11,913,000	12,264,000	12,784,000	11,329,000	11,648,000	11,952,000	15,008,000	14,668,000	14,816,000	14,203,000	16,213,000		30,910,000
other interest	12,158,000	9,630,000	7,149,000	9,145,000	9,517,000	5,070,000	6,262,000	8,969,000	10,451,000	10,986,000	13,502,000	14,501,000	15,093,000	11,901,000	9,624,000	12,425,000	13,393,000	12,550,000	19,158,000	22,033,000	23,975,000	24,857,000	27,072,000	26,869,000	25,003,000	22,743,000	22,377,000	22,663,000	22,273,000	23,219,000	24,859,000	26,088,000	29,131,000		23,559,000	22,297,000	22,627,000		24,084,000	21,225,000		23,030,000	25,071,000	20,693,000	19,880,000	23,472,000	23,333,000	67,344,000	24,000,000	25,254,000	24,590,000	26,056,000	21,995,000	23,090,000	25,207,000	24,887,000	23,985,000	26,285,000	22,671,000	23,356,000	25,607,000		24,230,000
other expense	-31,283,000	-4,915,000	460,000	500,000	-20,620,000	-11,821,000	-44,707,000			-4,413,000	-18,612,000
total expenses	606,690,000	801,178,000	792,292,000	669,383,000	642,965,000	877,221,000	636,133,000	650,152,000	577,956,000	766,276,000	583,886,000	662,946,000	504,479,000	800,422,000	668,223,000	617,968,000	538,103,000	732,742,000	633,589,000	674,771,000	556,995,000	644,060,000	621,633,000	540,219,000	512,488,000	680,116,000	492,847,000	462,855,000	407,262,000	581,998,000	463,100,000	512,025,000	442,461,000		596,069,000	588,830,000	557,666,000		670,981,000	587,319,000		499,896,000	466,846,000	666,446,000	535,848,000	457,139,000	390,509,000	1,459,296,000	381,302,000	487,296,000	395,910,000	367,894,000	311,836,000	447,477,000	337,547,000	323,903,000	316,138,000	487,313,000	464,827,000	364,173,000	376,814,000		608,541,000
income from unconsolidated joint ventures	3,440,000	12,678,000	15,511,000	9,043,000	9,205,000	15,448,000	10,698,000	11,164,000	14,952,000	22,191,000	8,401,000	5,408,000	7,160,000	5,114,000	12,557,000	3,171,000	8,191,000	-719,000	5,011,000	2,641,000	1,916,000	3,146,000	5,658,000	6,221,000	1,540,000	8,376,000	3,742,000	7,252,000	9,562,000	17,134,000	10,732,000	1,343,000				-4,562,000			-1,346,000			1,466,000	1,452,000	4,048,000	211,000	1,067,000	2,571,000	9,751,000	2,289,000	3,077,000	852,000	1,495,000	-23,000	-2,479,000	-2,255,000	-3,232,000
income before income taxes	28,702,000	-4,108,000	23,802,000	26,530,000	39,863,000	117,865,000	97,269,000	69,392,000	32,563,000	121,391,000	70,390,000	46,123,000	18,047,000	91,480,000	111,927,000	80,945,000	35,401,000	77,445,000	61,799,000	31,032,000	19,585,000	42,444,000	16,216,000	4,179,000							78,000	-9,578,000				-7,699,000	323,000		-17,604,000						15,372,000		-23,890,000	42,737,000	-20,802,000			2,338,000	-17,562,000	-97,768,000	-55,575,000	-73,682,000	-64,563,000	-132,492,000	-79,842,000	-27,980,000	-54,968,000		-177,826,000
state and federal income tax provision:
state	1,205,000	5,351,000	3,310,000	1,811,000	2,049,000	-2,482,000	5,896,000	5,231,000	2,206,000	445,000	-500,000	1,083,000	2,211,000	22,684,000	6,385,000	2,587,000	2,543,000	6,924,000	1,476,000	-91,374,000	626,000	1,810,000	853,000	100,000	1,712,000	1,221,000	537,000	345,000	346,000	1,939,000	1,104,000	245,000	338,000		8,523,000	2,292,000			-758,000	4,319,000			3,132,000	371,000	247,000	604,000	633,000	285,000	233,000	133,000	-36,563,000	468,000	633,000	425,000	-4,642,000	-372,000	665,000	-376,000	-6,988,000	657,000	171,000		555,000
federal	6,638,000	-8,792,000	3,877,000	4,993,000	9,623,000	25,998,000	18,454,000	13,325,000	6,453,000	23,681,000	15,126,000	10,894,000	-2,880,000	13,163,000	22,928,000	15,923,000	8,050,000	18,041,000	12,621,000	-366,270,000															278,513,000	-3,309,000	484,000		-8,385,000									-151,000	-9,727,000	70,000	70,000	68,000	70,000	155,000	-3,000	-643,000	-1,086,000	-3,000			-291,328,000		29,000
total income taxes	7,843,000	-3,441,000	7,187,000	6,804,000	11,672,000	23,516,000	24,350,000	18,556,000	8,659,000	24,126,000	14,626,000	11,977,000	-669,000	35,847,000	29,313,000	18,510,000	10,593,000	24,965,000	14,097,000	-457,644,000	626,000	1,810,000	853,000	100,000	1,712,000	1,221,000	537,000	345,000	346,000	1,939,000	1,104,000	245,000	338,000		287,036,000	-1,017,000	466,000		-9,143,000	2,979,000						604,000	633,000	134,000	-9,494,000	203,000	-36,493,000	536,000	703,000	580,000	-4,645,000	-1,015,000	-421,000
net income	20,859,000	-667,000	16,615,000	19,726,000	28,191,000	94,349,000	72,919,000	50,836,000	23,904,000	97,265,000	55,764,000	34,146,000	18,716,000	55,633,000	82,614,000	62,435,000	24,808,000	52,480,000	47,702,000	488,676,000	18,959,000	40,634,000	15,363,000	4,079,000											-337,209,000	-6,682,000			-8,461,000						17,105,000		-24,523,000	42,603,000	-11,308,000	-84,410,000	34,676,000	1,802,000	-18,265,000	-98,348,000	-50,930,000	-72,667,000	-64,142,000	-132,113,000	-72,854,000	-28,634,000	236,189,000
yoy	-26.01%	-100.71%	-77.21%	-61.20%	17.93%	-3.00%	30.76%	48.88%	27.72%	74.83%	-32.50%	-45.31%	-24.56%	6.01%	73.19%	-87.22%	30.85%	29.15%	210.50%	11880.29%															3885.45%										-251.26%		-170.72%	2264.21%	-38.09%	-14.17%	-168.09%	-102.48%	-71.52%	-25.56%	-30.09%	153.78%	-127.16%
qoq	-3227.29%	-104.01%	-15.77%	-30.03%	-70.12%	29.39%	43.44%	112.67%	-75.42%	74.42%	63.31%	82.44%	-66.36%	-32.66%	32.32%	151.67%	-52.73%	10.02%	-90.24%	2477.54%	-53.34%	164.49%	276.64%												4946.53%												-157.56%	-476.75%	-86.60%	-343.42%	1824.31%	-109.87%	-81.43%	93.10%	-29.91%	13.29%	-51.45%	81.34%	154.43%	-112.12%
net income margin %	3.30%	-0.08%	2.08%	2.87%	4.18%	9.63%	10.09%	7.18%	4.02%	10.97%	8.58%	4.85%	3.63%	6.27%	10.76%	8.89%	4.39%	6.44%	6.91%	69.50%	3.30%	5.95%	2.45%	0.76%	0%	0%	0%	0%	0%	0%	0%	0%	0%	NaN%	-56.96%	-1.14%	0%	NaN%	-1.29%	0%	NaN%	0%	0%	0%	3.10%	0%	-6.74%	2.85%	-3.16%	-17.33%	8.96%	0.53%	-6.77%	-28.79%	-17.83%	-28.49%	-25.40%	-37.42%	-19.14%	-8.99%	73.89%	NaN%	0%
less: preferred stock dividends	2,669,000	2,668,000	2,669,000	2,669,000	2,669,000	2,668,000	2,669,000	2,669,000	2,669,000	2,668,000	2,669,000	2,669,000	2,669,000	2,668,000	2,669,000	2,669,000	2,669,000
net income available to common stockholders	18,190,000	-3,335,000	13,946,000	17,057,000	25,522,000	91,681,000	70,250,000	48,167,000	21,235,000	94,597,000	53,095,000	31,477,000	16,047,000	52,965,000	79,945,000	59,766,000	22,139,000
per share data:
basic:
net income per common share	2.8	-0.6	2.14	2.64	3.88	13.55	10.61	7.12	3.11	13.79	7.92	4.68	2.37	8.26	10.92	8.5	3.12	7.48	6.85	71.11	2.79	5.96	2.27	0.63
weighted-average number of common shares outstanding	6,490	6,449	6,399	6,411	6,517	6,479	6,474	6,457	6,496	6,230	6,249	6,166	6,186	6,437	6,485	6,396	6,389	6,287	6,315	6,248	6,225	6,189	6,201	6,172	6,161	5,968	5,971	5,962	148,958	148,515	148,669	148,435	148,028	147,703	147,748	147,558	147,535	147,451	147,334	147,139	146,899	146,946	146,929	146,271	146,365	146,325	145,982	145,087	141,725	126,350	138,472	116,021	108,735	100,444	108,721			78,691				78,238
assuming dilution:
gain on extinguishment of debt		-33,512,000		399,000					1,371,000									-3,442,000	-306,000				4,055,000		9,456,000							-1,440,000				-242,000	7,646,000													-87,032,000	6,230,000	27,039,000	24,698,000	10,563,000	-1,391,000	-1,644,000			5,256,000	17,217,000	2,574,000		79,520,000
other expenses								-3,128,000	551,000			574,000	386,000
loss on extinguishment of debt										-21,556,000	-4,082,000			-1,698,750		-6,795,000																			-42,258,000
inventory impairment loss and land option write-offs														459,250	1,173,000	565,000	99,000	363,000	1,309,000	81,000	1,877,000	2,611,000	2,364,000	1,010,000	2,828,000	2,687,000	1,435,000	1,462,000	704,000	318,000	96,000	2,673,000	414,000		4,197,000	1,953,000	3,184,000		9,669,000	11,681,000		4,311,000	2,230,000	3,297,000	741,000	522,000	664,000	4,300,000	665,000	5,300,000	689,000	3,216,000	3,325,000	59,873,000	11,426,000			80,588,000	48,959,000	1,186,000	4,966,000		110,181,000
other operations														419,750	670,000	641,000	368,000	507,000	504,000	451,000	278,000	422,000	266,000	214,000	194,000	368,000	622,000	329,000	242,000	297,000	495,000	402,000	390,000		-26,000	-95,000	1,587,000		1,147,000	1,384,000		1,788,000	1,544,000	1,298,000	1,089,000	1,151,000	1,109,000	-110,000	900,000			990,000	5,398,000	2,872,000	341,000	706,000	887,000	4,260,000	1,791,000	1,767,000	1,897,000		1,624,000
(loss) before income taxes																																																		-4,260,250	-1,817,000
net																																-9,823,000	-30,809,000
basic and assuming dilution:
net (loss) per common share																																-0.07	-0.21
(loss) from unconsolidated joint ventures																																	-5,176,000
(loss) income before income taxes																																	-30,471,000		-50,173,000
state and federal income tax provision
loss from unconsolidated joint ventures																																			-3,881,000																						-992,000
loss per common share																																			-2.28	-0.05			-0.06								-0.17	-0.02	-0.08				-0.17										-2.29
state and federal income tax benefit:
income per common share																																													0.11					-0.67	0.25	0.02		-0.93	-0.47	-0.69	-0.82	-1.68	-0.92	-0.36	3.01
other operations income																																																		822,250	-3,099,000
inventory impairment loss and land option
write-offs																																																								16,925,000	13,525,000
