Company Quick10K Filing
Century Communities
Price30.26 EPS3
Shares31 P/E11
MCap946 P/FCF-6
Net Debt-42 EBIT105
TEV904 TEV/EBIT9
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-29
10-Q 2020-03-31 Filed 2020-04-30
10-K 2019-12-31 Filed 2020-02-07
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-03
10-K 2018-12-31 Filed 2019-02-13
10-Q 2018-09-30 Filed 2018-11-07
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-09
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-03
10-Q 2017-06-30 Filed 2017-08-04
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-02-15
10-Q 2016-09-30 Filed 2016-11-02
10-Q 2016-06-30 Filed 2016-08-03
10-Q 2016-03-31 Filed 2016-05-06
10-K 2015-12-31 Filed 2016-02-19
10-Q 2015-11-05 Filed 2015-11-06
10-Q 2015-06-30 Filed 2015-08-07
10-Q 2015-03-31 Filed 2015-05-08
10-K 2014-12-31 Filed 2015-03-06
10-Q 2014-09-30 Filed 2014-11-14
10-Q 2014-06-30 Filed 2014-08-13
8-K 2020-07-28 Earnings, Exhibits
8-K 2020-05-12
8-K 2020-05-06
8-K 2020-04-29
8-K 2020-02-06
8-K 2019-12-13
8-K 2019-11-27
8-K 2019-10-29
8-K 2019-07-30
8-K 2019-05-23
8-K 2019-05-15
8-K 2019-05-09
8-K 2019-05-09
8-K 2019-05-08
8-K 2019-03-31
8-K 2019-02-12
8-K 2019-02-07
8-K 2018-11-15
8-K 2018-11-06
8-K 2018-10-25
8-K 2018-09-30
8-K 2018-06-30
8-K 2018-06-28
8-K 2018-06-21
8-K 2018-06-05
8-K 2018-05-09
8-K 2018-03-31
8-K 2018-01-02
8-K 2017-12-31

CCS 10Q Quarterly Report

Part I - Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II - Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 3. Defaults Upon Senior Securities.
Item 4. Mine Safety Disclosures.
Item 5. Other Information.
Item 6. Exhibits.
EX-10.1 ccs-20200630xex10_1.htm
EX-10.2 ccs-20200630xex10_2.htm
EX-10.3 ccs-20200630xex10_3.htm
EX-22.1 ccs-20200630xex22_1.htm
EX-31.1 ccs-20200630xex31_1.htm
EX-31.2 ccs-20200630xex31_2.htm
EX-31.3 ccs-20200630xex31_3.htm
EX-32.1 ccs-20200630xex32_1.htm
EX-32.2 ccs-20200630xex32_2.htm
EX-32.3 ccs-20200630xex32_3.htm

Century Communities Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
2.52.01.51.00.50.02014201620182020
Assets, Equity
0.70.60.40.30.10.02014201620182020
Rev, G Profit, Net Income
0.40.30.20.0-0.1-0.22014201620182020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

x

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2020

or

o

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-36491

Century Communities, Inc.

(Exact name of registrant as specified in its charter)

Delaware

68-0521411

(State or other jurisdiction of
incorporation or organization)

(I.R.S. Employer
Identification No.)

8390 East Crescent Parkway, Suite 650
Greenwood Village, CO

80111

(Address of principal executive offices)

(Zip Code)

(Registrant’s telephone number, including area code): (303770-8300

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Common stock, par value $0.01 per share

CCS

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x    No  o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  x    No  o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

x

Accelerated Filer

o

Non-accelerated Filer

o  

Smaller Reporting Company

o

Emerging Growth Company

¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  o    No  x

On July 22, 2020, 33,350,633 shares of common stock, par value $0.01 per share, were outstanding.  


CENTURY COMMUNITIES, INC.

FORM 10-Q

For the Three and Six Months Ended June 30, 2020

Index

Page No.

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Condensed Consolidated Balance Sheets as of June 30, 2020 (unaudited) and December 31, 2019 (audited)

3

Unaudited Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2020 and 2019

4

Unaudited Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2020 and 2019

5

Unaudited Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2020 and 2019

6

Notes to the Unaudited Condensed Consolidated Financial Statements

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

16

Item 3. Quantitative and Qualitative Disclosures About Market Risk

35

Item 4. Controls and Procedures

35

PART II – OTHER INFORMATION

Item 1. Legal Proceedings

36

Item 1A. Risk Factors

36

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

38

Item 3. Defaults Upon Senior Securities

38

Item 4. Mine Safety Disclosures

38

Item 5. Other Information

38

Item 6. Exhibits

39

Signatures

41

2


PART I – FINANCIAL INFORMATION

ITEM 1.     FINANCIAL STATEMENTS.

Century Communities, Inc.

Condensed Consolidated Balance Sheets

As of June 30, 2020 and December 31, 2019

(in thousands, except share amounts)

June 30,

December 31,

2020

2019

Assets

(unaudited)

(audited)

Cash and cash equivalents

$

173,521

$

55,436

Cash held in escrow

46,619

35,308

Accounts receivable

22,846

27,438

Inventories

1,898,503

1,995,549

Mortgage loans held for sale

219,615

185,246

Prepaid expenses and other assets

115,095

124,008

Property and equipment, net

33,277

35,998

Deferred tax assets, net

11,911

10,589

Goodwill

30,395

30,395

Total assets

$

2,551,782

$

2,499,967

Liabilities and stockholders' equity

Liabilities:

Accounts payable

$

49,635

$

84,794

Accrued expenses and other liabilities

277,526

213,975

Notes payable

897,664

896,704

Revolving line of credit

68,700

Mortgage repurchase facilities

197,469

174,095

Total liabilities

1,422,294

1,438,268

Stockholders' equity:

Preferred stock, $0.01 par value, 50,000,000 shares authorized, none outstanding

Common stock, $0.01 par value, 100,000,000 shares authorized, 33,350,633 and 33,067,375 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively

334

331

Additional paid-in capital

687,564

684,354

Retained earnings

441,590

377,014

Total stockholders' equity

1,129,488

1,061,699

Total liabilities and stockholders' equity

$

2,551,782

$

2,499,967

See Notes to Unaudited Condensed Consolidated Financial Statements

3


Century Communities, Inc.

