Century Communities Reports Second Quarter 2025 Results
Century Communities (NYSE:CCS), a leading homebuilder, reported its Q2 2025 financial results with total revenues of $1.0 billion and net income of $34.9 million ($1.14 per diluted share). The company delivered 2,587 homes and secured 2,546 net new home contracts.
Key highlights include a record community count of 327, representing a 23% year-over-year increase, and an average sales price of $377,500 per home. The company maintained strong financials with $2.6 billion in stockholders' equity and $858 million in liquidity. During Q2, CCS repurchased 883,602 shares (3% of outstanding) for $48.0 million and maintained its $0.29 quarterly dividend.
Due to market conditions, Century Communities revised its 2025 guidance to 10,000-10,500 home deliveries with expected revenues of $3.8-4.0 billion.
Century Communities (NYSE:CCS), un importante costruttore di abitazioni, ha riportato i risultati finanziari del secondo trimestre 2025 con ricavi totali di 1,0 miliardi di dollari e un utile netto di 34,9 milioni di dollari (1,14 dollari per azione diluita). L'azienda ha consegnato 2.587 abitazioni e siglato 2.546 nuovi contratti netti per abitazioni.
I punti salienti includono un numero record di comunit脿 pari a 327, con un aumento del 23% rispetto all'anno precedente, e un prezzo medio di vendita di 377.500 dollari per abitazione. La societ脿 ha mantenuto solidi risultati finanziari con 2,6 miliardi di dollari di patrimonio netto e 858 milioni di dollari di liquidit脿. Nel corso del secondo trimestre, CCS ha riacquistato 883.602 azioni (il 3% delle azioni in circolazione) per 48,0 milioni di dollari e ha mantenuto il dividendo trimestrale di 0,29 dollari.
A causa delle condizioni di mercato, Century Communities ha rivisto le previsioni per il 2025 a 10.000-10.500 consegne di abitazioni con ricavi attesi tra 3,8 e 4,0 miliardi di dollari.
Century Communities (NYSE:CCS), un destacado constructor de viviendas, report贸 sus resultados financieros del segundo trimestre de 2025 con ingresos totales de 1.000 millones de d贸lares y un ingreso neto de 34,9 millones de d贸lares (1,14 d贸lares por acci贸n diluida). La compa帽铆a entreg贸 2.587 viviendas y asegur贸 2.546 nuevos contratos netos de viviendas.
Los aspectos destacados incluyen un r茅cord de 327 comunidades, lo que representa un aumento del 23% interanual, y un precio promedio de venta de 377.500 d贸lares por vivienda. La empresa mantuvo una s贸lida situaci贸n financiera con 2.600 millones de d贸lares en patrimonio neto y 858 millones de d贸lares en liquidez. Durante el segundo trimestre, CCS recompr贸 883.602 acciones (el 3% de las acciones en circulaci贸n) por 48,0 millones de d贸lares y mantuvo su dividendo trimestral de 0,29 d贸lares.
Debido a las condiciones del mercado, Century Communities revis贸 su gu铆a para 2025 a 10.000-10.500 entregas de viviendas con ingresos esperados de 3.800-4.000 millones de d贸lares.
Century Communities (NYSE:CCS)電� 靹犽弰鞝侅澑 欤柬儩 瓯挫劋鞐呾泊搿滌劀 2025雲� 2攵勱赴 鞛 鞁れ爜鞚� 氚滍憸頃橂┌ 齑� 毵れ稖 10鞏� 雼煬鞕赌 靾滌澊鞚� 3,490毵� 雼煬 (頋劃 欤茧嫻 1.14雼煬)毳� 旮半頄堨姷雼堧嫟. 須岇偓電� 2,587毂勳潣 欤柬儩鞚� 鞚鸽弰顷橁碃 2,546瓯挫潣 靾� 鞁犼窚 欤柬儩 瓿勳暯鞚� 頇曤炒頄堨姷雼堧嫟.
