Green Brick Partners, Inc. Reports Fourth Quarter and Full Year 2023 Results
EXPANSION INTO
Q4 HOMEBUILDING GROSS MARGIN OF 31.4%, UP 520 BPS YOY
Q4 DILUTED EPS OF
RECORD HIGH FULL YEAR DILUTED EPS OF
NET
DEBT TO TOTAL CAPITAL OF 21.1%; NET DEBT TO TOTAL CAPITAL OF 11.4%
“For the fourth quarter, we delivered a record 825 homes, an increase of 13.5% due to shorter construction cycle times and strong demand. Our industry leading homebuilding gross margin was 31.4% for the quarter and 30.9% for the year. As a result, diluted EPS for the fourth quarter increased 34% year-over-year to
“Dallas-Fort Worth and
Our industry leading results would not have been possible without a fantastic team effort combined with our financial discipline and investment grade balance sheet. At the end of the year, our net debt to total capital ratio was 11.4% and our total debt to total capital ratio was only 21.1%, one of the lowest among our public homebuilder peers. Our low leverage and cost of debt have enabled us to retain more profits to fund our growth. Our return on equity was 24.9% for the full year, which we believe reflects the strategic advantages of our markets, our rigorous land underwriting and continued success of our management and land development teams. As we look ahead, we believe we are well positioned to continue delivering one of the best risk-adjusted returns on equity in the industry.”
Results for the Quarter Ended
(Dollars in thousands, except per share data) |
Three Months Ended |
|
|
||||||||
|
|
2023 |
|
|
|
2022 |
|
|
Change |
||
New homes delivered |
|
825 |
|
|
|
727 |
|
|
|
13.5 |
% |
|
|
|
|
|
|
||||||
Total revenues |
$ |
450,382 |
|
|
$ |
431,089 |
|
|
|
4.5 |
% |
Total cost of revenues |
|
308,754 |
|
|
|
318,635 |
|
|
|
(3.1 |
)% |
Total gross profit |
$ |
141,628 |
|
|
$ |
112,454 |
|
|
|
25.9 |
% |
Income before income taxes |
$ |
101,843 |
|
|
$ |
77,954 |
|
|
|
30.6 |
% |
Net income attributable to |
$ |
73,020 |
|
|
$ |
55,547 |
|
|
|
31.5 |
% |
Diluted net income attributable to |
$ |
1.58 |
|
|
$ |
1.18 |
|
|
|
33.9 |
% |
|
|
|
|
|
|
||||||
Residential units revenue |
$ |
448,525 |
|
|
$ |
430,026 |
|
|
|
4.3 |
% |
Average sales price of homes delivered |
$ |
543.5 |
|
|
$ |
589.5 |
|
|
|
(7.8 |
)% |
Homebuilding gross margin percentage |
|
31.4 |
% |
|
|
26.2 |
% |
|
520 bps |
||
|
|
|
|
|
|
||||||
Backlog |
$ |
555,200 |
|
|
$ |
369,095 |
|
|
$ |
186,105 |
|
Homes under construction |
|
2,057 |
|
|
|
1,853 |
|
|
|
11.0 |
% |
Results for the Year Ended
(Dollars in thousands, except per share data) |
Twelve Months Ended |
|
|
|||||||
|
|
2023 |
|
|
|
2022 |
|
|
Change |
|
New homes delivered |
|
3,123 |
|
|
|
2,916 |
|
|
7.1 |
% |
|
|
|
|
|
|
|||||
Total revenues |
$ |
1,777,710 |
|
|
$ |
1,757,793 |
|
|
1.1 |
% |
Total cost of revenues |
|
1,229,528 |
|
|
|
1,234,768 |
|
|
(0.4 |
)% |
Total gross profit |
$ |
548,182 |
|
|
$ |
523,025 |
|
|
4.8 |
% |
Income before income taxes |
$ |
391,313 |
|
|
$ |
396,465 |
|
|
(1.3 |
)% |
Net income attributable to |
$ |
284,626 |
|
|
$ |
291,900 |
|
|
(2.5 |
)% |
Diluted net income attributable to |
$ |
6.14 |
|
|
$ |
6.02 |
|
|
2.0 |
% |
