Green Brick Partners, Inc. · NYSE:GRBK
Green Brick Partners — Q1 2025 Earnings Presentation
21 slides from Green Brick Partners's earnings presentation, May 1, 2025
Slide 1: Investor Presentation 2025 First Quarter
Southgate Homes | Reserve at Watters| Allen, TX IN V E S TO R P R E S E N TA TIO N 2025 First Quarter
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains “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 m
Slide 3: Management Presenters
Management Presenters Jim Brickman Jed Dolson Jeff Cox C H I E F E X E C UT I V E O F F I C E R PRESIDENT AND CHIEF INTERIM CHIEF FINANCIAL A N D C O - F O UN D E R OPERATING OFFICER OFFICER 3
Slide 4: Financial Highlights
Financial Highlights Quarterly Diluted EPS • Diluted EPS for Q1 2025 decreased $2.50 8.2% year over year to $1.67. $2.00 Excluding $0.21 impact from the $1.50 Challenger Homes in Q1 2024, $1.00 diluted EPS in Q1 2025 would have $0.50 increased 3.7% year over year. $- 2021 2022 2023 2024 2025 1Q 2Q 3
Slide 5: Financial Highlights
Financial Highlights Q1 Closings, 2022-2025 • Closings in Q1 2025 increased 910 821 10.8% year over year to 910 units, a 658 761 record for any first quarter. 1Q22 1Q23 1Q24 1Q25 • ASP in Q1 2025 increased22.5% 0.9%23.1% YOY 23.5% to $544K. Q1 Home Closings Revenues, 2022-2025 ($ in millions) • Home
Slide 6: Financial Highlights
Financial Highlights Q1 Net New Home Orders, 2022-2025 • Net new home orders in Q1 2025 1,067 1,071 1,106 increased 3.3% year-over-year to 1,106, a record in company history. 601 • Backlog at the end of Q1 2025 1Q22 1Q23 1Q24 1Q25 increased 29% from the prior quarter 23.1% 23.5% 22.5% to 864 homes.
Slide 7: Strong Land & Lot Position
Strong Land & Lot Position Lots Owned & Controlled, 2022-2025 Total Total 40,525 37,831 • Total lots owned and controlled Total 25,527 Total 28,681 5,115 5,805 increased 31.6% year-over-year to 4,046 4,880 32,716 34,720 40,525, with 85.7% owned on our 21,481 23,801 balance sheet. 2022 2023 2024 1Q25
Slide 8: Industry-Leading Returns With Low Financial Leverage
Industry-Leading Returns With Low Financial Leverage • Our land strategy has produced strong Return On Equity, 2021-2025 (1) returns on equity (ROE), returns on assets (ROA) and homebuilding gross 31.4% margins with one of the lowest leverage 25.9% 24.9% 26.8% ratios among our peers. 18.5% • Growing
Slide 9: Industry-Leading Gross Margins
Industry-Leading Gross Margins Green Brick maintained the best homebuilding gross margins amongst our peers Gross Margin Percentage (Most Recently Reported Quarter) 31.2% 27.8% 26.8% 26.8% 26.4% 26.4% 27.5% 23.5% 25.0% 22.5% 23.1% 24.0% 23.9% 23.1% 22.0% 21.9% 21.9% 21.8% 21.0% 20.2% 19.9% 18.7% 15.
Slide 10: Selected Financial & Operational Data – Q1 2025
Selected Financial & Operational Data – Q1 2025 1Q25 1Q24 Change New homes delivered 910 821 10.8% Average sales price of homes delivered $544 $540 0.9% Residential units revenue $495,317 $443,284 11.7% Net new home orders 1,106 1,071 3.3% Net income attributable to GRBK $75,059 $83,301 -9.9% Dilute
Slide 11: Strategic Advantages
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Slide 12: Strategic Advantages
Strategic Advantages We believe our strategic advantages will continue to drive exceptional performance and returns • Operations concentrated in two of the highest single Debt-to-Total Capital (as of 3/31/25) family starts markets of DFW and Atlanta, where we generated approximately 90% of revenues
Slide 13: Business Priorities
Business Priorities Cancellation Rate (Most Recently Reported Quarter) • Maintain industry-leading gross margins and one of the lowest cancellation rates among homebuilding 16% 16% 16% 16% 16% peers. 13% 14% 13% 11% 10% 10% • Manage price and pace community by community 9% and further improve cycle
Slide 14: Expected Lot Deliveries In 2025 – Dallas-Fort Worth
Expected Lot Deliveries In 2025 – Dallas-Fort Worth Majority of our DFW lots are being delivered in infill and adjacent “desirable areas” Lots Delivered in 2025 To Be Delivered in 2025 14
Slide 15: Expected Lot Deliveries In 2025 – Atlanta
Expected Lot Deliveries In 2025 – Atlanta Majority of our Atlanta lots are being delivered in infill and adjacent “desirable areas” Lots Delivered in 2025 To Be Delivered in 2025 15
Slide 16: Single-Family Inventory Remains Low
Single-Family Inventory Remains Low Existing single-family home inventory remains near historical lows across the country. 16
Slide 17: Appendix
IN V E S TO R P R E S E N TA TIO N Appendix
Slide 18: Appendix: Net Debt To Total Capitalization – 3/31/25
Appendix: Net Debt To Total Capitalization – 3/31/25 Less: Cash and Gross cash Net equivalents Total debt, net of debt issuance costs $287,479 $103,003 $184,476 Total Green Brick Partners, Inc. stockholders’ equity $1,690,912 $0 $1,690,912 Total capitalization $1,978,391 $103,003 $1,875,388 Debt to
Slide 19: Appendix: Net Income Return on Avg. GAAP Common Equity
Appendix: Net Income Return on Avg. GAAP Common Equity 1Q25 (1) Dollars in Thousands 2021 2022 2023 2024 Annualized Net Income Applicable To Common Shareholders $190,139 $289,025 $281,751 $378,708 $297,360 GRBK Common Equity Beginning $640,242 $826,852 $1,014,211 $1,253,101 $1,577,812 GRBK Common Eq
Slide 20: Appendix: Net Income Return on Avg. Total Assets
Appendix: Net Income Return on Avg. Total Assets 1Q25 (1) Dollars in Thousands 2021 2022 2023 2024 Annualized Net Income Applicable To Common Shareholders $190,139 $289,025 $281,751 $378,708 $297,360 Total Assets Beginning $988,847 $1,421,867 $1,655,675 $1,902,832 $2,249,994 Total Assets Ending $1,4
Slide 21: Appendix: Diluted EPS Excluding The Impact From Challenger Homes
Appendix: Diluted EPS Excluding The Impact From Challenger Homes (1) Three Months Ended March 31, Three Months Ended March 31, 2025 2024 Change (Unaudited, in thousands, except per share amounts): Pretax Net of Tax Per Share Pretax Net of Tax Per Share Diluted EPS $ - $ - $ 1.67 $ - $ - $ 1.82 -8.2%