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- **Resilient Q3 Results:** 898 net orders (2.4% YoY), 953 homes closed, and $78M net income despite 160bps gross margin decline.
- **Strategic Expansion:** Houston community launch in spring 2026, targeting first-time buyers.
- **Operational Efficiency:** 9-day reduction in construction cycle times to 100 days in DFW.
- **Mortgage Growth:** 350 loans closed Q3, with Houston and Atlanta expansion planned.
- **Cost Savings:** Lumber prices falling monthly, subs at 65-70% capacity.
- **Tariff Risks:** Minimal impact expected, but uncertainty remains.


**【CEO Opening Remarks】**
- Announced Jeff Cox's promotion to CFO, highlighting his 20+ years of homebuilding experience and role in establishing the wholly owned mortgage company.
- Reported Q3 2025 results: 898 net orders (2.4% YoY increase), 953 homes closed (near record Q3 results), and $78M net income.
- Emphasized resilience against affordability challenges, maintaining one of the highest gross margins (31.1%) in the industry.
- Trophy brand expansion in DFW and Houston, targeting first-time and move-up buyers.
- Focused on operational excellence, reducing construction cycle times by 9 days YoY.

**【CFO Financial Commentary】**
- Q3 net income attributable to Green Brick was $78M, with diluted EPS of $1.77 (down 13% YoY).
- Homebuilding gross margin declined 160bps YoY to 31.1%, driven by price concessions and incentives (8.1% of revenue).
- SG&A as a percentage of revenue increased to 11.6% YoY due to IT investments.
- Maintained strong liquidity ($142M cash, $457M total liquidity) and investment-grade balance sheet (net debt to capital ratio 9.8%).
- Land and lot development spending of $231M YoY, with potential tariff impacts on construction costs.

**【Q&A Highlights】**
- **Incentives & Market Response:** Rate buydowns (4-5%) and moderating incentives in October, with DFW and Atlanta showing higher velocity communities.
- **Expansion Strategy:** Houston launch planned for spring 2026, with Trophy's cycle time under 100 days.
- **Cost Savings:** Lumber prices falling monthly, subs operating at 65-70% capacity, and labor cost reductions.
- **Mortgage Business Growth:** Green Brick Mortgage closing 350 loans Q3, targeting Houston and Atlanta expansion in 2026.
- **Tariff Concerns:** Minimal expected impact, but uncertainty in timing and scope.


Green Brick Partners, Inc. (GRBK) Q3 2025 Earnings Call Transcript

- **Record Growth**: Q2 closes 1,042 homes (6% YoY) with 908 orders, despite 7.7% incentives.
- **Margin Resilience**: 30.4% gross margin (industry-leading) amid 410bps YoY decline.
- **Balance Sheet Strength**: 9.4% net debt to capital, $112M cash, and $300M 2025 land spend.
- **Expansion Momentum**: Houston Trophy launch in Q3, 21% YoY lot growth, and 50% quick move-in sales.
- **Operational Efficiency**: 5-month construction cycle, 745 FICO score buyers, and 9.9% cancellations.

**【CEO Summary Section】**
- **Record Performance**: Q2 net income of $82 million ($1.85 EPS), with 1,042 homes closed (6% YoY) and 908 net new orders (6% YoY), both company records.
- **Gross Margin Resilience**: Homebuilding gross margin at 30.4% (down 410bps YoY) despite 7.7% incentives, remaining highest in the industry.
- **Shareholder Returns**: $60M returned via buybacks in H1, with $40M remaining under authorization.
- **Trophy Expansion**: Houston market entry planned for Q3, complementing DFW and Austin expansion.

**【CFO Financial Commentary】**
- **Revenue Dynamics**: Flat at $547M YoY, driven by 5.3% drop in average sales price to $525K.
- **Cost Management**: SG&A at 10.9% of revenue, up 40bps YoY, offset by 13-day faster construction cycle.
- **Balance Sheet Strength**: $112M cash, 9.4% net debt to total capital, lowest since 2015.
- **Tax Impact**: 21.9% effective tax rate vs. 18.5% YoY, due to one-time 2024 benefit.

**【COO Operational Insights】**
- **Market Adaptation**: 9.9% cancellation rate (industry-low), 140 loans closed by in-house mortgage division.
- **Inventory Strategy**: 50% quick move-in sales, 5-month construction cycle (3.5 months for Trophy in DFW).
- **Land Pipeline**: 40,200 owned/controlled lots (+21% YoY), 70% allocated to Trophy brand.

