Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the
“Company”) today reported results for its third quarter ended
September 30, 2023.
“Green Brick produced another outstanding
quarter, highlighted by our $1.56 EPS and by gross margins and
sales orders far outperforming the market. Benefiting from a more
normalized supply chain, lower construction costs, and fewer
incentives in our supply-constrained markets, homebuilding gross
margin improved 90 bps year-over-year and 200 bps sequentially to
33.3%, the highest among public homebuilders and the best in
company history,” said Jim Brickman, CEO and Co-Founder. “Cycle
times for homes closed during the third quarter improved another 41
days sequentially, allowing us to close 16% more homes this
quarter. Additionally, we ramped up starts by 79% year-over-year to
879 for the quarter, bringing year-to-date starts in line with our
delivery pace for the year. We anticipate continuing to start homes
at a robust pace to meet demand in our high-performing markets in
Texas, Georgia and Florida.”
“In the face of a higher interest rate
environment, we continued to lead our public homebuilding peers in
year-to-date new order growth. Year-over-year, net new home orders
of 788 homes for the third quarter and 2,677 homes year-to-date
were up 95% and 73%, respectively. Our quarterly absorption rate
remained elevated at 9.2 homes per community, a 74% increase
year-over-year. Our cancellation rate dropped 130 bps sequentially
to 6.1%, the lowest among our homebuilding peers,” continued Mr.
Brickman. “Our industry leading performance was largely due to the
lack of existing home supply because existing homeowners are
reluctant to sell their homes and forfeit their low interest rate
mortgages, as well as a lack of new home competitors in our
superior infill and infill-adjacent locations. Thanks to strong
demand during the quarter, we were able to grow our backlog by
10.4% year-over-year. Backlog has now increased 69% year-to-date to
$623 million.”
Mr. Brickman concluded, “Our focus remains on
managing our capital efficiently as we continue sourcing and
closing land investments under disciplined underwriting that we
believe will be accretive for our growth story. Our balance sheet
is stronger than ever. At the end of the quarter, we had $223
million of cash and $360 million in available borrowings in our
lines of credit, with a net debt to total capital ratio of 9.0%.
Virtually all our outstanding debt was long term and carried a
weighted average interest rate of 3.3%.”
Results for the Quarter Ended
September 30, 2023:
(Dollars in thousands, except per share data) |
Three Months Ended September 30, |
|
|
|
2023 |
|
2022 |
|
Change |
New homes delivered |
|
754 |
|
|
|
650 |
|
|
|
16.0 |
% |
|
|
|
|
|
|
Total revenues |
$ |
418,978 |
|
|
$ |
407,944 |
|
|
|
2.7 |
% |
Total cost of revenues |
|
279,965 |
|
|
|
274,625 |
|
|
|
1.9 |
% |
Total gross profit |
$ |
139,013 |
|
|
$ |
133,319 |
|
|
|
4.3 |
% |
Income before income taxes |
$ |
