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 off 2023 with the best first quarter results in our history.
We delivered 761 homes which was a record for any first quarter.
Home closings revenue increased 24% year-over-year to $449 million.
We were able to sustain a high homebuilding gross margin of 27.6%,
which was one of the highest among public homebuilders in the first
quarter and is up 140 bps sequentially,” said Jim Brickman, CEO and
Co-Founder. “As a result, our earnings per diluted share grew 14%
to $1.37 for the quarter.”
“More importantly, sales momentum during the
first quarter was exceptionally strong. Despite a stormy housing
environment, net sales accelerated across all our builder brands
and were up 78% year-over-year and 152% sequentially to 1,067
homes, the second highest quarter in company history. Not only did
we see strong demand in move-in ready homes, but we also
experienced a resurgence of orders for build jobs and demand for
homes in early construction stages. Our quarterly absorption rate
surged to its highest level ever of 13.3 homes per active selling
community. Furthermore, our cancellation rate improved
significantly by 14 percentage points from last quarter to 6.2%,
the lowest among public homebuilders. As a result, our backlog
increased 49% sequentially to $551 million, and spec percentage of
units under construction decreased to a more desirable level of
59%. Due to the strength in our sales pace, we reduced incentives
in some communities, selectively raised prices and started metering
sales in a few communities. We believe our presence in infill
locations will continue to differentiate us from the industry and
allow us to generate superior results,” continued Mr. Brickman.
Rick Costello, CFO, added, “We believe that we
are well positioned to take market share with a strong balance
sheet and ample high quality lots in infill locations. As of March
31, 2023, our debt to total capital ratio decreased 500 bps
year-over-year to 23.8% while net debt to total capital ratio was
down even further to 13.3%. During the first quarter, we returned
$15.4 million back to shareholders through our existing stock
repurchase program. In April, the Board approved a new stock
repurchase program with an additional $100 million authorization,
bringing our total repurchase authorization to $133 million. We
will continue to evaluate and allocate our capital efficiently to
maximize long-term shareholder return.”
Results for the Quarter Ended
March 31, 2023:
For the quarter ended March 31, 2023, our new homes
delivered, total revenues, net income attributable to Green Brick,
and earnings per share reflect records for any first quarter since
the Company’s inception, as detailed below.
(Dollars in thousands, except per share data) |
Three Months Ended March 31, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Increase |
New homes delivered |
|
761 |
|
|
|
658 |
|
|
15.7 |
% |
|
|
|
|
|
|
Total revenues |
$ |
452,061 |
|
|
$ |
393,616 |
|
|
14.8 |
% |
Total cost of revenues |
|
327,455 |
|
|
|
285,260 |
|
|
14.8 |
% |
Total gross profit |
$ |
124,606 |
|
|
$ |
108,356 |
|
|
15.0 |
% |
Income before income taxes |
$ |
87,172 |
|
|
$ |
82,633 |
|
|
5.5 |
% |
Net income attributable to Green Brick Partners, Inc. |
$ |
64,180 |
|
|
$ |
61,577 |
|
|
4.2 |
% |
Diluted net income attributable to Green Brick Partners, Inc. per
common share |
$ |
1.37 |
|
|
$ |
1.20 |
|
|
14.2 |
% |
|
|
|
|
|
|
Residential units revenue |
$ |
450,362 |
|
|
$ |
364,661 |
|
|
23.5 |
% |
Average sales price of homes delivered |
$ |
590.6 |
|
|
$ |
551.8 |
|
|
7.0 |
% |
Homebuilding gross margin percentage |
|
27.6 |
% |
|
|
27.8 |
% |
|
-20 bps |
|
|
|
|
|
|
Backlog |
$ |
550,593 |
|
|
$ |
866,621 |
|
|
(36.5)% |
Homes under construction |
|
1,759 |
|
|
|
2,516 |
|
|
(30.1)% |
2023 Share Repurchase Program
On April 27, 2023, the Board of Directors (the
“Board”) approved a new stock repurchase program (the “2023
Repurchase Plan”) that authorizes the Company to purchase, from
time to time, up to an additional $100.0 million of our outstanding
common stock upon completion of our prior stock repurchase program,
through open market repurchases in compliance with Rule 10b-18
under the Exchange Act and/or in privately negotiated transactions
at management’s discretion based on market and business conditions,
applicable legal requirements and other factors. Shares repurchased
will be retired. The 2023 Repurchase Plan has no time deadline and
will continue until otherwise modified or terminated by the Board
at any time in its sole discretion.
