KB Home operates as a homebuilding company in the U.S. The company constructs and sells various new homes designed primarily for first-time, move-up and active adult homebuyers, including attached and detached single-family residential homes, townhomes and condominiums. The company offers homes in development communities, at urban in-fill locations and as part of mixed-use projects. Segments As of November 30, 2015, the company identified five segments, including four Homebuilding segments and one Financial Services segment. Homebuilding As of November 30, 2015, the company’s Homebuilding segments conducted ongoing operations in various states, such as West Coast (California), Southwest (Arizona and Nevada), Central (Colorado and Texas), and Southeast (Florida, Maryland, North Carolina, and Virginia). The company’s Homebuilding segments are engaged in the acquisition and development of land primarily for residential purposes, and offer various homes that are designed to appeal to first-time, move-up and active adult homebuyers. The company’s Homebuilding segments’ operations generate majority of their revenues from the delivery of completed homes to homebuyers. They also earn revenues from the sale of land. Financial Services This segment offers property and casualty insurance, and in certain instances, earthquake, flood and personal property insurance to the company’s homebuyers in the same markets as its Homebuilding segments; and provides title services in the majority of the company’s markets located within its Central and Southeast Homebuilding segments. This segment earns revenues primarily from insurance commissions and from the provision of title services. The company offers mortgage banking services, including mortgage loan originations, to its homebuyers indirectly through Home Community Mortgage, LLC (HCM), a joint venture of a subsidiary of the company and a subsidiary of Nationstar Mortgage LLC. Through these respective subsidiaries, the company has a 49.9% ownership interest and Nationstar Mortgage LLC has a 50.1% ownership interest in HCM, with Nationstar Mortgage LLC providing management oversight of HCM’s operations. The company’s homebuyers might select any lender of their choice to obtain mortgage financing for the purchase of a home. Seasonality The company’s performance is affected by seasonal demand trends for housing. With the company’s homebuying approach and typical home construction cycle times, this ‘selling season’ demand results in its delivering more homes and generating higher revenues from late summer through the fall months (corresponding to part of the company’s third quarter (year ended November 2015) and all of its fourth quarter). On a relative basis, the winter and early spring months within the company’s first quarter and part of the company’s second quarter usually produce the fewest net orders, homes delivered and revenues, and the sequential difference from the company’s fourth quarter to the company’s first quarter could be significant. History The company was founded in 1957. It was incorporated in 1981. The company was formerly known as Kaufman and Broad Home Corporation and changed its name to KB Home in 2001.
kb home (KBH:New York)
10990 Wilshire Boulevard
Los Angeles, CA 90024
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