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Green Brick Partners, Inc. Reports Record Second Quarter 2024 Results

Record Home Closings Revenue of $547M, Up 20.4% YOY

Record Homebuilding Gross Margin of 34.5%, Up 320 BPS YOY

Record Diluted EPS of $2.32, Up 42.3% YOY

Net New Home Orders of 855, Up 4.0% YOY

Debt to Total Capital of 17.7%; Net Debt to Total Capital of 10.9%

Green Brick Partners, Inc. (NYSE: GRBK) (“we,” “Green Brick” or the “Company”), today reported record results for its second quarter ended June 30, 2024.

“Our business model continued to demonstrate its strength and enabled us to deliver record results for any quarter. In the second quarter of 2024, home closings revenue totaled $546.9 million, a record that reflects growth of 20.4% year-over-year as we closed a record 987 units, a 26.1% increase of closed homes year-over-year. Importantly, we continued to excel at generating the highest homebuilding gross margins in the industry. Our Q2 2024 record gross margin of 34.5% was up 320 bps over Q2 2023. As a result, diluted EPS increased 42% year-over-year to $2.32 per share, another company record,” said Jim Brickman, CEO and Co-Founder.

“As we exited the spring selling season, demand remained healthy throughout the second quarter. Net new orders grew 4.0% year-over-year to 855 units with average incentives of 4.5%,” continued Mr. Brickman. “Year-to-date, we have now sold 1,926 homes, delivered 1,808 homes and started 1,980 homes which increased our backlog units by 15.5%. Thanks to the superior markets in which we operate, Green Brick is poised to continue capitalizing on what we believe are long-term secular demographic shifts. This positioning is further strengthened by supply shortages in our infill and infill adjacent submarkets due to the ‘golden handcuffs’ effect of low-rate mortgages. Approximately 80% of our revenues for the first half of 2024 continued to come from those infill and infill adjacent locations.”

Mr. Brickman added, “We have created a strong runway for growth with our superior land and lot positions which we grew in the second quarter by adding over 2,500 additional future home sites. We remain committed to our land and self-development strategies that have been instrumental to our success and one of our biggest advantages. We believe that with disciplined underwriting, superior locations, a strong balance sheet and desirable products, we can carry land and lots on our balance sheet while still generating industry leading shareholder returns. To that end, our return on equity was 28.3% for the first half of 2024 on an annualized basis.”

Mr. Brickman concluded, “Growth is not created equally. Our success and earnings growth are possible despite having one of the least leveraged balance sheets and one of the lowest costs of debt among our small and mid-cap peers. At the end of the second quarter, our net debt to total capital ratio was 10.9% and our total debt to total capital ratio was only 17.7% with a weighted average pay rate of 3.4%. In addition, we continue to focus on creating value for shareholders, including by repurchasing approximately 1.5% of our shares in the second quarter for $38.4 million dollars.”

Results for the Quarter Ended June 30, 2024:

(Dollars in thousands, except per share data)

Three Months Ended June 30,

 

 

 

 

2024

 

 

 

2023

 

 

Change

New homes delivered

 

987

 

 

 

783

 

 

 

26.1

%

 

 

 

 

 

 

Total revenues

$

560,631

 

 

$

456,289

 

 

 

22.9

%

Total cost of revenues

 

370,965

 

 

 

313,354

 

 

 

18.4

%

Total gross profit

$

189,666

 

 

$

142,935

 

 

 

32.7

%

Income before income taxes

$

139,177

 

 

$

104,212

 

 

 

33.6

%

Net income attributable to Green Brick Partners, Inc.

$

105,358

 

 

$

75,270

 

 

 

40.0

%

Diluted net income attributable to Green Brick Partners, Inc. per common share

$

2.32

 

 

$

1.63

 

 

 

42.3

%

 

 

 

 

 

 

Residential units revenue

$

547,138

 

 

$

454,445

 

 

 

20.4

%

Average sales price of homes delivered

$

554.2

 

 

$

580.0

 

 

 

(4.4

)%

Homebuilding gross margin percentage

 

34.5

%

 

 

31.3

%

 

320 bps

Selling, general and administrative expenses as a percentage of residential units revenue

 

10.5

%

 

 

10.8

%

 

-30 bps

 

 

 

 

 

 

