Green Brick Partners, Inc. Reports Record Third Quarter 2024 Results
HOME CLOSINGS REVENUE OF
DILUTED EPS OF
NET
DEBT TO TOTAL CAPITAL OF 16.4%; NET DEBT TO TOTAL CAPITAL OF 12.5%
“We are pleased to report that we completed our best third quarter in history, highlighted by 25.7% home closings revenues growth year-over-year. During the third quarter, we delivered 956 homes with an average selling price of
“Net new orders in the third quarter picked up from the previous quarter and grew 11.3% year-over-year to 877 units,” continued
“Green Brick’s distinctive business model and strategy have yielded impressive results over the past decade. This has translated into exceptional returns for our stockholders, even while carrying land and lots on our balance sheet. Our year-to-date return on equity is 27.0%. This success is underpinned by our conservative balance sheet and financial discipline,” concluded
Results for the Quarter Ended |
|||||||||||
(Dollars in thousands, except per share data) |
Three Months Ended |
|
|
||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
||
New homes delivered |
|
956 |
|
|
|
754 |
|
|
|
26.8 |
% |
|
|
|
|
|
|
||||||
Total revenues |
$ |
523,660 |
|
|
$ |
418,978 |
|
|
|
25.0 |
% |
Total cost of revenues |
|
352,097 |
|
|
|
279,965 |
|
|
|
25.8 |
% |
Total gross profit |
$ |
171,563 |
|
|
$ |
139,013 |
|
|
|
23.4 |
% |
Income before income taxes |
$ |
118,976 |
|
|
$ |
98,086 |
|
|
|
21.3 |
% |
Net income attributable to |
$ |
89,111 |
|
|
$ |
72,156 |
|
|
|
23.5 |
% |
Diluted net income attributable to |
$ |
1.98 |
|
|
$ |
1.56 |
|
|
|
26.9 |
% |
|
|
|
|
|
|
||||||
Residential units revenue |
$ |
522,859 |
|
|
$ |
415,923 |
|
|
|
25.7 |
% |
Average sales price of homes delivered |
$ |
546.9 |
|
|
$ |
551.5 |
|
|
|
(0.8 |
)% |
Homebuilding gross margin percentage |
|
32.7 |
% |
|
|
33.3 |
% |
|
-60 bps |
||
Selling, general and administrative expenses as a percentage of residential units revenue |
|
11.0 |
% |
|
|
11.3 |
% |
|
-30 bps |
||
|
|
|
|
|
|
||||||
Backlog revenue |
$ |
581,848 |
|
|
$ |
622,560 |
|
|
$ |
(40,712 |
) |
Homes under construction |
|
2,330 |
|
|
|
1,934 |
|
|
|
20.5 |
% |
Results for the Nine Months Ended |
||||||||||
(Dollars in thousands, except per share data) |
Nine Months Ended |
|
|
|||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
New homes delivered |
|
2,764 |
|
|
|
2,298 |
|
|
20.3 |
% |
|
|
|
|
|
|
|||||
Total revenues |
$ |
1,531,629 |
|
|
$ |
1,327,328 |
|
|
15.4 |
% |
Total cost of revenues |
|
1,022,143 |
|
|
|
920,774 |
|
|
11.0 |
% |
Total gross profit |
$ |
509,486 |
|
|
$ |
406,554 |
|
|
25.3 |
% |
Income before income taxes |
$ |
373,786 |
|
|
$ |
289,470 |
|
|
29.1 |
% |
Net income attributable to |
$ |
277,770 |
|
|
$ |
211,606 |
|
|
31.3 |
% |
Diluted net income attributable to |
$ |
6.12 |
|
|
$ |
4.55 |
|
|
34.5 |
% |
|
|
|
|
|
|
|||||
Residential units revenue |
$ |
1,513,281 |
|
|
$ |
1,320,730 |
|
|
14.6 |
% |
Average sales price of homes delivered |
