mdc-20240331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_____________________________________________

FORM 10-Q

(Mark One)


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File No. 1-8951

M.D.C. HOLDINGS, INC.

(Exact name of Registrant as specified in its charter)


Delaware			84-0622967
(State or other jurisdiction of incorporation or organization)			(I.R.S. employer identification no.)


4350 South Monaco Street, Suite 500									80237
Denver, Colorado									(Zip code)
(Address of principal executive offices)

(303) 773-1100

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

6% Senior Notes due January 2043

MDC 43

New York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange 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 submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant 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 smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected to use the extended transition period for complying 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 ☒

As of March 31, 2024, 75,047,701 shares of M.D.C. Holdings, Inc. common stock were outstanding.

Table of Contents

M.D.C. HOLDINGS, INC.

FORM 10-Q

FOR THE QUARTER ENDED March 31, 2024

INDEX


		Page No.
Part I. Financial Information:

Item 1.	Unaudited Consolidated Financial Statements:

	Consolidated Balance Sheets at March 31, 2024 and December 31, 2023	1

	Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2024 and 2023	2

	Consolidated Statements of Changes in Stockholders’ Equity for the three months ended March 31, 2024 and 2023	3

	Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023	4

	Notes to Unaudited Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	40

Item 4.	Controls and Procedures	41

Part II. Other Information:

Item 1.	Legal Proceedings	42

Item 1A.	Risk Factors	42

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	42

Item 5.	Other Information	43

Item 6.	Exhibits	43

Signatures		44

(i)

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Unaudited Consolidated Financial Statements

M.D.C. HOLDINGS, INC.

Consolidated Balance Sheets


	March 31, 2024		December 31, 2023
	(unaudited)
	(Dollars in thousands, except share and per share amounts)
ASSETS
Homebuilding:
Cash and cash equivalents	$	1,565,475	$	1,475,964
Restricted cash	3,158		4,094

Trade and other receivables	85,459		119,004
Inventories:
Housing completed or under construction	1,955,431		1,881,268
Land and land under development	1,293,823		1,419,778
Total inventories	3,249,254		3,301,046
Property and equipment, net	77,391		82,218
Deferred tax asset, net	37,656		38,830
Prepaids and other assets	77,887		76,036
Total homebuilding assets	5,096,280		5,097,192
Financial Services:
Cash and cash equivalents	175,541		162,839
Marketable securities	79,236		78,250
Mortgage loans held-for-sale, net	283,787		258,212
Other assets	22,740		34,592
Total financial services assets	561,304		533,893
Total Assets	$	5,657,584	$	5,631,085
LIABILITIES AND EQUITY
Homebuilding:
Accounts payable	$	138,578	$	114,852
Accrued and other liabilities	303,981		326,478
Revolving credit facility	10,000		10,000
Senior notes, net	1,483,616		1,483,404
Total homebuilding liabilities	1,936,175		1,934,734
Financial Services:
Accounts payable and accrued liabilities	113,337		113,485
Mortgage repurchase facility	198,685		204,981
Total financial services liabilities	312,022		318,466
Total Liabilities	2,248,197

SEC Form 10-Q filed by M.D.C. Holdings Inc.