Revenue and Income - Home closing revenue increased by 19% year-over-year to $224.7 million, driven by a 19% increase in home closings to 671 units[5]. - Pretax income for Q1 2025 was $19.6 million, compared to $21.4 million in Q1 2024, resulting in earnings of $0.30 per diluted share, down from $0.33[5]. - Net income for the three months ended March 31, 2025, was $18,710, a decrease of 8.7% from $20,486 in the same period of 2024[23]. - Adjusted net income for Q1 2025 was $14,695, down 8.5% from $16,055 in Q1 2024[30]. - The Southeast segment reported net income of $23,855 for Q1 2025, up 13.6% from $21,005 in Q1 2024[23]. - The Central segment experienced a decline in net income to $7,010 in Q1 2025, down 31.9% from $10,283 in Q1 2024[23]. Operational Metrics - Active community count rose by 24% to 87 at the end of the quarter, while total controlled lots increased by 45% to 20,442[5]. - Net new home orders were 768, slightly up from 765 in the previous year, with a contract value of $258.7 million[5][17]. - Cancellation rate improved to 8.1% from 10.6% year-over-year, indicating better order stability[17]. - Backlog homes decreased by 29% to 791, with a contract value of $270.1 million, down from $381.2 million[17][21]. - Total controlled lots increased by 45% year-over-year, reaching 20,442 lots as of March 31, 2025, compared to 14,117 lots in 2024[22]. Financial Position - Total liabilities increased to $106.8 million from $74.2 million at the end of the previous year[12]. - Cash and cash equivalents at the end of the period were $12.7 million, down from $22.4 million at the beginning of the period[15]. - Net debt-to-net book capitalization improved to 6.9% as of March 31, 2025, compared to (5.0)% at the end of 2024[26]. - Total debt increased significantly to $42,648 thousand as of March 31, 2025, from $3,060 thousand at the end of 2024[26]. - The company’s total capitalization reached $449,811 thousand as of March 31, 2025, compared to $404,787 thousand at the end of 2024[26]. Taxation - The company reported a provision for income taxes of $857 for Q1 2025, slightly down from $921 in Q1 2024[30]. - The tax-effected adjustments for Q1 2025 amounted to $4,872, compared to $5,352 in Q1 2024[30]. Strategic Outlook - The company maintains confidence in its strategic plans despite macroeconomic uncertainties, supported by a strong balance sheet and operational execution[4].
Smith Douglas Homes(SDHC) - 2025 Q1 - Quarterly Results