Record growth and strategic…

• Community number: Up 21% year over year and 15% sequentially to 305 communities.

• Home deliveries: 2,834 apartments, an increase of 25% year-on-year and 8% quarter-on-quarter.

• Income from house sales: $1.1 billion, up 29% year over year and 10% quarter over quarter.

• Adjusted gross margin in residential construction: 23.6%, which is roughly the same as the previous quarter.

• SG&A expenses as a percentage of home sales revenue: Down 100 basis points year-over-year and 50 basis points sequentially.

• Net new contracts: 2,563, an increase of 19% compared to the previous year.

• Average selling price: $394,000.

• Number of lots: Over 80,000 owned and controlled properties, an increase of 17% compared to the previous year.

• Home starts: 3,141 apartments, 29% more than in the same quarter last year.

• Net income: $83 million, or $2.59 per diluted share.

• Adjusted net income: $87 million, or $2.72 per diluted share.

• EBITDA: $132.3 million; Adjusted EBITDA: $137.1 million.

• Backlog of sold houses: 1,580 homes valued at $671.4 million.

• SG&A costs as a percentage of house sales revenue: 11.9% in the third quarter.

• Revenue from financial services: $20.1 million, compared to $23.6 million in the year-ago quarter.

• Net Housing Debt to Net Equity Ratio: 32.1%.

• Book value per share: $81.29, a 13% increase from last year.

• Total liquidity: $605.9 million.

• Delivery forecast for the full year 2024: 10,900 to 11,300 apartments.

• Full-Year 2024 Home Sales Revenue Forecast: $4.3 billion to $4.4 billion.

Release date: October 23, 2024

For the full transcript of the conference call, please see the full conference call minutes.

• Century Communities Inc (NYSE:CCS) reached a record 305 communities, up 21% year-over-year.

• Deliveries of 2,834 homes set a new record in the third quarter, up 25% year-on-year.

• Home sales revenue reached $1.1 billion, up 29% year-over-year.

• The company completed two acquisitions in 2024, strengthening its market position, particularly in Houston.

• Century Communities Inc (NYSE:CCS) maintained a strong financial position with $2.5 billion in equity and no senior debt maturities until 2027.

• New order incentives rose to around 800 basis points, suggesting the need to maintain sales levels amid rising mortgage rates.

• The company’s net debt to net capital ratio increased to 32.1% from 28.1% in the previous quarter, primarily due to acquisitions.

• Financial services revenue fell to $20.1 million from $23.6 million in the year-ago quarter, reflecting a competitive mortgage market.

• The purchase price calculation reduced the gross margin by 30 basis points in the third quarter; similar effects are also expected in the fourth quarter.

• New orders fell in October compared to September due to seasonal factors and increased mortgage rates.

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