Green Brick Partners, Inc. Reports Record Second Quarter 2024 Results

Rhea-AI Summary

Green Brick Partners reported record results for Q2 2024:

- Home closings revenue: $546.9M, up 20.4% YoY
- Gross margin: 34.5%, up 320 bps YoY
- Diluted EPS: $2.32, up 42.3% YoY
- Net new home orders: 855, up 4.0% YoY

Key highlights:

- Closed 987 units, up 26.1% YoY
- Added over 2,500 future home sites
- Return on equity: 28.3% for H1 2024 (annualized)
- Net debt to total capital ratio: 10.9%
- Repurchased 1.5% of shares for $38.4M

The company cited strong demand, supply shortages in key markets, and its land development strategy as drivers of growth.

Positive

• Record home closings revenue of $546.9M, up 20.4% year-over-year
• Record gross margin of 34.5%, up 320 basis points year-over-year
• Record diluted EPS of $2.32, up 42.3% year-over-year
• Net new home orders increased 4.0% year-over-year to 855 units
• Closed 987 units, up 26.1% year-over-year
• Added over 2,500 additional future home sites
• Return on equity of 28.3% for first half of 2024 (annualized)
• Low leverage with net debt to total capital ratio of 10.9%

Negative

• Average sales price of homes delivered decreased 4.4% year-over-year to $554,200
• Cancellation rate increased to 9.2% from 7.4% in Q2 2023
• Absorption rate decreased 14.1% year-over-year to 8.5 homes per community per quarter

Insights

Financial Analyst

Green Brick Partners has delivered an impressive set of results for Q2 2024, showcasing strong growth and profitability. The company's record home closings revenue of $546.9 million, up 20.4% year-over-year, demonstrates robust demand for their homes. What's particularly noteworthy is the record homebuilding gross margin of 34.5%, up 320 basis points from Q2 2023. This industry-leading margin reflects Green Brick's operational efficiency and strategic positioning in attractive markets.

The diluted EPS of $2.32, a 42.3% increase year-over-year, underscores the company's ability to translate revenue growth into bottom-line results. Green Brick's focus on infill and infill-adjacent locations, which accounted for about 80% of revenues in the first half of 2024, appears to be paying off. These locations typically offer higher margins and are less susceptible to competition.

The company's balance sheet remains strong, with a net debt to total capital ratio of just 10.9%. This low leverage provides flexibility for future growth and helps insulate the company from potential market downturns. The addition of over 2,500 future home sites during the quarter also sets the stage for continued expansion.

However, investors should note the slight decline in average sales price of homes delivered, down 4.4% year-over-year. This could be due to a shift in product mix or increased affordability measures and warrants monitoring in future quarters.

Market Research Analyst

Green Brick Partners' Q2 2024 results offer valuable insights into the current state of the housing market. The 4.0% year-over-year increase in net new home orders to 855 units suggests sustained demand, despite higher mortgage rates. This resilience could be attributed to the 'golden handcuffs' effect mentioned by CEO Jim Brickman, where existing homeowners are reluctant to sell due to their low-rate mortgages, creating a supply shortage in desirable areas.

The company's average incentives of 4.5% on new orders are relatively modest, indicating that Green Brick isn't relying heavily on price cuts to drive sales. This contrasts with some competitors who have had to offer more significant incentives to maintain volume.

The backlog increase of 15.5% is a positive indicator for future revenue. However, the slight increase in the cancellation rate to 9.2% from 7.4% in Q2 2023 bears watching, as it could signal some buyer hesitation.

Green Brick's strategy of focusing on infill and infill-adjacent locations appears to be paying off, as these areas tend to have more stable demand and pricing. The company's expansion of its lot inventory positions it well to capitalize on long-term demographic trends, particularly in its core markets in the Central and Southeast regions.

Overall, these results suggest that while the housing market may be facing headwinds from higher interest rates, well-positioned builders like Green Brick can still achieve strong growth and profitability.

Legal Expert

From a legal perspective, Green Brick Partners' Q2 2024 results highlight several important aspects. The company's strong financial performance, particularly its record revenues and margins, underscores its compliance with securities laws requiring accurate and timely disclosure of material financial information to investors.