|
|
|
|
|
|
|||||
Residential units revenue |
$ |
1,769,255 |
|
|
$ |
1,703,951 |
|
|
3.8 |
% |
Average sales price of homes delivered |
$ |
566.1 |
|
|
$ |
581.9 |
|
|
(2.7 |
)% |
Homebuilding gross margin percentage |
|
30.9 |
% |
|
|
29.8 |
% |
|
110 bps |
|
Selling, general and administrative expenses as a percentage of residential units revenue |
|
10.9 |
% |
|
|
9.6 |
% |
|
130 bps |
Earnings Conference Call:
We will host our earnings conference call to discuss our fourth 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 |
|
Twelve Months Ended |
||||||||||||
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
Residential units revenue |
|
$ |
448,525 |
|
|
$ |
430,026 |
|
|
$ |
1,769,255 |
|
|
$ |
1,703,951 |
|
Land and lots revenue |
|
|
1,857 |
|
|
|
1,063 |
|
|
|
8,455 |
|
|
|
53,842 |
|
Total revenues |
|
|
450,382 |
|
|
|
431,089 |
|
|
|
1,777,710 |
|
|
|
1,757,793 |
|
Cost of residential units |
|
|
307,479 |
|
|
|
317,806 |
|
|
|
1,223,079 |
|
|
|
1,196,914 |
|
Cost of land and lots |
|
|
1,275 |
|
|
|
829 |
|
|
|
6,449 |
|
|
|
37,854 |
|
Total cost of revenues |
|
|
308,754 |
|
|
|
318,635 |
|
|
|
1,229,528 |
|
|
|
1,234,768 |
|
Total gross profit |
|
|
141,628 |
|
|
|
112,454 |
|
|
|
548,182 |
|
|
|
523,025 |
|
Selling, general and administrative expenses |
|
|
(50,919 |
) |
|
|
(44,629 |
) |
|
|
(192,977 |
) |
|
|
(163,943 |
) |
Equity in income of unconsolidated entities |
|
|
5,477 |
|
|
|
5,719 |
|
|
|
16,742 |
|
|
|
25,626 |
|
Other income, net |
|
|
5,657 |
|
|
|
4,410 |
|
|
|
19,366 |
|
|
|
11,757 |
|
Income before income taxes |
|
|
101,843 |
|
|
|
77,954 |
|
|
|
391,313 |
|
|
|
396,465 |
|
Income tax expense |
|
|
21,484 |
|
|
|
16,790 |
|
|
|
84,638 |
|
|
|
82,468 |
|
Net income |
|
|
80,359 |
|
|
|
61,164 |
|
|
|
306,675 |
|
|
|
313,997 |
|
Less: Net income attributable to noncontrolling interests |
|
|
7,339 |
|
|
|
5,617 |
|
|
|
22,049 |
|
|
|
22,097 |
|
Net income attributable to |
|
$ |
73,020 |
|
|
$ |
55,547 |
|
|
$ |
284,626 |
|
|
$ |
291,900 |
|
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
1.60 |
|
|
$ |
1.19 |
|
|
$ |
6.20 |
|
|
$ |
6.07 |
|
Diluted |
|
$ |
1.58 |
|
|
$ |
1.18 |
|
|
$ |
6.14 |
|
|
$ |
6.02 |
|
Weighted average common shares used in the calculation of net income attributable to |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
|
45,160 |
|
|
|
45,994 |
|
|
|
45,446 |
|
|
|
47,648 |
|
Diluted |
|
|
45,635 |
|
|
|
46,332 |
|
|
|
45,917 |
|
|
|
47,987 |
|
|
|||||||
CONSOLIDATED BALANCE SHEETS |
|||||||
(In thousands, except share data) |
|||||||
|
|
|
|
||||
ASSETS |
|||||||
Cash and cash equivalents |
$ |
179,756 |
|
|
$ |
76,588 |
|
Restricted cash |
|
19,703 |
|
|
|
16,682 |
|
Receivables |
|
10,632 |
|
|
|
5,288 |
|
Inventory |
|
1,533,223 |
|
|
|
1,422,680 |
|
Investments in unconsolidated entities |
|
84,654 |
|
|
|
74,224 |
|
Right-of-use assets - operating leases |
|
7,255 |
|
|
|
3,458 |
|
Property and equipment, net |
|
7,054 |
|
|
|
2,919 |
|
Earnest money deposits |
|
16,619 |
|
|
|
23,910 |
|
Deferred income tax assets, net |
|
15,306 |
|
|
|
16,448 |
|
Intangible assets, net |
|
367 |
|
|
|
452 |
|
|
|
680 |
|
|