欤检殧 雮挫毄鞙茧電� 鞝勲厔 雽�牍� 23% 歃濌皜頃� 斓滊嫟 旎る雼堩嫲 靾� 327臧�鞕赌 欤柬儩雼� 韽夑窢 韺愲Г 臧�瓴� 377,500雼煬臧� 鞛堨姷雼堧嫟. 須岇偓電� 26鞏� 雼煬鞚� 欤检＜ 鞛愲掣瓿� 8鞏� 5,800毵� 雼煬鞚� 鞙犽彊靹�鞚� 鞙犾頃橂┌ 瓴碃頃� 鞛 靸來儨毳� 氤挫榾鞀惦媹雼�. 2攵勱赴 霃欖晥 CCS電� 883,602欤�(鞙犿喌 欤检嫕鞚� 3%)毳� 4,800毵� 雼煬鞐� 鞛Г鞛呿枅瓿�, 攵勱赴 氚半嫻旮� 0.29雼煬毳� 鞙犾頄堨姷雼堧嫟.
鞁滌灔 靸來櫓鞐� 霐半澕 Century Communities電� 2025雲� 臧�鞚措崢鞀るゼ 10,000~10,500毂� 欤柬儩 鞚鸽弰 氚� 鞓堨儊 毵れ稖鞎� 38鞏祣40鞏� 雼煬搿� 靾橃爼頄堨姷雼堧嫟.
Century Communities (NYSE:CCS), un constructeur de maisons de premier plan, a publi茅 ses r茅sultats financiers du deuxi猫me trimestre 2025 avec un chiffre d'affaires total de 1,0 milliard de dollars et un b茅n茅fice net de 34,9 millions de dollars (1,14 dollar par action dilu茅e). La soci茅t茅 a livr茅 2 587 maisons et sign茅 2 546 nouveaux contrats nets de maisons.
Les points cl茅s incluent un nombre record de 327 communaut茅s, soit une augmentation de 23 % par rapport 脿 l'ann茅e pr茅c茅dente, et un prix de vente moyen de 377 500 dollars par maison. L'entreprise a maintenu une solide situation financi猫re avec 2,6 milliards de dollars de capitaux propres et 858 millions de dollars de liquidit茅s. Au cours du deuxi猫me trimestre, CCS a rachet茅 883 602 actions (3 % des actions en circulation) pour 48,0 millions de dollars et a maintenu son dividende trimestriel de 0,29 dollar.
En raison des conditions du march茅, Century Communities a r茅vis茅 ses pr茅visions pour 2025 脿 10 000-10 500 livraisons de maisons avec un chiffre d'affaires attendu de 3,8-4,0 milliards de dollars.
Century Communities (NYSE:CCS), ein f眉hrender Hausbauer, meldete seine Finanzergebnisse f眉r das zweite Quartal 2025 mit Gesamtums盲tzen von 1,0 Milliarden US-Dollar und einem Nettoeinkommen von 34,9 Millionen US-Dollar (1,14 US-Dollar je verw盲sserter Aktie). Das Unternehmen lieferte 2.587 H盲user aus und sicherte sich 2.546 Netto-Neuvertr盲ge f眉r H盲user.
Wichtige Highlights sind eine rekordverd盲chtige Anzahl von 327 Gemeinden, was einem Anstieg von 23 % gegen眉ber dem Vorjahr entspricht, und ein durchschnittlicher Verkaufspreis von 377.500 US-Dollar pro Haus. Das Unternehmen hielt eine starke Finanzlage mit 2,6 Milliarden US-Dollar Eigenkapital und 858 Millionen US-Dollar Liquidit盲t. Im zweiten Quartal kaufte CCS 883.602 Aktien (3 % der ausstehenden Aktien) f眉r 48,0 Millionen US-Dollar zur眉ck und behielt seine viertelj盲hrliche Dividende von 0,29 US-Dollar bei.
Aufgrund der Marktbedingungen hat Century Communities seine Prognose f眉r 2025 auf 10.000-10.500 Hauslieferungen mit erwarteten Ums盲tzen von 3,8-4,0 Milliarden US-Dollar angepasst.
- Record community count of 327, up 23% year-over-year
- Strong balance sheet with $2.6B stockholders' equity and $858M liquidity
- 13% sequential increase in home deliveries to 2,587 units
- Maintained quarterly dividend of $0.29 per share
- Book value per share increased 10% year-over-year to $86.39
- Healthy adjusted homebuilding gross margin of 20.0%
- Net income declined (implied by market conditions and guidance revision)
- Challenging market environment due to elevated mortgage rates and affordability constraints
- Reduced full-year 2025 delivery guidance to 10,000-10,500 homes
- Lower consumer confidence affecting market conditions
- Required increased incentives to drive sales
Insights
Century Communities delivered mixed Q2 results with record community count but revised down their 2025 delivery guidance amid housing market challenges.