The company's land acquisition strategy, which added over 2,500 future home sites, raises considerations related to land use regulations, zoning laws and environmental compliance. Green Brick's focus on infill and infill-adjacent locations may require navigating complex local regulations and potentially engaging with community stakeholders.

The company's share repurchase program, which bought back approximately 1.5% of outstanding shares, demonstrates compliance with SEC regulations on stock buybacks. This action also reflects the board's confidence in the company's future prospects and its commitment to returning value to shareholders.

Green Brick's low leverage, with a net debt to total capital ratio of 10.9%, suggests prudent financial management and compliance with any debt covenants. This conservative approach may help mitigate legal risks associated with financial distress or bankruptcy.

Lastly, the company's forward-looking statements about future growth and market conditions are appropriately couched with cautionary language, in line with the safe harbor provisions of the Private Securities Litigation Reform Act. This helps protect the company from potential legal liability related to forward-looking statements that may not materialize.

Record Home Closings Revenue of $547M, Up 20.4% YOY

Record Homebuilding Gross Margin of 34.5%, Up 320 BPS YOY

Record Diluted EPS of $2.32, Up 42.3% YOY

Net New Home Orders of 855, Up 4.0% YOY

Debt to Total Capital of 17.7%; Net Debt to Total Capital of 10.9%

PLANO, Texas--(BUSINESS WIRE)-- Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”), today reported record results for its second quarter ended June 30, 2024.

“Our business model continued to demonstrate its strength and enabled us to deliver record results for any quarter. In the second quarter of 2024, home closings revenue totaled $546.9 million, a record that reflects growth of 20.4% year-over-year as we closed a record 987 units, a 26.1% increase of closed homes year-over-year. Importantly, we continued to excel at generating the highest homebuilding gross margins in the industry. Our Q2 2024 record gross margin of 34.5% was up 320 bps over Q2 2023. As a result, diluted EPS increased 42% year-over-year to $2.32 per share, another company record,” said Jim Brickman, CEO and Co-Founder.

“As we exited the spring selling season, demand remained healthy throughout the second quarter. Net new orders grew 4.0% year-over-year to 855 units with average incentives of 4.5%,” continued Mr. Brickman. “Year-to-date, we have now sold 1,926 homes, delivered 1,808 homes and started 1,980 homes which increased our backlog units by 15.5%. Thanks to the superior markets in which we operate, Green Brick is poised to continue capitalizing on what we believe are long-term secular demographic shifts. This positioning is further strengthened by supply shortages in our infill and infill adjacent submarkets due to the ‘golden handcuffs’ effect of low-rate mortgages. Approximately 80% of our revenues for the first half of 2024 continued to come from those infill and infill adjacent locations.”

Mr. Brickman added, “We have created a strong runway for growth with our superior land and lot positions which we grew in the second quarter by adding over 2,500 additional future home sites. We remain committed to our land and self-development strategies that have been instrumental to our success and one of our biggest advantages. We believe that with disciplined underwriting, superior locations, a strong balance sheet and desirable products, we can carry land and lots on our balance sheet while still generating industry leading shareholder returns. To that end, our return on equity was 28.3% for the first half of 2024 on an annualized basis.”

Mr. Brickman concluded, “Growth is not created equally. Our success and earnings growth are possible despite having one of the least leveraged balance sheets and one of the lowest costs of debt among our small and mid-cap peers. At the end of the second quarter, our net debt to total capital ratio was 10.9% and our total debt to total capital ratio was only 17.7% with a weighted average pay rate of 3.4%. In addition, we continue to focus on creating value for shareholders, including by repurchasing approximately 1.5% of our shares in the second quarter for $38.4 million dollars.”

