Century Communities Reports Fourth Quarter and Full Year 2024 Results
Century Communities (NYSE: CCS) reported strong fourth quarter and full year 2024 results. Q4 net income increased 13% YoY to $102.7 million ($3.20 per diluted share), while adjusted net income rose 18% to $112.0 million ($3.49 per diluted share). The company achieved record-breaking full-year deliveries of 11,007 homes, up 15% YoY.
Total revenues reached $4.4 billion for the full year, with Q4 revenues hitting a quarterly record of $1.3 billion. The company's community count grew 28% YoY to a record 322, while net new home contracts increased 21% YoY to 10,676. Book value per share rose 13% YoY to $84.65.
Looking ahead to 2025, Century Communities expects deliveries between 11,700 to 12,400 homes and home sales revenues ranging from $4.5 to $4.8 billion. The company maintains a strong financial position with $2.6 billion in stockholders' equity and $918 million in liquidity.
Century Communities (NYSE: CCS) ha riportato risultati solidi per il quarto trimestre e per l'intero anno 2024. Nel quarto trimestre, l'utile netto è aumentato del 13% anno su anno, raggiungendo i 102,7 milioni di dollari (3,20 dollari per azione diluita), mentre l'utile netto rettificato è salito del 18% a 112,0 milioni di dollari (3,49 dollari per azione diluita). L'azienda ha raggiunto consegne record per l'intero anno, con 11.007 abitazioni, in aumento del 15% rispetto all'anno precedente.
I ricavi totali hanno raggiunto i 4,4 miliardi di dollari per l'intero anno, con i ricavi del quarto trimestre che hanno toccato un record trimestrale di 1,3 miliardi di dollari. Il numero di comunità dell'azienda è aumentato del 28% anno su anno, raggiungendo un record di 322, mentre i contratti per nuove abitazioni sono aumentati del 21% anno su anno, arrivando a 10.676. Il valore contabile per azione è aumentato del 13% anno su anno, raggiungendo 84,65 dollari.
Guardando al 2025, Century Communities prevede consegne tra 11.700 e 12.400 abitazioni e ricavi dalle vendite di abitazioni che variano da 4,5 a 4,8 miliardi di dollari. L'azienda mantiene una posizione finanziaria solida con 2,6 miliardi di dollari di patrimonio netto degli azionisti e 918 milioni di dollari in liquidità.
Century Communities (NYSE: CCS) informó resultados sólidos para el cuarto trimestre y el año completo 2024. El ingreso neto del cuarto trimestre aumentó un 13% interanual, alcanzando los 102,7 millones de dólares (3,20 dólares por acción diluida), mientras que el ingreso neto ajustado subió un 18% a 112,0 millones de dólares (3,49 dólares por acción diluida). La empresa logró entregas récord de 11.007 viviendas en todo el año, un incremento del 15% respecto al año anterior.
Los ingresos totales alcanzaron los 4,4 mil millones de dólares durante todo el año, con ingresos del cuarto trimestre que alcanzaron un récord trimestral de 1,3 mil millones de dólares. El número de comunidades de la empresa creció un 28% interanual, alcanzando un récord de 322, mientras que los contratos para nuevas viviendas aumentaron un 21% interanual a 10.676. El valor contable por acción aumentó un 13% interanual, alcanzando los 84,65 dólares.
De cara a 2025, Century Communities espera entregas entre 11.700 y 12.400 viviendas y ingresos por ventas de viviendas que oscilarán entre 4,5 y 4,8 mil millones de dólares. La empresa mantiene una fuerte posición financiera con 2,6 mil millones de dólares en patrimonio de los accionistas y 918 millones de dólares en liquidez.
센추리 커뮤니티 (NYSE: CCS)는 2024년 4분기 및 연간 실적이 강하게 나왔다고 보고했습니다. 4분기 순이익은 전년 대비 13% 증가한 1억 2백7십만 달러(희석 주당 3.20 달러)에 이르렀고, 조정된 순이익은 18% 늘어난 1억 1천2백만 달러(희석 주당 3.49 달러)를 기록했습니다. 이 회사는 연간 11,007채의 주택을 인도하여 전년 대비 15% 증가하며 기록적인 성과를 달성했습니다.
총 수익은 연간 44억 달러에 달했고, 4분기 수익은 분기 기준으로 13억 달러의 기록을 세웠습니다. 회사의 커뮤니티 수는 전년 대비 28% 증가한 322개로 증가했으며, 새로운 주택 계약 수는 전년 대비 21% 상승하여 10,676건에 도달했습니다. 주당 장부 가치는 전년 대비 13% 증가해 84.65 달러에 달했습니다.
