GRBK - Earnings call transcript Q1 2024 | Green Brick Partners, Inc.

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Green Brick Partners, Inc.

First Quarter 2024 Earnings Call. [Operator Instructions]I will now hand today's call over to Rick Costello, CFO. Please go ahead, sir.

Richard Costello

Welcome to Green Brick Partners' earnings call for the first quarter ended March 31, 2024.

will Q&A we remarks, today's hold session. a Following

is and will a reminder, available recorded call this As be being for playback.

presentation of In the Costello, investors.greenbrickpartners.com.On and Chief In obligation X, also Chief Executive the for Jim a has information may comments results will The Officer; the of company update Dolson, Officer.Some today, webcast Regulation to and also and in on by and today's metrics addition, this metrics. material President Jed available and beyond. Brickman, be including of available XXXX forward-looking, expectations Co-Founder reconciliation operational the on detailed to discussed it release press Jim. call from I'll the and SEC are company's the at these company's in May yesterday on include expectations. information earnings turn the company's presentation Operating Financial differ Officer; XXXX, cause and website may no and the Chief found over today its website.With is financial forward-looking company is release The the any other statements company company's filings, yesterday's financial make.The and accompany call Jim? to call and that, is issued myself, Rick its the non-GAAP as required future G the that can that statements risks

James Brickman

any to in share That per quarter history. $X.XX. pleased first Green share I'm first earnings for results, XXXX company a Rick. you, diluted excellent record quarter was kicked by Thank that Brick off highlighted with of

markets, highest hardworking was driven sheet, shown industry, X. as solid balance our homes, on the superior high-growth margin We by strong was of also gross homebuilding demand record for achieved excellent new XX.X%, teams. execution in grade our our our and most performance investment- which and The locations Slide importantly, again by a the homebuilding

have X% development pressure can between are this of mitigate we our and our timing price is again contracts believe attractive lot in year growth accomplishments of lots on over decreased control We to stock considering a for months, strong capital with that escalation of from typically a to debt for and we last equity on achieved stronger grew sheet lots. is lots. position a annual an generated of finished at points the capital ratio value ago Due the owned retail potential our on banking Our we basis.Our minimize book greater share due earnings stronger to the an impressive, lots, we flow, we balance to approach this believe during do paying phases.Because the some sheet. end the peers, to prices land quarter the XXX of and ever. total equity on facing. most paydown, XX% to This while develop lower Unlike return not capital X.X%. than the cash that basis a that to annualized peers were ratio first as of end million more the escalators and per lot buybacks most debt net our XX% our total on of cost better and $XX.XX have quarter inflation of balance our $XX XX.X% We ability to dropped even rely cost XX.X% avoid puts of or debt XX net the acquire strategy our quarter, of carry self-develop at of to controlled in costs our that XXXX, us

best land acquisition expertise Our self-development from strategy, in but growth. the to competition and diligence, that some in of our infill land land has disciplined are of we has Not country, unique fueled supply submarkets, the do and our more industry-leading part teams.Our we underwriting, our in the only limited. and strategy also land earned and gross margins infill-adjacent operate a hard markets have where led been top-quality pipeline work primarily target

COVID-fueled This the a limited Despite with Sourcing brands, the community higher interest and rates, is infill the land solid variety relationships approximately continuing new interest into and QX net second infill-adjacent price homebuilding and experienced and suburb historical skill shy in high-quality our of for Hersh a the and supply first orders on company unique XXXX. homes these X,XXX we local community recent kept on venture desirable points.With by history, home entered extensive X,XXX high locations existing season. communities, with cancellation X, a Texas. our to sellers. can in in Family of acquiring many markets products quarter Slide requires have we Investments joint brands lows to across low demand XXXX. in local in the and in shown our cater reputation highest homebuyer different just quality of the offer Celina, of booming exemplified X,XXX headed rate.As rates spring a diversified XXXX record we knowledge.We as our new landowners in lots sold is communities set near unlike selling take pride we inventory With with and This peers, needs in close-knit and longstanding with

submarkets, mortgages and Slide have less of housing on rates at sustain in than our more XX% of XX% in operate. and tempering QX we as believe strong persist, remain potentially generated democratic systemic in will we revenues, a with markets, have housing shortage, handcuff bullish continue XXXX.Even Additionally, the presence where proven our healthy cities a X%, demand, close and higher in historically locked including to as a mortgage over effect to shown in we the market be The rates together shifts where high-growth golden has to strong X. infill are infill-adjacent outstanding pronounced

