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Sep 30, 2021
Green Brick Q3 2021 Earnings Report
Reported record third quarter results with revenues up 28.4% and income before taxes up 41.9%.
Key Takeaways
Green Brick Partners reported record results for the third quarter ended September 30, 2021. The company's residential units revenue and backlog reflect a record for any quarter since its inception. Income of $48.5 million was a record for any third quarter.
Residential units revenue increased by 28.4% year-over-year.
Income before taxes increased by 41.9% year-over-year.
Backlog increased by 83.9% year-over-year.
Lots owned and controlled increased by 101.8% year-over-year.
Green Brick
Green Brick
Green Brick Revenue by Segment
Revenue by Segment
Residential Units Revenue
CapyFin.comLand and Lots Revenue
CapyFin.com Forward Guidance
Green Brick is extremely well positioned to grow their business in 2022 and beyond due to their land position and backlog.
Positive Outlook
- Land position will position the company to grow in 2022 and beyond.
- Backlog will position the company to grow in 2022 and beyond.
- Sale and closing of increased number of spec homes will allow them to capture the most current price increases.
- Sale and closing of increased number of spec homes will allow them to maximize profitability.
- Focus on price over pace will continue to sustain industry-leading margins and strong financial performance.
Challenges Ahead
- Continuing impacts from the COVID-19 pandemic.
- Shortages, delays or increased costs of raw materials.
- Increases in other operating costs, including costs related to labor, real estate taxes and insurance.
- Shortage of labor.
- Lack of availability or volatility of mortgage financing or a rise in interest rates.
Revenue & Expenses
Visualization of income flow from segment revenue to net income