NVR, Inc. is primarily engaged in the construction and sale of single-family detached homes, townhomes, and condominium buildings, predominantly on a pre-sold basis. The company operates a mortgage banking and title services business to support its homebuilding operations. NVR is one of the largest homebuilders in the United States, operating in thirty-six metropolitan areas across fifteen states and Washington, D.C. The company's competitive advantage lies in its conservative lot acquisition strategy, which minimizes financial risks associated with land ownership and development. NVR focuses on maintaining a leading market position in each of its markets.

• Employees: 6,300 (as of December 31, 2023)
• Geographic Footprint: 15 states and Washington, D.C.
• Headquarters: Reston, Virginia
• Founded: 1980
• Number of locations/facilities: Multiple locations including production facilities and divisional offices
• Revenue: $9.52 billion (FY2023)
• Key Subsidiaries/Brands: Ryan Homes, NVHomes, Heartland Homes, NVR Mortgage Finance, Inc.

• Executive Chairman: Paul C. Saville
• President and Chief Executive Officer: Eugene J. Bredow
• Senior Vice President, Chief Financial Officer and Treasurer: Daniel D. Malzahn
• Vice President and Chief Accounting Officer: Matthew B. Kelpy

The filing does not include specific tenure or background information for these executives.

• Annual Revenue: $9.52 billion (FY2023)
• Net Income: $1.59 billion
• Total Assets: $6.60 billion
• Employees: 6,300 (as of December 31, 2023)
• Key Financial Highlights: Homebuilding revenues decreased 10% in 2023 compared to 2022, while mortgage banking income increased by 9%. Net income decreased by 8% compared to 2022.

NVR offers a variety of home designs including single-family detached homes, townhomes, and condominium buildings.

• Ryan Homes: Marketed primarily to first-time and first-time move-up buyers.
• NVHomes and Heartland Homes: Marketed primarily to move-up and luxury buyers.
• Mortgage-related services: NVRM originates mortgage loans for NVR homebuyers, generating revenues from origination fees, gains on sales of loans, and title fees.

NVR operates through four reportable homebuilding segments:

• Mid Atlantic: Maryland, Virginia, West Virginia, Delaware and Washington, D.C.
• North East: New Jersey and Eastern Pennsylvania
• Mid East: New York, Ohio, Western Pennsylvania, Indiana and Illinois
• South East: North Carolina, South Carolina, Tennessee, Florida and Georgia

The company also has a mortgage banking segment. Segment information includes revenue, gross profit, and segment profit.

NVR's strategy focuses on maintaining a leading market position in each market served, minimizing the adverse effects of regional economic cycles, and providing growth opportunities. Key initiatives include:

• Conservative lot acquisition strategy using LPAs with forfeitable deposits.
• Focus on pre-sold home construction.
• Maintaining an adequate supply of finished lots.
• Exploring joint venture arrangements and direct land development on a limited basis.
• Providing mortgage-related services through NVRM.

The housing industry is highly competitive, with numerous homebuilders ranging from local to national in scope, as well as competition from the home resale market. NVR competes on the basis of price, location, design, quality, service, and reputation. The industry is cyclical and is affected by consumer confidence, economic conditions, and interest rates.

• Key Competitors: Numerous national and local homebuilders.
• Industry Trends: Housing demand is sensitive to economic changes, interest rate fluctuations, and supply chain issues.

• Economic Downturn: Demand for new homes is sensitive to economic changes such as employment levels, job growth, consumer confidence, inflation and interest rates.
• Interest Rate Movements: High rates of inflation generally affect the homebuilding industry adversely because of their adverse impact on interest rates.
• Availability of Mortgage Financing: Limited availability of suitable mortgage financing could impair the affordability of homes.
• Inventory and Lot Position Risks: The market value of building lots and housing inventories can fluctuate significantly.
• Competition: The homebuilding industry is highly competitive.