four, mortgage superior of X, infill-adjacent homebuyers X, age, operational market population homebuying infill elevated. advantages land unique growing even to rates remain areas; waiting Slide grow buy Additionally, share and millennials and a who high-growth a as our continue prime into should three, a footprints with lot metropolitan submarkets and urgency aging Many our shown Slide on shown in strategic if home are: on their necessity efficient more which that's two, positions; having and to we one, within well and grow, executing I'll on creating regarding a married, provide with they goals solution growth are or to and their hit pent-up it whether demand jobs.To as believe for next children, the we capture getting to need conclude, a positioned are permanent sheet. life long-term disciplined on changing sidelines Rick turn milestone, to detail remain focused financial laser results. over structure; value.With our that, our more strong balance now We shareholder housing

Richard Costello

turn Slide presentation. the Please to Jim. of X you, Thank

homes, shorter quarter, year-over-year, infill from the During declined XXX an of communities delivered new times. cycle finishing X.X% driven of the infill-adjacent in home increase levels inventory opening year-over-year primarily quarter we by entering increased areas. communities out closing surrounding first to and resulting ASP and and X% spec finished $XXX,XXX,

in each total, and of $XXX quarter, balance mix conditions.In to from to ASP to business in subject, we course, we range the the generated quarterly For $XXX,XXX expect our $XXX,XXX changes year, of quarter the margin million a reached XXXX. homebuilding third previous of of closings XX.X% for breaking achieved of new revenues first XX.X%, company record the home the quarter. gross of high Notably,

points margin up in year-over-year gross basis basis QX was up and XXX points Our XXX sequentially.

and a communities levels. As pricing review this which Construction square in shown in costs infill-adjacent power in as our X, we delivered metric.Stronger minutes. has feature lead few footage continue infill on to were us incentives, will to year-over-year we lower back with Slide down lower the industry allowed smaller homes Jed

infill-adjacent grew higher primarily growth, as of a increased points to revenue growth.Net average invest personnel of from sustain deliveries from income payroll basis our in to percentage for and to incentive contributed the as communities have to lower and lot year-over-year to team mix continued XX.X%, XXX our Additionally, attributable future residential we grown quarter units compensation a to costs.SG&A share, the from few competing XX% infill-adjacent increased have existing these quarter second infill continued to XX% in Brick a neighborhoods. demand million, share for drive highest first communities for history.Limited per homes our $X.XX and and record desirable per to and company new locations earnings competition Green diluted in in any first and quarter both $XX

the Brick QX communities new selling U.S. despite active is that in trends. X.X XX, selling XX%.Active top interest reported of XX many end to XX. community increased we growing orders the Green ASP the self-developed home from Green acquired markets X,XXX, its differentiator have orders in Revenue community During was market.Our company home orders second were per Sequentially, lots quarterly in or robust where down Burns increased from against per land, national X% to to We in average highest growth tailwinds, is new operates XX% but the absorption to in higher XXXX brought the believe QX. revenue on with XQ net record 'XX April slightly moderated juxtaposed levels XX.X rate down $XXX million year-over-year Consulting quarter, and at markets of year-over-year new communities This homes performance homes month, timely remained rates. at in discussed John count earlier. from dynamically history. Brick's favorable demographic that new was due lower home year-over-year

X.X%. of first at quarter construction of XX% underweight was to XX% to a first X.X% brands, being closing percentage backlog. $XXX XX% all units to reached cancellation our the XX% backlog of stages sales as value at spec is the This Spec Trophy, percentage up to public at due to the to quarter due increased peers, as to builder, across total almost the XXX backlog we performance started opposed sequentially decrease decreased lowest earlier lowest selling first low Our year-over-year level operates Trophy strong quarter, ASP. sequentially ASP homebuilding under primarily also a a at units This quarter first homes, continued to as on construction.During represent the million. the our the as lower-priced company Backlog increased $XXX,XXX, year-over-year. under our homes. of and history of in end rate among homes the our end construction which in Slide XX.Due shown overall for

starts, to sheet positioning increasing last strategically our we a our the in X By homes averaged us share over coming quarter strong starts per balance grow market believe starts well foundation, the in quarters.Our with investment-grade increasing capture we're During us to positioned quarter. XXX invest provides additional and total each quarters, future.

