Century Communities, Inc. Files 2023 Annual Report (10-K)

TL;DR

<b>Century Communities, Inc. has filed its 2023 10-K annual report detailing financial performance and operational data.</b>

AI Summary

Century Communities, Inc. (CCS) filed a Annual Report (10-K) with the SEC on February 5, 2024. Century Communities, Inc. filed its 10-K report for the fiscal year ending December 31, 2023. The filing includes financial data and disclosures for the period. Key dates and events related to the company's operations are detailed. Information on executive compensation and stock awards is provided. The report references various accounting standards and fair value disclosures.

Why It Matters

For investors and stakeholders tracking Century Communities, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Century Communities' financial health and strategic positioning for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed disclosures within the report, including executive compensation and stock awards, offer insights into management's incentives and the company's capital allocation strategies.

Risk Assessment

Risk Level: — Century Communities, Inc. shows moderate risk based on this filing. The filing is a standard 10-K, which inherently contains a broad range of risks related to the homebuilding industry, financial markets, and operational execution, as is typical for a company of this nature.

Analyst Insight

Investors should review the detailed risk factors and financial statements within the 10-K to understand potential challenges and opportunities for Century Communities in the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of report)
• 2024-02-05 — Filing Date (Date of filing)

Key Players & Entities

• Century Communities, Inc. (company) — Filer name
• Greenwood Village, CO (location) — Business and mailing address
• 303.770.8300 (phone) — Business phone number

Forward-Looking Statements

• Century Communities will continue to utilize its Omnibus 2022 Incentive Plan to attract and retain talent. (Century Communities, Inc.) — high confidence, target: 2024-12-31

FAQ

Industry Context

Century Communities, Inc. operates in the homebuilding industry, a sector sensitive to economic conditions, interest rates, and consumer confidence.

Regulatory Implications

The filing adheres to SEC regulations, specifically the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business, financial condition, and operations.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management's discussion and analysis.
2. Analyze the risk factors section to understand potential headwinds for Century Communities.
3. Compare key financial metrics with previous years and industry peers.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-05: Filing Date — Date the 10-K was officially filed with the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document filed by Century Communities, Inc. to report its annual financial results and business overview.)

Year-Over-Year Comparison

This is the initial filing data provided, so a comparison to a previous filing is not possible with the given information.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share CCS New York Stock Exchan
• $76.62 — 2 billion based on the closing price of $76.62 per share as reported on the New York S

Filing Documents

• ccs-20231231x10k.htm (10-K) — 6004KB
• ccs-20231231xex4_2.htm (EX-4.2) — 38KB
• ccs-20231231xex10_11.htm (EX-10.11) — 24KB
• ccs-20231231xex10_12.htm (EX-10.12) — 25KB
• ccs-20231231xex21_1.htm (EX-21.1) — 115KB
• ccs-20231231xex22_1.htm (EX-22.1) — 159KB
• ccs-20231231xex23_1.htm (EX-23.1) — 5KB
• ccs-20231231xex31_1.htm (EX-31.1) — 14KB
• ccs-20231231xex31_2.htm (EX-31.2) — 14KB
• ccs-20231231xex31_3.htm (EX-31.3) — 14KB
• ccs-20231231xex32_1.htm (EX-32.1) — 9KB
• ccs-20231231xex32_2.htm (EX-32.2) — 10KB
• ccs-20231231xex32_3.htm (EX-32.3) — 9KB
• ccs-20231231xex97_1.htm (EX-97.1) — 69KB
• ccs-20231231x10kg001.jpg (GRAPHIC) — 34KB
• ccs-20231231x10kg002.jpg (GRAPHIC) — 20KB
• ccs-20231231x10kg003.jpg (GRAPHIC) — 46KB
• ccs-20231231x10kg004.jpg (GRAPHIC) — 152KB
• ccs-20231231xex97_1g001.jpg (GRAPHIC) — 10KB
• 0001576940-24-000005.txt (&nbsp;) — 17927KB
• ccs-20231231.xsd (EX-101.SCH) — 61KB
• ccs-20231231_cal.xml (EX-101.CAL) — 79KB
• ccs-20231231_def.xml (EX-101.DEF) — 214KB
• ccs-20231231_lab.xml (EX-101.LAB) — 582KB
• ccs-20231231_pre.xml (EX-101.PRE) — 454KB
• ccs-20231231x10k_htm.xml (XML) — 3419KB

Business

Item 1. Business 2

Risk Factors

Item 1A. Risk Factors 11

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 43

Cybersecurity

Item 1C. Cybersecurity 43

Properties

Item 2. Properties 45

Legal Proceedings

Item 3. Legal Proceedings 46

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 46 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 46

[Reserved]

Item 6. [Reserved] 47

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 48

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 67

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 69

Changes in and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 69

Controls and Procedures

Item 9A. Controls and Procedures 69

Other Information

Item 9B. Other Information 71

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 71 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 71

Executive Compensation

Item 11. Executive Compensation 71

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 71

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 72 PART IV

Exhibit and Financial Statement Schedules

Item 15. Exhibit and Financial Statement Schedules 73

Form 10-K Summary

Item 16. Form 10-K Summary 76 i Table of Contents CAUTIO N ARY NOTE ABOUT FORWARD-LOOKING STATEMENTS Some of the statements included in or incorporated by reference into this Annual Report on Form 10-K (which we refer to as this "Form 10-K") constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, forecasts, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. These statements are only predictions. We caution that forward-looking statements are not guarantees. Actual results could differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements are typically identified by the use of terms such as "may," "will," "should," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "potential" the negative of such terms and other comparable terminology , and the use of future dates. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors. The forward-looking statements included in this Form 10-K reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement. Statements regarding the following subjects, among others, may be forward-looking and subject to risks and uncertainties, including, among others: econo mic changes, either nationally or in the markets in which we operate, including increased interest rates and the resulting impact on the accessibility of mortgage loans to homebuyers, persistent inflati

. BUSINESS

ITEM 1 . BUSINESS. Overview Century Communities, Inc., a Delaware corporation (which we refer to as "we," "us," "our," "CCS," or the "Company"), is engaged in the development, design, construction, marketing and sale of single-family attached and detached homes in 18 states. In many of our projects, in addition to building homes, we are responsible for the entitlement and development of the underlying land. We build and sell homes under our Century Communities and Century Complete brands. Our Century Communities brand has an emphasis on serving the entry-level homebuilding market but offers a wide range of buyer profiles including: entry-level, first and second time move-up, and lifestyle homebuyers, and provides our homebuyers with the ability to personalize their homes through certain option and upgrade opportunities. Our Century Complete brand targets entry-level homebuyers, primarily sells homes through retail studios and the internet, and generally provides no option or upgrade opportunities. Our homebuilding operations are organized into the following five reportable segments: West, Mountain, Texas, Southeast, and Century Complete. Our indirect wholly-owned subsidiaries, Inspire Home Loans Inc., Parkway Title, LLC, IHL Home Insurance Agency, LLC, and IHL Escrow Inc., which provide mortgage, title, insurance, and escrow services, respectively, primarily to our homebuyers, have been identified as our Financial Services segment. Additionally, our wholly owned subsidiary, Century Living, LLC, is engaged in the development, construction and management of multi-family rental properties, currently all located in Colorado. Century Living, LLC is included in our Corporate segment. While we offer homes that appeal to a broad range of entry-level, move-up, and lifestyle homebuyers, our offerings are heavily weighted towards providing affordable housing options in each of our homebuyer segments. Additionally, we prefer building move-in-ready homes over built-to-

View Full Filing

View this 10-K filing on SEC EDGAR