Smith Douglas Homes(SDHC) - 2023 Q4 - Annual Results

Orders and Backlog - The company reported a net new orders increase of 22.8%, totaling 2,368 homes[7] - Backlog homes rose by 18.3% to 912, with a sales value of backlog homes increasing by 20.1% to $310.7 million[7] - The cancellation rate improved to 10.5% from 10.9% in the prior year, indicating better order retention[4][11] Home Closings and Revenue - Home closings increased by 4.4% to 2,297, while revenue grew by 1.2% to $764.6 million[7] - The average selling price (ASP) of homes closed decreased by 2.9% to $333, while the ASP of net new home orders fell by 3.2% to $335[11] Financial Performance - Net income decreased by 12.3% to $123.2 million, with a debt-to-book capitalization of 26.6%[7] - The company successfully raised over $125 million in its IPO and secured a $250 million unsecured credit facility[5] Growth Strategy - The company aims to double home closings over the next five years, reflecting a strong growth strategy[5] - The company had 69 active communities at year-end, up from 53 the previous year, representing a 30.2% increase[4][11] - Total controlled lots increased by 48.3% to 12,821, with homes under construction rising by 27.8% to 796[11]