2024 Q3 Form 10-Q Financial Statement

#000157694024000059 Filed on July 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $1.137B $1.039B
YoY Change 27.82% 23.13%
Cost Of Revenue $873.3M $787.6M
YoY Change 33.85% 19.83%
Gross Profit $263.6M $251.9M
YoY Change 11.23% 34.72%
Gross Profit Margin 23.19% 24.23%
Selling, General & Admin $133.0M $126.0M
YoY Change 18.81% 19.84%
% of Gross Profit 50.44% 50.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $6.272M $5.690M
YoY Change 52.98% 57.14%
% of Gross Profit 2.38% 2.26%
Operating Expenses $133.0M $126.0M
YoY Change 18.81% 19.84%
Operating Profit $130.6M $125.9M
YoY Change 4.45% 53.82%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$2.337M $1.278M
YoY Change 40.53% -109.75%
Pretax Income $109.9M $110.6M
YoY Change -1.86% 60.93%
Income Tax $26.90M $26.90M
% Of Pretax Income 24.47% 24.31%
Net Earnings $83.02M $83.72M
YoY Change -0.16% 62.74%
Net Earnings / Revenue 7.3% 8.05%
Basic Earnings Per Share $2.65 $2.65
Diluted Earnings Per Share $2.59 $2.61
COMMON SHARES
Basic Shares Outstanding 31.34M 31.79M
Diluted Shares Outstanding 32.03M 32.09M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $149.2M $106.7M
YoY Change -22.76% -69.56%
Cash & Equivalents $149.2M $106.7M
Short-Term Investments
Other Short-Term Assets $428.0M $404.3M
YoY Change 868.24% 1504.55%
Inventory $3.581B $3.295B
Prepaid Expenses
Receivables $73.02M $78.26M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.231B $3.885B
YoY Change 26.32% 18.0%
LONG-TERM ASSETS
Property, Plant & Equipment $165.1M $97.22M
YoY Change 385.01% 197.63%
Goodwill $39.43M $32.08M
YoY Change 29.74% 5.55%
Intangibles
YoY Change
Long-Term Investments $30.71M $28.49M
YoY Change
Other Assets $88.00M $62.25M
YoY Change -0.23% -0.37%
Total Long-Term Assets $549.7M $446.9M
YoY Change -8.36% -20.85%
TOTAL ASSETS
Total Short-Term Assets $4.231B $3.885B
Total Long-Term Assets $549.7M $446.9M
Total Assets $4.781B $4.331B
YoY Change 21.06% 12.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $165.4M $158.8M
YoY Change 2.65% 8.34%
Accrued Expenses $287.9M $271.8M
YoY Change 2.0% 2.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $453.3M $430.6M
YoY Change -25.14% -28.7%
LONG-TERM LIABILITIES
Long-Term Debt $1.780B $1.435B
YoY Change 69.33% 39.23%
Other Long-Term Liabilities $1.088M
YoY Change
Total Long-Term Liabilities $1.780B $1.435B
YoY Change 69.33% 39.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $453.3M $430.6M
Total Long-Term Liabilities $1.780B $1.435B
Total Liabilities $2.233B $1.866B
YoY Change 34.81% 14.13%
SHAREHOLDERS EQUITY
Retained Earnings $1.999B $1.925B
YoY Change 16.93% 17.74%
Common Stock $548.0M $540.9M
YoY Change -5.94% -7.88%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.548B $2.466B
YoY Change
Total Liabilities & Shareholders Equity $4.781B $4.331B
YoY Change 21.06% 12.31%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $83.02M $83.72M
YoY Change -0.16% 62.74%
Depreciation, Depletion And Amortization $6.272M $5.690M
YoY Change 52.98% 57.14%
Cash From Operating Activities -$95.52M -$100.1M
YoY Change -4.29% 70.86%
INVESTING ACTIVITIES
Capital Expenditures $6.364M $17.57M
YoY Change 11.65% 351.32%
Acquisitions
YoY Change
Other Investing Activities -$183.7M -$5.467M
YoY Change 805.01% -77.01%
Cash From Investing Activities -$190.1M -$23.04M
YoY Change 631.08% -16.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 336.0M 107.3M
YoY Change -1106.11% 207.35%
NET CHANGE
Cash From Operating Activities -95.52M -100.1M
Cash From Investing Activities -190.1M -23.04M
Cash From Financing Activities 336.0M 107.3M
Net Change In Cash 50.44M -15.79M
YoY Change -131.68% -69.23%
FREE CASH FLOW
Cash From Operating Activities -$95.52M -$100.1M
Capital Expenditures $6.364M $17.57M
Free Cash Flow -$101.9M -$117.6M
YoY Change -3.42% 88.34%