Backlog

$

650,349

 

 

$

585,951

 

 

$

64,398

 

Homes under construction

 

2,229

 

 

 

1,809

 

 

 

23.2

%

Results for the Six Months Ended June 30, 2024:

(Dollars in thousands, except per share data)

Six Months Ended June 30,

 

 

 

 

2024

 

 

 

2023

 

 

Change

New homes delivered

 

1,808

 

 

 

1,544

 

 

17.1

%

 

 

 

 

 

 

Total revenues

$

1,007,969

 

 

$

908,350

 

 

11.0

%

Total cost of revenues

 

670,046

 

 

 

640,809

 

 

4.6

%

Total gross profit

$

337,923

 

 

$

267,541

 

 

26.3

%

Income before income taxes

$

254,810

 

 

$

191,384

 

 

33.1

%

Net income attributable to Green Brick Partners, Inc.

$

188,659

 

 

$

139,450

 

 

35.3

%

Diluted net income attributable to Green Brick Partners, Inc. per common share

$

4.14

 

 

$

3.00

 

 

38.0

%

 

 

 

 

 

 

Residential units revenue

$

990,422

 

 

$

904,807

 

 

9.5

%

Average sales price of homes delivered

$

547.6

 

 

$

585.2

 

 

(6.4

)%

Homebuilding gross margin percentage

 

34.0

%

 

 

29.5

%

 

450 bps

Selling, general and administrative expenses as a percentage of residential units revenue

 

10.9

%

 

 

10.5

%

 

40 bps

Earnings Conference Call:

We will host our earnings conference call to discuss our second quarter ended June 30, 2024 at 12:00 p.m. Eastern Time on Thursday, August 1, 2024. The call can be accessed by dialing 1-888-660-6353 for domestic participants or 1-929-203-2106 for international participants and should reference meeting number 3162560. Participants may also join the call via webcast at: https://events.q4inc.com/attendee/883418928

A telephone replay of the call will be available through August 31, 2024. To access the telephone replay, the domestic dial-in number is 1-800-770-2030, the international dial-in number is 1-647-362-9199 and the access code is 3162560, or by using the link at investors.greenbrickpartners.com.

GREEN BRICK PARTNERS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Residential units revenue

 

$

547,138

 

 

$

454,445

 

 

$

990,422

 

 

$

904,807

 

Land and lots revenue

 

 

13,493

 

 

 

1,844

 

 

 

17,547

 

 

 

3,543

 

Total revenues

 

 

560,631

 

 

 

456,289

 

 

 

1,007,969

 

 

 

908,350

 

Cost of residential units

 

 

358,183

 

 

 

312,030

 

 

 

653,496

 

 

 

638,154

 

Cost of land and lots

 

 

12,782

 

 

 

1,324

 

 

 

16,550

 

 

 

2,655

 

Total cost of revenues

 

 

370,965

 

 

 

313,354

 

 

 

670,046

 

 

 

640,809

 

Total gross profit

 

 

189,666

 

 

 

142,935

 

 

 

337,923

 

 

 

267,541

 

Selling, general and administrative expenses

 

 

(57,602

)

 

 

(49,229

)

 

 

(108,172

)

 

 

(95,174

)

Equity in income of unconsolidated entities

 

 

1,186

 

 

 

5,699

 

 

 

3,778

 

 

 

9,920

 

Other income, net

 

 

5,927

 

 

 

4,807

 

 

 

21,281

 

 

 

9,097

 

Income before income taxes

 

 

139,177

 

 

 

104,212

 

 

 

254,810

 

 

 

191,384

 

Income tax expense

 

 

23,896

 

 

 

23,148

 

 

 

48,738

 

 

 

42,179

 

Net income

 

 

115,281

 

 

 

81,064

 

 

 

206,072

 

 

 

149,205

 

Less: Net income attributable to noncontrolling interests

 

 

9,923

 

 

 

5,794

 

 

 

17,413

 

 

 

9,755

 

Net income attributable to Green Brick Partners, Inc.