|
680 |
|
Other assets |
|
27,583 |
|
|
|
12,346 |
|
Total assets |
$ |
1,902,832 |
|
|
$ |
1,655,675 |
|
LIABILITIES AND EQUITY |
|||||||
Liabilities: |
|
|
|
||||
Accounts payable |
$ |
54,321 |
|
|
$ |
51,804 |
|
Accrued expenses |
|
96,457 |
|
|
|
91,281 |
|
Customer and builder deposits |
|
43,148 |
|
|
|
29,112 |
|
Lease liabilities - operating leases |
|
7,898 |
|
|
|
3,582 |
|
Borrowings on lines of credit, net |
|
(2,328 |
) |
|
|
17,395 |
|
Senior unsecured notes, net |
|
336,207 |
|
|
|
335,825 |
|
Notes payable |
|
12,981 |
|
|
|
14,622 |
|
Total liabilities |
|
548,684 |
|
|
|
543,621 |
|
Commitments and contingencies |
|
|
|
||||
Redeemable noncontrolling interest in equity of consolidated subsidiary |
|
36,135 |
|
|
|
29,239 |
|
Equity: |
|
|
|
||||
|
|
|
|
||||
Preferred stock, |
|
47,603 |
|
|
|
47,696 |
|
Common stock, |
|
450 |
|
|
|
460 |
|
Additional paid-in capital |
|
255,614 |
|
|
|
259,410 |
|
Retained earnings |
|
997,037 |
|
|
|
754,341 |
|
|
|
1,300,704 |
|
|
|
1,061,907 |
|
Noncontrolling interests |
|
17,309 |
|
|
|
20,908 |
|
Total equity |
|
1,318,013 |
|
|
|
1,082,815 |
|
Total liabilities and equity |
$ |
1,902,832 |
|
|
$ |
1,655,675 |
|
||||||||||||||||||||||||||
SUPPLEMENTAL INFORMATION |
||||||||||||||||||||||||||
(Unaudited) |
||||||||||||||||||||||||||
Residential Units Revenue and New Homes Delivered (dollars in thousands) |
|
Three Months Ended |
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
||||||||||||||
|
2023 |
|
2022 |
|
Change |
|
% |
|
2023 |
|
2022 |
|
Change |
|
% |
|||||||||||
Home closings revenue |
|
$ |
448,395 |
|
$ |
428,582 |
|
$ |
19,813 |
|
|
4.6 |
% |
|
$ |
1,767,788 |
|
$ |
1,696,911 |
|
$ |
70,877 |
|
|
4.2 |
% |
Mechanic’s lien contracts revenue |
|
|
130 |
|
|
1,444 |
|
|
(1,314 |
) |
|
(91.0 |
)% |
|
|
1,467 |
|
|
7,040 |
|
|
(5,573 |
) |
|
(79.2 |
)% |
Residential units revenue |
|
$ |
448,525 |
|
$ |
430,026 |
|
$ |
18,499 |
|
|
4.3 |
% |
|
$ |
1,769,255 |
|
$ |
1,703,951 |
|
$ |
65,304 |
|
|
3.8 |
% |
New homes delivered |
|
|
825 |
|
|
727 |
|
|
98 |
|
|
13.5 |
% |
|
|
3,123 |
|
|
2,916 |
|
|
207 |
|
|
7.1 |
% |
Average sales price of homes delivered |
|
$ |
543.5 |
|
$ |
589.5 |
|
$ |
(46.0 |
) |
|
(7.8 |
)% |
|
$ |
566.1 |
|
$ |
581.9 |
|
$ |
(15.8 |
) |
|
(2.7 |
)% |
Land and Lots Revenue (dollars in thousands) |
|
Three Months Ended |
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
|||||||||||||
|
2023 |
|
2022 |
|
Change |
|
% |
|
2023 |
|
2022 |
|
Change |
|
% |
||||||||||
Lots revenue |
|
$ |
1,857 |
|
$ |
1,063 |
|
$ |
794 |
|
74.7 |
% |
|
$ |
7,426 |
|
$ |
19,090 |
|
$ |
(11,664 |
) |
|
(61.1 |
)% |
Land revenue |
|
|
— |
|
|
— |
|
|
— |
|
0.0 |
% |
|
|
1,029 |
|
|
34,752 |
|
|
(33,723 |
) |
|
(97.0 |
)% |
Land and lots revenue |
|
$ |
1,857 |
|
$ |
1,063 |
|
$ |
794 |
|
74.7 |
% |
|
$ |
8,455 |
|
$ |
53,842 |
|
$ |
(45,387 |
) |
|
(84.3 |
)% |
Lots closed |
|
|
18 |
|
|
14 |
|
|
4 |
|
28.6 |
% |
|
|
73 |
|
|
288 |
|
|
(215 |
) |
|
(74.7 |
)% |
Average sales price of lots closed |
|
$ |
103.2 |
|
$ |
75.9 |
|
$ |
27.3 |
|
36.0 |
% |
|
$ |
101.7 |
|
$ |
66.3 |
|
$ |
35.4 |
|
|
53.4 |
% |
