Century Communities Inc
For the period ended Sep 30, 2024. Filed Oct 24, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 24, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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PART I – F
RT I – FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
Condensed Consolidated Balance Sheets
As of September 30, 2024 and December 31, 2023
(in thousands, except share and per share amounts)
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Assets | (unaudited) | (audited) |
| Cash and cash equivalents | $149,155 | $226,150 |
| Cash held in escrow | 70,755 | 101,845 |
| Accounts receivable | 73,016 | 76,213 |
| Inventories | 3,581,099 | 3,016,641 |
| Mortgage loans held for sale | 257,187 | 251,852 |
| Prepaid expenses and other assets | 427,961 | 350,193 |
| Property and equipment, net | 165,117 | 69,075 |
| Deferred tax assets, net | 17,241 | 16,998 |
| Goodwill | 39,434 | 30,395 |
| Total assets | $4,780,965 | $4,139,362 |
| Liabilities and stockholders' equity | ||
| Liabilities: | ||
| Accounts payable | $165,369 | $147,265 |
| Accrued expenses and other liabilities | 287,937 | 303,392 |
| Notes payable | 1,118,943 | 1,062,471 |
| Revolving line of credit | 414,000 | — |
| Mortgage repurchase facilities | 247,214 | 239,298 |
| Total liabilities | 2,233,463 | 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, 31,337,062 and 31,774,615 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively | 313 | 318 |
| Additional paid-in capital | 547,724 | 592,989 |
| Retained earnings | 1,999,465 | 1,793,629 |
| Total stockholders' equity | 2,547,502 | 2,386,936 |
| Total liabilities and stockholders' equity | $4,780,965 | $4,139,362 |
Unaudited Condensed Consolidated Statements of Operations
For the Three and Nine Months Ended September 30, 2024 and 2023
(in thousands, except share and per share amounts)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues | ||||
| Homebuilding revenues | ||||
| Home sales revenues | $1,116,125 | $865,065 | $3,055,941 | $2,419,025 |
| Land sales and other revenues | 650 | 722 | 2,242 | 3,811 |
| Total homebuilding revenues | 1,116,775 | 865,787 | 3,058,183 | 2,422,836 |
| Financial services revenues | 20,091 | 23,636 | 66,676 | 63,768 |
| Total revenues | 1,136,866 | 889,423 | 3,124,859 | 2,486,604 |
| Homebuilding cost of revenues | ||||
| Cost of home sales revenues | (873,081) | (652,411) | (2,386,208) | (1,910,630) |
| Cost of land sales and other revenues | (170) | — | (207) | (375) |
| Total homebuilding cost of revenues | (873,251) | (652,411) | (2,386,415) | (1,911,005) |
| Financial services costs | (17,021) | (11,432) | (47,894) | (33,983) |
| Selling, general and administrative | (132,972) | (111,918) | (373,054) | (315,351) |
| Inventory impairment | (1,373) | — | (1,942) | — |
| Other expense | (2,337) | (1,663) | (10,690) | (1,509) |
| Income before income tax expense | 109,912 | 111,999 | 304,864 | 224,756 |
| Income tax expense | (26,892) | (28,849) | (73,789) | (56,850) |
| Net income | $83,020 | $83,150 | $231,075 | $167,906 |
| Earnings per share: | ||||
| Basic | $2.65 | $2.60 | $7.31 | $5.25 |
| Diluted | $2.59 | $2.58 | $7.19 | $5.21 |
| Weighted average common shares outstanding: | ||||
| Basic | 31,336,756 | 31,962,884 | 31,596,995 | 31,967,672 |
| Diluted | 32,025,015 | 32,237,022 | 32,117,917 | 32,200,677 |
Unaudited Condensed Consolidated Statements of Cash Flows
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