Century Communities Reports Record Third Quarter 2021 Results

Century Communities, Inc. (NYSE: CCS), a leading national homebuilder, today announced financial results for its third quarter ended September 30, 2021.

Third Quarter 2021 Highlights Compared to Third Quarter 2020

  • Net income increased 129% to $114.0 million or $3.31 per diluted share, and net income, excluding the loss on debt extinguishment, increased 152% to $125.3 million or $3.63 per diluted share, a Company record
  • Home sales revenues increased to $917.3 million, a third quarter record and 21% year-on-year increase
  • Deliveries increased to 2,322 homes, a third quarter record
  • Homes in backlog improved to 4,866 homes with a value of $1.9 billion, both Company records
  • Homebuilding gross margin increased to 25.7% from 17.5%, an 820 basis point increase
  • SG&A as a percent of home sales revenues was 9.8%, a 150 basis point improvement from 11.3%
  • Pre-tax income increased 125% to $145.8 million, and pre-tax net income, excluding the loss on debt extinguishment, improved 147% to $160.2 million, a Company record
  • Pre-tax income margin, excluding the loss on debt extinguishment, improved 850 basis points to 16.7% compared to 8.2%
  • EBITDA increased 87% to $162.9 million, a third quarter record
  • Annualized return on average common shareholders’ equity (ROE) was 31%
  • Stockholders’ equity increased 35% to $1.6 billion compared to September 30, 2020
  • Net homebuilding debt to net capital improved to 23.1% from 32.9%
  • Total liquidity of $1.3 billion

Dale Francescon, Chairman and Co-Chief Executive Officer, stated, “During the third quarter, we achieved several milestones culminating in revenues of $958 million, a third quarter record, a 25.7% homebuilding gross margin, an 820 basis-point improvement over the prior year, and the seventh sequential quarter of pre-tax margin improvement. Our impressive results and record earnings are the result of strong demand for affordable, new homes across our national footprint encompassing over 40-markets. Our significant scale and geographic diversity enabled us to manage and mitigate increased operational costs and realize the third quarter in a row of a single-digit SG&A ratio. We delivered 2,322 homes in the third quarter, propelled by double-digit year-over-year increases in our West region and Century Complete line, demonstrating the effective navigation by our talented team of the industry-wide supply chain challenges and highlighting the strength of the underlying operating fundamentals of our Company.”

Rob Francescon, Co-Chief Executive Officer and President, said, “Century’s robust, record backlog of 4,866 homes valued at $1.9 billion has us more strongly positioned than ever before to capitalize on the continued growth opportunities ahead of us. In the third quarter, nearly 10,000 net new lots were secured, with Century’s total lot supply increasing to a Company-record 75,537 lots, and our percentage of controlled lots increasing to 67% from 56% in the same quarter of last year. Our land-light strategy allows us to achieve this record lot pipeline to fuel our future growth while simultaneously de-risking our business, reducing our leverage, and bolstering cash flows and liquidity. We achieved a 31% ROE, the 10th consecutive quarter of improvement and the highest in our history, and are confident in our ongoing ability to deliver improved returns while driving exceptional shareholder value in the quarters and years ahead.”

Third Quarter 2021 Results

Excluding charges related to debt extinguishment, net income for the third quarter 2021 increased 152% to $125.3 million or $3.63 per diluted share. Net income increased 129% to $114.0 million, or $3.31 per diluted share as compared to $49.8 million or $1.48 per diluted share for the prior year quarter.

Excluding charges related to the debt extinguishment, pre-tax income was $160.2 million, representing a 16.7% margin, as compared to $64.9 million and an 8.2% margin in the prior year quarter. Pre-tax income was $145.8 million.

Home sales revenues for the third quarter 2021 increased 21% to $917.3 million, compared to $760.2 million for the prior year quarter. Deliveries increased to 2,322 homes compared to 2,283 homes for the prior year quarter. Average sales price of home deliveries for the third quarter 2021 was $395,100 compared to $333,000 in the prior year quarter, primarily due to sustained demand and home price appreciation across our markets.