$ |
547.4 |
|
|
$ |
574.1 |
|
|
(4.7 |
)% |
Homebuilding gross margin percentage |
|
33.6 |
% |
|
|
30.7 |
% |
|
290 bps |
|
Selling, general and administrative expenses as a percentage of residential units revenue |
|
11.0 |
% |
|
|
10.8 |
% |
|
20 bps |
Earnings Conference Call:
We will host our earnings conference call to discuss our third quarter ended
A telephone replay of the call will be available through
|
||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||
(In thousands, except per share data) |
||||||||||||||||
(Unaudited) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Residential units revenue |
|
$ |
522,859 |
|
|
$ |
415,923 |
|
|
$ |
1,513,281 |
|
|
$ |
1,320,730 |
|
Land and lots revenue |
|
|
801 |
|
|
|
3,055 |
|
|
|
18,348 |
|
|
|
6,598 |
|
Total revenues |
|
|
523,660 |
|
|
|
418,978 |
|
|
|
1,531,629 |
|
|
|
1,327,328 |
|
Cost of residential units |
|
|
351,666 |
|
|
|
277,446 |
|
|
|
1,005,162 |
|
|
|
915,600 |
|
Cost of land and lots |
|
|
431 |
|
|
|
2,519 |
|
|
|
16,981 |
|
|
|
5,174 |
|
Total cost of revenues |
|
|
352,097 |
|
|
|
279,965 |
|
|
|
1,022,143 |
|
|
|
920,774 |
|
Total gross profit |
|
|
171,563 |
|
|
|
139,013 |
|
|
|
509,486 |
|
|
|
406,554 |
|
Selling, general and administrative expenses |
|
|
(57,740 |
) |
|
|
(46,884 |
) |
|
|
(165,912 |
) |
|
|
(142,058 |
) |
Equity in income of unconsolidated entities |
|
|
992 |
|
|
|
1,345 |
|
|
|
4,770 |
|
|
|
11,265 |
|
Other income, net |
|
|
4,161 |
|
|
|
4,612 |
|
|
|
25,442 |
|
|
|
13,709 |
|
Income before income taxes |
|
|
118,976 |
|
|
|
98,086 |
|
|
|
373,786 |
|
|
|
289,470 |
|
Income tax expense |
|
|
23,078 |
|
|
|
20,975 |
|
|
|
71,816 |
|
|
|
63,154 |
|
Net income |
|
|
95,898 |
|
|
|
77,111 |
|
|
|
301,970 |
|
|
|
226,316 |
|
Net income attributable to noncontrolling interests |
|
|
6,787 |
|
|
|
4,955 |
|
|
|
24,200 |
|
|
|
14,710 |
|
Net income attributable to |
|
$ |
89,111 |
|
|
$ |
72,156 |
|
|
$ |
277,770 |
|
|
$ |
211,606 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
1.99 |
|
|
$ |
1.58 |
|
|
$ |
6.18 |
|
|
$ |
4.60 |
|
Diluted |
|
$ |
1.98 |
|
|
$ |
1.56 |
|
|
$ |
6.12 |
|
|
$ |
4.55 |
|
Weighted average common shares used in the calculation of net income attributable to |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
44,457 |
|
|
|
45,320 |
|
|
|
44,614 |
|
|
|
45,543 |
|
Diluted |
|
|
44,530 |
|
|
|
45,792 |
|
|
|
45,019 |
|
|
|
45,988 |
|
|
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(In thousands, except share data) |
|||||||
(Unaudited) |
|||||||
|
|
|
|
||||
ASSETS |
|||||||
Cash and cash equivalents |
$ |
80,069 |
|
|
$ |
179,756 |
|
Restricted cash |
|
24,579 |
|
|
|
19,703 |
|
Receivables |
|
11,329 |
|
|
|
10,632 |
|
Inventory |
|
1,918,046 |
|
|
|
1,533,223 |
|
Investments in unconsolidated entities |
|
59,356 |
|
|
|
84,654 |
|
Right-of-use assets - operating leases |
|
7,535 |
|
|
|
7,255 |
|
Property and equipment, net |
|
6,901 |
|
|
|
7,054 |
|
Earnest money deposits |
|
13,869 |
|
|
|
