PulteGroup, Inc. (PHM) Q1 2023 Earnings Call Transcript
PulteGroup, Inc. (NYSE:PHM) Q1 2023 Earnings Conference Call April 25, 2023 8:30 AM ET
Company Participants
Jim Zeumer - Vice President, Investor Relations
Ryan Marshall - President and Chief Executive Officer
Pablo Shaughnessy - Executive Vice President and Chief Financial Officer
Jim Ossowski - Senior Vice President, Finance
Conference Call Participants
John Lovallo - UBS
Alan Ratner - Zelman
Stephen Kim - Evercore ISI
Anthony Pettinari - Citi
Michael Rehaut - JPMorgan
Matthew Bouley - Barclays
Mike Dahl - RBC Capital Markets
Susan Maklari - Goldman Sachs
Dan Oppenheim - Credit Suisse
Truman Patterson - Wolfe Research
Rafe Jadrosich - Bank of America
Operator
Good morning. My name is Audra and I will be your conference operator today. At this time, I would like to welcome everyone to the PulteGroup Inc. Q1 2023 Earnings Conference Call. Today’s conference is being recorded. [Operator Instructions] At this time, I would like to turn the conference over to Jim Zeumer, Vice President of Investor Relations. Please go ahead.
Jim Zeumer
Great. Thank you, Audra. Good morning. I want to thank everyone for joining today’s call. As you read in this morning’s press release, PulteGroup had an exceptional first quarter and we are excited to discuss our operating and financial results. Participating on today’s call are Ryan Marshall, President and CEO; and Pablo Shaughnessy, Executive Vice President and CFO; and Jim Ossowski, Senior Vice President, Finance. A copy of our earnings release and this morning’s presentation slides have been posted to our corporate website at pultegroup.com. We will post an audio replay of this call later today.
As noted in this morning’s earnings release, to be more consistent with industry reporting practices, effective with our first quarter 2023 reporting, the company has reclassified closing cost incentives and cost of sales to net revenues for all periods presented. This reclassification impacted the company’s reported home sale revenues and associated average sales price as well as home sale gross margin and SG&A percentages, but had no impact on reported earnings. An analysis of the impacts on the current quarter in comparable prior year period is included in this morning’s press release and can be found in our webcast slides associated with today’s call.
Our comments today reflect these changes for all periods referenced. Also, I want to inform everyone that today’s discussion includes forward-looking statements about the company’s expected future performance. Actual results could differ materially from those suggested by our comments today. The most significant risk factors that could affect future results are summarized as part of today’s earnings release within the accompanying presentation slides. These risk factors and other key information are detailed in our SEC filings, including our annual and quarterly reports.