Homebuilding gross margin percentage in the third quarter 2021 was 25.7%, as compared to 17.5% in the prior year quarter and 23.9% in the second quarter 2021. Adjusted homebuilding gross margin percentage, excluding interest, was 27.2% in the third quarter of 2021, as compared to 20.0% in the prior year quarter. SG&A as a percent of home sales revenues improved 150 basis points to 9.8%, compared to 11.3% in the prior year quarter.

As expected, net new home contracts in the third quarter 2021 declined to 2,742 homes, compared to 3,204 homes in the prior year quarter, a result of reduced community count and available homes for sale due to robust sales earlier in the year coupled with self-imposed sales limitations including delaying first offering homes for sale later in the construction cycle. At the end of the third quarter 2021, the Company had 4,866 homes in backlog, representing $1.9 billion of backlog dollar value, both Company records and year-over-year increases of 32% and 47%, respectively.

Financial services revenues were $29.1 million compared to $32.0 million in the prior year quarter, and financial services pretax income was $11.4 million compared to $17.5 million. The year-over-year results reflect an increase in our capture rate and loans funded while being offset by a reduced gain on sale margin from loans sold and a lower fair value of our loan pipeline compared to the prior year.

Strengthened Balance Sheet and Liquidity

The Company ended the quarter with a strong financial position including $1.6 billion of stockholders’ equity, $521.1 million of cash and $1.3 billion of total liquidity, including no amounts drawn on our $800 million revolving line of credit.

As of September 30, 2021, net homebuilding debt to net capital decreased to 23.1%, a reduction of 980 basis points from 32.9% in the prior year quarter.

During the quarter, we issued $500 million of bonds with an interest rate of 3.875% maturing in 2029. A portion of the proceeds were used to redeem $400 million of outstanding bonds, reducing the interest rate by 200 basis points and generating $4.1 million in annual cash savings.

Full Year 2021 Outlook

David Messenger, Chief Financial Officer, stated, “Full year revenue guidance to be in the range of $3.9 billion to $4.1 billion. Full year expectations for home deliveries to be in the range of 10,750 to 11,500.”

Conference Call

The Company will host a webcast and conference call on Wednesday, October 27, 2021 at 5:00 p.m. Eastern time, 3:00 p.m. Mountain time, to review the Company’s third quarter 2021 results, discuss recent events and conduct a question-and-answer period. To participate in the call, please dial 877-451-6152 (domestic) or 201-389-0879 (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 November 27, 2021, by dialing 844-512-2921 (domestic) or 412-317-6671 (international) and entering the pass code 13723051. A replay of the webcast will be available on the Company’s website.

About Century Communities:

Century Communities, Inc. (NYSE: CCS) is a top 10 national homebuilder, offering new homes under the Century Communities and Century Complete brands. 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 Colorado-based company operates in 17 states and over 40 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 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 Diluted EPS), Adjusted Homebuilding Gross Margin, Adjusted EBITDA, and Ratio of Homebuilding Net 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,” “estimate,” “plan,” “continue,” “will,” “may,” “potential,” “looking ahead,” “outlook,” and “project” 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 2021 and its expectations for continued growth and increases in its return on equity. 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, the potential impact of COVID-19 on the Company’s business, industry and broader economy, the ability to identify and acquire desirable land, availability of financing, the effect of interest rate and tax changes, reliance on contractors, availability and pricing of labor and raw materials 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.
Condensed Consolidated Statements of Operations
(Unaudited)
(in thousands, except share and per share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

Revenues

Home sales revenues

$

917,337

$

760,239

$

2,881,404

$

2,080,364

Land sales and other revenues

11,594

2,105

35,522

25,516

Total homebuilding revenues

928,931

762,344

2,916,926

2,105,880

Financial services revenues

29,101

32,017

92,586

67,534

Total revenues

958,032

794,361

3,009,512

2,173,414

Homebuilding Cost of Revenues

Cost of home sales revenues

(682,012

)

