2024 Q2 Form 10-Q Financial Statement

#000137367024000043 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q4
Revenue $560.6M $447.3M $450.4M
YoY Change 22.87% -1.04% 4.48%
Cost Of Revenue $371.0M $299.1M $308.8M
YoY Change 18.39% -8.67% -3.1%
Gross Profit $189.7M $148.3M $141.6M
YoY Change 32.69% 18.98% 25.94%
Gross Profit Margin 33.83% 33.14% 31.45%
Selling, General & Admin $57.60M $50.57M $50.92M
YoY Change 17.01% 10.07% 14.09%
% of Gross Profit 30.37% 34.11% 35.95%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.249M $1.126M $1.103M
YoY Change 50.48% 49.34% 69.69%
% of Gross Profit 0.66% 0.76% 0.78%
Operating Expenses $57.60M $50.57M $50.92M
YoY Change 17.01% 10.07% 14.09%
Operating Profit $132.1M $97.69M $90.71M
YoY Change 40.93% 24.19% 33.74%
Interest Expense $1.186M $2.592M $5.477M
YoY Change -79.19% -38.59% -4.23%
% of Operating Profit 0.9% 2.65% 6.04%
Other Income/Expense, Net $5.927M $15.35M $5.657M
YoY Change 23.3% 257.9% 28.28%
Pretax Income $139.2M $115.6M $101.8M
YoY Change 33.55% 32.65% 30.64%
Income Tax $23.90M $24.80M $21.48M
% Of Pretax Income 17.17% 21.45% 21.1%
Net Earnings $105.4M $83.30M $72.30M
YoY Change 41.32% 29.79% 31.87%
Net Earnings / Revenue 18.79% 18.62% 16.05%
Basic Earnings Per Share $2.34 $1.84
Diluted Earnings Per Share $2.32 $1.82 $1.58
COMMON SHARES
Basic Shares Outstanding 44.93M shares 44.97M shares 45.38M shares
Diluted Shares Outstanding 45.15M shares 45.43M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.3M $185.9M $179.8M
YoY Change -36.4% 4.87% 134.71%
Cash & Equivalents $133.3M $185.9M $199.5M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.792B $1.655B $1.533B
Prepaid Expenses
Receivables $14.70M $8.630M $10.63M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $1.940B $1.850B $1.724B
YoY Change 19.68% 18.78% 14.56%
LONG-TERM ASSETS
Property, Plant & Equipment $6.975M $6.826M $7.054M
YoY Change -1.26% 74.44% 141.66%
Goodwill $680.0K $680.0K $680.0K
YoY Change 0.0% 0.0% 0.0%
Intangibles $324.0K $345.0K $367.0K
YoY Change -20.78% -19.58% -18.81%
Long-Term Investments $36.56M $34.70M $84.65M
YoY Change -55.31% -54.97% 14.05%
Other Assets $40.19M $39.92M $35.01M
YoY Change 5.61% 14.49% 5.67%
Total Long-Term Assets $124.3M $126.6M $179.2M
YoY Change -20.04% -15.02% 18.6%
TOTAL ASSETS
Total Short-Term Assets $1.940B $1.850B $1.724B
Total Long-Term Assets $124.3M $126.6M $179.2M
Total Assets $2.064B $1.977B $1.903B
YoY Change 16.2% 15.83% 14.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $67.98M $53.33M $54.32M
YoY Change 18.3% 0.89% 4.86%
Accrued Expenses $134.9M $122.1M $104.4M
YoY Change 29.41% 9.32% 10.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $252.2M $229.5M $201.8M
YoY Change 23.05% 15.33% 4.48%
LONG-TERM LIABILITIES
Long-Term Debt $350.4M $349.6M $383.0M
YoY Change -8.13% -8.2% 0.87%
Other Long-Term Liabilities -$1.921M -$2.260M
YoY Change
Total Long-Term Liabilities $348.5M $347.3M $383.0M
YoY Change -8.64% -8.79% 0.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $252.2M $229.5M $201.8M
Total Long-Term Liabilities $348.5M $347.3M $383.0M
Total Liabilities $561.8M $538.7M $548.7M
YoY Change -6.76% -1.98% 0.93%
SHAREHOLDERS EQUITY
Retained Earnings $1.162B $1.080B $997.0M
YoY Change 33.67% 32.01% 32.17%
Common Stock $449.0K $451.0K $450.0K
YoY Change -1.1% -2.38% -2.17%
Preferred Stock
YoY Change
Treasury Stock (at cost) $17.19M $3.758M $0.00
YoY Change -75.52%
Treasury Stock Shares
Shareholders Equity $1.439B $1.383B $1.301B
YoY Change
Total Liabilities & Shareholders Equity $2.064B $1.977B $1.903B
YoY Change 16.2% 15.83% 14.93%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $105.4M $83.30M $72.30M
YoY Change 41.32% 29.79% 31.87%
Depreciation, Depletion And Amortization $1.249M $1.126M $1.103M
YoY Change 50.48% 49.34% 69.69%
Cash From Operating Activities $2.162M $1.017M -$19.36M
YoY Change -96.1% -99.34% -132.62%
INVESTING ACTIVITIES
Capital Expenditures $1.382M $942.0K $3.013M
YoY Change 8.73% -40.42% 354.45%
Acquisitions
YoY Change
Other Investing Activities -$1.793M $62.27M -$337.0K
YoY Change -48.18% -4196.38% -61.18%
Cash From Investing Activities -$3.175M $61.32M -$3.350M
YoY Change -32.89% -2077.52% 118.81%
FINANCING ACTIVITIES
Cash Dividend Paid $719.0K
YoY Change 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -51.32M -$51.29M -24.00M
YoY Change 237.29% 4.27% -23.77%
NET CHANGE
Cash From Operating Activities 2.162M $1.017M -19.36M
Cash From Investing Activities -3.175M $61.32M -3.350M
Cash From Financing Activities -51.32M -$51.29M -24.00M
Net Change In Cash -52.33M $11.05M -46.70M
YoY Change -247.35% -89.21% -277.39%
FREE CASH FLOW
Cash From Operating Activities $2.162M $1.017M -$19.36M
Capital Expenditures $1.382M $942.0K $3.013M
Free Cash Flow $780.0K $75.00K -$22.37M
YoY Change -98.56% -99.95% -138.13%

