Smith Douglas Homes Reports Fourth Quarter and Full Year 2024 Results
Smith Douglas Homes (NYSE: SDHC) reported strong Q4 2024 performance with notable growth in key metrics compared to Q4 2023. Home closings rose 28% to 836 units, while home closing revenue increased 32% to $287.5 million. The company achieved a home closing gross margin of 25.5%, slightly down from 26.7% year-over-year.
For full-year 2024, SDHC delivered 2,867 homes (+25% YoY) with revenue reaching $975.5 million (+28% YoY). Net new home orders grew 12% to 2,649. The company significantly improved its financial position, reducing debt-to-book capitalization from 26.6% to 0.8%. Active community count increased 13% to 78, while total controlled lots jumped 52% to 19,522.
Q4 pre-tax income reached $30.0 million with earnings of $0.46 per diluted share. Full-year pre-tax income was $116.9 million with earnings of $1.81 per diluted share. The company maintains a land-light strategy with 96% of unstarted controlled lots under option agreements.
Smith Douglas Homes (NYSE: SDHC) ha riportato una forte performance nel quarto trimestre del 2024, con una crescita notevole in metriche chiave rispetto al quarto trimestre del 2023. Le chiusure di abitazioni sono aumentate del 28% a 836 unità, mentre il fatturato delle chiusure è aumentato del 32% a 287,5 milioni di dollari. L'azienda ha raggiunto un margine lordo sulle chiusure delle abitazioni del 25,5%, leggermente in calo rispetto al 26,7% dell'anno precedente.
Per l'intero anno 2024, SDHC ha consegnato 2.867 abitazioni (+25% rispetto all'anno precedente) con un fatturato che ha raggiunto 975,5 milioni di dollari (+28% rispetto all'anno precedente). Gli ordini netti di nuove abitazioni sono aumentati del 12% a 2.649. L'azienda ha significativamente migliorato la sua posizione finanziaria, riducendo il rapporto debito-capitalizzazione da 26,6% a 0,8%. Il numero delle comunità attive è aumentato del 13% a 78, mentre il numero totale dei terreni controllati è aumentato del 52% a 19.522.
Il reddito ante imposte del quarto trimestre ha raggiunto i 30,0 milioni di dollari con utili di 0,46 dollari per azione diluita. Il reddito ante imposte per l'intero anno è stato di 116,9 milioni di dollari con utili di 1,81 dollari per azione diluita. L'azienda mantiene una strategia leggera in termini di terreni, con il 96% dei lotti controllati non avviati sotto accordi di opzione.
Smith Douglas Homes (NYSE: SDHC) reportó un sólido desempeño en el cuarto trimestre de 2024, con un crecimiento notable en métricas clave en comparación con el cuarto trimestre de 2023. Los cierres de viviendas aumentaron un 28% a 836 unidades, mientras que los ingresos por cierres de viviendas crecieron un 32% a $287.5 millones. La compañía logró un margen bruto de cierre de viviendas del 25.5%, ligeramente inferior al 26.7% del año anterior.
Para el año completo 2024, SDHC entregó 2,867 viviendas (+25% interanual) con ingresos que alcanzaron $975.5 millones (+28% interanual). Los nuevos pedidos netos de viviendas crecieron un 12% a 2,649. La compañía mejoró significativamente su posición financiera, reduciendo la capitalización de deuda sobre libros del 26.6% al 0.8%. El número de comunidades activas aumentó un 13% a 78, mientras que el total de lotes controlados saltó un 52% a 19,522.
El ingreso antes de impuestos del cuarto trimestre alcanzó los $30.0 millones con ganancias de $0.46 por acción diluida. El ingreso antes de impuestos del año completo fue de $116.9 millones con ganancias de $1.81 por acción diluida. La compañía mantiene una estrategia ligera en terrenos, con el 96% de los lotes controlados no iniciados bajo acuerdos de opción.
