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Wiki	Wiki Summary
NVR, Inc.	NVR, Inc. is a company engaged in home construction.
PulteGroup	PulteGroup, Inc. is a residential home construction company based in Atlanta, Georgia, United States.
Benson Polytechnic High School	Benson Polytechnic High School is a technical public high school in the Portland Public Schools district. It is temporarily located in Portland's Lents neighborhood while a renovation project is underway at its 9-acre (3.6 ha) campus in the Central Eastside commercial area of Portland, Oregon, United States.
Meritage Homes Corporation	Meritage Homes Corporation is a publicly-traded American real estate development company that constructs a variety of single-family detached homes across the United States. It is the sixth largest home builder in the United States, based on 2020 home sales, and its homes are designed for entry-level and move-up buyers.
List of S&P 500 companies	The S&P 500 stock market index is maintained by S&P Dow Jones Indices. It comprises 504 common stocks which are issued by 500 large-cap companies traded on American stock exchanges (including the 30 companies that compose the Dow Jones Industrial Average).
Building	A building, or edifice, is a structure with a roof and walls standing more or less permanently in one place, such as a house or factory. Buildings come in a variety of sizes, shapes, and functions, and have been adapted throughout history for a wide number of factors, from building materials available, to weather conditions, land prices, ground conditions, specific uses, and aesthetic reasons.
Beazer Homes USA	Beazer Homes USA, Inc. is a home construction company based in Atlanta, Georgia.
Operation Mincemeat	Operation Mincemeat was a successful British deception operation of the Second World War to disguise the 1943 Allied invasion of Sicily. Two members of British intelligence obtained the body of Glyndwr Michael, a tramp who died from eating rat poison, dressed him as an officer of the Royal Marines and placed personal items on him identifying him as the fictitious Captain (Acting Major) William Martin.
Bitwise operation	In computer programming, a bitwise operation operates on a bit string, a bit array or a binary numeral (considered as a bit string) at the level of its individual bits. It is a fast and simple action, basic to the higher-level arithmetic operations and directly supported by the processor.
Operations management	Operations management is an area of management concerned with designing and controlling the process of production and redesigning business operations in the production of goods or services. It involves the responsibility of ensuring that business operations are efficient in terms of using as few resources as needed and effective in meeting customer requirements.
Emergency operations center	An emergency operations center (EOC) is a central command and control facility responsible for carrying out the principles of emergency preparedness and emergency management, or disaster management functions at a strategic level during an emergency, and ensuring the continuity of operation of a company, political subdivision or other organization.\nAn EOC is responsible for strategic direction and operational decisions and does not normally directly control field assets, instead leaving tactical decisions to lower commands.
Operations research	Operations research (British English: operational research), often shortened to the initialism OR, is a discipline that deals with the development and application of advanced analytical methods to improve decision-making. It is sometimes considered to be a subfield of mathematical sciences.
Surgery	Surgery is a medical or dental specialty that uses operative manual and instrumental techniques on a person to investigate or treat a pathological condition such as a disease or injury, to help improve bodily function, appearance, or to repair unwanted ruptured areas.\nThe act of performing surgery may be called a surgical procedure, operation, or simply "surgery".
Special operations	Special operations (S.O.) are military activities conducted, according to NATO, by "specially designated, organized, selected, trained, and equipped forces using unconventional techniques and modes of employment". Special operations may include reconnaissance, unconventional warfare, and counter-terrorism actions, and are typically conducted by small groups of highly-trained personnel, emphasizing sufficiency, stealth, speed, and tactical coordination, commonly known as "special forces".
Customer relationship management	Customer relationship management (CRM) is a process in which a business or other organization administers its interactions with customers, typically using data analysis to study large amounts of information.CRM systems compile data from a range of different communication channels, including a company's website, telephone, email, live chat, marketing materials and more recently, social media. They allow businesses to learn more about their target audiences and how to best cater for their needs, thus retaining customers and driving sales growth.
Profit (economics)	An economic profit is the difference between the revenue a commercial entity has received from its outputs and the opportunity costs of its inputs. It equals to total revenue minus total cost, including both explicit and implicit costs.
