Green Brick Partners (GRBK) Q2 FY2024 earnings: revenue $553 million, up 21.1% on the year

Green Brick Partners, Inc. (GRBK) reported revenue of $553 million for Q2 FY2024, the quarter ended 30 June 2024, up 21.1% on the same quarter a year earlier. Net income was $105 million, up 40.0% on the year, and diluted earnings per share $2.32. The figures are the company's own, from the 10-Q it filed with the SEC on 31 July 2024.

Revenue$553 millionup 21.1%

Net income$105 millionup 40.0%

Diluted EPS$2.32

QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	553	439	n/a	n/a
Cost of revenue	371	299	n/a	n/a
Gross profit	190	148	n/a	n/a
Gross margin	34.3%	33.8%	n/a
Selling, general and administrative	57.6	50.6	n/a	n/a
Pre-tax income	139	116	n/a	n/a
Income tax	23.9	24.8	n/a	n/a
Effective tax rate	17.2%	21.5%	n/a
Net income	105	83.3	n/a	n/a
Net margin	19.1%	19.0%	n/a
Diluted EPS	$2.32	$1.82	n/a	n/a

$ million except per share.

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. 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.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	2.2	1.0	n/a	n/a
Capital expenditure	1.4	0.9	n/a	n/a
Free cash flow	0.8	0.1	n/a	n/a
Free cash flow margin	0.1%	0.0%	n/a
Cash from investing	-3.2	61.3	n/a	n/a
Cash from financing	-51.3	-51.3	n/a	n/a
Depreciation and amortisation	1.2	1.1	n/a	n/a
Share-based compensation	0.8	6.4	n/a	n/a
Buybacks	38.8	3.8	n/a	n/a
Dividends paid	0.7	0.7	n/a	n/a
Diluted shares, weighted	45m	45m	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	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	1,439	1,383	n/a	n/a
Non-controlling interest	24.5	16.4	n/a	n/a
Redeemable equity	38.9	38.2	n/a	n/a
Debt	n/a	311	n/a	n/a
Other liabilities	562	227	n/a	n/a
Total liabilities and equity	2,064	1,977	n/a	n/a
Fixed assets	7.0	6.8	n/a	n/a
Goodwill	0.7	0.7	n/a	n/a
Intangible assets	0.3	0.3	n/a	n/a
Cash and equivalents	133	186	n/a	n/a
Other assets	1,923	1,783	n/a	n/a
Total assets	2,064	1,977	n/a	n/a

Questions

What was Green Brick Partners' revenue in Q2 FY2024?

Green Brick Partners (GRBK) reported revenue of $553 million for Q2 FY2024, the quarter ended 30 June 2024, up 21.1% on the same quarter a year earlier.

How much did Green Brick Partners earn in Q2 FY2024?

Net income for Q2 FY2024 was $105 million, up 40.0% on the year, and diluted earnings per share $2.32.

When did Green Brick Partners report Q2 FY2024 results?

Green Brick Partners filed its 10-Q for the quarter ended 30 June 2024 with the SEC on 31 July 2024.

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-Q for the period ended 30 June 2024, filed 31 July 2024, accession 0001373670-24-000061: the filing on EDGAR. All of Green Brick Partners, Inc.'s filings: EDGAR company page.

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