스미스 더글라스 홈즈 (NYSE: SDHC)는 2024년 4분기 실적이 2023년 4분기와 비교하여 주요 지표에서 눈에 띄는 성장을 기록했다고 보고했습니다. 주택 마감 건수는 28% 증가한 836채에 이르렀고, 주택 마감 수익은 32% 증가한 2억 8,750만 달러에 달했습니다. 회사는 주택 마감 총 마진을 25.5%로 달성했으며, 이는 전년 대비 26.7%에서 소폭 감소한 수치입니다.
2024년 전체 연도 동안 SDHC는 2,867채의 주택을 인도했으며 (+25% 전년 대비) 수익은 9억 7,550만 달러에 도달했습니다 (+28% 전년 대비). 신규 주택 주문은 12% 증가하여 2,649건에 이르렀습니다. 회사는 재무 상태를 크게 개선하여 부채 대비 자본 비율을 26.6%에서 0.8%로 줄였습니다. 활성 커뮤니티 수는 13% 증가하여 78개가 되었고, 총 통제된 부지는 52% 증가하여 19,522개에 달했습니다.
4분기 세전 수익은 3천만 달러에 달했으며, 희석 주당 수익은 0.46달러입니다. 전체 연도 세전 수익은 1억 1,690만 달러로, 희석 주당 수익은 1.81달러입니다. 회사는 96%의 시작되지 않은 통제된 부지가 옵션 계약 아래에 있는 토지 경량 전략을 유지하고 있습니다.
Smith Douglas Homes (NYSE: SDHC) a rapporté une solide performance au quatrième trimestre 2024, avec une croissance notable dans des indicateurs clés par rapport au quatrième trimestre 2023. Les ventes de maisons ont augmenté de 28 % pour atteindre 836 unités, tandis que le chiffre d'affaires des ventes de maisons a augmenté de 32 % pour atteindre 287,5 millions de dollars. L'entreprise a atteint une marge brute de 25,5 % sur les ventes de maisons, légèrement en baisse par rapport à 26,7 % l'année précédente.
Pour l'année complète 2024, SDHC a livré 2 867 maisons (+25 % par rapport à l'année précédente) avec un chiffre d'affaires atteignant 975,5 millions de dollars (+28 % par rapport à l'année précédente). Les nouvelles commandes nettes de maisons ont augmenté de 12 % pour atteindre 2 649. L'entreprise a considérablement amélioré sa position financière, réduisant le ratio de dette par rapport à la capitalisation boursière de 26,6 % à 0,8 %. Le nombre de communautés actives a augmenté de 13 % pour atteindre 78, tandis que le nombre total de terrains contrôlés a grimpé de 52 % à 19 522.
Le revenu avant impôts du quatrième trimestre a atteint 30,0 millions de dollars avec un bénéfice de 0,46 dollar par action diluée. Le revenu avant impôts pour l'année complète était de 116,9 millions de dollars avec un bénéfice de 1,81 dollar par action diluée. L'entreprise maintient une stratégie légère en matière de terrains, avec 96 % des terrains contrôlés non commencés sous des accords d'option.
Smith Douglas Homes (NYSE: SDHC) hat im vierten Quartal 2024 eine starke Leistung gemeldet, mit bemerkenswertem Wachstum in wichtigen Kennzahlen im Vergleich zum vierten Quartal 2023. Die Hausübergaben stiegen um 28% auf 836 Einheiten, während die Einnahmen aus Hausübergaben um 32% auf 287,5 Millionen Dollar zunahmen. Das Unternehmen erreichte eine Bruttomarge von 25,5% bei den Hausübergaben, was einen leichten Rückgang von 26,7% im Jahresvergleich darstellt.
Für das Gesamtjahr 2024 lieferte SDHC 2.867 Häuser (+25% im Jahresvergleich) mit einem Umsatz von 975,5 Millionen Dollar (+28% im Jahresvergleich). Die Nettoneubestellungen für Häuser wuchsen um 12% auf 2.649. Das Unternehmen verbesserte seine finanzielle Lage erheblich und reduzierte das Verhältnis von Schulden zu Buchkapitalisierung von 26,6% auf 0,8%. Die Anzahl aktiver Gemeinschaften stieg um 13% auf 78, während die insgesamt kontrollierten Grundstücke um 52% auf 19.522 anstiegen.