98,086 |
|
|
$ |
97,596 |
|
|
|
0.5 |
% |
Net income attributable to Green Brick Partners, Inc. |
$ |
72,156 |
|
|
$ |
73,520 |
|
|
(1.9 |
)% |
Diluted net income attributable to Green Brick Partners, Inc. per
common share |
$ |
1.56 |
|
|
$ |
1.57 |
|
|
(0.6 |
)% |
|
|
|
|
|
|
Residential units revenue |
$ |
415,923 |
|
|
$ |
396,749 |
|
|
|
4.8 |
% |
Average sales price of homes delivered |
$ |
551.5 |
|
|
$ |
607.3 |
|
|
(9.2 |
)% |
Homebuilding gross margin percentage |
|
33.3 |
% |
|
|
32.4 |
% |
|
|
90 bps |
|
|
|
|
|
|
Backlog |
$ |
622,560 |
|
|
$ |
564,026 |
|
|
$ |
58,534 |
|
Homes under construction |
|
1,934 |
|
|
|
2,276 |
|
|
(15.0 |
)% |
|
|
|
|
|
|
|
|
|
|
Results for the Nine Months Ended
September 30, 2023:
(Dollars in thousands, except per share data) |
Nine Months Ended September 30, |
|
|
|
2023 |
|
2022 |
|
Change |
New homes delivered |
|
2,298 |
|
|
|
2,189 |
|
|
5.0 |
% |
|
|
|
|
|
|
Total revenues |
$ |
1,327,328 |
|
|
$ |
1,326,704 |
|
|
0.0 |
% |
Total cost of revenues |
|
920,774 |
|
|
|
916,133 |
|
|
0.5 |
% |
Total gross profit |
$ |
406,554 |
|
|
$ |
410,571 |
|
|
(1.0 |
)% |
Income before income taxes |
$ |
289,470 |
|
|
$ |
318,511 |
|
|
(9.1 |
)% |
Net income attributable to Green Brick Partners, Inc. |
$ |
211,606 |
|
|
$ |
236,353 |
|
|
(10.5 |
)% |
Diluted net income attributable to Green Brick Partners, Inc. per
common share |
$ |
4.55 |
|
|
$ |
4.82 |
|
|
(5.6 |
)% |
|
|
|
|
|
|
Residential units revenue |
$ |
1,320,730 |
|
|
$ |
1,273,925 |
|
|
3.7 |
% |
Average sales price of homes delivered |
$ |
574.1 |
|
|
$ |
579.4 |
|
|
(0.9 |
)% |
Homebuilding gross margin percentage |
|
30.7 |
% |
|
|
31.1 |
% |
|
-40 bps |
Selling, general and administrative expenses as a percentage of
residential units revenue |
|
10.8 |
% |
|
|
9.4 |
% |
|
140 bps |
|
|
|
|
|
|
|
|
|
|
|
Earnings Conference Call:
We will host our earnings conference call to
discuss our third quarter ended September 30, 2023 at 12:00 p.m.
Eastern Time on Wednesday, November 1, 2023. The call can be
accessed by dialing 1-888-660-6353 for domestic participants or
1-929-203-2106 for international participants and should reference
meeting number 3162560. Participants may also join the call via
webcast at: https://events.q4inc.com/attendee/264359580
A telephone replay of the call will be available
through December 1, 2023. To access the telephone replay, the
domestic dial-in number is 1-800-770-2030, the international
dial-in number is 1-647-362-9199 and the access code is 3162560, or
by using the link at investors.greenbrickpartners.com.
GREEN BRICK PARTNERS,
INC.CONSOLIDATED STATEMENTS OF
INCOME(In thousands, except per share
data)(Unaudited)
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Residential units revenue |
$ |
415,923 |
|
|
$ |
396,749 |
|
|
$ |
1,320,730 |
|
|
$ |
1,273,925 |
|
Land and lots revenue |
|
3,055 |
|
|
|
11,195 |
|
|
|
6,598 |
|
|
|
52,779 |
|
Total revenues |
|
418,978 |
|
|
|
407,944 |
|
|
|
1,327,328 |
|
|
|
1,326,704 |
|
