霍夫纳尼安：2025年季度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549FORM10-Q For the quarterly period endedJuly 31, 2025OR Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number1-8551 Hovnanian Enterprises, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware(State or Other Jurisdiction of Incorporation or Organization) 22-1851059(I.R.S. Employer Identification No.) 732-747-7800(Registrant’s Telephone Number, Including Area Code) N/A (Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report) Securities registered pursuant to Section 12(b) of the Act: (1)Each share of Common Stock includes an associated Preferred Stock Purchase Right. Each Preferred Stock Purchase Right initiallyrepresents the right, if such Preferred Stock Purchase Right becomes exercisable, to purchase from the Company one ten-thousandth of ashare of its Series B Junior Preferred Stock for each share of Common Stock. The Preferred Stock Purchase Rights currently cannottrade separately from the underlying Common Stock. Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large Accelerated Filer☒Accelerated Filer☐Nonaccelerated Filer☐Smaller Reporting Company☐Emerging GrowthCompany☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.5,131,747shares of Class A Common Stock and760,387shares of Class B Common Stock were outstanding as ofAugust 26, 2025. FORM 10-Q INDEX PART I. Financial InformationItem l. Financial Statements:Condensed Consolidated Balance Sheets (unaudited) as ofJuly 31, 2025andOctober 31, 20243Condensed Consolidated Statements of Operations (unaudited) for thethree and ninemonths endedJuly 31, 2025and 20244Condensed Consolidated Statements of Changes in Equity (unaudited) for thethree and ninemonths endedJuly 31, 2025and 20245Condensed Consolidated Statements of Cash Flows (unaudited) for thenine months ended July 31, 2025and20247Notes to Condensed Consolidated Financial Statements (unaudited)9Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations28Item 3. Quantitative and Qualitative Disclosures About Market Risk47Item 4. Controls and Procedures47PART II. Other Information48Item 1. Legal Proceedings48Item 2. Unregistered Sales of Equity Securities and Use of Proceeds48Item 5. Other Information48Item 6. Exhibits49Signatures512 HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except per share data)(Unaudited) (1)Includes gain on contribution of assets to a joint venture of $22.7million for thenine months ended July 31, 2025, and includes gainon consolidation of a joint venture of $45.7million for the three and nine months ended July 31, 2024 (see note18). HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands)(Unaudited) HOVNANIAN ENTERPRISES, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands -Unaudited)(Continued) Supplemental disclosure of non-cash operating, investing and financing activities: In the third quarter of fiscal 2024, we consolidated the remaining assets ofoneof our unconsolidated joint ventures, resultingin a $33.1million reduction in our investment in the joint venture, and increases of $123.7million to inventory, $7.0million to otherassets, $8.8million to accounts payable, $6.5million to customer deposits and $36.6million to nonrecourse mortgages and notes, net ofdebt issuance costs. In the third quarter of fiscal2024, K. Hovnanianexc