New Home Orders and Backlog (dollars in thousands) |
|
Three Months Ended |
|
|
|
|
|
Twelve Months Ended |
|
|
|
|
||||||||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
Change |
|
% |
|
|
2023 |
|
|
|
2022 |
|
|
Change |
|
% |
|||||||
Net new home orders |
|
|
679 |
|
|
|
423 |
|
|
|
256 |
|
|
60.5 |
% |
|
|
3,356 |
|
|
|
1,973 |
|
|
|
1,383 |
|
|
70.1 |
% |
Revenue from net new home orders |
|
$ |
381,044 |
|
|
$ |
247,818 |
|
|
$ |
133,226 |
|
|
53.8 |
% |
|
$ |
1,953,903 |
|
|
$ |
1,210,315 |
|
|
$ |
743,588 |
|
|
61.4 |
% |
Average selling price of net new home orders |
|
$ |
561.2 |
|
|
$ |
585.9 |
|
|
$ |
(24.7 |
) |
|
(4.2 |
)% |
|
$ |
582.2 |
|
|
$ |
613.4 |
|
|
$ |
(31.2 |
) |
|
(5.1 |
)% |
Cancellation rate |
|
|
7.2 |
% |
|
|
20.3 |
% |
|
|
(13.1 |
)% |
|
(64.5 |
)% |
|
|
6.6 |
% |
|
|
13.8 |
% |
|
|
(7.2 |
)% |
|
(52.2 |
)% |
Absorption rate per average active selling community per quarter |
|
|
7.6 |
|
|
|
5.5 |
|
|
|
2.1 |
|
|
38.2 |
% |
|
|
9.9 |
|
|
|
6.5 |
|
|
|
3.4 |
|
|
52.3 |
% |
Average active selling communities |
|
|
89 |
|
|
|
77 |
|
|
|
12 |
|
|
15.6 |
% |
|
|
85 |
|
|
|
76 |
|
|
|
9 |
|
|
11.8 |
% |
Active selling communities at end of period |
|
|
91 |
|
|
|
80 |
|
|
|
11 |
|
|
13.8 |
% |
|
|
|
|
|
|
|
|
|||||||
Backlog |
|
$ |
555,200 |
|
|
$ |
369,095 |
|
|
$ |
186,105 |
|
|
50.4 |
% |
|
|
|
|
|
|
|
|
|||||||
Backlog units |
|
|
770 |
|
|
|
537 |
|
|
|
233 |
|
|
43.4 |
% |
|
|
|
|
|
|
|
|
|||||||
Average sales price of backlog |
|
$ |
721.0 |
|
|
$ |
687.3 |
|
|
$ |
33.7 |
|
|
4.9 |
% |
|
|
|
|
|
|
|
|
|
|||||||||||||||||
SUPPLEMENTAL INFORMATION |
|||||||||||||||||
(Unaudited) |
|||||||||||||||||
|
|
|
|
||||||||||||||
|
Central |
|
Southeast |
|
Total |
|
Central |
|
Southeast |
|
Total |
||||||
Lots owned |
|
|
|
|
|
|
|
|
|
|
|
||||||
Finished lots |
4,014 |
|
|
964 |
|
|
4,978 |
|
|
1,901 |
|
|
998 |
|
|
2,899 |
|
Lots in communities under development |
9,122 |
|
|
1,335 |
|
|
10,457 |
|
|
10,309 |
|
|
1,698 |
|
|
12,007 |
|
Land held for future development(1) |
8,366 |
|
|
— |
|
|
8,366 |
|
|
6,575 |
|
|
— |
|
|
6,575 |
|
Total lots owned |
21,502 |
|
|
2,299 |
|
|
23,801 |
|
|
18,785 |
|
|
2,696 |
|
|
21,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Lots controlled |
|
|
|
|
|
|
|
|
|
|
|
||||||
Lots under option contracts |
1,169 |
|
|
— |
|
|
1,169 |
|
|
2,212 |
|
|
6 |
|
|
2,218 |
|
Land under option for future development |
1,710 |
|
|
460 |
|
|
2,170 |
|
|
110 |
|
|
18 |
|
|
128 |
|
Lots under option through unconsolidated development joint ventures |
1,210 |
|
|
331 |
|
|
1,541 |
|
|
1,289 |
|
|
411 |
|
|
1,700 |
|
Total lots controlled |
4,089 |
|
|
791 |
|
|
4,880 |
|
|
3,611 |
|
|
435 |
|
|
4,046 |
|
Total lots owned and controlled (2) |
25,591 |
|
|
3,090 |
|
|
28,681 |
|
|
22,396 |
|
|
3,131 |
|
|
25,527 |
|
Percentage of lots owned |
84.0 |
% |
|
74.4 |
% |
|
83.0 |
% |
|
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
|
|
|
|
||
Total lots owned(1) |
23,801 |
|
|
21,481 |
|
Add certain lots included in Total Lots Controlled |
|
|
|
||
Land under option for future acquisition and development |
2,170 |
|
|
128 |
|
