Green Brick Partners(GRBK)

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Green Brick Partners(GRBK) - 2023 Q4 - Annual Results
2024-02-28 16:00
Exhibit 99 GREEN BRICK PARTNERS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS EXPANSION INTO HOUSTON, TEXAS Q4 HOMEBUILDING GROSS MARGIN OF 31.4%, UP 520 BPS YOY Q4 DILUTED EPS OF $1.58, UP 33.9% YOY RECORD HIGH FULL YEAR DILUTED EPS OF $6.14 NET NEW HOME ORDERS UP 60.5% FOR THE QUARTER AND 70.1% YOY DEBT TO TOTAL CAPITAL OF 21.1%; NET DEBT TO TOTAL CAPITAL OF 11.4% "Dallas-Fort Worth and Atlanta, our two primary markets, continue to rank very high among in-migration destination cities and are amo ...
Green Brick Partners, Inc. and Hersh Family Investments Announce Rainwater Crossing, a New Joint Venture Community in Celina, Texas
Newsfilter· 2024-02-22 22:14
PLANO, Texas, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. ("Green Brick"), the third largest homebuilder in Dallas-Fort Worth, and Hersh Family Investments ("HFI") are excited to announce Rainwater Crossing, a new residential project in Celina, Texas, one of the fastest growing areas of the Dallas-Fort Worth metroplex. This will be the sixth community in Celina in which Green Brick has been involved. Spanning over 550 acres, the development will feature more than 1,900 homesites and an impr ...
Green Brick Partners (GRBK) Earnings Expected to Grow: Should You Buy?
Zacks Investment Research· 2024-02-22 16:05
Green Brick Partners (GRBK) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended December 2023. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on February 29, 2024, might help the stock move higher if these key numbers are ...
Normandy Homes Partners with Operation Finally Home to Deliver Mortgage-Free Home for Veteran in Celina, Texas
Newsfilter· 2024-02-13 21:10
PLANO, Texas, Feb. 13, 2024 (GLOBE NEWSWIRE) -- U.S. Marine Corps Corporal Neftali "Nef" Mendoza and his family received the keys to their newly completed and personalized home in Celina, Texas during a special dedication event on Monday, January 29. Operation Finally Home along with Normandy Homes, one of Green Brick Partners, Inc.'s (NYSE:GRBK) subsidiary homebuilder brands, partnered to provide the home for the Mendoza family. The Mendoza family was escorted to their new home by the Celina Fire and Polic ...
Green Brick Partners, Inc. Announces Dates For 8-K Filing and Earnings Call
Newsfilter· 2024-02-08 21:10
PLANO, Texas, Feb. 08, 2024 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (NYSE:GRBK) (the "Company" or "Green Brick"), the third largest homebuilder in Dallas-Fort Worth, and one of Fortune Magazine's fastest growing companies in 2022 and its fastest growing public homebuilder, announced that it will release its financial results for the fourth quarter ended December 31st, 2023, after the market closes on Thursday, February 29th, 2024. Jim Brickman, Green Brick's CEO, will host an earnings conference call ...
3 Stocks to Buy BEFORE They Become Household Names
InvestorPlace· 2024-01-12 20:16
Steve Symington is a long-time contributor to The Motley Fool. Over the years, he’s written more than 8,000 articles for the publication. A piece of Symington’s from July 2023 provides a hint or two on how to find the next household names and undiscovered stock gems. The headline says it all. 4 Lessons From My First 100-Bagger.For anyone unfamiliar with the term, it means you’ve generated a return 100 times your original investment. In Symington’s case, Nvidia (NASDAQ:NVDA) was his first 100-bagger as an ac ...
Green Brick: The Hidden Gem Of The Home-Building Sector
Seeking Alpha· 2024-01-07 07:08
Editor's note: Seeking Alpha is proud to welcome Alem Capital as a new contributor. It's easy to become a Seeking Alpha contributor and earn money for your best investment ideas. Active contributors also get free access to SA Premium. Click here to find out more » skynesher Introduction On one hand, Green Brick Partners (NYSE:GRBK) stands out in the vast American real estate market as a company with promise and potential. Operating strategically in Colorado, Florida, Texas, and Georgia, GRBK has successfull ...
Green Brick Partners(GRBK) - 2023 Q3 - Earnings Call Transcript
2023-11-01 19:16
Financial Data and Key Metrics Changes - Net new orders increased 95% year-over-year to 788 homes in Q3, with year-to-date growth of 73% [4][55] - Homebuilding gross margins reached a record high of 33.3%, up 90 basis points from the previous record [13][38] - Net income for Q3 was $72 million, or $1.56 per diluted share, with a return on average book equity of 25.3% year-to-date [81] Business Line Data and Key Metrics Changes - Home closings revenue grew 5.3% to $416 million, driven by a 16% increase in home closing units to 754 homes delivered [54][81] - The average selling price (ASP) for homes declined by 9% to $551,000, influenced by a higher percentage of lower-priced Trophy Signature Homes [54][56] - The cancellation rate decreased to 6.1%, the second lowest in company history, reflecting strong demand and limited competition [40][57] Market Data and Key Metrics Changes - The company continues to lead public homebuilding peers in new order growth, with a backlog value increasing 10% year-over-year to $623 million [55][57] - Existing home inventory remains low, with many markets having three or fewer months of supply, contributing to demand for new homes [14][40] - The average FICO score for Q3 closings was 748, indicating strong buyer credit quality despite higher mortgage rates [24] Company Strategy and Development Direction - The company is focused on acquiring prime land opportunities and has closed several opportunistic land deals, including a notable acquisition in Austin [17][84] - The strategy includes managing capital efficiently and maintaining operational efficiencies to improve cycle times and market share [16][33] - The company aims to expand its market presence in supply-constrained infill and adjacent submarkets, leveraging its strong balance sheet and gross margins [18][84] Management's Comments on Operating Environment and Future Outlook - Management noted that despite higher mortgage rates, demand remains strong, particularly in infill locations, with an increase in cash deals [24][35] - The company is adapting to the current market by adjusting pricing and offering incentives to address affordability concerns [35][57] - Management expressed optimism about future opportunities due to capital constraints faced by smaller builders and developers [30][84] Other Important