Profitability analysis	In cost accounting, profitability analysis is an analysis of the profitability of an organisation's output. Output of an organisation can be grouped into products, customers, locations, channels and/or transactions.
Profitability index	Profitability index (PI), also known as profit investment ratio (PIR) and value investment ratio (VIR), is the ratio of payoff to investment of a proposed project. It is a useful tool for ranking projects because it allows you to quantify the amount of value created per unit of investment.
Customer Profitability Analysis	Customer Profitability Analysis (in short CPA) is a management accounting and a credit underwriting method, allowing businesses and lenders to determine the profitability of each customer or segments of customers, by attributing profits and costs to each customer separately. CPA can be applied at the individual customer level (more time consuming, but providing a better understanding of business situation) or at the level of customer aggregates / groups (e.g.
Profitable growth	Profitable Growth is the combination of profitability and growth, more precisely the combination of Economic Profitability and Growth of Free cash flows. Profitable growth is aimed at seducing the financial community; it emerged in the early 80s when shareholder value creation became firms’ main objective.
Porter's five forces analysis	Porter's Five Forces Framework is a method of analysing the operating environment of a competition of a business. It draws from industrial organization (IO) economics to derive five forces that determine the competitive intensity and, therefore, the attractiveness (or lack thereof) of an industry in terms of its profitability.
Net income	In business and accounting, net income (also total comprehensive income, net earnings, net profit, bottom line, sales profit, or credit sales) is an entity's income minus cost of goods sold, expenses, depreciation and amortization, interest, and taxes for an accounting period.It is computed as the residual of all revenues and gains less all expenses and losses for the period, and has also been defined as the net increase in shareholders' equity that results from a company's operations. It is different from gross income, which only deducts the cost of goods sold from revenue.
Collateralized debt obligation	A collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS). Originally developed as instruments for the corporate debt markets, after 2002 CDOs became vehicles for refinancing mortgage-backed securities (MBS).
Shadow banking system	The shadow banking system is a term for the collection of non-bank financial intermediaries (NBFIs) that provide services similar to traditional commercial banks but outside normal banking regulations. Examples of NBFIs include insurance firms, pawn shops, cashier's check issuers, check cashing locations, payday lending, currency exchanges, and microloan organizations.
Bank of America Home Loans	Bank of America Home Loans is the mortgage unit of Bank of America. In 2008, Bank of America purchased the failing Countrywide Financial for $4.1 billion.
Stock exchange	A stock exchange, securities exchange, or bourse, is an exchange where stockbrokers and traders can buy and sell securities, such as shares of stock, bonds, and other financial instruments. Stock exchanges may also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividends.
Operating cash flow	In financial accounting, operating cash flow (OCF), cash flow provided by operations, cash flow from operating activities (CFO) or free cash flow from operations (FCFO), refers to the amount of cash a company generates from the revenues it brings in, excluding costs associated with long-term investment on capital items or investment in securities. Operating activities include any spending or sources of cash that’s involved in a company’s day-to-day business activities.
Stock valuation	In financial markets, stock valuation is the method of calculating theoretical values of companies and their stocks. The main use of these methods is to predict future market prices, or more generally, potential market prices, and thus to profit from price movement – stocks that are judged undervalued (with respect to their theoretical value) are bought, while stocks that are judged overvalued are sold, in the expectation that undervalued stocks will overall rise in value, while overvalued stocks will generally decrease in value.
List of countries by public debt	Below is a list of countries and territories by public debt (also called government debt or sovereign debt). Gross government debt is government financial liabilities that are debt instruments.: 81  A debt instrument is a financial claim that requires payment of interest and/or principal by the debtor to the creditor in the future.
Debt obligation	A collateralized debt obligation (CDO) is a type of structured asset-backed security (ABS). Originally developed as instruments for the corporate debt markets, after 2002 CDOs became vehicles for refinancing mortgage-backed securities (MBS).
Debt	Death is the irreversible cessation of all biological functions that sustain an organism. Brain death is sometimes used as a legal definition of death.
