$GRBK
Green Brick Partners, Inc.

2023 Q3 Form 10-Q Financial Statement

#000137367023000050 Filed on August 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $419.0M $456.3M
YoY Change 2.7% -13.11%
Cost Of Revenue $280.0M $313.4M
YoY Change 1.94% -12.04%
Gross Profit $139.0M $142.9M
YoY Change 4.27% -15.37%
Gross Profit Margin 33.18% 31.33%
Selling, General & Admin $46.88M $49.23M
YoY Change 8.4% 17.78%
% of Gross Profit 33.73% 34.44%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $800.0K $830.0K
YoY Change 35.14% 66.0%
% of Gross Profit 0.58% 0.58%
Operating Expenses $46.88M $49.23M
YoY Change 8.4% 17.78%
Operating Profit $92.13M $93.71M
YoY Change 2.29% -26.27%
Interest Expense $1.300M $5.699M
YoY Change -77.18% -33.13%
% of Operating Profit 1.41% 6.08%
Other Income/Expense, Net $4.612M $4.807M
YoY Change 151.88% 80.65%
Pretax Income $98.09M $104.2M
YoY Change 0.5% -24.64%
Income Tax $21.00M $23.15M
% Of Pretax Income 21.41% 22.21%
Net Earnings $72.16M $74.55M
YoY Change -1.86% -26.37%
Net Earnings / Revenue 17.22% 16.34%
Basic Earnings Per Share $1.58 $1.64
Diluted Earnings Per Share $1.56 $1.63
COMMON SHARES
Basic Shares Outstanding 45.38M shares 45.51M shares
Diluted Shares Outstanding 45.79M shares 45.76M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $223.5M $209.6M
YoY Change 363.66% 213.93%
Cash & Equivalents $223.5M $209.6M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.462B $1.404B
Prepaid Expenses
Receivables $10.00M $7.057M
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.696B $1.621B
YoY Change 12.42% 12.35%
LONG-TERM ASSETS
Property, Plant & Equipment $5.402M $7.064M
YoY Change 86.66% 155.85%
Goodwill $680.0K $680.0K
YoY Change 0.0% 0.0%
Intangibles $388.0K $409.0K
YoY Change -17.97% -17.21%
Long-Term Investments $80.21M $81.80M
YoY Change 15.83% 27.66%
Other Assets $39.20M $38.06M
YoY Change 13.69% -1.49%
Total Long-Term Assets $170.8M $155.5M
YoY Change 14.48% 6.9%
TOTAL ASSETS
Total Short-Term Assets $1.696B $1.621B
Total Long-Term Assets $170.8M $155.5M
Total Assets $1.867B $1.777B
YoY Change 12.6% 11.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $56.60M $57.46M
YoY Change -7.19% -4.59%
Accrued Expenses $118.8M $104.2M
YoY Change 14.9% 4.27%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $222.6M $205.0M
YoY Change -11.28% -18.83%
LONG-TERM LIABILITIES
Long-Term Debt $382.4M $381.4M
YoY Change 1.69% -6.28%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $382.4M $381.4M
YoY Change 1.69% -6.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $222.6M $205.0M
Total Long-Term Liabilities $382.4M $381.4M
Total Liabilities $569.8M $602.5M
YoY Change -5.24% -0.05%
SHAREHOLDERS EQUITY
Retained Earnings $940.4M $869.0M
YoY Change 34.44% 23.9%
Common Stock $454.0K $454.0K
YoY Change -1.3% -11.5%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $0.00
YoY Change -100.0%
Treasury Stock Shares
Shareholders Equity $1.245B $1.174B
YoY Change
Total Liabilities & Shareholders Equity $1.867B $1.777B
YoY Change 12.6% 11.86%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $72.16M $74.55M
YoY Change -1.86% -26.37%
Depreciation, Depletion And Amortization $800.0K $830.0K
YoY Change 35.14% 66.0%
Cash From Operating Activities $22.50M $55.46M
YoY Change -224.45% -12.54%
INVESTING ACTIVITIES
Capital Expenditures $1.900M $1.271M
YoY Change -785.92% -303.69%
Acquisitions
YoY Change
Other Investing Activities -$200.0K -$3.460M
YoY Change -91.9% 207.01%
Cash From Investing Activities -$2.200M -$4.731M
YoY Change -19.91% 170.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -5.400M -15.21M
YoY Change 186.47% -70.88%
NET CHANGE
Cash From Operating Activities 22.50M 55.46M
Cash From Investing Activities -2.200M -4.731M
Cash From Financing Activities -5.400M -15.21M
Net Change In Cash 14.90M 35.52M
YoY Change -165.6% 277.06%
FREE CASH FLOW
Cash From Operating Activities $22.50M $55.46M
Capital Expenditures $1.900M $1.271M
Free Cash Flow $20.60M $54.19M
YoY Change -215.71% -15.38%