Das Ergebnis vor Steuern im vierten Quartal betrug 30,0 Millionen Dollar mit einem Gewinn von 0,46 Dollar pro verwässerter Aktie. Das Ergebnis vor Steuern für das gesamte Jahr betrug 116,9 Millionen Dollar mit einem Gewinn von 1,81 Dollar pro verwässerter Aktie. Das Unternehmen verfolgt eine landleichte Strategie, wobei 96% der nicht begonnenen kontrollierten Grundstücke unter Optionsverträgen stehen.
- Home closings increased 28% to record 836 units in Q4 2024
- Q4 revenue grew 32% to $287.5 million
- Full-year revenue up 28% to $975.5 million
- Significant debt reduction with debt-to-book ratio dropping to 0.8% from 26.6%
- 52% increase in total controlled lots to 19,522
- 13% growth in active community count to 78
- Q4 home closing gross margin declined to 25.5% from 26.7% YoY
- Full-year gross margin decreased to 26.2% from 28.3% YoY
- Full-year pre-tax income declined to $116.9M from $123.2M YoY
- Persistent affordability issues noted in market outlook
Insights
Smith Douglas Homes delivered impressive growth metrics in Q4 2024, with home closings up 28% to 836 units and revenue increasing 32% to
The company's operational expansion is evident through their 13% increase in active communities (now 78) and remarkable
Most impressive is the substantial balance sheet improvement, with debt-to-book capitalization plummeting from
The primary concern is margin compression, with Q4 gross margins declining 120 basis points year-over-year to
Despite affordability challenges in the broader housing market, Smith Douglas is demonstrating robust execution on their growth strategy while maintaining their value proposition to entry-level homebuyers. Their record quarterly closings and substantial lot position growth suggest strong momentum heading into 2025.
Q4 2024 Results as compared to Q4 2023:
-
Home closings increased
28% to 836 -
Home closing revenue increased
32% to$287.5 million -
Home closing gross margin of
25.5% compared to26.7% -
Net new home orders increased
9% to 569 -
Pre-tax income of
$30.0 million $29.7 million -
Earnings of
$0.46
Full Year 2024 Results as compared to Full Year 2023:
-
Home closings increased
25% to 2,867 -
Home closing revenue increased
28% to$975.5 million -
Home closing gross margin of
26.2% compared to28.3% -
Net new home orders increased
12% to 2,649 -
Pre-tax income of
$116.9 million $123.2 million -
Earnings of
$1.81 -
Debt-to-book capitalization decreased to
0.8% from26.6% -
Active community count increased
13% to 78 at year end -
Total controlled lots increased
52% to 19,522
Greg Bennett, Vice Chairman and Chief Executive Officer, commented, “Smith Douglas ended the year on a strong note, generating pre-tax income of
Russ Devendorf, Executive Vice President and Chief Financial Officer added, “During the quarter we made further progress towards expanding our homebuilding operations in existing markets and establishing our presence in newer markets. Lot count at the end of the quarter stood at 19,522 lots, representing a
Mr. Devendorf continued, “As we enter the heart of the 2025 spring selling season, we remain encouraged by the trends we are seeing in our markets. Traffic levels at our communities and online have been solid so far this year, though affordability issues continue to persist, while the supply of existing homes remains below historical levels. Given the value proposition Smith Douglas offers to buyers through our affordable pricing and the customization we can provide, we believe we can compete effectively in today’s market environment.”
Conference Call & Webcast Information
Management will host a conference call to discuss the Company’s results at 8:30 a.m. Eastern Time on March 12, 2025. Interested parties can dial in using the numbers below or access the call via a webcast link provided in the investor relations section of the company’s website.