Century Communities reported $1.0 billion in Q2 revenues with 2,587 homes delivered, showing sequential growth of 13% despite market headwinds. Net income reached $34.9 million ($1.14 per diluted share), with adjusted net income of $42.1 million ($1.37 per diluted share) when excluding inventory impairment and purchase price accounting.
The company achieved a record community count of 327, representing impressive year-over-year growth of 23%. However, the homebuilding environment remains challenging due to elevated mortgage rates, affordability constraints, and weakened consumer confidence. Management's response has been strategic鈥攂alancing pace with price and offering incentives to stimulate demand, resulting in 2,546 new home contracts.
Profitability metrics show some pressure with adjusted homebuilding gross margin (excluding interest, inventory impairment, and purchase price accounting) at 20.0%. SG&A expenses consumed 13.2% of home sales revenues, leaving reduced operating leverage compared to more robust housing markets.
The balance sheet remains solid with $2.6 billion in stockholders' equity and $858 million in liquidity. Book value per share grew to a record $86.39, up 10% year-over-year. Management demonstrated confidence in their financial position by repurchasing 883,602 shares (3% of outstanding shares) for $48.0 million and maintaining their $0.29 quarterly dividend.
Most notably, Century revised its full-year 2025 guidance downward, now expecting to deliver 10,000-10,500 homes with revenues of $3.8-$4.0 billion. This downward revision reflects ongoing caution about market conditions, as homebuilders navigate the delicate balance between maintaining volume and preserving margins in a higher-rate environment.
- Deliveries of 2,587 Homes Generating
- Net New Home Contracts of 2,546 -
- Net Income of
- Adjusted Net Income of
- Community Count Increased
- Recognized as One of the 2025 Best Companies to Work For by
Second Quarter 2025 Highlights
- Net income of
$34.9 million $1.14 - Adjusted net income of
$42.1 million $1.37 - Pre-tax income of
$47.1 million - Total revenues of
$1.0 billion - Community count of 327, a Company record
- Deliveries of 2,587 homes
- Net new home contracts of 2,546
- Repurchased 883,602 shares of common stock, or roughly
3% of shares outstanding - Book value per share of
$86.39
"Our second quarter results were in line with our expectations as we continued to execute well in a challenging environment resulting from elevated mortgage rates, affordability constraints, economic uncertainty and lower consumer confidence," said Dale Francescon, Executive Chairman. "Despite the market headwinds, second quarter deliveries of 2,587 homes increased by
Rob Francescon, Chief Executive Officer and President, said, "Our community count grew by
Second Quarter 2025 Results
Net income for the second quarter 2025听was
Total revenues were
Net new home contracts in the second quarter 2025听were 2,546, and at the end of the second听quarter 2025, the Company had 1,217听homes in backlog, representing
Adjusted homebuilding gross margin percentage, excluding interest, inventory impairment and purchase price accounting, was
Financial services revenues and pre-tax income were
Balance Sheet and Liquidity
The Company ended the second quarter 2025 with a strong financial position, including
Our book value per share was
During the second quarter, consistent with our disciplined capital allocation approach to enhance the long-term value of the Company and return capital to our shareholders, we maintained our quarterly cash dividend of
As of June 30, 2025, homebuilding debt to capital equaled
Full Year 2025 Outlook
Scott Dixon, Chief Financial Officer of the Company, commented, "Due to current market conditions, we are revising our full year 2025 home delivery guidance to be in the range of 10,000 to 10,500 homes and our home sales revenues to be in the range of
Webcast and Conference Call
The Company will host a webcast and conference call on Wednesday, July 23, 2025, at 5:00 p.m. Eastern time, 3:00 p.m. Mountain time, to review the Company's second quarter 2025 results, provide commentary, and conduct a question-and-answer session. To participate in the call, please dial 800-549-8228 (domestic) or 646-564-2877 (international) and enter the conference ID 57087. The live webcast will be available at in the Investors section. A replay of the conference call will be available through July 30, 2025, by dialing 888-660-6264 (domestic) or 646-517-3975 (international) and entering conference ID 57087. A replay of the webcast will be available on the Company's website for at least one year.