2025년을 바라보며, 센추리 커뮤니티는 주택 11,700채에서 12,400채에 이르는 인도와 45억 달러에서 48억 달러 사이의 주택 판매 수익을 예상하고 있습니다. 회사는 주주 자본이 26억 달러, 유동성이 9억 1천8백만 달러로 강력한 재무 상황을 유지하고 있습니다.
Century Communities (NYSE: CCS) a annoncé de solides résultats pour le quatrième trimestre et l'année entière 2024. Le revenu net du quatrième trimestre a augmenté de 13 % par rapport à l'année précédente, atteignant 102,7 millions de dollars (3,20 dollars par action diluée), tandis que le revenu net ajusté a augmenté de 18 % pour atteindre 112,0 millions de dollars (3,49 dollars par action diluée). L'entreprise a réalisé des livraisons record de 11 007 maisons sur l'année, en hausse de 15 % par rapport à l'année précédente.
Les revenus totaux ont atteint 4,4 milliards de dollars sur l'ensemble de l'année, avec des revenus du quatrième trimestre atteignant un record trimestriel de 1,3 milliard de dollars. Le nombre de communautés de l'entreprise a augmenté de 28 % par rapport à l'année précédente, atteignant un record de 322, tandis que les contrats pour de nouvelles maisons ont augmenté de 21 % par rapport à l'année précédente, atteignant 10 676. La valeur comptable par action a augmenté de 13 % par rapport à l'année précédente, atteignant 84,65 dollars.
En regardant vers 2025, Century Communities s'attend à des livraisons entre 11 700 et 12 400 maisons et des revenus des ventes de maisons allant de 4,5 à 4,8 milliards de dollars. L'entreprise maintient une position financière solide avec 2,6 milliards de dollars d'équité des actionnaires et 918 millions de dollars de liquidités.
Century Communities (NYSE: CCS) hat starke Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 gemeldet. Der Nettogewinn im vierten Quartal stieg im Vergleich zum Vorjahr um 13 % auf 102,7 Millionen Dollar (3,20 USD pro verwässerter Aktie), während der bereinigte Nettogewinn um 18 % auf 112,0 Millionen Dollar (3,49 USD pro verwässerter Aktie) zunahm. Das Unternehmen erreichte Rekordlieferungen von 11.007 Häusern im gesamten Jahr, was einem Anstieg von 15 % im Jahresvergleich entspricht.
Die Gesamterlöse beliefen sich im gesamten Jahr auf 4,4 Milliarden Dollar, wobei die Erlöse im vierten Quartal mit 1,3 Milliarden Dollar einen Quartalsrekord erreichten. Die Anzahl der Gemeinschaften des Unternehmens wuchs im Jahresvergleich um 28 % und erreichte einen Rekord von 322, während die Nettoverträge für neue Häuser um 21 % im Jahresvergleich auf 10.676 stiegen. Der Buchwert pro Aktie stieg im Jahresvergleich um 13 % auf 84,65 Dollar.
Für 2025 erwartet Century Communities Lieferungen zwischen 11.700 und 12.400 Häusern sowie Einnahmen aus dem Verkauf von Häusern zwischen 4,5 und 4,8 Milliarden Dollar. Das Unternehmen hält eine starke Finanzlage mit 2,6 Milliarden Dollar Eigenkapital und 918 Millionen Dollar Liquidität aufrecht.
- Q4 net income increased 13% YoY to $102.7 million
- Record full-year deliveries of 11,007 homes, up 15% YoY
- Community count grew 28% YoY to 322
- Net new home contracts increased 21% YoY to 10,676
- Improved adjusted gross margin by 80 basis points to 23.3%
- Reduced SG&A as percentage of home sales revenues by 40 basis points
- Strong balance sheet with $2.6 billion in stockholders' equity
- Increased credit facility capacity to $900 million
- Reduced backlog to 850 homes from previous year
Insights
Century Communities' Q4 and FY2024 results demonstrate exceptional operational execution and strategic growth initiatives. The 13% YoY increase in Q4 net income to $102.7M and 18% rise in adjusted net income to $112M reflect strong operational leverage and pricing power in a challenging market.
