Smith Douglas Homes(SDHC) - 2024 Q4 - Annual Results

Home Closings and Revenue - Q4 2024 home closings increased by 28% to 836, setting a company record for quarterly closings[4] - Q4 2024 home closing revenue rose by 32% to $287.5 million, compared to$217.3 million in Q4 2023[4] - Full year 2024 home closing revenue increased by 28% to $975.5 million, up from$764.6 million in 2023[4] - Total home closings for the year ended December 31, 2024, were 2,867, representing a 28% increase from 2,297 in 2023[22] - The Southeast segment contributed $192.609 million in home closing revenue, up 53$126.248 million in the same period last year[20] Income and Profitability - Pre-tax income for Q4 2024 was $30.0 million, slightly up from$29.7 million in Q4 2023[4] - Full year 2024 pre-tax income decreased to $116.9 million from$123.2 million in 2023[4] - Net income for Q4 2024 was $28.785 million, a slight decrease of 3$29.680 million in Q4 2023[28] - Adjusted net income for the year ended December 31, 2024, was $88.138 million, down 5$92.878 million in 2023[36] Orders and Cancellation Rates - Net new home orders for Q4 2024 increased by 9% to 569, while full year net new home orders rose by 12% to 2,649[4] - The cancellation rate for Q4 2024 was 14.8%, slightly higher than 14.0% in Q4 2023[15] Average Selling Price - The average selling price (ASP) of homes closed in Q4 2024 was $344, compared to$332 in Q4 2023[15] - The average selling price (ASP) of homes closed in 2024 was $340, a 2$333 in 2023[22] Controlled Lots and Debt - Total controlled lots increased by 52% to 19,522 at the end of 2024, compared to 12,821 in 2023[4] - Controlled lots increased to 19,522 in 2024, a 52% increase from 12,821 in 2023[26] - The company reported a debt-to-book capitalization decrease to 0.8% from 26.6%[4] - The net debt-to-net book capitalization ratio improved to (5.0)% in 2024 from 21.1% in 2023, indicating a significant reduction in net debt[33] - The company reported a total debt of $3.060 million as of December 31, 2024, compared to$75.627 million in 2023[33] Backlog - The backlog of homes as of December 31, 2024, was valued at $235.869 million, down 24$310.714 million in 2023[24]