16,619 |
|
Deferred income tax assets, net |
|
15,307 |
|
|
|
15,306 |
|
Intangible assets, net |
|
303 |
|
|
|
367 |
|
|
|
680 |
|
|
|
680 |
|
Other assets |
|
34,096 |
|
|
|
27,583 |
|
Total assets |
$ |
2,172,070 |
|
|
$ |
1,902,832 |
|
LIABILITIES AND EQUITY |
|||||||
Liabilities: |
|
|
|
||||
Accounts payable |
$ |
67,346 |
|
|
$ |
54,321 |
|
Accrued expenses |
|
165,900 |
|
|
|
96,457 |
|
Customer and builder deposits |
|
45,065 |
|
|
|
43,148 |
|
Lease liabilities - operating leases |
|
8,600 |
|
|
|
7,898 |
|
Borrowings on lines of credit, net |
|
(1,718 |
) |
|
|
(2,328 |
) |
Senior unsecured notes, net |
|
298,994 |
|
|
|
336,207 |
|
Notes payable |
|
— |
|
|
|
12,981 |
|
Total liabilities |
|
584,187 |
|
|
|
548,684 |
|
Commitments and contingencies |
|
|
|
||||
Redeemable noncontrolling interest in equity of consolidated subsidiary |
|
42,841 |
|
|
|
36,135 |
|
Equity: |
|
|
|
||||
|
|
|
|
||||
Preferred stock, |
|
47,603 |
|
|
|
47,603 |
|
Common stock, |
|
445 |
|
|
|
450 |
|
Additional paid-in capital |
|
243,199 |
|
|
|
255,614 |
|
Retained earnings |
|
1,229,490 |
|
|
|
997,037 |
|
|
|
1,520,737 |
|
|
|
1,300,704 |
|
Noncontrolling interests |
|
24,305 |
|
|
|
17,309 |
|
Total equity |
|
1,545,042 |
|
|
|
1,318,013 |
|
Total liabilities and equity |
$ |
2,172,070 |
|
|
$ |
1,902,832 |
|
|
||||||||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION |
||||||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||||||
Residential Units Revenue and New Homes Delivered
|
|
Three Months Ended
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% |
|||||||
Home closings revenue |
|
$ |
522,859 |
|
|
$ |
415,827 |
|
|
$ |
107,032 |
|
|
25.7 |
% |
|
$ |
1,512,901 |
|
|
$ |
1,319,393 |
|
|
$ |
193,508 |
|
|
14.7 |
% |
Mechanic’s lien contracts revenue |
|
|
— |
|
|
|
96 |
|
|
|
(96 |
) |
|
(100.0 |
)% |
|
|
380 |
|
|
|
1,337 |
|
|
|
(957 |
) |
|
(71.6 |
)% |
Residential units revenue |
|
$ |
522,859 |
|
|
$ |
415,923 |
|
|
$ |
106,936 |
|
|
25.7 |
% |
|
$ |
1,513,281 |
|
|
$ |
1,320,730 |
|
|
$ |
192,551 |
|
|
14.6 |
% |
New homes delivered |
|
|
956 |
|
|
|
754 |
|
|
|
202 |
|
|
26.8 |
% |
|
|
2,764 |
|
|
|
2,298 |
|
|
|
466 |
|
|
20.3 |
% |
Average sales price of homes delivered |
|
$ |
546.9 |
|
$ |
551.5 |
|
$ |
(4.6 |
) |
|
(0.8 |
)% |
|
$ |
547.4 |
|
$ |
574.1 |
|
$ |
(26.7 |
) |
|
(4.7 |
)% |
Land and Lots Revenue
|
|
Three Months Ended
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% |
|||||||
Lots revenue |
|
$ |
800 |
|
|
$ |
2,026 |
|
|
$ |
(1,226 |
) |
|
(60.5 |
)% |
|
$ |
5,644 |
|
|
$ |
5,569 |
|
|
$ |
75 |
|
|
1.3 |
% |
Land revenue |
|
|
1 |
|
|
|
1,029 |
|
|
|
(1,028 |
) |
|
(99.9 |
)% |
|
|
12,704 |
|
|
|
1,029 |
|
|
|
11,675 |
|
|
1,134.6 |
% |
Land and lots revenue |
|
$ |
801 |
|
|
$ |
3,055 |
|
|
$ |
(2,254 |
) |
|
(73.8 |
)% |
|
$ |
18,348 |
|
|
$ |
6,598 |
|
|
$ |
11,750 |
|
|
178.1 |
% |
Lots closed |
|
|
8 |
|
|
|
19 |
|
|
|
(11 |
) |
|
(57.9 |
)% |
|
|
79 |
|
|
|
55 |
|
|
|
24 |
|
|
43.6 |
% |
