CCS - Earnings call transcript Q3 2017 | Century Communities, Inc.

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Operator

Greetings and welcome to the Century Communities Third Quarter 2017 Earnings Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] As a reminder this conference is being recorded. I would now like to turn the conference over to your host, Mr. Scott Dixon. begin. may you you, Thank

Scott Dixon

a Good afternoon. us earnings you joining we to call. quarter our financial results. would for Century like distributed today, today closed XXXX the thank release Communities detailing After third for market We press third conference quarter

management’s during are subject the I The that constitute or to from on based to duty that on to a and are risks this statements. and historical made and any may described would undertakes company Before statements. beliefs, number remind statements These differ call. could certain based uncertainties not of that call update call expectations implied the those forward-looking in are begins, statements to results cause forward-looking the no in statements actual made course like forward-looking materially and everyone current of this information are

Officer; Dale certain Additionally, presentation Management call Chairman answered. Hosting that, discussed I will are have call to this financial not and the did for over GAAP. get David should call the considered Company’s conference in Executive after measures accordance The Dale. today be a to substitute in call. information Co-Chief intended with Financial any be you non-GAAP the Officer; Co-Chief Officer. information be With financial questions that Rob Executive and Chief presented Francescon, not as Francescon, the or Messenger, isolation this on will of will available turn is

Dale Francescon

home afterwards will further our in updates. our balance building Today financial Thank XXXX with highlights the review markets details and on business Dave our will discuss results you, Rob home up on sheet call, will I outlook. follow then Scott. building

questions. will open prepared remarks, for our Following lines the we

strong in legacy markets levels are revenues, merger quarter This with backlog acquired through very markets continued among performance solid the UCP contributions generated delivery, adjusted of in record West. results, the partial third achieved our from in other pleased the net metrics. new of quarter XXXX was pace activity from a income We and quarter particularly which during our with coupled results

net the performance Our the to quarter strong of UCP related impact led $X.X excluding transaction. one-time of income charges operational million during to

net Century's from $XX.X August from fastest million, which XX% adjusted the our on and increase the In home complete XX% record excited momentum. we UCP, to includes our one home track home income positive order in which primarily increased of of in allow attractive increase communities roll with focus number through with year's XX% fifth of to homebuilding fundamentals result this and to A results income to sound and our an increase straight We sheet, from year existing acquisition were our million, of as on merger double-digit a U.S. believe U.S. quarter. period of revenue builds maintaining other position We homebuilders. public This our net largest Our is markets with markets out commitment solidifies and strong platform period. balance on was progress locating the a land in new an in continue better adjusted we new built the of homebuilders. deliveries, the our operations to acquire record to homebuilder our XXth a national as strategy sale us multi-year price in combined business prior a $XXX a to quarter. prior provides growing financial experienced diverse execution for gains our quarter, the a comparison a

Century's in The with and coupled of land Washington believe due lots positions. operational began XXXX and tenured California profile to these we cost our expect XXXX. historical we located realizing margin the the UCP's earnings economies base of per strong velocity We last the Century to second effort from this experience scale, and of enhanced transaction services returns in view and plan as expected With we're and integration which accretive progressing attractive to straight in can high an synergies all be generated of well expansion our of entitled continue the mortgage the to profitable and our this capital markets this on efficiencies share to we two while improve particularly we're homebuilding year growth its has is now that pleased in according businesses provides operating quarter already delivered we in fourth this homebuyers. early profits to of it with under We're our equity. Communities' of We business one brand of growth; continued and stages financial driver incremental quarter markets. group services began operation still

joint of nearly venture share through time buyers inception $X partnership on high the has venture venture XXXX very in joint of great investment November by Homes and Jurney additional company United has Wade first Our a On with asset us significant a the States. income to the exposure totaled with recently provided like We as $XX that million. our model. be fastest in the to pleased Since a Amazon from of returning Fortune were included our list growing million recognized magazine lives clearly return Facebook. of the XXth

double-digit stock growth one strong rank on this and with position along the per over in years growth XXX returns share list earnings of companies. number to annual us allowed Our inaugural earn past in revenue three

of of company XXXX both constructive a U.S. and addition UCP and organically moving was profitability of Communities quarter our forward into with the builders. In very states largest of home was the one the acquisitions growing reach Expanding transaction Century though third many this and momentous for in goal ways. to our as the geographic our consummation XX order most result into

net levels advance and a even to that deliveries, building position UCP operations returns home a and in us provide our income our sheet Achieving of record returns. further and to strategy us to million other transactions attractive long-term additional in growth investments puts issuance our on ACM avenues adjusted put equity $XXX ability our our in Our with further allows between better backlog and revenues, in equity. expand balance work

