Green Brick Partners (GRBK) Q4 FY2023 earnings: revenue $450 million, up 4.5% on the year

Green Brick Partners, Inc. (GRBK) reported revenue of $450 million for Q4 FY2023, the quarter ended 31 December 2023, up 4.5% on the same quarter a year earlier. Net income was $73 million, up 31.5% on the year, and diluted earnings per share $1.58. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$450 millionup 4.5%

Net income$73 millionup 31.5%

Diluted EPS$1.58

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	450	419	n/a	n/a
Cost of revenue	309	280	n/a	n/a
Gross profit	142	139	n/a	n/a
Gross margin	31.4%	33.2%	n/a
Selling, general and administrative	50.9	46.9	n/a	n/a
Pre-tax income	102	98.1	n/a	n/a
Income tax	21.5	21.0	n/a	n/a
Effective tax rate	21.1%	21.4%	n/a
Net income	73.0	72.2	n/a	n/a
Net margin	16.2%	17.2%	n/a
Diluted EPS	$1.58	$1.56	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	-19.4	22.5	n/a	n/a
Capital expenditure	3.0	1.9	n/a	n/a
Free cash flow	-22.4	20.6	n/a	n/a
Free cash flow margin	-5.0%	4.9%	n/a
Cash from investing	-3.4	-2.2	n/a	n/a
Cash from financing	-24.0	-5.4	n/a	n/a
Depreciation and amortisation	1.1	0.9	n/a	n/a
Share-based compensation	0.5	0.3	n/a	n/a
Buybacks	17.8	0.0	n/a	n/a
Dividends paid	0.7	0.7	n/a	n/a
Diluted shares, weighted	46m	46m	n/a	n/a
Shares outstanding at period end	45m	45m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	1,301	1,245	n/a	n/a
Non-controlling interest	17.3	16.4	n/a	n/a
Redeemable equity	36.1	35.2	n/a	n/a
Debt	350	n/a	n/a	n/a
Other liabilities	198	570	n/a	n/a
Total liabilities and equity	1,903	1,867	n/a	n/a
Fixed assets	7.1	5.4	n/a	n/a
Goodwill	0.7	0.7	n/a	n/a
Intangible assets	0.4	0.4	n/a	n/a
Cash and equivalents	180	223	n/a	n/a
Other assets	1,715	1,637	n/a	n/a
Total assets	1,903	1,867	n/a	n/a

Questions

What was Green Brick Partners' revenue in Q4 FY2023?

Green Brick Partners (GRBK) reported revenue of $450 million for Q4 FY2023, the quarter ended 31 December 2023, up 4.5% on the same quarter a year earlier.

How much did Green Brick Partners earn in Q4 FY2023?

Net income for Q4 FY2023 was $73 million, up 31.5% on the year, and diluted earnings per share $1.58.

When did Green Brick Partners report Q4 FY2023 results?

Green Brick Partners filed its 10-K for the year that ended with the quarter on 29 February 2024; the fourth quarter is the year less the first three.

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 * †	Q1 FY2025 †	Q2 FY2025 †	Q3 FY2025 †	Q4 FY2025 * †	Q1 FY2026	Q2 FY2026
Revenue	419	450	439	553	514	555	489	541	484	526	465	494
Cost of revenue	280	309	299	371	352	373	329	367	344	391	324	336
Gross profit	139	142	148	190	172	194	156	168	155	162	132	145
Gross margin	33%	31%	34%	34%	33%	35%	32%	31%	32%	31%	28%	29%
SG&A	46.9	50.9	50.6	57.6	57.7	60.7	54.9	59.8	58.1	58.6	52.6	54.4
Pre-tax income	98.1	102	116	139	119	138	106	112	107	113	84.3	99.5
Tax rate	21%	21%	21%	17%	19%	17%	21%	20%	22%	23%	22%	21%
Net income	72.2	73.0	83.3	105	89.1	104	75.1	81.9	77.9	78.4	60.9	74.2
Net margin	17%	16%	19%	19%	17%	19%	15%	15%	16%	15%	13%	15%
Diluted EPS	$1.56	$1.58	$1.82	$2.32	$1.98	$2.31	$1.67	$1.85	$1.77	$1.78	$1.39	$1.70
Operating cash flow	22.5	-19.4	1.0	2.2	-6.2	28.9	68.7	74.7	-10.2	80.0	56.3	-8.8
Capital expenditure	1.9	3.0	0.9	1.4	1.2	0.9	0.7	0.7	1.8	1.6	1.2	1.0
Free cash flow	20.6	-22.4	0.1	0.8	-7.4	28.1	68.0	74.0	-12.0	78.4	55.0	-9.8
Buybacks	0.0	17.8	3.8	38.8	5.4	0.4	16.9	43.8	0.0	23.0	7.3	9.4
Dividends paid	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
Shares outstanding	45m	45m	45m	45m	44m	44m	44m	44m	44m	43m	43m	43m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001373670-24-000008: the filing on EDGAR. All of Green Brick Partners, Inc.'s filings: EDGAR company page.

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