weighted-average number of common
shares outstanding																																																								105,894	78,598	19,665.5	78,763	78,668	78,553		78,043
income from unconsolidated joint
ventures																																																										-213,250	-871,000	391,000	-373,000		-22,589,000
total taxes																																																										-74,372,750	-6,988,000	654,000	-291,157,000		584,000
intangible amortization
loss from unconsolidated joint
net loss attributable to common
stockholders																																																															-178,410,000

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-01-31	2025-10-31	2025-07-31	2025-04-30	2025-01-31	2024-10-31	2024-07-31	2024-04-30	2024-01-31	2023-10-31	2023-07-31	2023-04-30	2023-01-31	2022-10-31	2022-07-31	2022-04-30	2022-01-31	2021-10-31	2021-07-31	2021-04-30	2021-01-31	2020-10-31	2020-07-31	2020-04-30	2020-01-31	2019-10-31	2019-07-31	2019-04-30	2019-01-31	2018-10-31	2018-07-31	2018-04-30	2018-01-31	2017-07-31	2017-04-30	2017-01-31	2016-10-31	2016-04-30	2016-01-31	2015-04-30	2015-01-31	2014-07-31	2014-04-30	2014-01-31	2013-10-31	2011-04-30	2011-01-31	2009-01-31

assets
homebuilding:
cash and cash equivalents	339,910,000	272,772,000	146,592,000	73,980,000	94,258,000	209,976,000	122,036,000	181,966,000	183,118,000	434,119	325,182,000	333,254,000	234,929,000	326,198,000	225,089,000	149,431,000	137,898,000	245,970	172,748,000	218,321,000	172,098,000	262,489,000	198,098,000	232,801,000	81,396,000	130,976,000	83,634,000	123,998,000	65,736,000	50,010,000	29,512,000	31,166,000	36,994,000	278,486,000	275,011,000	195,830,000	339,773,000	120,661,000	147,124,000	256,866,000	269,282,000					348,119,000	311,032,000	842,586,000
restricted cash and cash equivalents	9,661,000	12,608,000	12,155,000	9,031,000	8,449,000	7,875,000	9,615,000	8,370,000	8,369,000	8,431	8,623,000	7,916,000	8,154,000	13,382,000	15,505,000	14,283,000	14,260,000	16,089	15,100,000	12,753,000	12,628,000	14,731,000	13,433,000	16,052,000	19,878,000	20,905,000	16,919,000	17,223,000						1,955,000	1,797,000	1,786,000	3,914,000	6,259,000	6,865,000	9,623,000	12,478,000	12,596,000	11,392,000	10,689,000	10,286,000
inventories:
sold and unsold homes and lots under development	1,154,723,000	1,132,798,000	1,192,251,000	1,212,870,000	1,143,376,000	1,195,318,000	1,267,477,000	1,135,232,000	1,092,347,000	998,841	1,049,802,000	1,060,410,000	1,066,455,000	1,058,183,000	1,130,304,000	1,140,199,000	1,112,928,000	1,019,541	1,119,876,000	1,029,089,000	1,011,893,000	921,594,000	928,840,000	1,009,313,000	1,009,098,000	993,647,000	1,106,100,000	993,477,000						867,703,000	892,401,000	945,153,000	899,082,000	1,171,668,000	1,127,416,000	1,227,692,000	1,076,374,000	981,529,000	950,978,000	834,575,000	752,749,000	655,918,000	652,742,000	1,105,466,000
land and land options held for future development or sale	169,029,000	171,793,000	171,030,000	263,363,000	286,186,000	238,499,000	166,552,000	138,641,000	173,134,000	125,587	110,343,000	123,832,000	125,561,000	152,406,000	174,067,000	152,796,000	175,615,000	135,992	95,416,000	102,370,000	103,276,000	91,957,000	89,903,000	80,955,000	81,402,000	108,565,000	69,176,000	120,146,000						182,617,000	162,191,000	176,701,000	175,301,000	191,627,000	186,503,000	210,259,000	315,504,000	268,396,000	236,714,000	276,763,000	225,152,000
consolidated inventory not owned	324,218,000	332,879,000	329,651,000	267,732,000	236,928,000	210,987,000	216,441,000	143,185,000	198,077,000	224,758	251,115,000	300,750,000	315,022,000	308,595,000	280,910,000	199,172,000	124,845,000	98,727	98,053,000	125,414,000	165,980,000	182,224,000	194,760,000	198,229,000	205,215,000	190,273,000	179,642,000	154,435,000						138,529,000	154,620,000	171,572,000	208,701,000	312,841,000	338,067,000
total inventories	1,647,970,000	1,637,470,000	1,692,932,000	1,743,965,000	1,666,490,000	1,644,804,000	1,650,470,000	1,417,058,000	1,463,558,000	1,349,186	1,411,260,000	1,484,992,000	1,507,038,000	1,519,184,000	1,585,281,000	1,492,167,000	1,413,388,000	1,254,260	1,313,345,000	1,256,873,000	1,281,149,000	1,195,775,000	1,213,503,000	1,288,497,000	1,295,715,000	1,292,485,000	1,354,918,000	1,268,058,000						1,188,849,000	1,209,212,000	1,293,426,000	1,283,084,000	1,676,136,000	1,651,986,000	1,538,757,000	1,481,976,000	1,376,157,000	1,295,656,000	1,209,934,000	1,078,764,000	977,609,000	948,174,000	1,919,325,000
investments in and advances to unconsolidated joint ventures	146,631,000	163,469,000	218,356,000	183,461,000	172,679,000	142,910,000	126,318,000	150,674,000	110,592,000	97,886	85,260,000	85,820,000	101,013,000	74,940,000	74,739,000	67,344,000	67,467,000	60,897	68,900,000	112,505,000	93,509,000	103,164,000	125,680,000	139,347,000	135,331,000	127,038,000	134,111,000	135,562,000						108,560,000	106,704,000	111,351,000	100,502,000	70,061,000	69,094,000	70,550,000	73,403,000	62,294,000	47,665,000	53,323,000	51,438,000
receivables, deposits and notes	40,192,000	26,454,000	29,233,000	24,712,000	74,221,000	29,400,000	48,067,000	24,975,000	24,208,000	27,982	33,016,000	37,210,000	37,577,000	37,837,000	45,011,000	39,420,000	34,798,000	39,934	37,735,000	34,102,000	41,240,000	33,686,000	37,328,000	32,728,000	49,188,000	44,914,000	32,536,000	29,154,000						38,847,000	37,683,000	45,982,000	49,726,000	65,055,000	69,629,000	85,810,000	96,538,000	56,232,000
property and equipment	56,611,000	50,539,000	51,573,000	47,730,000	44,820,000	43,431,000	41,219,000	39,593,000	37,441,000	33,946	31,330,000	27,952,000	28,089,000	25,819,000
goodwill	31,705,000
prepaid expenses and other assets	115,256,000	89,773,000	83,916,000	84,058,000	79,235,000	82,525,000	78,506,000	72,747,000	68,127,000	69,886	58,945,000	56,756,000	58,260,000	63,884,000	64,346,000	61,155,000	62,069,000	56,186	58,571,000	56,712,000	60,667,000	58,705,000	63,499,000	65,391,000	71,284,000	45,704,000	43,492,000	41,058,000						43,464,000	46,212,000	50,352,000	71,246,000	80,004,000	81,186,000	81,085,000	78,915,000	65,389,000	62,656,000	62,438,000	59,351,000	87,323,000	85,333,000	149,628,000
total homebuilding	2,387,936,000	2,253,085,000	2,234,757,000	2,166,937,000	2,140,152,000	2,160,921,000	2,076,231,000	1,895,383,000	1,895,413,000	2,021,436	1,953,616,000	2,033,900,000	1,975,060,000	2,061,244,000	2,033,283,000	1,845,359,000	1,749,897,000	1,692,072	1,684,373,000	1,709,094,000	1,679,103,000	1,686,735,000	1,670,410,000	1,794,269,000	1,672,446,000	1,682,149,000	1,686,098,000	1,635,360,000	1,372,637,000			1,224,954,000		1,712,597,000	1,729,606,000	1,748,725,000	1,898,577,000	2,063,846,000	2,071,894,000	2,089,105,000	2,059,559,000	1,795,267,000	1,754,141,000	1,708,262,000	1,610,277,000	1,673,939,000	1,620,098,000	3,114,002,000
financial services	123,957,000	151,211,000	173,775,000	161,619,000	162,996,000	203,589,000	206,365,000	142,559,000	149,633,000	168,671	115,603,000	113,162,000	112,756,000	155,993,000	127,651,000	138,253,000	143,057,000	202,758	180,218,000	169,708,000	171,596,000	140,607,000	135,334,000	111,302,000	117,557,000	199,275,000	109,164,000	119,912,000	94,396,000			120,689,000		89,569,000	97,077,000	113,249,000
deferred tax assets	222,783,000	229,617,000	220,820,000	224,543,000	230,127,000	241,064,000	257,909,000	279,704,000	295,332,000	302,833	324,698,000	336,692,000	347,369,000	344,793,000	376,570,000	400,557,000	416,213,000	425,678	447,453,000	459,186,000
total assets	2,734,676,000	2,633,913,000	2,629,352,000	2,553,099,000	2,533,275,000	2,605,574,000	2,540,505,000	2,317,646,000	2,340,378,000	2,492,940	2,393,917,000	2,483,754,000	2,435,185,000	2,562,030,000	2,537,504,000	2,384,169,000	2,309,167,000	2,320,508	2,312,044,000	2,337,988,000	1,850,699,000	1,827,342,000	1,805,744,000	1,905,571,000	1,790,003,000	1,881,424,000	1,795,262,000	1,755,272,000	1,623,723,000	591,765,000	684,568,000	1,642,491,000	723,462,000	1,822,319,000	2,133,596,000	2,145,296,000	2,379,440,000	2,518,627,000	2,552,740,000	2,516,994,000	2,461,435,000	1,893,728,000	1,838,823,000	1,787,261,000	1,759,130,000	1,736,555,000	1,670,083,000	3,211,480,000
liabilities and equity
nonrecourse mortgages secured by inventory, net of debt issuance costs	28,548,000	29,494,000	53,524,000	78,092,000	87,633,000	90,675,000	115,357,000	85,557,000	99,553,000	91,539	129,127,000	134,124,000	133,886,000	144,805,000	187,754,000	196,192,000	196,386,000	125,089	118,020,000	113,861,000	127,264,000	135,122,000	179,767,000	211,761,000	205,805,000	203,585,000	207,172,000	190,655,000						70,818,000	66,365,000	73,528,000
accounts payable and other liabilities	420,443,000	438,698,000	425,683,000	418,669,000	360,436,000	433,273,000	419,836,000	379,367,000	360,207,000	415,480	381,761,000	376,866,000	331,314,000	439,952,000	424,508,000	407,926,000	335,669,000	426,381	401,283,000	379,381,000	328,806,000	359,274,000	320,420,000	295,927,000	306,559,000	320,193,000	324,984,000	285,293,000						331,048,000	311,958,000	319,661,000	369,228,000	360,946,000	348,400,000	342,762,000	337,060,000	315,779,000	303,332,000	272,297,000	307,764,000	277,269,000	269,377,000	315,194,000
