KB Home (NYSE:KBH) Q2 2024 Earnings Conference Call June 18, 2024 5:00 PM ET

Company Participants

Jill Peters - Senior Vice President of Investor Relations
Jeffrey Mezger - Chairman and Chief Executive Officer
Robert McGibney - President and Chief Operating Officer
Jeff Kaminski - Executive Vice President and Chief Financial Officer

Conference Call Participants

John Lovallo - UBS
Stephen Kim - Evercore ISI
Michael Rehaut - JPMorgan Chase & Co.
Anika Dholakia - Barclays
Alan Ratner - Zelman & Associates
Susan Maklari - Goldman Sachs Group, Inc.
Jay McCanless - Wedbush Securities

Operator

Good afternoon. My name is John, and I'll be your conference operator today. I would like to welcome everyone to the KB Home 2024 Second Quarter Earnings Conference Call. Currently, all participants are in a listen-only mode. Following the company's opening remarks, we will open the lines for questions. Today's conference call is being recorded and will be available for replay at the company's website, kbhome.com, through July 18, 2024.

And now I would like to turn the call over to Jill Peters, Senior Vice President, Investor Relations. Thank you, Jill. You may begin.

Jill Peters

Thank you, John. Good afternoon, everyone, and thank you for joining us today to review our results for the second quarter of fiscal 2024. On the call are Jeff Mezger, Chairman and Chief Executive Officer; Rob McGibney, President and Chief Operating Officer; Jeff Kaminski, Executive Vice President and Chief Financial Officer; Bill Hollinger, Senior Vice President and Chief Accounting Officer; and Thad Johnson, Senior Vice President and Treasurer.

During this call, items will be discussed that are considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future results, and the company does not undertake any obligation to update them. Due to various factors, including those detailed in today's press release and in our filings with the Securities and Exchange Commission, actual results could be materially different from those stated or implied in the forward-looking statements.

In addition, a reconciliation of the non-GAAP measure of adjusted housing gross profit margin, which excludes inventory-related charges and any other non-GAAP measure referenced during today's discussion to its most directly comparable GAAP measure can be found in today's press release and/or on the Investor Relations page of our website at kbhome.com.

And with that, here is Jeff Mezger.

Jeffrey Mezger

Thank you, Jill, and good afternoon, everyone. Our performance in the second quarter was solid with key metrics that were above the high end of our guidance ranges. In addition, we achieved positive year-over-year comparisons for both net orders and net order value. We believe we are well positioned to achieve our goals over the remainder of 2024 with a backlog of committed buyers valued over $3 billion and meaningful improvement in our build times.