Three key operational achievements stand out: First, the 28% YoY growth in community count to 322 positions the company for sustained growth, supported by a strategic 9% increase in lot inventory to 80,632. The high proportion of controlled lots (56%) provides flexibility while managing capital efficiency. Second, margin improvement through cost controls and scale benefits, evidenced by the 80 basis point increase in adjusted gross margin to 23.3% and reduced SG&A, showcases operational discipline. Third, the expansion of the credit facility to
The company's capital allocation strategy remains shareholder-friendly, with $83.8M in share repurchases (over 3% of outstanding shares) and consistent quarterly dividends, while maintaining a conservative net homebuilding leverage of
The strategic acquisitions of Landmark Homes and Anglia Homes enhance market presence and should contribute to achieving the projected
- Fourth Quarter Net Income Increased
- Fourth Quarter Adjusted Net Income Increased
- Full Year Deliveries Increased
- Book Value per Share Increased
- Community Count Increased
- Full Year Net New Home Contracts Increased
Fourth Quarter 2024 Highlights
- Net income of
$102.7 million $3.20 - Adjusted net income of
$112.0 million $3.49 - Pre-tax income of
$135.2 million - Total revenues of
$1.3 billion - Community count of 322, a Company record
- Deliveries of 3,198 homes, a quarterly record for the Company
- Net new home contracts of 2,467
- Homebuilding gross margin of
20.6% - Adjusted homebuilding gross margin of
22.9% - Increased capacity of senior unsecured credit facility to
$900.0 million
Full Year 2024 Highlights
- Net income of
$333.8 million $10.40 - Adjusted net income of
$355.1 million $11.06 - Pre-tax income of
$440.1 million - Total revenues of
$4.4 billion - Deliveries of 11,007 homes, a Company record
- Net new home contracts of 10,676, a
21% year-over-year increase - Homebuilding gross margin of
21.5% - Adjusted homebuilding gross margin of
23.3% - Acquired Landmark Homes of
Tennessee and Anglia Homes
"Our fourth quarter deliveries of 3,198 homes were a quarterly record for the Company and a
Rob Francescon, Chief Executive Officer and President, said, "Our total lot inventory of 80,632 increased by
Fourth Quarter 2024 Results
Net income for the fourth quarter 2024 was
Total revenues were
Net new home contracts in the fourth quarter 2024 were 2,467, and at the end of the fourth quarter 2024, the Company had 850 homes in backlog, representing
Adjusted homebuilding gross margin percentage, excluding interest, inventory impairment and purchase price accounting, was
Financial services revenues and pre-tax income were
Our book value per share increased to a record
Full Year 2024 Results
Net income for the full year 2024 was
Total revenues were
Net new home contracts totaled 10,676 for the full year 2024, a
Adjusted homebuilding gross margin percentage, excluding interest, inventory impairment and purchase price accounting, was
Financial services revenues and pre-tax income were
Balance Sheet and Liquidity
The Company ended the fourth quarter 2024 with a strong financial position, including
During the fourth quarter, the Company maintained its quarterly cash dividend of
As of December 31, 2024, homebuilding debt to capital improved to
Full Year 2025 Outlook
Scott Dixon, Chief Financial Officer of the Company, commented, "Given the growth in our lot count and community count in 2024, we expect our full year 2025 home deliveries to be in the range of 11,700 to 12,400 homes and our home sales revenues to be in the range of
Webcast and Conference Call
The Company will host a webcast and conference call on Wednesday, January 29, 2025, at 5:00 p.m. Eastern time, 3:00 p.m. Mountain time, to review the Company's fourth quarter and full year 2024 results, provide commentary, and conduct a question-and-answer session. To participate in the call, please dial 833-816-1103 (domestic) or 412-317-0685 (international). The live webcast will be available at www.centurycommunities.com in the Investors section. A replay of the conference call will be available through February 5, 2025, by dialing 877-344-7529 (domestic) or 412-317-0088 (international) and entering the passcode 6429888. A replay of the webcast will be available on the Company's website for at least one year.