Facts In Submission

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CY2021Q4 us-gaap Treasury Stock Value
TreasuryStockValue
3167000 usd
CY2021Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
289641000 usd
CY2021Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
539866000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
874548000 usd
CY2021Q4 us-gaap Minority Interest
MinorityInterest
14146000 usd
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
888694000 usd
us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
169662 shares
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2754000 usd
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
46415 shares
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
1075000 usd
us-gaap Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
460000 usd
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
4412213 shares
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
92312000 usd
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
92312000 usd
us-gaap Dividends
Dividends
1374000 usd
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
1557000 usd
us-gaap Minority Interest Decrease From Distributions To Noncontrolling Interest Holders
MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders
5718000 usd
us-gaap Net Income Loss Including Portion Attributable To Nonredeemable Noncontrolling Interest
NetIncomeLossIncludingPortionAttributableToNonredeemableNoncontrollingInterest
170509000 usd
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
51275158 shares
CY2022Q2 us-gaap Common Stock Value
CommonStockValue
513000 usd
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
2000 shares
CY2022Q2 us-gaap Preferred Stock Including Additional Paid In Capital
PreferredStockIncludingAdditionalPaidInCapital
47696000 usd
CY2022Q2 us-gaap Treasury Stock Common Shares
TreasuryStockCommonShares
4804152 shares
CY2022Q2 us-gaap Treasury Stock Value
TreasuryStockValue
95479000 usd
CY2022Q2 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
293336000 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
701325000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
947391000 usd
CY2022Q2 us-gaap Minority Interest
MinorityInterest
16104000 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
963495000 usd
us-gaap Profit Loss
ProfitLoss
172200000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1125000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-39000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3117000 usd
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
14210000 usd
grbk Earnest Money Depositsand Preacquisition Costs Written Off
EarnestMoneyDepositsandPreacquisitionCostsWrittenOff
174000 usd
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
4980000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2852000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7832000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
22000000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
42000000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
63000 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
14472000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
95000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
28000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
72000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
86000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1975000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1075000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
27991000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
92312000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
1438000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
1374000 usd
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
1840000 usd
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
0 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
11056000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5718000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-64404000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-51121000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
137932000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-3900000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
93270000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
93554000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
231202000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
89654000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
39071000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
39249000 usd
us-gaap Basis Of Accounting
BasisOfAccounting
<div style="margin-bottom:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Basis of Presentation</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“GAAP”) as set forth in the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) and applicable regulations of the Securities and Exchange Commission (“SEC”), but do not include all of the information and footnotes required for complete financial statements. The condensed consolidated balance sheet as of December 31, 2022 was derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. In the opinion of management, the accompanying unaudited condensed consolidated financial statements for the periods presented reflect all adjustments of a normal, recurring nature necessary to fairly state our financial position, results of operations and cash flows. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. </span></div><div style="text-indent:18pt"><span><br/></span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Operating results for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023 or subsequent periods due to seasonal variations and other factors.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-bottom:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%;text-decoration:underline">Use of Estimates</span></div><div style="text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the condensed consolidated financial statements in conformity with GAAP requires management of the Company to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes, including the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</span></div>
CY2023Q2 grbk Finished Homesand Homesunder Construction
FinishedHomesandHomesunderConstruction
509677000 usd
CY2022Q4 grbk Finished Homesand Homesunder Construction
FinishedHomesandHomesunderConstruction
603953000 usd
CY2023Q2 grbk Land And Lots Developed And Under Development
LandAndLotsDevelopedAndUnderDevelopment
843053000 usd
CY2022Q4 grbk Land And Lots Developed And Under Development
LandAndLotsDevelopedAndUnderDevelopment
768194000 usd
CY2023Q2 us-gaap Land Available For Development
LandAvailableForDevelopment
48453000 usd
CY2022Q4 us-gaap Land Available For Development
LandAvailableForDevelopment
48369000 usd
CY2023Q2 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
3215000 usd
CY2022Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
2164000 usd
CY2023Q2 us-gaap Inventory Real Estate
InventoryRealEstate
1404398000 usd
CY2022Q4 us-gaap Inventory Real Estate
InventoryRealEstate
1422680000 usd
CY2023Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22847000 usd
CY2022Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
20751000 usd
CY2022Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22752000 usd
CY2021Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
19950000 usd
CY2023Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
3624000 usd
CY2022Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
4045000 usd
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
7367000 usd
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
7779000 usd
CY2023Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
3872000 usd
CY2022Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
4376000 usd
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
7520000 usd
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
7309000 usd
CY2023Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22599000 usd
CY2022Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
20420000 usd
CY2023Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22599000 usd
CY2022Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
20420000 usd
CY2023Q2 grbk Capitalized Interest As A Percentage Of Inventory
CapitalizedInterestAsAPercentageOfInventory
0.016
CY2022Q2 grbk Capitalized Interest As A Percentage Of Inventory
CapitalizedInterestAsAPercentageOfInventory
0.015
CY2023Q2 us-gaap Equity Method Investments
EquityMethodInvestments
81800000 usd
CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
74224000 usd
CY2023Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2214000 usd
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2605000 usd
CY2023Q2 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
2214000 usd
