Century Communities, Inc. (NYSE:CCS) Q1 2023 Earnings Conference Call April 26, 2023 5:00 PM ET

Company Participants

Tyler Langton - Senior Vice President of Investor Relations

Dale Francescon - Chairman & Co-Chief Executive Officer

Rob Francescon - Co-Chief Executive Officer & President

Dave Messenger - Chief Financial Officer

Conference Call Participants

Carl Reichardt - BTIG

Alex Rygiel - B. Riley

Jay McCanless - Wedbush Securities

Alan Ratner - Zelman & Associates

Andrew Hassen - JPMorgan

Operator

Good day, everyone and welcome to the Century Communities First Quarter 2023 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Tyler Langton, Vice President of Investor Relations. Please go ahead, sir.

Tyler Langton

Good afternoon. Thank you for joining us today for Century Communities earnings conference call for the first quarter 2023.

Before the call begins, I would like to remind everyone that certain statements made during this call may constitute forward-looking statements. These statements are based on management's current expectations and are subject to a number of risks and uncertainties that could cause actual results to differ materially from those described or implied in the forward-looking statements. Certain of these risks and uncertainties can be found in the heading Risk Factors in the company's latest 10-K, as supplemented by our latest 10-Q and other SEC filings. We undertake no duty to update our forward-looking statements. Additionally, certain non-GAAP financial measures will be discussed on this conference call. The company's presentation of this information is not intended to be considered in isolation or as a substitute for the financial information presented in accordance with GAAP.

Hosting the call today are Dale Francescon, Chairman and Co-Chief Executive Officer; Rob Francescon, Co-Chief Executive Officer and President; and David Messenger, Chief Financial Officer. Following today's prepared remarks, we'll open the line-up for questions.

With that, I'll turn the call over to Dale.

Dale Francescon

Thank you, Tyler and good afternoon, everyone. We are pleased with our solid first quarter results, including $44 million in pre-tax income, net income of $33 million; diluted earnings per share of $1.04 and EBITDA of $55 million.

We successfully achieved the objectives discussed on our year-end conference call as we continue to focus our sales efforts and incentives on monetizing homes with near-term deliveries despite their lower margins resulting from inflated direct construction costs given their start dates in 2022.

During the quarter, we also significantly increased our new home starts, generated $191 million in operating cash flow and further reduced our net debt-to-capital ratio to 21.5%.