About Century Communities
Century Communities, Inc. (NYSE: CCS) is one of the nation's largest homebuilders and a recognized industry leader in online home sales.听狈别飞蝉飞别别办听has named the Company one of America's Most Trustworthy Companies for three consecutive years, and one of the World's Most Trustworthy Companies (2025). Century Communities has also been designated as one of听
Non-GAAP Financial Measures
In addition to the Company's operating results presented in accordance with
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," "intend," "estimate," "plan," "continue," "will," "may," "should," "potential," "guidance" and "outlook" 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 2025, including without limitation anticipated home deliveries and revenues and increased community count. 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, including increased interest rates, inflation, and employment levels; lower consumer confidence; the potential impact of tariffs and increased costs, immigration reform, global supply chain disruptions, labor, land and raw material or other resource shortages and delays, and municipal and utility delays on the Company's business, industry and the broader economy; the ability to identify and acquire desirable land; availability and cost of financing; the effect of tax changes; reliance on contractors and key personnel; availability and pricing for land, labor and raw materials and other resources; home incentive levels; future impairment and restructuring charges; the ability to pay dividends in the future; 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.
听
Century Communities, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share amounts) | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Revenues | ||||||||||||
Homebuilding Revenues | ||||||||||||
Home sales revenues | $ | 976,467 | $ | 1,017,414 | $ | 1,860,204 | $ | 1,939,816 | ||||
Land sales and other revenues | 483 | 377 | 1,445 | 1,593 | ||||||||
Total homebuilding revenues | 976,950 | 1,017,791 | 1,861,649 | 1,941,409 | ||||||||
Financial services revenues | 23,774 | 21,659 | 42,308 | 46,585 | ||||||||
Total revenues | 1,000,724 | 1,039,450 | 1,903,957 | 1,987,994 | ||||||||
Homebuilding Cost of Revenues | ||||||||||||
Cost of home sales revenues | (797,162) | (787,556) | (1,504,666) | (1,513,127) | ||||||||
Cost of land sales and other revenues | (69) | 鈥� | (897) | (37) | ||||||||
Total homebuilding cost of revenues | (797,231) | (787,556) | (1,505,563) | (1,513,164) | ||||||||
Financial services costs | (17,550) | (15,996) | (33,724) | (30,873) | ||||||||
Selling, general, and administrative | (128,837) | (125,973) | (249,596) | (240,082) | ||||||||
Inventory impairment | (7,360) | (570) | (7,771) | (570) | ||||||||
Other (expense) income, net | (2,663) | 1,278 | (7,702) | (8,353) | ||||||||
Income before income tax expense | 47,083 | 110,633 | 99,601 | 194,952 | ||||||||
Income tax expense | (12,229) | (26,909) | (25,363) | (46,897) | ||||||||
Net income | $ | 34,854 | $ | 83,724 | $ | 74,238 | $ | 148,055 | ||||
Earnings per share: | ||||||||||||
Basic | $ | 1.15 | $ | 2.65 | $ | 2.43 | $ | 4.67 | ||||
Diluted | $ | 1.14 | $ | 2.61 | $ | 2.40 | $ | 4.60 | ||||
Weighted average common shares outstanding: | ||||||||||||
Basic | 30,366,109 | 31,648,130 | 30,582,376 | 31,728,544 | ||||||||
Diluted | 30,680,708 | 32,092,789 | 30,912,086 | 32,165,798 | ||||||||
