On this page of StockholderLetter.com we present the latest annual shareholder letter from Century Communities, Inc. — ticker symbol CCS. Reading current and past CCS letters to shareholders can bring important insights into the investment thesis.

 •  3/26/2025 Letter Continued (Full PDF)
 •  3/22/2023 CCS Stockholder Letter
 •  3/27/2024 CCS Stockholder Letter
 •  More "Construction" Category Stockholder Letters
 •  CCS Benford's Law Stock Score = 98

CCS Shareholder/Stockholder Letter Transcript:

2024
A N N UA L
R EPORT


DEAR
Fellow
Stockholders
2024 was another strong year for Century Communities.
While housing affordability was impacted by the volatility
of mortgage rates, we took steps to address these
challenges and drove signi   cant growth across nearly all
metrics, resulting in higher revenues, deliveries, orders,
gross margins, earnings and book value per share.
Our deliveries increased 15% versus the prior year to a
Company record of 11,007 homes, which drove a 19%
increase in our total revenues to $4.4 billion, the second
highest level in our Company   s history. Our full year
2024 net new contracts of 10,676 homes increased 21%
year-over-year. Even with the volatility in mortgage rates
that we saw this year, we increased our full year 2024
adjusted gross margin by 80 basis points to 23.3%. We
also reduced our SG&A as a percentage of home sales
revenues by 40 basis points to 12.0% by leveraging our
   xed costs. For the full year, we generated net income of
$334 million, our 22nd year of consecutive pro   tability
and a 29% increase versus the prior year, and increased
our book value per share by 13% year-over-year to a
Company record of $84.65.
As a result of our land acquisition efforts, we grew
our community count by 28% to a Company record of
322 communities and our lot count by 9% year-overyear to 80,632 lots. This growth was also supported
by our two acquisitions in 2024, Landmark Homes of
Tennessee in Nashville and Anglia Homes in Houston.
Both of these transactions were consistent with our
strategy of deepening our share in existing markets in a
land-light manner while also increasing our go-forward
access to capital-efficient    nished lots.
In addition to positioning the Company for future growth,
we also continued to return cash to our stockholders
while maintaining a strong balance sheet. In the    rst
quarter of 2024, our Board of Directors announced a
13% increase in our quarterly cash dividend to $0.26
per share, which was further increased by 12% to $0.29
in early 2025. For the full year 2024, we repurchased
1,027,702 shares of our common stock, or over 3% of
shares outstanding at the beginning of the year, for $84
million. We ended the year with a net homebuilding debt
to net capital ratio of 27.4%, $918 million of liquidity, and
our    rst senior debt maturity not due until 2027. We also
entered into a new credit agreement, which increased the
capacity of our senior unsecured credit facility to $900
million from $800 million and extended the maturity to
November 2028.
We believe the platform we have built across 17 states
and over 45 markets positions us well for future growth
primarily in our existing markets, which should bene   t
margins and returns as we leverage the investments we
have made at both the corporate level and throughout
our markets at the local level.

C O M PA N Y
Overview
Century Communities, Inc. (NYSE: CCS) is one of the
nation   s largest homebuilders, an industry leader in
online home sales, and the highest-ranked homebuilder
on Newsweek   s list of America   s Most Trustworthy
Companies 2024, consecutively awarded for a second
year. Through its Century Communities and Century
Complete brands, Century   s mission is to build attractive,
high-quality homes at affordable prices to provide its
valued customers with A HOME FOR EVERY DREAM  .
Century is engaged in all aspects of homebuilding    
including the acquisition, entitlement and development
of land, along with the construction, innovative marketing
and sale of quality homes designed to appeal to a wide
range of homebuyers. The Company operates in 17 states
and over 45 markets across the U.S., and also offers
title, insurance and lending services in select markets
through its Parkway Title, IHL Home Insurance Agency,
and Inspire Home Loans subsidiaries.

MEANINGFUL MARKET-SHARE POSITIONS
ACROSS HIGH-GROWTH MARKETS
Top 10 Market Share In Key Markets Such As Atlanta, Charlotte, Denver,
Houston, Las Vegas, Nashville, Phoenix and Seattle.
17
S TAT E S
45+
MARKETS
80,632
LOTS
Included in this letter are non-GAAP    nancial measures. Please see the Non-GAAP Financial Measures section in Part 11. Item 7. Management   s Discussion and Analysis of Financial
Condition and Results of Operations of our Annual Report on Form 10-K contained herein for a reconciliation of these measures to GAAP and a discussion of why we are presenting
this information.



 3/26/2025 Letter Continued (Full PDF)