customers’ deposits	176,847,000	46,376,000	35,480,000	45,662,000	42,551,000	41,639,000	48,791,000	45,619,000	51,798,000	51,419	63,907,000	71,359,000	71,243,000	74,020,000	99,521,000	100,445,000	83,219,000	68,295	76,729,000	65,930,000	57,261,000	48,286,000	40,992,000	35,127,000	33,312,000	35,872,000	40,358,000	37,953,000						37,853,000	40,321,000	35,953,000	37,429,000	47,976,000	42,433,000	41,431,000	33,901,000	40,141,000	38,281,000	31,993,000	30,119,000	15,227,000	14,201,000	23,912,000
liabilities from inventory not owned, net of debt issuance costs	235,945,000	244,723,000	236,644,000	173,098,000	156,274,000	140,298,000	135,559,000	86,618,000	114,658,000	124,254	145,979,000	200,299,000	209,579,000	202,492,000	178,454,000	123,793,000	75,344,000	62,762	69,627,000	90,430,000	119,432,000	131,204,000	144,922,000	144,536,000	152,235,000	141,033,000	138,441,000	123,348,000						98,507,000	116,728,000	124,394,000
senior notes and credit facilities	901,307,000	900,718,000	861,922,000	864,280,000	893,706,000	896,218,000	898,749,000	932,957,000	934,617,000	1,051,491	1,044,779,000	1,144,090,000	1,145,261,000	1,146,547,000	1,147,872,000	1,149,129,000	1,247,221,000	1,248,373	1,317,524,000	1,429,324,000	1,430,213,000	1,431,110,000	1,432,075,000	1,583,507,000	1,460,200,000
accrued interest	30,116,000	11,874,000	28,361,000	12,355,000	32,549,000	14,508,000	32,799,000	18,220,000	41,472,000	26,926	50,913,000	36,220,000	52,036,000	32,415,000	47,562,000	28,367,000	47,269,000	28,154	47,460,000	35,321,000	50,041,000	35,563,000	50,328,000	36,452,000	30,899,000												32,425,000	39,119,000	29,172,000	39,938,000	31,212,000	27,027,000	32,272,000	26,977,000	28,261,000	22,319,000	32,953,000	36,051,000
income taxes payable	1,209,000	222,000			6,358,000	5,479,000			2,583,000	1,861	434,000		4,991,000	3,167,000	4,470,000	2,938,000	4,973,000	3,851	2,484,000	2,588,000	4,389,000	3,832,000	2,557,000	2,917,000	4,015,000	2,301,000	1,521,000	2,090,000						1,796,000								2,711,000	3,423,000	3,528,000	3,301,000	40,483,000	40,035,000
total liabilities	1,897,042,000	1,802,978,000	1,793,989,000	1,732,729,000	1,721,849,000	1,805,225,000	1,837,121,000	1,670,600,000	1,733,290,000	1,911,151	1,911,402,000	2,054,257,000	2,039,388,000	2,178,979,000	2,198,757,000	2,125,770,000	2,112,280,000	2,145,124	2,191,353,000	2,265,274,000	2,267,034,000	2,263,436,000	2,285,263,000	2,400,644,000	2,289,082,000	2,371,200,000	2,288,333,000	2,239,751,000	321,920,000	315,773,000	420,627,000	468,152,000	471,857,000	2,293,481,000	2,267,499,000	2,273,576,000	2,507,950,000	2,670,949,000	2,695,880,000	2,663,328,000	2,591,419,000	2,336,848,000	2,301,336,000	2,243,385,000	2,191,929,000	2,086,372,000	2,071,382,000	3,022,934,000
equity:
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at january 31, 2026 and october 31, 2025	135,299,000
common stock	66,000	65,000	65,000	64,000	64,000	64,000	64,000	63,000	62,000	62	62,000	62,000	62,000	62,000	62,000	61,000	61,000	61	61,000	60,000	60,000	60,000	60,000	60,000	60,000	60,000	58,000	58,000						1,440,000	1,439,000	1,439,000	1,438,000	1,436,000	1,436,000	1,432,000	1,432,000	1,428,000	1,427,000	1,367,000	1,363,000
paid in capital - common stock	753,004,000	757,391,000	758,542,000	757,590,000	753,357,000	749,752,000	744,479,000	747,001,000	740,063,000	735,946	731,285,000	731,374,000	729,158,000	727,663,000	723,797,000	723,319,000	721,570,000	722,118	719,770,000	719,347,000	718,832,000	718,110,000				715,504,000	710,517,000							707,516,000			706,137,000								689,727,000	589,123,000	464,579,000
retained earnings	145,516,000	127,326,000	130,661,000	116,715,000	99,658,000	74,136,000
treasury stock	-198,154,000	-189,154,000	-189,212,000	-189,306,000	-176,960,000	-158,910,000	-158,921,000	-147,529,000	-132,382,000	-132,382	-132,382,000	-132,382,000	-132,382,000		-115,360,000	-115,360,000	-115,360,000	-115,360	-115,360,000	-115,360,000	-115,360,000	-115,360,000	-115,360,000											-115,360,000	-115,360,000			-115,360,000						-115,360,000	-115,360,000	-115,257,000	-115,257,000	-115,257,000
total hovnanian enterprises inc. stockholders’ equity	835,739,000
noncontrolling interest	1,895,000
total equity	837,634,000	830,935,000				800,349,000	703,384,000	647,046,000	607,088,000	581,789	482,515,000	429,497,000	395,797,000	383,051,000	338,747,000	258,399,000	196,887,000	175,384	120,691,000	72,714,000									273,224,000	275,992,000	263,941,000	244,677,000	251,605,000
total liabilities and equity	2,734,676,000	2,633,913,000	2,629,352,000	2,553,099,000	2,533,275,000	2,605,574,000	2,540,505,000	2,317,646,000	2,340,378,000	2,492,940	2,393,917,000	2,483,754,000	2,435,185,000	2,562,030,000	2,537,504,000	2,384,169,000	2,309,167,000	2,320,508	2,312,044,000	2,337,988,000	1,850,699,000	1,827,342,000	1,805,744,000	1,905,571,000	1,790,003,000	1,881,424,000	1,795,262,000	1,755,272,000	595,144,000	591,765,000	684,568,000	712,829,000	723,462,000	1,822,319,000	2,133,596,000	2,145,296,000	2,379,440,000	2,518,627,000	2,552,740,000	2,516,994,000	2,461,435,000	1,893,728,000	1,838,823,000	1,787,261,000	1,759,130,000	1,736,555,000	1,670,083,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at october 31, 2025 and october 31, 2024		135,299,000
stockholders' equity:
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at july 31, 2025 and october 31, 2024			135,299,000
total stockholders’ equity			835,363,000	820,370,000	811,426,000																																											167,950,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at april 30, 2025 and october 31, 2024				135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at january 31, 2025 and october 31, 2024					135,299,000
hovnanian enterprises, inc. stockholders’ equity:
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at october 31, 2024 and october 31, 2023						135,299,000
total hovnanian enterprises, inc. stockholders’ equity						800,349,000	703,384,000	647,046,000	607,088,000	581,736	482,478,000	429,471,000	395,778,000	383,036,000	338,427,000	258,003,000	196,488,000	174,897	120,069,000	71,943,000
noncontrolling interest in consolidated joint ventures										53	37,000	26,000	19,000	15,000	320,000	396,000	399,000	487	622,000	771,000	913,000	835,000	750,000	720,000	700,000	687,000	575,000	566,000															447,000	447,000	427,000	179,000	736,000
hovnanian enterprises, inc. stockholders' equity:
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at july 31, 2024 and october 31, 2023							135,299,000
accumulated deficit							-17,545,000	-87,795,000	-135,962,000	-157,197	-251,794,000	-304,889,000	-336,366,000		-405,378,000	-485,323,000	-545,089,000	-567,228	-619,708,000	-667,410,000	-1,156,086,000	-1,175,045,000	-1,215,679,000											-1,200,217,000	-863,008,000			-877,998,000						-1,168,931,000	-1,144,408,000	-960,228,000	-887,561,000	-287,705,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at april 30, 2024 and october 31, 2023								135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at january 31, 2024 and october 31, 2023									135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at october 31, 2023 and october 31, 2022										135,299
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at july 31, 2023 and october 31, 2022											135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at april 30, 2023 and october 31, 2022												135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at january 31, 2023 and october 31, 2022													135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at october 31, 2022 and october 31, 2021														135,299,000
property, plant and equipment															23,312,000	21,559,000	20,017,000	18,736	17,974,000	17,828,000	17,812,000	18,185,000	18,869,000	19,453,000	19,654,000	20,127,000	20,488,000	20,307,000						52,436,000	52,987,000	49,998,000	50,332,000	45,670,000	46,010,000	46,414,000	46,967,000	45,960,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at july 31, 2022 and october 31, 2021															135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at april 30, 2022 and october 31, 2021																135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at january 31, 2022 and october 31, 2021																	135,299,000
hovnanian enterprises, inc. stockholders' equity deficit:
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at october 31, 2021 and october 31, 2020																		135,299
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at july 31, 2021 and october 31, 2020																			135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at april 30, 2021 and october 31, 2020																				135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at january 31, 2021 and october 31, 2020																					135,299,000
total hovnanian enterprises, inc. stockholders’ equity deficit																					-417,248,000	-436,929,000																						-456,571,000		-349,996,000	-402,035,000
total equity deficit																					-416,335,000	-436,094,000	-479,519,000																					-456,124,000	-432,799,000	-349,817,000	-401,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at october 31, 2020 and 2019																						135,299,000
hovnanian enterprises, inc. stockholders’ equity deficit:
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at july 31, 2020 and october 31, 2019																							135,299,000
paid in capital – common stock																							715,404,000	715,243,000	715,336,000			711,517,000							707,568,000	706,509,000		704,141,000	704,862,000	703,337,000	700,128,000		692,352,000	690,899,000				434,718,000
