$GRBK
Green Brick Partners, Inc.

2024 Q3 Form 10-Q Financial Statement

#000137367024000061 Filed on July 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $523.7M $560.6M
YoY Change 24.99% 22.87%
Cost Of Revenue $352.1M $371.0M
YoY Change 25.76% 18.39%
Gross Profit $171.6M $189.7M
YoY Change 23.42% 32.69%
Gross Profit Margin 32.76% 33.83%
Selling, General & Admin $57.74M $57.60M
YoY Change 23.16% 17.01%
% of Gross Profit 33.66% 30.37%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.249M $1.249M
YoY Change 56.13% 50.48%
% of Gross Profit 0.73% 0.66%
Operating Expenses $57.74M $57.60M
YoY Change 23.16% 17.01%
Operating Profit $113.8M $132.1M
YoY Change 23.55% 40.93%
Interest Expense $992.0K $1.186M
YoY Change -23.69% -79.19%
% of Operating Profit 0.87% 0.9%
Other Income/Expense, Net $4.161M $5.927M
YoY Change -9.78% 23.3%
Pretax Income $119.0M $139.2M
YoY Change 21.3% 33.55%
Income Tax $23.10M $23.90M
% Of Pretax Income 19.42% 17.17%
Net Earnings $89.11M $105.4M
YoY Change 23.5% 41.32%
Net Earnings / Revenue 17.02% 18.79%
Basic Earnings Per Share $1.99 $2.34
Diluted Earnings Per Share $1.98 $2.32
COMMON SHARES
Basic Shares Outstanding 44.50M shares 44.93M shares
Diluted Shares Outstanding 44.53M shares 45.15M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.07M $133.3M
YoY Change -64.17% -36.4%
Cash & Equivalents $80.07M $133.3M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory $1.918B $1.792B
Prepaid Expenses
Receivables $11.33M $14.70M
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.009B $1.940B
YoY Change 18.5% 19.68%
LONG-TERM ASSETS
Property, Plant & Equipment $6.901M $6.975M
YoY Change 27.75% -1.26%
Goodwill $680.0K $680.0K
YoY Change 0.0% 0.0%
Intangibles $303.0K $324.0K
YoY Change -21.91% -20.78%
Long-Term Investments $59.36M $36.56M
YoY Change -26.0% -55.31%
Other Assets $39.89M $40.19M
YoY Change 1.75% 5.61%
Total Long-Term Assets $162.6M $124.3M
YoY Change -4.81% -20.04%
TOTAL ASSETS
Total Short-Term Assets $2.009B $1.940B
Total Long-Term Assets $162.6M $124.3M
Total Assets $2.172B $2.064B
YoY Change 16.36% 16.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $67.35M $67.98M
YoY Change 18.99% 18.3%
Accrued Expenses $174.5M $134.9M
YoY Change 46.89% 29.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $286.9M $252.2M
YoY Change 28.89% 23.05%
LONG-TERM LIABILITIES
Long-Term Debt $341.8M $350.4M
YoY Change -10.61% -8.13%
Other Long-Term Liabilities -$1.718M -$1.921M
YoY Change
Total Long-Term Liabilities $340.1M $348.5M
YoY Change -11.06% -8.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $286.9M $252.2M
Total Long-Term Liabilities $340.1M $348.5M
Total Liabilities $584.2M $561.8M
YoY Change 2.53% -6.76%
SHAREHOLDERS EQUITY
Retained Earnings $1.229B $1.162B
YoY Change 30.74% 33.67%
Common Stock $445.0K $449.0K
YoY Change -1.98% -1.1%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $17.19M
YoY Change
Treasury Stock Shares
Shareholders Equity $1.521B $1.439B
YoY Change
Total Liabilities & Shareholders Equity $2.172B $2.064B
YoY Change 16.36% 16.2%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $89.11M $105.4M
YoY Change 23.5% 41.32%
Depreciation, Depletion And Amortization $1.249M $1.249M
YoY Change 56.13% 50.48%
Cash From Operating Activities -$6.201M $2.162M
YoY Change -127.56% -96.1%
INVESTING ACTIVITIES
Capital Expenditures $1.158M $1.382M
YoY Change -39.05% 8.73%
Acquisitions
YoY Change
Other Investing Activities -$22.35M -$1.793M
YoY Change 11075.0% -48.18%
Cash From Investing Activities -$23.51M -$3.175M
YoY Change 968.55% -32.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.82M -51.32M
YoY Change 341.09% 237.29%
NET CHANGE
Cash From Operating Activities -6.201M 2.162M
Cash From Investing Activities -23.51M -3.175M
Cash From Financing Activities -23.82M -51.32M
Net Change In Cash -53.53M -52.33M
YoY Change -459.25% -247.35%
FREE CASH FLOW
Cash From Operating Activities -$6.201M $2.162M
Capital Expenditures $1.158M $1.382M
Free Cash Flow -$7.359M $780.0K
YoY Change -135.72% -98.56%

