Earnings call transcript Q2 2023

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Operator

Greetings. Welcome to Century Communities' Second Quarter 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note this event is being recorded.

I will now like to turn the conference over to Tyler Langton, Senior Vice President of Investor Relations for Century Communities. you. Thank

begin. may You

Tyler Langton

you call us XXXX. for Thank Communities for earnings conference the for afternoon. today joining Century Good second quarter

the this would certain I statements. call remind Before that everyone like statements may call to during constitute forward-looking made begins,

on differ are expectations current described the implied materially number from based to could cause forward-looking and uncertainties in risks those and These that subject statements. actual a management's statements are of results to or

heading other the Factors uncertainties by duty can We statements. be company's forward-looking Certain XX-K, in undertake our of these latest in the risks and our found latest SEC no Risk as supplemented update XX-Q to and filings.

not as in accordance discussed the certain this of The presented conference intended financial a financial considered information call. GAAP. is presentation to isolation in substitute will Additionally, be non-GAAP for or be on company's with information measures this

and Rob Officer. Executive Executive the Officer Chairman and Hosting Co-Chief President; Messenger, Dale Francescon, today Francescon, Co-Chief call David Officer; Chief are and Financial

Following today's open-up questions. for line prepared remarks, we'll

call turn that, I'll Dale. over to With the

Dale Francescon

million gross $XX and share We you, diluted of net the experienced million we EBITDA. orders, quarter, $XX increases across of everyone. starts, per including sequential afternoon million gains deliveries, in and Thank net second strong our $XX in income, In generated business, good in earnings Tyler pretax substantial margins. income, $X.XX, and

priced and adjusting for a of on increasing scarcity affordably sales. demand homes, interest all home higher to consumers Strong rates contributing market, new underlying and existing homes are the to

quarter. were Net strong XX% XXXX, and Complete a increase a and second in totaled business, second XX% basis homes, quarter in our improvement contracts especially on year new XX% Century over over new the the first a X% Our contracts quarter in ago levels. sequentially increasing net year-over-year a X,XXX

benefiting market an lower-priced demand our seeing of range sales potential the widest homes quarter, Complete has and we affordable, in Century favorable the for segment both demographics brands. from $XXX,XXX the price strong This is and of of average entry-level had are buyers. across

portion Complete above-average our basis, finished for which on As lots a drive this to of segment. purchases only business returns a Century reminder, just-in-time the helps

Consistent are buyers rates. homes in continuing sales as we near-term on it our certainty efforts with with our completions their several the to allows past quarters, concentrate interest

backlog X,XXX Our of sold quarter homes building up million this end on not at we consisted focused valued are backlog $XXX sold deliveries. of point significant a later-term and at

cancellation saw the rate XXXX and quarter improvement Our the environment. the in XX% XX% interest we are rate first versus XXXX, was rate adjusting XX% fourth an of rate the quarter quarter, higher from to reduction significant the in in buyers of second our a as

this of in later selling construction cancellation factor rate. another cycle lower Our homes in is strategy the driving

prior For in mid-XX% years comparison purposes, our was to the low COVID. typically range the cancellation in rate to

throughout relatively Our cadence quarter. the consistent was of orders

we commented during the this picking expect our we call more quarter slowing typical summer then on sales return of fall. last patterns, to up resulting As in earnings sales and year, in in seasonality months the terms

In X,XXX quarter, the delivered we homes. second

the exceeded that the guidance provided to expected originally the better moving were expected due were Our than we in deliveries homes increased quarter. and cycle-times of improving deliveries quarter. quarter up sequentially third to complete last second XX% These result

quarter newly increased sales X,XXX further which started the year, given the our Since second the margins quarter. first in increasing and improvement In beginning X,XXX of homes activity started of we in we homes. XXXX, been our these starts the the have to on homes,

half. a to of compared second in XXXX, homes this to and in first of second we number of the the deliveries we perspective, started see were the as started first continue in of into starts half result, year the the expect number these XXXX half as twice put To to we higher the half