About Century Communities
Century Communities, Inc. (NYSE: CCS) is one of the nation's largest homebuilders, an industry leader in online home sales, and the highest-ranked homebuilder on Newsweek's list of America's Most Trustworthy Companies 2024—consecutively awarded for a second year—and Newsweek's list of the World's Most Trustworthy Companies 2024. Through its Century Communities and Century Complete brands, Century's mission is to build attractive, high-quality homes at affordable prices to provide its valued customers with A HOME FOR EVERY DREAM®. Century is engaged in all aspects of homebuilding — including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Company operates in 17 states and over 45 markets across the
Non-GAAP Financial Measures
In addition to the Company's operating results presented in accordance with
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "intend," "estimate," "plan," "continue," "will," "may," "should," "potential," "guidance" and "outlook" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this release include the Company's operating and financial guidance for 2025. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management's reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. The following important factors could cause actual results to differ materially from those expressed in the forward-looking statement: adverse changes in general economic conditions, including increased interest rates, inflation, and employment levels; the potential impact of global supply chain disruptions, labor, land and raw material or other resource shortages and delays, and municipal and utility delays on the Company's business, industry and the broader economy; the ability to identify and acquire desirable land; availability and cost of financing; the effect of tax changes; reliance on contractors and key personnel; availability and pricing for land, labor and raw materials or other resources; the ability to pay dividends in the future; and the other factors included in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law.
Century Communities, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share amounts) | ||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Revenues | ||||||||||||
Homebuilding Revenues | ||||||||||||
Home sales revenues | $ | 1,246,697 | $ | 1,185,409 | $ | 4,302,638 | $ | 3,604,434 | ||||
Land sales and other revenues | 511 | 3,717 | 2,753 | 7,528 | ||||||||
Total homebuilding revenues | 1,247,208 | 1,189,126 | 4,305,391 | 3,611,962 | ||||||||
Financial services revenues | 26,221 | 16,456 | 92,897 | 80,223 | ||||||||
Total revenues | 1,273,429 | 1,205,582 | 4,398,288 | 3,692,185 | ||||||||
Homebuilding Cost of Revenues | ||||||||||||
Cost of home sales revenues | (982,923) | (927,805) | (3,369,131) | (2,838,436) | ||||||||
Cost of land sales and other revenues | — | (1,773) | (207) | (2,147) | ||||||||
Total homebuilding cost of revenues | (982,923) | (929,578) | (3,369,338) | (2,840,583) | ||||||||
Financial services costs | (18,291) | (14,677) | (66,185) | (48,660) | ||||||||
Selling, general, and administrative | (143,436) | (131,959) | (516,489) | (447,311) | ||||||||
Inventory impairment | (6,835) | (1,877) | (8,778) | (1,877) | ||||||||
Other income (expense) | 13,252 | (1,417) | 2,562 | (2,924) | ||||||||
Income before income tax expense | 135,196 | 126,074 | 440,060 | 350,830 | ||||||||
Income tax expense | (32,455) | (34,756) | (106,244) | (91,606) | ||||||||
Net income | $ | 102,741 | $ | 91,318 | $ | 333,816 | $ | 259,224 | ||||
Earnings per share: | ||||||||||||