March of As at lowest coupon to fixed net homebuilding X. public XX.X%, capital XXXX our debt quarter, peers, of end total among of Slide X.X%. XX, the one X.X% was debt to ratio and total debt XXX% as Jim ratio at total on an shown our the only as our capital of the average stated, was first rate was of back

Now, recently X%.Our in to below rates well put this peers outstanding perspective, XXXX through is issued X-year term of debt above highly-leveraged and our market long rates. current at some debt

Additionally, opportunities, Homes we amounts with growth XXXX. they under quarter, and on sold undrawn vision.Lastly, interest evaluate we as XX.X% cash operating at million being we operations, hand previously coupled the from $XXX discipline our financial prudence lines strong of With of strategic in goals cash long-term with tenets, on flow as financial Challenger $XXX X, our and announced, end as align well of credit. we one our continue of to February will ensuring core the million have of our

entities X transaction, the or earnings decreased gain of compared million a month unconsolidated year. in equity to as months same result only the of our As to we at time the due X of investment recognize income in $X.X year-over-year, QX Challenger. investment 'XX from to prior increased million in net million the of sale in $XX.X this a XX.X% in $XX.X income Other to in

earned of of our course internal excess we I'll rate to the Challenger, Jed. in that, return Over of an it investment XX%.With over now turn in

Jed Dolson

Rick. Thank you,

limited supply to the quarter despite entered was rates we the season, and mortgage X,XXX. first grew strong XX% net new in for sequentially submarkets. because our orders the infill-adjacent infill heart As higher Demand of spring of selling

package strategically for We costs, during and in or combination toward gave communities both. to closing XXXX. of of incentives buy-downs, homes our select buyers incentive a QX flexibility rate offer We the to limited the only continued select use

our first communities. in locations, month for net incentives quarter new entry-level our the but the orders the to a higher of also X.X% expected, infill approximately March.As remained for dropped ended periphery of at result at As products in limited And raise X/X incentives each communities. demand, were prices we in and moderately during able were

FICO infill average continue of We demand. infill-adjacent Our believe locations with unchanged healthy our to create ratio of XXX score financial and profiles and remained an buyers' a will dynamics debt-to-income XX%. the a in

interest evaluate incentives continue to rates carefully. mix will monitor and We and product

XXXX room to margin gross XXXX quarter gives Dallas XXXX. times homes our months, adjust that from XX the quarter days first of than Trophy cycle to was industry-leading make than building cycle less was X.X construction the for fourth as Our time across completed of first mean months of plenty X.X improvements the in incremental The months of brands. of pricing XX.X% us on needed.We shorter significantly of and quarter in down cycle quarter X XXXX. first continued in in the time

maximize our quarter carefully refine up purchases land strong efficiency. procedures.Next, take last our still our quality for in we raw steps strong and allocation capital acquisition, to XXXX flow, control strategy continue finished development. to evaluate to spending cash to expect continue and that maintaining will announced to with We while processes efficiency, capital We land improve we ramp lot

quarter the million $XX first XXXX, lots finished million we During in of land land development. spent in and $XX purchasing and

lots increased owned to and total X% Our approximately XX,XXX. sequentially controlled

sticky, remained met successfully continued XX%. IRR underwrite our prices internal to we that of threshold land deals While

to a pent-up capture allowing have finished and X,XXX approximately to quickly. lots the runway growth providing end for XXXX, at expect We of us demand strong

is XX% the XX business lots on raw longer-life Those with our Signature as our first of we in buyers almost cost our our as this Approximately submarkets move-up and well Houston. infill further of important, strong first-time lots largest our XX,XXX creating quarter those the demand more XX.Another controlled as for home growth Just a affordable positioned more and at with of of of DFW markets Trophy and both grow shown lot, to a Trophy pipeline. Austin Homes, on in potential average prices. Worth the pipeline, Dallas-Fort submarket, communities as are well are seventh expected per owned among priorities and than locations, is strong a have land gross homebuilder infill-adjacent finished newer Trophy and have and be long-term Dallas in an end Slides to Austin, more standalone to existing sites of XX,XXX of XXXX. and lots capture basis Being products.In tailwind in $XX,XXX first-time margins. expanded with value-rich year

first we lots all repurchase may average in had The we're price of per new double that simultaneously share. the repurchases under land remarks. addition we best-in-class the X,XXX recently to additional stock team.Lastly, as look almost risk-adjusted for owned the approximately ago. of a at opportunities we quarter as and weighted end purchased $X.X the opportunities a aimed XXX-lot value of a for to table million quarter, build over we at the explore over delivering size of first year Share XXXX controlled, in closed the As completed of seeking shares from remaining the XXXX, for first over to in turn that And shareholders.With Houston, also Jim that, returns during $XX.XX I'll local our dollar acquisition strong repurchases million. our plan growth, be it yet closing $XX.X investment on remain was we the actively