As like our environment. we we're about prospects XXXX quarter, in and home markets growth to building now discuss profitability look in I'd fourth into turn the positive for enhance Rob and beyond the over greater our very forward detail. this to excited call to

Rob Francescon

and good you, Dale, Thank afternoon, everyone.

tight low in housing the hold decision continued in Our reinforce We're house to industry the nation. rates, home expanding strategic confidence ourselves strong and in demand is from markets the building benefiting our formations. best position by of some supply,

capitalized and performance as the momentum well in growth and revenues deliveries experienced favorable markets. trends quarter Our gains as as operating our considerable third value operating home significant sales was breaking price record in home demand number sold of with We on we and in backlog.

continuation $XXX.X with up backlog up XX% of significant to record and Third XX% growth quarter half Mountain new led positions the to than encouraging. by by us for and a backlog and increase more dollar well a was by in of value which prior homes contracts a year homes regions. quarter net improving strong results made and XX% earnings. accounting growth value the XX%, to grew that pace representing This ended our possible We X,XXX from for million. This homes XXX with Southeast was homes organic absorption backlog

markets. U.S. startups building robust expand continue in that owned a inventory where including the in We’ve demonstrated the our to and at now ability capital of to Charlotte XXXX. land and as the of housing continue and we're in attractive than legacy in replicate we operations. closing success both some new recent than of lots our markets most to our selling we to with quarter markets. land less homes scale approximately We as and At Utah land inventory returns compared rather opportunities to third controlled these ended deploy We end many was as see recently quarter XX% XX,XXX

resell through began region appreciation. structure. we in year-over-year. metrics of Colorado significant demand In mountain, reflected our growth home with reporting mountain to operation. Nevada with home additional and portfolio our continue and regions activity four U.S. supply Texas, land our parcels accordance at of Each walk some we by and new in This year-over-year. experienced growth market with new with land with limited region financial lot building with positions flexibility. inventory good price and we sourcing meaningful the solid comment supporting towards to expect in quarter perform mountain looking Texas improvement contracts three production low this will scale my in markets demand increased preserving our less region than control of to third well. both west more our the months overall similar up I our XX% our along Beginning from XX% Utah continues is benefitting job our of maybe Staring our Southeast. while accelerate residential XXXX consisting We today new out

were are seen in a as damage as fresh on Houston emerge was these as and XX% encouraged highlighted to up an pivot year-over-year. by strong lower We price Overall, In trends. our we up experiencing revenues point we up increase home net are continue backlog XX%, sales sales demand have buyers with the to communities fortunate perspective a already Harvey impact in tragic to to however XX% resurgence look demand hurricane communities, that limited we of our market we our start. of by

Atlanta metrics performing cost of as as buying to to construction attractive value. while and and the with the delivering August, Southeast, we coming we operation strong at Tennessee home transaction including to in these and us ramp-up Tennessee along backlog backlog for of the in Myrtle in the the in pace of UCP are robust some delays consistent we had areas. in allowed are Carolina's Southeast homes we addition in opening produce at margins. metropolitan and activity capture strategy increasingly South several exceptionally Higher certain communities our sold all so In XX% UCPs with we activities parts hurricane favorable cost to focusing results that continue building the Atlanta a areas in Irma at top openings from acquired given of community the nationally, Looking across track the increase that home operations of on Carolina quarters in in XX% have prevalent the market. excited increase in a Carolina's, to In Beach, business carefully managing our in is well

U.S. Looking at attractive position the the of acquisition across of well-located recently the inventory we the year with quest climate the major and plus through employment capital in we to of homes. market segment. is ranked product tradition the buyer of case lower of index and depreciating benefitting home assets Holmes] the our of at most to increased Seattle as price combination XX take investments of delivering In are which record positive according XX% building and homes [Sherlock firmly fastest is sun recent population has economic diverse quality the a trends year-over-year. homes. from in communities west, is advantage one offerings Sun quest The strongest situated the Seattle

scale positioned our augmented by operating puts combined We for are efficiencies due top drive market. which we in since better additional in also our now market. on strengthen to the California entering XX a even that In to acquiring homebuilders this lots land significant positions to robust have us begun basis

the we positions include to will experiencing trends to All from our additional presence that sales, are our backdrops positive the in and the strengthening expanded confidence vibrant price continue and building earnings in our and of regions new to growth continue on believe drive by footprint. provide detail continue New home Area, California greater in economic Bay third which contracts, revenue Overall, on I intend will geographic who us We will California attractive are call profitability We turn over appreciation results strong the and markets. markets encouraged the returns and markets our Southern of our quarter. momentum order Central equity. in financial in our give these for west now California deliveries with home region. traffic, our meaningful to growing Dave country