(627,364

)

(2,203,187

)

(1,718,545

)

Cost of land sales and other revenues

(6,977

)

(2,046

)

(23,996

)

(18,597

)

Total homebuilding cost of revenues

(688,989

)

(629,410

)

(2,227,183

)

(1,737,142

)

Financial services costs

(17,666

)

(14,511

)

(54,135

)

(36,841

)

Selling, general, and administrative

(90,154

)

(85,806

)

(281,961

)

(246,131

)

Loss on debt extinguishment

(14,458

)

(14,458

)

Inventory impairment and other

(41

)

(1,691

)

Other income (expense)

(1,004

)

251

(2,790

)

(2,533

)

Income before income tax expense

145,761

64,885

428,944

149,076

Income tax expense

(31,784

)

(15,121

)

(95,406

)

(34,736

)

Net income

$

113,977

$

49,764

$

333,538

$

114,340

Earnings per share:

Basic

$

3.38

$

1.49

$

9.90

$

3.43

Diluted

$

3.31

$

1.48

$

9.69

$

3.41

Weighted average common shares outstanding:

Basic

33,760,940

33,350,633

33,688,531

33,299,768

Diluted

34,471,044

33,731,252

34,420,163

33,556,650

Century Communities, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except share amounts)

September 30,

December 31,

2021

2020

Assets

(unaudited)

(audited)

Cash and cash equivalents

$

491,879

$

394,001

Cash held in escrow

29,183

23,149

Accounts receivable

34,134

21,781

Inventories

2,162,682

1,929,664

Mortgage loans held for sale

223,443

282,639

Prepaid expenses and other assets

190,778

122,630

Property and equipment, net

25,592

28,384

Deferred tax assets, net

22,786

12,450

Goodwill

30,395

30,395

Total assets

$

3,210,872

$

2,845,093

Liabilities and stockholders' equity

Liabilities:

Accounts payable

$

102,327

$

107,712

Accrued expenses and other liabilities

293,445

302,751

Notes payable

1,002,484

894,875

Revolving line of credit

Mortgage repurchase facilities

211,599

259,050

Total liabilities

1,609,855

1,564,388

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, 33,760,940 and 33,350,633 shares issued
and outstanding at September 30, 2021 and December 31, 2020, respectively

338

334

Additional paid-in capital

694,206

697,200

Retained earnings

906,473

583,171

Total stockholders' equity

1,601,017

1,280,705

Total liabilities and stockholders' equity

$

3,210,872

$

2,845,093

Century Communities, Inc.
Homebuilding Operational Data
(Unaudited)

Net New Home Contracts

 

Three Months Ended September 30,

2021

2020

% Change

West

395

470

(16.0

)

%

Mountain

489

653

(25.1

)

%

Texas

392

411

(4.6

)

%

Southeast

387

660

(41.4

)

%

Century Complete

1,079

1,010

6.8

%

Total

2,742

3,204

(14.4

)

%

Nine Months Ended September 30,

2021

2020

% Change

West

1,286

1,195

7.6

%

Mountain

2,053

1,741

17.9

%

Texas

1,309

1,135

15.3

%

Southeast

1,151

1,742

(33.9

)

%

Century Complete

3,518

2,443

44.0

%

Total

9,317

8,256

12.9

%

Home Deliveries
(dollars in thousands)

Three Months Ended September 30,

2021

2020

% Change

Homes

Average Sales
Price

Homes

Average Sales
Price

Homes

Average Sales
Price

West

409

$

655.8

316

$

596.5

29.4

%

9.9

%

Mountain

509

$

500.6

514

$

429.3

(1.0

)

%

16.6

%

Texas

274

$

313.1

307

$

249.0

(10.7

)

