Century Communities, Inc. Files Definitive Proxy Statement for 2024 Annual Meeting

Ticker: CCS · Form: DEF 14A · Filed: Mar 27, 2024 · CIK: 1576940

Sentiment: bullish

Topics: Proxy Statement, Annual Meeting, Century Communities, DEF 14A, Shareholder Meeting

TL;DR

<b>Century Communities reports strong 2023 results, including record quarterly deliveries and financial strength, and invites stockholders to its 2024 Annual Meeting.</b>

AI Summary

Century Communities, Inc. (CCS) filed a Proxy Statement (DEF 14A) with the SEC on March 27, 2024. Century Communities, Inc. filed its Definitive Proxy Statement (DEF 14A) on March 27, 2024. The filing invites stockholders to the 2024 Annual Meeting of Stockholders. The company highlights strong performance and resilience in 2023 despite rising mortgage rates. Fourth quarter 2023 deliveries reached the highest quarterly level in the company's history. Century Communities achieved its 21st consecutive year of profitability and ended 2023 with its strongest balance sheet, lowest leverage, and highest year-end share price.

Why It Matters

For investors and stakeholders tracking Century Communities, Inc., this filing contains several important signals. The proxy statement provides details on the upcoming annual meeting, allowing shareholders to vote on important company matters and elect directors. The company's commentary on 2023 performance indicates strategic adaptation to market conditions, suggesting continued focus on affordability and demand for new homes.

Risk Assessment

Risk Level: low — Century Communities, Inc. shows low risk based on this filing. The filing is a routine DEF 14A, indicating standard corporate governance and shareholder communication rather than immediate financial distress or significant new risks.

Analyst Insight

Review the proposals and director elections in the proxy statement to make informed voting decisions.

Key Numbers

Key Players & Entities

FAQ

When did Century Communities, Inc. file this DEF 14A?

Century Communities, Inc. filed this Proxy Statement (DEF 14A) with the SEC on March 27, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by Century Communities, Inc. (CCS).

Where can I read the original DEF 14A filing from Century Communities, Inc.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by Century Communities, Inc..

What are the key takeaways from Century Communities, Inc.'s DEF 14A?

Century Communities, Inc. filed this DEF 14A on March 27, 2024. Key takeaways: Century Communities, Inc. filed its Definitive Proxy Statement (DEF 14A) on March 27, 2024.. The filing invites stockholders to the 2024 Annual Meeting of Stockholders.. The company highlights strong performance and resilience in 2023 despite rising mortgage rates..

Is Century Communities, Inc. a risky investment based on this filing?

Based on this DEF 14A, Century Communities, Inc. presents a relatively low-risk profile. The filing is a routine DEF 14A, indicating standard corporate governance and shareholder communication rather than immediate financial distress or significant new risks.

What should investors do after reading Century Communities, Inc.'s DEF 14A?

Review the proposals and director elections in the proxy statement to make informed voting decisions. The overall sentiment from this filing is bullish.

How does Century Communities, Inc. compare to its industry peers?

Century Communities operates in the homebuilding industry, which is sensitive to interest rates, demographic trends, and housing inventory levels.

Are there regulatory concerns for Century Communities, Inc.?

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, which governs the solicitation of proxies.

Risk Factors

Industry Context

Century Communities operates in the homebuilding industry, which is sensitive to interest rates, demographic trends, and housing inventory levels.

Regulatory Implications

The filing is made under Section 14(a) of the Securities Exchange Act of 1934, which governs the solicitation of proxies.

What Investors Should Do

  1. Review the proxy statement for details on director nominees and voting procedures.
  2. Analyze the company's performance commentary for insights into its strategic direction and market positioning.
  3. Note the company's emphasis on affordability and its impact on achieving profitability and strong financial metrics.

Key Dates

Glossary

DEF 14A
Definitive Proxy Statement filed with the SEC. (This filing provides shareholders with information regarding the annual meeting and company proposals.)
A Home for Every Dream®
The company's mission statement focused on providing affordable homes. (Highlights the company's strategic focus on affordability as a key differentiator.)