Cost of residential units |
|
277,446 |
|
|
|
268,536 |
|
|
|
915,600 |
|
|
|
879,108 |
|
Cost of land and lots |
|
2,519 |
|
|
|
6,089 |
|
|
|
5,174 |
|
|
|
37,025 |
|
Total cost of revenues |
|
279,965 |
|
|
|
274,625 |
|
|
|
920,774 |
|
|
|
916,133 |
|
Total gross profit |
|
139,013 |
|
|
|
133,319 |
|
|
|
406,554 |
|
|
|
410,571 |
|
Selling, general and administrative expenses |
|
(46,884 |
) |
|
|
(43,251 |
) |
|
|
(142,058 |
) |
|
|
(119,314 |
) |
Equity in income of unconsolidated entities |
|
1,345 |
|
|
|
5,697 |
|
|
|
11,265 |
|
|
|
19,907 |
|
Other income, net |
|
4,612 |
|
|
|
1,831 |
|
|
|
13,709 |
|
|
|
7,347 |
|
Income before income taxes |
|
98,086 |
|
|
|
97,596 |
|
|
|
289,470 |
|
|
|
318,511 |
|
Income tax expense |
|
20,975 |
|
|
|
16,963 |
|
|
|
63,154 |
|
|
|
65,678 |
|
Net income |
|
77,111 |
|
|
|
80,633 |
|
|
|
226,316 |
|
|
|
252,833 |
|
Less: Net income attributable to noncontrolling interests |
|
4,955 |
|
|
|
7,113 |
|
|
|
14,710 |
|
|
|
16,480 |
|
Net income attributable to Green Brick Partners, Inc. |
$ |
72,156 |
|
|
$ |
73,520 |
|
|
$ |
211,606 |
|
|
$ |
236,353 |
|
|
|
|
|
|
|
|
|
Net income attributable to Green Brick Partners, Inc. per common
share: |
|
|
|
|
|
|
|
Basic |
$ |
1.58 |
|
|
$ |
1.58 |
|
|
$ |
4.60 |
|
|
$ |
4.86 |
|
Diluted |
$ |
1.56 |
|
|
$ |
1.57 |
|
|
$ |
4.55 |
|
|
$ |
4.82 |
|
Weighted average common shares used in the calculation of net
income attributable to Green Brick Partners, Inc. per common
share: |
|
|
|
|
|
|
|
Basic |
|
45,320 |
|
|
|
46,032 |
|
|
|
45,543 |
|
|
|
48,205 |
|
Diluted |
|
45,792 |
|
|
|
46,390 |
|
|
|
45,988 |
|
|
|
48,544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREEN BRICK PARTNERS,
INC.CONSOLIDATED BALANCE
SHEETS(In thousands, except share
data)(Unaudited)
|
September 30, 2023 |
|
December 31, 2022 |
ASSETS |
Cash and cash equivalents |
$ |
223,453 |
|
|
$ |
76,588 |
Restricted cash |
|
22,708 |
|
|
|
16,682 |
Receivables |
|
9,955 |
|
|
|
5,288 |
Inventory |
|
1,462,264 |
|
|
|
1,422,680 |
Investments in unconsolidated entities |
|
80,210 |
|
|
|
74,224 |
Right-of-use assets - operating leases |
|
7,877 |
|
|
|
3,458 |
Property and equipment, net |
|
5,402 |
|
|
|
2,919 |
Earnest money deposits |
|
18,212 |
|
|
|
23,910 |
Deferred income tax assets, net |
|
16,448 |
|
|
|
16,448 |
Intangible assets, net |
|
388 |
|
|
|
452 |
Goodwill |
|
680 |
|
|
|
680 |
Other assets |
|
19,049 |
|
|
|
12,346 |
Total assets |
$ |
1,866,646 |
|
|
$ |
1,655,675 |
LIABILITIES AND EQUITY |
Liabilities: |
|
|
|
Accounts payable |
$ |
56,565 |
|
|
$ |
51,804 |
Accrued expenses |
|
110,909 |
|
|
|
91,281 |
Customer and builder deposits |
|
47,239 |
|
|
|
29,112 |
Lease liabilities - operating leases |
|
7,923 |
|
|
|
3,582 |
Borrowings on lines of credit, net |
|
(1,983 |
) |
|
|
17,395 |
Senior unsecured notes, net |
|
336,112 |
|
|
|
335,825 |
Notes payable |
|
12,998 |
|
|
|
14,622 |
Total liabilities |
|
569,763 |
|
|
|
543,621 |
Commitments and contingencies |
|
|
|