听
Century Communities, Inc. Consolidated Balance Sheets (Unaudited) (in thousands, except share amounts) | ||||||
June 30, | December 31, | |||||
2025 | 2024 | |||||
Assets | (unaudited) | (audited) | ||||
Cash and cash equivalents | $ | 93,246 | $ | 149,998 | ||
Cash held in escrow | 34,349 | 3,004 | ||||
Accounts receivable | 68,893 | 50,318 | ||||
Inventories | 3,509,639 | 3,454,337 | ||||
Mortgage loans held for sale | 184,390 | 236,926 | ||||
Prepaid expenses and other assets | 539,684 | 419,384 | ||||
Property and equipment, net | 86,865 | 155,176 | ||||
Deferred tax assets, net | 21,315 | 22,220 | ||||
Goodwill | 41,109 | 41,109 | ||||
Total assets | $ | 4,579,490 | $ | 4,532,472 | ||
Liabilities and stockholders' equity | ||||||
Liabilities: | ||||||
Accounts payable | $ | 145,269 | $ | 133,086 | ||
Accrued expenses and other liabilities | 283,588 | 302,317 | ||||
Notes payable | 1,135,202 | 1,107,909 | ||||
Revolving line of credit | 270,000 | 135,500 | ||||
Mortgage repurchase facilities | 181,440 | 232,804 | ||||
Total liabilities | 2,015,499 | 1,911,616 | ||||
Stockholders' equity: | ||||||
Preferred stock, | 鈥� | 鈥� | ||||
Common stock, | 297 | 310 | ||||
Additional paid-in capital | 414,002 | 526,959 | ||||
Retained earnings | 2,149,692 | 2,093,587 | ||||
Total stockholders' equity | 2,563,991 | 2,620,856 | ||||
Total liabilities and stockholders' equity | $ | 4,579,490 | $ | 4,532,472 | ||
听
Century Communities, Inc. Homebuilding Operational Data (Unaudited) | |||||||||||||||||||
Net New Home Contracts | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||
2025 | 2024 | % Change | 2025 | 2024 | % Change | ||||||||||||||
West | 323 | 376 | (14.1) | % | 715 | 816 | (12.4) | % | |||||||||||
Mountain | 336 | 552 | (39.1) | % | 798 | 1,163 | (31.4) | % | |||||||||||
504 | 520 | (3.1) | % | 1,003 | 1,034 | (3.0) | % | ||||||||||||
Southeast | 384 | 386 | (0.5) | % | 771 | 836 | (7.8) | % | |||||||||||
Century Complete | 999 | 946 | 5.6 | % | 1,951 | 1,797 | 8.6 | % | |||||||||||
Total | 2,546 | 2,780 | (8.4) | % | 5,238 | 5,646 | (7.2) | % | |||||||||||
听
Home Deliveries听 (dollars in thousands) | ||||||||||||||||
Three Months Ended June 30, | ||||||||||||||||
2025 | 2024 | % Change | ||||||||||||||
Homes | Average Sales | Homes | Average Sales | Homes | Average Sales | |||||||||||
West | 335 | $ | 602.5 | 325 | $ | 626.7 | 3.1 | % | (3.9) | % | ||||||
Mountain | 396 | 521.0 | 486 | 532.7 | (18.5) | % | (2.2) | % | ||||||||
501 | 294.2 | 485 | 301.1 | 3.3 | % | (2.3) | % | |||||||||
Southeast | 401 | 429.9 | 349 | 441.3 | 14.9 | % | (2.6) | % | ||||||||
Century Complete | 954 | 260.5 | 972 | 262.2 | (1.9) | % | (0.6) | % | ||||||||
Total / Weighted Average | 2,587 | $ | 377.5 | 2,617 | $ | 388.8 | (1.1) | % | (2.9) | % | ||||||
Six Months Ended June 30, | ||||||||||||||||
2025 | 2024 | % Change | ||||||||||||||
Homes | Average Sales | Homes | Average Sales | Homes | Average Sales | |||||||||||
West | 638 | $ | 601.0 | 609 | $ | 617.3 | 4.8 | % | (2.6) | % | ||||||
Mountain | 825 | 522.6 | 981 | 523.0 | (15.9) | % | (0.1) | % | ||||||||
958 | 296.5 | 909 | 304.9 | 5.4 | % | (2.8) | % | |||||||||
Southeast | 704 | 435.7 | 728 | 433.4 | (3.3) | % | 0.5 | % | ||||||||
Century Complete | 1,746 | 260.5 | 1,748 | 262.1 | (0.1) | % | (0.6) | % | ||||||||
Total / Weighted Average | 4,871 | $ | 381.9 | 4,975 | $ | 389.9 | (2.1) | % | (2.1) | % | ||||||
