The following is a summary of the Green Brick Partners, Inc. (GRBK) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Green Brick Partners reported a Q1 2024 diluted earnings per share of $1.82, a record for Q1.

• They reported a record home building gross margin of 33.4%, positioning them at the forefront of the home building industry.

• The company's book value grew 27% from a year ago, reaching $29.67 per share at the end of Q1 2024.

• An attractive return on equity of 25.5% for Q1 was reported on an annualized basis.

• They managed to decrease their debt to total capital ratio by 550 basis points to 18.3%, while their net debt to total capital ratio dropped to 8.2% by the end of Q1.

• Net income attributable to Green Brick increased significantly by 30% to $83 million, along with a 33% increase in diluted earnings per share to $1.82.

Business Progress:

• The company witnessed robust demand across markets and brands, managing to sell 1,071 net new homes in Q1 2024 with a low cancellation rate.

• Plans are underway for revenue growth to be driven by demand for infill and infill-adjacent sub-markets.

• Significant growth was reported in the community counts, land acquisition, and development portfolios, which positions the business for sustained growth.

• Expansion of Trophy homes in Dallas, Austin, and Houston markets is expected to contribute to Green Brick's growth strategy.

• Collaboration with Hersh Family Investments has started to develop a new approximately 2,000-lot community in Salina, Texas.

• Green Brick is accelerating self-development of land, with 86%-88% of lots owned and self-developed, strengthening their return on assets and equity.

• Opportunities for pursuing new communities are being explored with a goal to maintain the gross margin and manage cancellation risks effectively.

More details: Green Brick Partners IR

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