Green Brick Partners, Inc. reported significant financial growth in its third quarter and the nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for Q3 2024 reached $523.7 million, up from $419.0 million in Q3 2023, marking a 25.0% increase. For the nine months ended September 30, 2024, total revenues were $1.53 billion, compared to $1.33 billion in the prior year, reflecting a 15.4% increase. The revenue growth was primarily driven by a substantial rise in residential units revenue, which increased to $522.9 million in Q3 2024 from $415.9 million in Q3 2023, and to $1.51 billion for the nine months, up from $1.32 billion.
Gross profit also saw a notable increase, with Q3 2024 gross profit at $171.6 million, compared to $139.0 million in Q3 2023. For the nine-month period, gross profit rose to $509.5 million from $406.6 million. Net income attributable to Green Brick Partners for Q3 2024 was $89.1 million, up from $72.2 million in Q3 2023, while net income for the nine months increased to $277.8 million from $211.6 million.
The company experienced a significant increase in inventory, totaling $1.92 billion as of September 30, 2024, compared to $1.53 billion at the end of 2023. This increase was attributed to ongoing construction and land development activities. The company also recorded an impairment adjustment of $1.3 million for one selling community during the quarter.
In terms of strategic developments, Green Brick sold its ownership interest in GB Challenger, LLC for approximately $64.0 million in cash on February 1, 2024, which contributed to other income. The company has plans to reinvest the proceeds into expanding its Trophy Signature Homes brand. Additionally, the company repurchased 795,178 shares for approximately $44.1 million during the nine months ended September 30, 2024, under its 2023 Share Repurchase Program.
Cash and cash equivalents decreased to $104.6 million as of September 30, 2024, down from $246.2 million a year earlier. The company reported net cash used in operating activities of $3.0 million for the nine months, a significant decline from $232.7 million provided in the same period in 2023, primarily due to increased inventory levels.
Overall, Green Brick Partners demonstrated strong revenue growth and profitability improvements, alongside strategic asset management and share repurchase activities, while navigating challenges related to cash flow and inventory management.
About Green Brick Partners, Inc.
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