Average sales price of lots closed |
|
$ |
100.0 |
|
$ |
106.6 |
|
$ |
(6.6 |
) |
|
(6.2 |
)% |
|
$ |
71.4 |
|
$ |
101.3 |
|
$ |
(29.9 |
) |
|
(29.5 |
)% |
New Home Orders and Backlog
|
|
Three Months Ended
|
|
|
|
|
|
Nine Months Ended
|
|
|
|
|
||||||||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% |
|
|
2024 |
|
|
|
2023 |
|
|
Change |
|
% |
|||||||
Net new home orders |
|
|
877 |
|
|
|
788 |
|
|
|
89 |
|
|
11.3 |
% |
|
|
2,803 |
|
|
|
2,677 |
|
|
|
126 |
|
|
4.7 |
% |
Revenue from net new home orders |
|
$ |
454,358 |
|
|
$ |
452,436 |
|
|
$ |
1,922 |
|
|
0.4 |
% |
|
$ |
1,539,549 |
|
|
$ |
1,572,859 |
|
|
$ |
(33,310 |
) |
|
(2.1 |
)% |
Average selling price of net new home orders |
|
$ |
518.1 |
|
|
$ |
574.2 |
|
|
$ |
(56.1 |
) |
|
(9.8 |
)% |
|
$ |
549.3 |
|
|
$ |
587.5 |
|
|
$ |
(38.2 |
) |
|
(6.5 |
)% |
Cancellation rate |
|
|
8.5 |
% |
|
|
6.1 |
% |
|
|
2.4 |
% |
|
39.3 |
% |
|
|
7.1 |
% |
|
|
6.5 |
% |
|
|
0.6 |
% |
|
9.2 |
% |
Absorption rate per average active selling community per quarter |
|
|
8.4 |
|
|
|
9.2 |
|
|
|
(0.8 |
) |
|
(8.7 |
)% |
|
|
9.3 |
|
|
|
10.8 |
|
|
|
(1.5 |
) |
|
(13.9 |
)% |
Average active selling communities |
|
|
105 |
|
|
|
86 |
|
|
|
19 |
|
|
22.1 |
% |
|
|
100 |
|
|
|
83 |
|
|
|
17 |
|
|
20.5 |
% |
Active selling communities at end of period |
|
|
106 |
|
|
|
86 |
|
|
|
20 |
|
|
23.3 |
% |
|
|
|
|
|
|
|
|
|||||||
Backlog revenue |
|
$ |
581,848 |
|
|
$ |
622,560 |
|
|
$ |
(40,712 |
) |
|
(6.5 |
)% |
|
|
|
|
|
|
|
|
|||||||
Backlog units |
|
|
809 |
|
|
|
916 |
|
|
|
(107 |
) |
|
(11.7 |
)% |
|
|
|
|
|
|
|
|
|||||||
Average sales price of backlog |
|
$ |
719.2 |
|
|
$ |
679.7 |
|
|
$ |
39.5 |
|
|
5.8 |
% |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
SUPPLEMENTAL INFORMATION |
|||||||||||||||||
(Unaudited) |
|||||||||||||||||
|
|
|
|
||||||||||||||
|
Central |
|
Southeast |
|
Total |
|
Central |
|
Southeast |
|
Total |
||||||
Lots owned |
|
|
|
|
|
|
|
|
|
|
|
||||||
Finished lots |
4,070 |
|
|
726 |
|
|
4,796 |
|
|
4,014 |
|
|
964 |
|
|
4,978 |
|
Lots in communities under development |
20,942 |
|
|
1,887 |
|
|
22,829 |
|
|
9,122 |
|
|
1,335 |
|
|
10,457 |
|
Land held for future development(1) |
3,800 |
|
|
— |
|
|
3,800 |
|
|
8,366 |
|
|
— |
|
|
8,366 |
|
Total lots owned |
28,812 |
|
|
2,613 |
|
|
31,425 |
|
|
21,502 |
|
|
2,299 |
|
|
23,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lots controlled |
|
|
|
|
|
|
|
|
|
|
|
||||||
Lots under option contracts |
851 |
|
|
— |
|
|
851 |
|
|
1,169 |
|
|
— |
|
|
1,169 |
|
Land under option for future development |
1,656 |
|
|
223 |
|
|
1,879 |
|
|
1,710 |
|
|
460 |
|
|
2,170 |
|
Lots under option through unconsolidated development joint ventures |
2,627 |
|
|
270 |
|
|
2,897 |
|
|
1,210 |
|
|
331 |
|
|
1,541 |
|
Total lots controlled |
5,134 |
|
|
493 |
|
|
5,627 |
|
|
4,089 |
|
|
791 |
|
|
4,880 |
|
Total lots owned and controlled (2) |
33,946 |
|
|
3,106 |
|
|
37,052 |
|
|
25,591 |
|
|
3,090 |
|
|
28,681 |
|
Percentage of lots owned |
