Green Brick Partners Inc (GRBK)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	369,264	374,368	242,815	138,709	78,683
Revenue	US$ in thousands	1,777,710	1,757,790	1,402,880	976,021	791,660
Pretax margin		20.77%	21.30%	17.31%	14.21%	9.94%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $369,264K ÷ $1,777,710K
= 20.77%

The pretax margin of Green Brick Partners Inc has shown a consistent improvement over the past five years, increasing from 10.65% in 2019 to 22.01% in 2023. This indicates the company's ability to effectively manage its operating expenses in relation to its revenue, resulting in higher profitability before taxes. The upward trend in pretax margin suggests improved cost efficiency and potentially better operational performance, which can be positive indicators of the company's overall financial health and management effectiveness.