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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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ccs Fair Value Of Loans Held For Sale And Other
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us-gaap Deferred Income Tax Expense Benefit
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us-gaap Gain Loss On Disposition Of Assets1
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us-gaap Increase Decrease In Mortgage Loans Held For Sale
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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ccs Expenditures Related To Development Of Rental Properties
ExpendituresRelatedToDevelopmentOfRentalProperties
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ccs Payments For Business Combination And Other Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Construction Loans Payable
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us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
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ccs Net Proceeds Payments For Mortgage Repurchase Facilities
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Income Taxes Paid Net
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us-gaap Income Taxes Paid Net
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q1 us-gaap Stockholders Equity
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CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation And Exercise Of Stock Options
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CY2024Q2 us-gaap Stock Repurchased And Retired During Period Value
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CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2024Q2 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Nature Of Operations
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<span style="white-space:pre-wrap; background: #FFFFFF;color: #212529;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Century Communities, Inc. (which we refer to as “we,” “CCS,” or the “Company”), together with its subsidiaries, is engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in </span><span style="white-space:pre-wrap; background: #FFFFFF;color: #212529;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">18</span><span style="white-space:pre-wrap; background: #FFFFFF;color: #212529;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> states. In many of our projects, in addition to building homes, we entitle and develop the underlying land. We build and sell homes under our Century Communities and Century Complete brands. Our Century Communities brand has an emphasis on serving the entry-level homebuilding market but offers a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the ability to personalize their homes through certain option and upgrade opportunities. Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios and the internet, and generally provides no option or upgrade opportunities. </span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; color: #212529;font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: .001pt;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; background: #FFFFFF;color: #212529;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">Our homebuilding operations are organized into the following </span><span style="white-space:pre-wrap; background: #FFFFFF;color: #212529;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">five</span><span style="white-space:pre-wrap; background: #FFFFFF;color: #212529;font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> reportable segments: West, Mountain, Texas, Southeast, and Century Complete. Our indirect wholly-owned subsidiaries, Inspire Home Loans Inc., Parkway Title, LLC, IHL Home Insurance Agency, LLC, and IHL Escrow Inc., which provide mortgage, title, insurance and escrow services, respectively, primarily to our homebuyers, have been identified as our Financial Services segment. Additionally, our wholly owned subsidiary, Century Living, LLC, is engaged in the development, construction and management of multi-family rental properties, currently all located in Colorado. Century Living, LLC is included in our Corporate segment.</span></p>
CY2024Q2 us-gaap Number Of States In Which Entity Operates
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us-gaap Number Of Reportable Segments
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us-gaap Use Of Estimates
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Use of Estimates</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. </span></p>
CY2024Q2 us-gaap Number Of States In Which Entity Operates
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us-gaap Number Of Reportable Segments
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CY2024Q2 us-gaap Revenues
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us-gaap Use Of Estimates
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<span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: bold;margin: 0;padding: 0;">Use of Estimates</span><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;"> </span></p><p dir="ltr" style="font-family: 'Times New Roman', 'serif';font-size: 10pt;line-height: 108%;margin-bottom: 0;margin-left: 0;margin-right: 0;margin-top: 0;text-align: justify;"><span style="white-space:pre-wrap; font-family: 'Times New Roman', 'serif';font-size: 10pt;font-style: normal;font-weight: normal;margin: 0;padding: 0;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Accordingly, actual results could differ from those estimates. </span></p>
CY2024Q2 us-gaap Number Of States In Which Entity Operates
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Revenues
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us-gaap Revenues
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us-gaap Revenues
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900000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
400000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
83724000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
51445000
us-gaap Net Income Loss
NetIncomeLoss
148055000
us-gaap Net Income Loss
NetIncomeLoss
84756000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31648130
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32025186
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31728544
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31970106
CY2024Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
444659
CY2023Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
222210
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
437254
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
212439
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32092789
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32247396
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32165798
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32182545
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.61
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.67
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.65
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.61
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.60
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
4.60
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.63
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
400000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
400000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000
CY2024Q2 ccs Land Development Performance Obligations Letters Of Credit And Performance Bonds
LandDevelopmentPerformanceObligationsLettersOfCreditAndPerformanceBonds
514800000
CY2023Q4 ccs Land Development Performance Obligations Letters Of Credit And Performance Bonds
LandDevelopmentPerformanceObligationsLettersOfCreditAndPerformanceBonds
510500000
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ccs Land Development Performance Obligations Letters Of Credit And Performance Bonds
LandDevelopmentPerformanceObligationsLettersOfCreditAndPerformanceBonds
514800000
CY2023Q4 ccs Land Development Performance Obligations Letters Of Credit And Performance Bonds
LandDevelopmentPerformanceObligationsLettersOfCreditAndPerformanceBonds
510500000
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false

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0001576940-24-000059.txt Edgar Link pending
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