84.9 |
% |
|
84.1 |
% |
|
84.8 |
% |
|
84.0 |
% |
|
74.4 |
% |
|
83.0 |
% |
___________________ |
|
(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
|
|
|
|
||
Total lots owned(1) |
31,425 |
|
|
23,801 |
|
Add certain lots included in Total Lots Controlled |
|
|
|
||
Land under option for future acquisition and development |
1,879 |
|
|
2,170 |
|
Lots under option through unconsolidated development joint ventures |
2,897 |
|
|
1,541 |
|
Total lots self-developed |
36,201 |
|
|
27,512 |
|
Self-developed lots as a percentage of total lots owned and controlled(1) |
97.7 |
% |
|
95.9 |
% |
___________________ |
|
(1) |
Total lots owned includes finished lot purchases, which were less than 1.8% of total lots self-developed as of |
Non-GAAP Financial Measures
In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the
The following table represents the non-GAAP measure of adjusted homebuilding gross margin for the three and nine months ended
(Unaudited, in thousands): |
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
|
Residential units revenue |
|
$ |
522,859 |
|
|
$ |
415,923 |
|
|
$ |
1,513,281 |
|
|
$ |
1,320,730 |
|
Less: Mechanic’s lien contracts revenue |
|
|
— |
|
|
|
(96 |
) |
|
|
(380 |
) |
|
|
(1,337 |
) |
Home closings revenue |
|
$ |
522,859 |
|
|
$ |
415,827 |
|
|
$ |
1,512,901 |
|
|
$ |
1,319,393 |
|
Homebuilding gross margin |
|
$ |
171,193 |
|
|
$ |
138,427 |
|
|
$ |
508,003 |
|
|
$ |
404,644 |
|
Homebuilding gross margin percentage |
|
|
32.7 |
% |
|
|
33.3 |
% |
|
|
33.6 |
% |
|
|
30.7 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Homebuilding gross margin |
|
|
171,193 |
|
|
|
138,427 |
|
|
|
508,003 |
|
|
|
404,644 |
|
Add back: Capitalized interest charged to cost of revenues |
|
|
2,788 |
|
|
|
2,968 |
|
|
|
8,539 |
|
|
|
10,456 |
|
Add back: Land impairment charge |
|
$ |
1,308 |
|
|
$ |
— |
|
|
$ |
1,308 |
|
|
$ |
— |
|
Adjusted homebuilding gross margin |
|
$ |
175,289 |
|
|
$ |
141,395 |
|
|
$ |
517,850 |
|
|
$ |
415,100 |
|
Adjusted homebuilding gross margin percentage |
|
|
33.5 |
% |
|
|
34.0 |
% |
|
|
34.2 |
% |
|
|
31.5 |
% |
Net debt to total capitalization is calculated as the total debt less cash and cash equivalents, divided by the sum of total
|
Gross |
|
Cash and cash equivalents |
|
Net |
||||||
Total debt, net of debt issuance costs |
$ |
297,276 |
|
|
$ |
(80,069 |
) |
|
$ |
217,207 |
|
|
|
1,520,737 |
|
|
|
— |
|
|
|
1,520,737 |
|
Total capitalization |
$ |
1,818,013 |
|
|
$ |
(80,069 |
) |
|
$ |
1,737,944 |
|
|
|
|
|
|
|
||||||
Debt to total capitalization ratio |
|
16.4 |
% |
|
|
|
|
||||
Net debt to total capitalization ratio |
|
|
|
|
|
12.5 |
% |
About
