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Press Release: Century Communities Reports Record -3-

· 02/04/2021 16:05
----- --------- ----- --------- -------- ---------- West 380 $ 517.4 346 $ 492.4 9.8% 5.1% Mountain 646 443.2 497 435.0 30.0% 1.9% Texas 387 262.9 277 260.2 39.7% 1.0% Southeast 599 356.4 556 345.8 7.7% 3.1% Century Complete 814 182.7 803 155.3 1.4% 17.6% ----- ----- ----- -------- ---- ----- Total / Weighted Average 2,826 $ 335.0 2,479 $ 312.9 14.0% 7.1% ===== ===== ===== ======== ==== ===== Year ended December 31, ---------------------------------- 2020 2019 % Change ---------------- ---------------- -------------------- Average Average Average Sales Sales Sales Homes Price Homes Price Homes Price ----- --------- ----- --------- -------- ---------- West 1,242 $ 545.7 1,029 $ 519.3 20.7% 5.1% Mountain 1,973 $ 424.8 1,665 $ 431.7 18.5% (1.6)% Texas 1,338 $ 251.8 903 $ 279.9 48.2% (10.0)% Southeast 1,903 $ 353.1 1,592 $ 344.3 19.5% 2.6% Century Complete 2,997 $ 167.6 2,811 $ 152.0 6.6% 10.3% ----- ----- ----- -------- ---- ----- Total / Weighted Average 9,453 $ 320.2 8,000 $ 310.2 18.2% 3.2% ===== ===== ===== ======== ==== ===== Century Communities, Inc. Homebuilding Operational Data (Unaudited) Selling Communities Selling communities at period end As of December 31, Increase/(Decrease) -------------------- ------------------------- 2020 2019 Amount % Change --------- --------- ------------ ----------- West 17 15 2 13.3% Mountain 38 37 1 2.7% Texas 15 20 (5) (25.0)% Southeast 26 45 (19) (42.2)% Century Complete 102 95 7 7.4% --------- --------- -------- ------- Total 198 212 (14) (6.6)% ========= ========= ======== ======= Backlog (dollars in thousands) December 31, -------------------------------------------------------- 2020 2019 % Change ---------------------------- -------------------------- --------------------------------- Average Average Average Dollar Sales Dollar Sales Dollar Sales Homes Value Price Homes Value Price Homes Value Price ----- ---------- --------- ----- -------- --------- --------- ---------- ---------- West 486 $ 294,113 $ 605.2 202 $104,652 $ 518.1 140.6% 181.0% 16.8% Mountain 789 365,328 $ 463.0 373 159,248 $ 426.9 111.5% 129.4% 8.5% Texas 385 134,023 $ 348.1 275 72,906 $ 265.1 40.0% 83.8% 31.3% Southeast 801 306,644 $ 382.8 513 186,307 $ 363.2 56.1% 64.6% 5.4% Century Complete 978 194,094 $ 198.5 707 114,638 $ 162.1 38.3% 69.3% 22.5% ----- --------- ----- ----- ------- -------- ----- ----- ---- --- Total / Weighted Average 3,439 $1,294,202 $ 376.3 2,070 $637,751 $ 308.1 66.1% 102.9% 22.1% ===== ========= ===== ===== ======= ======== ===== ===== ==== === Lot Inventory December 31, ------------------------------------------------------ 2020 2019 % Change -------------------------- -------------------------- --------------------------------- Owned Controlled Total Owned Controlled Total Owned Controlled Total ------ ---------- ------ ------ ---------- ------ --------- ------------ -------- West 3,266 3,392 6,658 3,133 1,413 4,546 4.2% 140.1% 46.5% Mountain 7,951 5,910 13,861 4,771 7,949 12,720 66.7% (25.7)% 9.0% Texas 3,035 5,873 8,908 3,326 2,278 5,604 (8.7)% 157.8% 59.0% Southeast 3,076 6,389 9,465 4,160 3,827 7,987 (26.1)% 66.9% 18.5% Century Complete 3,473 7,600 11,073 3,324 4,761 8,085 4.5% 59.6% 37.0% ------ ---------- ------ ------ ---------- ------ ----- ------ --- ---- Total 20,801 29,164 49,965 18,714 20,228 38,942 11.2% 44.2% 28.3% ====== ========== ====== ====== ========== ====== ===== ====== === ==== Century Communities, Inc. Reconciliation of Non-GAAP Financial Measures (Unaudited) Adjusted Net Income and Adjusted Diluted Earnings per Common Share (Adjusted Diluted EPS) are non-GAAP financial measures that we believe are useful to management, investors and other users of the Company's financial information in evaluating its operating results and understanding its operating trends without the effect of certain non-recurring items. The Company believes excluding certain non-recurring items provides more comparable assessment of its financial results from period to period. Adjusted Diluted EPS is calculated by excluding the effect of loss on debt extinguishment, inventory impairment, restructuring costs and purchase price accounting for acquired work in process from the calculation of reported EPS. Adjusted Net Income and Adjusted Diluted Earnings Per Common Share (in thousands, except share and per share amounts) Three Months Ended Year ended December 31, December 31, -------------------------- ---------------------------- 2020 2019 2020 2019 ------------ ------------ ------------ -------------- Numerator Net income $ 91,817 $ 53,358 $ 206,157 $ 112,994 ========== ========== ========== ========== Denominator Weighted average common shares outstanding - basic 33,350,633 32,392,398 33,312,554 30,886,382 Dilutive effect of restricted stock units 455,829 415,280 297,544 300,570 ---------- ---------- ---------- ---------- Weighted average common shares outstanding - diluted 33,806,462 32,807,678 33,610,098 31,186,952 ========== ========== ========== ========== Earnings per share: Basic $ 2.75 $ 1.65 $ 6.19 $ 3.66 Diluted $ 2.72 $ 1.63 $ 6.13 $ 3.62 Adjusted earnings per share Numerator Income before income tax expense $ 121,164 $ 53,968 $ 270,240 $ 132,635 Restructuring costs - - 1,584 - Loss on debt extinguishment - - - 10,832 Inventory impairment and other 481 4,783 2,172 4,783 Purchase price accounting for acquired work in process inventory - - - 1,724 ---------- ---------- ---------- ---------- Adjusted income before income tax expense 121,645 58,751 273,996 149,974 Adjusted income tax expense(1) (28,846) (9,400) (64,974) (23,803) ---------- ---------- ---------- ---------- Adjusted net income 92,799 49,351 209,022 126,171 ========== ========== ========== ========== Denominator - Diluted 33,806,462 32,807,678 33,610,098 31,186,952 Adjusted diluted earnings per share $ 2.75 $ 1.50 $ 6.22 $ 4.05 (1) The tax rate used in calculating adjusted net income for the years ended December 31, 2020 was 23.7%, which is reflective of the Company's GAAP tax rate for the applicable period, as adjusted for certain discrete items. For the year ended December 31, 2019 our adjusted income tax expense of 15.9% is reflective of our statutory income tax rate adjusted for permanent differences between our taxable income and our income before income taxes as reported under GAAP, including the benefit of Federal Energy Credits of $17.3 million. For the three months ended December 31, 2020 and 2019 our adjusted income tax expense is reflective of our full year effective tax rate of approximately 24% and 16% applied to adjusted income before

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