%

25.7

%

Southeast

325

$

403.8

421

$

362.7

(22.8

)

%

11.3

%

Century Complete

805

$

220.3

725

$

168.2

11.0

%

31.0

%

Total / Weighted Average

2,322

$

395.1

2,283

$

333.0

1.7

%

18.6

%

Nine Months Ended September 30,

2021

2020

% Change

Homes

Average Sales
Price

Homes

Average Sales
Price

Homes

Average Sales
Price

West

1,113

$

621.2

862

$

558.2

29.1

%

11.3

%

Mountain

1,805

$

462.0

1,327

$

415.8

36.0

%

11.1

%

Texas

1,079

$

281.9

951

$

247.3

13.5

%

14.0

%

Southeast

1,322

$

393.2

1,304

$

351.7

1.4

%

11.8

%

Century Complete

2,571

$

207.0

2,183

$

162.0

17.8

%

27.8

%

Total / Weighted Average

7,890

$

365.2

6,627

$

313.9

19.1

%

16.3

%

Century Communities, Inc.
Homebuilding Operational Data
(Unaudited)

Selling Communities

 

Selling communities at period end

As of September 30,

Increase/(Decrease)

2021

2020

Amount

% Change

West

18

18

%

Mountain

27

39

(12

)

(30.8

)

%

Texas

15

18

(3

)

(16.7

)

%

Southeast

19

35

(16

)

(45.7

)

%

Century Complete

107

104

3

2.9

%

Total

186

214

(28

)

(13.1

)

%

Backlog
(dollars in thousands)

As of September 30,

2021

2020

% Change

Homes

Dollar Value

Average Sales
Price

Homes

Dollar Value

Average Sales
Price

Homes

Dollar Value

Average Sales
Price

West

659

$

436,812

$

662.8

535

$

291,905

$

545.6

23.2

%

49.6

%

21.5

%

Mountain

1,037

556,192

$

536.3

787

348,908

$

443.3

31.8

%

59.4

%

21.0

%

Texas

615

217,362

$

353.4

459

141,044

$

307.3

34.0

%

54.1

%

15.0

%

Southeast

630

257,902

$

409.4

951

346,323

$

364.2

(33.8

)

%

(25.5

)

%

12.4

%

Century Complete

1,925

454,516

$

236.1

967

181,269

$

187.5

99.1

%

150.7

%

25.9

%

Total / Weighted Average

4,866

$

1,922,784

$

395.1

3,699

$

1,309,449

$

354.0

31.5

%

46.8

%

11.6

%

Lot Inventory

As of September 30,

2021

2020

% Change

Owned

Controlled

Total

Owned

Controlled

Total

Owned

Controlled

Total

West

3,971

5,435

9,406

3,299

2,287

5,586

20.4

%

137.6

%

68.4

%

Mountain

8,004

13,633

21,637

6,762

6,295

13,057

18.4

%

116.6

%

65.7

%

Texas

4,150

8,528

12,678

3,308

4,094

7,402

25.5

%

108.3

%

71.3

%

Southeast

3,692

12,460

16,152

3,571

5,046

8,617

3.4

%

146.9

%

87.4

%

Century Complete

5,178

10,486

15,664

3,027

7,274

10,301

71.1

%

44.2

%

52.1

%

Total

24,995

50,542

75,537

19,967

24,996

44,963

25.2

%

102.2

%

68.0

%

% of Total

33.1

%

66.9

%

100.0

%

44.4

%

55.6

%

100.0

%

Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Adjusted Net Income and Adjusted Diluted Earnings per Share (Adjusted Diluted EPS) are non-GAAP financial measures that we believe are useful to management, investors and other users of the Company’s financial information in evaluating its operating results and understanding its operating trends without the effect of certain non-recurring items. The Company believes excluding certain non-recurring items provides more comparable assessment of its financial results from period to period. We define Adjusted Net Income as consolidated net income before (i) income tax expense, (ii) inventory impairment and other (iii) restructuring costs, and (iv) loss on debt extinguishment, less adjusted income tax expense, calculated using the Company’s estimated annual effective tax rate after discrete items for the applicable period. Adjusted Diluted EPS is calculated by excluding the effect of inventory impairment, restructuring costs and loss on debt extinguishment from the calculation of reported EPS.

