Financial Data and Key Metrics Changes - For Q4 2024, net income was $0.7 million, which included a change in fair value of $38 million related to potential earn-out accounting [28] - Revenue for Q4 2024 was $134.8 million, up from $116.8 million in Q4 2023, while full-year revenue increased to $463.7 million from $421.5 million in 2023 [30] - Gross profit for Q4 2024 was $21.8 million with a gross profit margin of 16.2%, compared to $21.6 million and 18.5% in the prior year [32] Business Line Data and Key Metrics Changes - New home deliveries grew by 7% year-over-year, and net new home orders increased by 19% in Q4 2024 [18] - Average sales price for Q4 2024 was approximately $324,000 for 413 production-built homes, compared to $320,000 for 338 homes in the prior year [31] - Home closings in Q4 2024 were 414, up from 387 in the same quarter of the previous year [30] Market Data and Key Metrics Changes - The backlog at the end of Q4 stood at 157 homes valued at approximately $58.3 million [32] - The company faced a competitive market with high mortgage rates impacting affordability and leading to increased use of mortgage incentives [13][15] Company Strategy and Development Direction - The company is focusing on enhancing financial and operational performance and scaling operations in key Southeast markets [6] - A strategic shift towards a more balanced approach in operations was noted, with an emphasis on product redesign and cost-saving initiatives [20][26] - The company aims to improve gross margins through a re-bidding process for direct construction costs [10][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged headwinds from a competitive pricing environment and high mortgage rates but remains optimistic about long-term homebuilding prospects [13][16] - The company is positioned well in markets with strong job creation and in-migration, which are critical for new housing demand [16] - 2025 is expected to be a pivotal year for the company, with ongoing initiatives aimed at driving revenue growth and improving profitability [17] Other Important Information - The company controlled approximately 7,700 lots as of December 31, 2024, positioning it for future growth [35] - SG&A expenses for Q4 2024 were $19.3 million, with adjusted SG&A at approximately $17.7 million or 13.1% of revenue [34] Q&A Session Summary - No specific questions or answers were documented in the provided content, as the call concluded without a detailed Q&A segment [38]