Unaudited Condensed Consolidated Statements of Operations

For the Three and Six Months Ended June 30, 2020 and 2019

(in thousands, except share and per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2020

2019

2020

2019

Revenues

Homebuilding revenues

Home sales revenues

$

747,415

$

608,636

$

1,320,125

$

1,131,938

Land sales and other revenues

3,307

1,399

23,411

2,754

Total homebuilding revenues

750,722

610,035

1,343,536

1,134,692

Financial services revenue

25,722

9,915

35,517

18,315

Total revenues

776,444

619,950

1,379,053

1,153,007

Homebuilding cost of revenues

Cost of home sales revenues

(620,655)

(503,928)

(1,091,181)

(937,685)

Cost of land sales and other revenues

(2,384)

(877)

(16,551)

(1,491)

Total homebuilding cost of revenues

(623,039)

(504,805)

(1,107,732)

(939,176)

Financial services costs

(12,744)

(7,747)

(22,330)

(14,576)

Selling, general and administrative

(86,706)

(75,217)

(160,325)

(144,153)

Loss on debt extinguishment

(10,832)

(10,832)

Inventory impairment and other

(910)

(1,691)

Other expense

(2,942)

(519)

(2,784)

(443)

Income before income tax expense

50,103

20,830

84,191

43,827

Income tax expense

(11,653)

(5,335)

(19,615)

(11,215)

Net income

$

38,450

$

15,495

$

64,576

$

32,612

Earnings per share:

Basic

$

1.15

$

0.51

$

1.94

$

1.08

Diluted

$

1.15

$

0.51

$

1.93

$

1.07

Weighted average common shares outstanding:

Basic

33,340,184

30,341,628

33,274,056

30,272,818

Diluted

33,461,694

30,568,848

33,469,069

30,506,945

See Notes to Unaudited Condensed Consolidated Financial Statements

4


Century Communities, Inc.

Unaudited Condensed Consolidated Statements of Cash Flows

For the Six Months Ended June 30, 2020 and 2019

(in thousands)

Six Months Ended June 30,

2020

2019

Operating activities

Net income

$

64,576 

$

32,612 

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization

6,842 

6,196 

Stock-based compensation expense

8,588 

7,468 

Fair value of loans held for sale and other

(6,175)

(1,012)

Loss on debt extinguishment

10,832 

Inventory impairment and other

1,691 

Deferred income taxes

(1,322)

428 

Loss on disposition of assets

914 

526 

Changes in assets and liabilities:

Cash held in escrow

(11,311)

(1,495)

Accounts receivable

4,592 

(2,535)

Inventories

138,049 

(121,734)

Mortgage loans held for sale

(30,990)

(9,152)

Prepaid expenses and other assets

13,229 

(4,296)

Accounts payable

(35,158)

7,137 

Accrued expenses and other liabilities

20,259 

(17,974)

Net cash provided by (used in) operating activities

173,784 

(92,999)

Investing activities

Purchases of property and equipment

(4,913)

(6,274)

Other investing activities

62 

59 

Net cash used in investing activities

(4,851)

(6,215)

Financing activities

Borrowings under revolving credit facilities

678,000 

767,600 

Payments on revolving credit facilities

(746,700)

(758,100)

Proceeds from issuance of senior notes due 2027

500,000 

Extinguishment of senior notes due 2022

(391,942)

Proceeds from issuance of insurance premium notes and other

4,542 

9,301 

Principal payments on insurance notes payable

(4,220)

(17,586)

Debt issuance costs

(5,728)

Net proceeds from mortgage repurchase facilities

23,374 

(3,805)

Net proceeds from issuances of common stock

2,663 

Withholding of common stock upon vesting of restricted stock units

(5,145)

(3,434)

Repurchases of common stock under stock repurchase program

(1,439)

Other

(345)

Net cash provided by (used in) financing activities

(50,494)

97,530 

Net increase (decrease)

$

118,439 

$

(1,684)

Cash and cash equivalents and Restricted cash

Beginning of period

58,521 

36,441 

End of period

$

176,960 

$

34,757 

Supplemental cash flow disclosure

Cash paid for income taxes

$

410 

$

13,111 

Cash and cash equivalents and Restricted cash

Cash and cash equivalents

$

173,521 

$

31,704 

Restricted cash (Note 5)

3,439 

3,053 

Cash and cash equivalents and Restricted cash

$

176,960 

$

34,757 

See Notes to Unaudited Condensed Consolidated Financial Statements

5


Century Communities, Inc.

Unaudited Condensed Consolidated Statements of Stockholders’ Equity

For the Three and Six Months Ended June 30, 2020 and 2019

(in thousands)

Three Months Ended June 30, 2020 and 2019

Common Stock

Shares

Amount

Additional Paid-In Capital

Retained Earnings

Total Stockholders' Equity

Balance at March 31, 2020

33,319

$

333

$

681,060

$

403,140

$

1,084,533

Issuance of common stock

Other

(230)

(230)

Vesting of restricted stock units

42

1

(1)

Withholding of common stock upon vesting of restricted stock units

(10)

(168)

(168)

Stock-based compensation expense

6,903