The company is increasing its lot optionality within its land pipeline for increased flexibility, indicating a strategy to manage land investment risk in a volatile market.

The company is producing sufficient levels of spec inventory (houses without customer orders) to service buyers seeking to close within 30 to 90 days, indicating a strategic shift to capture immediate demand.

Land sale and other revenues contributed income of $5.5 million, demonstrating a strategy to optimize land assets and generate revenue from sources beyond traditional home sales.

Production cycle times improved over the course of 2023 and 2024 and have now returned to near historical norms, indicating improved operational efficiency.

The company believes its strategic approach with respect to sales incentives, advertising, and production cadence will enable it to meet consumer demand at the selling prices necessary to turn inventory, maintain market share, and generate healthy returns.

The company disclosed that the Executive Vice President and Chief Financial Officer notified the Company of his intention to retire and announced that the Senior Vice President, Finance would succeed him.

Ongoing volatility in interest rates may negatively impact operations and financial results, indicating a concern about the sensitivity of the business to macroeconomic factors.

Inflation has resulted in increased costs that the company may not be able to recoup and has impacted home affordability and consumer sentiment, indicating a concern about cost pressures and demand.

The frequency, severity and novelty of cyber-attacks on companies has increased significantly in recent years, indicating a potential risk to the company's operations and data security.

The housing industry in the U.S. is fragmented and highly competitive, indicating that PulteGroup faces significant competition in all of its markets.

The U.S. housing industry is highly competitive, indicating that PulteGroup faces significant competition in all of its markets.

The homebuilding industry is highly competitive for suitable land, indicating that PulteGroup faces significant competition in acquiring land for development.

SG&A as a percentage of home sale revenues was 7.6% and 8.4% in 2024 and 2023, respectively. The gross dollar amount of our SG&A increased $8.6 million, or 1%, in 2024 compared with 2023.

Production cycle times improved over the course of 2023 and 2024 and have now returned to near historical norms, indicating improved operational efficiency.

Continuous improvement in our house construction process is a key area of focus, indicating ongoing efforts to improve operational efficiency.

We have started to assess the use of AI technology to drive productivity and analyze data.

We use information technology and other computer resources to conduct important operational activities and to maintain our business records.

We are beginning the process of a multi-year implementation of a new enterprise resource planning system (“ERP”).

On January 29, 2025, the Board of Directors increased our share repurchase authorization by an additional $1.5 billion, indicating a commitment to returning capital to shareholders.

Including a 10% increase in our dividends from $0.20 to $0.22 per share effective with our January 2025 dividend payment.

The 2024 cash outflows primarily reflect capital expenditures of $118.5 million related to our ongoing investment in new communities, construction operations, and information technology applications.

Our management teams are expected to exhibit and promote honest, ethical, and respectful conduct in the workplace.

We assess and monitor each counterparty's ability to pay amounts owed by considering contractual terms and conditions, the counterparty's financial condition, macroeconomic factors, and business strategy.

Our Homebuilding operations are located in many areas that are subject to natural disasters and severe weather.

Although higher mortgage interest rates may persist for some time, the limited supply of existing homes for sale, continuing low levels of unemployment, and demographics supporting housing demand remain favorable.

We expect that homebuyers will continue to face affordability challenges, so our sales paces may remain volatile on a monthly basis and we expect our sales incentives to remain elevated.

Additionally, we continued to face pressures in 2024 in the cost of land acquisition and development and the cost and availability of construction labor.