Dial-in Numbers:
Toll Free -
International: (+1) 646-307-1963
Conference ID: 5403062
Replay Numbers:
Toll Free -
Playback Passcode: 5403062
Replay will expire 7 days following the event
About Smith Douglas Homes
Headquartered in
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including without limitation statements regarding the Company’s performance, growth, strategic opportunities, financial position, and ability to compete in the market environment. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, the factors discussed under the caption “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, as the same may be updated from time to time in our subsequent filings with the Securities and Exchange Commission. These forward-looking statements are based on management’s current estimates and expectations. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.
Smith Douglas Homes Condensed Consolidated Statements of Income (Unaudited, in thousands, except share and per share amounts) |
|||||||||||||||
|
|
|
|
||||||||||||
|
Three months ended
|
|
Year ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Home closing revenue |
$ |
287,486 |
|
|
$ |
217,327 |
|
|
$ |
975,463 |
|
|
$ |
764,631 |
|
Cost of home closings |
|
214,157 |
|
|
|
159,321 |
|
|
|
719,921 |
|
|
|
548,304 |
|
Home closing gross profit |
|
73,329 |
|
|
|
58,006 |
|
|
|
255,542 |
|
|
|
216,327 |
|
|
|
|
|
|
|
|
|
||||||||
Selling, general and administrative costs |
|
42,895 |
|
|
|
27,768 |
|
|
|
136,382 |
|
|
|
92,442 |
|
Equity in income from unconsolidated entities |
|
(361 |
) |
|
|
(276 |
) |
|
|
(1,161 |
) |
|
|
(934 |
) |
Interest expense |
|
586 |
|
|
|
636 |
|
|
|
2,489 |
|
|
|
1,658 |
|
Other (income) expense, net |
|
173 |
|
|
|
198 |
|
|
|
938 |
|
|
|
(19 |
) |
Income before income taxes |
|
30,036 |
|
|
|
29,680 |
|
|
|
116,894 |
|
|
|
123,180 |
|
Provision for income taxes |
|
1,251 |
|
|
|
— |
|
|
|
5,065 |
|
|
|
— |
|
Net income |
|
28,785 |
|
|
$ |
29,680 |
|
|
|
111,829 |
|
|
$ |
123,180 |
|
Net income attributable to non-controlling interests and LLC members prior to IPO |
|
24,680 |
|
|
|
|
|
95,759 |
|
|
|
||||
Net income attributable to Smith Douglas Homes Corp. |
$ |
4,105 |
|
|
|
|
$ |
16,070 |
|
|
|
||||
|
Three months ended
|
|
Period from January 11, 2024 to December 31, 2024 |
||
Earnings per share: |
|
|
|
||
Basic |
$ |
0.46 |
|
$ |
1.82 |
Diluted |
$ |
0.46 |
|
$ |
1.81 |
Weighted average shares of common stock outstanding: |
|
|
|
||
Basic |
|
8,846,232 |
|
|
8,846,174 |
Diluted |
|
9,120,592 |
|
|
9,062,368 |
Smith Douglas Homes Condensed Consolidated Balance Sheets |
|||||
|
December 31, |
||||
|
2024 |
|
2023 |
||
|
(Unaudited) |
|
|
||
Assets |
|
|
|
||
Cash and cash equivalents |
$ |
22,363 |
|
$ |
19,777 |
Real estate inventory |
|
277,834 |
|
|
213,104 |
Deposits on real estate under option or contract |
|
103,026 |
|
|
57,096 |
Real estate not owned |
|
5,830 |
|
|
16,815 |
Property and equipment, net |
|
3,775 |
