KB Home Q4 revenue up 16% to $1.94B, EPS $2.47; net orders plummet 80% as cancellations spike to 68%

Three Months Ended November 30, 2022 (comparisons on a year-over-year basis) • Revenues grew 16% to $1.94 billion. • Homes delivered increased 3% to 3,786. • Average selling price rose 13% to $510,400. • Homebuilding operating income grew 30% to $278.2 million. The homebuilding operating income margin increased to 14.4%, compared to 12.8%. Excluding total inventory-related charges of $27.9 million for the current quarter and $.7 million for the year-earlier quarter, the homebuilding operating income margin increased 290 basis points to 15.8% as a result of improvements in both the housing gross profit margin and selling, general and administrative expense ratio. ◦ The housing gross profit margin increased 10 basis points to 22.4%. Excluding the above-mentioned inventory-related charges, the housing gross profit margin improved 150 basis points to 23.9% from 22.4%, primarily due to the higher average selling price of homes delivered, which reflected a favorable pricing environment earli

Twelve Months Ended November 30, 2022 (comparisons on a year-over-year basis) • Homes delivered increased 2% to 13,738. • Average selling price rose to $500,800, up 18%. • Revenues of $6.90 billion grew 21%. • Pretax income increased 54% to $1.07 billion. • Net income rose 45% to $816.7 million. • Diluted earnings per share increased 51% to $9.09.