Redeemable noncontrolling interest in equity of consolidated
subsidiary |
|
35,236 |
|
|
|
29,239 |
Equity: |
|
|
|
Green Brick Partners, Inc. stockholders’ equity |
|
|
|
Preferred stock, $0.01 par value: 5,000,000 shares authorized;
2,000 issued and outstanding as of September 30, 2023 and December
31, 2022, respectively |
|
47,603 |
|
|
|
47,696 |
Common stock, $0.01 par value: 100,000,000 shares authorized;
45,378,364 issued and outstanding as of September 30, 2023 and
46,032,930 issued and outstanding as of December 31, 2022,
respectively |
|
454 |
|
|
|
460 |
Additional paid-in capital |
|
256,759 |
|
|
|
259,410 |
Retained earnings |
|
940,400 |
|
|
|
754,341 |
Total Green Brick Partners, Inc. stockholders’ equity |
|
1,245,216 |
|
|
|
1,061,907 |
Noncontrolling interests |
|
16,431 |
|
|
|
20,908 |
Total equity |
|
1,261,647 |
|
|
|
1,082,815 |
Total liabilities and equity |
$ |
1,866,646 |
|
|
$ |
1,655,675 |
|
GREEN BRICK PARTNERS,
INC.SUPPLEMENTAL
INFORMATION(Unaudited)
Residential Units Revenue and New Homes Delivered (dollars
in thousands) |
|
Three Months Ended September 30, |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
% |
|
2023 |
|
2022 |
|
Change |
|
% |
Home closings revenue |
|
$ |
415,827 |
|
$ |
394,731 |
|
$ |
21,096 |
|
|
5.3 |
% |
|
$ |
1,319,393 |
|
$ |
1,268,329 |
|
$ |
51,064 |
|
|
4.0 |
% |
Mechanic’s lien contracts revenue |
|
|
96 |
|
|
2,018 |
|
|
(1,922 |
) |
|
(95.2 |
)% |
|
|
1,337 |
|
|
5,596 |
|
|
(4,259 |
) |
|
(76.1 |
)% |
Residential units revenue |
|
$ |
415,923 |
|
$ |
396,749 |
|
$ |
19,174 |
|
|
4.8 |
% |
|
$ |
1,320,730 |
|
$ |
1,273,925 |
|
$ |
46,805 |
|
|
3.7 |
% |
New homes delivered |
|
|
754 |
|
|
650 |
|
|
104 |
|
|
16.0 |
% |
|
|
2,298 |
|
|
2,189 |
|
|
109 |
|
|
5.0 |
% |
Average sales price of homes delivered |
|
$ |
551.5 |
|
$ |
607.3 |
|
$ |
(55.8 |
) |
|
(9.2 |
)% |
|
$ |
574.1 |
|
$ |
579.4 |
|
$ |
(5.3 |
) |
|
(0.9 |
)% |
Land and Lots Revenue(dollars in
thousands) |
|
Three Months EndedSeptember 30, |
|
|
|
|
|
Nine Months EndedSeptember 30, |
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
% |
|
2023 |
|
2022 |
|
Change |
|
% |
Lots revenue |
|
$ |
2,026 |
|
$ |
3,991 |
|
$ |
(1,965 |
) |
|
(49.2 |
)% |
|
$ |
5,569 |
|
$ |
18,027 |
|
$ |
(12,458 |
) |
|
(69.1 |
)% |
Land revenue |
|
|
1,029 |
|
|
7,204 |
|
|
(6,175 |
) |
|
(85.7 |
)% |
|
|
1,029 |
|
|
34,752 |
|
|
(33,723 |
) |
|
(97.0 |
)% |
Land and lots revenue |
|
$ |
3,055 |
|
$ |
11,195 |
|
$ |
(8,140 |
) |
|
(72.7 |
)% |
|
$ |
6,598 |
|
$ |
52,779 |
|
$ |
(46,181 |
) |
|
(87.5 |
)% |
Lots closed |
|
|
19 |
|
|
57 |
|
|
(38 |
) |
|
(66.7 |
)% |
|
|
55 |
|
|
274 |
|
|
(219 |
) |
|
(79.9 |
)% |
Average sales price of lots closed |
|
$ |
106.6 |
|
$ |
70.0 |
|
$ |
36.6 |
|
|
52.3 |
% |
|
$ |
101.3 |
|
$ |
65.8 |
|
$ |
35.5 |
|
|
54.0 |
% |
New Home Orders and Backlog(dollars in
thousands) |
|
Three Months Ended September 30, |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
|
|
2023 |
|
2022 |
|
Change |
|
% |
|
2023 |
2022 |
|
Change |
|
% |
Net new home orders |