|
|
1,543 |
Goodwill |
|
25,726 |
|
|
25,726 |
Deferred tax asset, net |
|
10,906 |
|
|
— |
Other assets |
|
26,441 |
|
|
18,631 |
Total assets |
$ |
475,901 |
|
$ |
352,692 |
Liabilities and Stockholders'/Members' Equity |
|
|
|
||
Liabilities: |
|
|
|
||
Accounts payable |
$ |
17,234 |
|
$ |
17,318 |
Customer deposits |
|
5,301 |
|
|
7,168 |
Notes payable |
|
3,060 |
|
|
75,627 |
Liabilities related to real estate not owned |
|
5,830 |
|
|
16,815 |
Accrued expenses and other liabilities |
|
32,348 |
|
|
26,861 |
Tax receivable agreement liability |
|
10,401 |
|
|
— |
Total liabilities |
|
74,174 |
|
|
143,789 |
Commitments and contingencies |
|
|
|
||
Members’ equity: |
|
|
|
||
Class A units |
|
— |
|
|
206,303 |
Class C units |
|
— |
|
|
2,000 |
Class D units |
|
— |
|
|
600 |
Total members’ equity |
|
— |
|
|
208,903 |
Stockholders’ equity: |
|
|
|
||
Preferred stock, |
|
— |
|
|
— |
Class A common stock, |
|
1 |
|
|
— |
Class B common stock, |
|
4 |
|
|
— |
Additional paid-in capital |
|
58,208 |
|
|
— |
Retained earnings |
|
15,419 |
|
|
— |
Total stockholders’ equity attributable to Smith Douglas Homes Corp. |
|
73,632 |
|
|
— |
Non-controlling interests attributable to Smith Douglas Holdings LLC |
|
328,095 |
|
|
— |
Total stockholders’/members’ equity |
|
401,727 |
|
|
208,903 |
Total liabilities and members' equity |
$ |
475,901 |
|
$ |
352,692 |
Smith Douglas Homes Summary Cash Flow Information (Unaudited, dollars in thousands) |
|||||||
Year ended December 31, |
|
2024 |
|
|
|
2023 |
|
Net cash provided by operating activities |
$ |
17,864 |
|
|
$ |
76,257 |
|
Net cash used in investing activities |
|
(4,706 |
) |
|
|
(76,832 |
) |
Net cash used in financing activities |
|
(10,572 |
) |
|
|
(9,249 |
) |
Net increase (decrease) in cash and cash equivalents |
|
2,586 |
|
|
|
(9,824 |
) |
Cash and cash equivalents, beginning of period |
|
19,777 |
|
|
|
29,601 |
|
Cash and cash equivalents, end of period |
$ |
22,363 |
|
|
$ |
19,777 |
|
Smith Douglas Homes Selected Other Operating Data (Unaudited, dollars in thousands) |
|||||||||||||||
|
Three months ended
|
|
Year ended
|
||||||||||||
|
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
Home closings |
|
836 |
|
|
|
654 |
|
|
|
2,867 |
|
|
|
2,297 |
|
ASP of homes closed |
$ |
344 |
|
|
$ |
332 |
|
|
$ |
340 |
|
|
$ |
333 |
|
Net new home orders |
|
569 |
|
|
|
524 |
|
|
|
2,649 |
|
|
|
2,368 |
|
Contract value of net new home orders |
$ |
191,140 |
|
|
$ |
177,541 |
|
|
$ |
899,586 |
|
|
$ |
792,224 |
|
ASP of net new home orders |
$ |
336 |
|
|
$ |
339 |
|
|
$ |
340 |
|
|
$ |
335 |
|
Cancellation rate(1) |
|
14.8 |
% |
|
|
14.0 |
% |
|
|
12.1 |
% |
|
|
10.5 |
% |
Backlog homes (period end)(2) |
|
694 |
|
|
|
912 |
|
|
|
694 |
|
|
|
912 |
|
Contract value of backlog homes (period end) |
$ |
235,869 |
|
|
$ |
310,714 |
|
|
$ |
235,869 |
|
|
$ |
310,714 |
|
ASP of backlog homes (period end) |
$ |
340 |
|
|
$ |
341 |
|
|
$ |
340 |
|
|
$ |
341 |
|
