- Deliveries of 2,358 Homes Increased 23% YoY -- Home Sales Revenues of $922.4 Million Increased 25% YoY -- First Quarter Net Income Increased 93% YoY to $64.3 Million, or $2.00 Per Diluted Share -- First Quarter Adjusted Net Income Increased 114% YoY to $71.4 Million, or $2.22 Per Diluted Share -- Total Lots Increased to 75,089, with Controlled Lots at 58% of Total Lots -- Community Count Increased to a Record 253 - GREENWOOD VILLAGE, Colo., April 24, 2024 /PRNewswire/ -- Century Communities, Inc. (NYSE:CCS), one of the nation's largest homebuilders, today announced financial results for its first quarter ended March 31, 2024. First Quarter 2024 Highlights Net income of $64.3 million, or $2.00 per diluted share Adjusted net income of $71.4 million, or $2.22 per diluted share Pre-tax income of $84.3 million Adjusted EBITDA of $109.6 million Total revenues of $948.5 million   Deliveries of 2,358 homes Net new home contracts of 2,866 Homebuilding gross margin of 21.3% Adjusted homebuilding gross margin of 22.8% Completed the acquisition of Landmark Homes of Tennessee on January 22, 2024 "Our first quarter deliveries of 2,358 homes increased 23% versus the prior year quarter as we continued to see solid demand for affordable new homes, with our adjusted net income and net income increasing by 114% and 93%, respectively," said Dale Francescon, Chairman and Co-Chief Executive Officer. "Our first quarter net new contracts of 2,866 homes increased by 42% on a year-over-year basis and 22% quarter-over-quarter, with sequential increases in each month of the quarter. We increased our quarterly cash dividend by 13% to $0.26 per share and repurchased 186,887 shares of our common stock." Rob Francescon, Co-Chief Executive Officer and President, said, "Our total lot inventory of 75,089 increased by 46% over the prior year with the higher lot count driven by gains in our controlled lots, which accounted for 58% of our total lots at the end of the first quarter. Our community count grew by 8% on a year-over-year basis to 253, a record for the Company. Even with the solid demand for new homes, we've had continued success in managing our costs and maintained our cycle times in the four-to-five-month timeframe. Our balance sheet remains strong with $2.4 billion in stockholders' equity, $1.0 billion in liquidity and net homebuilding debt to net capital of 24.9%." First Quarter 2024 Results Net income for the first quarter 2024 was $64.3 million, or $2.00 per diluted share. Adjusted net income, which excludes purchase price accounting and an impairment on other investment, was $71.4 million, or $2.22 per diluted share. Total revenues were $948.5 million, with first quarter home sales revenues totaling $922.4 million. Deliveries totaled 2,358 homes. The average sales price of home deliveries for the first quarter 2024 was $391,200. Net new home contracts in the first quarter 2024 were 2,866, and at the end of the first quarter 2024, the Company had 1,590 homes in backlog, representing $667.2 million of backlog dollar value. Adjusted homebuilding gross margin percentage, excluding interest and purchase accounting, was 22.8% in the first quarter of 2024. Homebuilding gross margin percentage in the first quarter 2024 was 21.3%. Selling, general, and administrative expenses as a percent of home sales revenues was 12.4% in the quarter. Adjusted EBITDA and EBITDA for the first quarter 2024 were $109.6 million and $100.3 million, respectively. Financial services revenues and pre-tax income were $24.9 million and $10.0 million, respectively, in the first quarter 2024. Our book value per share increased to a record $76.10 as of March 31, 2024. Balance Sheet and Liquidity The Company ended the first quarter 2024 with a strong financial position, including $2.4 billion of stockholders' equity and $1.0 billion of total liquidity, including $207.6 million of cash. During the first quarter, the Company increased its quarterly cash dividend by 13% to $0.26 per share and repurchased 186,887 shares of its common stock for $16.1 million. As of March 31, 2024, homebuilding debt to capital decreased to 29.4% from 29.9% at December 31, 2023 and net homebuilding debt to net capital increased to 24.9% from 22.4% at December 31, 2023. Full Year 2024 Outlook Scott Dixon, Interim Chief Financial Officer of the Company, commented, "We are encouraged with our start to the year as we continue to see solid demand across our national footprint and are successfully managing our costs and cycle times. We will grow both our community count and deliveries on a year-over-year basis this year, and we continue to expect our full year 2024 deliveries to be in the range of 10,000 to 11,000 homes and our home sales revenues to be in the range of $3.8 billion to $4.2 billion." Webcast and Conference Call The Company will host a webcast and conference call on Wednesday, April 24, 2024, at 5:00 p.m. Eastern time, 3:00 p.m. Mountain time, to review the Company's first quarter 2024 results, provide commentary, and conduct a question-and-answer session. To participate in the call, please dial 833-816-1103 (domestic) or 412-317-0685 (international). The live webcast will be available at www.centurycommunities.com in the Investors section. A replay of the conference call will be available through May 1, 2024, by dialing 877-344-7529 (domestic) or 412-317-0088 (international) and entering the passcode 5208502. A replay of the webcast will be available on the Company's website for at least one year. About Century