Adjusted Net Income and Adjusted Diluted Earnings Per Share
(in thousands, except share and per share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

2021

2020

Numerator

Net income

$

113,977

$

49,764

$

333,538

$

114,340

Denominator

Weighted average common shares outstanding - basic

33,760,940

33,350,633

33,688,531

33,299,768

Dilutive effect of restricted stock units

710,104

380,619

731,632

256,882

Weighted average common shares outstanding - diluted

34,471,044

33,731,252

34,420,163

33,556,650

Earnings per share:

Basic

$

3.38

$

1.49

$

9.90

$

3.43

Diluted

$

3.31

$

1.48

$

9.69

$

3.41

Adjusted earnings per share

Numerator

Net income

$

113,977

$

49,764

$

333,538

$

114,340

Income tax expense

31,784

15,121

95,406

34,736

Income before income tax expense

145,761

64,885

428,944

149,076

Inventory impairment and other

41

1,691

Restructuring costs

1,584

Loss on debt extinguishment

14,458

14,458

Adjusted income before income tax expense

160,219

64,885

443,443

152,351

Adjusted income tax expense(1)

(34,937

)

(15,121

)

(98,631

)

(35,499

)

Adjusted net income

$

125,282

49,764

$

344,812

116,852

Denominator - Diluted

34,471,044

33,731,252

34,420,163

33,556,650

Adjusted diluted earnings per share

$

3.63

$

1.48

$

10.02

$

3.48

(1)

The tax rate used in calculating adjusted net income for the three months ended September 30, 2021 was 21.8% and for the nine months ended September 30, 2021 was 22.2%, which are reflective of the Company’s estimated annual effective tax rate after discrete items for the applicable period. For the three and nine months ended September 30, 2020, the tax rate utilized was our estimated annual effective tax rate after discrete items of 23.3%.

Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Adjusted homebuilding gross margin excluding impairment, interest and purchase price accounting for acquired work in process inventory is not a measurement of financial performance under United States generally accepted accounting principles; however, the Company’s management believes that this information is meaningful as it isolates the impact that inventory impairment, indebtedness and acquisitions have on homebuilding gross margin and permits the Company’s stockholders to make better comparisons with the Company’s competitors, who adjust gross margins in a similar fashion. This non-GAAP financial measure should not be used as a substitute for the Company’s operating results. An analysis of any non-GAAP financial measure should be used in conjunction with results presented in accordance with GAAP.

Adjusted Homebuilding Gross Margin
(in thousands)

Three Months Ended September 30,

2021

%

2020

%

Home sales revenues

$

917,337

100.0

%

$

760,239

100.0

%

Cost of home sales revenues

(682,012

)

(74.3

)

%

(627,364

)

(82.5

)

%

Inventory impairment and other

%

%

Gross margin from home sales

235,325

25.7

%

132,875

17.5

%

Add: Inventory impairment and other

%

%

Add: Interest in cost of home sales revenues

14,636

1.6

%

19,050

2.5

%

Adjusted homebuilding gross margin excluding interest and inventory
impairment and other

$

249,961

27.2

%

$

151,925

20.0

%

Nine Months Ended September 30,

2021

%

2020

%

Home sales revenues

$

2,881,404

100.0

%

$

2,080,364

100.0

%

Cost of home sales revenues

(2,203,187

)

(76.5

)

%

(1,718,545

)

(82.6

)

%

Inventory impairment and other

(41

)

(0.0

)

%

(1,691

)

(0.1

)

