Green Brick Partners, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Green Brick Partners, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and operational data.</b>

AI Summary

Green Brick Partners, Inc. (GRBK-PA) filed a Quarterly Report (10-Q) with the SEC on May 1, 2024. Green Brick Partners, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is Operative Builders. The filing includes financial data for periods ending March 31, 2024, December 31, 2023, and March 31, 2023. Key entities mentioned include GBChallenger LLC, GBTMSendera LLC, and EJBRiverHoldings LLC.

Why It Matters

For investors and stakeholders tracking Green Brick Partners, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial statements and disclosures, crucial for understanding the company's current performance and outlook. The detailed financial information allows for analysis of revenue trends, asset management, and equity structure, aiding investment decisions.

Risk Assessment

Risk Level: medium — Green Brick Partners, Inc. shows moderate risk based on this filing. The company's financial health and future performance are subject to the inherent risks of the real estate and construction industry, including market fluctuations and operational challenges, as detailed in their filings.

Analyst Insight

Monitor Green Brick Partners' upcoming earnings calls and investor presentations for management's commentary on the Q1 2024 results and forward-looking guidance.

Key Numbers

• 2024-03-31 — Period End Date (10-Q filing period)
• 2024-05-01 — Filing Date (Date the 10-Q was filed)
• 2024-01-01 — Quarter Start Date (First quarter of 2024)
• 2023-03-31 — Prior Year Quarter End Date (First quarter of 2023 comparison)

Key Players & Entities

• Green Brick Partners, Inc. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-01 (date) — Filing date
• Operative Builders (industry) — Standard Industrial Classification
• 5501 HEADQUARTERS DR (address) — Business address
• PLANO (location) — Business address city
• TX (location) — Business address state
• GBChallenger LLC (company) — Subsidiary/entity mentioned

FAQ

Industry Context

Green Brick Partners operates in the residential real estate sector, specifically as an operative builder, constructing and selling homes.

Regulatory Implications

The company is subject to SEC regulations for public companies, requiring regular filings like the 10-Q to disclose financial and operational information.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze year-over-year and quarter-over-quarter changes in key financial metrics presented in the report.
3. Compare Green Brick Partners' performance against industry benchmarks and competitors.

Key Dates

• 2024-03-31: Quarterly Period End — End of the first fiscal quarter of 2024.
• 2024-05-01: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing updated financial data compared to the previous year's first quarter and the preceding fiscal year's annual report.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share GRBK The New York Stock Exch
• $64.0 million — nterest in Challenger for approximately $64.0 million in cash. A gain on this sale of $ 10.7
• $20.6 m — th Rainwater Crossing was approximately $20.6 million, representing its $0.8 million in
• $0.8 million — imately $20.6 million, representing its $0.8 million investment and the Company's remaining
• $15.0 million — ment to contribute to the joint venture $15.0 million in quarterly payments through March 31,
• $4.8 million — rly payments through March 31, 2029 and $4.8 million upon the joint venture's initial land c
• $25.0 million — h December 14, 2026, with the remaining $25.0 million commitment expiring December 14, 2025.
• $100.0 million — 4, the Company has repurchased the full $100.0 million that had been authorized under the 2022

Filing Documents

• grbk-20240331.htm (10-Q) — 963KB
• ex311certificationofchiefe.htm (EX-31.1) — 10KB
• ex312certificationofchieff.htm (EX-31.2) — 10KB
• ex321certificationofchiefe.htm (EX-32.1) — 5KB
• ex322certificationofchieff.htm (EX-32.2) — 5KB
• 0001373670-24-000043.txt (&nbsp;) — 5814KB
• grbk-20240331.xsd (EX-101.SCH) — 37KB
• grbk-20240331_cal.xml (EX-101.CAL) — 53KB
• grbk-20240331_def.xml (EX-101.DEF) — 206KB
• grbk-20240331_lab.xml (EX-101.LAB) — 455KB
• grbk-20240331_pre.xml (EX-101.PRE) — 381KB
• grbk-20240331_htm.xml (XML) — 700KB

Condensed Consolidated Financial Statements (Unaudited)

Item 1. Condensed Consolidated Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets, March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Income for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Stockholders' Equity for the three months ended March 31 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4 Notes to the Unaudited Condensed Consolidated Financial Statements 5

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Controls and Procedures

Item 4. Controls and Procedures 27 PART II OTHER INFORMATION

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28

Other Information

Item 5. Other Information 28

Exhibits

Item 6. Exhibits 28

Signatures

Signatures 29 TABLE OF CONTENTS

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS GREEN BRICK PARTNERS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Cash and cash equivalents $ 185,897 $ 179,756 Restricted cash 24,611 19,703 Receivables 8,630 10,632 Inventory 1,655,494 1,533,223 Investments in unconsolidated entities 34,701 84,654 Right-of-use assets - operating leases 6,997 7,255 Property and equipment, net 6,826 7,054 Earnest money deposits 16,464 16,619 Deferred income tax assets, net 15,306 15,306 Intangible assets, net 345 367 Goodwill 680 680 Other assets 20,623 27,583 Total assets $ 1,976,574 $ 1,902,832 LIABILITIES AND EQUITY Liabilities: Accounts payable $ 53,330 $ 54,321 Accrued expenses 114,218 96,457 Customer and builder deposits 54,120 43,148 Lease liabilities - operating leases 7,873 7,898 Borrowings on lines of credit, net ( 2,260 ) ( 2,328 ) Senior unsecured notes, net 311,303 336,207 Notes payable 113 12,981 Total liabilities 538,697 548,684 Commitments and contingencies Redeemable noncontrolling interest in equity of consolidated subsidiary 38,186 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 March 31, 2024 and December 31, 2023, respectively 47,603 47,603 Common stock, $ 0.01 par value: 100,000,000 shares authorized; 45,096,392 issued and 45,025,151 outstanding as of March 31, 2024 and 45,005,175 issued and outstanding as of December 31, 2023, respectively 451 450 Treasury stock, at cost: 71,241 shares as of March 31, 2024 and none as of December 31, 2023 ( 3,758 ) — Additional paid-in capital 259,412 255,614 Retained earnings 1,079,619 997,037 Total Green Brick Partners, Inc. stockholders' equity 1,383,327 1,300,704 Noncontrolling interests 16,364 17,309 Total equity 1,399,691 1,318,013 Total liabilities and equity $ 1,976,574 $ 1,902,832 The accompanying

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View this 10-Q filing on SEC EDGAR