听
Century Communities, Inc. Homebuilding Operational Data (Unaudited) 听 | ||||||||||
Selling Communities | ||||||||||
As of June 30, | Increase/Decrease | |||||||||
2025 | 2024 | Amount | % Change | |||||||
West | 36 | 26 | 10 | 38.5 | % | |||||
Mountain | 51 | 47 | 4 | 8.5 | % | |||||
75 | 45 | 30 | 66.7 | % | ||||||
Southeast | 43 | 34 | 9 | 26.5 | % | |||||
Century Complete | 122 | 114 | 8 | 7.0 | % | |||||
Total | 327 | 266 | 61 | 22.9 | % | |||||
听
Backlog (dollars in thousands) | |||||||||||||||||||||||||
As of June 30, | |||||||||||||||||||||||||
2025 | 2024 | % Change | |||||||||||||||||||||||
Homes | Dollar Value | Average | Homes | Dollar Value | Average | Homes | Dollar Value | Average | |||||||||||||||||
West | 236 | $ | 142,012 | $ | 601.7 | 313 | $ | 213,931 | $ | 683.5 | (24.6) | % | (33.6) | % | (12.0) | % | |||||||||
Mountain | 122 | 66,572 | 545.7 | 345 | 198,484 | 575.3 | (64.6) | % | (66.5) | % | (5.1) | % | |||||||||||||
222 | 67,939 | 306.0 | 293 | 87,826 | 299.7 | (24.2) | % | (22.6) | % | 2.1 | % | ||||||||||||||
Southeast | 174 | 75,720 | 435.2 | 250 | 107,965 | 431.9 | (30.4) | % | (29.9) | % | 0.8 | % | |||||||||||||
Century Complete | 463 | 113,747 | 245.7 | 552 | 146,417 | 265.2 | (16.1) | % | (22.3) | % | (7.4) | % | |||||||||||||
Total / Weighted Average | 1,217 | $ | 465,990 | $ | 382.9 | 1,753 | $ | 754,623 | $ | 430.5 | (30.6) | % | (38.2) | % | (11.1) | % | |||||||||
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Lot Inventory | |||||||||||||||||||||||||||
As of June 30, | |||||||||||||||||||||||||||
2025 | 2024 | % Change | |||||||||||||||||||||||||
Owned | Controlled | Total | Owned | Controlled | Total | Owned | Controlled | Total | |||||||||||||||||||
West | 3,948 | 3,097 | 7,045 | 4,434 | 3,665 | 8,099 | (11.0) | % | (15.5) | % | (13.0) | % | |||||||||||||||
Mountain | 8,905 | 1,344 | 10,249 | 8,651 | 4,987 | 13,638 | 2.9 | % | (73.0) | % | (24.8) | % | |||||||||||||||
14,900 | 5,493 | 20,393 | 9,777 | 9,823 | 19,600 | 52.4 | % | (44.1) | % | 4.0 | % | ||||||||||||||||
Southeast | 5,095 | 8,392 | 13,487 | 5,461 | 12,446 | 17,907 | (6.7) | % | (32.6) | % | (24.7) | % | |||||||||||||||
Century Complete | 4,571 | 12,956 | 17,527 | 4,454 | 14,399 | 18,853 | 2.6 | % | (10.0) | % | (7.0) | % | |||||||||||||||
Total | 37,419 | 31,282 | 68,701 | 32,777 | 45,320 | 78,097 | 14.2 | % | (31.0) | % | (12.0) | % | |||||||||||||||
% of Total | 54.5听% | 45.5听% | 100.0听% | 42.0听% | 58.0听% | 100.0听% | |||||||||||||||||||||
听
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Adjusted net income and adjusted diluted earnings per share ("Adjusted EPS") are non-GAAP financial measures that the Company believes are useful to management, investors and other users of its 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. The Company defines adjusted net income as consolidated net income before (i) income tax expense; (ii) inventory impairment; (iii) restructuring costs; (iv) impairment on other investment; (v) purchase price accounting for acquired work in process inventory; and (vi) loss on debt extinguishment; in each case, as applicable during a period, less adjusted income tax expense, calculated using the Company's estimated annual effective tax rate after discrete items for the applicable period. Adjusted EPS is calculated by dividing adjusted net income by weighted average common shares 鈥� diluted.