Earnings Conference Call:
We will host our earnings conference call to
discuss our first quarter ended March 31, 2023 at 12:00 p.m.
Eastern Time on Thursday, May 4, 2023. The call can be
accessed by dialing 1-888-660-6353 for domestic participants or
1-929-203-2106 for international participants and should reference
meeting number 3162560. Participants may also join the call via
webcast at: https://events.q4inc.com/attendee/946654214
A telephone replay of the call will be available
through June 3, 2023. To access the telephone replay, the domestic
dial-in number is 1-800-770-2030, the international dial-in number
is 1-647-362-9199 and the access code is 3162560, or by using the
link at investors.greenbrickpartners.com.
GREEN BRICK PARTNERS,
INC.CONDENSED CONSOLIDATED STATEMENTS OF
INCOME(In thousands, except per share
data)(Unaudited)
|
|
Three Months Ended March 31, |
|
|
|
2023 |
|
|
|
2022 |
|
Residential units revenue |
|
$ |
450,362 |
|
|
$ |
364,661 |
|
Land and lots revenue |
|
|
1,699 |
|
|
|
28,955 |
|
Total revenues |
|
|
452,061 |
|
|
|
393,616 |
|
Cost of residential units |
|
|
326,124 |
|
|
|
263,430 |
|
Cost of land and lots |
|
|
1,331 |
|
|
|
21,830 |
|
Total cost of revenues |
|
|
327,455 |
|
|
|
285,260 |
|
Total gross profit |
|
|
124,606 |
|
|
|
108,356 |
|
Selling, general and administrative expenses |
|
|
(45,945 |
) |
|
|
(34,265 |
) |
Equity in income of unconsolidated entities |
|
|
4,221 |
|
|
|
5,687 |
|
Other income, net |
|
|
4,290 |
|
|
|
2,855 |
|
Income before income taxes |
|
|
87,172 |
|
|
|
82,633 |
|
Income tax expense |
|
|
19,031 |
|
|
|
18,437 |
|
Net income |
|
|
68,141 |
|
|
|
64,196 |
|
Less: Net income attributable to noncontrolling interests |
|
|
3,961 |
|
|
|
2,619 |
|
Net income attributable to Green Brick Partners, Inc. |
|
$ |
64,180 |
|
|
$ |
61,577 |
|
|
|
|
|
|
Net income attributable to Green Brick Partners, Inc. per common
share: |
|
|
|
|
Basic |
|
$ |
1.38 |
|
|
$ |
1.20 |
|
Diluted |
|
$ |
1.37 |
|
|
$ |
1.20 |
|
Weighted average common shares used in the calculation of net
income attributable to Green Brick Partners, Inc. per common
share: |
|
|
|
|
Basic |
|
|
45,945 |
|
|
|
50,586 |
|
Diluted |
|
|
46,351 |
|
|
|
50,924 |
|
|
|
|
|
|
|
|
|
|
GREEN BRICK PARTNERS,
INC.CONDENSED CONSOLIDATED BALANCE
SHEETS(In thousands, except share
data)(Unaudited)
|
March 31, 2023 |
|
December 31, 2022 |
ASSETS |
Cash and cash equivalents |
$ |
177,271 |
|
|
$ |
76,588 |
Restricted cash |
|
18,416 |
|
|
|
16,682 |
Receivables |
|
7,256 |
|
|
|
5,288 |
Inventory |
|
1,373,014 |
|
|
|
1,422,680 |
Investments in unconsolidated entities |
|
77,059 |
|
|
|
74,224 |
Right-of-use assets - operating leases |
|
3,076 |
|
|
|
3,458 |
Property and equipment, net |
|
3,913 |
|
|
|
2,919 |
Earnest money deposits |