Active communities (period end)(3) |
|
78 |
|
|
|
69 |
|
|
|
78 |
|
|
|
69 |
|
Controlled lots (period end): |
|
|
|
|
|
|
|
||||||||
Homes under construction |
|
973 |
|
|
|
796 |
|
|
|
973 |
|
|
|
796 |
|
Owned lots |
|
803 |
|
|
|
524 |
|
|
|
803 |
|
|
|
524 |
|
Optioned lots |
|
17,746 |
|
|
|
11,501 |
|
|
|
17,746 |
|
|
|
11,501 |
|
Total controlled lots |
|
19,522 |
|
|
|
12,821 |
|
|
|
19,522 |
|
|
|
12,821 |
|
(1) |
|
The cancellation rate is the total number of cancellations during the period divided by the total gross new home orders during the period. |
(2) |
|
Backlog homes (period end) is the number of homes in backlog from the previous period plus the number of net new home orders generated during the current period minus the number of homes closed during the current period. |
(3) |
|
A community becomes active once the model is completed or the community has its first sale. A community becomes inactive when it has fewer than two homes remaining to sell. |
Smith Douglas Homes Selected Financial Information by Segment (Unaudited, dollars in thousands)
Home Closing Revenue |
|||||||||||||||||||||||||
Three months ended December 31, |
|
2024 |
|
2023 |
|
Period over period change |
|||||||||||||||||||
|
|
Home
|
|
Home
|
|
ASP of
|
|
Home
|
|
Home
|
|
ASP of
|
|
Home
|
|
Home
|
|
ASP of
|
|||||||
Southeast(1) |
|
$ |
192,609 |
|
537 |
|
$ |
359 |
|
$ |
126,248 |
|
373 |
|
$ |
338 |
|
53 |
% |
|
44 |
% |
|
6 |
% |
Central(2) |
|
|
94,877 |
|
299 |
|
|
317 |
|
|
91,079 |
|
281 |
|
|
324 |
|
4 |
% |
|
6 |
% |
|
(2 |
)% |
Total |
|
$ |
287,486 |
|
836 |
|
$ |
344 |
|
$ |
217,327 |
|
654 |
|
$ |
332 |
|
32 |
% |
|
28 |
% |
|
3 |
% |
| (1) |
|
The Southeast segment consists of our |
(2) |
|
The Central segment consists of our |
Year ended December 31, |
|
2024 |
|
2023 |
|
Year over year change |
|||||||||||||||||||
|
|
Home
|
|
Home
|
|
ASP of
|
|
Home
|
|
Home
|
|
ASP of
|
|
Home
|
|
Home
|
|
ASP of
|
|||||||
Southeast(1) |
|
$ |
609,624 |
|
1,723 |
|
$ |
354 |
|
$ |
509,775 |
|
1,510 |
|
$ |
338 |
|
20 |
% |
|
14 |
% |
|
5 |
% |
Central(2) |
|
|
365,839 |
|
1,144 |
|
|
320 |
|
|
254,856 |
|
787 |
|
|
324 |
|
44 |
% |
|
45 |
% |
|
(1 |
)% |
Total |
|
$ |
975,463 |
|
2,867 |
|
$ |
340 |
|
$ |
764,631 |
|
2,297 |
|
$ |
333 |
|
28 |
% |
|
25 |
% |
|
2 |
% |
(1) |
|
The Southeast segment consists of our |
(2) |
|
The Central segment consists of our |
Backlog |
|||||||||||||||||||||||||
As of December 31, |
|
2024 |
|
2023 |
|
Year over year change |
|||||||||||||||||||
|
|
Backlog
|
|
Contract
|
|
ASP of
|
|
Backlog
|
|
Contract
|
|
ASP of
|
|
Backlog
|
|
Contract
|
|
ASP of
|
|||||||
Southeast(1) |
|
410 |
|
$ |
146,436 |
|
$ |
357 |
|
534 |
|
$ |
188,406 |
|
$ |
353 |
|
(23 |
)% |
|
(22 |
)% |
|
1 |
% |
Central(2) |
|
284 |
|
|
89,433 |
|
|
315 |
|
378 |
|
|
122,308 |
|
|
324 |
|
(25 |
)% |
|
(27 |
)% |
|
(3 |
%) |
Total |
|
694 |
|
$ |
235,869 |
|
$ |
340 |
|
912 |
|
$ |
310,714 |
|
$ |
341 |
|
(24 |
)% |
|
(24 |
)% |
|
— |
% |
(1) |
|
The Southeast segment consists of our |
(2) |
|
The Central segment consists of our |
Controlled Lots |
|||||||||||||||||||||
As of December 31, |
|
2024 |
|
2023 |
|
Year over year change |
|||||||||||||||
|
|
Owned(1) |
|
Optioned |
|
Total Controlled |
|
Owned(1) |
|
Optioned |
|
Total Controlled |
|
Owned(1) |
|
Optioned |
|
Total Controlled |
|||
Southeast(2) |
|
881 |
|
12,210 |
|
13,091 |
|
486 |
|
7,907 |
|
8,393 |
|
81 |
% |
|
54 |
% |
|
56 |
% |
Central(3) |
|
895 |
|
5,536 |
|
6,431 |
|
834 |
|
3,594 |
|
4,428 |
|
7 |
% |
|
54 |
% |
|
45 |
% |
Total |
|
1,776 |
|
17,746 |
|
19,522 |
|
1,320 |
|
11,501 |
|
12,821 |
|
35 |
% |
|
54 |
% |
|
52 |
% |
(1) |
|
Includes homes under construction and owned lots. |
(2) |
|
The Southeast segment consists of our |
(3) |
|
The Central segment consists of our |
Net Income |
||||||||||||||||||||||||
|
|
Three months ended December 31, |
|
Year ended December 31, |
||||||||||||||||||||
|
|
|
2024 |
|
|
|
2023 |
|
|
Period over
|
|
|
2024 |
|
|
|
2023 |
|
|
Year over
|
||||
Southeast(1) |
|
$ |
38,414 |
|
|
$ |
27,091 |
|
|
$ |
11,323 |
|
|
$ |
124,837 |
|
|
$ |
117,558 |
|
|
$ |
7,279 |
|
Central(2) |
|
|
8,614 |
|
|
|
10,921 |
|
|
|
(2,307 |
) |
|
|
41,891 |
|
|
|
31,867 |
|
|
|
10,024 |
|
Segment total |
|
|
47,028 |
|
|
|
38,012 |
|
|
|
9,016 |
|
|
|
166,728 |
|
|
|
149,425 |
|
|
|
17,303 |
|
Corporate(3) |
|
|
(18,243 |
) |
|
|
(8,332 |
) |
|
|
(9,911 |
) |
|
|
(54,899 |
) |
|
|
(26,245 |
) |
|
|
(28,654 |
) |
Total |
|
$ |
28,785 |
|
|
$ |
29,680 |
|
|
$ |
(895 |
) |
|
$ |
111,829 |
|
|
$ |
123,180 |
|
|
$ |
(11,351 |
) |
(1) |
|
The Southeast segment consists of our |
(2) |
|
The Central segment consists of our |
(3) |
|
Corporate primarily includes corporate overhead costs, such as payroll and benefits, business insurance, information technology, office costs, outside professional services and travel costs, and certain other amounts that are not allocated to the reportable segments. |
Non-GAAP Financial Measures
In addition to our results determined in accordance with generally accepted accounting principles in the
Net debt-to-net book capitalization
Net debt-to-net book capitalization is a supplemental measure of our leverage that is not required by, or presented in accordance with, GAAP and should not be considered as an alternative to debt-to-book capitalization or any other measure derived in accordance with GAAP. We caution investors that amounts presented in accordance with our definition of net debt-to-net book capitalization may not be comparable to similar measures disclosed by our competitors because not all companies and analysts calculate this non-GAAP financial measure in the same manner. We present this non-GAAP financial measure because we consider it to be an important supplemental measure of our leverage and believe it is frequently used by securities analysts, investors, and other interested parties in the evaluation of companies in our industry.