2019–present Sri Lankan economic crisis	The Sri Lankan economic crisis is an ongoing crisis in the island-state of Sri Lanka that started in 2019. It is the country's worst economic crisis since its independence in 1948.
2022 Russian debt default	The United States Treasury Department in February moved to cut off Russia from the global economy after the Russo-Ukrainian War, announcing that it would immobilize Russian central bank assets that are held in the United States and impose sanctions on the Russian Direct Investment Fund. The $284 billion or more in frozen assets is nearly half of the $585 billion that Russia had stockpiled as of June 2021.The Biden administration had allowed Russia to continue to repurpose the substantial funds it has kept in U.S. financial institutions to make required payments on its sovereign debt.
External debt	A country's gross external debt (or foreign debt) is the liabilities that are owed to nonresidents by residents.: 5  The debtors can be governments, corporations or citizens.: 41–43  External debt may be denominated in domestic or foreign currency.: 71–72  It includes amounts owed to private commercial banks, foreign governments, or international financial institutions such as the International Monetary Fund (IMF) and the World Bank. \nExternal debt measures an economy's obligations to make future payments and, therefore, is an indicator of a country's vulnerability to solvency and liquidity problems.: xi–xii  Another useful indicator is the net external debt position, which equals gross external debt less external assets in the form of debt instruments.: 1–2  A related concept is the net international investment position (net IIP).
MortgageIT	MortgageIT formerly MIT Lending is a residential mortgage banking company that was founded in 1988 and is headquartered in New York City. By 2004, the company had become one of the top mortgage lenders in the nation.
Banking Regulation Act, 1949	The Banking Regulation Act, 1949 is a legislation in India that regulates all banking firms in India. Passed as the Banking Companies Act 1949, it came into force from 16 March 1949 and changed to Banking Regulation Act 1949 from 1 March 1966.
Truist Financial	Truist Financial Corporation is an American bank holding company headquartered in Charlotte, North Carolina. The company was formed in December 2019 as the result of the merger of BB&T (Branch Banking and Trust Company) and SunTrust Banks.

Risk Factors
NVR INC Item 1A Risk Factors
(“NVR”) in periodic press releases or other public communications, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934
Certain, but not necessarily all, of such forward-looking statements can be identified by the use of forward-looking terminology, such as “believes,” “expects,” “may,” “will,” “should,” or “anticipates” or the negative thereof or other comparable terminology
All statements other than of historical facts are forward looking statements
Forward looking statements contained in this document include those regarding market trends, NVR’s financial position, business strategy, projected plans and objectives of management for future operations
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results or performance of NVR to be materially different from future results, performance or achievements expressed or implied by the forward-looking statements
Such risk factors include, but are not limited to the following: general economic and business conditions (on both a national and regional level); interest rate changes; access to suitable financing; competition; the availability and cost of land and other raw materials used by NVR in its homebuilding operations; shortages of labor; weather related slow-downs; building moratoriums; governmental regulation; the ability of NVR to integrate any acquired business; fluctuation and volatility of stock and other financial markets; and other factors over which NVR has little or no control
RISK FACTORS Our business is affected by the risks generally incident to the residential construction business, including, but not limited to: • actual and expected direction of interest rates, which affect our costs, the availability of construction financing, and long-term financing for potential purchasers of homes; • the availability of adequate land in desirable locations on reasonable terms; • unexpected changes in customer preferences; and • changes in the national economy and in the local economies of the markets in which we have operations
Interest rate movements, inflation and other economic factors can negatively impact our business
High rates of inflation generally affect the homebuilding industry adversely because of their adverse impact on interest rates
High interest rates not only increase the cost of borrowed funds to homebuilders but also have a significant effect on housing demand and on the affordability of permanent mortgage financing to prospective purchasers
We are also subject to potential volatility in the price of commodities that impact costs of materials used in our homebuilding business
Increases in prevailing interest rates could have a material adverse effect on our sales, profitability, stock performance and ability to service our debt obligations
Our financial results also are affected by the risks generally incident to our mortgage banking business, including interest rate levels, the impact of government regulation on mortgage loan originations and servicing and the need to issue forward commitments to fund and sell mortgage loans
Our homebuilding customers accounted for almost all of our mortgage banking business in 2005