David Messenger

Rob. you, Thank

XX% excluding expanded prior dramatically strong sales $X.XX million in per for to a a quarter. sheet. or with related number company we onetime compared to in or to Home investments price quarter the XXXX, of of mainly in was to quarter $XXX,XXX prior X.X UCP business to quarter quarter. Adjusted expenses recorded of completed the XXX We of XX% adjusted growth. prior purchase of home while of high a the and compared an compared compared revenues produce grew XXX all XX.X homes was $XXX.X million ended XX.X quarter revenues charges of prices income reflecting core X.X year XX% quarter year for share million our attributable improvement million higher our This million with driven year the an increase third in acquisition mix in in accounting XXXX, in record $XXX.X to price in X.X third to million the in million, XX%, income During share prior attractive momentum. net million, in million $X.XX average favorable the $XX.X the third year product the price the regions per revenue and deliveries quarter. a Net quarter $XX.X were to and EBITDA increase selling of to by balance

stable impacts accounting XX%. of Our from to adjusted capitalized performance. building This in excluding cost was represented quarter sales purchase and gross quarter margin home margin another the percentage interest

margin XX% compared acquisition increases quarter in material the XX.X% accounting the purchase unadjusted driven on price year closed Our homes in quarter was gross third our and to prior percentage in by financing costs.

to As to quarters continue that reminder margin we under X% UCP on generate for the range the will and construction acquisition. XX% accounting for several prior next see price deliveries gross third to purchase impacts a homes the during in quarter the

nearly that all through two to quarters. expect next system the inventory over We roll the of

impact, monetize our initiatives profile onetime natural and UCP cost margin continue begin by Excluding larger synergies project we purchasing this we portfolio a savings as portfolio scale. for possible to other stable enhance, and made our the to

have in declined XX.X% stable the gross compared to prior of revenues growth, building revenue including variety home percentage. UCP categories, increases than personnel experiencing we was a SG&A quarter and adjusted a to these for over concrete. percent and to are more a we which offset pricing transition despite of of costs. drywall inputs lumber, material continued our related deliver in increasing prior increasing to the support XX% result year, of this XX.X% sales as divisions Regarding home a year ramp for up investments quarter; new our this margin

to We to is services and three financial continue operations, of grow and operations our the completed. platform UCP expect to as Utah, continue integration leverage startup Charlotte our

we of sheet and liquidity, had debt balance long-term XXX of with million $XXX or to including of million. turning cash Now the liquidity XXXX total full million total of as of September XX, availability our million $XXX XXX

at to at debt net Our XX.X% stood capital ratio quarter end.

or issued shares we our During for per the under $XX.XX quarter million share. ATM approximately $XX XXX,XXX

base We connection share resulting also of stock $XXX XXX equity our X.X total of approximately million million shares in broadening stockholder's issued a common a liquidity Century's Century in in transaction in improvement million. investor with to the and of and increase UCP

and home enhanced in billion. Based more scale in to we at the our even Moving X,XXX to as for move per and a Operator to sales please outlook expanded pipeline market return very especially XXXX, we with forward open extremely to expect the of to billion of earnings our pleased outlook an platform We're synergies provided Furthermore, realizing and results objectives our homes backlog $X.X business $X.X our homes diverse the exciting for efficiencies of full our to purchasing We be improving our benefit come. to to-date financial provides to lines SG&A in our of operating footprint continue XXX our questions. we from our our progress better across end. strong which current deliveries us while metrics. an additional stability business for and have growth from national now forward. moving prospects with look to to to visibility communities and strategic range revenues us years business XXXX. in with into expect XXX the has range meaningful signed the We've advantages year to achieve into year share exceptional X,XXX be on

Operator

go you. At JPMorgan. from a Michael session. conducting we'll this is first Rehaut time, Our be from question Please Thank Instructions] question-and-answer [Operator ahead.