$XXX were second sales quarter. home million from in the Revenues

building average deliveries priced incentivizing homes reflecting our near-term by Our a strategy basis homes, deliveries, $XXX,XXX, on XX% and lower-priced our regions. some to with of properly price affordably sales closings from more coming of on decreased year-over-year more

quarter, to prices. the our levels backlog expect half our second on over and the second this the sales and $XXX,XXX, average in average selling selectively incentives increase equaled to continue we year of increase price In we as second quarter price base reduce

years inaugural released I published also report, want ESG our to the week. In greenhouse XXXX over for last XXXX this gas provided ESG in XXXX. significant inventory accomplishments details and report past we years on since highlight the our our that XXXX we through emissions our report two

we we and training home to we team members the the and valued can for buying bar all experience are in with to As to our committed want employees the their raise development so that ongoing our thank customers. and our providing for of work dedication hard detailed report, the continuously

returns to the behind for of grow our half are and first track us, we our Buyers priced positioned in and meet with year year. this half second are currently near-term this the demand. the increase we With of margins are homes business and looking well affordably on to completions

confidence We are now we to carry starting the our have increase will continued higher margins returns. starts that given our and homes

exceed cycle-times, due result, a our improved gross of direct incentives. to only continue level to should reduced we deliveries and sequentially in lower first costs, improve expect the half do levels, As second our margins to not half but

the business now more I'll call turn Rob and to detail. to going plans in over our forward discuss

Rob Francescon

and everyone. you, good Thank afternoon Dale

target category range us and in XX% a market. home buyers the concentrated limits, any quarter have priced within coming potential second approximately new focus given of We the affordable presence deliveries of allowing homes strong widest FHA from with to below

our certainty this spec in purchase lock were XX% buyers to homes roughly move-in for quarter and from deliveries quick builds, home mortgage our financing. which their rates of Additionally, allows of

due expect approximate in normalized are a and issues and homes cycle-times of see to We shortages four quarter in XXXX to to to begin cycle-times easing timeframe. the of supply to that more of our continuing trade improvements the chain started second six-month

our versus the the with high on prior of costs XXXX, approximately roughly which static in the home second per XX%, of direct starts quarter declined average construction water quarter had mark XXXX. an $XX,XXX quarter, the second remained by In the of

savings experienced second Recently, flow will half, the increases and continues to new in more lower-cost the begin homes. to increases have see could other deliver benefit we earnings as we certain our to margins lumber through these categories, These potentially as home market of in and rebound. in costs

basis generated quarter, point second the of a XXXX we over In of improvement XX%, XX.X%. XXX margins margins quarter first gross adjusted

than quarter lower as incentives, be basis. the sequential on solid Our gross costs results as second to were margins and ahead flat in The expected on performance were our well roughly a drivers for behind better them the expectations of cycle-times. primary

margin that profile to the starting costs, have we homes improvements a incentives, carrying over The reduced are direct and months construction cycle-times. several due been shorter past in higher

homebuilding trend As to and expect the positively basis sequential on margins half quarters a exceed levels. result, fourth third to first continue we a in and as our gross to deliveries half Dale mentioned, both second our

on demand was Incentives the on basis. we the we second quarter-over-quarter have have in to quarter XXXX, amount pace. reduce which maintaining down basis market, closed while healthy XXX the Given been been sales points homes points a of a still averaged in able XXX solid basis offering, of roughly incentives that

second on XXX June remaining quarter, sequentially are downs. basis reaching in continue interest incentives quarter The closed throughout to decreased largely homes incentives sales. approximately will incentives to as points for decline related rate on Our the the buy offered new orders

XX% we levels, the Now, the controlled our over as to controlled in the with second increase versus XX,XXX first quarter turning lots XXXX. of approximately an increasing efforts. total we XXXX lots quarter by lot increase XX% ended a XX% driven and quarter in lots to a was our first with percentage acquisition expand as owned count XX,XXX, began land, to quarter land controlled second higher lots, in This to

six future owned the with XX,XXX as our was the support further volumes. the of and to approximately lots similar of years on over controlled three last quarter balance to to deliveries our in Our the land based year continue quarters provide invest increase growth. We roughly lot we count would prior second expect in year, the

was the second community levels. XXX from XXXX our of quarter, quarter levels In by flat first XXX of basically increased XX% and count year-ago with

two increases count given community growth. relative that employment, year-over-year affordability, and and Texas strong the the have well their population markets performing greatest been Southeast, Our saw in

range We continue to XXX expect to growth to the communities, count of XXX of representing our strong year-over-year in year-end be XXXX XX%. community to XX%

by will opening communities of levels XX We approximately these achieve in year. out the closing second and the XX over half communities

base of national as across number new increasing a look to footprint. this view as focus that years ahead, grow in we our our share the on new further communities we We will

We are quarter. pleased with performance our this

the for homes this into strong remained homes the demand of experienced to of positive healthy quarter year. priced half activity existing expect sale, second supply at sales the at to for second and continue given momentum in Our see limited affordably we levels the

I'll call discuss now detail. in to more increased to guidance the turn financial our results Dave over and

Dave Messenger

you, Thank Rob.

pretax second million. XXXX, $XX.X net During million, quarter quarter the income the was per $X.XX was EBITDA diluted share. and or income $XX.X of $XX.X was million, for

in starts, posted also We and net strong sequential orders, gains deliveries, margins. gross

in $X.X quarter XXXX. for decision year-over-year a XX% in quarter were XX% the our impact basis, and the the half revenues million, million XXXX. increased the sequentially first from compared year X,XXX on to prior start Home second declined of sales homes fewer and $XXX.X billion second by $XXX.X Home quarter to in homes deliveries a of direct

seeking sales incentives building buyers price priced are closed quarter, average versus higher declined the homes this XX% prior of in more Our affordably year homes reflecting $XXX,XXX year, that mix. and by

especially lowest-priced year, for percentage. along a Complete, accounted Regarding Century the and of this with West regions, Texas lower the percentage the quarter area our while and deliveries, mix, higher in a high-priced second accounted bay Southeast for

increase We of over expect this reduce incentives we prices. second year the half quarter selling to continue price and as average base levels, increase selectively second our to in

of across the were X,XXX, in sequential XX%. contracts new Net a second increase our quarter footprint

underlying mentioned, to consumers ability interest As for scarcity our demand activity sales of strong market, priced our the on rates. from is rates, homes the affordably homes, we down buy Dale and adjusting existing higher to believe benefiting

orders On a sequential level price at for with backlog also quarter our a homes having was available inventory million, from end, higher of At benefited an of with basis, $XXX near-term our average deliveries $XXX,XXX. sale. X,XXX, of new valued sold

of compared XXXX. In homebuilding was second gross to margin gross the XX.X% Homebuilding XXXX. margin first compared quarter first XX.X%, of the quarter percentage in to XX.X% adjusted the XX%, in was quarter,

fourth our margins incentives, to these sequentially due both not improved still quarter second we reduced direct any with gross and year improvements quarter. costs, did shorter Even and in in the cycle-times. We margins, expect impairments this construction book this third quarters of increase to

largest The home but revenue year-over-year home the first our in sequentially a of higher commission SG&A X.X% sales to driver fixed XXXX well sales. base, spreading compared was as this levels year, quarter, the of from was the costs revenue on prior of second rates down a XX.X%. as of percent XX.X% in was quarter as over lower increase

through the the strong we to commission sales boom lower half During demand first for of that were rates housing. COVID-driven able lasted given exceptionally the our XXXX,

levels, our the demand more that increased normalized commissions we driving in to As offering buyers we level averages to expect ensure communities continue to to to are commissions returned current and environment. more historical this of our

contributed second income, During million revenues, The in prior prior of services pretax the in closings, in business generating $X.X XX% to quarter, compared quarter. $XX.X $XX.X $XX.X million the to in compared financial the the year million captured year. million

the quarter, decreased number debt-to-net under compared XX.X% basis with second of of the homebuilding last increase homes end XXX net year, in significant capital at the Our points ratio to even construction. XX.X% to a in

homebuilding last at of end compared to XX% year. decreased XX.X% quarter to end, debt-to-capital also ratio the Our at

and stockholders' the our maintained total dividend ended in share strong billion financial $XXX in million $X.X and in quarterly cash. a $X.X with position, We $X.XX billion cash quarter including per liquidity, at equity,

second revolving our the XXXX. mature had credit facility not does unsecured outstanding we on that no During quarter, until million April borrowings $XXX

until inventories we Additionally, billion. management. our ample senior flexibility maturities totaled have quarter XXXX, us no with of At June end, debt $X.X leverage providing our

guidance. to turning Now,

of half quarter confidence gains across second sequential our business The bolstered in the strong our XXXX. second had and

full home XXXX, increasing the $X.X deliveries range and be to year our a billion in be to $X.X sales X,XXX in for result, we of home homes, range As to for revenues of billion. X,XXX our the guidance the to are

With Operator? I'll questions. the line that, for open

Operator

Thank you.

[Operator begin the question-and-answer Instructions] We session. will now

ahead. comes go Our with Riley Alex from first Please question Rygiel FBR. B.

Alex Rygiel

you very A nice quarter. Thank good and gentlemen. morning

Dale Francescon

Alex. Thanks

Alex Rygiel

your mortgages A average Can a talk couple that buyers of the here. quick questions about you interest sort FICO scores, getting, are bit thing? rates,

Dale Francescon

X.XX. We're Yes. at our relatively FICO From perspective, teens, a side. staying score CMP been constant. about been on high it's We've X.XX, Complete the side, Century the on

Century over the years. X.XX. past we're couple for That flat. out both been It's side, Community really the On changed buyer hanging pretty of profile buyers right hasn't around

now, That'd in pretty X.XX offering of mortgages, and terms to right the then on And for be people seen. that through. been a rate we've move we've buyers mortgages attractive

Alex Rygiel

can next your six thoughts thoughts then a about little expansion to opportunities? the markets bit And geographic over talk months, into Excellent. you M&A and on about new XX

Dale Francescon

currently In rule expansion terms happy out we of very we that opportunity. we markets, markets right not markets, that have. into additional the would found expansion into with we're the other And

thing with M&A more generally. Same

We as continue a ask. to difference they and look bid to There quite still at things available. become between be seems

horizon. any so that the worked that we market an and without the pricing find move now, don't -- doubt. thought right see And in the would opportunity a But on as we we on forward that of worked, would I

Alex Rygiel

Thank you.

Dale Francescon

welcome. You're

Operator

go from Our comes next ahead. Please question BTIG. with Reichardt Carl

Carl Reichardt

everybody. under not you end construction that's starts Afternoon And number ask those so the X,XXX have, I Sorry, Do to quarter? did the in percentage would sell Dave, unsold you is of of it. had offhand, you then that during would the quarter, Thanks. QX? or at the the you corollary of units what did what of

yes, are on you -- an order Sorry, in what have did percent QX?

Dave Messenger

Understood.

this cycle, anything related the yet homes So, don't we you starts have sold. X,XXX started have the majority that be than quarter other I the year. would than that later construction have of homes second homes to the more to in selling we're home imagine Since under fact

in later we would sales closer being as year get they those completion. the to see So,

Carl Reichardt

X,XXX backlog. least that need X,XXX look I the plus, ground At at say, backlog, you guide trenched. in you've to in already, delivered Effectively, it's your so is and got If get to you've or X,XXX yes? midpoint I the X,XXX all of the

Dave Messenger

Correct.

Carl Reichardt

And Complete breadth bit you. in talked the then and the talked of of interesting. which Century business Thank little demand buyer segments, a terms guys Okay. you about about is

bit product, what buyers of changed? customers mix little older a who talk have the moved about apartments like how first-time might mix of investors that you and it say, down, maybe, Can versus buying coming out versus that are looks

Dave Messenger

seeing Century of XX% historically It's the Complete at worth now been XX% mentioning this terms in that investors, of may right was our minimal activity pretty where hardly to Yes, we're business deliveries. on investor have point.

buyers. and We're getting buyers, homebuyers. buying moved Complete that the it's really their entire the house With We're buyers demographics selling We're regard our a to getting of are first-time spectrum. house. Century down getting some existing

So, it's really across the board.

Carl Reichardt

know X I talk Okay. I Can Thanks. you If can buybacks. the squeeze current don't you've more in, just -- going now. authorization and on where dividend got your exactly sits, maybe obviously

or about pay you're thinking more are the generating, no thinking Can to Or you into potential year run stock, since you're less really the talk cash going two? the to you the market you debt business or buybacks? in next land on down, about the Thanks. plugging have the back grow for given

Dave Messenger

shares available X.X roughly got We've under Carl. million our problem, No Yes. current authorization.

right a obviously the but of bit been have for grow always opportunity little the stock it it. that and plow at to flow look earnings viewed back here, on some and a to we has run these the business As we continue cash into now,

in We through think larger, business our scale and an really our opportunity have that more get We'll across footprint reinvestment. we keep markets. deeper, do existing that this expanding our markets in to

Carl Reichardt

all. Thanks David. you, Thank

Operator

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

Jay McCanless

questions. Hey, good Thanks for afternoon. taking my

Maybe the question is X,XXX the the me about bottom closings. the talk top a seems guess, that what range? of in range first wide the I the this So, difference late guidance pretty between and with for to like I X,XXX It to at had year.

Dale Francescon

we still homes have those ground. -- the X,XXX and to now put of just sell have there's X,XXX think I happen still We on that them, and closings, the can year. things the close of to and end still lot we between Yes, a

there's be got We underlying think a about. economy to demand. going think that still strong to We've macro

cycle-times. have We

municipalities. have We

issues. a and labor have of We variety

up this the we we'll pretty at so from good into bottom having And of which to range, less feel we tighten the than And the XX% it is quarter. top as that get in hopefully with third it. point time,

Jay McCanless

And think remarks, talk then where in could be dollars especially you co-broker in what maybe run for said you that rate variable, you you dollars, prepared with if quarterly and now or could? should about, about fixed SG&A annual your versus

Dale Francescon

Yes, where the of historically And historically. think we've I on our XX%-ish end SG&A commission of running of world, the the that is up roughly X.X% at it's side of range, which I being we'll We've XX% kind think X% to been that pretty XX% bucket. overall fixed to SG&A dollars. been in

Jay McCanless

other complete. mortgage want people media question talk one to on existing effect X% ask heard mortgage. to up homeowners wanted the where X% then give don't about a I And list, a they because for in this want to lock-in We've don't

talked order more market Historically, other something than have complete being homebuilders. guess, new is growth to for is nice pretty that the you contributed that the some case? guys I about quarter? this And still complete that competition local housing

Dale Francescon

think, first well, constrained. we as definitely And When being same. at the I subdivisions, competing we're of still homes against all virtually homebuilders. it's resale Yes, some markets it, we our seeing the very available of homes. look of It's are against in largely in resale number new all,

one that of did a business new our that's a gives as the we're quarter. big push. terms And a on second do advantage us orders So, well complete that why result, reason continuing competitive so and I think in to

Jay McCanless

next thinking XQ? homes the expect dip that starting closings about going you gross in one at actual there How up two the because expect we what you quarters, be, terms of go? half go margin just quarterly a up last of XXXX? closings then XQ expect guidance to the with one. go know we Or to sequentially. less said on it's to to last to Is I And the for the of are in the from you cadence going talked should should you

Dale Francescon

based expect QX. in would your dip QX latter, up I comments, a it again and in a on so of you'd the see bit that pick

Jay McCanless

Okay, great. That's Thanks all taking had. for I my questions.

Dale Francescon

Jay. Thanks

Operator

comes ahead. Ratner Please Our next Zelman go with & Associates. from question Alan

Alan Ratner

for questions. my Hey afternoon. Thanks guys. Good taking

Dale Francescon

Alan. Hey

Alan Ratner

somewhat for So, and math it clarify technical I'm trying but apologies out to the here for some question, hoping can you figure me. modeling

pullback the of So, lot right But a I effectively in year, in guys struggling typical seasonal at activity from half to you're we're to or builders. you mentioned which expect with think model selling of order hearing reconcile that completion. a the you I'm your close to see that homes now, back where

pretty your X,XXX And implies with And if activity, in of for would half similar versus orders wouldn't closings half first back the back guide your at a a range? in it flattish that least kind the kind the similar X,XXX, to kind were, year Why quarter? year? the steady of closing of imply of averaging closing of first per half half, be range, be

Dale Francescon

Yes, and it at as in and of sales be But it here that the closing seasonality of math, that when months, cadence, July and I'm trying I'm that I well. August think a the still when the look to your X,XXX I again range homes. to guidance pick discuss happy the into up that we with with sure where to selling as we completing our see think X,XXX to we X,XXX and follow backlog whether be we homes, -- and bit little hit today, after expect is making call have sales fall, occurring we'll think them, to in homes we

Alan Ratner

talk Yes, math Got through it, the we can later. okay.

Dale Francescon

Okay.

Alan Ratner

appreciate But I that.

If way easiest sequential XXX I other XXX which you're how now, Second, versus on or the are that your the quarters. think on incentives of to kind over or XXX that the expect in there to obviously there moving couple you expecting couple the about I consider? about on is next next improvement need bps are right bps so about running think much closings, improvement bps of pieces margin, of over quarters, orders

Dale Francescon

top out, but level well, Well, as that be I that on I there's bps. moving would as pieces XXX pointed think at at directs the

Alan Ratner

would expect? you be end that the at meaning what of Top, high would

Dale Francescon

Yes, exactly.

Alan Ratner

reductions Okay, got starts seems personally remain direct helpful. And even across guess comments, it. That's the nice like have little accelerating been on It right. industry. a I've those cost seen to many expect those that All are builders surprised. in as reductions I just place,

sounds realistic see starts, I'm might me, bit how to aligned more possible bit some tone, little and items thinking in that of certain with Your pretty there. with these reversal about a of increases a a it, significant it's

this price or little curious any that indication on you to up thinking particular point? just markets feel prospective some if come bit at of this seen kind any of a or I'm that you've are is for point, or starting to back stretched trades your just part get like that more increases,

Dale Francescon

Nothing in see seeing that's we're from as it's a we things how lumber, for perspective consistent forward categories looking now, Alan, now in really think business And it going the more other to but obviously being but work. and right some right knowing our it just time, well. we're long on

that on we in from it's hand, we're sequential on nothing say, is today I from areas, But happening on basis. that case. the quarter numerous were other flat flat basically ground a where not net-net the the But could

is point. it not this certainly, going at down So,

Alan Ratner

just a And question it. strategic Got this. on

and today on the guys pulling like evidenced strong is definitely incentives have power So, hand, feels by surprisingly and it you demand some pricing as one strong, back.

half where you on trying back-up pass of today? Let's bit here. say Or along a you today the perhaps are were where bit would than would they let's to cautious be say, given affordability costs you perhaps more that claw are is have years consumer? when rates two aggressive How ago, a been were to to

Dale Francescon

this. ago. half were a going Yes, we year so sure than or I'm it's impact not clearly today rates different a and I back any But think where

to the do As moving we along We the additional forward. our rising, same going would costs were costs wherever were try we thing could.

we difficult to absorb extent we'll do. can the higher in we the it, more a be another Now, can't then particular have rates in And will. But that it. just would sub-division, we interest there's if to do to subdivision obviously with

Alan Ratner

Appreciate it. all Got time. the for thoughts. the Thanks

Dale Francescon

you. Thank

Operator

from with Our Michael go JPMorgan. Rehaut next comes Please ahead. question

Andrew Hassen

Thank course absorptions Hi. it ask you Mike. wanted this the want I terms of saw to just looks historically. quarter, yes, doing like question. than is just taking quarter. you Hassen for you Nice bit to a -- would in This better Andrew you my for I of were little ask

And terms to just forward, or confidence expect you of kind in historical kind of and given going continue your beating do your just of bit there? any that seasonality puts takes a little

Dale Francescon

Well, and part what the And all selling that them little down driven by completed still we we inventory. is in are to we nearing have have comes things of way very for have it been sale. of available as completion,

with we impacted is sale have absorption that rates. mind, well what of as by the for seasonality same in some thing the with available as So,

when and as completion So, impacted on sales cycle. are we our Dave they pace homes to commented construction look going as be in nearing is some where of at the it, earlier, are

affects actual absorptions of kind that as So, the well.

Andrew Hassen

don't That makes and terms heard maybe it. far? July demand I in sense. I you of of also you what the ask what kind in to Thank I are saw you for maybe, call earlier about seeing month-to-month I in that. trends wanted think so appreciate

Dale Francescon

some we moving to point our are up through some I continue over Yes, to as July, of going we quarter year July. I or saw the April at the see would Then and June through of so from sales that on XX% month-to-month, end June. seasonality of that basis, this look numbers last a seasonality into play from the say at

Andrew Hassen

I be long-term optioned percentage? support to do where your aim And appreciate continue invest terms you to in of land growth, that. as maybe then lot you in to

Dale Francescon

ratio like the so back at to ticked many of closer lots But getting optioned rebuild of we of are a XX/XX we owned. the starting year. that two now. up above last are dropped now. quarters when we the last that that we We And Well, end still versus went to

sequentially up quarter-over-quarter. are We

XX,XXX. the roughly at are We

see remarks, controlled prepared As the our we to said we year. continue in lots throughout our grow

And will so XX/XX us ratio. that to closer get that

be kind of right So, there, now. goal no will is commitments that but the

Andrew Hassen

had. the Thanks so luck I of luck. Best all much. in That’s quarter. Good next

Dale Francescon

you. Thank

Operator

This concludes session. question-and-answer our

line now back turn Dale for the to We over some brief closing will remarks. Francescon

Dale Francescon

thank this investors and Thank to I for would operator. to valued like continued their members time to our dedication our again our their to team you, I'd today. also all like opportunity of for incredible take thank once work homebuyers.

support again your appreciate next continued forward you look to investment to and and We speaking quarter.

Operator

conference now is you The Thank today's presentation. concluded. attending for

You may now disconnect.

Century Communities (CCS) 26 Jul 232023 Q2 Earnings call transcript