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GRBK - Green Brick Partners Inc
$48.02
-0.62(-1.27%)8:00:02 PM 5/26/2023
Green Brick Partners, Inc. operates as a homebuilding and land development company in the United States. It operates in three segments: Builder operations Central, Builder operations Southeast, and Land development. The company is involved in the land acquisition and development, entitlements, design, construction, title and mortgage services, marketing, and sale of townhomes, patio homes, single family homes, and luxury homes in residential neighborhoods and master planned communities; development and sale of lots; and land and construction financing business. It owns or controls approximately 9,000 home sites in Dallas, Atlanta, and Vero Beach. The company sells its homes through sales representatives and independent real estate brokers. Green Brick Partners, Inc. is based in Plano, Texas.

Financials

Quarterly financials
(USD)Mar 2023Q/Q
Revenue452.1MM+5%
Gross Profit124.6MM+11%
Cost Of Revenue327.5MM+3%
Operating Income87.2MM+12%
Operating Expenses37.4MM-
Net Income64.2MM+16%
G&A45.9MM+3%

Revenue Breakdowns

The revenue breakdowns above are extracted from this specific SEC Edgar 10-K filling, with report date as 2022-12-31 and filed on 2023-02-27. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.

Highlights of Management Discussion and Risk Factors in 10-K/10-Q filling

Positive
1.
We believe that we operate in two of the most desirable housing markets in the nation and that increasing demand and supply constraints in our target markets create favorable conditions for our future growth.
2.
With the volatility in interest rates, customers also are demonstrating a strong preference for inventory spec homes that are nearing completion.
3.
We remain focused on generating positive margins in our builder operations segments and acquiring desirable land positions in order to maintain a strong balance sheet and remain poised for continued growth.
4.
The increase 21TABLE OF CONTENTSin the average sales price of homes delivered for the year ended December 31, 2022 was attributable to overall price increases driven by high demand and low supply of inventory.
5.
Residential units gross margin for the year ended December 31, 2022 increased to 29.8%, compared to 26.4% for the year ended December 31, 2021, primarily due to overall price increases that outpaced the levels of cost increases.
6.
2,834 82 2.9 %Average sales price of homes delivered$581.9 $460.7 $121.2 26.3 %The $394.3 million increase in residential units revenue was driven by the 26.3% increase in the average sales price of homes delivered for the year ended December 31, 2022 and the 2.9% increase in the number of homes delivered.
7.
We target a debt to total capitalization ratio of approximately 30% to 35%, which we expect will provide us with significant additional growth capital.
8.
The increase was driven by a reduced benefit in the Energy Efficient Tax Homes Tax Credit, change in state tax rates in Florida and Colorado, and a higher taxable income during the year ended December 31, 2022.
9.
The increase in average sales price was attributable to overall price increases driven by high demand and low supply of inventory.22TABLE OF CONTENTSResidential Units Gross MarginThe table below represents the components of residential units gross margin (dollars in thousands):Years Ended December 31,20222021Home closings revenue$1,696,911 100.0 %$1,305,620 100.0 %
Negative
1.
Net new home orders decreased by 30.8% over the prior year period and our absorption rate per average active selling community decreased 20.7% year over year.
2.
Because overall housing demand is adversely affected by increases in interest rates, a significant increase in mortgage interest rates may negatively affect the ability of homebuyers to secure adequate financing.
3.
The drop in backlog units is a function of the lower levels of new home orders described above as well as an increase in our cancellation rate.
4.
The lower levels of buyer traffic to many of our communities reduced the level of new home orders; we believe that the traffic decline starting in the second quarter was attributable to the recent rapid rise in interest rates as buyers reevaluated their buying capacity as well as the inflationary impact on consumer buying power and consumer confidence.
5.
Our cancellation rate increase was driven by rapidly rising interest rates as well as customer concerns with the macroeconomic environment.
6.
Backlog declined by 57.6% with a 63.7% drop in backlog units, offset by a 16.9% increase in the average sales price of backlog units.
7.
Sales contracts relating to homes in backlog may be canceled by the prospective purchaser for a number of reasons, such as the prospective purchaser’s inability to obtain suitable mortgage financing.
8.
Higher interest rates could adversely affect our revenues, gross margins and net income.
9.
Additionally, as of December 31, 2022, our net debt to total capitalization ratio, which is a non-GAAP financial measure, remained low at 21.5%.
10.
The average lot price decreased by 13.9% due to a higher number of entry level lots sold.
11.
When projecting revenue, management does not assume improvement in market conditions.29TABLE OF CONTENTSIf the estimated undiscounted cash flows are less than the asset’s carrying value, the asset is deemed impaired and written down to fair value.
The management discussion contents above are extracted from this specific SEC Edgar 10-K filling, with report date as 2022-12-31 and filed on 2023-02-27. The process is fully automated and without human validation. Although we make every effort getting the relevant information, please be advised that We make no representation or warranties of any kind about completeness, accuracy, reliability, suitability or availability of the information exacted from Edgar 10-K/10-Q filings.
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Stock news