|
19,530 |
|
|
|
23,910 |
Deferred income tax assets, net |
|
16,448 |
|
|
|
16,448 |
Intangible assets, net |
|
429 |
|
|
|
452 |
Goodwill |
|
680 |
|
|
|
680 |
Other assets |
|
9,364 |
|
|
|
12,346 |
Total assets |
$ |
1,706,456 |
|
|
$ |
1,655,675 |
LIABILITIES AND EQUITY |
Liabilities: |
|
|
|
Accounts payable |
$ |
52,862 |
|
|
$ |
51,804 |
Accrued expenses |
|
108,492 |
|
|
|
91,281 |
Customer and builder deposits |
|
36,948 |
|
|
|
29,112 |
Lease liabilities - operating leases |
|
3,187 |
|
|
|
3,582 |
Borrowings on lines of credit, net |
|
(2,453 |
) |
|
|
17,395 |
Senior unsecured notes, net |
|
335,920 |
|
|
|
335,825 |
Notes payable |
|
14,607 |
|
|
|
14,622 |
Total liabilities |
|
549,563 |
|
|
|
543,621 |
Commitments and contingencies |
|
|
|
Redeemable noncontrolling interest in equity of consolidated
subsidiary |
|
30,291 |
|
|
|
29,239 |
Equity: |
|
|
|
Green Brick Partners, Inc. stockholders’ equity |
|
|
|
Preferred stock, $0.01 par value: 5,000,000 shares authorized;
2,000 issued and outstanding as of March 31, 2023 and December 31,
2022, respectively |
|
47,696 |
|
|
|
47,696 |
Common stock, $0.01 par value: 100,000,000 shares authorized;
46,211,430 issued and 45,743,555 outstanding as of March 31, 2023
and 46,032,930 issued and outstanding as of December 31, 2022,
respectively |
|
462 |
|
|
|
460 |
Treasury stock, at cost: 467,875 shares as of March 31, 2023 and
none as of December 31, 2022 |
|
(15,351 |
) |
|
|
— |
Additional paid-in capital |
|
263,545 |
|
|
|
259,410 |
Retained earnings |
|
817,802 |
|
|
|
754,341 |
Total Green Brick Partners, Inc. stockholders’ equity |
|
1,114,154 |
|
|
|
1,061,907 |
Noncontrolling interests |
|
12,448 |
|
|
|
20,908 |
Total equity |
|
1,126,602 |
|
|
|
1,082,815 |
Total liabilities and equity |
$ |
1,706,456 |
|
|
$ |
1,655,675 |
|
|
|
|
|
|
|
GREEN BRICK PARTNERS,
INC.SUPPLEMENTAL
INFORMATION(Unaudited)
Residential Units Revenue and New Homes Delivered (dollars
in thousands) |
|
Three Months Ended March 31, |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
Change |
|
% |
Home closings revenue |
|
$ |
449,430 |
|
$ |
363,063 |
|
$ |
86,367 |
|
|
23.8 |
% |
Mechanic’s lien contracts revenue |
|
|
932 |
|
|
1,598 |
|
|
(666 |
) |
|
(41.7)% |
Residential units revenue |
|
$ |
450,362 |
|
$ |
364,661 |
|
$ |
85,701 |
|
|
23.5 |
% |
New homes delivered |
|
|
761 |
|
|
658 |
|
|
103 |
|
|
15.7 |
% |
Average sales price of homes delivered |
|
$ |
590.6 |
|
$ |
551.8 |
|
$ |
38.8 |
|
|
7.0 |
% |
Land and Lots Revenue(dollars in
thousands) |
|
Three Months Ended March 31, |
|
|
|
|
|
|
2023 |
|
|
2022 |
|
Change |
|
% |
Lots revenue |
|
$ |
1,699 |
|
$ |
1,955 |
|
$ |
(256 |
) |
|
(13.1)% |
Land revenue |
|
|
— |
|
|
27,000 |
|
|
(27,000 |
) |
|
(100.0)% |
Land and lots revenue |