Information - The company holds over 26,200 lots owned and controlled, positioning it well for future growth [18] - The average pay rate for fixed-rate debt is 3.3%, with a debt-to-total-capital ratio of 21.8%, indicating a strong balance sheet [33] - The company is building more ENERGY STAR-certified homes to enhance eligibility for future tax credits [39] Q&A Session Summary Question: Insights on ASP for Trophy Signature Homes - Management indicated a dip in ASP from approximately $480,000 to $450,000 over the past two quarters [5][6] Question: Future ASP Trends for Trophy - Management suggested that the ASP could continue to trend lower, especially if consumer preferences shift towards smaller homes [6] Question: Performance of Higher-End Communities - Management reported continued strong demand in higher-end segments, with complex homes selling at a satisfactory pace [48] Question: Land Acquisition Opportunities - Management discussed capital availability as a key driver for land acquisition opportunities, noting favorable economics for cash transactions [30][31] Question: Average Consumer Statistics - The average FICO score was reported at 743, with down payments varying significantly by location [69][72] Question: Use of Incentives - Management confirmed that incentives averaged 4.4% of sales price, with variations based on community and market conditions [57][68]
Green Brick Partners(GRBK) - 2023 Q3 - Quarterly Report
2023-10-31 20:17
[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and management's discussion and analysis for Green Brick Partners, Inc [ITEM 1. FINANCIAL STATEMENTS](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements of Green Brick Partners, Inc. for the periods ended September 30, 2023, and December 31, 2022, including balance sheets, statements of income, changes in stockholders' equity, and cash flows, along with detailed notes on significant accounting policies, inventory, investments, debt, equity, and revenue recognition [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Presents the company's financial position, detailing assets, liabilities, and equity as of September 30, 2023, and December 31, 2022 | ASSETS (in thousands) | Sep 30, 2023 | Dec 31, 2022 | | :---------------------- | :----------- | :----------- | | Cash and cash equivalents | $223,453 | $76,588 | | Restricted cash | $22,708 | $16,682 | | Inventory | $1,462,264 | $1,422,680 | | Total assets | $1,866,646 | $1,655,675 | | **LIABILITIES AND EQUITY** | | | | Total liabilities | $569,763 | $543,621 | | Total equity | $1,261,647 | $1,082,815 | | Total liabilities and equity | $1,866,646 | $1,655,675 | - Total assets increased by **$210.97 million** (12.7%) from December 31, 2022, to September 30, 2023, primarily driven by a significant increase in cash and cash equivalents[7](index=7&type=chunk) [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) Details the company's revenues, gross profit, net income, and earnings per share for the three and nine months ended September 30, 2023 and 2022 | (in thousands, except per share data) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :------------------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Total revenues | $418,978 | $407,944 | $1,327,328 | $1,326,704 | | Total gross profit | $139,013 | $133,319 | $406,554 | $410,571 | | Income before income taxes | $98,086 | $97,596 | $289,470 | $318,511 | | Net income attributable to Green Brick Partners, Inc. | $72,156 | $73,520 | $211,606 | $236,353 | | Basic EPS | $1.58 | $1.58 | $4.60 | $4.86 | | Diluted EPS | $1.56 | $1.57 | $4.55 | $4.82 | - For the three months ended September 30, 2023, total revenues increased by **2.7% YoY**, while net income attributable to Green Brick Partners, Inc. decreased by **1.9% YoY**. Basic EPS remained flat at **$1.58**[9](index=9&type=chunk) - For the nine months ended September 30, 2023, total revenues saw a marginal increase of **0.05% YoY**, but net income attributable to Green Brick Partners, Inc. decreased by **10.47% YoY**, and diluted EPS decreased by **5.6% YoY**[9](index=9&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Outlines changes in stockholders' equity, including net income, stock repurchases, and distributions, for the periods ended September 30, 2023 and 2022 | (in thousands, except share data) | Sep 30, 2023 (3 months) | Sep 30, 2022 (3 months) | | :-------------------------------- | :---------------------- | :---------------------- | | Balance at June 30 | $1,190,225 | $963,495 | | Net income | $75,439 | $78,979 | | Distributions | $(3,000) | $0 | | Balance at September 30 | $1,261,647 | $1,030,803 | | (in thousands, except share data) | Sep 30, 2023 (9 months) | Sep 30, 2022 (9 months) | | :-------------------------------- | :---------------------- | :---------------------- | | Balance at Dec 31 | $1,082,815 | $888,694 | | Net income | $221,185 | $249,488 | | Stock repurchases | $(27,991) | $(101,463) | | Distributions | $(14,056) | $(5,718) | | Balance at September 30 | $1,261,647 | $1,030,803 | - Total equity increased from **$1,082,815 thousand** at December 31, 2022, to **$1,261,647 thousand** at September 30, 2023, primarily due to net income, partially offset by stock repurchases and distributions[13](index=13&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Summarizes cash flows from operating, investing, and financing activities for the nine months ended September 30, 2023 and 2022 | (in thousands) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :------------- | :----------------------------- | :----------------------------- | | Net cash provided by operating activities | $232,699 | $31,340 | | Net cash used in investing activities | $(9,999) | $(4,946) | | Net cash used in financing activities | $(69,809) | $(53,006) | | Net increase (decrease) in cash and cash equivalents and restricted cash | $152,891 | $(26,612) | | Cash and cash equivalents and restricted cash, end of period | $246,161 | $66,942 | - Net cash provided by operating activities significantly increased to **$232.7 million** for the nine months ended September 30, 2023, compared to **$31.3 million** in the prior year, primarily driven by cash generated from business operations[15](index=15&type=chunk)[135](index=135&type=chunk) - Cash and cash equivalents and restricted cash at the end of the period increased substantially to **$246.2 million**, up from **$66.9 million** in the prior year[15](index=15&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Provides detailed explanations and disclosures for the financial statements, covering accounting policies, inventory, debt, and equity [1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES](index=8&type=section&id=1.