Facts In Submission

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us-gaap Equity Method Investment Realized Gain Loss On Disposal
EquityMethodInvestmentRealizedGainLossOnDisposal
10718000 usd
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
2121000 usd
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
7324000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4071000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1769000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
258236000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-18938000 usd
us-gaap Increase Decrease In Earnest Money Deposits Outstanding
IncreaseDecreaseInEarnestMoneyDepositsOutstanding
-2090000 usd
us-gaap Increase Decrease In Earnest Money Deposits Outstanding
IncreaseDecreaseInEarnestMoneyDepositsOutstanding
-7773000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-10589000 usd
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-888000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
13657000 usd
us-gaap Increase Decrease In Accounts Payable Trade
IncreaseDecreaseInAccountsPayableTrade
5660000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
29683000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
10479000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
6168000 usd
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
14139000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3179000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
210168000 usd
us-gaap Proceeds From Sale Of Equity Method Investments
ProceedsFromSaleOfEquityMethodInvestments
63960000 usd
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
3488000 usd
us-gaap Payments To Acquire Equity Method Investments
PaymentsToAcquireEquityMethodInvestments
4980000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2324000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2852000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
58148000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7832000 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 usd
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
22000000 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 usd
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
42000000 usd
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
25000000 usd
us-gaap Repayments Of Unsecured Debt
RepaymentsOfUnsecuredDebt
0 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
0 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
63000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
12884000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
95000 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
72000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
11276000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1975000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
42590000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
27991000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
1438000 usd
us-gaap Payments Of Dividends
PaymentsOfDividends
1438000 usd
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
2637000 usd
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
1840000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
6785000 usd
us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
11056000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-102610000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-64404000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-41283000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
137932000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
199459000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
93270000 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
158176000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
231202000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
27716000 usd
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
39071000 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, 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 and six months ended June 30, 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>
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>
CY2024Q2 grbk Finished Homesand Homesunder Construction
FinishedHomesandHomesunderConstruction
646153000 usd
CY2023Q4 grbk Finished Homesand Homesunder Construction
FinishedHomesandHomesunderConstruction
559488000 usd
CY2024Q2 grbk Land And Lots Developed And Under Development
LandAndLotsDevelopedAndUnderDevelopment
1123602000 usd
CY2023Q4 grbk Land And Lots Developed And Under Development
LandAndLotsDevelopedAndUnderDevelopment
921241000 usd
CY2024Q2 us-gaap Land Available For Development
LandAvailableForDevelopment
14946000 usd
CY2023Q4 us-gaap Land Available For Development
LandAvailableForDevelopment
48991000 usd
CY2024Q2 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
7355000 usd
CY2023Q4 us-gaap Inventory Land Held For Sale
InventoryLandHeldForSale
3503000 usd
CY2024Q2 us-gaap Inventory Real Estate
InventoryRealEstate
1792056000 usd
CY2023Q4 us-gaap Inventory Real Estate
InventoryRealEstate
1533223000 usd
CY2022Q4 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22752000 usd
CY2024Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
3472000 usd
CY2023Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
3624000 usd
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
6923000 usd
us-gaap Real Estate Inventory Capitalized Interest Costs Incurred
RealEstateInventoryCapitalizedInterestCostsIncurred
7367000 usd
CY2024Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
3131000 usd
CY2023Q2 us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
3872000 usd
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
5815000 usd
us-gaap Real Estate Inventory Capitalized Interest Costs Cost Of Sales1
RealEstateInventoryCapitalizedInterestCostsCostOfSales1
7520000 usd
CY2024Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
25234000 usd
CY2023Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22599000 usd
CY2024Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
25234000 usd
CY2023Q2 us-gaap Real Estate Inventory Capitalized Interest Costs
RealEstateInventoryCapitalizedInterestCosts
22599000 usd
CY2024Q2 grbk Capitalized Interest As A Percentage Of Inventory
CapitalizedInterestAsAPercentageOfInventory
0.014
CY2023Q2 grbk Capitalized Interest As A Percentage Of Inventory
CapitalizedInterestAsAPercentageOfInventory
0.016
CY2024Q2 us-gaap Equity Method Investments
EquityMethodInvestments
36557000 usd
CY2023Q4 us-gaap Equity Method Investments
EquityMethodInvestments
84654000 usd
CY2024Q2 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
126144000 usd
CY2023Q4 us-gaap Accrued Liabilities Current And Noncurrent
AccruedLiabilitiesCurrentAndNoncurrent
96457000 usd
CY2024Q1 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
25116000 usd
CY2023Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
23474000 usd
CY2024Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
3373000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
2876000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
6126000 usd
us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
4921000 usd
CY2024Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
53000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
-82000 usd
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
251000 usd