James Brickman

this on with to to Thank we I you, and am first quarter come. our extremely momentum building results, In look quarters the pleased forward closing, Jed. in

the our to concludes teams to have confident questions. exceptional for achieving long-term goals in clear our and and open our a growth deliver and with we're the prepared for line will And now our We have place, we shareholders.This vision we talented value remarks, in future. continuing

Operator

BTIG. is [Operator Instructions] question from Carl Reichardt first with Your

Carl Reichardt

A question to you. community talk count. starts about to and Nice

and community you So, in big starts, ramp as out. pointed count

Rick, been was think, said of you I it last we've the a -- couple who X up lot in quarters.

question pace? for basis. the So, year, of out of a continue community as starts to at to look And do out count year-over-year fast kind you grow same you to on rest flatten a the related or really expect

Richard Costello

pace got Trophy going grow We're to larger that. on to sequentially issue of a every in there We're We've we've trying to especially. communities. reached grown not lots quarter. really that good start Obviously, lot guidance a has start

want the community but don't -- we're to So we specific count. on be

Carl Reichardt

then, months running where now, bit. and you're you about that's a time Okay. talked And of improved quite sort cycle as X.X

time of pre-Trophy As of down come Is months normal think number your you look say at at Signature think to now? and business to sort cycle can sort that business for it's was what you where right you non-Trophy level about kind do more? think X.X is versus of today, normal forward? you'd are back optimized the what for going Or the you Trophy

James Brickman

This is Jim.

I come home. to Trophy down and is our of think little XXX-day just cycle a homes because entry-level Trophy's are growing significantly a like all businesses it more will relative other

to do could expand due just on improvement be in you think mix, So to product there some times.Jed, I cycle that? want

Jed Dolson

No.

Richard Costello

Yes. Trophy, We're already, X Xx. Carl, so under we can spin inventory on that months

Carl Reichardt

on I more Okay, then, SG&A last leverage. one, great. can squeeze one in, if just And

see You the staff for of community staff leverage to growth better strong growth, should at Or over talked up? and are continue you assuming that's some least and Is bit adding expecting are you'll higher or levels year you to the about to of SG&A? the largely you is But finished these on connected add-on count. that enough partially folks SG&A of a up to some that see going that, continue next to I'm little X? sort course

James Brickman

incentives the talk do the our then, this, to chime business scaling can SGA by SG&A? and on of quarter. in And future Rick, but about want some Well, you Rick was in impacted

Richard Costello

some growth count, in et -- it it's in starts Carl, the right, is terms cetera. seen we've community you're that of of Yes, and in implicit

growth sir. translate Yes, should in see see you SG&A. that growth improving as So in revenues, we into starts

Operator

from Rygiel line is question B. next of Riley. the Your with Alex

Alexander Rygiel

question homebuilder Nice here relative peer quarter are on gentlemen. doing current that your relates ] is, material so particularly gross in question my the [ a margins, margins near change would But it congratulations anything in gross sort Primary right now in I to guess you are the term? of here different review suggest quarter, and margin gross as to that, fantastic, universe.

James Brickman

maintain we answer, hopefully, little have... our margins and increased, XXXX.Jed, these we've longer bit rest rate Short you answer, of margins to seen allow Jim. as is will maintained, This our no. incentives the not us have impact interest actually do the continue throughout A

Jed Dolson

it's quo the from seeing. much status think I you're pretty results No,

Richard Costello

Yes. Thanks, Alex.

We able the because of very lot clauses. are seeing of what have a the self-development. that we're our land-light well with lot constant escalator X% don't control get to exposed to We costs who other are builders our

the we our of that down as revenues And XX% And infill-adjacent been see in this you So, have in be metrics those our last lots in year, themselves. and infill-adjacent to that in maps finishing similar that quarter our in you -- this locations. was where continue and buys sustain some seen One see. infill land come lots you've those have locations. that also are infill XX% XX% margins is of there of ASP, are show there our locations.

good. But So obviously, there's rates, interest happens XX% subject first-time the so buyer. with the there our whatever so -- of with far, to variability

Alexander Rygiel

change expectation lot as then, Any And all under for believe construction said a homes either? under homes construction percentage near-term right a is to of now. XX% about I that you spec

James Brickman

interesting. We is just Jim. and it's our Yes. latest report, got really This weekly

all and closings cadence pretty start well. in are now right sales Our

we see So lot of change. don't a

Alexander Rygiel

Excellent. Nice quarter.