%20SUMMARY%20OF%20SIGNIFICANT%20ACCOUNTING%20POLICIES) Outlines the key accounting principles and methods used in preparing the financial statements, including consolidation and recent pronouncements - The financial statements are prepared in accordance with GAAP and SEC regulations, reflecting all normal, recurring adjustments. Operating results for the reported periods are not necessarily indicative of future results due to seasonal variations[17](index=17&type=chunk)[18](index=18&type=chunk) - The Company consolidates its controlled subsidiaries and VIEs where it is the primary beneficiary, using the equity method for unconsolidated entities with significant influence[19](index=19&type=chunk)[20](index=20&type=chunk) - Recent accounting pronouncements did not have a material impact on the condensed consolidated financial statements[23](index=23&type=chunk) [2. INVENTORY](index=9&type=section&id=2.%20INVENTORY) Details the composition and valuation of inventory, including homes, land, and lots, and reports on impairment assessments | Inventory (in thousands) | Sep 30, 2023 | Dec 31, 2022 | | :----------------------- | :----------- | :----------- | | Homes completed or under construction | $535,334 | $603,953 | | Land and lots - developed and under development | $874,436 | $768,194 | | Land held for future development | $48,991 | $48,369 | | Land held for sale | $3,503 | $2,164 | | Total inventory | $1,462,264 | $1,422,680 | - Total inventory increased by **$39.58 million** (2.8%) from December 31, 2022, to September 30, 2023, primarily due to an increase in land and lots under development[24](index=24&type=chunk) - No impairment adjustments were recorded for communities or land inventory for the three and nine months ended September 30, 2023 and 2022[25](index=25&type=chunk) [3. INVESTMENT IN UNCONSOLIDATED ENTITIES](index=9&type=section&id=3.%20INVESTMENT%20IN%20UNCONSOLIDATED%20ENTITIES) Reports on the company's investments in unconsolidated entities and its share of their net earnings, including details on joint ventures | Investment (in thousands) | Sep 30, 2023 | Dec 31, 2022 | | :------------------------ | :----------- | :----------- | | GB Challenger, LLC | $49,186 | $49,897 | | GBTM Sendera, LLC | $19,530 | $14,319 | | EJB River Holdings, LLC | $10,398 | $8,554 | | BHome Mortgage, LLC | $1,096 | $1,147 | | Green Brick Mortgage, LLC | $0 | $307 | | Total investment | $80,210 | $74,224 | | Company's Share in Net Earnings (in thousands) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--------------------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | GB Challenger, LLC | $(71) | $5,196 | $7,441 | $16,282 | | EJB River Holdings, LLC | $770 | $203 | $1,844 | $1,587 | | BHome Mortgage, LLC | $646 | $145 | $1,980 | $1,055 | | Green Brick Mortgage, LLC | $0 | $153 | $0 | $983 | | Total net earnings from unconsolidated entities | $1,345 | $5,697 | $11,265 | $19,907 | - The Green Brick Mortgage joint venture was terminated as of September 30, 2023, resulting in a de minimis loss upon dissolution[27](index=27&type=chunk) - Equity in income of unconsolidated entities decreased significantly by **76.4%** for the three months ended September 30, 2023, primarily due to inventory impairments recorded by GB Challenger, LLC[29](index=29&type=chunk)[107](index=107&type=chunk) [4. ACCRUED EXPENSES](index=11&type=section&id=4.%20ACCRUED%20EXPENSES) Provides a breakdown of accrued expenses, including reserves for real estate development, warranties, and property taxes | Accrued Expenses (in thousands) | Sep 30, 2023 | Dec 31, 2022 | | :------------------------------ | :----------- | :----------- | | Real estate development reserve to complete | $31,692 | $28,790 | | Warranty reserve | $22,009 | $17,940 | | Accrued property tax payable | $17,186 | $4,040 | | Accrued compensation | $16,407 | $13,910 | | Other accrued expenses | $23,615 | $26,570 | | Total accrued expenses | $110,909 | $91,280 | - Total accrued expenses increased by **$19.63 million** (21.5%) from December 31, 2022, to September 30, 2023, largely driven by increases in real estate development reserve to complete and accrued property tax payable[31](index=31&type=chunk) | Warranty Accrual Activity (in thousands) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--------------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Warranty accrual, beginning of period | $20,824 | $12,065 | $17,945 | $9,378 | | Warranties issued | $2,568 | $1,923 | $7,489 | $6,134 | | Payments made | $(1,440) | $(1,161) | $(4,033) | $(3,101) | | Warranty accrual, end of period | $22,009 | $14,906 | $22,009 | $14,906 | [5. DEBT](index=11&type=section&id=5.%20DEBT) Details the company's debt structure, including revolving credit facilities and senior unsecured notes, and confirms compliance with financial covenants | Borrowings on Lines of Credit (in thousands) | Sep 30, 2023 | Dec 31, 2022 | | :------------------------------------------- | :----------- | :----------- | | Secured Revolving Credit Facility | $0 | $0 |\ | Unsecured Revolving Credit Facility | $0 | $20,000 | | Debt issuance costs, net of amortization | $(1,983) | $(2,605) | | Total borrowings on lines of credit, net | $(1,983) | $17,395 | - The Company had no outstanding amounts under its Secured Revolving Credit Facility (**$35.0 million** commitment) and Unsecured Revolving Credit Facility (**$325.0 million** commitment) as of September 30, 2023[35](index=35&type=chunk)[36](index=36&type=chunk)[137](index=137&type=chunk)[138](index=138&type=chunk) | Senior Unsecured Notes (in thousands) | Sep 30, 2023 | Dec 31, 2022 | | :------------------------------------ | :----------- | :----------- | | 4.00% 2026 Notes | $75,000 | $75,000 | | 3.35% 2027 Notes | $37,500 | $37,500 | | 3.25% 2028 Notes | $125,000 | $125,000 | | 3.25% 2029 Notes | $100,000 | $100,000 | | Debt issuance costs, net | $(1,388) | $(1,670) | | Total senior unsecured notes, net | $336,112 | $335,820 | - The Company was in compliance with all specific financial covenants as of September 30, 2023, including an interest coverage ratio of **29.34 to 1.0** (minimum 2.0 to 1.0) and a debt to total capitalization rolling average ratio of **22.8%** (maximum 40.0%)[42](index=42&type=chunk)[140](index=140&type=chunk) [6. REDEEMABLE NONCONTROLLING INTEREST](index=13&type=section&id=6.