%

Gross margin from home sales

678,176

23.5

%

360,128

17.3

%

Add: Inventory impairment and other

41

0.0

%

1,691

0.1

%

Add: Interest in cost of home sales revenues

51,419

1.8

%

51,429

2.5

%

Adjusted homebuilding gross margin excluding interest and inventory
impairment and other

$

729,636

25.3

%

$

413,248

19.9

%

Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP financial measure we use as a supplemental measure in evaluating operating performance. The Company defines adjusted EBITDA as consolidated net income before (i) income tax expense, (ii) interest in cost of home sales revenues, (iii) other interest expense, (iv) depreciation and amortization expense, (v) loss on debt extinguishment (vi) inventory impairment and other, (vii) restructuring costs, and (viii) adjustments resulting from the application of purchase accounting for acquired work in process inventory related to business combinations. The Company believes adjusted EBITDA provides an indicator of general economic performance that is not affected by fluctuations in interest rates or effective tax rates, levels of depreciation or amortization, and items considered to be non-recurring. Accordingly, the Company’s management believes that this measurement is useful for comparing general operating performance from period to period. Adjusted EBITDA should be considered in addition to, and not as a substitute for, consolidated net income in accordance with GAAP as a measure of performance. The Company’s presentation of adjusted EBITDA should not be construed as an indication that its future results will be unaffected by unusual or non-recurring items. Adjusted EBITDA is limited as an analytical tool and should not be considered in isolation or as a substitute for analysis of the Company’s results as reported under GAAP.

(in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

2021

2020

% Change

2021

2020

% Change

Net income

$

113,977

$

49,764

129.0

%

$

333,538

$

114,340

191.7

%

Income tax expense

31,784

15,121

110.2

%

95,406

34,736

174.7

%

Interest in cost of home sales revenues

14,636

19,050

(23.2

)

%

51,419

51,429

(0.0

)

%

Interest expense (income)

(148

)

(182

)

(18.7

)

%

(431

)

(1,029

)

(58.1

)

%

Depreciation and amortization expense

2,669

3,245

(17.8

)

%

8,324

10,088

(17.5

)

%

EBITDA

162,918

86,998

87.3

%

488,256

209,564

133.0

%

Loss on debt extinguishment

14,458

NM

14,458

NM

Inventory impairment and other

NM

41

1,691

(97.6

)

%

Restructuring costs

NM

1,584

NM

Adjusted EBITDA

$

177,376

$

86,998

103.9

%

$

502,755

$

212,839

136.2

%

NM – Not Meaningful

Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Ratio of Net Homebuilding Debt to Net Capital

The following table presents the Company’s ratio of net homebuilding debt to net capital, which is a non-GAAP financial measure. The Company calculates this by dividing net homebuilding debt (senior notes payable and revolving line of credit less cash and cash equivalents and cash held in escrow) by net capital (net homebuilding debt plus total stockholders’ equity). The most directly comparable GAAP measure is the ratio of debt to capital. The Company believes the ratio of net homebuilding debt to net capital is a relevant and useful financial measure to investors in understanding the leverage employed in its operations and as an indicator of the Company’s ability to obtain external financing.

(in thousands)

September 30,

December 31,

2021

2020

Total homebuilding debt

$

1,002,484

$

894,875

Total stockholders' equity

1,601,017

1,280,705

Total capital

$

2,603,501

$

2,175,580

Homebuilding debt to capital

38.5

%

41.1

%

Total homebuilding debt

$

1,002,484

$

894,875

Cash and cash equivalents

(491,879

)

(394,001

)

Cash held in escrow

(29,183

)

(23,149

)

Net homebuilding debt

481,422

477,725

Total stockholders' equity

1,601,017

1,280,705

Net capital

$

2,082,439

$

1,758,430

Net homebuilding debt to net capital

23.1

%

27.2

%

Category: Earnings

Contacts:

Hunter Wells, Vice President of Investor Relations
719-426-3520
Hunter.Wells@CenturyCommunities.com

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