Green Brick Partners(US:GRBK)2023-05-11 18:09Financial Performance - Residential units revenue increased by 23.5% year-over-year to $450.4 million in Q1 2023[41], a record for any first quarter - Diluted EPS was up 14.2% year-over-year to $1.37 in Q1 2023[42], a record for any first quarter - Homebuilding gross margin decreased slightly by 20 bps year-over-year to 27.6%, but increased sequentially by 140 bps[10] - Incentives on new orders in Q1 were reduced by 330bps sequentially[46] Strategic Positioning - Approximately 75% of the company's finished lots as of 12/31/23 are expected to be located in infill locations[48] - The company has one of the lowest debt-to-total capital ratios among peers at 23.8% as of 3/31/23[37], with a net debt-to-total capital ratio of 13.3%[37] - Average sales price of homes delivered was up 7.0% year-over-year to $590.6K, and average sales price of backlog was up 7.2% year-over-year to $653.1K as of 3/31/2023[9] Market Dynamics - Net new home orders increased 77.5% year-over-year in Q1 2023[61] - Cancellation rate dropped significantly from Q4 2022 to 6.2% in Q1 2023[13] - The company expects population segment growth to be approximately 3 million over the next 10 years[6]