Basic | $ | 3.29 | $ | 2.87 | $ | 10.59 | $ | 8.12 | ||||
Diluted | $ | 3.20 | $ | 2.83 | $ | 10.40 | $ | 8.05 | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 31,252,028 | 31,774,340 | 31,510,282 | 31,918,942 | ||||||||
Diluted | 32,091,471 | 32,236,990 | 32,110,835 | 32,209,359 | ||||||||
Century Communities, Inc. Consolidated Balance Sheets (Unaudited) (in thousands, except share amounts) | ||||||
December 31, | December 31, | |||||
2024 | 2023 | |||||
Assets | (unaudited) | (audited) | ||||
Cash and cash equivalents | $ | 149,998 | $ | 226,150 | ||
Cash held in escrow | 3,004 | 101,845 | ||||
Accounts receivable | 50,318 | 76,213 | ||||
Inventories | 3,454,337 | 3,016,641 | ||||
Mortgage loans held for sale | 236,926 | 251,852 | ||||
Prepaid expenses and other assets | 419,384 | 350,193 | ||||
Property and equipment, net | 155,176 | 69,075 | ||||
Deferred tax assets, net | 22,220 | 16,998 | ||||
Goodwill | 41,109 | 30,395 | ||||
Total assets | $ | 4,532,472 | $ | 4,139,362 | ||
Liabilities and stockholders' equity | ||||||
Liabilities: | ||||||
Accounts payable | $ | 133,086 | $ | 147,265 | ||
Accrued expenses and other liabilities | 302,317 | 303,392 | ||||
Notes payable | 1,107,909 | 1,062,471 | ||||
Revolving line of credit | 135,500 | — | ||||
Mortgage repurchase facilities | 232,804 | 239,298 | ||||
Total liabilities | 1,911,616 | 1,752,426 | ||||
Stockholders' equity: | ||||||
Preferred stock, | — | — | ||||
Common stock, | 310 | 318 | ||||
Additional paid-in capital | 526,959 | 592,989 | ||||
Retained earnings | 2,093,587 | 1,793,629 | ||||
Total stockholders' equity | 2,620,856 | 2,386,936 | ||||
Total liabilities and stockholders' equity | $ | 4,532,472 | $ | 4,139,362 | ||
Century Communities, Inc. Homebuilding Operational Data (Unaudited) | |||||||||||||||||||
Net New Home Contracts | |||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | ||||||||||||||
West | 309 | 310 | (0.3) | % | 1,490 | 1,159 | 28.6 | % | |||||||||||
Mountain | 379 | 440 | (13.9) | % | 2,005 | 1,614 | 24.2 | % | |||||||||||
499 | 378 | 32.0 | % | 1,987 | 1,630 | 21.9 | % | ||||||||||||
Southeast | 387 | 351 | 10.3 | % | 1,619 | 1,296 | 24.9 | % | |||||||||||
Century Complete | 893 | 861 | 3.7 | % | 3,575 | 3,129 | 14.3 | % | |||||||||||
Total | 2,467 | 2,340 | 5.4 | % | 10,676 | 8,828 | 20.9 | % | |||||||||||
Home Deliveries (dollars in thousands) | ||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||
2024 | 2023 | % Change | ||||||||||||||
Homes | Average | Homes | Average | Homes | Average | |||||||||||
West | 465 | $ | 612.3 | 395 | $ | 585.1 | 17.7 | % | 4.6 | % | ||||||
Mountain | 525 | $ | 557.9 | 567 | $ | 495.2 | (7.4) | % | 12.7 | % | ||||||
638 | $ | 298.2 | 458 | $ | 291.4 | 39.3 | % | 2.3 | % | |||||||
Southeast | 499 | $ | 411.6 | 519 | $ | 435.3 | (3.9) | % | (5.4) | % | ||||||
Century Complete | 1,071 | $ | 255.4 | 1,218 | $ | 258.0 | (12.1) | % | (1.0) | % | ||||||
Total / Weighted Average | 3,198 | $ | 389.8 | 3,157 | $ | 375.5 | 1.3 | % | 3.8 | % | ||||||
Year Ended December 31, | ||||||||||||||||
2024 | 2023 | % Change | ||||||||||||||
Homes | Average | Homes | Average | Homes | Average | |||||||||||
West | 1,437 | $ | 627.2 | 1,133 | $ | 588.6 | 26.8 | % | 6.6 | % | ||||||
Mountain | 2,019 | $ | 533.4 | 1,892 | $ | 508.7 | 6.7 | % | 4.9 | % | ||||||
2,077 | $ | 301.8 | 1,617 | $ | 285.2 | 28.4 | % | 5.8 | % | |||||||
Southeast | 1,654 | $ | 423.8 | 1,370 | $ | 434.2 | 20.7 | % | (2.4) | % | ||||||
Century Complete | 3,820 | $ | 260.9 | 3,556 | $ | 258.5 | 7.4 | % | 0.9 | % | ||||||
Total / Weighted Average | 11,007 | $ | 390.9 | 9,568 | $ | 376.7 | 15.0 | % | 3.8 | % | ||||||