Adjusted Net Income and Adjusted Diluted Earnings Per Share (in thousands, except share and per share amounts) | ||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
2025 | 2024 | 2025 | 2024 | |||||||||
Numerator | ||||||||||||
Net income | $ | 34,854 | $ | 83,724 | $ | 74,238 | $ | 148,055 | ||||
Denominator | ||||||||||||
Weighted average common shares outstanding - basic | 30,366,109 | 31,648,130 | 30,582,376 | 31,728,544 | ||||||||
Dilutive effect of stock-based compensation awards | 314,599 | 444,659 | 329,710 | 437,254 | ||||||||
Weighted average common shares outstanding - diluted | 30,680,708 | 32,092,789 | 30,912,086 | 32,165,798 | ||||||||
Earnings per share: | ||||||||||||
Basic | $ | 1.15 | $ | 2.65 | $ | 2.43 | $ | 4.67 | ||||
Diluted | $ | 1.14 | $ | 2.61 | $ | 2.40 | $ | 4.60 | ||||
Adjusted earnings per share | ||||||||||||
Numerator | ||||||||||||
Net income | $ | 34,854 | $ | 83,724 | $ | 74,238 | $ | 148,055 | ||||
Income tax expense | 12,229 | 26,909 | 25,363 | 46,897 | ||||||||
Income before income tax expense | 47,083 | 110,633 | 99,601 | 194,952 | ||||||||
Inventory impairment | 7,360 | 570 | 7,771 | 570 | ||||||||
Restructuring costs | 鈥� | 鈥� | 1,505 | 鈥� | ||||||||
Impairment on other investment | 鈥� | 鈥� | 鈥� | 7,722 | ||||||||
Purchase price accounting for acquired work in process inventory | 2,041 | 973 | 3,933 | 2,553 | ||||||||
Adjusted income before income tax expense | 56,484 | 112,176 | 112,810 | 205,797 | ||||||||
Adjusted income tax expense(1) | (14,384) | (26,985) | (28,727) | (49,506) | ||||||||
Adjusted net income | $ | 42,100 | $ | 85,191 | $ | 84,083 | $ | 156,291 | ||||
Denominator - Diluted | 30,680,708 | 32,092,789 | 30,912,086 | 32,165,798 | ||||||||
Adjusted diluted earnings per share | $ | 1.37 | $ | 2.65 | $ | 2.72 | $ | 4.86 | ||||
(1) | The tax rates used in calculating adjusted net income for the three and six months ended June 30, 2025 were |
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Adjusted homebuilding gross margin excluding听inventory impairment (if applicable), interest in cost of home sales revenues, and purchase price accounting for acquired work in process inventory (if applicable), is not a measurement of financial performance under GAAP; 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.听听This non-GAAP financial measure should not be used as a substitute for the Company's GAAP operating results.听听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 June 30, | ||||||||||||
2025 | % | 2024 | % | |||||||||
Home sales revenues | $ | 976,467 | 100.0 | % | $ | 1,017,414 | 100.0 | % | ||||
Cost of home sales revenues | (797,162) | (81.6) | % | (787,556) | (77.4) | % | ||||||
Inventory impairment | (7,360) | (0.8) | % | (570) | (0.1) | % | ||||||
Homebuilding gross margin | 171,945 | 17.6 | % | 229,288 | 22.5 | % | ||||||
Add: Inventory impairment | 7,360 | 0.8 | % | 570 | 0.1 | % | ||||||
Adjusted homebuilding gross margin excluding inventory impairment | 179,305 | 18.4 | % | 229,858 | 22.6 | % | ||||||
Add: Interest in cost of home sales revenues | 14,204 | 1.5 | % | 13,592 | 1.3 | % | ||||||
Add: Purchase price accounting for acquired work in process inventory | 2,041 | 0.2 | % | 973 | 0.1 | % | ||||||
Adjusted homebuilding gross margin excluding interest, inventory impairment and | $ | 195,550 | 20.0 | % | $ | 244,423 | 24.0 | % | ||||
Six Months Ended June 30, | ||||||||||||
2025 | % | 2024 | % | |||||||||
Home sales revenues | $ | 1,860,204 | 100.0 | % | $ | 1,939,816 | 100.0 | % | ||||
Cost of home sales revenues | (1,504,666) | (80.9) | % | (1,513,127) | (78.0) | % | ||||||
Inventory impairment | (7,771) | (0.4) | % | (570) | (0.0) | % | ||||||
Homebuilding gross margin | 347,767 | 18.7 | % | 426,119 | 22.0 | % | ||||||
Add: Inventory impairment | 7,771 | 0.4 | % | 570 | 0.0 | % | ||||||
Adjusted homebuilding gross margin excluding inventory impairment | 355,538 | 19.1 | % | 426,689 | 22.0 | % | ||||||
Add: Interest in cost of home sales revenues | 26,989 | 1.5 | % | 25,625 | 1.3 | % | ||||||
Add: Purchase price accounting for acquired work in process inventory | 3,933 | 0.2 | % | 2,553 | 0.1 | % | ||||||
Adjusted homebuilding gross margin excluding interest, inventory impairment and | $ | 386,460 | 20.8 | % | $ | 454,867 | 23.4 | % | ||||
听
Century Communities, Inc.