    05/16/2023GRBK
    Southgate Homes recognized 8 years in a row as one of D Home’s Best Home Builders in Dallas

    DALLAS, TX, May 16, 2023 (GLOBE NEWSWIRE) -- Southgate Homes, a premier luxury homebuilder in Dallas-Fort Worth, was recognized for the 8th consecutive year as one of D Home’s best homebuilders in Dallas. Southgate Homes is one of Green Brick Partners, Inc.’s (“Green Brick”) subsidiary homebuilder brands. Green Brick is listed as one of Fortune Magazine’s fastest growing companies in 2022 and its fastest growing public homebuilder. Every year D Home Magazine asks builders and respected industry

    05/3/2023GRBK
    Green Brick Partners, Inc. Reports Record First Quarter 2023 Results

    Record $1.37 Earnings Per Share For Any First QuarterRecord $449.4 Million Home Closings Revenue For Any First QuarterRecord $630.9 Million New Home Orders For Any Quarter, Up 75.3%Debt To Total Capital Of 23.8%; Net Debt To Total Capital Of 13.3% PLANO, Texas, May 03, 2023 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”) today reported record results for its first quarter ended March 31, 2023. “We are pleased to report that Green Brick kicked of

    04/12/2023GRBK
    Green Brick Partners, Inc. Announces Dates For 8-K Filing and Earnings Call

    PLANO, Texas, April 12, 2023 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (NYSE: GRBK) (the “Company” or “Green Brick”), 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 first quarter ended March 31st, 2023, after the market closes on Wednesday, May 3rd, 2023. Jim Brickman, Green Brick’s CEO, will host an earnings conference call to discuss its results at 12:00 p.m. Eastern Time

    03/3/2023GRBK
    Billionaire David Einhorn warns interest rates will peak at higher level than expected; Here are 2 stocks he’s using to fight the Fed

    For much of the last two years, economists and investors have kept a close eye on inflation, and more recently, on the Federal Reserve’s interest rate policy. That fast growing price increases, and the Fed’s switch to monetary tightening and higher interest rates, sparked fears of recession. But, in recent months, the pace of inflation has slowed down, and the Fed has moved back to its usual 25-basis point rate moves. Markets have breathed a collective sigh of relief But billionaire investor Dav

    02/27/2023GRBK
    Green Brick Partners, Inc. Reports Fourth Quarter and Full Year 2022 Results

    RECORD HOME CLOSINGS REVENUE FOR ANY Q4 OF $428.6 MILLIONRECORD GROSS PROFIT FOR ANY Q4 OF $112.4 MILLIONDEBT TO TOTAL CAPITAL FELL TO 25.7%AVERAGE PRICE OF Q4 HOMES CLOSED OF $589.5K, UP 15.7%Q4 GROSS MARGIN, FLAT; ADJUSTED GROSS MARGIN OF 28.3%, UP 130 BPS PLANO, Texas, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”) today reported results for its fourth quarter ended December 31, 2022. “Our team did a great job closing out the y

    11/15/2022GRBK
    The Providence Group Awarded Two OBIE Awards

    ATLANTA, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The Providence Group, one of Atlanta’s most respected homebuilders, was honored with two “Community of the Year” awards at the 42nd annual OBIE Award ceremony hosted by the Greater Atlanta Home Builders Association (“GAHBA”). The Providence Group is one of Green Brick Partners, Inc.’s (“Green Brick”) subsidiary homebuilder brands. Green Brick is listed as one of Fortune Magazine’s top 20 fastest-growing companies of 2021 and its fastest-growing public h

    11/2/2022GRBK
    Green Brick Partners, Inc. Reports Third Quarter 2022 Results

    Diluted EPS of $1.57, Up 65.3%Net Income Attributable to Green Brick Partners of $73.5 Million, Up 51.6%Record Home Building Gross Margin Up 550 BPS to 32.4%Total Revenues of $407.9 Million, Up 19.2% PLANO, Texas, Nov. 02, 2022 (GLOBE NEWSWIRE) -- Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”) today reported results for its third quarter ended September 30, 2022. “Green Brick delivered third quarter results that were a record for any third quarter with EPS of $1.5

    10/2/2022GRBK
    Green Brick Partners: Navigating Through The Housing Slowdown

    08/19/2022GRBK
    Green Brick stock slides after JMP cuts on worsening housing fundamentals

    08/16/2022GRBK
    Is Now An Opportune Moment To Examine Green Brick Partners, Inc. (NYSE:GRBK)?

    Green Brick Partners, Inc. ( NYSE:GRBK ), is not the largest company out there, but it led the NYSE gainers with a...

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