Century Communities, Inc. Homebuilding Operational Data (Unaudited) | ||||||||||
Selling Communities | ||||||||||
As of December 31, | Increase/Decrease | |||||||||
2024 | 2023 | Amount | % Change | |||||||
West | 30 | 27 | 3 | 11.1 | % | |||||
Mountain | 49 | 51 | (2) | (3.9) | % | |||||
78 | 43 | 35 | 81.4 | % | ||||||
Southeast | 42 | 27 | 15 | 55.6 | % | |||||
Century Complete | 123 | 103 | 20 | 19.4 | % | |||||
Total | 322 | 251 | 71 | 28.3 | % | |||||
Backlog (dollars in thousands) | |||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||
2024 | 2023 | % Change | |||||||||||||||||||||||
Homes | Dollar Value | Average | Homes | Dollar Value | Average | Homes | Dollar Value | Average | |||||||||||||||||
West | 159 | $ | 100,306 | $ | 630.9 | 106 | $ | 67,425 | $ | 636.1 | 50.0 | % | 48.8 | % | (0.8) | % | |||||||||
Mountain | 149 | 83,915 | $ | 563.2 | 163 | 92,785 | $ | 569.2 | (8.6) | % | (9.6) | % | (1.1) | % | |||||||||||
177 | 54,314 | $ | 306.9 | 168 | 53,044 | $ | 315.7 | 5.4 | % | 2.4 | % | (2.8) | % | ||||||||||||
Southeast | 107 | 49,778 | $ | 465.2 | 131 | 57,165 | $ | 436.4 | (18.3) | % | (12.9) | % | 6.6 | % | |||||||||||
Century Complete | 258 | 62,849 | $ | 243.6 | 502 | 130,362 | $ | 259.7 | (48.6) | % | (51.8) | % | (6.2) | % | |||||||||||
Total / Weighted Average | 850 | $ | 351,162 | $ | 413.1 | 1,070 | $ | 400,781 | $ | 374.6 | (20.6) | % | (12.4) | % | 10.3 | % | |||||||||
Lot Inventory | |||||||||||||||||||||||||||
As of December 31, | |||||||||||||||||||||||||||
2024 | 2023 | % Change | |||||||||||||||||||||||||
Owned | Controlled | Total | Owned | Controlled | Total | Owned | Controlled | Total | |||||||||||||||||||
West | 4,211 | 4,286 | 8,497 | 4,036 | 3,259 | 7,295 | 4.3 | % | 31.5 | % | 16.5 | % | |||||||||||||||
Mountain | 9,037 | 4,052 | 13,089 | 8,615 | 5,025 | 13,640 | 4.9 | % | (19.4) | % | (4.0) | % | |||||||||||||||
12,632 | 8,935 | 21,567 | 8,647 | 11,027 | 19,674 | 46.1 | % | (19.0) | % | 9.6 | % | ||||||||||||||||
Southeast | 5,173 | 12,270 | 17,443 | 5,486 | 10,941 | 16,427 | (5.7) | % | 12.1 | % | 6.2 | % | |||||||||||||||
Century Complete | 4,703 | 15,333 | 20,036 | 3,839 | 12,845 | 16,684 | 22.5 | % | 19.4 | % | 20.1 | % | |||||||||||||||
Total | 35,756 | 44,876 | 80,632 | 30,623 | 43,097 | 73,720 | 16.8 | % | 4.1 | % | 9.4 | % | |||||||||||||||
% of Total | 44.3 % | 55.7 % | 100.0 % | 41.5 % | 58.5 % | 100.0 % | |||||||||||||||||||||
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Adjusted net income and adjusted diluted earnings per share (which we refer to as "Adjusted EPS") are non-GAAP financial measures that the Company believes are useful to management, investors and other users of its financial information in evaluating its operating results and understanding its operating trends without the effect of certain non-recurring items. The Company believes excluding certain non-recurring items provides more comparable assessment of its financial results from period to period. The Company defines adjusted net income as consolidated net income before (i) income tax expense, (ii) inventory impairment, if applicable (iii) restructuring costs, if applicable, (iv) loss on debt extinguishment, if applicable, (v) purchase price accounting for acquired work in process inventory, if applicable, and (vi) impairment on other investments, if applicable, less adjusted income tax expense, calculated using the Company's estimated annual effective tax rate after discrete items for the applicable period. Adjusted EPS is calculated by dividing adjusted net income by weighted average common shares – diluted.