total hovnanian enterprises, inc. stockholders' equity deficit																							-480,269,000																						-433,226,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at april 30, 2020 and october 31, 2019																								135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at january 31, 2020 and october 31, 2019																									135,299,000
revolving and term loan credit facilities, net of debt issuance costs																										201,528,000	201,493,000	201,459,000
notes payable (net of discount, premium and debt issuance costs) and accrued interest																										1,297,543,000	1,284,624,000	1,298,899,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at october 31, 2019 and 2018																										135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at july 31, 2019 and at october 31, 2018																											135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at april 30, 2019 and at october 31, 2018																												135,299,000
assets:
northeast																													160,918,000			168,640,000
mid-atlantic																													249,687,000			210,238,000
midwest																													84,828,000			83,412,000
southeast																													272,385,000			244,337,000
southwest																													337,601,000			328,521,000
west																													267,218,000			189,806,000
corporate and unallocated																													156,690,000			296,848,000
inventories																													498,886,000	506,650,000	621,322,000	651,968,000	652,030,000
other assets																													30,522,000	35,105,000	33,734,000	29,695,000	34,438,000				6,121,000	2,586,000	2,971,000	2,163,000	1,868,000	1,934,000	2,241,000	1,961,000	4,281,000	3,012,000	2,975,000	2,845,000
liabilities and equity:
accounts payable and accrued liabilities																													70,995,000	79,108,000	86,935,000	96,770,000	106,971,000
notes payable																													250,925,000	236,665,000	333,692,000	371,382,000	364,886,000
equity of:
hovnanian enterprises, inc.																													120,115,000	114,950,000	96,869,000	79,690,000	78,613,000
others																													153,109,000	161,042,000	167,072,000	164,987,000	172,992,000
debt to capitalization ratio																													48,000	46,000	56,000	60,000	59,000
revenues																														602,681,000	194,539,000		58,565,000
cost of sales and expenses																														-577,106,000	-173,073,000		-72,136,000
joint venture net income																														25,575,000	21,466,000		-13,571,000
our share of net income																														23,904,000	10,705,000		-5,199,000
joint venture net																															-7,801,000
our share of net																															-3,966,000
financial services cash and cash equivalents																																		7,246,000	5,776,000
financial services other assets																																		102,476,000	113,762,000
income taxes receivable - including net deferred tax benefits
nonrecourse mortgages secured by operating properties																																		13,347,000	13,675,000	13,997,000	14,312,000	14,924,000	15,220,000	16,076,000	16,350,000	16,904,000	17,185,000	17,462,000	17,733,000	20,210,000	20,435,000
revolving credit facility																																		52,000,000	52,000,000	52,000,000
notes payable and term loan, net of discount and debt issuance costs																																		1,598,543,000	1,569,375,000	1,567,673,000
stockholders’ equity deficit:
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at july 31, 2017 and at october 31, 2016																																		135,299,000
total stockholders’ equity deficit																																		-471,162,000	-133,903,000			-152,322,000
income taxes receivable – including net deferred tax benefits																																			284,452,000	283,322,000	283,633,000	294,069,000	287,388,000	300,588,000	290,213,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at april 30, 2017 and at october 31, 2016																																			135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at january 31, 2017 and at october 31, 2016																																				135,299,000
financial services:
mortgage loans held for sale at fair value																																					165,083,000	129,999,000	164,961,000	106,452,000	93,768,000	76,173,000	58,019,000	57,377,000	112,953,000
total financial services																																					197,230,000	160,712,000	193,458,000	127,301,000	111,663,000	98,461,000	84,682,000	78,999,000	148,853,000	62,616,000	49,985,000	97,478,000
nonrecourse mortgages secured by inventory																																					83,470,000	125,076,000	128,668,000
liabilities from inventory not owned																																					153,151,000	220,348,000	242,409,000	91,040,000	78,668,000	102,096,000	94,923,000	86,436,000	87,866,000	13,090,000	18,239,000	110,465,000
mortgage warehouse lines of credit																																					145,588,000	109,132,000	140,356,000	82,966,000	68,766,000	53,963,000	35,308,000	33,817,000	91,663,000
notes payable:
revolving credit agreement																																					52,000,000	50,000,000	47,000,000
senior secured term loan																																					75,000,000
senior secured notes, net of discount																																					1,054,333,000	982,086,000	981,716,000	980,629,000	980,282,000	979,599,000
senior notes, net of discount																																					400,000,000	607,575,000	607,575,000	840,851,000	840,657,000	590,290,000
senior amortizing notes																																					6,316,000	10,516,000	10,516,000	14,987,000	14,987,000	17,049,000	19,004,000	19,004,000	20,857,000
senior exchangeable notes																																					57,841,000	75,677,000	74,720,000	71,913,000	71,003,000	69,215,000	68,336,000	67,472,000	66,615,000
total notes payable																																					1,677,915,000	1,764,973,000	1,750,699,000	1,948,318,000	1,938,141,000	1,683,180,000	1,688,987,000	1,704,860,000	1,557,706,000	1,650,766,000	1,649,763,000	2,447,195,000
stockholders' equity deficit:
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at october 31, 2016 and 2015																																					135,299,000
total stockholders' equity deficit
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at april 30, 2016 and at october 31, 2015																																						135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at january 31, 2016 and at october 31, 2015																																							135,299,000
consolidated inventory not owned:
specific performance options																																								1,734,000	2,724,000	3,900,000	2,168,000	2,737,000	792,000	12,064,000	15,626,000	10,035,000
other options																																								99,072,000	87,374,000	122,332,000	105,796,000	95,859,000	100,071,000	1,026,000	4,120,000	59,882,000
total consolidated inventory not owned																																								100,806,000	90,098,000	126,232,000	107,964,000	98,596,000	100,863,000	13,090,000	19,746,000	141,244,000
nonrecourse mortgages																																								118,904,000	100,638,000	98,338,000	92,879,000	71,190,000	62,903,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at april 30, 2015 and at october 31, 2014																																								135,299,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at january 31, 2015 and at october 31, 2014																																									135,299,000
cash																																										176,639,000	238,116,000	282,476,000	319,142,000
teu senior subordinated amortizing notes																																												1,092,000	2,152,000	15,615,000
preferred stock, 0.01 par value – authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at july 31, 2014 and at october 31, 2013																																										135,299,000
paid-in capital – common stock																																										695,086,000
receivables, deposits, and notes – net																																											52,772,000	43,755,000
property, plant, and equipment – net																																											45,884,000	45,647,000		58,663,000	60,938,000	88,048,000
senior secured notes																																											979,262,000	978,937,000	978,611,000	785,372,000	784,978,000	624,251,000
senior notes																																											590,113,000	611,378,000	461,210,000	827,460,000	711,662,000	1,410,758,000
preferred stock, 0.01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at april 30, 2014 and at october 31, 2013																																											135,299,000
preferred stock, .01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at january 31, 2014 and at october 31, 2013																																												135,299,000
receivables, deposits, and notes - net																																													45,085,000
property, plant, and equipment - net																																													46,211,000
preferred stock, .01 par value - authorized 100,000 shares; issued and outstanding 5,600 shares with a liquidation preference of 140,000 at october 31, 2013 and 2012																																													135,299,000
restricted cash																																														85,346,000	105,579,000	3,454,000
land and land options held for future
development or sale																																														308,601,000	275,686,000	672,615,000
variable interest entities																																																71,327,000
investments in and advances to unconsolidated
joint ventures																																														66,375,000	57,818,000	49,498,000
receivables, deposits, and notes																																														50,504,000	51,224,000	61,463,000
mortgage loans held for sale																																														47,372,000	37,643,000
nonrecourse land mortgages																																														18,934,000	20,946,000	820,000
mortgage warehouse line of credit																																														33,528,000	24,072,000	75,446,000
senior subordinated notes																																															120,170,000	376,135,000
preferred stock, .01 par value - authorized 100,000 shares;
issued 5,600 shares with a liquidation preference of 140,000
at april 30, 2011 and at october 31, 2010																																														135,299,000
200,000,000 shares; issued 91,430,549 shares at april 30, 2011
and 74,809,683 shares at october 31, 2010 (including 11,694,720
shares at april 30, 2011 and october 31, 2010 held in treasury)																																														914,000
to class a at time of sale) – authorized 30,000,000 shares;
issued 15,253,812 shares at april 30, 2011 and 15,256,543
shares at october 31, 2010 (including 691,748 shares at
april 30, 2011 and october 31, 2010 held in treasury)																																														153,000
preferred stock, .01 par value - authorized 100,000
shares; issued 5,600 shares with a liquidation
preference of 140,000 at january 31, 2011
and at october 31, 2010																																															135,299,000
200,000,000 shares; issued 75,189,506 shares at
january 31, 2011 and 74,809,683 shares at
october 31, 2010 (including 11,694,720
shares at january 31, 2011 and
october 31, 2010 held in treasury)																																															752,000
to class a at time of sale) – authorized
30,000,000 shares; issued 15,255,969 shares at
january 31, 2011 and 15,256,543 shares at
october 31, 2010 (including 691,748 shares at
january 31, 2011 and october 31, 2010 held in treasury)																																															153,000
inventories - at the lower of cost or fair value:
mortgage loans held for sale or investment																																																83,665,000
income taxes receivable – including net deferred
tax benefits
hovnanian enterprises, inc. and subsidiaries condensed consolidated balance sheets
liabilities and stockholders’ equity
nonrecourse mortgages secured by operating
properties																																																22,108,000
income tax payable																																																18,954,000
minority interest related to inventory not owned																																																19,860,000
minority interest in consolidated joint ventures																																																736,000
stockholders’ equity:
preferred stock, .01 par value-authorized 100,000
shares; issued 5,600 shares at january 31,
2009 and at october 31, 2008 with a
liquidation preference of 140,000																																																135,299,000
200,000,000 shares; issued 74,220,991 shares at
january 31, 2009 and 73,803,879 shares at
october 31, 2008 (including 11,694,720
shares at january 31, 2009 and
october 31, 2008 held in treasury)																																																742,000
to class a at time of sale) - authorized
30,000,000 shares; issued 15,331,494 shares at
january 31, 2009 and 15,331,494 shares at
october 31, 2008 (including 691,748 shares at
january 31, 2009 and october 31, 2008 held in
treasury)																																																153,000
total liabilities and stockholders’ equity																																																3,211,480,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-01-31	2025-10-31	2025-07-31	2025-04-30	2025-01-31	2024-10-31	2024-07-31	2024-04-30	2024-01-31	2023-10-31	2023-07-31	2023-04-30	2023-01-31	2022-10-31	2022-07-31	2022-04-30	2022-01-31	2021-10-31	2021-07-31	2021-04-30	2021-01-31	2020-10-31	2020-07-31	2020-04-30	2020-01-31	2019-10-31	2019-07-31	2019-04-30	2019-01-31	2018-10-31	2018-07-31	2018-04-30	2018-01-31	2017-01-31	2016-04-30	2016-01-31	2015-04-30	2015-01-31	2014-07-31	2014-04-30	2014-01-31	2013-01-31	2012-10-31	2012-07-31	2012-04-30	2012-01-31	2011-10-31	2011-07-31	2011-04-30	2011-01-31	2010-10-31	2010-07-31	2010-04-30	2010-01-31	2009-10-31	2009-07-31

cash flows from operating activities:
net income	20,859,000	-667,000	16,615,000	19,726,000	28,191,000	94,349,000	72,919,000	50,836,000	23,904,000	-108,420,109	55,764,000	34,146,000	18,716,000	55,633,000	82,614,000	62,435,000	24,808,000	-554,729,183	47,702,000	488,676,000	18,959,000	40,634,000																				-11,308,000	-84,410,000	34,676,000	1,802,000	-18,265,000	-98,348,000	-50,930,000	-72,667,000	-64,142,000	-132,113,000	-72,854,000	-28,634,000	236,189,000	-250,769,000	-168,912,000
adjustments to reconcile net income to net cash from operating activities:
depreciation	3,271,000	5,350,000	3,192,000	3,023,000	2,298,000	2,051,000	2,067,000	2,014,000	1,598,000	-7,214,202	1,299,000	4,514,000	1,410,000	1,448,000	1,520,000	1,314,000	1,175,000	-4,085,720	1,269,000	1,484,000	1,338,000	1,407,000	1,355,000	1,263,000	1,279,000	1,230,000	1,004,000	959,000	979,000	836,000	811,000	719,000	790,000	1,013,000	864,000	865,000	870,000	849,000	865,000	853,000	853,000	1,462,000	1,512,000	1,494,000	1,559,000	1,658,000	2,173,000	2,602,000	2,246,000	2,319,000	3,487,000	2,632,000	3,071,000	3,386,000	5,413,000	3,828,000
stock-based compensation	1,579,000	2,547,000	6,243,000	4,232,000	3,649,000	5,061,000	9,190,000	6,945,000	4,073,000	-9,538,773	5,318,000	2,165,000	2,070,000
amortization of debt discounts, premiums and deferred financing costs	2,374,000		-393,000	-612,000	-772,000		-936,000	356,000	214,000	-1,559,355	839,000	392,000	330,000
gain on sale of property and assets	-25,000	416,000	1,000	-174,000	-778,000	-202,000			-41,000
gain on consolidation of joint ventures	-26,830,000
gain on inventory contributed to joint venture		1,000
income from unconsolidated joint ventures	-3,440,000	-12,678,000	-15,511,000	-9,043,000	-9,205,000	-15,448,000	-10,698,000	-11,164,000	-14,952,000	20,925,840	-8,401,000				-12,557,000	-3,171,000	-8,191,000	9,559,151	-5,011,000	-2,641,000	-1,916,000	-3,146,000																		-1,067,000	-2,571,000					23,000								373,000		5,537,000
distributions of earnings from unconsolidated joint ventures		948,000	1,300,000	460,000	1,700,000	749,000	1,482,000	678,000	1,010,000	-13,363,350	8,860,000	3,830,000	692,000										15,476,000	5,685,000	9,250,000		9,615,000							185,000			1,405,000	3,040,000	649,000	242,000	249,000	400,000	1,253,000	240,000	91,000	206,000	1,217,000	73,000	-232,000	525,000	439,000	115,000	0	1,697,000	1,675,000	900,000
inventory impairments and land option write-offs	2,359,000	19,430,000	16,045,000	3,056,000	1,040,000	7,918,000	3,099,000	237,000	302,000	-920,464	308,000	137,000	477,000
decrease in assets:
inventories	180,663,000	137,229,000	34,988,000	-80,531,000	-43,000	-2,252,000	-112,859,000	46,263,000	-114,674,000	-216,932,328	168,758,000	36,784,000	11,669,000		-94,287,000	-79,344,000	-159,227,000	96,540,486	-33,520,000	24,195,000	-87,251,000	15,117,000	72,630,000									10,796,000	-31,063,000							-86,244,000	-131,834,000	-25,087,000	17,261,000	-24,266,000	29,498,000	-14,063,000	-2,728,000	-57,997,000	-57,755,000	30,095,000	-13,706,000	8,357,000	-48,453,000	26,076,000	82,553,000	54,675,000
receivables, deposits and notes	-12,207,000	7,676,000	-5,638,000	45,409,000	-41,934,000	13,237,000	-23,218,000	-6,614,000	4,694,000	-12,626,704	8,122,000	-1,256,000	5,772,000
origination of mortgage loans	-336,756,000	-482,009,000	-500,784,000	-398,734,000	-379,898,000	-484,496,000	-402,130,000	-375,179,000	-306,156,000	809,798,077	-294,217,000				-283,423,000	-325,723,000	-272,877,000	1,086,240,901	-359,057,000	-394,402,000	-334,272,000	-374,677,000										-257,950,000	-198,878,000
sale of mortgage loans	357,659,000	500,923,000	488,248,000	396,878,000	412,670,000	484,174,000	350,603,000	377,149,000	337,346,000	-840,461,012	292,937,000	296,799,000	251,923,000	299,867,000	289,241,000	314,210,000	342,090,000	-1,058,979,645	353,977,000	393,652,000	312,794,000	368,968,000	344,956,000	308,796,000	345,183,000	309,250,000	270,828,000	218,296,000	256,161,000	304,325,000	265,698,000	250,172,000	251,055,000	312,027,000	344,224,000	240,976,000
deferred tax assets	6,834,000	-8,797,000	3,723,000	5,584,000	10,937,000	16,845,000	21,795,000	15,628,000	7,501,000	-20,053,040	11,994,000			31,777,000	23,987,000	15,656,000	9,465,000	447,027,322	11,733,000
decrease in liabilities:
accounts payable, accrued interest and other liabilities	-52,017,000	-28,073,000	14,203,000	40,311,000	-62,842,000	-4,168,000	45,513,000	-8,141,000	-33,553,000	73,990,446	3,486,000