|
$ |
1,699 |
|
$ |
28,955 |
|
$ |
(27,256 |
) |
|
(94.1)% |
Lots closed |
|
|
18 |
|
|
33 |
|
|
(15 |
) |
|
(45.5)% |
Average sales price of lots closed |
|
$ |
94.4 |
|
$ |
59.2 |
|
$ |
35.2 |
|
|
59.5 |
% |
New Home Orders and Backlog(dollars in
thousands) |
|
Three Months Ended March 31, |
|
|
|
|
|
|
2023 |
|
|
|
2022 |
|
|
Change |
|
% |
Net new home orders |
|
|
1,067 |
|
|
|
601 |
|
|
|
466 |
|
|
77.5 |
% |
Revenue from net new home orders |
|
$ |
630,928 |
|
|
$ |
359,829 |
|
|
$ |
271,099 |
|
|
75.3 |
% |
Average selling price of net new home orders |
|
$ |
591.3 |
|
|
$ |
598.7 |
|
|
|
(7.4 |
) |
|
(1.2)% |
Cancellation rate |
|
|
6.2 |
% |
|
|
8.0 |
% |
|
(1.8)% |
|
(22.5)% |
Absorption rate per average active selling community per
quarter |
|
|
13.3 |
|
|
|
8.0 |
|
|
|
5.3 |
|
|
66.3 |
% |
Average active selling communities |
|
|
80 |
|
|
|
75 |
|
|
|
5 |
|
|
6.7 |
% |
Active selling communities at end of period |
|
|
79 |
|
|
|
76 |
|
|
|
3 |
|
|
3.9 |
% |
Backlog |
|
$ |
550,593 |
|
|
$ |
866,621 |
|
|
$ |
(316,028 |
) |
|
(36.5)% |
Backlog units |
|
|
843 |
|
|
|
1,423 |
|
|
|
(580 |
) |
|
(40.8)% |
Average sales price of backlog |
|
$ |
653.1 |
|
|
$ |
609.0 |
|
|
$ |
44.1 |
|
|
7.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREEN BRICK PARTNERS,
INC.SUPPLEMENTAL
INFORMATION(Unaudited)
|
March 31, 2023 |
|
December 31, 2022 |
|
Central |
|
Southeast |
|
Total |
|
Central |
|
Southeast |
|
Total |
Lots owned |
|
|
|
|
|
|
|
|
|
|
|
Finished lots |
2,351 |
|
|
1,190 |
|
|
3,541 |
|
|
1,901 |
|
|
998 |
|
|
2,899 |
|
Lots in communities under development |
9,674 |
|
|
1,362 |
|
|
11,036 |
|
|
10,309 |
|
|
1,698 |
|
|
12,007 |
|
Land held for future development(1) |
6,575 |
|
|
— |
|
|
6,575 |
|
|
6,575 |
|
|
— |
|
|
6,575 |
|
Total lots owned |
18,600 |
|
|
2,552 |
|
|
21,152 |
|
|
18,785 |
|
|
2,696 |
|
|
21,481 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Lots controlled |
|
|
|
|
|
|
|
|
|
|
|
Lots under third party option contracts |
1,865 |
|
|
3 |
|
|
1,868 |
|
|
2,212 |
|
|
6 |
|
|
2,218 |
|
Land under option for future acquisition and development |
408 |
|
|
18 |
|
|
426 |
|
|
110 |
|
|
18 |
|
|
128 |
|
Lots under option through unconsolidated development joint
ventures |
1,289 |
|
|
402 |
|
|
1,691 |
|
|
1,289 |
|
|
411 |
|
|
1,700 |
|
Total lots controlled |
3,562 |
|
|
423 |
|
|
3,985 |
|
|
3,611 |
|
|
435 |
|
|
4,046 |
|
Total lots owned and controlled
(2) |
22,162 |
|
|
2,975 |
|
|
25,137 |
|
|
22,396 |
|
|
3,131 |
|
|
25,527 |
|
Percentage of lots owned |
83.9 |
% |
|
85.8 |
% |
|
84.1 |
% |
|
83.9 |
% |
|
86.1 |
% |
|
84.2 |
% |
____________________
(1) Land held for future development consist 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 March 31, 2023 and December 31,
2022.