Operator

question line Your is Wedbush. with McCanless the from of Jay next

James McCanless

see us slow And basis. some areas? happened. was wanted first ask about get walking for or there, it what one on year-over-year please. absorption that waiting the Kind talk I just to walk was a guess about certain of happened I through Maybe communities in sales to developed surprised down to why

Richard Costello

we Yes. QX. that We quite happy were with achieved the rate in

more If and took a that you when last We finished year, QX entered inventory. with sales recall, us. was finishing of quarter that for lot really off

still, quarter that in XX% for Trophy, more and of inventory. reasons this the instance, fact, selling much we their of But backlog because same one was the have finishing as In not sales little closing grew is a and our did bit quarter. finished

it they it close same So the and sell quarter. in

us, that So instance, it month. statistic, with But a that Pulte, quite margin who in of bit helps more kind really have to gross is per had X.X closest for the inventory. sales of to

] our [ X.X. So actually is performance very strong, we're where

strong So we're there. really

James McCanless

increasing Could but pricing only incentives, April, maybe you up? traffic, seeing mortgage with also seeing moving your are what in what about power far from in so competitors talk you're you of not rates especially and terms

Jed Dolson

anything This April little May, we rates where strong it wrapped Jed, depending will see look looks incentives good up very into We Jay. we results, Yes. but And as around, with tweak meaningful. I demand. a like is -- continue. on bounce may may that We very that don't bit, being

Richard Costello

inconsequential We've Yes. from -- incentives April, from a Rick to -- had March April. QX in to yes, change the fairly

X/X have in our we come successful We prices of saw communities incentives the that QX. at the in been approximately raising down in same time

see. what our So The we buyer back markets. like we is in

we're feeling So good.

James McCanless

to that should of of guidance, And maybe the reasons in should to just optimistic the then, And heavier a I going to historically of mix has infill percentage infill I it I newer Is expecting know had, maybe don't question be what so I year, we follow gross strong mix Okay. Trophy Signature gross guess, the And back know you percentage versus of the new business are been what's a this the going give if more mix be that -- was assumption but gross one guys our margin little but, business? is be? a historical but heavier the -- that margin question, XQ? you all around to other like does that year? this margin is what be infill

Richard Costello

is Rick again. this Jay,

than a XX% several with been for consistent the being little have last infill-adjacent. infill, We years, actually, more

a between continue rest $XXX,XXX of was expect a we the It's to of our surprise to similarly, the this ASP us. function year. So range. always And year $XXX,XXX not we expect QX mix. The and to in $XXX,XXX

which lot the of a lot now, all finishing, really whole in that at lots that same that we're changing the our metrics, mix. to the closing, kind that we're from where those right indicates isn't be buying, that our mix lots inventory, revenues, continue -- So, we're

Jed Dolson

Jay, running with a And we infill We're not I space. we're running from a differential would But as gross low-margin have it's to Trophy public do Jed. in not is just compete builders other more night business. differential to business. in Trophy. this as Trophy and a add, -- high-margin that day margin the

James Brickman

Yes. This Jim. is

The is our other thing Trophy, even interesting that's in under point, our are lower entry-level cancellations price XX%.

I But selling better homes not in. having -- maintaining of just cancellations. success communities markets But Trophy of that We're already that as great doing that at window think eliminate not excited really we as Trophy, we a margin about backlog terms in are job margin, we some of we're of I is we've have in a the much and ready all great new to close. risk. these shorter risk, had most when can't And real our think said. in a open they getting

James McCanless

just what from development addition this itself. the some to been land Got also costs lot inflation up, competitors part last had And we've about price of the it. question as that your heard talk for cost also, I lot could in your you of guys, that has you also, year? so And going are far

could maybe type what you of inflation about on you're metrics? So both talk seeing those

James Brickman

National Jed? teeing X number in major decreases not of President increases But seeing we're of a we He the on ready all Development. forecast ball anymore. the this, nearly development are we're cost transformers [ Vice with time cost and putting on this. on to ] either. getting where We're that seeing can it land the lot, other projections. our Land of up We works deals right and of or -- Yes. Samuel, we the year have stuff they our start, and chime supply we're are can Head budgets pressures crystal all don't that having a but pressures not in a not Bobby seeing or were And with ago. we experiencing not together land large Jed line