customers’ deposits	-4,478,000	8,595,000	-10,182,000	3,111,000	912,000	-7,152,000	-3,346,000	-6,179,000	379,000	17,395,087	-14,764,000			-25,501,000	-924,000	17,226,000	14,924,000	-28,422,991	10,799,000	8,669,000	8,975,000	7,294,000				-4,486,000	2,405,000	7,458,000	409,000		7,055,000	-3,392,000	617,000						1,860,000	6,288,000	1,874,000	5,049,000	-1,297,000	2,874,000	3,071,000	1,255,000	1,180,000	263,000	1,026,000	4,681,000	-1,748,000	-3,606,000	18,000	-3,955,000	-6,858,000	3,354,000
state income tax payable	1,041,000	3,127,000	731,000	-9,994,000	879,000	5,833,000	-128,000	-2,809,000	722,000	2,731,694	434,000	-4,991,000	1,824,000		1,532,000	-2,035,000	1,122,000	1,348,019	-104,000				-360,000	-1,098,000	1,714,000				341,000		338,000	-284,000	-41,000	291,000	12,000	275,000		275,000
net cash from operating activities	140,886,000	169,074,000	52,781,000	22,303,000	-55,879,000	115,824,000	-92,283,000	89,103,000	-89,004,000	-291,163,725	225,632,000			118,063,000	33,606,000	53,526,000	-115,729,000	-82,061,787	66,812,000	109,519,000	-94,059,000	99,994,000	113,115,000	52,075,000	27,644,000							9,943,000	-82,524,000	25,916,000						-55,054,000	-131,052,000	5,775,000	-4,923,000	-22,209,000	3,256,000	-43,122,000	-28,174,000			2,477,000	-59,454,000	-34,565,000	177,876,000	-51,370,000	-84,343,000	-49,451,000
capital expenditures	-8,768,000	-5,086,000	-7,007,000	-6,319,000	-3,685,000	-4,422,000	-3,554,000	-4,441,000	-5,442,000	13,184,179	-5,034,000			0	-3,271,000	-2,882,000	-2,453,000	3,883,058	-1,428,000	-1,497,000	-964,000	0	0	0	0							-1,292,000	-1,916,000	0						-953,000	-95,000	-447,000	0	-4,146,000	-594,000	-134,000	0			-267,000	0	0	-576,000	-371,000	0	-290,000
free cash flows	132,118,000	163,988,000	45,774,000	15,984,000	-59,564,000	111,402,000	-95,837,000	84,662,000	-94,446,000	-277,979,546	220,598,000			118,063,000	30,335,000	50,644,000	-118,182,000	-78,178,729	65,384,000	108,022,000	-95,023,000	99,994,000	113,115,000	52,075,000	27,644,000							8,651,000	-84,440,000	25,916,000						-56,007,000	-131,147,000	5,328,000	-4,923,000	-26,355,000	2,662,000	-43,256,000	-28,174,000			2,210,000	-59,454,000	-34,565,000	177,300,000	-51,741,000	-84,343,000	-49,741,000
cash flows from investing activities:
proceeds from sale of property and assets	33,000	283,000	1,000	640,000	882,000	468,000	-49,000	957,000	43,000	-457,039	366,000	24,000	69,000	0	0	58,000	5,000	-29,968	15,000	-1,000	16,000	8,000	73,000	22,000	9,000	6,000	7,000	1,000	15,000	1,000	29,000	103,000	38,170,000	60,000	22,000	93,000	815,000	168,000	114,000	227,000	5,000	81,000	173,000	2,899,000	112,000	22,000	391,000	22,000	568,000	360,000
purchase of property, equipment, and other fixed assets	-8,768,000	-5,086,000	-7,007,000	-6,319,000	-3,685,000	-4,422,000	-3,554,000	-4,441,000	-5,442,000	13,184,179	-5,034,000																															-447,000		-4,146,000	-594,000	-134,000		-294,000
investment in and advances to unconsolidated joint ventures, net of reimbursements	-51,903,000	-644,000	-20,683,000	-2,801,000	-26,088,000	-2,274,000	318,000			78,482,178	-58,518,000
distributions of capital from unconsolidated joint ventures		75,000	0	600,000	3,825,000	51,000	190,000	2,885,000	1,278,000	-12,872,553	5,226,000	5,030,000	2,633,000	4,915,000	3,103,000	1,770,000	554,000	-27,143,544	7,579,000	7,561,000	12,035,000	21,171,000	3,720,000	-2,080,000	2,521,000	2,159,000	1,010,000	29,000	5,727,000	126,000	-218,000	22,108,000	6,646,000	1,939,000	2,933,000	2,132,000	6,718,000	627,000	257,000	6,399,000	553,000	12,538,000	2,276,000	1,562,000	560,000	698,000	1,752,000	1,614,000	687,000	698,000	2,591,000	2,810,000	1,011,000	816,000	7,363,000	108,000
acquisitions of business, net of cash acquired	31,517,000
net cash from investing activities	-29,121,000	-5,372,000	-27,689,000	-7,880,000	-25,066,000	-6,177,000	-3,095,000	-33,079,000	-4,121,000	78,336,765	-57,960,000				-185,000	-173,000	-2,927,000	-6,970,004	19,407,000	-20,301,000	7,873,000	20,447,000							3,394,000	20,625,000	-17,993,000	-8,182,000	41,051,000							5,724,000	4,000	9,715,000	410,000	194,000	-832,000	-1,272,000	1,277,000	1,282,000	224,000	-1,588,000	97,000	1,407,000	-1,126,000	-394,000	-15,323,000	-11,000
cash flows from financing activities:
proceeds from mortgages and notes	20,413,000	12,015,000	47,195,000	47,381,000	58,171,000	73,405,000	76,329,000	72,416,000	78,867,000	-248,716,151	96,522,000	94,815,000	57,704,000	87,656,000	120,243,000	94,963,000	136,021,000	-160,351,070	39,264,000	57,083,000	64,257,000	68,079,000	70,637,000	79,424,000	60,437,000	82,817,000	64,600,000	116,829,000	54,216,000	51,690,000	53,449,000	42,160,000	33,802,000	54,396,000	55,302,000	57,592,000	45,661,000	30,908,000	40,207,000	40,191,000	24,110,000	13,765,000	7,893,000	2,381,000	2,765,000	3,201,000	16,553,000	4,420,000	-2,237,000	-2,122,000				3,450,000
payments related to mortgages and notes	-26,628,000	-38,717,000	-72,315,000	-57,482,000	-61,587,000	-98,597,000	-83,500,000	-86,739,000	-71,257,000	269,070,067	-106,263,000				-128,870,000	-94,716,000	-63,892,000	177,988,391	-35,136,000	-70,880,000	-72,235,000	-112,873,000										-35,525,000	-46,596,000							-19,307,000	-16,094,000	-7,893,000			-4,240,000	-237,000
proceeds from model sale leaseback financing programs	7,440,000	14,601,000	11,064,000	7,422,000	18,492,000	1,517,000				-12,399,588	582,000	10,520,000	1,310,000	7,597,000	451,000	18,245,000	8,737,000	-5,630,394	2,900,000	1,378,000	1,360,000	845,000	15,048,000	939,000	2,368,000	11,912,000	6,371,000	5,338,000	9,567,000	505,000	21,498,000	0	746,000	747,000	5,571,000	9,339,000			7,404,000	24,331,000	6,043,000	2,121,000	2,738,000	4,956,000
payments related to model sale leaseback financing programs	-4,832,000	-7,573,000	-6,701,000	-4,320,000	-2,785,000	-4,836,000	-5,617,000	-6,204,000	-5,907,000	14,529,125	-8,964,000				-2,744,000	-4,998,000	-3,553,000	18,209,323	-8,354,000	-6,296,000	-3,583,000	-6,882,000										-5,807,000	-16,934,000							-9,576,000	-1,175,000	-2,199,000
proceeds from land bank financing programs	12,831,000	26,824,000	104,604,000	40,319,000	14,896,000	22,766,000	50,115,000	7,447,000	18,407,000	-34,659,885	4,378,000	9,018,000	21,317,000	49,773,000	70,438,000	48,316,000	21,425,000	-27,600,718	11,142,000	1,469,000	15,025,000	10,940,000	8,860,000	8,640,000	39,620,000	17,227,000	26,579,000	46,529,000	14,626,000	1,870,000	13,191,000	1,562,000	2,204,000	4,788,000	15,109,000	138,314,000
payments related to land bank financing programs	-24,964,000	-25,596,000	-44,446,000	-26,568,000	-14,103,000	-14,492,000	-20,319,000	-29,517,000	-22,296,000	89,932,891	-50,993,000				-13,195,000	-12,311,000	-13,642,000	77,224,542	-26,707,000	-25,880,000	-24,726,000	-18,826,000										-10,441,000	-9,449,000
net payments related to mortgage warehouse lines of credit	-24,832,000			-4,041,000	-32,789,000			-2,099,000	-27,004,000		-589,000																					8,048,000	-51,487,000							1,491,000	-57,846,000	-55,447,000		13,678,000	15,486,000	-685,000
preferred dividends paid	-2,669,000	-2,668,000	-2,669,000	-2,669,000	-2,669,000	-2,668,000	-2,669,000	-2,669,000	-2,669,000	7,996,325	-2,669,000				-2,669,000	-2,669,000	-2,669,000
treasury stock purchases	-9,000,000	58,000	94,000	-12,346,000	-18,050,000	11,000	-11,392,000			4,795,200	0
deferred financing costs from land banking financing programs and note issuances	-384,000		-1,648,000	-554,000	-1,151,000		-1,531,000	-714,000	-910,000		-1,076,000				-1,356,000	-2,114,000	-1,848,000	1,202,413	-361,000	-254,000	-590,000
net cash from financing activities	-52,625,000	-39,869,000	50,504,000	-39,446,000	-41,575,000	-26,757,000	48,328,000	-63,226,000	-146,271,000	227,735,289	-171,009,000				38,313,000	-56,362,000	17,118,000	163,427,727	-122,793,000	-44,285,000	3,433,000	-57,241,000	-153,234,000			47,336,000	20,981,000	99,432,000	38,959,000			-30,274,000	-145,559,000				44,091,000	218,450,000	26,969,000	5,677,000	90,729,000	-50,569,000	43,775,000	48,968,000	34,904,000	-36,657,000	-4,748,000	10,655,000	135,566,000	-51,693,000	16,301,000	-15,178,000	-51,242,000	-41,864,000	-24,771,000	-182,545,000
net increase in cash and cash equivalents, and restricted cash and cash equivalents	59,140,000																	74,395,936	-36,574,000			63,200,000	-37,107,000
cash and cash equivalents, and restricted cash and cash equivalents balance, beginning of period	318,647,000	0	0	0	266,761,000	0	0	0	477,519,000	-381,807,810	0	0	382,190,000	0	0	0	311,396,000	-309,150,540	0	0	309,460,000
cash and cash equivalents, and restricted cash and cash equivalents balance, end of period	377,787,000	123,833,000	75,596,000	-25,023,000	144,241,000	82,890,000	-47,050,000	-7,202,000	238,123,000	-366,899,481	-3,337,000	91,433,000	279,281,000	103,607,000	71,734,000	-3,009,000	209,858,000	-234,754,604	-36,574,000	44,933,000	226,707,000
reconciliation of cash, cash equivalents and restricted cash
homebuilding: cash and cash equivalents	339,910,000	126,180,000	72,612,000	-20,278,000	94,258,000	87,940,000	-59,930,000	-1,152,000	183,118,000	-324,747,881	-8,072,000	98,325,000	234,929,000	101,109,000	75,658,000	11,533,000	137,898,000	-172,502,030	-45,573,000	46,223,000	172,098,000
homebuilding: restricted cash and cash equivalents	9,661,000	453,000	3,124,000	582,000	8,449,000	-1,740,000	1,245,000	1,000	8,369,000	-8,614,569	707,000	-238,000	8,154,000	-2,123,000	1,222,000	23,000	14,260,000	-15,083,911	2,347,000	125,000	12,628,000