Results for the Quarter Ended June 30, 2024:

(Dollars in thousands, except per share data)	Three Months Ended June 30,
		2024				2023			Change
New homes delivered		987				783				26.1	%
Total revenues	$	560,631			$	456,289				22.9	%
Total cost of revenues		370,965				313,354				18.4	%
Total gross profit	$	189,666			$	142,935				32.7	%
Income before income taxes	$	139,177			$	104,212				33.6	%
Net income attributable to Green Brick Partners, Inc.	$	105,358			$	75,270				40.0	%
Diluted net income attributable to Green Brick Partners, Inc. per common share	$	2.32			$	1.63				42.3	%
Residential units revenue	$	547,138			$	454,445				20.4	%
Average sales price of homes delivered	$	554.2			$	580.0				(4.4	)%
Homebuilding gross margin percentage		34.5	%			31.3	%		320 bps
Selling, general and administrative expenses as a percentage of residential units revenue		10.5	%			10.8	%		-30 bps
Backlog	$	650,349			$	585,951			$	64,398
Homes under construction		2,229				1,809				23.2	%

Results for the Six Months Ended June 30, 2024:

(Dollars in thousands, except per share data)	Six Months Ended June 30,
		2024				2023			Change
New homes delivered		1,808				1,544			17.1	%
Total revenues	$	1,007,969			$	908,350			11.0	%
Total cost of revenues		670,046				640,809			4.6	%
Total gross profit	$	337,923			$	267,541			26.3	%
Income before income taxes	$	254,810			$	191,384			33.1	%
Net income attributable to Green Brick Partners, Inc.	$	188,659			$	139,450			35.3	%
Diluted net income attributable to Green Brick Partners, Inc. per common share	$	4.14			$	3.00			38.0	%
Residential units revenue	$	990,422			$	904,807			9.5	%
Average sales price of homes delivered	$	547.6			$	585.2			(6.4	)%
Homebuilding gross margin percentage		34.0	%			29.5	%		450 bps
Selling, general and administrative expenses as a percentage of residential units revenue		10.9	%			10.5	%		40 bps

Earnings Conference Call:

We will host our earnings conference call to discuss our second quarter ended June 30, 2024 at 12:00 p.m. Eastern Time on Thursday, August 1, 2024. The call can be accessed by dialing 1-888-660-6353 for domestic participants or 1-929-203-2106 for international participants and should reference meeting number 3162560. Participants may also join the call via webcast at: https://events.q4inc.com/attendee/883418928

A telephone replay of the call will be available through August 31, 2024. To access the telephone replay, the domestic dial-in number is 1-800-770-2030, the international dial-in number is 1-647-362-9199 and the access code is 3162560, or by using the link at investors.greenbrickpartners.com.

GREEN BRICK PARTNERS, INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited)
		Three Months Ended June 30,								Six Months Ended June 30,
			2024				2023				2024				2023
Residential units revenue		$	547,138			$	454,445			$	990,422			$	904,807
Land and lots revenue			13,493				1,844				17,547				3,543
Total revenues			560,631				456,289				1,007,969				908,350
Cost of residential units			358,183				312,030				653,496				638,154
Cost of land and lots			12,782				1,324				16,550				2,655
Total cost of revenues			370,965				313,354				670,046				640,809
Total gross profit			189,666				142,935				337,923				267,541
Selling, general and administrative expenses			(57,602	)			(49,229	)			(108,172	)			(95,174	)
Equity in income of unconsolidated entities			1,186				5,699				3,778				9,920
Other income, net			5,927				4,807				21,281				9,097
Income before income taxes			139,177				104,212				254,810				191,384
Income tax expense			23,896				23,148				48,738				42,179
Net income			115,281				81,064				206,072				149,205
Less: Net income attributable to noncontrolling interests			9,923				5,794				17,413				9,755
Net income attributable to Green Brick Partners, Inc.		$	105,358			$	75,270			$	188,659			$	139,450
Net income attributable to Green Brick Partners, Inc. per common share:
Basic		$	2.34			$	1.64			$	4.18			$	3.02
Diluted		$	2.32			$	1.63			$	4.14			$	3.00
Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:
Basic			44,760				45,371				44,826				45,656
Diluted			45,154				45,755				45,277				46,051