**【Q&A Highlights】**
- **Incentive Trends**: July incentives stabilizing after Q2 7.7% run rate; Trophy orders +9.3% YoY.
- **Gross Margin Breakdown**: 5% ASP decline, 2% mix impact, 3% buydowns; Trophy margins unchanged.
- **Starts Cadence**: Matching to sales pace; 2025 land dev spend projected at $300M.
- **Inventory Focus**: 1-2 months of finished homes, minimal resale activity in communities.

Green Brick Partners, Inc. (GRBK) Q2 2025 Earnings Call Transcript

- **Record Q1 Growth**: $495M revenue (+11.8% YoY), 910 homes closed, and 31.2% gross margin highlight strong execution.
- **Resilient Margins**: Industry-leading profitability despite 220bps margin decline due to incentive spending.
- **Balance Sheet Strength**: 14.5% debt-to-capital ratio and $430M deployable capital provide flexibility.
- **Trophy Brand Expansion**: 15% YoY order growth and Houston market entry drive long-term value.
- **Share Buybacks**: $38.3M repurchased in Q1, with opportunistic allocation between land and equity.

**【CEO Opening Remarks】**
- Q1 2025 revenue reached $495M, up 11.8% YoY, driven by 910 home closings (10.8% YoY increase). Trophy brand represented 54% of deliveries and 40% of revenue.
- Homebuilding gross margin of 31.2% remains industry-leading despite 220bps YoY decline due to higher incentives.
- Book value grew 25% YoY to $37.09/share, with net income of $75M and EPS of $1.67.
- 80% of revenue from infill/suburban markets; 86% of land owned and 98% self-developed, avoiding land banking risks.
- Total deployable capital of $430M; $38.3M in share buybacks through April under $100M authorization.

**【CFO Financial Details】**
- Q1 net new orders hit 1,106 (3.3% YoY growth), with Trophy orders up 15% YoY and 50% of volume.
- SG&A as % of revenue improved 30bps to 11.1%; ending backlog rose 29% QoQ to $594M.
- Debt-to-capital ratio at 14.5% (vs. 52.5% industry average); 100% fixed-rate debt at 3.4% avg rate.
- Q1 land investment: $52M in acquisitions, $62M in development; 5-year lot pipeline based on 12M start pace.

**【COO Operational Update】**
- Build times stable at 5.2 months; 6.1% cancellation rate (lowest among peers).
- Trophy incentives aligned with company-wide levels (6.7% of ASP in Q1).
- Expanding Trophy into Houston with first community opening Q3; 40,500 owned/control lots (85.7% owned).
- Green Brick Mortgage closed 100 loans in Q1, targeting meaningful contribution in H2.

**【Q&A Highlights】**
- Tariffs: No immediate impact, but monitoring supply chain disruptions.
- Land market: Seeing opportunistic deals as competitors exit marginal markets.
- Buybacks: Capital allocation prioritizes land deals and share repurchases; Q1 spent $38.3M, with lumpy execution due to large land acquisitions.
- Texas market: 92% of land pipeline concentrated in DFW, with 70% allocated to Trophy brand.

Green Brick Partners (GRBK)-1 May 25-2025 Q1 Earnings call transcript

- **Record Q4 Performance**: $557M revenue (+24%), 34.3% gross margin, $104M net income. 
- **Long-term Growth Drivers**: 37,800 lots (86% owned), 2025 land spend up 46% to $300M. 
- **Trophy Expansion**: 54% of Q4 orders, Houston launch in 2025. 
- **Financial Strength**: 17.2% debt-to-capital, 93% fixed-rate debt. 
- **Operational Efficiency**: 7.8% cancellation rate, 5.3-month cycle times.

**【CFO Opening Remarks】**
- Q4 2024 home closing revenue reached $557 million, up 24% YoY, driven by 1,019 units sold (23.5% YoY growth). 
- Gross margin improved to 34.3% (290bps YoY), benefiting from a $13.2 million warranty reserve adjustment. 
- Full year net income rose 34.1% to $382 million, with diluted EPS at $8.45 (37.6% YoY growth). 
- Year-end debt-to-capital ratio was 17.2%, lowest since 2015, with 93% of debt fixed-rate at 3.3%. 