Communities Century Communities, Inc. (NYSE:CCS) is one of the nation's largest homebuilders, an industry leader in online home sales, and the highest-ranked homebuilder on Newsweek's list of America's Most Trustworthy Companies 2024. Through its Century Communities and Century Complete brands, Century's mission is to build attractive, high-quality homes at affordable prices to provide its valued customers with A HOME FOR EVERY DREAM®. Century is engaged in all aspects of homebuilding — including the acquisition, entitlement and development of land, along with the construction, innovative marketing and sale of quality homes designed to appeal to a wide range of homebuyers. The Company operates in 18 states and over 45 markets across the U.S., and also offers title, insurance and lending services in select markets through its Parkway Title, IHL Home Insurance Agency, and Inspire Home Loans subsidiaries. To learn more about Century Communities, please visit www.centurycommunities.com. Non-GAAP Financial Measures In addition to the Company's operating results presented in accordance with United States generally accepted accounting principles (GAAP), this press release includes the following non-GAAP financial measures: adjusted net income, adjusted diluted earnings per common share, adjusted homebuilding gross margin, EBITDA, adjusted EBITDA, and ratio of net homebuilding debt to net capital. These non-GAAP financial measures should not be used as a substitute for the Company's operating results presented in accordance with GAAP, and an analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP. Please refer to the reconciliation of each of the above referenced non-GAAP financial measures following the historical financial information presented in this press release. Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "intend," "estimate," "plan," "continue," "will," "may," "potential," "guidance" and "outlook" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this release include the Company's operating and financial guidance for 2024 and its expectations for growth in its community count and deliveries during 2024. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management's reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. The following important factors could cause actual results to differ materially from those expressed in the forward-looking statement: adverse changes in general economic conditions, including increased interest rates, inflation, and employment levels; the potential impact of global supply chain disruptions, labor, land and raw material or other resource shortages and delays, and municipal and utility delays on the Company's business, industry and the broader economy; the ability to identify and acquire desirable land; availability and cost of financing; the effect of tax changes; reliance on contractors and key personnel; availability and pricing for land, labor and raw materials or other resources; the ability to pay dividends in the future; and the other factors included in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law.   Century Communities, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share amounts) Three Months Ended March 31, 2024 2023 Revenues Homebuilding Revenues Home sales revenues $ 922,402 $ 735,600 Land sales and other revenues 1,216 1,535 Total homebuilding revenues 923,618 737,135 Financial services revenues 24,925 15,855 Total revenues 948,543 752,990 Homebuilding Cost of Revenues Cost of home sales revenues (725,570) (601,385) Cost of land sales and other revenues (37) — Total homebuilding cost of revenues (725,607) (601,385) Financial services costs (14,877) (10,781) Selling, general, and administrative (114,109) (98,313) Other income (expense) (9,630) 1,498 Income before income tax expense 84,320 44,009 Income tax expense (19,988) (10,698) Net income $ 64,332 $ 33,311 Earnings per share: Basic $ 2.02 $ 1.04 Diluted $ 2.00 $ 1.04 Weighted average common shares outstanding: Basic 31,808,959 31,914,414 Diluted 32,238,808 32,117,082   Century Communities, Inc. Consolidated Balance Sheets (Unaudited) (in thousands, except share amounts) March 31, December 31, 2024 2023 Assets (unaudited) (audited) Cash and cash equivalents $ 122,840 $ 226,150 Cash held in escrow 84,776 101,845 Accounts receivable 65,995 76,213 Inventories 3,107,133 3,016,641 Mortgage loans held for sale 217,702 251,852 Prepaid expenses and other assets 388,801 350,193 Property and equipment, net 74,647 69,075 Deferred tax assets, net 17,601 16,998 Goodwill 32,082 30,395 Total assets $ 4,111,577 $ 4,139,362 Liabilities and stockholders' equity Liabilities: Accounts payable $ 135,784 $ 147,265 Accrued expenses and other liabilities 274,308 303,392 Notes payable 1,069,762 1,062,471 Revolving line of credit — — Mortgage repurchase facilities 212,447 239,298 Total liabilities 1,692,301 1,752,426 Stockholders' equity: Preferred stock, $0.01 par value, 50,000,000 shares authorized, none outstanding — — Common stock, $0.01 par value, 100,000,000 shares authorized, 31,790,585 and 31,774,615 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 318 318 Additional paid-in capital 569,581 592,989 Retained earnings 1,849,377 1,793,629 Total stockholders' equity 2,419,276 2,386,936 Total liabilities and stockholders' equity $ 4,111,577 $ 4,139,362   Century Communities, Inc. Homebuilding Operational Data (Unaudited) Net New Home Contracts Three Months Ended March 31, 2024 2023 % Change West 440 343 28.3 % Mountain 611 333 83.5 % Texas