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Press Release: Century Communities Reports Record -2-

· 02/04/2021 16:05
Century Communities, Inc. Consolidated Statements of Operations (Unaudited) (in thousands, except share and per share amounts) Three months ended December 31, Year ended December 31, ----------------------------- ---------------------------- 2020 2019 2020 2019 --------------- ------------ ------------ -------------- Revenues Home sales revenues $ 946,803 $ 775,667 $ 3,027,167 $ 2,481,465 Land sales and other revenues 5,200 2,347 30,717 11,184 ---------- ---------- ---------- ---------- 952,003 778,014 3,057,884 2,492,649 Financial services revenue 35,775 14,528 103,308 43,262 ---------- ---------- ---------- ---------- Total revenues 987,778 792,542 3,161,192 2,535,911 Homebuilding Cost of Revenues Cost of home sales revenues (749,587) (632,722) (2,468,133) (2,040,241) Cost of land sales and other revenues (3,332) (2,015) (21,929) (8,130) ---------- ---------- ---------- ---------- (752,919) (634,737) (2,490,062) (2,048,371) Financial services costs (17,956) (9,825) (54,797) (32,575) Selling, general, and administrative (95,580) (84,538) (341,710) (301,525) Loss on debt extinguishment -- -- -- (10,832) Inventory impairment and other (481) (4,783) (2,172) (4,783) Other income (expense) 322 (4,691) (2,211) (5,190) ---------- ---------- ---------- ---------- Income before income tax expense 121,164 53,968 270,240 132,635 Income tax expense (29,347) (610) (64,083) (19,641) ---------- ---------- ---------- ---------- Net income $ 91,817 $ 53,358 $ 206,157 $ 112,994 ========== ========== ========== ========== Earnings per share: Basic $ 2.75 $ 1.65 $ 6.19 $ 3.66 Diluted $ 2.72 $ 1.63 $ 6.13 $ 3.62 Weighted average common shares outstanding: Basic 33,350,633 32,392,398 33,312,554 30,886,382 Diluted 33,806,462 32,807,678 33,610,098 31,186,952 Century Communities, Inc. Consolidated Balance Sheets (in thousands, except share amounts) December 31, December 31, 2020 2019 -------------- -------------- Assets Cash and cash equivalents $ 394,001 $ 55,436 Cash held in escrow 23,149 35,308 Accounts receivable 21,781 27,438 Inventories 1,929,664 1,995,549 Mortgage loans held for sale 282,639 185,246 Prepaid expenses and other assets 122,630 124,008 Property and equipment, net 28,384 35,998 Deferred tax assets, net 12,450 10,589 Goodwill 30,395 30,395 ---------- ---------- Total assets $ 2,845,093 $ 2,499,967 ========== ========== Liabilities and stockholders' equity Liabilities: Accounts payable $ 107,712 $ 84,794 Accrued expenses and other liabilities 302,751 213,975 Notes payable 894,875 896,704 Revolving line of credit -- 68,700 Mortgage repurchase facilities 259,050 174,095 ---------- ---------- Total liabilities 1,564,388 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 December 31, 2020 and December 31, 2019, respectively 334 331 Additional paid-in capital 697,200 684,354 Retained earnings 583,171 377,014 ---------- ---------- Total stockholders' equity 1,280,705 1,061,699 ---------- ---------- Total liabilities and stockholders' equity $ 2,845,093 $ 2,499,967 ========== ========== Century Communities, Inc. Homebuilding Operational Data (Unaudited) Net New Home Contracts Three Months Ended December 31, -------------------------- 2020 2019 % Change ------- ----- ---------- West 331 246 34.6% Mountain 648 347 86.7% Texas 313 264 18.6% Southeast 449 385 16.6% Century Complete 825 533 54.8% ------- ----- ------ Total 2,566 1,775 44.6% ======= ===== ====== Year ended December 31, -------------------------- 2020 2019 % Change ------- ----- ---------- West 1,526 1,013 50.6% Mountain 2,389 1,637 45.9% Texas 1,448 997 45.2% Southeast 2,191 1,635 34.0% Century Complete 3,268 2,579 26.7% ------- ----- ------ Total 10,822 7,861 37.7% ======= ===== ====== Home Deliveries (dollars in thousands) Three months ended December 31, ---------------------------------- 2020 2019 % Change ---------------- ---------------- -------------------- Average Average Average Sales Sales Sales Homes Price Homes Price Homes Price

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and, as such, may involve known and unknown risks, uncertainties and assumptions. Forward-looking statements may be identified by the use of words such as "anticipate," "believe," "expect," "estimate," "plan," "continue," "will," "may," "potential," "looking ahead," "outlook," and "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Forward-looking statements in this release include the Company's operating and financial guidance for 2021, its intent to take certain actions to successfully navigate through the current COVID-19 crisis and the success of these actions on its future operating results. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which such performance or results will be achieved. Forward-looking statements are based on historical information available at the time the statements are made and are based on management's reasonable belief or expectations with respect to future events, and are subject to risks and uncertainties, many of which are beyond the Company's control, that could cause actual performance or results to differ materially from the belief or expectations expressed in or suggested by the forward-looking statements. The following important factors could cause actual results to differ materially from those expressed in the forward-looking statement: adverse changes in general economic conditions, the potential impact of COVID-19 on the Company's business, industry and broader economy, the ability to identify and acquire desirable land, availability of financing, the effect of interest rate and tax changes, reliance on contractors, and the other factors included in the Company's most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Forward-looking statements speak only as of the date on which they are made and the Company undertakes no obligation to update any forward-looking statement to reflect future events, developments or otherwise, except as may be required by applicable law.

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February 04, 2021 16:05 ET (21:05 GMT)