%20REDEEMABLE%20NONCONTROLLING%20INTEREST) Explains the nature and changes in the redeemable noncontrolling interest, including net income attribution and fair value adjustments - The redeemable noncontrolling interest relates to a **20%** minority interest in GRBK GHO Homes, LLC[44](index=44&type=chunk) - On March 23, 2023, the put and purchase options for GRBK GHO were extended from April 2024 to April 2027[45](index=45&type=chunk) | Redeemable Noncontrolling Interest (in thousands) | Sep 30, 2023 (3 months) | Sep 30, 2022 (3 months) | Sep 30, 2023 (9 months) | Sep 30, 2022 (9 months) | | :------------------------------------------------ | :---------------------- | :---------------------- | :---------------------- | :---------------------- | | Beginning of period | $32,995 | $22,001 | $29,239 | $21,867 | | Net income attributable | $1,672 | $1,654 | $5,131 | $3,345 | | Distributions of income | $0 | $0 | $(1,840) | $0 | | Change in fair value | $569 | $2,005 | $2,706 | $448 | | End of period | $35,236 | $25,660 | $35,236 | $25,660 | [7. STOCKHOLDERS' EQUITY](index=13&type=section&id=7.%20STOCKHOLDERS%27%20EQUITY) Discusses changes in stockholders' equity, including share repurchase programs and dividends paid on preferred stock - The Company completed its 2021 Share Repurchase Program in April 2022, repurchasing 1,193,037 shares for approximately **$25.8 million**[47](index=47&type=chunk) - Under the 2022 Repurchase Plan, the Company repurchased 803,591 shares for approximately **$27.7 million** during the nine months ended September 30, 2023. As of September 30, 2023, **$21.0 million** remained available under this plan[48](index=48&type=chunk)[49](index=49&type=chunk) - A new 2023 Repurchase Plan was approved on April 27, 2023, authorizing an additional **$100.0 million** in share repurchases upon completion of the 2022 plan[50](index=50&type=chunk) - Dividends paid on Series A preferred stock were **$0.7 million** for the three months and **$2.2 million** for the nine months ended September 30, 2023[53](index=53&type=chunk) [8. SHARE-BASED COMPENSATION](index=14&type=section&id=8.%20SHARE-BASED%20COMPENSATION) Details share-based award activity, including grants, vesting, and forfeiture, and reports on related compensation expense | Share-Based Award Activity (in thousands) | Number of Shares | Weighted Average Grant Date Fair Value per Share | | :---------------------------------------- | :--------------- | :--------------------------------------------- | | Nonvested, December 31, 2022 | 38 | $23.94 | | Granted | 184 | $33.78 | | Vested | (129) | $31.15 | | Forfeited | (1) | $32.35 | | Nonvested, September 30, 2023 | 92 | $33.38 | - Share-based compensation expense was **$0.3 million** for the three months and **$6.3 million** for the nine months ended September 30, 2023, an increase from **$0.2 million** and **$3.3 million** respectively in the prior year periods[59](index=59&type=chunk) - As of September 30, 2023, **$2.0 million** of unamortized share-based compensation expense remains, expected to be recognized over a weighted-average period of 1.8 years[60](index=60&type=chunk) [9. REVENUE RECOGNITION](index=16&type=section&id=9.%20REVENUE%20RECOGNITION) Provides a disaggregation of total revenues by residential units and land/lots, highlighting changes in revenue streams and customer deposits | Revenue Disaggregation (in thousands) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | | :------------------------------------ | :------------------------------ | :------------------------------ | | Residential units revenue | $415,923 | $396,749 | | Land and lots revenue | $3,055 | $11,195 | | Total revenues | $418,978 | $407,944 | | Revenue Disaggregation (in thousands) | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :------------------------------------ | :----------------------------- | :----------------------------- | | Residential units revenue | $1,320,730 | $1,273,925 | | Land and lots revenue | $6,598 | $52,779 | | Total revenues | $1,327,328 | $1,326,704 | - Residential units revenue increased by **4.8%** for the three months and **3.7%** for the nine months ended September 30, 2023, while land and lots revenue significantly decreased by **72.7%** and **87.5%** respectively[62](index=62&type=chunk)[64](index=64&type=chunk) - Customer and builder deposits increased from **$29.1 million** at December 31, 2022, to **$47.2 million** at September 30, 2023, reflecting timing differences between payments and home delivery[65](index=65&type=chunk) [10. SEGMENT INFORMATION](index=18&type=section&id=10.%20SEGMENT%20INFORMATION) Presents disaggregated financial data for the company's operating segments, including builder operations (Central and Southeast) and land development | Revenues by Segment (in thousands) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :--------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Builder operations - Central | $293,640 | $259,033 | $960,258 | $885,611 | | Builder operations - Southeast | $122,758 | $144,961 | $360,947 | $395,677 | | Land development | $2,580 | $3,950 | $6,123 | $45,416 | | Total revenues | $418,978 | $407,944 | $1,327,328 | $1,326,704 | | Gross Profit by Segment (in thousands) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :------------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Builder operations - Central | $108,699 | $94,122 | $318,982 | $311,694 | | Builder operations - Southeast | $40,931 | $47,493 | $120,128 | $116,543 | | Land development | $737 | $1,610 | $2,283 | $12,852 | | Corporate, other and unallocated | $(11,354) | $(9,906) | $(34,839) | $(30,518) | | Total gross profit | $139,013 | $133,319 | $406,554 | $410,571 | - Central builder operations revenue and gross profit increased for both three and nine-month periods, while Southeast builder operations revenue and gross profit decreased[67](index=67&type=chunk) - Land development revenue and gross profit significantly decreased for both periods, reflecting opportunistic sales to other homebuilders[67](index=67&type=chunk) [11. INCOME TAXES](index=19&type=section&id=11.%20INCOME%20TAXES) Reports on income tax expense and the effective tax rate, explaining the factors influencing changes in tax rates | Income Tax (in thousands) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :------------------------ | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Income tax expense | $20,975 | $16,963 | $63,154 | $65,678 | | Effective tax rate | 21.4% | 17.4% | 21.8% | 20.6% | - The effective tax rate increased for both the three and nine months ended September 30, 2023, primarily due to changes in the benefit of the 45L Energy Efficient Home Credit, with fewer homes qualifying in 2023[69](index=69&type=chunk) [12. EARNINGS PER SHARE](index=19&type=section&id=12.