Michael Rehaut

where was not smaller or just I'm exit strategic beach there the to growth to you of of quarter, I'm or couple markets new you large the question, of which any and and applaud you them a continuing again piece. went in at of you back to state business of perhaps where know deemed scale decided Myrtle I you're I are in a encouraging. it exiting presence. that about for is couple Texas better but expand the when continue could market if to broader first your -- amount Beach look markets seem I just similar obviously expanding Texas you focus balance to in market good serve into of you've you what curious that decent you started Myrtle curious like market maybe couple be of grow -- years a where a and sit, of you degree, that markets point have the enough profit bigger a a part wasn’t is didn't acquisitions decision the your model, in to different where really in ago the the love not company a interested I'm get to could better scale thinking smaller you small this necessary not when much your Texas investment that dollars think

Dale Francescon

have we Myrtle we our those when of Mike each this that in to look market markets and the to of think time. overall at our we strategic to was of States we just at to performance San Antonio major three we markets United committed very that well, in we’re business is didn't any outsourced at plan when Austin look a fits period and going markets, major over Texas investment on get criteria look when scale Beach Dale just we're is and size believe which fit those we're and concentrate the really never Houston, it's going and it it

that all we over a other we markets Texas, on a a, last included we’re an Texas in and opportunity a central done over as there to is have San year, we markets demand have into that of be presidents and those is yet of had investing Antonio consider in we our and all fact, markets we have markets. view area we tremendous small, because our do two In Austin, split and both Texas division region in we in growing three the of lot we things what that actually

Michael Rehaut

the ask helpful the looking what above that’s efficiencies guess shifting something interest. right and with increased potential more XX% into synergies averages wanted purchase Understood the was getting as looking look from that we corporate as wondering what around XXXX there I for greater UCP, the by before XXs to looking accounting you and gross impact, a cost I I to a directionally for low that a and get we're range and of margin even you. accounting in of you are impact and for have in in reiteration I forward might that on right the closer XXXX. of the view to was that’s be mean prior then on if or I is gross know back thank gears Dave, obviously bit, our think little impact you of roughly question now full line this for XQ a model at for purchase in margin, terms terms XQ, a of quarter

David Messenger

is there is Mike Dave, I a couple here. this think

So going the and and seeing the versus XX% that the it think significant have the homes the we of now quarter. fourth And synergies, around to two, the the of remarks their we a operations know be say a I range depending inventory for the into would the X for saw so looking starting so XX quarter will three I the third going said on at total both in UCP, also those impact determine number we increased as now what it's operations, get million for looking quarter first my due we first think definite are we kind XX% we three, UCP synergy that we acquired price accounting I million are our transaction the quarter X% we're from this in dollars, at possible purchase magnitude we the we've number the prepared sides. now as the are XXXX, X% a those I to will four think to receive excess to closed transaction benefits months into in of what margins, merger I dollars -- through we with those impact had months been as being X think quarter, historically probably reduced synergy fourth compared some to that of in million positive first third you first quarter, we're to one ramp

Michael Rehaut

just XXXX in have be year position forcefully more and bit a next today typical in little that or therefore last you in could revenue growth different start-up kick a we if leverage on I SG&A one would And investments obviously the leverage demand more fashion in expect the or largely only occurred expect less a should lot investing largely a to the is in other modest side to one investment? a more you'd more more in which resulting operations in of words

David Messenger

and coming assets take Financial operations speed. Group. you you forward their fast to to carrying have say initiatives the into and we up been that of know, start-up maturities help Services other operations would going lot I through between have undertakes this And look Those Utah, to have that to really XXXX three Charlotte up company year been three a todays at

line rate homes you very their at quarter those last looking on more been revenue bit that delivering and of the our have the investments higher a near financial than run with that of as a of to XXXX company other UCP to You starting leverage, more typical you more the the so UCP two leverage we've are the as style XXXX And want roll fourth we significantly of but SG&A at of term profits services of division in synergies runs that into still three new Charlotte we year will and obviously balance are the of and I but we nine allow pleased we that of SG&A. deliver starting XXXX merger we're a merger on are that run looking a contributing into to into rest component that transaction these Utah which us when kind to a deliver we out on homes, start of now the little the existence the of and then share basis. the is now in think think their through more then based top a those are all leverage maturity for those on gets rate months investments able row and you see to quarters is start platform look