Jed Dolson

half where long-term owned Most up. good those mentioned are reimbursed go about for in X% to wholesale of lot. paper where a And we They're communities bought and that pretty buys. costs. We are Yes. controlled feel And at down master communities or our lots in land plan of those prices, reimbursable-type long-term not time, we horizontal development maybe our seeing development trending X%. over we're get stable we'll -- costs sub-$XX,XXX

Richard Costello

And last on that. point then, one

think, X-point-something went was was, the cost, the the finished most percentage say One to reasons big by percent probably Trophy. not was lot I'm $XXX,XXX. percent. the down But the going infill but of from all to about transition same that it what decline cost, But lot within year-over-year the X-point-something percentage point, year-over-year for communities. And to in was at our ASP a more infill-adjacent basis, I the ASP, profound on their

So gross it's therefore our we've cost that structure margins. maintain that to and able remarkable been

Operator

[Operator Barron next Instructions] line Your Alex the question with of from [indiscernible] is Center.

Alex Barrón

great up development, are emphasized, here? self-development? of involved to which you've and likely is your wanted percentage yielding about that guys with ask that from trend to overall lots your results. land I What it's are percentage And you clearly,

Richard Costello

and We close land the release the about show we're that inside quarter. the calculation parcels to at, to going well. of we're the we take. self-developed, actually it percentage, And runs come we give as controlled that and at XX-Q that's out QX are and lots lots, with where the We actually end earnings which be that each and to around of take back owned or XX% controlled, XX%, both and on, up the

it's the So preponderance.

James Brickman

question, to well, in be we're instances certain to not answer we're Alex, seeing, your going land-light. --

matter we trying are an Wall spread. consider some builders because the because prices they're what between spread we in what that land-light think basis they on because we are told We And the seeing lots to stay never would for no paying Street, retail aren't option of a we in even going price wholly cost and community, too considering put can great. interested land-light. a that is lot option we lot The just in developed plan what master own larger

Alex Barrón

And how the, less I flip that do capital of side therefore return? answer the it's guys argument and you to higher guess,

James Brickman

Well, because every do answer let it me this I time.

For to have Their able earnest just are yield you to can. estate Wall some out, that greatest Lot everybody investors. and reason, returns never for lot A land the the to business. interest implied magically smartest I lot goal banker's Street. highest can to money lot a and to transfer make think, guys they risk some the which oversold in been, the real I builder thinks bankers of the the is figure charge structure been deposit a a to lot bank banker's the misaligned banker. has highest is rate goal totally get risk It's

Richard Costello

the one one, return in equity. return that I that stats Alex, twofold: of regard, on best assets; on give actually it's you can

on QX QX on annualized all assets it an XX.X%. in basis. peers. XX% average our of our equity the it, We on return don't highest publish And amongst was but was Our was in at on return right equity

So if show going in show returns. those up it's it's going to to up,

who builder lot them, lot the in a highly are range, small leveraged. are mid-cap think land-light, of the least a I of at folks and

it's those So returns, not equity they're really trying but working. to juice

James Brickman

by you NVR our developers largest That's in positive Dallas, being a these are in lots Atlanta, Well, Atlanta the frankly, And Atlanta. lot builder all of There or they land-light land-light. why the X don't that's we loop have far, markets, It's developers. Dallas. a for in see and being be created. one feedback develop to guys aren't lot dominant to largest

Alex Barrón

do do I is other average ask question, the communities? to builders your you you well? to all another lots? what of the only size could If yourself it. keep self-develop for And as also, sell Or Got

James Brickman

the just for us. develop of Most we time,

our at that in closing us can would we lots like lots we're what in will neighborhoods builders where we we that about you return, consider X,XXX large trying and in can, -- right sell revenues. lots? think now so home give And We we we're X if crazy, have have they looking deal selling storefronts, calling include weeks in more neighborhood us other to have a is increase this I sales decide only what some is us

bargain the get we're to the communities. self-develop whether doubt we'll in I the conversation. and and those probably of fluid be a that's only going builder benefit So

Operator

time, you does there call. further questions. no This are conclude today's At joining. Thank for this audio

now may disconnect. You

Green Brick Partners (GRBK) 2 May 242024 Q1 Earnings call transcript