Adjusted Net Income and Adjusted Diluted Earnings Per Share (in thousands, except share and per share amounts) | ||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Numerator | ||||||||||||
Net income | $ | 102,741 | $ | 91,318 | $ | 333,816 | $ | 259,224 | ||||
Denominator | ||||||||||||
Weighted average common shares outstanding - basic | 31,252,028 | 31,774,340 | 31,510,282 | 31,918,942 | ||||||||
Dilutive effect of stock-based compensation awards | 839,443 | 462,650 | 600,553 | 290,417 | ||||||||
Weighted average common shares outstanding - diluted | 32,091,471 | 32,236,990 | 32,110,835 | 32,209,359 | ||||||||
Earnings per share: | ||||||||||||
Basic | $ | 3.29 | $ | 2.87 | $ | 10.59 | $ | 8.12 | ||||
Diluted | $ | 3.20 | $ | 2.83 | $ | 10.40 | $ | 8.05 | ||||
Adjusted earnings per share | ||||||||||||
Numerator | ||||||||||||
Net income | $ | 102,741 | $ | 91,318 | $ | 333,816 | $ | 259,224 | ||||
Income tax expense | 32,455 | 34,756 | 106,244 | 91,606 | ||||||||
Income before income tax expense | 135,196 | 126,074 | 440,060 | 350,830 | ||||||||
Inventory impairment | 6,835 | 1,877 | 8,778 | 1,877 | ||||||||
Impairment on other investment | 2,180 | — | 9,902 | — | ||||||||
Purchase price accounting for acquired work in process inventory | 3,444 | — | 9,443 | — | ||||||||
Adjusted income before income tax expense | 147,655 | 127,951 | 468,183 | 352,707 | ||||||||
Adjusted income tax expense(1) | (35,648) | (33,410) | (113,034) | (92,096) | ||||||||
Adjusted net income | $ | 112,007 | $ | 94,541 | $ | 355,149 | $ | 260,611 | ||||
Denominator - Diluted | 32,091,471 | 32,236,990 | 32,110,835 | 32,209,359 | ||||||||
Adjusted diluted earnings per share | $ | 3.49 | $ | 2.93 | $ | 11.06 | $ | 8.09 | ||||
(1) | The tax rates used in calculating adjusted net income for the years ended December 31, 2024 and 2023 were |
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Adjusted homebuilding gross margin excluding inventory impairment (if applicable), interest in cost of home sales revenues, and purchase price accounting for acquired work in process inventory (if applicable), is not a measurement of financial performance under GAAP; however, the Company's management believes that this information is meaningful as it isolates the impact that inventory impairment, indebtedness, and acquisitions have on homebuilding gross margin and permits the Company's stockholders to make better comparisons with the Company's competitors, who adjust gross margins in a similar fashion. This non-GAAP financial measure should not be used as a substitute for the Company's GAAP operating results. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.
Adjusted Homebuilding Gross Margin (in thousands) | ||||||||||||
Three Months Ended December 31, | ||||||||||||
2024 | % | 2023 | % | |||||||||
Home sales revenues | $ | 1,246,697 | 100.0 | % | $ | 1,185,409 | 100.0 | % | ||||
Cost of home sales revenues | (982,923) | (78.8) | % | (927,805) | (78.3) | % | ||||||
Inventory impairment | (6,835) | (0.5) | % | (1,877) | (0.2) | % | ||||||
Homebuilding gross margin | 256,939 | 20.6 | % | 255,727 | 21.6 | % | ||||||
Add: Inventory impairment | 6,835 | 0.5 | % | 1,877 | 0.2 | % | ||||||
Add: Interest in cost of home sales revenues | 18,169 | 1.5 | % | 15,198 | 1.3 | % | ||||||
Add: Purchase price accounting for acquired work in process inventory | 3,444 | 0.3 | % | — | — | % | ||||||
Adjusted homebuilding gross margin excluding interest, inventory impairment | $ | 285,387 | 22.9 | % | $ | 272,802 | 23.0 | % | ||||
Year Ended December 31, | ||||||||||||
2024 | % | 2023 | % | |||||||||
Home sales revenues | $ | 4,302,638 | 100.0 | % | $ | 3,604,434 | 100.0 | % | ||||
Cost of home sales revenues | (3,369,131) | (78.3) | % | (2,838,436) | (78.7) | % | ||||||
Inventory impairment | (8,778) | (0.2) | % | (1,877) | (0.1) | % | ||||||
Homebuilding gross margin | 924,729 | 21.5 | % | 764,121 | 21.2 | % | ||||||
Add: Inventory impairment | 8,778 | 0.2 | % | 1,877 | 0.1 | % | ||||||
Add: Interest in cost of home sales revenues | 60,286 | 1.4 | % | 45,927 | 1.3 | % | ||||||
Add: Purchase price accounting for acquired work in process inventory | 9,443 | 0.2 | % | — | — | % | ||||||
Adjusted homebuilding gross margin excluding interest, inventory impairment | $ | 1,003,236 | 23.3 | % | $ | 811,925 | 22.5 | % | ||||
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
EBITDA and Adjusted EBITDA
EBITDA and adjusted EBITDA are non-GAAP financial measures the Company uses as supplemental measures in evaluating operating performance. The Company defines EBITDA as net income before (i) income tax expense, (ii) interest in cost of home sales revenues, (iii) other interest expense (income), and (iv) depreciation and amortization expense. The Company defines adjusted EBITDA as EBITDA before loss on debt extinguishment (if applicable), inventory impairment (if applicable), purchase price accounting for acquired work in process inventory (if applicable), and impairment on other investments (if applicable). The Company believes EBITDA and adjusted EBITDA provide an indicator of general economic performance that is not affected by fluctuations in interest rates or effective tax rates, levels of depreciation or amortization, and items considered to be non-recurring. Accordingly, the Company's management believes that these measurements are useful for comparing general operating performance from period to period. Neither EBITDA nor adjusted EBITDA should be considered in addition to, and not as a substitute for, consolidated net income in accordance with GAAP as a measure of performance. The presentation of adjusted EBITDA should not be construed as an indication that the Company's future results will be unaffected by unusual or non-recurring items. Each of EBITDA and adjusted EBITDA is limited as an analytical tool, and should not be considered in isolation or as a substitute for analysis of the Company's results of operations as reported under GAAP.