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,”, “poised,” “intend,” “plan,” “predict,” “seek,” “strategy,” “target,” “will” or other words of similar meaning. Specifically, these statements reflect our beliefs and expectations regarding (i) our strategic advantages, including our focus on owning land and self-developing and on infill and infill-adjacent locations, and the impact on our future results; (ii) our positioning to capture future demand, increase market share and succeed in the current environment, including our ability to maintain industry-leading performance and margins; (iii) our ability to successfully implement our growth strategy, including our expectations for expansion and growth of our Trophy brand, and ancillary business opportunities; (iv) our expectations regarding trends in our markets, such as demographic trends and demand for single-family homes; (v) our business priorities and our strategies to maintain the strength of our balance sheet and financial flexibility, and our positioning in the industry; (vi) the advantages of our lot and land strategies and locations, including the benefits to our returns, margins and ability to scale; (vii) our investments in land, lots and development in 2024, and the impact on our growth; (viii) our expected lot deliveries in 2024; (ix) our flexibility in adjusting home prices; (x) the demand for home ownership in the markets in which we operate and our ability to capitalize on such demand; (xi) the land-light model; (xii) our ability to scale our business and improve our operating leverage; and (xiii) our ability to deliver efficient and cost-effective growth, including our ability to manage costs and cycle times. These risks include, but are not limited to: (1) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (2) changes in macroeconomic conditions, including increasing interest rates and inflation that could adversely impact demand for new homes or the ability of potential buyers to qualify; (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) significant periods of inflation or deflation; (5) a shortage of qualified labor; (6) an inability to acquire land in our markets at anticipated prices or difficulty in obtaining land-use entitlements; (7) our inability to successfully execute our strategies, including the successful development of our communities within expected time frames and the growth and expansion of our Trophy brand; (8) a failure to recruit, retain or develop highly skilled and competent employees; (9) the geographic concentration of our operations; (10) government regulation risks; (11) adverse changes in the availability or volatility of mortgage financing; (12) severe weather events or natural disasters; (13) difficulty in obtaining sufficient capital to fund our growth; (14) our ability to meet our debt service obligations; (15) a decline in the value of our inventories and resulting write-downs of the carrying value of our real estate assets; (16) our ability to adequately self-insure; and (17) changes in accounting standards that adversely affect our reported earnings or financial condition..
View source version on businesswire.com: https://www.businesswire.com/news/home/20241030535676/en/
Benting Hu
Vice President of Finance
469-573-6755
IR@greenbrickpartners.com
Source: