\nKB Home (NYSE: KBH) today reported results for its third quarter ended August 31, 2022.\n<\/p>\n
\n\u201cKB Home achieved record third quarter financial results, with substantial year-over-year growth in revenues, margins and diluted earnings per share,\u201d said Jeffrey Mezger, Chairman, President and Chief Executive Officer. \u201cAlthough we experienced a shortfall in deliveries relative to our expectation due to extended build times and ongoing supply chain constraints, which will also impact our 2022 fourth quarter, our results demonstrate our larger scale, excellent portfolio of communities and a healthy balance sheet.\u201d\n<\/p>\n
\n\u201cThe long-term outlook for the housing market remains favorable. However, the combination of rising mortgage interest rates, ongoing inflation and other macro concerns has caused many prospective buyers to pause on their homebuying decision. While we continue to navigate these uncertain conditions, we believe we are well positioned with our Built-to-Order business model and a significant backlog of over 10,700 homes, which we expect to deliver over the next three quarters, representing potential future housing revenues of approximately $5.3 billion.\u201d\n<\/p>\n
\n\u201cWe are being more selective with respect to land investments, as reflected in our significantly lower spend in the third quarter. At the same time, we continued to return capital to stockholders through additional share repurchases, along with our regular quarterly dividend. We intend to remain thoughtful in our capital allocation decisions, focused on driving returns to further increase long-term stockholder value,\u201d concluded Mezger.\n<\/p>\n
Three Months Ended August 31, 2022 (comparisons on a year-over-year basis)<\/span><\/b><\/p>\n Nine Months Ended August 31, 2022 (comparisons on a year-over-year basis)<\/span><\/b><\/p>\n Backlog and Net Orders (comparisons on a year-over-year basis)<\/span><\/b><\/p>\n Balance Sheet as of August 31, 2022 (comparisons to November 30, 2021)<\/span><\/b><\/p>\n Guidance<\/span><\/b><\/p>\n \nThe Company is providing the following current guidance for its 2022 fourth quarter:\n<\/p>\n Conference Call<\/span><\/b><\/p>\n \nThe conference call to discuss the Company\u2019s 2022 third quarter earnings will be broadcast live TODAY at 2:00 p.m. Pacific Time, 5:00 p.m. Eastern Time. To listen, please go to the Investor Relations section of the Company\u2019s website at kbhome.com<\/a>.\n<\/p>\n About KB Home<\/span><\/b><\/p>\n \nKB Home is one of the largest and most recognized homebuilders in the United States and has built over 655,000 quality homes in our 65-year history. Today, KB Home operates in 47 markets from coast to coast. What sets KB Home apart is the exceptional personalization we offer our homebuyers\u2014from those buying their first home to experienced buyers\u2014allowing them to make their home uniquely their own, at a price that fits their budget. As the leader in energy-efficient homebuilding, KB Home was the first builder to make every home it builds ENERGY STAR\u00ae certified, a standard of energy performance achieved by fewer than 10% of new homes in America, and has built more ENERGY STAR certified homes than any other builder. An energy-efficient KB home helps lower the cost of ownership and is designed to be healthier, more comfortable and better for the environment than new homes without certification. We build strong, personal relationships with our customers so they have a real partner in the homebuying process. As a result, we have the distinction of being the #1 customer-ranked national homebuilder in third-party buyer satisfaction surveys. Learn more about how we build homes built on relationships by visiting kbhome.com<\/a>.\n<\/p>\n Forward-Looking and Cautionary Statements<\/span><\/b><\/p>\n \nCertain matters discussed in this press release, including any statements that are predictive in nature or concern future market and economic conditions, business and prospects, our future financial and operational performance, or our future actions and their expected results are \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations and projections about future events and are not guarantees of future performance. We do not have a specific policy or intent of updating or revising forward-looking statements. If we update or revise any such statement(s), no assumption should be made that we will further update or revise that statement(s) or update or revise any other such statement(s). Actual events and results may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors. The most important risk factors that could cause our actual performance and future events and actions to differ materially from such forward-looking statements include, but are not limited to the following: general economic, employment and business conditions; population growth, household formations and demographic trends; conditions in the capital, credit and financial markets; our ability to access external financing sources and raise capital through the issuance of common stock, debt or other securities, and\/or project financing, on favorable terms; the execution of any securities repurchases pursuant to our board of directors\u2019 authorization; material and trade costs and availability, including building materials, especially lumber, and appliances; consumer and producer price inflation; changes in interest rates, including those set by the Federal Reserve, which the Federal Reserve has increased sharply in the past few quarters and signaled an intention to aggressively further increase this year and potentially beyond to moderate inflation, available in the capital markets or from financial institutions and other lenders, and applicable to mortgage loans; our debt level, including our ratio of debt to capital, and our ability to adjust our debt level and maturity schedule; our compliance with the terms of our revolving credit facility; volatility in the market price of our common stock; home selling prices, including our homes\u2019 selling prices, increasing at a faster rate than consumer incomes; weak or declining consumer confidence, either generally or specifically with respect to purchasing homes; competition from other sellers of new and resale homes; weather events, significant natural disasters and other climate and environmental factors; any failure of lawmakers to agree on a budget or appropriation legislation to fund the federal government\u2019s operations, and financial markets\u2019 and businesses\u2019 reactions to any such failure; government actions, policies, programs and regulations directed at or affecting the housing market (including the tax benefits associated with purchasing and owning a home, and the standards, fees and size limits applicable to the purchase or insuring of mortgage loans by government-sponsored enterprises and government agencies), the homebuilding industry, or construction activities; changes in existing tax laws or enacted corporate income tax rates, including those resulting from regulatory guidance and interpretations issued with respect thereto; changes in U.S. trade policies, including the imposition of tariffs and duties on homebuilding materials and products, and related trade disputes with and retaliatory measures taken by other countries; disruptions in world and regional trade flows, economic activity and supply chains due to the military conflict in Ukraine, including those stemming from wide-ranging sanctions the U.S. and other countries have imposed or may further impose on Russian business sectors, financial organizations, individuals and raw materials, the impact of which may, among other things, increase our operational costs, exacerbate building materials and appliance shortages and\/or reduce our revenues and earnings; the adoption of new or amended financial accounting standards and the guidance and\/or interpretations with respect thereto; the availability and cost of land in desirable areas and our ability to timely develop acquired land parcels and open new home communities; our warranty claims experience with respect to homes previously delivered and actual warranty costs incurred; costs and\/or charges arising from regulatory compliance requirements or from legal, arbitral or regulatory proceedings, investigations, claims or settlements, including unfavorable outcomes in any such matters resulting in actual or potential monetary damage awards, penalties, fines or other direct or indirect payments, or injunctions, consent decrees or other voluntary or involuntary restrictions or adjustments to our business operations or practices that are beyond our current expectations and\/or accruals; our ability to use\/realize the net deferred tax assets we have generated; our ability to successfully implement our current and planned strategies and initiatives related to our product, geographic and market positioning, gaining share and scale in our served markets and in entering into new markets; our operational and investment concentration in markets in California; consumer interest in our new home communities and products, particularly from first-time homebuyers and higher-income consumers; our ability to generate orders and convert our backlog of orders to home deliveries and revenues, particularly in key markets in California; our ability to successfully implement our business strategies and achieve any associated financial and operational targets and objectives, including those discussed in this release or in other public filings, presentations or disclosures; income tax expense volatility associated with stock-based compensation; the ability of our homebuyers to obtain residential mortgage loans and mortgage banking services; the performance of mortgage lenders to our homebuyers; the performance of KBHS, our mortgage banking joint venture; information technology failures and data security breaches; an epidemic or pandemic (such as the outbreak and worldwide spread of COVID-19), and the control response measures that international (including China), federal, state and local governments, agencies, law enforcement and\/or health authorities implement to address it, which may (as with COVID-19) precipitate or exacerbate one or more of the above-mentioned and\/or other risks, and significantly disrupt or prevent us from operating our business in the ordinary course for an extended period; and other events outside of our control. Please see our periodic reports and other filings with the Securities and Exchange Commission for a further discussion of these and other risks and uncertainties applicable to our business.\n<\/p>\n KB HOME<\/b><\/p>\n<\/td>\n<\/tr>\n CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n \nFor the Three Months and Nine Months Ended August 31, 2022 and 2021\n<\/p>\n<\/td>\n<\/tr>\n \n(In Thousands, Except Per Share Amounts – Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nThree Months Ended August 31,\n<\/p>\n<\/td>\n \nNine Months Ended August 31,\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2021\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2021\n<\/p>\n<\/td>\n<\/tr>\n Total revenues<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,844,895\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,467,102\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,963,746\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,049,732\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Homebuilding:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRevenues\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,838,888\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,461,896\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,947,868\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,035,939\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCosts and expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,513,778\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,291,967\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,188,736\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,589,014\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nOperating income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n325,110\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n169,929\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n759,132\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n446,925\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n192\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n144\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n267\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,038\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nEquity in loss of unconsolidated joint ventures\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(100\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(182\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(387\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nLoss on early extinguishment of debt\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,598\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,075\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,598\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(5,075\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nHomebuilding pretax income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n321,604\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n164,816\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n755,414\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n442,883\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Financial services:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRevenues\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,007\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,206\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n15,878\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n13,793\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nExpenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,510\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,234\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,219\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,687\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nEquity in income of unconsolidated joint ventures\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n128\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,409\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n20,083\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n18,423\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nFinancial services pretax income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,625\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,381\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n31,742\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n28,529\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total pretax income<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n326,229\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n174,197\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n787,156\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n471,412\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(70,900\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(24,100\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(186,900\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(80,900\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Net income<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n255,329\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n150,097\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n600,256\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n390,512\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Earnings