The volume of our continuing homebuilding operations therefore affects our mortgage banking business
6 _________________________________________________________________ Our operations may also be adversely affected by other economic factors within our markets such as negative changes in employment levels, job growth, and consumer confidence, one or all of which could result in reduced demand or price depression from current levels
Such negative trends could have a material adverse effect on homebuilding operations
Our mortgage banking business also is affected by interest rate fluctuations
We also may experience marketing losses resulting from daily increases in interest rates to the extent we are unable to match interest rates and amounts on loans we have committed to originate with forward commitments from third parties to purchase such loans
Increases in interest rates may have a material adverse effect on our mortgage banking revenue, profitability, stock performance and ability to service our debt obligations
These factors and thus, the homebuilding business, have at times in the past been cyclical in nature
Any downturn in the national economy or the local economies of the markets in which we operate could have a material adverse effect on our sales, profitability, stock performance and ability to service our debt obligations
In particular, approximately 38prca of our home settlements during 2005 occurred in the Washington, DC and Baltimore, MD metropolitan areas, which accounted for 52prca of our 2005 homebuilding revenues
Thus, we are dependent to a significant extent on the economy and demand for housing in those areas
Our inability to secure and control an adequate inventory of lots could adversely impact our operations
The results of our homebuilding operations are dependent upon our continuing ability to control an adequate number of homebuilding lots in desirable locations
There can be no assurance that an adequate supply of building lots will continue to be available to us on terms similar to those available in the past, or that we will not be required to devote a greater amount of capital to controlling building lots than we have historically
An insufficient supply of building lots in one or more of our markets, an inability of our developers to deliver finished lots in a timely fashion, or our inability to purchase or finance building lots on reasonable terms could have a material adverse effect on our sales, profitability, stock performance and ability to service our debt obligations
Inventory risk can be substantial for homebuilders
The market value of building lots and housing inventories can fluctuate significantly as a result of changing market conditions
In addition, inventory carrying costs can be significant and can result in losses in a poorly performing project or market
We must, in the ordinary course of our business, continuously seek and make acquisitions of lots for expansion into new markets as well as for replacement and expansion within our current markets
In the event of significant changes in economic or market conditions, we may dispose of certain subdivision inventories on a bulk or other basis which may result in a loss which could have a material adverse effect on our profitability, stock performance and ability to service our debt obligations
Our current indebtedness may impact our future operations and our ability to access necessary financing
Our homebuilding operations are dependent in part on the availability and cost of working capital financing, and may be adversely affected by a shortage or an increase in the cost of such financing
If we require working capital greater than that provided by our operations and our credit facility, we may be required to seek to increase the amount available under the facility or to obtain alternative financing
No assurance can be given that additional or replacement financing will be available on terms that are favorable or acceptable
If we are at any time unsuccessful in obtaining sufficient capital to fund our planned homebuilding expenditures, we may experience a substantial delay in the completion of any homes then under construction
Any delay could result in cost increases and could have a material adverse effect on our sales, profitability, stock performance, ability to service our debt obligations and future cash flows
7 _________________________________________________________________ Our existing indebtedness contains financial and other restrictive covenants and any future indebtedness may also contain covenants
These covenants include limitations on our ability, and the ability of our subsidiaries, to incur additional indebtedness, pay cash dividends and make distributions, make loans and investments, enter into transactions with affiliates, effect certain asset sales, incur certain liens, merge or consolidate with any other person, or transfer all or substantially all of our properties and assets
Substantial losses by us or other action or inaction by us or our subsidiaries could result in the violation of one or more of these covenants which could result in decreased liquidity or a default on our indebtedness, thereby having a material adverse effect on our sales, profitability, stock performance and ability to service our debt obligations
Our mortgage banking operations are dependent on the availability, cost and other terms of mortgage warehouse financing, and may be adversely affected by any shortage or increased cost of such financing
No assurance can be given that any additional or replacement financing will be available on terms that are favorable or acceptable