We define net debt-to-net book capitalization as:
- Total debt, less cash and cash equivalents, divided by
- Total debt, less cash and cash equivalents, plus stockholders’ equity.
This non-GAAP financial measure has limitations as an analytical tool in that it subtracts cash and cash equivalents and therefore may imply that the Company has less debt than the most comparable measure determined in accordance with GAAP. Because of this limitation, this non-GAAP financial measure should be considered along with other financial measures presented in accordance with GAAP. The presentation of this non-GAAP financial measure is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP.
We have reconciled this non-GAAP financial measure with the most directly comparable GAAP financial measure in the following table:
As of December 31, (in thousands, except percentages) |
|
2024 |
|
|
|
2023 |
|
Notes payable |
$ |
3,060 |
|
|
$ |
75,627 |
|
Stockholders’/ Members’ equity |
|
401,727 |
|
|
|
208,903 |
|
Total capitalization |
$ |
404,787 |
|
|
$ |
284,530 |
|
Debt-to-book capitalization |
|
0.8 |
% |
|
|
26.6 |
% |
Notes payable |
$ |
3,060 |
|
|
$ |
75,627 |
|
Less: cash and cash equivalents |
|
22,363 |
|
|
|
19,777 |
|
Net debt |
|
(19,303 |
) |
|
|
55,850 |
|
Stockholders’/ Members’ equity |
|
401,727 |
|
|
|
208,903 |
|
Total net capitalization |
$ |
382,424 |
|
|
$ |
264,753 |
|
Net debt-to-net book capitalization |
|
(5.0 |
)% |
|
|
21.1 |
% |
Adjusted net income
Adjusted net income is not a measure of net income or net income margin as determined by GAAP. Adjusted net income is a supplemental non-GAAP financial measure used by management and external users of our consolidated financial statements, such as industry analysts, investors, lenders, and rating agencies. We define adjusted net income as net income adjusted for the tax impact using a
Management believes adjusted net income is useful because it allows management to more effectively evaluate our operating performance and comparability to industry peers who record income tax expense on their income before tax as opposed to the income of Smith Douglas Holdings LLC not being taxed at the entity level and, therefore, not reflecting a charge against earnings for income tax expense. Adjusted net income should not be considered as an alternative to, or more meaningful than, net income or any other measure as determined in accordance with GAAP. Our computation of adjusted net income may not be comparable to adjusted net income of other companies. We present adjusted net income because we believe it provides useful information regarding our comparability to peers.
The following table presents a reconciliation of adjusted net income to the GAAP financial measure of net income for each of the periods indicated:
|
Three months ended
|
|
Year ended
|
||||||||
|
2024 |
|
2023 |
|
2024 |
|
|
2023 |
|||
Net income |
$ |
28,785 |
|
$ |
29,680 |
|
$ |
111,829 |
|
$ |
123,180 |
Provision for income taxes |
|
1,251 |
|
|
— |
|
|
5,065 |
|
|
— |
Income before income taxes |
|
30,036 |
|
|
29,680 |
|
|
116,894 |
|
|
123,180 |
Tax-effected adjustments(1) |
|
7,389 |
|
|
7,301 |
|
|
28,756 |
|
|
30,302 |
Adjusted net income |
$ |
22,647 |
|
$ |
22,379 |
|
$ |
88,138 |
|
$ |
92,878 |
(1) |
|
For the years ended December 31, 2024 and 2023, our tax expenses assumes a |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250311352453/en/
Investor Relations
Joe Thomas
investors@smithdouglas.com
Source: Smith Douglas Homes Corp.
FAQ
What was Smith Douglas Homes (SDHC) revenue growth in Q4 2024?
How many homes did SDHC deliver in full-year 2024?
What was SDHC's debt-to-book capitalization ratio at the end of 2024?
How many controlled lots does Smith Douglas Homes have as of Q4 2024?
What was Smith Douglas Homes' earnings per share for full-year 2024?