Operator

Our next Please Bank. from ahead. question Deutsche Sood go is from Nishu

Nishu Sood

you confidence due guidance. you just if out parse legacy the the is get the acquisition for see hoping the of was I to was it legacy comp community exactly good kind on in or Seattle. it up could to gives UCP Centaury the to increase sides, what So number that

I communities four around there. counted think quickly we

David Messenger

move visibility we little a number have third think be portfolio the November to and up the as gives out that And a next is confidence we we where closing we months sit little more here bit the of X, bit. to the moving so, the what us be two way for opening so what that being to today expect I into a expect into and quarter

Nishu Sood

through the And well? growth October then guess performed the now side the I did train that we both on as that October legacy versus in and acquired of expectations are guess thought on same how I

Dale Francescon

on of net on the sales assets the on XX% acquired standpoint were in the year-over-year UCP in excess the XX% up legacy were west over up So, business. October excluding XX% on

that month going are really the a we turned net October that’s to are quarter going fourth the we out as to So, be balance hold. from good And sales standpoint. optimistic of a into

Nishu Sood

to Quickly follow on that.

a that One of what basis growth October? that, the was the I guess comps on in absorption on absorption in or legacy

David Messenger

experienced It's just to quarter. the we third similar have what in

Nishu Sood

my second I on then And Jurney. guess Wade question to is

much have been extremely the returns impressive we been had So, than higher expecting. what

because see second curious -- bottom outperforming been you too. quarter it's and initial potentially as getting think where the is what's expectations it you right guided guess seeing it, that not just that out can to now if so to far go of going I and us initially you a some if I lot quarter your profitability the still to and to we how the I'm do we have line. there third this contribute expect

Dale Francescon

This is Dale.

look So, has two funds when we private trajectory. fastest-growing we homes homebuilder the that journey last for the investment up the same And with as at been way the on expectations were comfortable very in the ranked years country. its continued

would I has at So, expectations. even we say it had those while exceeded expectations, high when it we high look

Operator

from ahead. Riley. B. Our comes next from go question Please [indiscernible]

Unidentified Analyst

little and paid more many maybe so talk on? [indiscernible] what Could you you a bit required and for Sundquist how acquisition, about

Dale Francescon

relatively the in to with portfolio is back and things that relatively the of the indicated UCP in small. grow held So we we that markets they when to the Seattle to on And did we constrained merged And that of transaction of Sundquist markets. growth focuses capital is number one operations. their could as we entered that was of the transaction bring obviously in Seattle, UCP were which we had UCP all the market and new our is division in one through a them our the

Seattle. just fit even doubles size, previously had in acquiring the it terms about the of right it Sundquist plan transaction so, operation in of small into assets though to that And increase that we relatively it's a

give When purchase the generate acquisition will and just price controlled of anticipate when So, at and in intangible. it over as we XXX million. than take less look at X% look we owned investments $XX acquired that or lots goodwill our we was the we

So, well as we purchased with old lots controlled portfolio. lot as a

are thing now in market of a of us we leverage was to people as bring it that from Sundquist additional for and the four in a the acquired a century and excess they in homebuilder other people experience depth The it the had they been did this years. that number allowed operation employees business

deep sure So, imagine can they as you land very contacts. had I'm

During lots we of a bring lot another negotiation owned, it a related Sundquist of Century the portfolio, just so to in that XXX with and us, on, of Sundquist coupled process the first exploring it's the XXX a that continued people, of step. that intend transaction focused nice to identified they market was to in already the or people land another to were terms we've effort growing a so we're working lots X,XXX to are we've land continue transactions

Unidentified Analyst

would appear bit color any that more quite in the Texas lots It sequentially, that? increased owned a on

David Messenger

deals, Texas, for of product more and a makeup kind and go line a that in couple we've sourcing the we've a level we're point we've complete out Century market in that now in so new quarters strategy different rolled entry we're Well so type into to our kind price about pivot a that made market of of the land. on going of of how land and

of feel on at it. and we of result that And why Dale off that's into tremendous a scale quick kind quarters where spoke started get strategy that can't three period San coming like that ago, continuing having market, up Austin two we Antonio at And it's where we time relatively divisions projects divisions so separate and earlier, state it's point efficient to broke we process of all to out had so, that very of we've continued a region in add a line now the to entry as these we a success as bottom driven so level are the the and level is we it's Texas basis on forward product, go as in driven we that that see a focus is entry Texas. margin off start business well, the of and coming couple meaningful margins

Unidentified Analyst

you impact can lastly create could introduced high-level it as homebuyers chatter today the the And initial you was thoughts tax around of Washington tax a that the lot -- seems on sort of to the to has? your and street, in address best

David Messenger

it these types Century, of based been business prices. of that we of fairly get an on quite amount actually lowering will out you a the and the when looked is, our that's the if builds to law a would look positive, before details I at loan a to tax enacted probably we all it's assume sales rate would idea we $XXX,XXX at the that mean translates tried have of impact be assuming to down at and into payment, minimal impact $XXX,XXX information on change deduction the needless XX% the what think a ever say be but mortgage out of bit adjustment are obviously the in

corporate with ASP and change offset tax small third you an have are and the at quarter ASP of at with backlog there're maybe our coupled when that homes certain below If we high a look probably in and end -- significantly would the look there was our that small homes. also have fact any impact rate at looked we to we've it think very that went XXX,XXX, the back all-in-all a we than of -- things may not that in exposure the see in we impact obviously but excess it more negative our XXX,XXX so that of percentage we so somewhat

Operator

Our next ahead. from Wedbush Jay McCanless question Securities. Please go is from

Jay McCanless

the First in be there delay question that season Texas from on had, XQ. quarter, to the some may Georgia or deliveries hurricane XQ I closing was any in because of

Dale Francescon

then out closings, down where delayed slight of crews Atlanta Atlanta So, some to we crew had in some that both didn't we of related as loss mostly just sales, aren’t the the timing and delays the those move and obviously fourth difference that hurricane had went builders I think then delays have hit some into quarter. power which most those those said will well, with are Atlanta reported, markets. obviously some Houston Florida lost

Jay McCanless

Sundquist SG&A what And then we quarter any etcetera required. going transaction, and initially should backlog from this all is that that hit to which to also add on expect the from

David Messenger

out in between we company transaction, anticipate going earlier the like year it its it. not is, overall QX. really or Sundquist will and the relatively that meaningful the said I Citadel deliver now while portfolio meaningful and it's As a of And about operation forward end small houses XX Jay, in was we for for the so we of

Jay McCanless

sort XXXish that what’s the mid, for entered your The like, question 'XX. any there new you do going low, Citadel number all ASP you mean Definitely. think XXX, plan I number is in you into markets to mix these next of think ASP what, look out I of XXXish your next the opening for start checking year as about closings have with more where the

Dale Francescon

because what XXX,XXX XXX,XXX the we're homes portfolio be consistent to we Well expect today. as We're guidance saw in to move out for providing looking where we not closing be with kind quarter backlogs our the the and third ready ASP forward. in 'XX, is relatively at, quarter our we're we of

Operator

go question Our Research from ahead. is from Housing Please next Center. Alex Barron

Alex Barron

I markets Wade but pretty expect kind to of that’s the and growth guess that as I number. they year there, and if Jurney there next about what to read just rate plans as XX% you expanding to in [indiscernible] the saying also what somewhere other wanted is a of significant terms realistic be curious think I I quoted like that were

Dale Francescon

Atlanta I think true one which to really we're the beginning in not so markets, be has of Alex, as this and Wade going business growth and is new quarter. the before Phoenix growing was Wade specifically at that, his fourth met growing you are into growing in legacy and only going entrepreneur, markets growing and a market year, the is into Florida is we have here is well a now then going high expectation new are he that markets we new is

Alex Barron

between yourself like I'm of recently are your to something at merger plan this the guess I to are growing announced open on way also, on the that wondering you And thoughts along you or just [Indiscernible] the being lines what point?

David Messenger

Alex, we to open that Century that growing we've we've transactions been being been profitable and into more always we one With maximize sense today. much is home even transparent that larger builder that pretty have a in said than but focused the are on shareholder value.

at view a more for that capital appear the just going make the right into what's we So, that now grow when us to continue for do we right on and will valuable translates stewards business we're what business ourselves it depend company are the future. we we're to and as and the future right of what look it to

Operator

the concludes you. question-and-answer like This over turn Thank I'd back floor the any closing session. to to remarks. management for

Dale Francescon

We again and joining next today. operator, quarter. to everyone speaking you you, with for thank you again to look forward Thank us

Operator

your today’s for you participation. teleconference. This concludes Thank

at may time. this lines disconnect You your

Century Communities (CCS) 3 Nov 172017 Q3 Earnings call transcript