%20EARNINGS%20PER%20SHARE) Details basic and diluted earnings per share calculations and the factors affecting changes in EPS for the reported periods | EPS (in thousands, except per share amounts) | Three Months Ended Sep 30, 2023 | Three Months Ended Sep 30, 2022 | Nine Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2022 | | :------------------------------------------- | :------------------------------ | :------------------------------ | :----------------------------- | :----------------------------- | | Net income applicable to common stockholders | $71,437 | $72,801 | $209,450 | $234,197 | | Basic EPS | $1.58 | $1.58 | $4.60 | $4.86 | | Diluted EPS | $1.56 | $1.57 | $4.55 | $4.82 | - Basic EPS remained flat at **$1.58** for the three months ended September 30, 2023, compared to the prior year, while diluted EPS slightly decreased[72](index=72&type=chunk) - For the nine months ended September 30, 2023, basic EPS decreased by **$0.26** and diluted EPS decreased by **$0.27** compared to the prior year[72](index=72&type=chunk) [13. FAIR VALUE MEASUREMENTS](index=20&type=section&id=13.%20FAIR%20VALUE%20MEASUREMENTS) Describes the fair value hierarchy and measurements for financial instruments, including cash, receivables, and debt - The fair value of Level 1 financial instruments (cash, receivables, deposits, payables, accrued expenses) does not materially differ from their carrying values due to their short-term nature[74](index=74&type=chunk) - Level 2 financial instruments include borrowings on lines of credit, senior unsecured notes, and notes payable. The estimated fair value of senior unsecured notes was **$311.1 million** as of September 30, 2023, compared to an aggregate principal balance of **$337.5 million**[75](index=75&type=chunk) [14. RELATED PARTY TRANSACTIONS](index=21&type=section&id=14.%20RELATED%20PARTY%20TRANSACTIONS) Discloses transactions with related parties, including a subsidiary where the CEO's son is president, and services from affiliated entities - Green Brick's CEO's son is the President of CLH20, LLC (Centre Living), in which Green Brick holds a **90%** ownership and voting control[78](index=78&type=chunk) - GRBK GHO leases office space and receives title closing services from affiliated entities, incurring de minimis rent and fees for the three and nine months ended September 30, 2023[79](index=79&type=chunk)[80](index=80&type=chunk) [15. COMMITMENTS AND CONTINGENCIES](index=21&type=section&id=15.%20COMMITMENTS%20AND%20CONTINGENCIES) Outlines the company's commitments, including letters of credit, operating lease obligations, and legal claims - Outstanding letters of credit and performance bonds were **$10.0 million** as of September 30, 2023, up from **$5.0 million** at December 31, 2022[81](index=81&type=chunk) | Future Annual Undiscounted Cash Flows for Operating Leases (in thousands) | | :---------------------------------------------------------------------- | | Remainder of 2023: $161 | | 2024: $1,225 | | 2025: $1,618 | | 2026: $1,533 | | 2027: $1,501 | | Thereafter: $4,287 | | Total future lease payments: $10,325 | - The Company accrues for legal claims and regulatory matters when probable and estimable, believing their disposition will not materially adversely affect operations or financial condition[87](index=87&type=chunk)[88](index=88&type=chunk) [ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS](index=24&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section provides management's perspective on the Company's financial performance and condition, highlighting key operating metrics, revenue and gross margin trends, and liquidity. It details the drivers behind changes in residential unit sales, new home orders, and land sales, and discusses the Company's capital resources and debt management strategies [Overview and Outlook](index=24&type=section&id=Overview%20and%20Outlook) Provides a high-level summary of key financial and operating metrics, highlighting performance drivers and market conditions | Key Financial and Operating Metrics | Three Months Ended Sep 30, 2023 | Nine Months Ended Sep 30, 2023 | | :---------------------------------- | :------------------------------ | :----------------------------- | | Home deliveries | Increased by 16.0% | Increased by 5.0% | | Home closings revenue | Increased by 5.3% | Increased by 4.0% | | Average sales price of homes delivered | Decreased by 9.2% | Decreased by 0.9% | | Net new home orders | Increased by 95.0% | Increased by 72.7% | - Strong performance in home deliveries, home closings revenue, and net new home orders is attributed to superior infill locations, reduced cycle times, and low housing supply[94](index=94&type=chunk) - The decrease in average sales price of homes delivered is due to an increased percentage of Trophy Signature Homes closed and changes in product mix[94](index=94&type=chunk) [Three Months Ended September 30, 2023 Compared to the Three Months Ended September 30, 2022](index=24&type=section&id=Three%20Months%20Ended%20September%2030%2C%202023%20Compared%20to%20the%20Three%20Months%20Ended%20September%2030%2C%202022) Analyzes the company's financial performance for the three-month period, comparing key revenue, order, and expense metrics year-over-year [Residential Units Revenue and New Homes Delivered](index=24&type=section&id=Residential%20Units%20Revenue%20and%20New%20Homes%20Delivered) Examines the drivers of residential unit revenue, including changes in new home deliveries and average sales prices | (dollars in thousands) | 2023 | 2022 | Change | % Change | | :--------------------- | :---------- | :---------- | :---------- | :------- | | Home closings revenue | $415,827 | $394,731 | $21,096 | 5.3% | | Residential units revenue | $415,923 | $396,749 | $19,174 | 4.8% | | New homes delivered | 754 | 650 | 104 | 16.0% | | Average sales price of homes delivered | $551.5 | $607.3 | $(55.8) | (9.2)% | - The **4.8%** increase in residential units revenue was primarily driven by a **16.0%** increase in new homes delivered, partially offset by a **9.2%** decrease in the average sales price[95](index=95&type=chunk) [New Home Orders and Backlog](index=25&type=section&id=New%20Home%20Orders%20and%20Backlog) Discusses trends in net new home orders, cancellation rates, and the resulting impact on the sales backlog | (dollars in thousands) | 2023 | 2022 | Change | % Change | | :--------------------- | :---------- | :---------- | :---------- | :------- | | Net new home orders | 788 | 404 | 384 | 95.0% | | Revenue from net new home orders | $452,436 | $251,276 | $201,160 | 80.1% | | Average selling price of net new home orders | $574.2 | $622.0 | $(47.8) | (7.7)% | | Cancellation rate | 6.1% | 17.6% | (11.5)% | (65.3)% | | Backlog | $622,560 | $564,026 | $58,534 | 10.4% | | Backlog units | 916 | 841 | 75 | 8.9% | - Net new home orders increased by **95.0%** year-over-year, driven by limited competition, improved homebuyer sentiment, and low inventory[96](index=96&type=chunk) - The cancellation rate significantly decreased to **6.1%** from **17.6%** in the prior year, indicating improved market stability[96](index=96&type=chunk)[99](index=99&type=chunk) [Residential Units Gross Margin](index=26&type=section&id=Residential%20Units%20Gross%20Margin) Analyzes the residential units gross margin, identifying factors influencing profitability, such as sales and construction costs | (dollars in thousands) | 2023 | % | 2022 | % | | :--------------------- | :---------- | :---------- | :---------- | :---------- | | Home closings revenue | $415,827 | 100.0% | $394,731 | 100.0% | | Cost of homebuilding units | $277,400 | 66.7% | $266,870 | 67.6% | | Homebuilding gross margin | $138,427 | 33.3% | $127,861 | 32.4% | | Residential units gross margin | $138,477 | 33.3% | $128,213 | 32.3% | - Residential units gross margin increased to **33.3%** for the three months ended September 30, 2023, up from **32.3%** in the prior year, driven by strong sales, lower construction costs, and limited competition[101](index=101&type=chunk) [Land and Lots Revenue](index=26&type=section&id=Land%20and%20Lots%20Revenue) Reviews the performance of land and lots revenue, including changes in sales volume and average sales prices | (dollars in thousands) | 2023 | 2022 | Change | % Change | | :--------------------- | :---------- | :---------- | :---------- | :------- | | Lots revenue | $2,026 | $3,991 | $(1,965) | (49.2)% | | Land revenue | $1,029 | $7,204 | $(6,175) | (85.7)% | | Land and lots revenue | $3,055 | $11,195 | $(8,140) | (72.7)% | | Lots closed | 19 | 57 | (38) | (66.7)% | | Average sales price of lots closed | $106.6 | $70.0 | $36.6 | 52.3% | - Land and lots revenue decreased by **72.7%**, primarily due to a **66.7%** decrease in lots closed, partially offset by a **52.3%** increase in the average sales price of lots closed[102](index=102&type=chunk) [Selling, General and Administrative Expenses](index=27&type=section&id=Selling%2C%20General%20and%20Administrative%20Expenses) Examines the trends in selling, general and administrative expenses and their impact on overall revenue percentage | (dollars in thousands) | 2023 | % of Revenue | 2022 | % of Revenue | | :--------------------- | :---------- | :----------- | :---------- | :----------- | | Total SG&A expenses | $46,884 | 11.2% | $43,251 | 10.6% | - Selling, general and administrative expenses as a percentage of revenue increased by **0.6%** for the three months ended September 30, 2023, mainly due to an increase in brokerage commissions[104](index=104&type=chunk)[105](index=105&type=chunk) [Equity in Income of Unconsolidated Entities](index=27&type=section&id=Equity%20in%20Income%20of%20Unconsolidated%20Entities) Reports on the company's share of income from unconsolidated entities and the factors affecting its changes - Equity in income of unconsolidated entities decreased by **76.4%** to **$1.3 million**, primarily due to inventory impairments recorded by GB Challenger, LLC[107](index=107&type=chunk) [Other Income, Net](index=27&type=section&id=Other%20Income%2C%20Net) Details the components of other income, net, including interest income and forfeited customer deposits - Other income, net, increased to **$4.6 million** from **$1.8 million**, driven by higher interest income and forfeited customer deposits[108](index=108&type=chunk) [Income Tax Expense](index=27&type=section&id=Income%20Tax%20Expense) Discusses the income tax expense and the factors influencing its changes, such as tax credits - Income tax expense increased to **$21.0 million** from **$17.0 million**, primarily due to the recognition of additional Section 45L credits in the prior year period following the Inflation Reduction Act of 2022[109](index=109&type=chunk) [Nine Months Ended September 30, 2023 Compared to the Nine Months Ended September 30, 2022](index=28&type=section&id=Nine%20Months%20Ended%20September%2030%2C%202023%20Compared%20to%20the%20Nine%20Months%20Ended%20September%2030%2C%202022) Provides a comprehensive analysis of the company's financial performance for the nine-month period, comparing key metrics year-over-year [Residential Units Revenue and New Homes Delivered](index=28&type=section&id=Residential%20Units%20Revenue%20and%20New%20Homes%20Delivered) Analyzes the drivers of residential unit revenue, including changes in new home deliveries and average sales prices | (dollars in thousands) | 2023 | 2022 | Change | % Change | | :--------------------- | :------------ | :------------ | :------------ | :------- | | Home closings revenue | $1,319,393 | $1,268,329 | $51,064 | 4.0% | | Residential units revenue | $1,320,730 | $1,273,925 | $46,805 | 3.7% | | New homes delivered | 2,298 | 2,189 | 109 | 5.0% | | Average sales price of homes delivered | $574.1 | $579.4 | $(5.3) | (0.9)% | - Residential units revenue increased by **3.7%** for the nine months ended September 30, 2023, driven by a **5.0%** increase in new homes delivered, partially offset by a **0.9%** decrease in average sales price due to product mix[111](index=111&type=chunk) [New Home Orders](index=28&type=section&id=New%20Home%20Orders) Discusses trends in net new home orders, absorption rates, and cancellation rates for the nine-month period | (dollars in thousands) | 2023 | 2022 | Change | % Change | | :--------------------- | :------------ | :------------ | :------------ | :------- | | Net new home orders | 2,677 | 1,550 | 1,127 | 72.7% | | Revenue from net new home orders | $1,572,859 | $962,497 | $610,362 | 63.4% | | Average selling price of net new home orders | $587.5 | $621.0 | $(33.5) | (5.4)% | | Cancellation rate | 6.5% | 11.8% | (5.3)% | (44.9)% | - Net new home orders increased by **72.7%** year-over-year, and the absorption rate per average active selling community increased by **58.8%**, attributed to limited competition, increased spec homes, and improved homebuyer sentiment[112](index=112&type=chunk) - The cancellation rate decreased to **6.5%** from **11.8%** in