|
March 31, 2023 |
|
December 31, 2022 |
Total lots owned |
21,152 |
|
|
21,481 |
|
Add certain lots included in Total Lots Controlled |
|
|
|
Land under option for future acquisition and development |
426 |
|
|
128 |
|
Lots under option through unconsolidated development joint
ventures |
1,691 |
|
|
1,700 |
|
Total lots self-developed |
23,269 |
|
|
23,309 |
|
Self-developed lots as a percentage of total lots owned and
controlled |
92.6 |
% |
|
91.3 |
% |
Non-GAAP Financial Measures
In this press release, we utilize certain financial
measures that are non-GAAP financial measures as defined by the
Securities and Exchange Commission. We present these measures
because we believe they and similar measures are useful to
management and investors in evaluating our operating performance
and financing structure. We also believe these measures facilitate
the comparison of our operating performance and financing structure
with other companies in our industry. Because these measures are
not calculated in accordance with U.S. Generally Accepted
Accounting Principles (“GAAP”), they may not be comparable to other
similarly titled measures of other companies and should not be
considered in isolation or as a substitute for, or superior to,
financial measures prepared in accordance with GAAP.
The following table represents the non-GAAP measure
of adjusted homebuilding gross margin for the three months ended
March 31, 2023 and 2022 and reconciles these amounts to
homebuilding gross margin, the most directly comparable GAAP
measure.
(Unaudited, in thousands): |
|
Three Months Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
Residential units revenue |
|
$ |
450,362 |
|
|
$ |
364,661 |
|
Less: Mechanic’s lien contracts revenue |
|
|
(932 |
) |
|
|
(1,598 |
) |
Home closings revenue |
|
$ |
449,430 |
|
|
$ |
363,063 |
|
Homebuilding gross margin |
|
$ |
123,915 |
|
|
$ |
100,973 |
|
Homebuilding gross margin percentage |
|
|
27.6 |
% |
|
|
27.8 |
% |
|
|
|
|
|
Homebuilding gross margin |
|
|
123,915 |
|
|
|
100,973 |
|
Add back: Capitalized interest charged to cost of revenues |
|
|
3,626 |
|
|
|
2,861 |
|
Adjusted homebuilding gross margin |
|
$ |
127,541 |
|
|
$ |
103,834 |
|
Adjusted homebuilding gross margin percentage |
|
|
28.4 |
% |
|
|
28.6 |
% |
The following table represents the non-GAAP measure
of net debt to total capitalization ratio as of March 31, 2023 and
reconciles it to the total debt to capitalization ratio, the most
directly comparable GAAP measure.
|
Gross |
|
Cash and cash equivalents |
|
Net |
Total debt, net of debt issuance costs |
$ |
348,074 |
|
|
$ |
(177,271 |
) |
|
$ |
170,803 |
|
Total Green Brick Partners, Inc. stockholders’ equity |
|
1,114,154 |
|
|
|
— |
|
|
|
1,114,154 |
|
Total capitalization |
$ |
1,462,228 |
|
|
$ |
(177,271 |
) |
|
$ |
1,284,957 |
|
|
|
|
|
|
|
Debt to total capitalization ratio |
|
23.8 |
% |
|
|
|
|
Net debt to total capitalization ratio |
|
|
|
|
|
13.3 |
% |
About Green Brick Partners,
Inc.
Green Brick Partners, Inc. is a diversified
homebuilding and land development company that operates in Texas,
Georgia, and Florida and has a non-controlling interest in a
Colorado homebuilder, Challenger Homes, located in Colorado
Springs. Green Brick owns five subsidiary homebuilders in Texas (CB
JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature
Homes, and a 90% interest in Centre Living Homes), as well as a
controlling interest in a homebuilder in Atlanta, Georgia (The
Providence Group) and an 80% interest in a homebuilder in Port St.