|
|
788 |
|
|
|
404 |
|
|
|
384 |
|
|
95.0 |
% |
|
|
2,677 |
|
|
|
1,550 |
|
|
|
1,127 |
|
|
72.7 |
% |
Revenue from net new home orders |
|
$ |
452,436 |
|
|
$ |
251,276 |
|
|
$ |
201,160 |
|
|
80.1 |
% |
|
$ |
1,572,859 |
|
|
$ |
962,497 |
|
|
$ |
610,362 |
|
|
63.4 |
% |
Average selling price of net new home orders |
|
$ |
574.2 |
|
|
$ |
622.0 |
|
|
$ |
(47.8 |
) |
|
(7.7 |
)% |
|
$ |
587.5 |
|
|
$ |
621.0 |
|
|
$ |
(33.5 |
) |
|
(5.4 |
)% |
Cancellation rate |
|
|
6.1 |
% |
|
|
17.6 |
% |
|
(11.5 |
)% |
|
(65.3 |
)% |
|
|
6.5 |
% |
|
|
11.8 |
% |
|
(5.3 |
)% |
|
(44.9 |
)% |
Absorption rate per average active selling community per
quarter |
|
|
9.2 |
|
|
|
5.3 |
|
|
|
3.9 |
|
|
73.6 |
% |
|
|
10.8 |
|
|
|
6.8 |
|
|
|
4.0 |
|
|
58.8 |
% |
Average active selling communities |
|
|
86 |
|
|
|
76 |
|
|
|
10 |
|
|
13.2 |
% |
|
|
83 |
|
|
|
76 |
|
|
|
7 |
|
|
9.2 |
% |
Active selling communities at end of period |
|
|
86 |
|
|
|
74 |
|
|
|
12 |
|
|
16.2 |
% |
|
|
|
|
|
|
|
|
Backlog |
|
$ |
622,560 |
|
|
$ |
564,026 |
|
|
$ |
58,534 |
|
|
10.4 |
% |
|
|
|
|
|
|
|
|
Backlog units |
|
|
916 |
|
|
|
841 |
|
|
|
75 |
|
|
8.9 |
% |
|
|
|
|
|
|
|
|
Average sales price of backlog |
|
$ |
679.7 |
|
|
$ |
670.7 |
|
|
$ |
9.0 |
|
|
1.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREEN BRICK PARTNERS,
INC.SUPPLEMENTAL
INFORMATION(Unaudited)
|
September 30, 2023 |
|
December 31, 2022 |
|
Central |
|
Southeast |
|
Total |
|
Central |
|
Southeast |
|
Total |
Lots owned |
|
|
|
|
|
|
|
|
|
|
|
Finished lots |
4,456 |
|
|
1,144 |
|
|
5,600 |
|
|
1,901 |
|
|
998 |
|
|
2,899 |
|
Lots in communities under development |
7,706 |
|
|
1,253 |
|
|
8,959 |
|
|
10,309 |
|
|
1,698 |
|
|
12,007 |
|
Land held for future development(1) |
6,600 |
|
|
— |
|
|
6,600 |
|
|
6,575 |
|
|
— |
|
|
6,575 |
|
Total lots owned |
18,762 |
|
|
2,397 |
|
|
21,159 |
|
|
18,785 |
|
|
2,696 |
|
|
21,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lots controlled |
|
|
|
|
|
|
|
|
|
|
|
Lots under third party option contracts |
1,364 |
|
|
3 |
|
|
1,367 |
|
|
2,212 |
|
|
6 |
|
|
2,218 |
|
Land under option for future acquisition and development |
1,961 |
|
|
128 |
|
|
2,089 |
|
|
110 |
|
|
18 |
|
|
128 |
|
Lots under option through unconsolidated development joint
ventures |
1,259 |
|
|
345 |
|
|
1,604 |
|
|
1,289 |
|
|
411 |
|
|
1,700 |
|
Total lots controlled |
4,584 |
|
|
476 |
|
|
5,060 |
|
|
3,611 |
|
|
435 |
|
|
4,046 |
|
Total lots owned and controlled(2) |
23,346 |
|
|
2,873 |
|
|
26,219 |
|
|
22,396 |
|
|
3,131 |
|
|
25,527 |
|
Percentage of lots owned |
80.4 |
% |
|
83.4 |
% |
|
80.7 |
% |
|
83.9 |
% |
|
86.1 |
% |
|
84.2 |
% |
|
|
|
(1) |
Land held for future development consists of raw land parcels where
development activities have been postponed due to market conditions
or other factors. |
(2) |
Total lots excludes lots with homes under construction. |
|
|
|
The following table presents additional information
on the lots we owned as of September 30, 2023 and December 31,
2022.