Facts In Submission

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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
210508000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
195687000 usd
CY2024Q1 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, 2023 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, 2023. 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, 2023. </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 months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2024 or subsequent periods due to seasonal variations and other factors.</span></div>
CY2024Q1 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>
CY2024Q1 grbk Finished Homesand Homesunder Construction
FinishedHomesandHomesunderConstruction
624461000 usd
CY2023Q4 grbk Finished Homesand Homesunder Construction
FinishedHomesandHomesunderConstruction
559488000 usd
CY2024Q1 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
1012584000 usd
CY2023Q4 us-gaap Inventory Real Estate Land And Land Development Costs
InventoryRealEstateLandAndLandDevelopmentCosts
921241000 usd
CY2024Q1 grbk Land Held For Future Development
LandHeldForFutureDevelopment
14946000 usd
CY2023Q4 grbk Land Held For Future Development
LandHeldForFutureDevelopment
48991000 usd
CY2024Q1 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
3503000 usd
CY2023Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
3503000 usd
CY2024Q1 us-gaap Inventory Real Estate
InventoryRealEstate
1655494000 usd
CY2023Q4 us-gaap Inventory Real Estate
InventoryRealEstate
1533223000 usd
CY2024Q1 grbk Carrying Value Of Inventory Evaluated For Impairment
CarryingValueOfInventoryEvaluatedForImpairment
22300000 usd
CY2023Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
24126000 usd
CY2022Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22752000 usd
CY2024Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
3451000 usd
CY2023Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
3743000 usd
CY2024Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
2684000 usd
CY2023Q1 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
3648000 usd
CY2024Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
24893000 usd
CY2023Q1 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22847000 usd
CY2024Q1 grbk Capitalized Interest As A Percentage Of Inventory
CapitalizedInterestAsAPercentageOfInventory
0.015
CY2023Q4 us-gaap Senior Notes
SeniorNotes
336207000 usd
CY2023Q1 grbk Capitalized Interest As A Percentage Of Inventory
CapitalizedInterestAsAPercentageOfInventory
0.017
CY2024Q1 us-gaap Equity Method Investments
EquityMethodInvestments
34701000 usd
CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
84654000 usd
CY2024Q1 us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
-10700000 usd
CY2024Q1 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
114218000 usd
CY2023Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
23474000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
17945000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2753000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2045000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
198000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
633000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1309000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1091000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
25116000 usd
CY2023Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
19532000 usd
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2260000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2328000 usd
CY2024Q1 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
2260000 usd
CY2023Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
2328000 usd
CY2024Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
35000000 usd
CY2024Q1 us-gaap Senior Notes
SeniorNotes
311303000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
26370000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
500000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.49
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
500000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.49
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P0Y6M25D
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
36135000 usd
CY2021Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
29239000 usd
CY2024Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
1651000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
1365000 usd
CY2024Q1 us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
-400000 usd
CY2023Q1 us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
-313000 usd
CY2024Q1 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
38186000 usd
CY2023Q1 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
30291000 usd
CY2023Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2024Q1 us-gaap Dividends Cash
DividendsCash
700000 usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Award Vesting Rights Percentage
SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage
1
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
92000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
33.56
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
171000 shares
CY2024Q1 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
51.73
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
147000 shares
CY2024Q1 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
44.72
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
1000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
32.97
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
115000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
43.91
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
500000 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.49
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
0 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P0Y6M25D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
26370000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6400000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5500000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
3900000 usd
CY2024Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M18D
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
54120000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
43148000 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
16610000 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
12653000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
7200000 usd
CY2024Q1 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.
CY2024Q1 us-gaap Revenues
Revenues
447338000 usd
CY2023Q1 us-gaap Revenues
Revenues
452061000 usd
CY2024Q1 us-gaap Gross Profit
GrossProfit
148257000 usd
CY2023Q1 us-gaap Gross Profit
GrossProfit
124606000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
115633000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
87172000 usd
CY2024Q1 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
1655494000 usd
CY2023Q4 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
1533223000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
24800000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
19000000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.215
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.218
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
83301000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
64180000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44942000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45945000 shares
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.84
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.38
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44942000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45945000 shares
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
488000 shares
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
406000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45430000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46351000 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.82
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.37
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9000 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
67000 shares
CY2024Q1 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
296000000 usd
CY2023Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
322500000 usd
CY2024Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0 usd
CY2024Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
9300000 usd
CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
13500000 usd
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000 usd
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000 usd
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
200000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
200000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y4M24D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.073
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1063000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1618000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1533000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1501000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1462000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2825000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
10002000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2129000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
7873000 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000 usd
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000 usd
CY2023Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd

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