Lots under option through unconsolidated development joint ventures |
1,541 |
|
|
1,700 |
|
Total lots self-developed |
27,512 |
|
|
23,309 |
|
Self-developed lots as a percentage of total lots owned and controlled(1) |
95.9 |
% |
|
91.3 |
% |
_________________ | |||||
(1) Total lots owned includes finished lot purchases, which were less than 3.2% 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 twelve months ended
(Unaudited, in thousands): |
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Residential units revenue |
|
$ |
448,525 |
|
|
$ |
430,026 |
|
|
$ |
1,769,255 |
|
|
$ |
1,703,951 |
|
Less: Mechanic’s lien contracts revenue |
|
|
(130 |
) |
|
|
(1,444 |
) |
|
|
(1,467 |
) |
|
|
(7,040 |
) |
Home closings revenue |
|
$ |
448,395 |
|
|
$ |
428,582 |
|
|
$ |
1,767,788 |
|
|
$ |
1,696,911 |
|
Homebuilding gross margin |
|
$ |
141,010 |
|
|
$ |
112,189 |
|
|
$ |
545,654 |
|
|
$ |
506,129 |
|
Homebuilding gross margin percentage |
|
|
31.4 |
% |
|
|
26.2 |
% |
|
|
30.9 |
% |
|
|
29.8 |
% |
|
|
|
|
|
|
|
|
|
||||||||
Homebuilding gross margin |
|
|
141,010 |
|
|
|
112,189 |
|
|
|
545,654 |
|
|
|
506,129 |
|
Add back: Capitalized interest charged to cost of revenues |
|
|
2,740 |
|
|
|
3,141 |
|
|
|
13,196 |
|
|
|
13,444 |
|
Add back: Land impairment charge |
|
$ |
— |
|
|
$ |
6,020 |
|
|
$ |
— |
|
|
$ |
6,020 |
|
Adjusted homebuilding gross margin |
|
$ |
143,750 |
|
|
$ |
121,350 |
|
|
$ |
558,850 |
|
|
$ |
525,593 |
|
Adjusted homebuilding gross margin percentage |
|
|
32.1 |
% |
|
|
28.3 |
% |
|
|
31.6 |
% |
|
|
31.0 |
% |
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 |
$ |
346,860 |
|
|
$ |
(179,756 |
) |
|
$ |
167,104 |
|
|
|
1,300,704 |
|
|
|
— |
|
|
|
1,300,704 |
|
Total capitalization |
$ |
1,647,564 |
|
|
$ |
(179,756 |
) |
|
$ |
1,467,808 |
|
|
|
|
|
|
|
||||||
Debt to total capitalization ratio |
|
21.1 |
% |
|
|
— |
% |
|
|
— |
% |
Net debt to total capitalization ratio |
|
— |
% |
|
|
— |
% |
|
|
11.4 |
% |
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,” “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 succeed in the current environment, including our ability to maintain industry-leading performance and margins; (ii) our strategies to capitalize on market opportunities, including our advantages to do so and the impact to our results; (iii) our expectations regarding trends in our markets, such as demographic trends and demand for single-family homes; (iv) our beliefs regarding returns on capital and position amongst market peers; (v) the use of proceeds for investments and potential opportunities, including expectations for performance in markets we invest in; (vi) our priorities and strategies for growth, the drivers of that growth, and the impact on our future results, including in the
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 increased interest rates 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 in the industries or markets we operate in; (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, and (15) 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/20240229983950/en/
Benting Hu
Vice President of Finance
469-573-6755
IR@greenbrickpartners.com
Source: