Green Brick Partners |
|
|---|---|
| 2017 Performance Final Grade: 74.29/1002016 Final Grade:79.5/100 | B/B+ |
| Change YoY | ||
|---|---|---|
| Net debt-to-capital | 14.6% | 420bps |
| Pretax home building income (in millions) | $59.4 | 24.5% |
| Total SG&A/Total revenue | 8.6% | -- |
| Total SG&A(in millions) | $39 | 1% |
| Return on invested capital | 2.9% | -230bps |
| Return on equity | 3.7% | -260bps |
| Total shareholder return | 13.6% | -- |
| EPS | $0.30 | -38.8% |
| Change YoY | ||
|---|---|---|
| Community count | 55 | +5 |
| Share of lots optioned to total controlled | 27.7% | 50.8% |
| Change YoY | ||
|---|---|---|
| Home building gross margins | 21.7% | -100bps |
| Sales per month to break even (per community) |
0.62 | -- |
| Revenue per employee (in millions) |
$1.7 | 1.1% |
| Change YoY | ||
|---|---|---|
| Closings | 990 | 17.3% |
| Sales velocity (per community per month) |
1.6 | 9.8% |
| Unit backlog | 310 | 30.8% |
| Total revenue (in millions):$454 |
| HB revenue (in millions): $435 |
| Debt per share: $2.36 |
| Equity per basic share: $8.39 |
| HB pretax margin: 13.1% |
| Backlog value (in millions): $488.6 |
| Inventory (in millions):$495.7 |
| Lot supply (in years): 6.3 |
Green Brick (Nasdaq: GRBK) got whacked by a deferred tax asset charge, which shaved its earnings from an estimated $0.69 per share down to $0.30 per share. It had a strong fourth quarter 2017 with pre-tax income up 25% and full year pre-tax income up 38%. It has seen a 40% increase in backlog and a 30% increase in homes under construction so far in 2018, and it expects to announce several new neighborhoods in supply-constrained, high-margin, AAA locations this year.