CY2022Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
17395000 usd
CY2022Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0315
CY2023Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
35000000 usd
CY2023Q2 us-gaap Senior Notes
SeniorNotes
336016000 usd
CY2022Q4 us-gaap Senior Notes
SeniorNotes
335825000 usd
CY2022Q1 us-gaap Other Notes Payable
OtherNotesPayable
14400000 usd
CY2022Q1 us-gaap Long Term Debt Percentage Bearing Fixed Interest Rate
LongTermDebtPercentageBearingFixedInterestRate
0.006
CY2022Q1 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
30291000 usd
CY2021Q1 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
22179000 usd
CY2023Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
2094000 usd
CY2022Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
822000 usd
CY2023Q2 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
1840000 usd
CY2022Q2 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
0 usd
CY2023Q2 us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
-2450000 usd
CY2022Q2 us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
-1000000 usd
CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
21867000 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
1691000 usd
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
0 usd
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
2137000 usd
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
1557000 usd
CY2022Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2023Q2 us-gaap Dividends Cash
DividendsCash
700000 usd
us-gaap Dividends Cash
DividendsCash
1400000 usd
us-gaap Preferred Stock Dividend Rate Per Dollar Amount
PreferredStockDividendRatePerDollarAmount
0.359
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
1
us-gaap Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
2000000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
38000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
23.94
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
184000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
33.78
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
150000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
31.41
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
1000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
27.79
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
71000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
33.53
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
500000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.49
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
500000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.49
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y3M29D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
24655000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
500000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.49
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P1Y3M29D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
24655000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
500000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
2500000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
43252000 usd
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
15595000 usd
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
28002000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
21329000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
42429000 usd
CY2023Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3400000 usd
us-gaap Revenue Practical Expedient Remaining Performance Obligation Description
RevenuePracticalExpedientRemainingPerformanceObligationDescription
Our contracts with homebuyers have a duration of less than one year. As such, the Company uses the practical expedient as allowed under ASC 606, Revenue from Contracts with Customers, and therefore has not disclosed the transaction price allocated to remaining performance obligations as of the end of the reporting period.
CY2023Q2 us-gaap Revenues
Revenues
456289000 usd
CY2022Q2 us-gaap Revenues
Revenues
525144000 usd
us-gaap Revenues
Revenues
908350000 usd
us-gaap Revenues
Revenues
918760000 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
142935000 usd
CY2022Q2 us-gaap Gross Profit
GrossProfit
168896000 usd
us-gaap Gross Profit
GrossProfit
267541000 usd
us-gaap Gross Profit
GrossProfit
277252000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
104212000 usd
CY2022Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
138282000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
191384000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
220915000 usd
CY2023Q2 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
1404398000 usd
CY2022Q4 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
1422680000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23100000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
42200000 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
30300000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
48700000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.222 rate
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.220 rate
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
21.9 rate
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.221 rate
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
75270000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
101256000 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0 usd
us-gaap Net Income Loss
NetIncomeLoss
139450000 usd
us-gaap Net Income Loss
NetIncomeLoss
162833000 usd
CY2023Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
719000 usd
CY2022Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
719000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1438000 usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1438000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
74551000 usd
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
100537000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
138012000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
161395000 usd
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.64
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.09
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.02
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
3.27
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45371000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48046000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45656000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49309000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
384000 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
338000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
395000 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
330000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45755000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48384000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46051000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49639000 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.63
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.08
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.00
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
3.25
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
55000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29000 shares
CY2023Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
310900000 usd
CY2022Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
306100000 usd
CY2023Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
3000000 usd
CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
5000000 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
800000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
400000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
900000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
400000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
800000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y4M24D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.042
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
590000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
590000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
566000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
504000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
447000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
417000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3114000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
334000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2780000 usd
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
300000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
400000 usd
CY2023Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd

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