per share:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Basic<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.94\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.66\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n6.82\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4.26\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Diluted<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.86\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.60\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n6.63\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4.11\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Weighted average shares outstanding:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Basic<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n86,487\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n90,076\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n87,538\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n91,290\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Diluted<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n88,857\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n93,264\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n90,075\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n94,512\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n KB HOME<\/b><\/p>\n<\/td>\n<\/tr>\n CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n<\/td>\n<\/tr>\n \n(In Thousands – Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nAugust 31, \nNovember 30, Assets<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Homebuilding:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n195,402\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n290,764\n<\/p>\n<\/td>\n<\/tr>\n \nReceivables\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n344,659\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n304,191\n<\/p>\n<\/td>\n<\/tr>\n \nInventories\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,736,702\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,802,829\n<\/p>\n<\/td>\n<\/tr>\n \nInvestments in unconsolidated joint ventures\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n46,521\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n36,088\n<\/p>\n<\/td>\n<\/tr>\n \nProperty and equipment, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n86,219\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n76,313\n<\/p>\n<\/td>\n<\/tr>\n \nDeferred tax assets, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n156,278\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n177,378\n<\/p>\n<\/td>\n<\/tr>\n \nOther assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n108,286\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n104,153\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,674,067\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,791,716\n<\/p>\n<\/td>\n<\/tr>\n Financial services<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n56,522\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n44,202\n<\/p>\n<\/td>\n<\/tr>\n Total assets<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n6,730,589\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,835,918\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Liabilities and stockholders\u2019 equity<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Homebuilding:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccounts payable\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n450,451\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n371,826\n<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses and other liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n755,248\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n756,905\n<\/p>\n<\/td>\n<\/tr>\n \nNotes payable\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,031,192\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,685,027\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,236,891\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,813,758\n<\/p>\n<\/td>\n<\/tr>\n Financial services<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,090\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,685\n<\/p>\n<\/td>\n<\/tr>\n Stockholders\u2019 equity<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,490,608\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,019,475\n<\/p>\n<\/td>\n<\/tr>\n Total liabilities and stockholders\u2019 equity<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n6,730,589\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,835,918\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n KB HOME<\/b><\/p>\n<\/td>\n<\/tr>\n SUPPLEMENTAL INFORMATION<\/b><\/p>\n<\/td>\n<\/tr>\n \nFor the Three Months and Nine Months Ended August 31, 2022 and 2021\n<\/p>\n<\/td>\n<\/tr>\n \n(In Thousands, Except Average Selling Price – Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nThree Months Ended August 31,\n<\/p>\n<\/td>\n \nNine Months Ended August 31,\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n \n2021\n<\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n \n2021\n<\/p>\n<\/td>\n<\/tr>\n Homebuilding revenues:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nHousing\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,838,888\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,461,648\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,947,868\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,035,033\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLand\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n248\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n906\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,838,888\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,461,896\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,947,868\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,035,939\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Homebuilding costs and expenses:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nConstruction and land costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nHousing\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,347,999\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,147,448\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,711,863\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,176,643\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLand\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,541\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n194\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,541\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n926\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSubtotal\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,350,540\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,147,642\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,714,404\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,177,569\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSelling, general and administrative expenses\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n163,238\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n144,325\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n474,332\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n411,445\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,513,778\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,291,967\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,188,736\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n3,589,014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Interest expense:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest incurred\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n31,778\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n29,605\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n89,102\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n91,807\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest capitalized\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(31,778\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(29,605\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(89,102\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(91,807\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Other information:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAmortization of previously capitalized interest\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n35,979\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n37,544\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n99,757\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n109,794\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDepreciation and amortization\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,074\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n7,707\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25,745\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n23,499\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Average selling price:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nWest Coast\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n717,500\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n641,100\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n725,900\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n616,700\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSouthwest\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n436,600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n375,300\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n424,400\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n363,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCentral\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n413,800\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n327,500\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n392,100\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n317,500\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSoutheast\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n375,500\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n302,700\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n363,200\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n295,600\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n508,700\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n426,800\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n497,200\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n412,000\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n KB HOME<\/b><\/p>\n<\/td>\n<\/tr>\n SUPPLEMENTAL INFORMATION<\/b><\/p>\n<\/td>\n<\/tr>\n \nFor the Three Months and Nine Months Ended August 31, 2022 and 2021\n<\/p>\n<\/td>\n<\/tr>\n \n(Dollars in Thousands – Unaudited)\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nThree Months Ended August 31,\n<\/p>\n<\/td>\n \nNine Months Ended August 31,\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n \n2021\n<\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n \n2021\n<\/p>\n<\/td>\n<\/tr>\n Homes delivered:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nWest Coast\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,156\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,035\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,099\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,925\n<\/p>\n<\/td>\n<\/tr>\n \nSouthwest\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n737\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n626\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,938\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,875\n<\/p>\n<\/td>\n<\/tr>\n \nCentral\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,072\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,174\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,142\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,417\n<\/p>\n<\/td>\n<\/tr>\n \nSoutheast\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n650\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n590\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,773\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,576\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,615\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,425\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,952\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n9,793\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net orders:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nWest Coast\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n520\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,078\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,702\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,538\n<\/p>\n<\/td>\n<\/tr>\n \nSouthwest\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n430\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n818\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,897\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,609\n<\/p>\n<\/td>\n<\/tr>\n \nCentral\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n573\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,382\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,317\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,272\n<\/p>\n<\/td>\n<\/tr>\n \nSoutheast\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n517\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n807\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,248\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,258\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,040\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,085\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,164\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,677\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net order value:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nWest Coast\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n317,329\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n785,430\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,007,677\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,502,397\n<\/p>\n<\/td>\n<\/tr>\n \nSouthwest\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n191,868\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n350,806\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n860,677\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,059,425\n<\/p>\n<\/td>\n<\/tr>\n \nCentral\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n272,288\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n575,737\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,472,381\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,592,424\n<\/p>\n<\/td>\n<\/tr>\n \nSoutheast\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n197,484\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n297,219\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n916,722\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n760,851\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n978,969\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,009,192\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,257,457\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,915,097\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nAugust 31, 2022\n<\/p>\n<\/td>\n \nAugust 31, 2021\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \nHomes\n<\/p>\n<\/td>\n \nValue\n<\/p>\n<\/td>\n \nHomes\n<\/p>\n<\/td>\n \nValue\n<\/p>\n<\/td>\n<\/tr>\n Backlog data:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nWest Coast\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,044\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,523,092\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,637\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,851,237\n<\/p>\n<\/td>\n<\/tr>\n \nSouthwest\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,153\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n948,761\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,255\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n902,451\n<\/p>\n<\/td>\n<\/tr>\n \nCentral\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,086\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,789,006\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,892\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,440,443\n<\/p>\n<\/td>\n<\/tr>\n \nSoutheast\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,473\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,000,455\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,910\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n648,336\n<\/p>\n<\/td>\n<\/tr>\n \nTotal\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,756\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5,261,314\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n10,694\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,842,467\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n KB HOME \nThis press release contains, and Company management\u2019s discussion of the results presented in this press release may include, information about the Company\u2019s adjusted housing gross profit margin, which is not calculated in accordance with generally accepted accounting principles (\u201cGAAP\u201d). The Company believes this non-GAAP financial measure is relevant and useful to investors in understanding its operations, and may be helpful in comparing the Company with other companies in the homebuilding industry to the extent they provide similar information. However, because it is not calculated in accordance with GAAP, this non-GAAP financial measure may not be completely comparable to other companies in the homebuilding industry and, thus, should not be considered in isolation or as an alternative to operating performance and\/or financial measures prescribed by GAAP. Rather, this non-GAAP financial measure should be used to supplement the most directly comparable GAAP financial measure in order to provide a greater understanding of the factors and trends affecting the Company\u2019s operations.\n<\/p>\n Adjusted Housing Gross Profit Margin<\/span><\/b><\/p>\n \nThe following table reconciles the Company\u2019s housing gross profit margin calculated in accordance with GAAP to the non-GAAP financial measure of the Company\u2019s adjusted housing gross profit margin:\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n \nThree Months Ended August 31,\n<\/p>\n<\/td>\n \nNine Months Ended August 31,\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n \n2021\n<\/p>\n<\/td>\n \n2022\n<\/p>\n<\/td>\n \n2021\n<\/p>\n<\/td>\n<\/tr>\n \nHousing revenues\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,838,888\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,461,648\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,947,868\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n4,035,033\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nHousing construction and land costs\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,347,999\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,147,448\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,711,863\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,176,643\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nHousing gross profits\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n490,889\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n314,200\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,236,005\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n858,390\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdd: Inventory-related charges (a)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,923\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,701\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,830\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n11,222\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted housing gross profits\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n496,812\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n320,901\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,242,835\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n869,612\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nHousing gross profit margin\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26.7\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21.5\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21.3\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n \nAdjusted housing gross profit margin\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n22.0\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25.1\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n21.6\n<\/p>\n<\/td>\n \n%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n(a)\n<\/p>\n<\/td>\n \nRepresents inventory impairment and land option contract abandonment charges associated with housing operations.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \nAdjusted housing gross profit margin is a non-GAAP financial measure, which the Company calculates by dividing housing revenues less housing construction and land costs excluding housing inventory impairment and land option contract abandonment charges (as applicable) recorded during a given period, by housing revenues. The most directly comparable GAAP financial measure is housing gross profit margin. The Company believes adjusted housing gross profit margin is a relevant and useful financial measure to investors in evaluating the Company\u2019s performance as it measures the gross profits the Company generated specifically on the homes delivered during a given period. This non-GAAP financial measure isolates the impact that housing inventory impairment and land option contract abandonment charges have on housing gross profit margins, and allows investors to make comparisons with the Company\u2019s competitors that adjust housing gross profit margins in a similar manner. The Company also believes investors will find adjusted housing gross profit margin relevant and useful because it represents a profitability measure that may be compared to a prior period without regard to variability of housing inventory impairment and land option contract abandonment charges. This financial measure assists management in making strategic decisions regarding community location and product mix, product pricing and construction pace.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20220921005330\/en\/<\/a><\/span><\/p>\n For Further Information: KEYWORDS:<\/b> California United States North America<\/p>\n INDUSTRY KEYWORDS:<\/b> Residential Building & Real Estate Architecture Construction & Property Building Systems<\/p>\n\n
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\n \n \n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n \n \n \n \n \n \n \n \u00a0<\/td>\n<\/tr>\n \n \n \n \n
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2022\n<\/p>\n<\/td>\n\n \n
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2021\n<\/p>\n<\/td>\n<\/tr>\n\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
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<\/b>RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
\n
<\/b>(In Thousands, Except Percentages – Unaudited)\n<\/p>\n\n
\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n
\n \n \n \n <\/p>\n
\n<\/b>
Jill Peters, Investor Relations Contact
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(310) 893-7456 or jpeters@kbhome.com
\n<\/a>
Cara Kane, Media Contact
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(321) 299-6844 or ckane@kbhome.com<\/a><\/p>\n
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