(in thousands) | ||||||||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||||||||
2024 | 2023 | % Change | 2024 | 2023 | % Change | |||||||||||||||
Net income | $ | 102,741 | $ | 91,318 | 12.5 | % | $ | 333,816 | $ | 259,224 | 28.8 | % | ||||||||
Income tax expense | 32,455 | 34,756 | (6.6) | % | 106,244 | 91,606 | 16.0 | % | ||||||||||||
Interest in cost of home sales revenues | 18,169 | 15,198 | 19.5 | % | 60,286 | 45,927 | 31.3 | % | ||||||||||||
Interest income | (40) | (791) | (94.9) | % | (2,733) | (7,222) | (62.2) | % | ||||||||||||
Depreciation and amortization expense | 6,849 | 4,755 | 44.0 | % | 24,286 | 15,774 | 54.0 | % | ||||||||||||
EBITDA | $ | 160,174 | $ | 145,236 | 10.3 | % | $ | 521,899 | $ | 405,309 | 28.8 | % | ||||||||
Inventory impairment | 6,835 | 1,877 | 264.1 | % | 8,778 | 1,877 | 367.7 | % | ||||||||||||
Impairment on other investment | 2,180 | — | NM | 9,902 | — | NM | ||||||||||||||
Purchase price accounting for acquired work in process inventory | 3,444 | — | NM | 9,443 | — | NM | ||||||||||||||
Adjusted EBITDA | $ | 172,633 | $ | 147,113 | 17.3 | % | $ | 550,022 | $ | 407,186 | 35.1 | % | ||||||||
NM – Not Meaningful |
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Ratio of Net Homebuilding Debt to Net Capital
The following table presents the Company's ratio of net homebuilding debt to net capital, which is a non-GAAP financial measure. The Company calculates this by dividing net homebuilding debt (homebuilding debt less cash and cash equivalents, and cash held in escrow) by net capital (net homebuilding debt plus total stockholders' equity). Homebuilding debt is total debt minus outstanding borrowings under construction loan agreement and mortgage repurchase facilities. The most directly comparable GAAP measure is the ratio of debt to capital. The Company believes the ratio of net homebuilding debt to net capital is a relevant and useful financial measure to investors in understanding the leverage employed in its operations and as an indicator of the Company's ability to obtain external financing.
(in thousands) | ||||||
December 31, | December 31, | |||||
2024 | 2023 | |||||
Notes payable | $ | 1,107,909 | $ | 1,062,471 | ||
Revolving line of credit | 135,500 | — | ||||
Construction loan agreements | (102,436) | (44,895) | ||||
Total homebuilding debt | 1,140,973 | 1,017,576 | ||||
Total stockholders' equity | 2,620,856 | 2,386,936 | ||||
Total capital | $ | 3,761,829 | $ | 3,404,512 | ||
Homebuilding debt to capital | 30.3 % | 29.9 % | ||||
Total homebuilding debt | $ | 1,140,973 | $ | 1,017,576 | ||
Cash and cash equivalents | (149,998) | (226,150) | ||||
Cash held in escrow | (3,004) | (101,845) | ||||
Net homebuilding debt | 987,971 | 689,581 | ||||
Total stockholders' equity | 2,620,856 | 2,386,936 | ||||
Net capital | $ | 3,608,827 | $ | 3,076,517 | ||
Net homebuilding debt to net capital | 27.4 % | 22.4 % | ||||
Contact Information:
Tyler Langton, Senior Vice President of Investor Relations
303-268-8345
Investorrelations@CenturyCommunities.com
Category:
Earnings
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SOURCE Century Communities, Inc.
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