GREEN BRICK PARTNERS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited)
	June 30, 2024				December 31, 2023
ASSETS
Cash and cash equivalents	$	133,294			$	179,756
Restricted cash		24,882				19,703
Receivables		14,703				10,632
Inventory		1,792,056				1,533,223
Investments in unconsolidated entities		36,557				84,654
Right-of-use assets - operating leases		7,825				7,255
Property and equipment, net		6,975				7,054
Earnest money deposits		14,529				16,619
Deferred income tax assets, net		15,306				15,306
Intangible assets, net		324				367
Goodwill		680				680
Other assets		17,271				27,583
Total assets	$	2,064,402			$	1,902,832
LIABILITIES AND EQUITY
Liabilities:
Accounts payable	$	67,978			$	54,321
Accrued expenses		126,144				96,457
Customer and builder deposits		49,316				43,148
Lease liabilities - operating leases		8,756				7,898
Borrowings on lines of credit, net		(1,921	)			(2,328	)
Senior unsecured notes, net		311,398				336,207
Notes payable		95				12,981
Total liabilities		561,766				548,684
Commitments and contingencies
Redeemable noncontrolling interest in equity of consolidated subsidiary		38,883				36,135
Equity:
Green Brick Partners, Inc. stockholders’ equity
Preferred stock, $0.01 par value: 5,000,000 shares authorized; 2,000 issued and outstanding as of June 30, 2024 and December 31, 2023, respectively		47,603				47,603
Common stock, $0.01 par value: 100,000,000 shares authorized; 44,897,775 issued and 44,594,451 outstanding as of June 30, 2024 and 45,005,175 issued and outstanding as of December 31, 2023, respectively		449				450
Treasury stock, at cost: 303,324 shares as of June 30, 2024 and none as of December 31, 2023		(17,192	)			—
Additional paid-in capital		246,863				255,614
Retained earnings		1,161,512				997,037
Total Green Brick Partners, Inc. stockholders’ equity		1,439,235				1,300,704
Noncontrolling interests		24,518				17,309
Total equity		1,463,753				1,318,013
Total liabilities and equity	$	2,064,402			$	1,902,832

Residential Units Revenue and New Homes Delivered (dollars in thousands)		Three Months Ended June 30,															Six Months Ended June 30,
			2024				2023			Change				%				2024				2023			Change				%
Home closings revenue		$	546,948			$	454,136			$	92,812			20.4	%		$	990,042			$	903,566			$	86,476			9.6	%
Mechanic’s lien contracts revenue			190				309				(119	)		(38.5	)%			380				1,241				(861	)		(69.4	)%
Residential units revenue		$	547,138			$	454,445			$	92,693			20.4	%		$	990,422			$	904,807			$	85,615			9.5	%
New homes delivered			987				783				204			26.1	%			1,808				1,544				264			17.1	%
Average sales price of homes delivered		$	554.2			$	580.0			$	(25.8	)		(4.4	)%		$	547.6			$	585.2			$	(37.6	)		(6.4	)%

Land and Lots Revenue (dollars in thousands)		Three Months Ended June 30,															Six Months Ended June 30,
			2024				2023			Change				%				2024				2023			Change				%
Lots revenue		$	790			$	1,844			$	(1,054	)		(57.2	)%		$	4,844			$	3,543			$	1,301			36.7	%
Land revenue			12,703				—				12,703			100.0	%			12,703				—				12,703			100.0	%
Land and lots revenue		$	13,493			$	1,844			$	11,649			631.7	%		$	17,547			$	3,543			$	14,004			395.3	%
Lots closed			8				18				(10	)		(55.6	)%			71				36				35			97.2	%
Average sales price of lots closed		$	98.8			$	102.4			$	(3.6	)		(3.5	)%		$	68.2			$	98.4			$	(30.2	)		(30.7	)%

New Home Orders and Backlog (dollars in thousands)		Three Months Ended June 30,															Six Months Ended June 30,
			2024				2023			Change				%				2024				2023			Change				%
Net new home orders			855				822				33			4.0	%			1,926				1,889				37			2.0	%
Revenue from net new home orders		$	471,807			$	489,495			$	(17,688	)		(3.6	)%		$	1,085,191			$	1,120,423			$	(35,232	)		(3.1	)%
Average selling price of net new home orders		$	551.8			$	595.5			$	(43.7	)		(7.3	)%		$	563.4			$	593.1			$	(29.7	)		(5.0	)%
Cancellation rate			9.2	%			7.4	%			1.8	%		24.3	%			6.5	%			6.7	%			(0.2	)%		(3.0	)%
Absorption rate per average active selling community per quarter			8.5				9.9				(1.4	)		(14.1	)%			9.8				11.5				(1.7	)		(14.8	)%
Average active selling communities			101				83				18			21.7	%			98				82				16			19.5	%
Active selling communities at end of period			105				86				19			22.1	%
Backlog		$	650,349			$	585,951			$	64,398			11.0	%
Backlog units			889				882				7			0.8	%
Average sales price of backlog		$	731.6			$	664.3			$	67.3			10.1	%