the prior year period[112](index=112&type=chunk)[113](index=113&type=chunk) [Residential Units Gross Margin](index=29&type=section&id=Residential%20Units%20Gross%20Margin) Examines the residential units gross margin, identifying factors influencing profitability, such as sales and construction costs | (dollars in thousands) | 2023 | % | 2022 | % | | :--------------------- | :------------ | :---------- | :------------ | :---------- | | Home closings revenue | $1,319,393 | 100.0% | $1,268,329 | 100.0% | | Cost of homebuilding units | $914,749 | 69.3% | $874,389 | 68.9% | | Homebuilding gross margin | $404,644 | 30.7% | $393,940 | 31.1% | | Residential units gross margin | $405,130 | 30.7% | $394,817 | 31.0% | - Residential units gross margin for the nine months ended September 30, 2023, was **30.7%**, a slight decrease from **31.0%** in the prior year[114](index=114&type=chunk) [Land and Lots Revenue](index=29&type=section&id=Land%20and%20Lots%20Revenue) Reviews the performance of land and lots revenue, including changes in sales volume and average sales prices | (dollars in thousands) | 2023 | 2022 | Change | % Change | | :--------------------- | :---------- | :---------- | :------------ | :------- | | Lots revenue | $5,569 | $18,027 | $(12,458) | (69.1)% | | Land revenue | $1,029 | $34,752 | $(33,723) | (97.0)% | | Land and lots revenue | $6,598 | $52,779 | $(46,181) | (87.5)% | | Lots closed | 55 | 274 | (219) | (79.9)% | | Average sales price of lots closed | $101.3 | $65.8 | $35.5 | 54.0% | - Land and lots revenue decreased by **87.5%** for the nine months ended September 30, 2023, primarily due to a **79.9%** decrease in lots closed and a **97.0%** decrease in land revenue[115](index=115&type=chunk) [Selling, General and Administrative Expenses](index=29&type=section&id=Selling%2C%20General%20and%20Administrative%20Expenses) Examines the trends in selling, general and administrative expenses and their impact on overall revenue percentage | (dollars in thousands) | 2023 | % of Revenue | 2022 | % of Revenue | | :--------------------- | :------------ | :----------- | :------------ | :----------- | | Total SG&A expenses | $142,058 | 10.7% | $119,314 | 9.0% | - Selling, general and administrative expenses as a percentage of revenue increased by **1.7%** for the nine months ended September 30, 2023, mainly due to an increase in brokerage commissions[117](index=117&type=chunk)[118](index=118&type=chunk) [Equity in Income of Unconsolidated Entities](index=30&type=section&id=Equity%20in%20Income%20of%20Unconsolidated%20Entities) Reports on the company's share of income from unconsolidated entities and the factors affecting its changes - Equity in income of unconsolidated entities decreased by **43.4%** to **$11.3 million**, primarily due to inventory impairments at GB Challenger, LLC[120](index=120&type=chunk) [Other Income, Net](index=30&type=section&id=Other%20Income%2C%20Net) Details the components of other income, net, including interest income and forfeited customer deposits - Other income, net, increased to **$13.7 million** from **$7.3 million**, driven by higher interest income and forfeited customer deposits[121](index=121&type=chunk) [Income Tax Expense](index=30&type=section&id=Income%20Tax%20Expense) Discusses the income tax expense and the factors influencing its changes, such as tax credits - Income tax expense decreased to **$63.2 million** from **$65.7 million**, primarily due to lower taxable income and return to provision differences[122](index=122&type=chunk) [Lots Owned and Controlled](index=31&type=section&id=Lots%20Owned%20and%20Controlled) Provides an overview of the company's land inventory, including owned and controlled lots, and the percentage of self-developed lots | Lots Owned and Controlled | Sep 30, 2023 | Dec 31, 2022 | | :------------------------ | :----------- | :----------- | | Total lots owned | 21,159 | 21,481 | | Total lots controlled | 5,060 | 4,046 | | Total lots owned and controlled | 26,219 | 25,527 | | Percentage of lots owned | 80.7% | 84.2% | | Self-developed lots as a percentage of total lots owned and controlled | 94.8% | 91.3% | - Total lots owned and controlled increased to **26,219** as of September 30, 2023, from **25,527** at December 31, 2022, with a notable increase in controlled lots[125](index=125&type=chunk) - The percentage of self-developed lots as a percentage of total lots owned and controlled increased to **94.8%** from **91.3%**, indicating a greater focus on internal development[127](index=127&type=chunk) [Liquidity and Capital Resources Overview](index=31&type=section&id=Liquidity%20and%20Capital%20Resources%20Overview) Summarizes the company's liquidity position, including cash, debt, and capitalization ratios, and outlines capital management strategies - Unrestricted cash and cash equivalents increased significantly to **$223.5 million** as of September 30, 2023, from **$76.6 million** at December 31, 2022[128](index=128&type=chunk) - The Company's debt to total capitalization ratio was **21.8%**, and the net debt to total capitalization ratio was **9.0%** as of September 30, 2023, indicating a strong financial position[131](index=131&type=chunk)[133](index=133&type=chunk) - The Company targets a debt to total capitalization ratio of approximately **30% to 35%** to provide significant additional growth capital[131](index=131&type=chunk) [Reconciliation of a Non-GAAP Financial Measure](index=32&type=section&id=Reconciliation%20of%20a%20Non-GAAP%20Financial%20Measure) Provides a reconciliation of net debt to total capitalization, a non-GAAP financial measure, and explains its relevance - Net debt to total capitalization ratio is a non-GAAP measure used to evaluate the Company's financing structure and compare it with industry peers[132](index=132&type=chunk) | (in thousands) | 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 | $0 | $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% | [Cash Flows](index=32&type=section&id=Cash%20Flows) Details the sources and uses of cash from operating, investing, and financing activities for the nine-month period - Net cash provided by operating activities for the nine months ended September 30, 2023, was **$232.7 million**, a significant increase from **$31.3 million** in the prior year[135](index=135&type=chunk) - Net cash used in investing activities increased to **$10.0 million**, primarily for investments in unconsolidated entities[135](index=135&type=chunk) - Net cash used in financing activities was **$69.8 million**, mainly due to share repurchases (**$28.0 