|
September 30, 2023 |
|
December 31, 2022 |
Total lots owned |
21,159 |
|
|
21,481 |
|
Add certain lots included in Total Lots Controlled |
|
|
|
Land under option for future acquisition and development |
2,089 |
|
|
128 |
|
Lots under option through unconsolidated development joint
ventures |
1,604 |
|
|
1,700 |
|
Total lots self-developed |
24,852 |
|
|
23,309 |
|
Self-developed lots as a percentage of total lots owned and
controlled |
94.8 |
% |
|
91.3 |
% |
|
|
|
|
|
|
Non-GAAP Financial Measures
In this press release, we utilize certain financial
measures that are non-GAAP financial measures as defined by the
Securities and Exchange Commission. We present these measures
because we believe they and similar measures are useful to
management and investors in evaluating our operating performance
and financing structure. We also believe these measures facilitate
the comparison of our operating performance and financing structure
with other companies in our industry. Because these measures are
not calculated in accordance with U.S. Generally Accepted
Accounting Principles (“GAAP”), they may not be comparable to other
similarly titled measures of other companies and should not be
considered in isolation or as a substitute for, or superior to,
financial measures prepared in accordance with GAAP.
The following table represents the non-GAAP
measure of adjusted homebuilding gross margin for the three and
nine months ended September 30, 2023 and 2022 and reconciles these
amounts to homebuilding gross margin, the most directly comparable
GAAP measure.
(Unaudited, in thousands): |
|
Three Months EndedSeptember 30, |
|
Nine Months EndedSeptember 30, |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Residential units revenue |
|
$ |
415,923 |
|
|
$ |
396,749 |
|
|
$ |
1,320,730 |
|
|
$ |
1,273,925 |
|
Less: Mechanic’s lien contracts revenue |
|
|
(96 |
) |
|
|
(2,018 |
) |
|
|
(1,337 |
) |
|
|
(5,596 |
) |
Home closings revenue |
|
$ |
415,827 |
|
|
$ |
394,731 |
|
|
$ |
1,319,393 |
|
|
$ |
1,268,329 |
|
Homebuilding gross margin |
|
$ |
138,427 |
|
|
$ |
127,861 |
|
|
$ |
404,644 |
|
|
$ |
393,940 |
|
Homebuilding gross margin percentage |
|
|
33.3 |
% |
|
|
32.4 |
% |
|
|
30.7 |
% |
|
|
31.1 |
% |
|
|
|
|
|
|
|
|
|
Homebuilding gross margin |
|
|
138,427 |
|
|
|
127,861 |
|
|
|
404,644 |
|
|
|
393,940 |
|
Add back: Capitalized interest charged to cost of revenues |
|
|
2,968 |
|
|
|
3,105 |
|
|
|
10,456 |
|
|
|
10,303 |
|
Adjusted homebuilding gross margin |
|
$ |
141,395 |
|
|
$ |
130,966 |
|
|
$ |
415,100 |
|
|
$ |
404,243 |
|
Adjusted homebuilding gross margin percentage |
|
|
34.0 |
% |
|
|
33.2 |
% |
|
|
31.5 |
% |
|
|
31.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt to total capitalization is calculated as
the total debt less cash and cash equivalents, divided by the sum
of total Green Brick Partners, Inc. stockholders’ equity and total
debt less cash and cash equivalents. The closest GAAP financial
measure to the net debt to total capitalization ratio is the debt
to total capitalization ratio. The following table represents a
reconciliation of the net debt to total capitalization ratio as of
September 30, 2023:
|
Gross |
|
Cash and cash equivalents |
|
Net |
Total debt, net of debt issuance costs |
$ |
347,127 |
|
|
$ |
(223,453 |
) |
|
$ |
123,674 |
|
Total Green Brick Partners, Inc. stockholders’ equity |
|
1,245,216 |
|
|
|
— |
|
|
|
1,245,216 |
|
Total capitalization |
$ |
1,592,343 |
|
|
$ |
(223,453 |
) |
|
$ |
1,368,890 |
|
|
|
|
|
|
|
Debt to total capitalization ratio |
|
21.8 |
% |
|
|
|
|
Net debt to total capitalization ratio |
|
|
|
|
|
9.0 |
% |
|
|
|
|
|
|
|
|
About Green Brick Partners,
Inc.
