PulteGroup, Inc. is one of the largest homebuilders in the United States. The company's core business involves the acquisition and development of land for residential purposes and the construction of housing on that land. PulteGroup offers a broad product line to meet the needs of homebuyers in targeted markets, with brands including Centex, Pulte Homes, Del Webb, DiVosta Homes, John Wieland Homes and Neighborhoods, and American West. The company's competitive advantages include its ability to access capital markets, control large land positions, and achieve geographic and product diversification. PulteGroup operates in 46 markets across 26 states.

• Employees: 6,382 (as of December 31, 2023)
• Geographic Footprint: 26 states in the U.S.
• Headquarters: Atlanta, Georgia
• Founded: 1956
• Number of locations/facilities: Leased office facilities across various markets
• Revenue: $16.1 billion (FY2023)
• Key Subsidiaries/Brands: Centex, Pulte Homes, Del Webb, DiVosta Homes, John Wieland Homes and Neighborhoods, American West, Pulte Mortgage LLC

• CEO: Ryan R. Marshall
• CFO: Robert T. O'Shaughnessy
• Executive Vice President and Chief Operating Officer: Matthew W. Koart
• Executive Vice President, General Counsel and Corporate Secretary: Todd N. Sheldon
• Executive Vice President and Chief People Officer: Kevin A. Henry
• Vice President and Controller: Brien P. O'Meara

The average tenure of the executive team and homebuilding area presidents is 17 years, and the average tenure of homebuilding division presidents is 18 years.

• Annual Revenue: $16.1 billion (FY2023)
• Net Income: $2.6 billion
• Total Assets: $14.5 billion
• Employees: 6,382 (as of December 31, 2023)
• Key Financial Highlights: Homebuilding generated 98% of consolidated revenues.

PulteGroup offers a variety of home designs with varying levels of options and amenities to its major customer groups.

• Single-Family Detached Homes: Represented 83% of home closings in 2023.
• Attached Homes: Include townhomes, condominiums, and duplexes.
• Active Adult Communities: Age-restricted communities under the Del Webb brand.

PulteGroup operates through two main segments:

• Homebuilding: Generates the majority of the company's revenue and is geographically diverse within the U.S.
• Financial Services: Includes mortgage banking, title, and insurance agency operations, supporting the Homebuilding segment.

PulteGroup's strategy focuses on enhancing shareholder value through operational gains, asset efficiency, and strategic market expansion. Key initiatives include:

• Driving operational gains and asset efficiency to achieve high returns.
• Shortening the duration of owned land pipeline to improve returns and reduce risks.
• Increasing scale within existing markets by expanding market share among primary buyer groups.
• Maintaining a balance of built-to-order and speculative homes.
• Managing capital consistent with stated priorities, including investing in the business, funding dividends, and repurchasing shares.

The housing industry in the U.S. is fragmented and highly competitive. PulteGroup's national market share represents approximately 4% of U.S. new home sales in 2023. The company competes with numerous national, regional, and local homebuilders, as well as with sales of existing homes and rental housing units. Key market trends include fluctuations in interest rates, supply chain disruptions, and labor shortages.

• Market Risks: Increases in interest rates, reductions in mortgage availability, and other increases in the effective costs of owning a home can adversely affect the market for new homes.
• Operational Risks: Supply shortages and other risks related to the demand for skilled labor and building materials can increase costs and delay deliveries.
• Financial Risks: If the market value of the company's land drops significantly, profits could decrease and result in write-downs of the carrying values of land.
• Regulatory Risks: Government regulations could increase the cost and limit the availability of development and homebuilding projects or affect related financial services operations.