GREEN BRICK PARTNERS, INC. SUPPLEMENTAL INFORMATION (Unaudited)
	June 30, 2024									December 31, 2023
	Central			Southeast			Total			Central			Southeast			Total
Lots owned
Finished lots	4,142			753			4,895			4,014			964			4,978
Lots in communities under development	18,332			1,492			19,824			9,122			1,335			10,457
Land held for future development(1)	3,800			—			3,800			8,366			—			8,366
Total lots owned	26,274			2,245			28,519			21,502			2,299			23,801
Lots controlled
Lots under option contracts	946			—			946			1,169			—			1,169
Land under option for future development	698			739			1,437			1,710			460			2,170
Lots under option through unconsolidated development joint ventures	2,128			283			2,411			1,210			331			1,541
Total lots controlled	3,772			1,022			4,794			4,089			791			4,880
Total lots owned and controlled (2)	30,046			3,267			33,313			25,591			3,090			28,681
Percentage of lots owned	87.4	%		68.7	%		85.6	%		84.0	%		74.4	%		83.0	%

___________________

(1)	Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors.
(2)	Total lots excludes lots with homes under construction.

The following table presents additional information on the lots we owned as of June 30, 2024 and December 31, 2023.

	June 30, 2024			December 31, 2023
Total lots owned(1)	28,519			23,801
Add certain lots included in Total Lots Controlled
Land under option for future acquisition and development	1,437			2,170
Lots under option through unconsolidated development joint ventures	2,411			1,541
Total lots self-developed	32,367			27,512
Self-developed lots as a percentage of total lots owned and controlled(1)	97.2	%		95.9	%

___________________

(1)	Total lots owned includes finished lot purchases, which were less than 2.4% of total lots self-developed as of June 30, 2024

Non-GAAP Financial Measures

In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating our operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

The following table represents the non-GAAP measure of adjusted homebuilding gross margin for the three and six months ended June 30, 2024 and 2023 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure.

(Unaudited, in thousands):		Three Months Ended June 30,								Six Months Ended June 30,
			2024				2023				2024				2023
Residential units revenue		$	547,138			$	454,445			$	990,422			$	904,807
Less: Mechanic’s lien contracts revenue			(190	)			(309	)			(380	)			(1,241	)
Home closings revenue		$	546,948			$	454,136			$	990,042			$	903,566
Homebuilding gross margin		$	188,893			$	142,302			$	336,810			$	266,217
Homebuilding gross margin percentage			34.5	%			31.3	%			34.0	%			29.5	%
Homebuilding gross margin			188,893				142,302				336,810				266,217
Add back: Capitalized interest charged to cost of revenues			3,067				3,862				5,751				7,488
Adjusted homebuilding gross margin		$	191,960			$	146,164			$	342,561			$	273,705
Adjusted homebuilding gross margin percentage			35.1	%			32.2	%			34.6	%			30.3	%

Net debt to total capitalization is calculated as the total debt less cash and cash equivalents, divided by the sum of total Green Brick Partners, Inc. stockholders’ equity and total debt less cash and cash equivalents. The closest GAAP financial measure to the net debt to total capitalization ratio is the debt to total capitalization ratio. The following table represents a reconciliation of the net debt to total capitalization ratio as of June 30, 2024:

	Gross				Cash and cash equivalents				Net
Total debt, net of debt issuance costs	$	309,572			$	(133,294	)		$	176,278
Total Green Brick Partners, Inc. stockholders’ equity		1,439,235				—				1,439,235
Total capitalization	$	1,748,807			$	(133,294	)		$	1,615,513
Debt to total capitalization ratio		17.7	%
Net debt to total capitalization ratio										10.9	%

About Green Brick Partners, Inc.