financial services: cash and cash equivalents, included in financial services assets	4,071,000	320,000	523,000	176,000	4,529,000	742,000	1,118,000	207,000	4,522,000	-4,114,481	329,000	-892,000	4,682,000	1,619,000	910,000	-2,907,000	6,846,000	-6,181,181	2,070,000	-414,000	4,531,000
financial services: restricted cash and cash equivalents, included in financial services assets	24,145,000	-3,120,000	-663,000	-5,503,000	37,005,000	-4,052,000	10,517,000	-6,258,000	42,114,000	-29,422,550	3,699,000	-5,762,000	31,516,000	3,002,000	-6,056,000	-11,658,000	50,854,000	-40,987,482	4,582,000	-1,001,000	37,450,000
total cash, cash equivalents and restricted cash shown in the statements of cash flows	377,787,000	123,833,000	75,596,000	-25,023,000	144,241,000	82,890,000	-47,050,000	-7,202,000	238,123,000	-366,899,481	-3,337,000	91,433,000	279,281,000
amortization of debt discounts, premiums and debt issuance costs
loss on extinguishment of debt						0				-4,056,362				0	0			-302,252												1,830,000	4,266,000								0
noncontrolling interest in consolidated joint ventures										-21,962	11,000			45,000	86,000	77,000	62,000	-309,570	120,000	112,000	78,000
increase in liabilities:
net proceeds related to mortgage warehouse lines of credit		-15,550,000				-3,045,000									-3,823,000	2,877,000	-63,311,000	-29,168,256	5,942,000	-651,000	23,925,000														-31,224,000	31,481,000
proceeds from issuance of unsecured and senior secured notes
payments related to senior and senior secured notes, senior secured term loans and senior unsecured term loans
debt issuance costs from note issuances, land banking financing programs and model sale leaseback financing programs
net increase (decrease) in cash and cash equivalents, and restricted cash and cash equivalents
supplemental disclosures of cash flows:
cash paid during the period for:
interest, net of capitalized interest						24,712,000	-7,211,000	33,267,000	-2,965,000	-26,567,424	-468,000			27,604,000	-9,166,000	31,688,000	-5,254,000	-54,735,773	7,621,000	37,280,000	9,922,000
income taxes						838,000	2,683,000	5,738,000	435,000	-8,561,593	1,683,000	6,804,000	84,000	5,373,000	3,794,000	4,888,000	7,000	-5,839,331	2,435,000	3,343,000	69,000
gain on consolidation of joint venture										19,082,898
gain on extinguishment of debt			0					0	-1,371,000																																					-24,698,000	-10,563,000				0	-5,256,000	-17,217,000	-2,574,000	17,619,000	-37,016,000
payments related to senior notes, senior secured notes and senior unsecured term loan			0
net decrease in cash and cash equivalents, and restricted cash and cash equivalents			75,596,000	-25,023,000	-122,520,000		-47,050,000	-7,202,000	-239,396,000		-3,337,000				71,734,000	-3,009,000	-101,538,000				-82,753,000
gain on assets contributed to joint venture				0	-22,683,000
proceeds from partner distributions to consolidated joint venture														0				-39,960
payments for partner distributions to consolidated joint venture															-162,000	-120,000	-150,000	562,182	-309,000
net borrowings from senior secured notes
payments related to senior secured notes								0	-113,502,000	101,184,818					0
loss on sale of property and assets
deferred financing costs from note issuances and land banking financing programs
repurchases of common stock
distributions of earnings from unconsolidated joint venture														-207,000	1,454,000	643,000	2,100,000	-8,923,291	3,536,000	2,556,000	2,841,000
net borrowings from senior secured credit facility
payments related to senior secured credit facility
compensation from stock options and awards															3,010,000	1,759,000	1,635,000	-5,301,332	3,556,000	851,000	902,000	2,741,000				524,000	-994,000	576,000	615,000	963,000	631,000	1,036,000	1,039,000	452,000	-720,000	1,545,000	3,165,000	3,500,000	2,748,000	1,508,000	3,530,000	1,149,000	2,719,000	867,000	1,680,000	1,187,000	1,109,000	1,493,000	1,677,000	1,940,000	1,684,000	2,507,000	2,151,000	2,364,000	2,250,000	2,025,000
amortization of bond discounts, premiums and deferred financing costs															-9,000	86,000	-280,000	-489,758	-44,000	325,000	209,000	173,000	276,000	161,000	1,281,000	2,125,000	2,123,000	2,060,000	1,820,000	2,922,000	1,750,000
gain on sale and retirement of property and assets															0	-32,000	-5,000		3,000	0	-14,000	3,000										36,000	-3,628,000							-211,000	-5,000	-76,000	-149,000	46,000	-105,000	-22,000
inventory impairment and land option write-offs															1,173,000	565,000	99,000	-3,263,370	1,309,000	81,000	1,877,000	2,611,000	2,364,000	1,010,000	2,828,000	2,687,000	1,435,000	1,462,000	704,000	318,000	96,000	2,673,000	414,000	3,184,000	9,669,000	11,681,000	4,311,000	2,230,000	741,000	522,000	664,000	665,000	5,300,000	689,000	3,216,000	3,325,000	59,873,000	11,426,000	16,925,000	13,525,000	80,588,000	48,959,000	1,186,000	4,966,000
receivables, prepaids, deposits and other assets															-9,127,000	-2,198,000	-2,139,000	1,968,984	-4,513,000	12,072,000	-9,531,000	6,138,000	-2,964,000
accounts payable, accrued interest and other accrued liabilities															29,316,000	45,263,000	-70,490,000	-59,950,630	34,751,000	34,876,000	-9,605,000	26,395,000										36,033,000	-82,544,000						5,445,000	42,388,000	-47,490,000	-42,293,000	2,680,000	23,823,000	1,047,000	-29,126,000	9,650,000	1,808,000	-5,053,000	-70,359,000
purchase of property, equipment, and other fixed assets and acquisitions															-3,271,000	-2,882,000	-2,453,000	3,883,058	-1,428,000	-1,497,000	-964,000																			-953,000	-95,000									-267,000
investment in and advances to unconsolidated joint ventures															-17,000	881,000	-1,033,000	16,320,450	13,241,000	-26,364,000	-3,214,000
total cash, cash equivalents and restricted cash shown in the statement of cash flows															71,734,000	-3,009,000	209,858,000	-234,754,604	-36,574,000	44,933,000	226,707,000
proceeds from partner distributions from consolidated joint venture
loss on sale and retirement of property and assets
proceeds from senior secured notes, net of discount																										556,883,000	0	0	21,348,000
payments related to senior secured notes, net of discount																		111,031,274
cash paid received during the period for:
state income tax payable																					557,000
adjustments to reconcile net income to net cash from operating activities:
state and federal income tax payable
proceeds from partner contributions to consolidated joint venture
payments related to unsecured revolving credit facility
payments related to senior secured term loan facility
proceeds from senior unsecured term loan facility																														0	70,047,000
borrowings from senior secured credit facility
payments related to senior secured, senior, senior amortizing and senior exchangeable notes
cash and cash equivalents, and restricted cash and cash equivalents balance, beginning of year
cash and cash equivalents, and restricted cash and cash equivalents balance, end of year
noncontrolling interest in consolidated joint venture																							30,000	20,000	13,000
purchase of property, equipment and other fixed assets and acquisitions																																-1,292,000	-1,916,000																				-576,000	-371,000		-290,000
investments in and advances to unconsolidated joint ventures																																-16,847,000	-2,032,000							84,000	-116,000	-2,457,000		-121,000	-910,000	-1,858,000
proceeds from partner contribution to consolidated joint ventures
borrowings from senior secured revolving credit facility
payments related to senior secured revolving credit facility
deferred financing costs from land bank financing program and note issuances																																	-1,843,000
cash, cash equivalents, and restricted cash and cash equivalents balance, beginning of period																							0	0	182,266,000			0	232,992,000
cash, cash equivalents, and restricted cash and cash equivalents balance, end of period																							-37,107,000	155,419,000	127,948,000			15,430,000	153,173,000
net																																-9,823,000	-30,809,000
adjustments to reconcile net (loss) to net cash from operating activities:
net borrowings from senior secured revolving credit facility																													36,000,000
loss from unconsolidated joint ventures																																-1,343,000	5,176,000	1,666,000	1,346,000	1,480,000													3,232,000	992,000
deferred income tax provision																																		20,000		2,616,000
noncontrolling interest income in consolidated joint venture
payments for model sale leaseback financing programs
proceeds from partner contribution to consolidated joint venture																											10,000
payments related to senior, senior secured and senior amortizing notes
deferred financing costs from land bank financing programs and note issuances																																								-2,055,000	-3,291,000	-475,000
payments for senior notes and senior amortizing notes																																	-56,002,000
borrowings from revolving credit facility
proceeds from senior secured term loan facility
proceeds from senior secured notes