million**), net repayments of lines of credit (**$20.0 million**), and distributions to noncontrolling interests (**$14.1 million**)[135](index=135&type=chunk)[136](index=136&type=chunk) [Debt Instruments](index=33&type=section&id=Debt%20Instruments) Provides an overview of the company's debt instruments, including revolving credit facilities and senior unsecured notes, and confirms covenant compliance - The Company had no outstanding amounts under its Secured Revolving Credit Facility (**$35.0 million** commitment) and Unsecured Revolving Credit Facility (**$325.0 million** commitment) as of September 30, 2023[137](index=137&type=chunk)[138](index=138&type=chunk) - Aggregate principal amount of senior unsecured notes outstanding was **$336.1 million** as of September 30, 2023[139](index=139&type=chunk) - The Company was in compliance with all debt covenants, including an interest coverage ratio of **29.34 to 1.0** and a maximum debt to total capitalization rolling average ratio of **22.8%**[140](index=140&type=chunk) [Preferred Equity](index=33&type=section&id=Preferred%20Equity) Details the outstanding Series A Cumulative Perpetual Preferred Stock and the dividends declared and paid - As of September 30, 2023, 2,000,000 Depositary Shares of **5.75%** Series A Cumulative Perpetual Preferred Stock were outstanding[141](index=141&type=chunk) - Dividends of **$2.2 million** were paid on Series A Preferred Stock during the nine months ended September 30, 2023[142](index=142&type=chunk) - A quarterly cash dividend of **$0.359** per depositary share was declared on October 26, 2023, payable on December 15, 2023[142](index=142&type=chunk) [Off-Balance Sheet Arrangements and Contractual Obligations](index=34&type=section&id=Off-Balance%20Sheet%20Arrangements%20and%20Contractual%20Obligations) Describes the company's off-balance sheet arrangements, including land purchase and option contracts, and associated earnest money deposits - The Company uses land purchase and option contracts to acquire lots, typically requiring earnest money deposits and contingent upon development entitlements[143](index=143&type=chunk)[144](index=144&type=chunk) - As of September 30, 2023, the Company had **$15.8 million** in earnest money deposits at risk for 3,937 lots with an aggregate purchase price of approximately **$223.6 million**[146](index=146&type=chunk) - The Company generally has the right to terminate these contracts by forfeiting the earnest money deposit[146](index=146&type=chunk) [Seasonality](index=34&type=section&id=Seasonality) Explains the seasonal nature of the homebuilding industry, affecting new home orders and deliveries - The homebuilding industry experiences seasonal fluctuations, with highest new home order activity in spring and summer[148](index=148&type=chunk) - More homes are typically delivered in the second half of the year, and cash receipts from home deliveries primarily occur during this period[148](index=148&type=chunk) [Critical Accounting Policies](index=34&type=section&id=Critical%20Accounting%20Policies) Refers to the detailed critical accounting policies outlined in the company's most recent Annual Report on Form 10-K - Critical accounting policies are detailed in the Company's Annual Report on Form 10-K for the year ended December 31, 2022[149](index=149&type=chunk) [Recent Accounting Pronouncements](index=34&type=section&id=Recent%20Accounting%20Pronouncements) States that recent accounting pronouncements did not have a material impact on the condensed consolidated financial statements - Recent accounting pronouncements did not have a material impact on the condensed consolidated financial statements[150](index=150&type=chunk) [ITEM 4. CONTROLS AND PROCEDURES](index=35&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) This section confirms the effectiveness of the Company's disclosure controls and procedures and reports no material changes in internal control over financial reporting during the quarter [Disclosure Controls and Procedures](index=35&type=section&id=Disclosure%20Controls%20and%20Procedures) Confirms the effectiveness of the company's disclosure controls and procedures as assessed by management - The CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of September 30, 2023, providing reasonable assurance for timely and accurate reporting[151](index=151&type=chunk) [Changes in Internal Control over Financial Reporting](index=35&type=section&id=Changes%20in%20Internal%20Control%20over%20Financial%20Reporting) Reports on any material changes in internal control over financial reporting during the quarter - No changes in internal control over financial reporting occurred during the three months ended September 30, 2023, that materially affected or are reasonably likely to materially affect internal control[152](index=152&type=chunk) [PART II. OTHER INFORMATION](index=36&type=section&id=PART%20II%20OTHER%20INFORMATION) This section includes additional information not covered in Part I, such as insider trading arrangements and a list of exhibits [ITEM 5. OTHER INFORMATION](index=36&type=section&id=ITEM%205.%20OTHER%20INFORMATION) This section reports on insider trading arrangements and policies, confirming no new arrangements were adopted or terminated by directors or officers during the quarter - No director or officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended September 30, 2023[155](index=155&type=chunk) [ITEM 6. EXHIBITS](index=36&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including certifications from the CEO and CFO under the Sarbanes-Oxley Act and XBRL-related documents - The report includes certifications from the CEO and CFO pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002[156](index=156&type=chunk) - XBRL Instance Document, Taxonomy Extension Schema, Calculation Linkbase, Definition Linkbase, Label Linkbase, and Presentation Linkbase Documents are submitted electronically[156](index=156&type=chunk) [SIGNATURES](index=37&type=section&id=SIGNATURES) This section contains the required signatures of the registrant's Chief Executive Officer and Chief Financial Officer, certifying the report's submission - The report is duly signed by James R. Brickman, Chief Executive Officer, and Richard A. Costello, Chief Financial Officer, on October 31, 2023[161](index=161&type=chunk)
Green Brick Partners(GRBK) - 2023 Q2 - Earnings Call Presentation
2023-08-03 20:31
1 2023 Second Quarter Forward Looking Statements This presentation and our conference 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," "s ...