Year-Over-Year Comparison

This is the initial filing for the 2024 proxy season, providing forward-looking information about the annual meeting and recent company performance.

Filing Stats: 4,428 words · 18 min read · ~15 pages · Grade level 15.2 · Accepted 2024-03-27 06:03:46

Key Financial Figures

Filing Documents

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 65 DIRECTOR COMPENSATION 83 CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS 86 STOCK OWNERSHIP 87 INFORMATION ABOUT THE 2024 ANNUAL MEETING 92 OTHER MATTERS 98 APPENDIX A – RECONCILIATION OF NON-GAAP FINANCIAL MEASURES 101 References in this proxy statement to: "Century," "we," "us," "our," or the "Company" refer to Century Communities, Inc.; "Board" refer to the Board of Directors of Century; "Annual Meeting" or "meeting" refer to our 2024 Annual Meeting of Stockholders; and "2023 Annual Report" or "2023 Annual Report to Stockholders" refer to our Annual Report to Stockholders for 2023, including our Annual Report on Form 10-K for the year ended December 31, 2023, being made available together with this proxy Information on our website and any other website referenced herein is not incorporated by reference into, and does not constitute a part of, this proxy statement. and denote trademarks and registered trademarks of Century Communities, Inc. or our affiliates, registered as indicated in the United States. All other trademarks and trade names referred to in this proxy statement are the property of their respective owners. Century Communities, Inc. – 2024 Proxy Statement 5 PROXY STATEMENT SUMMARY This executive summary provides an overview of the information included in this proxy statement. We recommend that you review the entire proxy statement and our 2023 Annual Report to Stockholders before voting. 2024 ANNUAL MEETING OF STOCKHOLDERS DATE AND TIME Wednesday, May 8, 2024 1:00 p.m. (Mountain Time) LOCATION Hyatt Regency Denver Tech Center 7800 East Tufts Avenue Denver, CO 80237 RECORD DATE Holders of record of our common stock at the close of business on March 11, 2024 are entitled to notice of, to attend, and to vote at the 2024 Annual Meeting of Stockholders or any continuation, postponement, or adjournment thereof. VOTING ITEMS Proposal Board's Vote Recommend

EXECUTIVE COMPENSATION BEST PRACTICES

EXECUTIVE COMPENSATION BEST PRACTICES Our compensation practices include many best practices that support our executive compensation objectives and principles and benefit our stockholders. What We Do What We Don't Do Structure our executive officer compensation so it is competitive and a significant portion of pay is at risk No guaranteed salary increases Emphasize long-term performance in our equity-based incentive awards No guaranteed bonuses Use a mix of performance measures and caps on payouts No excessive perquisites Require minimum vesting periods on equity awards No current payment of dividends on unvested awards Require a double-trigger for equity acceleration upon a change of control No excise or other tax gross-ups Have robust stock ownership guidelines and retention requirements for executive officers No short sales or derivative transactions in Century stock, including hedges Maintain a clawback policy No pledging of Century securities Hold an annual say-on-pay vote No repricing of stock options 2023 EXECUTIVE COMPENSATION ACTIONS For 2023, our only named executive officers were our Co-Chief Executive Officers and former Chief Financial Officer. Our CFO voluntarily resigned effective March 22, 2024. 2023 compensation actions and incentive plan outcomes based on performance are summarized below: Pay Element 2023 Actions Base Salary No base salary increases for our Co-CEOs or former CFO occurred during 2023. Short-Term Incentive The threshold, target and maximum short-term incentive award opportunities for 2023 were the same as in 2022 and were 175%, 350% and 700% of base salary, respectively, for our Co-CEOs and 125%, 250% and 500% of base salary, respectively, for our former CFO. Performance metrics were revenue (20%), EBITDA, as adjusted (60%), and closings (20%) for our Co-CEOs and former CFO. Actual performance exceeded maximum for all three performance metrics. Long-Term Incentives The target long

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