What changed in this filing

/stocks — the workspaceLOADING

Item 3. Quantitative and Qualitative Disclosures About Market Risk

2023-04-25 compared with 2022-10-25 · 24 added, 24 removed, 26 unchanged (65% of the section changed)

7 unchanged sentences

As a result, interest rate risk and changes in fair value should not have a significant impact on our fixed-rate debt until we are required or elect to refinance or repurchase such debt.

The following table sets forth the principal cash flows by scheduled maturity, weighted-average interest rates, and estimated fair value of our debt obligations as of September 30, 2022 ($000’s omitted):

As of September 30, 2022 for the

The following table sets forth the principal cash flows by scheduled maturity, weighted-average interest rates, and estimated fair value of our debt obligations as of March 31, 2023 ($000’s omitted):

As of March 31, 2023 for the

Years ending December 31,

5 unchanged sentences

Average interest rate 6.18 % — % — % — % — % — % 6.18 %

(a) Includes the Pulte Mortgage Repurchase Agreement and amounts outstanding under our Revolving Credit Facility.

(a) Includes the Pulte Mortgage Repurchase Agreement and amounts outstanding under our Revolving Credit Facility, under which there was no amount outstanding at March 31, 2023 .

Qualitative disclosure

3 unchanged sentences

Such forward-looking statements are subject to a number of risks, uncertainties and other factors that could cause our actual results, performance, prospects or opportunities, as well as those of the markets we serve or intend to serve, to differ materially from those expressed in, or implied by, these statements.

You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or

other expectations regarding future events.

You can identify these statements by the fact that they do not relate to matters of a strictly factual or historical nature and generally discuss or relate to forecasts, estimates or other expectations regarding future events.

Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “may,” “can,” “could,” “might,” “should,” “will” and similar expressions identify forward-looking statements, including statements related to any potential impairment charges and the impacts or effects thereof, expected operating and performing results, planned transactions, planned objectives of management, future developments or conditions in the industries in which we participate and other trends, developments and uncertainties that may affect our business in the future.

1 unchanged sentence

interest rate changes and the availability of mortgage financing;

competition within the industries in which we operate;

including as it relates to our ability to take pricing actions to offset rising expenses;

the impact of any changes to our strategy in responding to the cyclical nature of the industry or deteriorations in industry changes or downward changes in general economic or other business conditions, including any changes regarding our land positions and the levels of our land spend;

economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general;

labor supply shortages and the cost of labor;

the availability and cost of land and other raw materials used by us in our homebuilding operations;

the impact of any changes to our strategy in responding to the cyclical nature of the industry, including any changes regarding our land positions and the levels of our land spend;

the availability and cost of insurance covering risks associated with our businesses;

shortages and the cost of labor;

a decline in the value of the land and home inventories we maintain and resulting possible future writedowns of the carrying value of our real estate assets;

competition within the industries in which we operate;

governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities, slow growth initiatives and/or local building moratoria;

the availability and cost of insurance covering risks associated with our businesses, including warranty and other legal or regulatory proceedings or claims;

damage from improper acts of persons over whom we do not have control or attempts to impose liabilities or obligations of third parties on us;

weather related slowdowns;

slow growth initiatives and/or local building moratoria;

governmental regulation directed at or affecting the housing market, the homebuilding industry or construction activities;

uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans;

the interpretation of or changes to tax, labor and environmental laws which could have a greater impact on our effective tax rate or the value of our deferred tax assets than we anticipate;

economic changes nationally or in our local markets, including inflation, deflation, changes in consumer confidence and preferences and the state of the market for homes in general;

legal or regulatory proceedings or claims;

our ability to generate sufficient cash flow in order to successfully implement our capital allocation priorities;

required accounting changes;

terrorist acts and other acts of war;

the negative impact of the COVID-19 pandemic on our financial position and ability to continue our Homebuilding or Financial Services activities at normal levels or at all in impacted areas;

the duration, effect and severity of the COVID-19 pandemic;

the measures that governmental authorities take to address the COVID-19 pandemic which may 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 of time;

the impact of climate change and related governmental regulation;

adverse capital and credit market conditions, which may affect our access to and cost of capital;

the insufficiency of our income tax provisions and tax reserves, including as a result of changing laws or interpretations;

the potential that we do not realize our deferred tax assets;

out inability to sell mortgages into the secondary market;

uncertainty in the mortgage lending industry, including revisions to underwriting standards and repurchase requirements associated with the sale of mortgage loans, and related claims against us;

risks related to information technology failures or data security issues;

failure to retain key personnel;

the disruptions associated with the COVID-19 pandemic (or another epidemic or pandemic or similar public threat or fear of such an event), and the measures taken to address it;

the effect of cybersecurity incidents and threats;

and other factors of national, regional and global scale, including those of a political, economic, business and competitive nature.

See PulteGroup's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and other public filings with the Securities and Exchange Commission (the "SEC") for a further discussion of these and other risks and uncertainties applicable to our businesses.

PulteGroup undertakes no duty to update any forward-looking statement, whether as a result of new information, future events or changes in PulteGroup's expectations.

See Item 1A – Risk Factors in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 for a further discussion of these and other risks and uncertainties applicable to our businesses.

We undertake no duty to update any forward-looking statement, whether as a result of new information, future events or changes in our expectations.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 3. Quantitative and Qualitative Disclosures About Market Risk