Company: SDHC
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001628280-25-049591
Chunk: 20

Company: Smith Douglas Homes Corp.
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 1
Chunk 20
---
(545)(545)(22,531)(23,076)Equity-based compensation—— —— —— —— —— 3,163 — 3,163 — 3,163 Net income subsequent to Reorganization Transactions and IPO—— —— —— —— —— — 11,965 11,965 72,239 84,204 Balance September 30, 2024—$— —$— —$— 8,846,154$1 42,435,897$4 $57,010 $11,420 $68,435 $303,925 372,360 

See accompanying notes to unaudited condensed consolidated financial statements. 

12

SMITH DOUGLAS HOMES CORP.

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)

 Nine months endedSeptember 30, 20252024Cash flows from operating activities:  Net income$51,360 $83,044 Adjustments to reconcile net income to net cash (used in) provided by operating activities:  Depreciation1,766 1,128 Accrued incentive compensation expense618 1,921 Share-based payment expense2,635 3,163 Abandonment of lot option contracts2,296 — Impairment of real estate inventory642 — Amortization of debt issuance costs700 727 Equity in earnings from unconsolidated entities(1,457)(800)Distributions of income from unconsolidated entities1,381 772 Non-cash lease expense522 438 Provision for deferred income taxes434 566 Other(11)26 Changes in assets and liabilities:  Real estate inventory(60,962)(61,539)Deposits on real estate under option or contract(34,394)(23,113)Other assets(2,798)(3,184)Accounts payable3,867 6,187 Customer deposits(145)440 Accrued expenses and other liabilities(7,548)3,879 Net cash (used in) provided by operating activities(41,094)13,655    Cash flows from investing activities:  Purchases of property and equipment(4,512)(3,211)Investments in unconsolidated entities(1,086)(600)Other25 31 Net cash