**【CEO Strategic Overview】**
- 2024 milestones: 3,783 homes sold (+21.1%), $2.07B revenue, 33.8% gross margin (vs 20.6% in 2015). 
- Land inventory expanded 8x to 37,800 lots, 86% owned and 95% self-developed. 
- Trophy brand now 6th largest builder in DFW, closing 100+ homes in Austin. 
- 2025 plans include $300M land development spend (+46% YoY) and Houston market entry. 

**【COO Operational Update】**
- Q4 net orders 878 (+29% YoY), with Trophy contributing 54% by volume. 
- Cancellation rate 7.8% (Trophy: 6.7%), lowest among peers. 
- 2024 starts rose 22% to 4,067 units, with 2,341 homes under construction. 
- Backlog ASP $742K, 14% Trophy penetration (vs 51% in closings). 
- 2025 Houston launch planned, with first phase lots completed by summer. 

**【Q&A Key Takeaways】**
- Q1 2025 incentives down due to lower mortgage rates, similar to Q1 2024 pace. 
- 2025 land spend growth reflects 2023-2024 land acquisitions, with community count growth lagging 3 years. 
- SG&A leverage limited by land development costs (90% of lots self-developed). 
- Trophy mix expected to remain ~50% in 2025, with Houston launch targeting 2025 closings. 
- Cycle times improved to 5.3 months (Trophy: 3.4 months in Dallas).

Green Brick Partners (GRBK)-27 Feb 25-2024 Q4 Earnings call transcript

Green Brick Partners (GRBK)-31 Oct 24-2024 Q3 Earnings call transcript

Green Brick Partners (GRBK)-1 Aug 24-2024 Q2 Earnings call transcript

Green Brick Partners (GRBK)-2 May 24-2024 Q1 Earnings call transcript

Green Brick Partners (GRBK)-1 Mar 24-2023 Q4 Earnings call transcript

Green Brick Partners (GRBK)-1 Nov 23-2023 Q3 Earnings call transcript

Green Brick Partners (GRBK)-3 Aug 23-2023 Q2 Earnings call transcript

Green Brick Partners (GRBK)-3 May 23-2023 Q1 Earnings call transcript

Green Brick Partners (GRBK)-28 Feb 23-2022 Q4 Earnings call transcript

Green Brick Partners (GRBK)-3 Nov 22-2022 Q3 Earnings call transcript

Green Brick Partners (GRBK)-4 Aug 22-2022 Q2 Earnings call transcript

Green Brick Partners (GRBK)-4 May 22-2022 Q1 Earnings call transcript

Green Brick Partners (GRBK)-2 Mar 22-2021 Q4 Earnings call transcript

Green Brick Partners (GRBK)-3 Nov 21-2021 Q3 Earnings call transcript

Green Brick Partners (GRBK)-4 Aug 21-2021 Q2 Earnings call transcript

Green Brick Partners (GRBK)-5 May 21-2021 Q1 Earnings call transcript

Green Brick Partners (GRBK)-9 Mar 21-2020 Q4 Earnings call transcript

Green Brick Partners (GRBK)-30 Oct 20-2020 Q3 Earnings call transcript

Green Brick Partners (GRBK)-9 Aug 20-2020 Q2 Earnings call transcript

Green Brick Partners (GRBK)-12 May 20-2020 Q1 Earnings call transcript

Green Brick Partners (GRBK)-4 Mar 20-2019 Q4 Earnings call transcript

Green Brick Partners (GRBK)-8 Nov 19-2019 Q3 Earnings call transcript

Green Brick Partners (GRBK)-9 Aug 19-2019 Q2 Earnings call transcript

Green Brick Partners (GRBK)-3 May 19-2019 Q1 Earnings call transcript

Green Brick Partners (GRBK)-5 Mar 19-2018 Q4 Earnings call transcript

Green Brick Partners (GRBK)-10 Nov 18-2018 Q3 Earnings call transcript

Green Brick Partners (GRBK)-8 Aug 18-2018 Q2 Earnings call transcript

Green Brick Partners (GRBK)-13 May 18-2018 Q1 Earnings call transcript

Green Brick Partners (GRBK)-13 Mar 18-2017 Q4 Earnings call transcript

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