us-gaap Standard Product Warranty Accrual Preexisting Increase Decrease
StandardProductWarrantyAccrualPreexistingIncreaseDecrease
551000 usd
CY2024Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1403000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
1502000 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2712000 usd
us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
2593000 usd
CY2024Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
27139000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
20824000 usd
CY2024Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
27139000 usd
CY2023Q2 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
20824000 usd
CY2024Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
1921000 usd
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2328000 usd
CY2024Q2 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
1921000 usd
CY2023Q4 us-gaap Debt Issuance Costs Line Of Credit Arrangements Net
DebtIssuanceCostsLineOfCreditArrangementsNet
2328000 usd
CY2015Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0315
CY2024Q2 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
35000000.0 usd
CY2024Q2 us-gaap Senior Notes
SeniorNotes
311398000 usd
CY2023Q4 us-gaap Senior Notes
SeniorNotes
336207000 usd
CY2024Q2 us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
1769000 usd
CY2024Q2 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
2637000 usd
CY2023Q2 us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
1840000 usd
CY2024Q2 us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
-1565000 usd
CY2023Q2 us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
2450000 usd
CY2024Q2 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
38883000 usd
CY2022Q4 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
29239000 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
3420000 usd
us-gaap Net Income Loss Attributable To Redeemable Noncontrolling Interest
NetIncomeLossAttributableToRedeemableNoncontrollingInterest
3459000 usd
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
2637000 usd
us-gaap Payments For Repurchase Of Redeemable Noncontrolling Interest
PaymentsForRepurchaseOfRedeemableNoncontrollingInterest
1840000 usd
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
1965000 usd
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
2137000 usd
CY2024Q2 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
38883000 usd
CY2023Q2 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
RedeemableNoncontrollingInterestEquityCommonCarryingAmount
32995000 usd
CY2023Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd
CY2024Q2 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
11300000 usd
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
172000 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
51.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
149000 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
46.69
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
36.44
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
114000 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
43.77
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
22.225 usd
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
500000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.49
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
23160000 usd
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
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
0 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6000000.0 usd
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
3200000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y10M24D
CY2024Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
49316000 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
43148000 usd
CY2024Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
6400000 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.
CY2024Q2 us-gaap Revenues
Revenues
560631000 usd
CY2023Q2 us-gaap Revenues
Revenues
456289000 usd
us-gaap Revenues
Revenues
1007969000 usd
CY2024Q2 us-gaap Gross Profit
GrossProfit
189666000 usd
CY2023Q2 us-gaap Gross Profit
GrossProfit
142935000 usd
CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
139177000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
104212000 usd
CY2024Q2 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
1792056000 usd
CY2023Q4 us-gaap Inventory Operative Builders
InventoryOperativeBuilders
1533223000 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23900000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
48700000 usd
CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.172 rate
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.191 rate
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
105358000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
75270000 usd
CY2024Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
719000 usd
CY2023Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
719000 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
104639000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
74551000 usd
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
2.34
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.64
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
4.18
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
44760000 shares
CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
394000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
384000 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45154000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45755000 shares
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.32
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.63
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4000 shares
CY2024Q2 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
294700000 usd
CY2023Q4 us-gaap Debt Instrument Fair Value
DebtInstrumentFairValue
322500000 usd
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0 usd
CY2024Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
5200000 usd
CY2023Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
13500000 usd
CY2024Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
400000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
800000 usd
CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
200000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
300000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
400000 usd
CY2024Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y3M18D
CY2024Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.074
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
721000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1827000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1748000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1722000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1689000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
3420000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11127000 usd
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2371000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8756000 usd
CY2024Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
200000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
400000 usd
CY2023Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
100000000 usd

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