Green Brick Partners, Inc. is a diversified
homebuilding and land development company that operates in Texas,
Georgia, and Florida and has a non-controlling interest in a
Colorado homebuilder. Green Brick owns five subsidiary homebuilders
in Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Trophy
Signature Homes, and a 90% interest in Centre Living Homes), as
well as a controlling interest in a homebuilder in Atlanta, Georgia
(The Providence Group) and an 80% interest in a homebuilder in Port
St. Lucie, Florida (GHO Homes). Green Brick also owns a
noncontrolling interest in Challenger Homes in Colorado Springs,
Colorado, and retains interests in related financial services
platforms, including Green Brick Title and BHome Mortgage. The
Company is engaged in all aspects of the homebuilding process,
including land acquisition and development, entitlements, design,
construction, marketing, and sales for its residential
neighborhoods and master-planned communities. For more information
about Green Brick Partners Inc.’s subsidiary homebuilders, please
visit greenbrickpartners.com/homebuilders.
Forward-Looking and Cautionary
Statements:
This press release and our earnings call contain
“forward-looking statements” within the meaning of the Private
Securities Litigation Act of 1995. These statements concern
expectations, beliefs, projections, plans and strategies,
anticipated events or trends and similar expressions concerning
matters that are not historical facts and typically include the
words “anticipate,” “believe,” “consider,” “estimate,” “expect,”
“feel,” “intend,” “plan,” “predict,” “seek,” “strategy,” “target,”
“will” or other words of similar meaning. Forward-looking
statements in this press release and in our earnings call include
statements regarding (i) our position to adapt and succeed in a
rapidly changing environment, including our ability to maintain
industry-leading performance and gross margins; (ii) our
expectations regarding trends in our markets, such as demand for
single-family homes and levels of resale inventory; (iii) our
ability to mitigate inventory buildup and manage pace of sales and
starts, including maintaining robust level of starts; (iv) our
ability to increase our market share; (v) our priorities and
strategies for growth, the drivers of that growth, and the impact
on our future results, including in the Austin market and expansion
of our Trophy brand; (vi) our capital resources and flexibility to
capitalize on market opportunities and the impact on our financial
and operational performance; (vii) the advantages of our lot and
land strategies and locations, including the benefits to our
margins and adaptability; (viii) our beliefs that we operate in the
most advantageous markets in the U.S. and the resilience of our
core markets; (ix) our intention to continue strengthening our
financial position and reducing leverage; (x) our beliefs regarding
our position and scale, including our ability to manage costs and
cycle times; (xi) our expectations regarding returns on capital,
including the impact of improvements in cycle times, supply chain
and labor availability and (x) our expectations and strategy on
land sourcing and its impact on our growth. These forward-looking
statements reflect our current views about future events and
involve estimates and assumptions which may be affected by risks
and uncertainties in our business, as well as other external
factors, which could cause future results to materially differ from
those expressed or implied in any forward-looking statement. These
risks include, but are not limited to: (1) changes in macroeconomic
conditions, including increasing interest rate and inflation that
could adversely impact demand for new homes or the ability of
potential buyers to qualify; (2) general economic conditions,
seasonality, cyclicality and competition in the homebuilding
industry; (3) shortages, delays or increased costs of raw materials
and increased demand for materials, or increases in other operating
costs, including costs related to labor, real estate taxes and
insurance, which in each case exceed our ability to increase
prices; (4) a shortage of qualified labor; (5) an inability to
acquire land in our current and new markets at anticipated prices
or difficulty in obtaining land-use entitlements; (6) our inability
to successfully execute our strategies, including an inability to
grow our operations or expand our Trophy brand; (7) our inability
to implement new strategic investments; (8) a failure to recruit,
retain or develop highly skilled and competent employees; (9)
government regulation risks; (10) a lack of availability or
volatility of mortgage financing for homebuyers; (11) severe
weather events or natural disasters; (12) difficulty in obtaining
sufficient capital to fund our growth; (13) our ability to meet our
debt service obligations; (14) a decline in the value of our
inventories and resulting write-downs of the carrying value of our
real estate assets; (15) changes in accounting standards that
adversely affect our reported earnings or financial condition. For
a more detailed discussion of these and other risks and
uncertainties applicable to Green Brick please see our most recent
Annual Report on Form 10-K filed with the Securities and Exchange
Commission.
Contact: Benting HuVice President
of Finance469-573-6755IR@greenbrickpartners.com
Green Brick Partners (NYSE:GRBK)
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