2024 Q2 - Quarterly Results

Exhibit99.1 https://reportify-1252068037.cos.ap-beijing.myqcloud.com/media/production/KBHac6ca8b80fc9920a25233ee5e3d7c092.jpg FORRELEASE,Tuesday,June18,2024ForFurtherInformation: 1:10p.m.PacificTimeJillPeters,InvestorRelationsContact (310)893-7456orjpeters@kbhome.comCaraKane,MediaContact (321)299-6844orckane@kbhome.com KBHOMEREPORTS2024SECONDQUARTERRESULTS RevenuesTotaled$1.71Billion;DilutedEarningsPerShareIncreased11%to$2.15NetOrdersUp2%to3,997;NetOrderValueExpanded7%to$2.03Billion LOSANGELES(June18,2024)—KBHome(NYSE:KBH)todayreportedresultsforitssecondquarterendedMay31,2024. “Weproducedsolidresultsinour2024secondquarter,withourkeymetricsabovethehighendofourguidanceranges,”saidJeffreyMezger,ChairmanandChiefExecutiveOfficer.“Buyersremainedresilientintheirdesireforhomeownershipdespitethevolatilityinmortgageinterestrates.Ourpaceofmonthlynetorderspercommunitywasoneofourhighestsecondquarterlevelsinmanyyears,whichwebelievereflectedthecompellingpersonalizedchoicethatourBuilttoOrdermodelofferstomeeteachbuyer’slifestyleandbudget.” “Ourbusinessisgeneratingsubstantialcashflows,andwearecontinuingourbalancedapproachinallocatingthiscapital,focusedonbothexpandingourscaleandreturningcashtoourstockholders.Inthe2024secondquarter,wesignificantlyincreasedourinvestmentinlandacquisitionanddevelopment,repurchasedadditionalsharesandraisedourquarterlydividend.Withahealthyexpansioninourownedandcontrolledlotcount,aswellasourplannedcommunityopenings,weareconfidentwearewellpositionedforfuturegrowth,”concludedMezger. ThreeMonthsEndedMay31,2024(comparisonsonayear-over-yearbasis) •Revenuestotaled$1.71billion,comparedto$1.77billion. •Homesdeliveredwere3,523,comparedto3,666. •Averagesellingpriceincreasedto$483,000,upfrom$479,500. •Homebuildingoperatingincometotaled$188.2million,comparedto$202.1million.Thehomebuildingoperatingincomemarginwas11.1%,comparedto11.5%.Excludingtotalinventory-relatedchargesof$1.2millionforthecurrentquarterand$4.3millionfortheyear-earlierquarter,thehomebuildingoperatingincomemarginwas11.1%,comparedto11.7%. ◦Thehousinggrossprofitmarginof21.1%wasevenwiththeyear-earlierquarter.Excludingtheabove-mentionedinventory-relatedcharges,thehousinggrossprofitmarginwas21.2%,comparedto21.4%. ◦Selling,generalandadministrativeexpensesasapercentageofhousingrevenueswere10.1%,comparedto9.6%,mainlyreflectinghighercostsincludingmarketingandotherexpensesassociatedwiththeCompany’splannedincreaseinitscommunitycountduringtheyeartopositionitsoperationsforgrowth. •Financialservicespretaxincomerose16%to$13.3million,partlyduetoincreasedequityinincomeoftheCompany’smortgagebankingjointventure.Thiswaslargelydrivenbyahighervolumeofbothinterestratelocksandloanoriginations,as86%ofthebuyersfinancingtheirhomepurchasesinthecurrentquarterusedthejointventure,upfrom80%. •Totalpretaxincome,whichincludeda$12.5milliongainassociatedwiththesaleofaprivatelyheldtechnologycompanyinwhichtheCompanyheldanownershipinterest,increasedto$221.1million,comparedto$214.9million. •Netincomerose2%to$168.4million.Dilutedearningspersharegrew11%to$2.15,reflectingthehighernetincomeandthefavorableimpactoftheCompany’scommonstockrepurchasesoverthepastseveralquarters. ◦Theeffectivetaxratewas23.8%,comparedto23.5%. SixMonthsEndedMay31,2024(comparisonsonayear-over-yearbasis) •Revenuestotaled$3.18billion,comparedto$3.15billion. •Homesdeliveredof6,560wereup2%. •Averagesellingpricewas$481,700,comparedto$486,000. •Netincomeincreased6%to$307.1million. •Dilutedearningspersharewereup16%to$3.91. BacklogandNetOrders(comparisonsonayear-over-yearbasis,exceptasnoted) •Netordersforthequarterincreased2%to3,997.Netordervaluerose7%to$2.03billion,reflectingthegrowthinnetordersandahigheraveragesellingpriceofthoseorders. ◦Monthlynetorderspercommunityincreasedto5.5from5.2. ◦Thecancellationrateasapercentageofgrossordersimprovedto13%,comparedto22%. •TheCompany’sendingbackloghomesof6,270andendingbacklogvalueof$3.12billionweredown14%and10%,respectively.Theyear-over-yeardecreasesnarrowedforthefourthconsecutivequarter. •TheCompany’saveragecommunitycountforthequarterwasdown4%to243,andendingcommunitycountwasessentiallyflatat247.Onasequentialbasis,theendingcommunitycountexpanded4%. BalanceSheetasofMay31,2024(comparisonstoNovember30,2023,exceptasnoted) •TheCompanyhadtotalliquidityof$1.73billion,including$643.5millionofcashandcashequivalentsand $1.08billionofavailablecapacityunderitsunsecuredrevolvingcreditfacility,withnocashborrowingsoutstanding. •Inventoriestotaled$5.34billion,up4%. ◦TheCompany’sinvestmentsinlandandlanddevelopmentforthesixmonthsendedMay31,2024increased64%to$1.26billion,comparedto$763.2millionfortheyear-earlierperiod. ◦TheCompany’slotsownedorundercontractgrew17%to65,533,ofwhichapproximately61%wereownedand39%wereundercontract.Bycomparison,approximately73%oftheCompany’stotallotswereownedand27%wereundercontractasofNovember30,2023. •Notespayableof$1.70billionwereessentiallyunchanged.TheCompany’sdebttocapitalratioimproved90basispointsto29.8%,comparedto30.7%. •Stockholders’equityincreasedto$3.99bill