net increase in cash and cash equivalents																																						11,401,000													-43,056,000	-48,336,000	125,508,000	-93,628,000	-124,437,000	-232,007,000
cash, cash equivalents and restricted cash and cash equivalents balance, beginning of year
cash, cash equivalents and restricted cash and cash equivalents balance, end of year
financial service: cash and cash equivalents, included in financial services assets
restricted cash, receivables, prepaids, deposits and other assets																															33,530,000	-21,983,000	3,011,000	4,833,000						-14,372,000	10,018,000	41,162,000		-4,824,000	-4,587,000	23,540,000
decrease in restricted cash related to mortgage company																															86,000	-121,000	174,000				1,258,000	387,000	847,000	-33,000	-343,000
increase in restricted cash related to letters of credit and bonds
net decrease in cash and cash equivalents																																-28,513,000	-187,032,000							-43,653,000	-40,319,000	-35,079,000		26,953,000	37,328,000	-81,051,000	-31,645,000			-50,804,000
cash and cash equivalents balance, beginning of period																															0	0	469,320,000	346,765,000	0	253,745,000	0	261,898,000		0	329,204,000	273,232,000		0	0	250,740,000
cash and cash equivalents balance, end of period																															-31,836,000	-28,513,000	282,288,000	201,780,000	-22,924,000	152,578,000	-11,727,000	273,299,000		-43,653,000	288,885,000	238,153,000		26,953,000	37,328,000	169,689,000		-71,345,000	37,354,000	316,376,000		-48,336,000	125,508,000	333,064,000		-232,007,000
deferred income tax benefit
decrease in restricted cash related to letters of credit and bonds
payments related to senior notes and senior amortizing notes
amortization of bond discounts and deferred financing costs																																	2,337,000	4,129,000	3,135,000	2,971,000	3,128,000	2,863,000	2,678,000	2,533,000	2,380,000	1,844,000	2,183,000	1,760,000	1,862,000	1,631,000	1,591,000	1,676,000	1,471,000	1,309,000	1,294,000	1,286,000	1,244,000	1,227,000	14,564,000	295,000
decrease (increase) in restricted cash related to letters of credit																																	9,000
net loss																																								-7,902,000	-24,523,000
adjustments to reconcile net loss to net cash from operating activities:
(decrease) increase in liabilities:
(increase) decrease in restricted cash related to letters of credit
increase in restricted cash related to mortgage company
decrease in restricted cash related to letters of credit																																			273,000	52,000
deferred financing cost from land bank financing program and note issuances
net cash from by operating activities
net proceeds from senior secured notes
proceeds from senior notes																																					0	250,000,000	0	0	150,000,000
payments related to senior notes, senior exchangeable notes and senior amortizing notes
cash and cash equivalents balance, beginning of year
cash and cash equivalents balance, end of year
mortgage loans held for sale at fair value																																						1,570,000
payments related to senior notes
principal payments and debt repurchases																																								-1,092,000	-2,913,000	-941,000	-865,723,000	-2,411,000	-52,861,000	-20,163,000	-15,124,000	-13,605,000			0	-19,270,000	-70,033,000	-22,273,000	-786,337,000	-81,372,000
proceeds from land bank financing program																																						3,131,000	12,096,000	7,740,000	926,000	10,206,000	12,781,000
payments related to land bank financing program																																								-13,453,000	-9,031,000	-9,706,000
state and federal income tax liabilities																																								-105,000	227,000	-9,503,000	190,000	-36,243,000	415,000	691,000	6,047,000	-4,701,000	448,000	22,125,000	-1,257,000
net decrease in cash
cash balance, beginning of period
cash balance, end of period
mortgage notes receivable																																								-642,000	55,576,000										-24,870,000	-3,402,000	-11,484,000	22,976,000	-9,402,000	-1,009,000
expenses related to the debt for debt exchange																																											0	11,000	89,000	4,594,000
restricted cash, receivables, prepaids, deposits, and other assets
payments from senior notes
net proceeds from exchangeable notes units
net proceeds from tangible equity units
net proceeds from class a common stock
deferred financing cost from land banking financing program and note issuances
payments related to the debt for debt exchange																																											0	-13,000	-88,000	-18,773,000
purchase of treasury stock																																											0	0
cash received during the year for income taxes
(income) income from unconsolidated joint ventures																																										-2,289,000	-3,077,000	-851,000
decrease (increase) in assets:
mortgage loans held for sale																																										44,600,000		-16,276,000	-7,847,000	4,942,000		-5,826,000	-9,729,000	48,683,000
increase in assets:
net proceeds from senior notes
net proceeds (payments) related to mortgage warehouse lines of credit
(gain) loss on extinguishment of debt																																												-6,229,000
payments from mortgages and notes
proceeds from senior debt																																																0
net proceeds from tangible equity units issuance
net proceeds from common stock issuance																																												0
deferred financing costs from land bank financing program and note issuance
net proceeds from teu issuance
deferred financing costs from note issuance
stock option cancellations																																																							3,418,000	0
(gain) loss on sale and retirement of property and assets
loss (income) from unconsolidated joint ventures
state and federal income tax assets																																																							0	0
net (payments) proceeds related to mortgage warehouse lines of credit																																															8,070,000
deferred financing cost from note issuances																																															0	-951,000
cash received during the year for:
proceeds from tangible equity units issuance																																																0
proceeds from common stock issuance																																																0
adjustments to reconcile net income to net cash
from operating activities:
gain on sale and retirement of property
and assets																																																	24,000	-293,000		-28,000	76,000	-119,000		212,000
restricted cash, receivables, prepaids, deposits and
other assets																																																	18,307,000	11,077,000		11,347,000	14,030,000	10,881,000		1,537,000
net cash from provided by operating activities
investments in and advances to unconsolidated
joint ventures																																																	-849,000	-2,379,000		-1,042,000	-1,564,000	-989,000		23,000
net payments related to mortgage
warehouse lines of credit																																																	9,456,000	-49,571,000
cash and cash equivalents balance, beginning
of period																																																	0	367,180,000		0	0	426,692,000		0
goodwill and intangible amortization and impairment
excess tax payments from share-based payments
deferred income taxes
proceeds (payments) from mortgages and notes																																																			-1,330,000	-3,872,000
net (payments) relating to revolving credit facility
excess tax payments from share-based payment
proceeds from sale of stock and employee stock plan
cash paid (received) during the period for:
provided by operating activities:
(gain) loss on sale and retirement of property
accounts payable, interest and other accrued liabilities																																																				-18,366,000	7,005,000	-63,523,000		-36,008,000
net proceeds from sale of property and assets																																																				195,000	3,000	150,000	60,000	148,000
purchase of property, equipment and other fixed assets
warehouse line of credit																																																				8,175,000	14,519,000	-22,593,000		639,000
deferred financing costs from note issuances																																																				-211,000	-943,000	-448,000		-401,000
state and federal income tax																																																					255,274,000	-291,334,000
net proceeds related to revolving credit agreement
excess tax payments (benefits) from share-based payments
(payments)/proceeds from mortgages and notes
net (payments) proceeds related to mortgage warehouse line of credit
excess tax (payments) benefits from share-based payment
net proceeds from sale of stock and employee stock plan
intangible amortization
impairment and land option write-offs																																																								101,130,000
state and federal income tax liability																																																								20,001,000
(payments) proceeds from mortgages and notes																																																								-1,411,000
net proceeds related to revolving
credit agreement

Hovnanian Enterprises, Inc(NYSE:HOV)

Hovnanian Enterprises, Inc
(NYSE:HOV)