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This statistic highlights Green Brick Partner’s Revenue Breakdown, split across Residential Units revenue, and Land and Lots segments, reported on a quarterly basis from Q1 2016 onwards.
|Revenue by Business Vertical||Q3 2020||Q2 2021||Q3 2021||Revenue Mix by Business Vertical in Q3 2021|
|Residential units revenue||$263.89||$333.50||$338.90||99%|
|Land and lots revenue||$11.94||$40.31||$3.44||1%|
(All figures are in millions, except percentages)
Green Brick Partners generates most of its revenue from residential units. In Q3 2021, 99% of the revenue was generated by residential units while only 1% of the revenue was generated from lands and lots. Green Brick Partners’ Revenue Breakdown increased from $275.82 million in Q3 2020 to $342.34 million in Q3 2021, marking a rise of 24.1% on a year-on-year basis. It decreased by 8.4% as compared to $373.81 million in Q2 2021, on a quarterly basis.
The United States has been influenced by the coronavirus (COVID-19) outbreak. However, throughout the pandemic, the company has continued to build, close and sell homes in the markets. The overwhelming expansion of the sales activity is attributable to the strong performance of its new Trophy brand division, and the influence of macroeconomic factors such as modest interest rates, an influx of millennia first-time home buyers and desire for suburban homes from apartment dwellers in response to COVID-19. The significant growth in new home demand has, in turn, led to an expansion of demand for labor and the raw materials, products and appliances for new homes. Due to increased demand, the company has and expects to continue to experience increases in cost and decreased availability of skilled labor, as well as increases, shortages and significant extensions to lead time for the delivery of key materials and inputs.
Green Brick Partner’s revenue can be bifurcated into the following business verticals:
Residential Units Revenue
Residential units revenue increased from $263.89 million in Q3 2020 to $338.90 million in Q3 2021, witnessing a huge growth of 28.5% on a year-on-year basis. Furthermore, it experienced a slight growth of 1.6% as compared to $333.50 million in Q2 2021, on a quarterly basis. The contribution of residential units to the company’s total revenue stood at 99% for the period Q3 2021.
The increase in residential units revenue was primarily driven by the 8.6% increase in the average sales price of homes delivered for Q3 2021 and the 18.6% increase in new homes delivered. The increase in new homes delivered was mainly because of a large accumulation of homes and an increased number of units under construction entering the quarter. The 8.6% increase in the average sales price of homes delivered for Q3 2021 was attributable to overall price increases driven by high demand and low supply of inventory.
Lands and Lots Revenue
Revenue from lands and lots experienced a huge downfall in Q3 2021. It decreased from $11.94 million in Q3 2020 to $3.44 million in Q3 2021, marking a fall of 71.2% on a year-on-year basis. Moreover, the revenue from lands and lots decreased $36.87 million, or by 91.5%, as compared to $40.31 million in Q2 2021, on a quarterly basis. This business vertical comprises of only 1% of the company’s total revenue in Q3 2021.
Lots revenue decreased by 72%, primarily driven by a 77.5% decrease in the number of lots closed and a higher proportion of lots developed for internal use. The average lot price decreased by 20.7% due to a higher number of entry-level lots sold. Land revenue constitutes land acquired, including parcels zoned for retail and multi-family properties.
Green Brick Partners Inc., formerly BioFuel Energy Corp., and its subsidiaries is a diversified homebuilding and land development company incorporated under the laws of the State of Delaware on April 11, 2006. The company acquires and develops land, provides land and construction capital to its wholly owned and controlled builders, and participates in the profits of the builders. Their core markets are in the high growth U.S. metropolitan areas of Dallas-Forth Worth, Texas and Atlanta, Georgia, as well as the Treasure Coast, Florida area. It also owns a non-controlling interest in a builder in Colorado Springs, Colorado. The company is engaged in all aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, title and mortgage services, marketing and sales, and the creation of brand images at residential neighborhoods and master-planned communities. The company’s stock is traded on the NYSE under the ticker “GRBK”.
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