 

$

105,358

 

 

$

75,270

 

 

$

188,659

 

 

$

139,450

 

 

 

 

 

 

 

 

 

 

Net income attributable to Green Brick Partners, Inc. per common share:

 

 

 

 

 

 

 

 

Basic

 

$

2.34

 

 

$

1.64

 

 

$

4.18

 

 

$

3.02

 

Diluted

 

$

2.32

 

 

$

1.63

 

 

$

4.14

 

 

$

3.00

 

Weighted average common shares used in the calculation of net income attributable to Green Brick Partners, Inc. per common share:

 

 

 

 

 

 

 

 

Basic

 

 

44,760

 

 

 

45,371

 

 

 

44,826

 

 

 

45,656

 

Diluted

 

 

45,154

 

 

 

45,755

 

 

 

45,277

 

 

 

46,051

 

GREEN BRICK PARTNERS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

June 30, 2024

 

December 31, 2023

ASSETS

Cash and cash equivalents

$

133,294

 

 

$

179,756

 

Restricted cash

 

24,882

 

 

 

19,703

 

Receivables

 

14,703

 

 

 

10,632

 

Inventory

 

1,792,056

 

 

 

1,533,223

 

Investments in unconsolidated entities

 

36,557

 

 

 

84,654

 

Right-of-use assets - operating leases

 

7,825

 

 

 

7,255

 

Property and equipment, net

 

6,975

 

 

 

7,054

 

Earnest money deposits

 

14,529

 

 

 

16,619

 

Deferred income tax assets, net

 

15,306

 

 

 

15,306

 

Intangible assets, net

 

324

 

 

 

367

 

Goodwill

 

680

 

 

 

680

 

Other assets

 

17,271

 

 

 

27,583

 

Total assets

$

2,064,402

 

 

$

1,902,832

 

LIABILITIES AND EQUITY

Liabilities:

 

 

 

Accounts payable

$

67,978

 

 

$

54,321

 

Accrued expenses

 

126,144

 

 

 

96,457

 

Customer and builder deposits

 

49,316

 

 

 

43,148

 

Lease liabilities - operating leases

 

8,756

 

 

 

7,898

 

Borrowings on lines of credit, net

 

(1,921

)

 

 

(2,328

)

Senior unsecured notes, net

 

311,398

 

 

 

336,207

 

Notes payable

 

95

 

 

 

12,981

 

Total liabilities

 

561,766

 

 

 

548,684

 

Commitments and contingencies

 

 

 

Redeemable noncontrolling interest in equity of consolidated subsidiary

 

38,883

 

 

 

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 June 30, 2024 and December 31, 2023, respectively

 

47,603

 

 

 

47,603

 

Common stock, $0.01 par value: 100,000,000 shares authorized; 44,897,775 issued and 44,594,451 outstanding as of June 30, 2024 and 45,005,175 issued and outstanding as of December 31, 2023, respectively

 

449

 

 

 

450

 

Treasury stock, at cost: 303,324 shares as of June 30, 2024 and none as of December 31, 2023

 

(17,192

)

 

 

 

Additional paid-in capital

 

246,863

 

 

 

255,614

 

Retained earnings

 

1,161,512

 

 

 

997,037

 

Total Green Brick Partners, Inc. stockholders’ equity

 

1,439,235

 

 

 

1,300,704

 

Noncontrolling interests

 

24,518

 

 

 

17,309

 

Total equity

 

1,463,753

 

 

 

1,318,013

 

Total liabilities and equity

$

2,064,402

 

 

$

1,902,832

 

Residential Units Revenue and New Homes Delivered (dollars in thousands)

 

Three Months Ended June 30,

 

 

 

 

 

Six Months Ended

June 30,

 

 

 

 

 

 

2024

 

 

2023

 

Change

 

%

 

 

2024

 

 

2023

 

Change

 

%

Home closings revenue

 

$

546,948

 

$

454,136

 

$

92,812

 

 

20.4

%

 

$

990,042

 

$

903,566

 

$

86,476

 

 

9.6

%

Mechanic’s lien contracts revenue

 

 

190

 

 

309

 

 

(119

)

 

(38.5

)%

 

 

380

 

 

1,241

 

 

(861

)

 

(69.4

)%

Residential units revenue

 

$

547,138

 

$

454,445

 

$

92,693

 

 

20.4

%

 

$

990,422

 

$

904,807

 

$

85,615

 

 

9.5

%

New homes delivered

 

 

987

 

 

783

 

 

204

 

 

26.1

%

 

 

1,808

 

 

1,544

 

 

264

 

 

17.1

%

Average sales price of homes delivered

 

$

554.2

 

$

580.0

 

$

(25.8

)

 

(4.4

)%

 

$

547.6

 

$

585.2

 

$

(37.6

)

 

(6.4

)%

Land and Lots Revenue

(dollars in thousands)

 

Three Months Ended June 30,

 

 

 

 

 

Six Months Ended

June 30,

 

 

 

 

 

 

2024

 

 

2023

 

Change

 

%

 

 

2024

 

 

2023

 

Change

 

%

Lots revenue

 

$

790

 

$

1,844

 

$

(1,054

)

 

(57.2

)%

 

$

4,844

 

$

3,543

 

$

1,301

 

 

36.7

%

Land revenue

 

 

12,703

 

 

 

 

12,703

 

 

100.0

%

 

 

12,703

 

 

 

 

12,703

 

 

100.0

%

Land and lots revenue

 

$

13,493

 

$

1,844

 

$

11,649

 

 

631.7

%

 

$

17,547

 

$

3,543

 

$

14,004

 

 

395.3

%

Lots closed

 

 

8

 

 

18

 

 

(10

)

 

(55.6

)%

 

 

71

 

 

36

 

 

35

 

 

97.2

%

Average sales price of lots closed

 

$

98.8

 

$

102.4

 

$

(3.6

)

 

(3.5

)%

 

$

68.2

 

$

98.4

 

$

(30.2

)

 

(30.7

)%

New Home Orders and Backlog

(dollars in thousands)

 

Three Months Ended June 30,

 

 

 

 

 

Six Months Ended

June 30,

 

 

 

 

 

 

2024

 

 

 

2023

 

 

Change

 

%

 

 

2024

 

 

 

2023

 

 

Change

 

%

Net new home orders

 

 

855

 

 

 

822

 

 

 

33

 

 

4.0

%

 

 

1,926

 

 

 

1,889

 

 

 

37

 

 

2.0

%

Revenue from net new home orders

 

$

471,807

 

 

$

489,495

 

 

$

(17,688

)

 

(3.6

)%

 

$

1,085,191

 

 

$

1,120,423

 

 

$

(35,232

)

 

(3.1

)%

Average selling price of net new home orders

 

$

551.8

 

 

$

595.5

 

 

$

(43.7

)

 

(7.3

)%

 

$

563.4

 

 

$

593.1

 

 

$

(29.7

)

 

(5.0

)%

Cancellation rate

 

 

9.2

%

 

 

7.4

%

 

 

1.8

%

 

24.3

%

 

 

6.5

%

 

 

6.7

%

 

 

(0.2

)%

 

(3.0

)%

Absorption rate per average active selling community per quarter

 

 

8.5

 

 

 

9.9

 

 

 

(1.4

)

 

(14.1

)%

 

 

9.8

 

 

 

11.5

 

 

 

(1.7

)

 

(14.8

)%

Average active selling communities

 

 

101

 

 

 

83

 

 

 

18

 

 

21.7

%

 

 

98

 

 

 

82

 

 

 

16

 

 

19.5

%

Active selling communities at end of period

 

 

105

 

 

 

86

 

 

 

19

 

 

22.1

%

 

 

 

 

 

 

 

 

Backlog

 

$

650,349

 

 

$

585,951

 

 

$

64,398

 

 

11.0

%

 

 

 

 

 

 

 

 

Backlog units

 

 

889

 

 

 

882

 

 

 

7

 

 

0.8

%

 

 

 

 

 

 

 

 

Average sales price of backlog

 

$

731.6

 

 

$

664.3

 

 

$

67.3

 

 

10.1

%

 

 

 

 

 

 

 

 

GREEN BRICK PARTNERS, INC.

SUPPLEMENTAL INFORMATION

(Unaudited)

 

 

June 30, 2024

 

December 31, 2023

 

Central

 

Southeast

 

Total

 

Central

 

Southeast

 

Total

Lots owned

 

 

 

 

 

 

 

 

 

 

 

Finished lots

4,142

 

 

753

 

 

4,895

 

 

4,014

 

 

964

 

 

4,978

 

Lots in communities under development

18,332

 

 

1,492

 

 

19,824

 

 

9,122

 

 

1,335

 

 

10,457

 

Land held for future development(1)

3,800

 

 

 

 

3,800

 

 

8,366

 

 

 

 

8,366

 

Total lots owned

26,274

 

 

2,245

 

 

28,519

 

 

21,502

 

 

2,299

 

 

23,801

 

 

 

 

 

 

 

 

 

 

 

 

 

Lots controlled

 

 

 

 

 

 

 

 

 

 

 

Lots under option contracts

946

 

 

 

 

946

 

 

1,169

 

 

 

 

1,169

 

Land under option for future development

698

 

 

739

 

 

1,437

 

 

1,710

 

 

460

 

 

2,170

 

Lots under option through unconsolidated development joint ventures

2,128

 

 

283

 

 

2,411

 

 

1,210

 

 

331

 

 

1,541

 

Total lots controlled

3,772

 

 

1,022

 

 

4,794

 

 

4,089

 

 

791

 

 

4,880

 

Total lots owned and controlled (2)

30,046

 

 

3,267

 

 

33,313

 

 

25,591

 

 

3,090

 

 

28,681

 

Percentage of lots owned

87.4

%

 

68.7

%

 

85.6

%

 

84.0

%

 

74.4

%

 

83.0

%

___________________

(1)

Land held for future development consists of raw land parcels where development activities have been postponed due to market conditions or other factors.

(2)

Total lots excludes lots with homes under construction.

The following table presents additional information on the lots we owned as of June 30, 2024 and December 31, 2023.

 

June 30, 2024

 

December 31, 2023

Total lots owned(1)

28,519

 

 

23,801

 

Add certain lots included in Total Lots Controlled

 

 

 

Land under option for future acquisition and development

1,437

 

 

2,170

 

Lots under option through unconsolidated development joint ventures

2,411

 

 

1,541

 

Total lots self-developed

32,367

 

 

27,512

 

Self-developed lots as a percentage of total lots owned and controlled(1)

97.2

%

 

95.9

%

___________________

(1)

Total lots owned includes finished lot purchases, which were less than 2.4% of total lots self-developed as of June 30, 2024

Non-GAAP Financial Measures

In this press release, we utilize certain financial measures that are non-GAAP financial measures as defined by the Securities and Exchange Commission. We present these measures because we believe they and similar measures are useful to management and investors in evaluating our operating performance and financing structure. We also believe these measures facilitate the comparison of our operating performance and financing structure with other companies in our industry. Because these measures are not calculated in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), they may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.

The following table represents the non-GAAP measure of adjusted homebuilding gross margin for the three and six months ended June 30, 2024 and 2023 and reconciles these amounts to homebuilding gross margin, the most directly comparable GAAP measure.

(Unaudited, in thousands):

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2024

 

 

 

2023

 

 

 

2024

 

 

 

2023

 

Residential units revenue

 

$

547,138

 

 

$

454,445

 

 

$

990,422

 

 

$

904,807

 

Less: Mechanic’s lien contracts revenue

 

 

(190

)

 

 

(309

)

 

 

(380

)

 

 

(1,241

)

Home closings revenue

 

$

546,948

 

 

$

454,136

 

 

$

990,042

 

 

$

903,566

 

Homebuilding gross margin

 

$

188,893

 

 

$

142,302

 

 

$

336,810

 

 

$

266,217

 

Homebuilding gross margin percentage

 

 

34.5

%

 

 

31.3

%

 

 

34.0

%

 

 

29.5

%

 

 

 

 

 

 

 

 

 

Homebuilding gross margin

 

 

188,893

 

 

 

142,302

 

 

 

336,810

 

 

 

266,217

 

Add back: Capitalized interest charged to cost of revenues

 

 

3,067

 

 

 

3,862

 

 

 

5,751

 

 

 

7,488

 

Adjusted homebuilding gross margin

 

$

191,960

 

 

$

146,164

 

 

$

342,561

 

 

$

273,705

 

Adjusted homebuilding gross margin percentage

 

 

35.1

%

 

 

32.2

%

 

 

34.6

%

 

 

30.3

%

Net debt to total capitalization is calculated as the total debt less cash and cash equivalents, divided by the sum of total Green Brick Partners, Inc. stockholders’ equity and total debt less cash and cash equivalents. The closest GAAP financial measure to the net debt to total capitalization ratio is the debt to total capitalization ratio. The following table represents a reconciliation of the net debt to total capitalization ratio as of June 30, 2024:

 

Gross

 

Cash and cash equivalents

 

Net

Total debt, net of debt issuance costs

$

309,572

 

 

$

(133,294

)

 

$

176,278

 

Total Green Brick Partners, Inc. stockholders’ equity

 

1,439,235

 

 

 

 

 

 

1,439,235

 

Total capitalization

$

1,748,807

 

 

$

(133,294

)

 

$

1,615,513

 

 

 

 

 

 

 

Debt to total capitalization ratio

 

17.7

%

 

 

 

 

Net debt to total capitalization ratio

 

 

 

 

 

10.9

%

About Green Brick Partners, Inc.

Green Brick Partners, Inc (NYSE: GRBK), the third largest homebuilder in Dallas-Fort Worth, is a diversified homebuilding and land development company that operates in Texas, Georgia, and Florida. Green Brick owns five subsidiary homebuilders in Texas (CB JENI Homes, Normandy Homes, Southgate Homes, Trophy Signature Homes, and a 90% interest in Centre Living Homes), as well as a controlling interest in a homebuilder in Atlanta, Georgia (The Providence Group) and an 80% interest in a homebuilder in Port St. Lucie, Florida (GHO Homes). Green Brick also retains interests in related financial services platforms, including Green Brick Title and BHome Mortgage. Green Brick is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, and sales for its residential neighborhoods and master-planned communities. For more information about Green Brick Partners Inc.’s subsidiary homebuilders, please visit greenbrickpartners.com/brands-services/

Forward-Looking and Cautionary Statements:

This press release and our earnings call contain “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. These statements concern expectations, beliefs, projections, plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts and typically include the words “anticipate,” “believe,” “consider,” “estimate,” “expect,” “feel,”, “poised,” “intend,” “plan,” “predict,” “seek,” “strategy,” “target,” “will” or other words of similar meaning. Specifically, these statements reflect our beliefs and expectations regarding (i) our strategic advantages, including our unique business model and focus on infill and infill-adjacent locations, and the impact on our future results; (ii) our lot and land strategy and its impact on our future financial position; (iii) our ability to successfully implement our growth strategy, including the expansion of Trophy into new markets; (iv) our intent to maintain a debt to capital ratio below 30% and its impact on our future operational and financial growth; (v) the drivers and scope of demand for home ownership in the markets in which we operate and our ability to capitalize on such demand; (vi) the benefits from our new mortgage business; (vii) our future financial and operational performance; and (viii) our ability to deliver efficient and cost-effective growth, including our ability to manage costs and cycle times. These forward-looking statements reflect our current views about future events and involve estimates and assumptions which may be affected by risks and uncertainties in our business, as well as other external factors, which could cause future results to materially differ from those expressed or implied in any forward-looking statement. These risks include, but are not limited to: (1) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (2) changes in macroeconomic conditions, including increased interest rates and inflation that could adversely impact demand for new homes or the ability of potential buyers to qualify; (3) general economic conditions, seasonality, cyclicality and competition in the homebuilding industry; (4) shortages, delays or increased costs of raw materials and increased demand for materials, or increases in other operating costs, including costs related to labor, real estate taxes and insurance, which in each case exceed our ability to increase prices; (5) significant periods of inflation or deflation; (6) a shortage of qualified labor; (7) an inability to acquire land in our markets at anticipated prices or difficulty in obtaining land-use entitlements; (8) our inability to successfully execute our strategies, including an inability to grow our operations or expand our Trophy brand; (9) a failure to recruit, retain or develop highly skilled and competent employees; (10) the geographic concentration of our operations; (11) government regulation risks in the industries or markets we operate in; (12) a lack of availability or volatility of mortgage financing for homebuyers; (13) severe weather events or natural disasters; (14) difficulty in obtaining sufficient capital to fund our growth; (15) our ability to meet our debt service obligations; (16) a decline in the value of our inventories and resulting write-downs of the carrying value of our real estate assets, and (17) changes in accounting standards that adversely affect our reported earnings or financial condition. Green Brick assumes no obligation to update any forward-looking statements, which speak only as of the date they are made. For a more detailed discussion of these and other risks and uncertainties applicable to Green Brick please see our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

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