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
EBITDA and Adjusted EBITDA听
EBITDA and adjusted EBITDA are non-GAAP financial measures the Company uses as supplemental measures in evaluating operating performance. The Company defines EBITDA as net income before (i) income tax expense, (ii) interest in cost of home sales revenues, (iii) other interest expense (income), and (iv) depreciation and amortization expense. The Company defines adjusted EBITDA as EBITDA before inventory impairment, restructuring costs, impairment on other investment, purchase price accounting for acquired work in process inventory and loss on debt extinguishment, in each case as applicable during a period. The Company believes EBITDA and adjusted EBITDA provide 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 these measurements are useful for comparing general operating performance from period to period. Neither EBITDA nor 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 presentation of adjusted EBITDA should not be construed as an indication that the Company's future results will be unaffected by unusual or non-recurring items. Each of EBITDA and 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 of operations as reported under GAAP.
(in thousands) | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2025 | 2024 | % Change | 2025 | 2024 | % Change | |||||||||||||||
Net income | $ | 34,854 | $ | 83,724 | (58.4) | % | $ | 74,238 | $ | 148,055 | (49.9) | % | ||||||||
Income tax expense | 12,229 | 26,909 | (54.6) | % | 25,363 | 46,897 | (45.9) | % | ||||||||||||
Interest in cost of home sales revenues | 14,204 | 13,592 | 4.5 | % | 26,989 | 25,625 | 5.3 | % | ||||||||||||
Interest income | (1,229) | (810) | 51.7 | % | (431) | (2,324) | (81.5) | % | ||||||||||||
Depreciation and amortization expense | 6,434 | 5,689 | 13.1 | % | 12,862 | 11,165 | 15.2 | % | ||||||||||||
EBITDA | $ | 66,492 | $ | 129,104 | (48.5) | % | $ | 139,021 | $ | 229,418 | (39.4) | % | ||||||||
Inventory impairment | 7,360 | 570 | 1,191.2 | % | 7,771 | 570 | 1,263.3 | % | ||||||||||||
Restructuring costs | 鈥� | 鈥� | NM | 1,505 | 鈥� | NM | ||||||||||||||
Impairment on other investment | 鈥� | 鈥� | NM | 鈥� | 7,722 | NM | ||||||||||||||
Purchase price accounting for acquired work in process inventory | 2,041 | 973 | 109.8 | % | 3,933 | 2,553 | 54.1 | % | ||||||||||||
Adjusted EBITDA | $ | 75,893 | $ | 130,647 | (41.9) | % | $ | 152,230 | $ | 240,263 | (36.6) | % | ||||||||
NM 鈥� Not Meaningful |
听
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.听听The Company calculates this by dividing net homebuilding debt (homebuilding debt less cash and cash equivalents, and cash held in escrow) by net capital (net homebuilding debt plus total stockholders' equity). Homebuilding debt is total debt minus outstanding borrowings under construction loan agreement and mortgage repurchase facilities. 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) | ||||||
June 30, | December 31, | |||||
2025 | 2024 | |||||
Notes payable | $ | 1,135,202 | $ | 1,107,909 | ||
Revolving line of credit | 270,000 | 135,500 | ||||
Construction loan agreements | (127,687) | (102,436) | ||||
Total homebuilding debt | 1,277,515 | 1,140,973 | ||||
Total stockholders' equity | 2,563,991 | 2,620,856 | ||||
Total capital | $ | 3,841,506 | $ | 3,761,829 | ||
Homebuilding debt to capital | 33.3听% | 30.3听% | ||||
Total homebuilding debt | $ | 1,277,515 | $ | 1,140,973 | ||
Cash and cash equivalents | (93,246) | (149,998) | ||||
Cash held in escrow | (34,349) | (3,004) | ||||
Net homebuilding debt | 1,149,920 | 987,971 | ||||
Total stockholders' equity | 2,563,991 | 2,620,856 | ||||
Net capital | $ | 3,713,911 | $ | 3,608,827 | ||
Net homebuilding debt to net capital | 31.0听% | 27.4听% | ||||
听
Contact Information:听
Tyler Langton, Senior Vice President of Investor Relations
303-268-8345
[email protected]
Category:
Earnings
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SOURCE Century Communities, Inc.
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