Lucie, Florida (GHO Homes). Green Brick also retains interests in
related financial services platforms, including Green Brick Title
and BHome Mortgage. The Company is engaged in all aspects of the
homebuilding process, including land acquisition and development,
entitlements, design, construction, marketing, and sales for its
residential neighborhoods and master-planned communities. For more
information about Green Brick Partners Inc.’s subsidiary
homebuilders, please visit
greenbrickpartners.com/homebuilders.
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 expectations for improvement of cycle
times and the impact of such improvement on future deliveries and
results of operations; (ii) our expectations for future unit
deliveries, the pace of such deliveries and the factors that impact
the pace of future deliveries; (iii) our intention to manage sales,
pricing and inventory levels for each of our communities; (iv) our
strategic advantages and their impact on our growth and results of
operations, as well as our positioning amongst public homebuilders;
(v) the benefits of our lot and land positions and locations, as
well as their impacts on our results and future growth; (vi) our
positioning and flexibility to capitalize on market opportunities
and grow our market share as well as the impact on our financial
and operational performance; (vii) our strategies to maintain and
strengthen our balance sheet, cash flows and margins, and our
positioning in the industry; (viii) our performance in a volatile
market; (ix) our beliefs that we operate among the most
advantageous markets in the U.S., the strengths of our markets and
the future developments within such markets; (ix) the demand for
home ownership in the markets in which we operate and our ability
to capitalize on such demand, including through our Trophy Brand
products; (x) the impact of higher interest rates on home ownership
trends; (xi) the ability and speed to ramp up home construction and
land development operations, and react to other market factors;
(xii) our expectations related to the improvement and timing of
margin performance; (xiii) our beliefs related to the levels of
unmet demand in our markets and our ability to capitalize on such
demand; (xiv) our expectations regarding future returns on equity
and long-term value for our shareholders; (xv) our cadence of
closings and starts, as well as lot completions in 2023; (xvi) our
expectations regarding our competition and ability to grow our
market share; and (xvii) our expectations regarding growth and
expansion of our Trophy brand, including the timing on opening its
new Austin community. 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) general economic conditions, seasonality,
cyclicality and competition in the homebuilding industry; (2)
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 for acceptable
financing; (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 acceptable 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 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.
With respect to repurchases under the Company’s stock repurchase
programs, the amount of shares repurchased, if any, and the timing
of such repurchases will depend on, among other things, the market
price of the Company’s common stock, prevailing from time to time,
the nature of other investment opportunities presented to the
Company from time to time, the Company’s cash flows from
operations, and general economic conditions; compliance with debt
covenants; availability and cost of credit; and changes in interest
rates. With respect to repurchases under the Company’s stock
repurchase programs, the amount of shares repurchased, if any, and
the timing of such repurchases will depend on, among other things,
the market price of the Company’s common stock, prevailing from
time to time, the nature of other investment opportunities
presented to the Company from time to time, the Company’s cash
flows from operations, and general economic conditions; compliance
with debt covenants; availability and cost of credit; and changes
in interest rates.
In addition to the risks mentioned above,
declines in sales pace, inability to sufficiently reduce cycle
times and other factors which we are unable to predict or control,
could prevent us from sustaining quarterly delivery pace
expectations. Furthermore, our beliefs related to our ability to
sustain and improve margin performance are based upon observations
of currently existing market conditions and our expectations of
future improvement of cycle times, which could be adversely
affected by the risk factors mentioned above as well as changes in
market conditions and other risks that are currently unpredictable
and may be outside of our control. For a more detailed
discussion of these and other risks and uncertainties applicable to
Green Brick please see our most recent Annual Report on Form 10-K
filed with the Securities and Exchange Commission.
Contact:Benting HuVice President
of Finance(469) 808-1014IR@greenbrickpartners.com
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