Our mortgage banking operations are also dependent upon the securitization market for mortgage-backed securities, and could be materially adversely affected by any fluctuation or downturn in such market
Government regulations and environmental matters can negatively affect our operations
We are subject to various local, state and federal statutes, ordinances, rules and regulations concerning zoning, building design, construction and similar matters, including local regulations that impose restrictive zoning and density requirements in order to limit the number of homes that can eventually be built within the boundaries of a particular area
We have from time to time been subject to, and may also be subject in the future to, periodic delays in our homebuilding projects due to building moratoriums in the areas in which we operate
Changes in regulations that restrict homebuilding activities in one or more of our principal markets could have a material adverse effect on our sales, profitability, stock performance and ability to service our debt obligations
We are also subject to a variety of local, state and federal statutes, ordinances, rules and regulations concerning the protection of health and the environment
We are subject to a variety of environmental conditions that can affect our business and our homebuilding projects
The particular environmental laws that apply to any given homebuilding site vary greatly according to the location and environmental condition of the site and the present and former uses of the site and adjoining properties
Environmental laws and conditions may result in delays, cause us to incur substantial compliance and other costs, or prohibit or severely restrict homebuilding activity in certain environmentally sensitive regions or areas, thereby adversely affecting our sales, profitability, stock performance and ability to service our debt obligations
We are an approved seller/servicer of FNMA, GNMA, FHLMC, FHA and VA mortgage loans, and are subject to all of those agencies’ rules and regulations
Any significant impairment of our eligibility to sell/service these loans could have a material adverse impact on our mortgage operations
In addition, we are subject to regulation at the state and federal level with respect to specific origination, selling and servicing practices
Adverse changes in governmental regulation may have a negative impact on our mortgage loan origination business
We face competition in our housing and mortgage banking operations
The homebuilding industry is highly competitive
We compete with numerous homebuilders of varying size, ranging from local to national in scope, some of whom have greater financial resources than we do
We face competition: • for suitable and desirable lots at acceptable prices; • from selling incentives offered by competing builders within and across developments; and • from the existing home resale market
Our homebuilding operations compete primarily on the basis of price, location, design, quality, service and reputation
Historically we have been one of the leading homebuilders in each of the markets where we operate
8 _________________________________________________________________ The mortgage banking industry is also competitive
Our main competition comes from national, regional and local mortgage bankers, thrifts, banks and mortgage brokers in each of these markets
Our mortgage banking operations compete primarily on the basis of customer service, variety of products offered, interest rates offered, prices of ancillary services and relative financing availability and costs
There can be no assurance that we will continue to compete successfully in our homebuilding or mortgage banking operations
An inability to effectively compete may have an adverse impact on our sales, profitability, stock performance and ability to service our debt obligations
A shortage of building materials or labor may adversely impact our operations
The homebuilding business has from time to time experienced building material and labor shortages, including shortages in insulation, drywall, certain carpentry work and concrete, as well as fluctuating lumber prices and supply
In addition, high employment levels and strong construction market conditions could restrict the labor force available to our subcontractors and us in one or more of our markets
Significant increases in costs resulting from these shortages, or delays in construction of homes, could have a material adverse effect upon our sales, profitability, stock performance and ability to service our debt obligations
Product liability litigation and warranty claims may adversely impact our operations
Construction defect and home warranty claims are common and can represent a substantial risk for the homebuilding industry
The cost of insuring against construction defect and product liability claims, as well as the claims themselves, can be high
In addition, insurance companies limit coverage offered to protect against these claims
Further restrictions on coverage available, or significant increases in premium costs or claims could have a material adverse effect on our financial results
Weather-related and other events beyond our control may adversely impact our operations
Extreme weather or other events, such as hurricanes, tornadoes, earthquakes, forest fires, floods, terrorist attacks or war, may affect our markets, our operations and our profitability
These events may impact our physical facilities or those of our suppliers or subcontractors, causing us material increases in costs, or delays in construction of homes, which could have a material adverse effect upon our sales, profitability, stock performance and ability to service our debt obligations