Green Brick Partners, Inc (NYSE: GRBK), the third largest homebuilder in Dallas-Fort Worth, is a diversified homebuilding and land development company that operates in Texas, Georgia, and Florida. Green Brick owns five subsidiary homebuilders in Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature Homes, and a 90% interest in Centre Living Homes), as well as a controlling interest in a homebuilder in Atlanta, Georgia (The Providence Group) and an 80% interest in a homebuilder in Port St. Lucie, Florida (GHO Homes). Green Brick also retains interests in related financial services platforms, including Green Brick Title and BHome Mortgage. Green Brick is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, and sales for its residential neighborhoods and master-planned communities. For more information about Green Brick Partners Inc.’s subsidiary homebuilders, please visit greenbrickpartners.com/brands-services/

Forward-Looking and Cautionary Statements:

This press release and our earnings call contain “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts and typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “feel,”, “poised,” “intend,” “plan,” “predict,” “seek,” “strategy,” “target,” “will” or other words of similar meaning. Specifically, these statements reflect our beliefs and expectations regarding (i) our strategic advantages, including our unique business model and focus on infill and infill-adjacent locations, and the impact on our future results; (ii) our lot and land strategy and its impact on our future financial position; (iii) our ability to successfully implement our growth strategy, including the expansion of Trophy into new markets; (iv) our intent to maintain a debt to capital ratio below 30% and its impact on our future operational and financial growth; (v) the drivers and scope of demand for home ownership in the markets in which we operate and our ability to capitalize on such demand; (vi) the benefits from our new mortgage business; (vii) our future financial and operational performance; and (viii) our ability to deliver efficient and cost-effective growth, including our ability to manage costs and cycle times. These forward-looking statements reflect our current views about future events and involve estimates and assumptions which may be affected by risks and uncertainties in our business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any forward-looking statement. These risks include, but are not limited to: (1) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (2) changes in macroeconomic conditions, including increased interest rates and inflation that could adversely impact demand for new homes or the ability of potential buyers to qualify; (3) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (4) shortages, delays or increased costs of raw materials and increased demand for materials, or increases in other operating costs, including costs related to labor, real estate taxes and insurance, which in each case exceed our ability to increase prices; (5) significant periods of inflation or deflation; (6) a shortage of qualified labor; (7) an inability to acquire land in our markets at anticipated prices or difficulty in obtaining land-use entitlements; (8) our inability to successfully execute our strategies, including an inability to grow our operations or expand our Trophy brand; (9) a failure to recruit, retain or develop highly skilled and competent employees; (10) the geographic concentration of our operations; (11) government regulation risks in the industries or markets we operate in; (12) a lack of availability or volatility of mortgage financing for homebuyers; (13) severe weather events or natural disasters; (14) difficulty in obtaining sufficient capital to fund our growth; (15) our ability to meet our debt service obligations; (16) a decline in the value of our inventories and resulting write-downs of the carrying value of our real estate assets, and (17) changes in accounting standards that adversely affect our reported earnings or financial condition. Green Brick assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. For a more detailed discussion of these and other risks and uncertainties applicable to Green Brick please see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240731857419/en/

Benting Hu

Vice President of Finance

469-573-6755

IR@greenbrickpartners.com

Source: Green Brick Partners, Inc.

FAQ

What was Green Brick Partners' (GRBK) revenue for Q2 2024?

Green Brick Partners reported record home closings revenue of $546.9 million for Q2 2024, representing a 20.4% increase year-over-year.

How much did Green Brick Partners' (GRBK) EPS grow in Q2 2024?

Green Brick Partners' diluted earnings per share (EPS) grew by 42.3% year-over-year to a record $2.32 in Q2 2024.

What was Green Brick Partners' (GRBK) gross margin in Q2 2024?

Green Brick Partners achieved a record gross margin of 34.5% in Q2 2024, which was an increase of 320 basis points compared to Q2 2023.

How many new home orders did Green Brick Partners (GRBK) receive in Q2 2024?

Green Brick Partners received 855 net new home orders in Q2 2024, representing a 4.0% increase compared to Q2 2023.